The overall market is in front of a new technological change, where blockchain is the most probable technology that will be implemented. There are several markets that need a technology that bring more efficiency, safety and transparency into the market, for instance the real estate market. The real estate market is highly important to the overall economy due to its size and devastating consequences if it collapses. A real estate crisis often affect and creates financial crises which in turn could lead to economic meltdowns both on a micro- but also on a macrolevel. There are inefficiencies within the real estate market that might cause the crises, such as problems with transparency and illiquidity, high transaction costs, personal biases and slow transaction processes. This master thesis examines the potential of an implementation of blockchain technology on the real estate market and how it might affect the inefficiencies within the market. Blockchain is a new and emerging information technology with several markets and areas suitable for an implementation. Earlier researches on the topic are generally focusing on the technology itself or its implication impacts in the financial sector. This master thesis aims to examine the implications to implement blockchain technology on the real estate market and how an implementation would impact the market. To be able to answer the research questions formulated in the thesis, an extensive literature study has been conducted, and additionally, semi-structured interviews as well as a questionnaire have been performed. The research is primarily contributing with an improved knowledge about blockchain technology and its potentials and challenges on the real estate market. One conclusion from the study is that the technology is most likely capable in changing the real estate market fundamentally, which is why the topic needs to be investigated deeper and to develop the technology further for a successful implementation. / Dagens marknad står inför en ny teknologisk förändring, där blockchain är den mest sannolika teknologin som kommer implementeras. Det finns flera marknader som behöver en teknik som tillför mer effektivitet, säkerhet och transparens till marknaden, en av dessa marknader är fastighetsmarknaden. Fastighetsmarknaden är mycket viktig för den totala ekonomin på grund av dess storlek och förödande konsekvenser om den kollapsar. En fastighetskris påverkar ofta och skapar i många fall finansiella kriser som i sin tur kan leda till svåra ekonomiska konsekvenser, både på en mikro- men även på en makronivå. Det finns ineffektivitet på fastighetsmarknaden som kan orsaka kriserna, till exempel problem med transparens, marknaden är inte likvid, höga transaktionskostnader, personliga "biases" och långsamma transaktionsprocesser. Detta examensarbete undersöker möjligheterna av en implementering av blockkedjeteknik på fastighetsmarknaden, de medförda utmaningarna och hur det kan påverka ineffektiviteten inom marknaden. Blockchain är en ny och framväxande informationsteknik med flera marknader och områden som är lämpliga för en implementering. Tidigare undersökningar om detta ämne fokuserar främst på själva tekniken eller dess konsekvenser i finanssektorn. Detta examensarbete syftar till att undersöka konsekvenserna för att implementera blockchain-teknik på fastighetsmarknaden och hur en implementering skulle påverka marknaden. För att kunna svara på de forskningsfrågor som formulerats i uppsatsen har en omfattande litteraturstudie, semi-strukturerade intervjuer samt en enkätundersökning genomförts. Forskningen bidrar främst till förbättrad kunskap om blockchain-teknik och dess potential och utmaningar på fastighetsmarknaden. En slutsats från studien är att tekniken sannolikt är kapabel att förändra fastighetsmarknaden fundamentalt. Ämnet måste dock undersökas djupare och tekniken måste vidareutvecklas för en framgångsrik implementering.

Viruses infecting bacteria (phages) are the most abundant and ubiquitous entities on Earth and likely critical to any ecosystem, as they influence nutrient cycling, mortality and evolution. Ultimately, their impact depends on whether phage—host interactions lead to intracellular phage coexistence (temperate phage) or cell death (lytic phage). Temperate phages in the lysogenic cycle replicate their genome (either integrated into the host chromosome or extrachromosomally), until induced to become lytic, when they create and release progeny via cell lysis. While knowledge on lytic versus lysogenic outcomes is vast, it largely derives from few model systems that underrepresent natural diversity. Further, less is known about the efficiency of phage—host interactions and the regulation of optimal versus sub-optimal lytic infections, which are predicted as relevant under environmental (nutrients, temperature) and host (availability, density) conditions that are common in the ocean. In this dissertation I characterize the phage—host interactions in a new marine model system, phage ϕ38:1 and its Cellulophaga baltica bacterial host, member of the ubiquitous Bacteroidetes phylum. First, I show ϕ38:1’s ability to infect numerous, genetically similar strains of the C. baltica species, two of which display contrasting infection outcomes–lytic versus sub-optimally lytic or lysogenic on the original versus alternative hosts, respectively. Second, I collaboratively apply new gene marker-based approaches (phageFISH and geneELISA) to study ϕ38:1’s infection at the single-cell level and show that it is sub-optimal on the alternative host, rather than lysogenic. Third, I collaboratively develop whole-genome transcriptome datasets for ϕ38:1 infecting both, the optimal and sub-optimal hosts, to characterize the cellular response to infection and hypothesize potential transcriptional and post-transcriptional regulation of the sub-optimal infection. Together, these findings advance our knowledge of naturally-occurring phage—host interactions with a focus on nearly-unstudied sub-optimal infections.

Objetivos: Avaliar a associação entre a dismotilidade esofágica, caracterizada como Motilidade Esofágica Ineficaz (MEI), com a presença de refluxo ácido patológico avaliado pela pH-metria de 24 horas, controlando por Esfíncter Esofágico Inferior (EEI) estruturalmente defeituoso, Hérnia Hiatal (HH) e Esofagite, em pacientes em investigação de Doença do Refluxo Gastroesofágico. Métodos: Foram estudados 311 pacientes referenciados para investigação de DRGE em laboratório de motilidade esofágica. Os pacientes foram submetidos à Endoscopia Digestiva Alta (EDA), Manometria Esofágica, pHmetria Esofágica de 24 horas e a uma entrevista sobre os sintomas clínicos apresentados. Foram comparados os grupos de pH-metria negativa com o de pH-metria positiva quanto à presença dos fatores de risco – MEI, EEI defeituoso, HH e Esofagite. A associação entre MEI e pH-metria positiva foi primeiramente avaliada através de análise univariada e, posteriormente, através de análise de regressão logística (multivariada). Resultados: Do total de 311 pacientes estudados, 208 preencheram os critérios de inclusão. A idade média foi 47 anos, com 88 pacientes apresentando pH-metria normal e 120 pH-metria positiva. Após a análise univariada, foi observado que a ocorrência de MEI, EEI defeituoso e HH foi significativamente maior no grupo de pH-metria positiva. Após análise de regressão logística, a ocorrência de MEI e EEI defeituoso permaneceram significativamente maior no grupo de pH-metria positiva. Conclusões: MEI está associada à presença de refluxo ácido anormal, avaliado através de pH-metria esofágica de 24 horas, independentemente da presença de EEI defeituoso, HH ou Esofagite. / Objectives: To assess the association between esophageal dysmotility, characterized as inefficient esophageal motility (IEM), and the presence of pathological acid reflux due to a structurally defective lower esophageal sphincter (LES), hiatus hernia (HH), or esophagitis in patients suspected of having gastroesophageal Reflux reflux disease (GERD). Methods: Three hundred and eleven patients referred for GERD diagnostic procedures in a gastroesopahgeal motility laboratory were included in the study. Patients underwent upper endoscopy (UE), esophageal manometry, 24-hour esophageal pH-metry and an interview regarding their clinical symptoms. The following risk factors of patients in the negative pH-metry group were compared to those in the positive pH-metry group: IEM, defective LES, HH, and esophagitis. The association between IEM and positive pH-metry results was first assessed by means of univariate analysis and later determined with logistic regression analysis (multivariate). Results: Of the total 311 patients studied, 208 met the inclusion criteria (mean age 47 years); 88 had normal pH-metry reslults and 120 had positive pH-metry results. Univariate analysis revealed that the occurrence of IEM, defective LES, and HH was significantly greater in the positive pH-metry group. Following logistic regression analysis, the occurrence of IEM remained significantly greater in the positive pH-metry group. Conclusions: IEM is associated with the presence of abnormal acid reflux, as assessed by 24-hour esophageal pH-metry, regardless of the presence of defective LES, HH, or esophagitis.

Objetivos: Avaliar a associação entre a dismotilidade esofágica, caracterizada como Motilidade Esofágica Ineficaz (MEI), com a presença de refluxo ácido patológico avaliado pela pH-metria de 24 horas, controlando por Esfíncter Esofágico Inferior (EEI) estruturalmente defeituoso, Hérnia Hiatal (HH) e Esofagite, em pacientes em investigação de Doença do Refluxo Gastroesofágico. Métodos: Foram estudados 311 pacientes referenciados para investigação de DRGE em laboratório de motilidade esofágica. Os pacientes foram submetidos à Endoscopia Digestiva Alta (EDA), Manometria Esofágica, pHmetria Esofágica de 24 horas e a uma entrevista sobre os sintomas clínicos apresentados. Foram comparados os grupos de pH-metria negativa com o de pH-metria positiva quanto à presença dos fatores de risco – MEI, EEI defeituoso, HH e Esofagite. A associação entre MEI e pH-metria positiva foi primeiramente avaliada através de análise univariada e, posteriormente, através de análise de regressão logística (multivariada). Resultados: Do total de 311 pacientes estudados, 208 preencheram os critérios de inclusão. A idade média foi 47 anos, com 88 pacientes apresentando pH-metria normal e 120 pH-metria positiva. Após a análise univariada, foi observado que a ocorrência de MEI, EEI defeituoso e HH foi significativamente maior no grupo de pH-metria positiva. Após análise de regressão logística, a ocorrência de MEI e EEI defeituoso permaneceram significativamente maior no grupo de pH-metria positiva. Conclusões: MEI está associada à presença de refluxo ácido anormal, avaliado através de pH-metria esofágica de 24 horas, independentemente da presença de EEI defeituoso, HH ou Esofagite. / Objectives: To assess the association between esophageal dysmotility, characterized as inefficient esophageal motility (IEM), and the presence of pathological acid reflux due to a structurally defective lower esophageal sphincter (LES), hiatus hernia (HH), or esophagitis in patients suspected of having gastroesophageal Reflux reflux disease (GERD). Methods: Three hundred and eleven patients referred for GERD diagnostic procedures in a gastroesopahgeal motility laboratory were included in the study. Patients underwent upper endoscopy (UE), esophageal manometry, 24-hour esophageal pH-metry and an interview regarding their clinical symptoms. The following risk factors of patients in the negative pH-metry group were compared to those in the positive pH-metry group: IEM, defective LES, HH, and esophagitis. The association between IEM and positive pH-metry results was first assessed by means of univariate analysis and later determined with logistic regression analysis (multivariate). Results: Of the total 311 patients studied, 208 met the inclusion criteria (mean age 47 years); 88 had normal pH-metry reslults and 120 had positive pH-metry results. Univariate analysis revealed that the occurrence of IEM, defective LES, and HH was significantly greater in the positive pH-metry group. Following logistic regression analysis, the occurrence of IEM remained significantly greater in the positive pH-metry group. Conclusions: IEM is associated with the presence of abnormal acid reflux, as assessed by 24-hour esophageal pH-metry, regardless of the presence of defective LES, HH, or esophagitis.

Objetivos: Avaliar a associação entre a dismotilidade esofágica, caracterizada como Motilidade Esofágica Ineficaz (MEI), com a presença de refluxo ácido patológico avaliado pela pH-metria de 24 horas, controlando por Esfíncter Esofágico Inferior (EEI) estruturalmente defeituoso, Hérnia Hiatal (HH) e Esofagite, em pacientes em investigação de Doença do Refluxo Gastroesofágico. Métodos: Foram estudados 311 pacientes referenciados para investigação de DRGE em laboratório de motilidade esofágica. Os pacientes foram submetidos à Endoscopia Digestiva Alta (EDA), Manometria Esofágica, pHmetria Esofágica de 24 horas e a uma entrevista sobre os sintomas clínicos apresentados. Foram comparados os grupos de pH-metria negativa com o de pH-metria positiva quanto à presença dos fatores de risco – MEI, EEI defeituoso, HH e Esofagite. A associação entre MEI e pH-metria positiva foi primeiramente avaliada através de análise univariada e, posteriormente, através de análise de regressão logística (multivariada). Resultados: Do total de 311 pacientes estudados, 208 preencheram os critérios de inclusão. A idade média foi 47 anos, com 88 pacientes apresentando pH-metria normal e 120 pH-metria positiva. Após a análise univariada, foi observado que a ocorrência de MEI, EEI defeituoso e HH foi significativamente maior no grupo de pH-metria positiva. Após análise de regressão logística, a ocorrência de MEI e EEI defeituoso permaneceram significativamente maior no grupo de pH-metria positiva. Conclusões: MEI está associada à presença de refluxo ácido anormal, avaliado através de pH-metria esofágica de 24 horas, independentemente da presença de EEI defeituoso, HH ou Esofagite. / Objectives: To assess the association between esophageal dysmotility, characterized as inefficient esophageal motility (IEM), and the presence of pathological acid reflux due to a structurally defective lower esophageal sphincter (LES), hiatus hernia (HH), or esophagitis in patients suspected of having gastroesophageal Reflux reflux disease (GERD). Methods: Three hundred and eleven patients referred for GERD diagnostic procedures in a gastroesopahgeal motility laboratory were included in the study. Patients underwent upper endoscopy (UE), esophageal manometry, 24-hour esophageal pH-metry and an interview regarding their clinical symptoms. The following risk factors of patients in the negative pH-metry group were compared to those in the positive pH-metry group: IEM, defective LES, HH, and esophagitis. The association between IEM and positive pH-metry results was first assessed by means of univariate analysis and later determined with logistic regression analysis (multivariate). Results: Of the total 311 patients studied, 208 met the inclusion criteria (mean age 47 years); 88 had normal pH-metry reslults and 120 had positive pH-metry results. Univariate analysis revealed that the occurrence of IEM, defective LES, and HH was significantly greater in the positive pH-metry group. Following logistic regression analysis, the occurrence of IEM remained significantly greater in the positive pH-metry group. Conclusions: IEM is associated with the presence of abnormal acid reflux, as assessed by 24-hour esophageal pH-metry, regardless of the presence of defective LES, HH, or esophagitis.

The thesis examines the strategy of country momentum and is evaluated with 30 different country exchange-traded funds (ETFs) for the period 1996-2018. The empirical evaluation is designed to apply different formation- and holding periods with overlapping portfolios. The results show positive momentum returns in various periods and a few portfolios present a higher average return than the market. However, none of the portfolios is presenting any significant positive returns or alphas, meaning that the three hypotheses cannot be rejected. On the other hand, some portfolios have higher Sharpe ratios and Morningstar value than the market. Thus, meaning that the individual investor could prefer the momentum portfolio over the market despite the insignificant returns.

This thesis proposes a theory of inefficient markets that uses limited rational choice as a central trait and I call it the theory of Homo comperiens. The theory limits the alternatives and states that the subjects are aware of and only allow them to have rational preference relations on the limited action set and state set, i.e. limited rationality is introduced. With limited rational choice, I drive a wedge between the market price and the intrinsic value and thus create an arbitrage market. In the theory, the subjects are allowed to gain knowledge about something that they previously were unaware of. As the discovery proceeds, the arbitrage opportunities disappear, and the market prices regress towards the intrinsic values. The theory is applied to firms and market-pricing models for a Homo comperiens environment is a result. The application of the theory to firms also leads to testable propositions that I test on a uniquely comprehensive Swedish accounting database that cover the years 1978—1994. Hypotheses are tested which argues that risk-adjusted residual rates-of-returns exist. The null hypotheses argue that risk-adjusted residual rates-of-returns do not exist (since they assume a no-arbitrage market). The null hypotheses are rejected in favor of their alternatives at a 0.0 percent significance level. The tests use approximately 22,200 observations. I also test hypotheses which argue that risk-adjusted residual rates-of-returns regress to zero with time. The null hypotheses are randomly walking risk-adjusted residual rates-of-returns, which are rejected in favor of the alternative hypotheses. The hypotheses are tested using panel regression models and goodness-of-fit tests. I reject the null hypotheses of random walk at a 0.0 percent significance level. Finally, the results are validated using out-of-sample predictions where my models compete with random-walk predictions. It finds that the absolute prediction errors from my models are between 12 to 24 percent less than the errors from the random walk model. These results are significant at a 0.0 percent significance level.