Net asset value (NAV) is commonly used to represent the value of a property company. For listed property companies a secondary valuation occurs simultaneously as the company’s stocks are traded on the stock market. Historically, a deviation between the NAV and the market capitalisation has been found for property companies implying that the stock market values the company differently. This thesis examines the deviation to NAV for 14 Swedish listed property companies during 2006-2015. The examination explains the deviation from the basis of a rational and an irrational approach. The thesis investigates empirically which factors that have affected the deviation by the use of a panel data regression analysis. The rational approach investigates the impact of company-specific, share-specific and corporate governance variables. The results of the thesis show that the rational variables can explain the deviation to NAV to some extent. The main contribution comes from companyspecific variables. Larger companies, companies focused on fewer locations, companies with a better reputation among asset managers and companies with a higher amount of insider ownership are negatively correlated to the discount to NAV. These company characteristics thus suggest a decrease in discounts to NAV (increase in premiums). At the same time companies with a higher loan to value, focus on property type and systematic risk increase the discount to NAV (decrease in premiums). The final rational model produces an adjusted R-square of 37.4% for the Swedish listed property market during the investigated period. The irrational approach investigates the impact of noise traders. The results show that the contribution of market sentiment is significant. The confidence indicator for the households has the greatest impact on the discount to NAV and an inclusion of the variable increases the adjusted R-square to 53.6%. An investigation into the justification of using the Noise Trader Theory is conducted and concludes that the use of a proxy for market sentiment is justified. / Substansvärdet (NAV) används ofta för att representera värdet av ett fastighetsbolag. För börsnoterade fastighetsbolag sker samtidigt en sekundär värdering eftersom deras aktier köps och säljs på aktiemarknaden. Historiskt sett har fastighetsbolagens substansvärden skilt sig från börspriserna av deras aktier vilket tyder på att aktiemarknaden värderar bolagen annorlunda och det uppstår då en substansrabatt eller substanspremie. Denna uppsats utvärderar detta fenomen för 14 svenska börsnoterade fastighetsbolag under åren 2006-2015 utifrån en rationell och en irrationell utgångspunkt. Uppsatsen testar empiriskt vilka faktorer som påverkar skillnaden under perioden genom en regressionsanalys med paneldata. Den rationella utgångspunkten undersöker effekterna av variabler knutna till företaget, aktien samt företagets bolagsstyrning. Resultatet visar att rationella variabler kan förklara substansrabatter och substanspremier till en viss grad. Det största bidraget kommer från de företagsspecifika variablerna. Större företag, företag fokuserade på ett mindre antal orter, företag med ett bättre rykte och företag vars styrelse har ett stort aktieinnehav tenderar att ha en minskad substansrabatt alternativt en ökad substanspremie. Å andra sidan tenderar företag med hög belåningsgrad, ett fåtal fastighetstyper och hög systematisk risk att ha en ökad substansrabatt alternativt en minskad substanspremie. Den slutliga modellen av rationella variabler genererar ett justerat R-square om 37,4% för svenska börsnoterade fastighetsbolag. Den irrationella utgångspunkten i denna uppsats undersöker variabler knutna till ett irrationellt handlande. Resultatet visar signifikant utfall för irrationellt handlande, där en konfidensindikator för hushållen visar störst inverkan och genererar ett justerat R-square om 53,6%. Uppsatsen undersöker möjligheten att använda irrationellt handlande som förklaringsvariabler till varför substansrabatter och substanspremier uppstår. Resultatet visar att det är motiverat att inkludera irrationella förklaringsvariabler.

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In the present work we study the economic capital of pension funds and their possible extension into the new concept of Solvency II. The main task is to examine the risks that are characteristic for pension fund activity. We use several modified stress simulations, which we model using a virtual model of pension fund. Primarily we focus on changes in net asset value (NAV) which is used in standard formula for calculation of the solvency capital requirement (SCR). In conclusion, we evaluate the possible impact of applications Solvency II to pension funds, the resulting economic capital and solvency of modeled pension fund.

Made available in DSpace on 2015-05-14T13:00:16Z (GMT). No. of bitstreams: 1 parte1.pdf: 4104748 bytes, checksum: 578975146349baff07079d6c3f9756b6 (MD5) Previous issue date: 2008-08-29 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES / Snake venoms contain a complex arsenal of protein bio-active components, many of these being neurotoxins (NTXs). These snakes have high neurotoxic activity venom, corresponding to the Elapidae family, which includes coral snakes (Micrurus) whose venom contains circa 90-95% of low molecular mass protein components. Among these, several are postsynaptic neurotoxins or α- NTXs (MM = 6-9 kDa). The Micrurus ibiboboca (Merren, 1820) is a snake of the Elapidae family witch is quite common in the Northeast of Brazil. In spite of the great diversity of species of Micrurus, scarce works involving the nervous system with isolated and pure toxins of those serpents has been developed in level biochemical, pharmacological and electrophysiological. The aim of this study was to purify the toxin Mic6c7NTX of the Micrurus ibiboboca venom, characterize to biochemically and electrophysiologically the toxin Mic6c7NTX in the peripheral nervous system (PNS) of rats, evaluating alterations in the record of the Compound Action Potential (CAP) of the isolate nerve and the toxin activity on the voltage-dependent sodium channels (Nav) in the neurons of the dorsal root ganglion (DRG). The venom was extracted from the Micrurus ibiboboca collected in Paraiba State (Brazil). Initially, electrophysiological tests (current clamp method) using the single sucrose gap technique were accomplished with crude venom (100μg/mL). It was observed that in this concentration the crude venom caused reduction in the CAP amplitude (25%). This neurotoxity led into an intriguing question: what components of the venom would promote to reduction in the excitability of the nerve? Based upon this question, I decided to purify the venom throughout the Liquid Chromatography of the High Performance (HPLC) of the Cation Exchange Chromatography (CIEX) and the Reverse Phase Chromatography (RPC). The molecular mass (MM) of the raw toxin was determined by mass-spectrometry (MALDI-QTOF/ MS) and N-terminal sequence by means of Edman s Degradation. The search for similarity with other toxins was accomplished against proteomic data bank. The CIEX profile showed 19 fractions and the highest peak fraction was used for the second dimension. The toxin Mic6c7NTX obtained by RPC showed elution in 26.7%of the acetonitrile (ACN) and MM 7.047.56Da. The obtained partial N-terminal sequence showed 31 aminoacid residues. The search for similarity of structure and function showed great similarity (65%) with other short chain α-NTXs Australian elapids snakes. The electrophysiological studies (single sucrose gap technique) showed that the toxin Mic6c7NTX (1 μM) reduced the excitability of the isolate nerve similarly to the reduction observed in the crude venom about 21%. Other CAP parameters such as despolarization speed (DSCAP), repolarization time (τCAP) and peak of time (PTCAP) did not show alterations. This suggests that the toxin may be affecting the Nav channels. For the confirmation of that hypothesis experiments were accomplished with whole cell patch-clamp technique in DRG neurons. This results showed that the toxin Mic6c7NTX (1 WM) abolished completely the current of Nav channels sensitive the tetrodotoxin (TTX-S). Also the Nav channels TTX resistant (TTX-R) were investigated in the presence of the Mic6c7NTX toxin previously using TTX (100 nM). This results showed that the toxin Mic6c7NTX (100 nM) abolished completely the current of Nav channels TTX-R and IC50 = 30nM. However, reversion of this blocking was not observed. The present study biochemically and electrophysiologically characterized an α-NTX of the Micrurus ibiboboca elapid snake. Furthermore, it showed a potent toxin with affinity Nav channels TTX-S and TTX-R of the PNS. This is the first α-NTX isolated and identified of the venom from the Micrurus ibiboboca (Merrem, 1820) snake. / As serpentes da família Elapidae possuem uma peçonha com alta atividade neurotóxica e capacidade de letalidade. Fazem parte dessa família as serpentes corais americanas (gênero Micrurus) com suas peçonhas contendo cerca de 90-95% de componentes protéicos, sendo na sua maior parte neurotoxinas com baixa massa molecular (6-8 kDa), podendo ser destacadas as neurotoxinas com ação pós-sinápticas ou α-Neurotoxinas (α-NTX). A Micrurus ibiboboca (Merrem, 1820) é uma serpente da família Elapidae, comum na região Nordeste. Apesar da grande diversidade de espécies do gênero Micrurus sp., escassos trabalhos envolvendo atividade de toxinas isoladas e puras destas peçonhas e sistema nervoso têm sido desenvolvidos em nível bioquímico, farmacológico ou eletrofisiológico. O objetivo desse estudo foi purificar a toxina Mic6c7NTX da peçonha de M. ibiboboca, caracterizar bioquímicamente e investigar com ferramentas eletrofisiológicas a ação da toxina no Sistema Nervoso Periférico (SNP) de ratos avaliando alterações no Potencial de Ação Composto (PAC) do nervo isquiático isolado e a atividade da toxina nos canais para sódio dependentes de voltagem (Nav) em neurônios do gânglio da raiz dorsal (DRG). A peçonha da M. ibiboboca foi extraída de serpentes coletadas no Estado da Paraíba (Brasil). Inicialmente, ensaios eletrofisiológicos com o método de current clamp utilizando a técnica de single sucrose gap foram realizados com a peçonha bruta (100 Wg/mL). Os resultados mostraram que a peçonha bruta nessa concentração promoveu redução na amplitude do PAC (25%). Esse efeito da toxina na excitabilidade do nervo levantou o questionamento: Que componentes da peçonha estariam causando essa diminuição da excitabilidade? A peçonha foi purificada por meio de Cromatografia Líquida de Alta Performance (HPLC), de troca catiônica (CIEX) e fase reversa (RPC). Na sequência, os picos da CIEX foram submetidos à RPC e posteriormente analisados por espectrometria de massas (MALDI-TOF/MS) que detectou a massa molecular da toxina Mic6c7NTX de 7.047,56 Da. Em seguida, foi determinado o seu N-terminal por Degradação de Edman que apresentou 31 resíduos de aminoácidos e serviu de estudo para a bioinformática na busca por similaridade em banco de dados proteômicos com outras toxinas protéicas, demonstrando que a toxina Mic6c7NTX apresentou similaridade (65%) com α-NTXs de cadeia curta de serpentes elapídicas australianas. Posteriormente, foi investigado o efeito da toxina isolada no SNP. Os estudos eletrofisiológicos em single sucrose gap demonstraram que a toxina Mic6c7NTX (1 WM) reduziu a excitabilidade do nervo isolado de forma similar à observada pela peçonha bruta. Não foram observadas alterações significantes em outros parâmetros do PAC, como velocidade de despolarização (VDPAC), tempo de repolarização (τPAC) e tempo de pico (PTPAC), sugerindo que a toxina atuasse num sítio de ligação específico dos [Escreva uma citação do documento ou o 11 canais Nav no SNP. Para a confirmação dessa hipótese foram realizados experimentos de voltage clamp com a técnica de whole cell patch-clamp em cultura primária de neurônios DRG da medula espinhal de ratos. Os resultados mostraram que a toxina Mic6c7NTX (1 WM) aboliu completamente as correntes dos canais Nav sensíveis à tetrodotoxina (TTX-S). Também foi investigado o efeito da toxina sobre a população de canais Nav resistentes à TTX (TTX-R), utilizando previamente TTX (100 nM) para bloquear os canais Nav TTX-S. Os registros com a toxina Mic6c7NTX (100 nM) demonstraram um bloqueio total da corrente nos canais Nav TTX-R dos DRGs e uma IC50 da toxina em torno de 30 nM. Também foi observado que essa toxina se liga aos canais Nav de forma lenta e irreversível. O presente estudo caracterizou bioquímica e eletrofisiologicamente uma α-NTX da serpente elapídica Micrurus ibiboboca. Farmacologicamente, trata-se de uma potente toxina com afinidade aos canais Nav TTX-S e TTX-R do SNP. Essa é a primeira α-NTX isolada e caracterizada da peçonha da serpente Micrurus ibiboboca (Merrem, 1820).

Human body detects potentially damaging stimuli by specialized sensory nerve endings in the skin, the nociceptors. Their membranes are equipped with ion channels, molecular sensors, coding the outside stimuli into the trains of action potentials and conducting them to the higher brain centers. The most prominent group of transduction ion channels is the transient receptor potential (TRP) channel family followed by ion channels responsible for generation and conduction of action potentials from the periphery to the brain, the voltage-gated sodium channels (VGSCs). Understanding the mechanisms how particular stimulus is encoded and processed is of particular importance to find therapeutics for various types of pain conditions. We characterized the properties of VGSC subtypes NaV1.9 and NaV1.8 at high temperatures. We showed that NaV1.9 undergo large increase in current with increasing temperatures and significantly contribute to the action potential generation in dorsal root ganglion (DRG) neurons. Ciguatoxins (CTXs) are sodium channels activator toxins causing ciguatera fish poisoning, a disease manifested by sensory and neurological disturbances. We elucidated the mechanism of CTX- induced cold allodynia, a pathological phenomenon where normally innocuous cool temperatures are perceived as pain. We...

共同基金在台灣是一個新興的投資理財管道，根據財政部證管會的統計資料得知，臺灣的共同基金數目已由民國八十年的27個增加到八十六年的129個，其總淨值亦由77l億台幣攀升到4691.61億台幣，顯示投資的人口正以大幅度之姿向上竄升，其投資群也由早期的機構投資者、股票族逐漸漫延到社會大眾，而投資人的動機亦曲純粹增加個人的財富，進一步擴展到籌措子女的教育準備金或個人退休養老金的規劃目標。 傳統的基金績效評估方法，大部分的研究重點均著眼於以資本資產定價模型（Caftal Asset Pricing Model ，簡稱CAPM）為理論來建立績效評估指標；或者以基金經理人的選股能力(Stock Selection)與擇時能力(Market Timing)做為評估標準；近年來亦有以投資組合為基礎的持股比率分析法。以上種種的研究，大部分都是以基金淨資產價值（Net Asset Value，簡稱NAV）與市場報酬率的變化來作為整體績效的評估基準。因此，在這樣的一個基礎上，基金淨資產價值的預測對於投資人而言就變得非常重要。如果，投資人可事先預測到各個基金的淨資產價值的未來走向，再運用上述的績效評估方法來衡量其績效，那麼投資人即可更早一步得到投資的訊息，並選取在未來績效良好的基金作為投資的重點。 因此，本研究的目的乃是企圖運用類神經網路的預測能力來建構國內共同基金淨資產價值的預測模型，並和傳統統計方法做一比較。而本研究的結果證實了倒傳遞類神經網路模式，確實在臺灣共同基金之年終淨資產值的預測上，優於傳統統計方法中的線性及非線性之迴歸分析模式。

<p>The new Welfare Reform in Norway consists of the establishment of a new welfare office; NAV office. The NAV office will open in all municipalities within 2010 as local partnerships between the state and the municipals as equal partners. The central government will keep responsibility for the national services and the local governments will keep responsibility for the locally provided welfare services. As such the NAV office will consist of two separate public servcelines, with the accountabilities for their individual services intact. The Government wished to keep the separation between the national and local governmental services but needed to ensure the provision of a more holistic, integrated and effective service delivery, more in tune with the public need. The aim was to provide a more joined-up welfare service and to put more effect behind the efforts to achieve the reform goals: increased work participation, more user-friendly services and more effective public administration. The NAV office as such becomes a local one-stop-shop.</p><p>The challenge of this partnership is that two separate, traditionally hierarchic public structures embark on a partnership venture where the more relational and both vertical and horizontal communicational skills are required, true to the spirit of the joined-up government model. Our aim with this study was to investigate how a few early onset NAV offices cope with this partnership stunt. We particularly wished to examine how the partners establish and use the important vertical and horizontal dimensions, and how the partnership manager operate to facilitate the partnership activities.</p><p>We mean that the focus of 4 partnership actors rather than two governmental partners is more correct with respect to depicting the situation in the local NAV partnerships and how the central partnership managerial duties are shared. We have developed a new model of how they divide the partnership responsibilities between them and the operations of an emergent essential partnership driving force. We have also due to the nature of the NAV partnership actors and the way they operate in the partnership, developed a new partnership model. This dialogue model is a more accurate picture of the NAV partnership than the original partnership model.</p><p>The early attempts to provide integrated services has not reached the potential we have hoped for, partially due to the allowance of the two partners to continue service production in the old way while the reform structure and following administrative challenges are ironed out. We believe that an understanding of the particularities of partnership management and the adherence of the relational qualities to the partnership structure is a prerequisite in successfully managing the NAV partnership and thus the reform goals. This needs to be the imminent focus of the reform participants.</p>

The new Welfare Reform in Norway consists of the establishment of a new welfare office; NAV office. The NAV office will open in all municipalities within 2010 as local partnerships between the state and the municipals as equal partners. The central government will keep responsibility for the national services and the local governments will keep responsibility for the locally provided welfare services. As such the NAV office will consist of two separate public servcelines, with the accountabilities for their individual services intact. The Government wished to keep the separation between the national and local governmental services but needed to ensure the provision of a more holistic, integrated and effective service delivery, more in tune with the public need. The aim was to provide a more joined-up welfare service and to put more effect behind the efforts to achieve the reform goals: increased work participation, more user-friendly services and more effective public administration. The NAV office as such becomes a local one-stop-shop. The challenge of this partnership is that two separate, traditionally hierarchic public structures embark on a partnership venture where the more relational and both vertical and horizontal communicational skills are required, true to the spirit of the joined-up government model. Our aim with this study was to investigate how a few early onset NAV offices cope with this partnership stunt. We particularly wished to examine how the partners establish and use the important vertical and horizontal dimensions, and how the partnership manager operate to facilitate the partnership activities. We mean that the focus of 4 partnership actors rather than two governmental partners is more correct with respect to depicting the situation in the local NAV partnerships and how the central partnership managerial duties are shared. We have developed a new model of how they divide the partnership responsibilities between them and the operations of an emergent essential partnership driving force. We have also due to the nature of the NAV partnership actors and the way they operate in the partnership, developed a new partnership model. This dialogue model is a more accurate picture of the NAV partnership than the original partnership model. The early attempts to provide integrated services has not reached the potential we have hoped for, partially due to the allowance of the two partners to continue service production in the old way while the reform structure and following administrative challenges are ironed out. We believe that an understanding of the particularities of partnership management and the adherence of the relational qualities to the partnership structure is a prerequisite in successfully managing the NAV partnership and thus the reform goals. This needs to be the imminent focus of the reform participants.

The dissertation describes the process of creating Business Intelligence solution over the ERP system MS Dynamics NAV. The successful development and deployment of prototype version is also the main goal of this work. The work is divided into two parts in accordance with sub-objectives: theoretical and practical. The theoretical part starts witch research of works with similar theme and then continues with description of the current state of Czech market with BI solutions on the MS Dynamics NAV, basic principles of Business Intelligence development and then the description of the method of setting benchmarks using the Balanced Scorecard. The practical part describes the development of Business Intelligence solution starting with identifying potential customer as a wholesale distributor company and setting the requirements for BI. The practical part continues through the design of a data warehouse in MS SQL Server, creation of data pump connected to the MS Dynamics NAV database, filling the data warehouse, OLAP cubes creating and ends with an example of output reports form working solution using MS Excel 2013.

The thesis focuses on the selection process and the implementation of the new information system (hereinafter "IS") in a manufacturing company. This is achieved by detailing characteristics of all individual phases and steps of the selection and implementation processes in the context of one appointed company. The characteristics analysis identifies key factors which need to be managed well by the company in order to accomplish a desired outcome. The thesis also includes a generic and coherent framework and it concludes with a comprehensive proposal which can be used as a tool for a successful selection and implementation of the new IS.