As the aging in reproductive system proceeds, females will eventually enter the period of menopause, during which a series of physiological changes occurs. The decline of estrogen level during menopausal transition is thought to associate with various menopausal symptoms. Although hormone replacement therapy can be adopted to deal with the estrogen-deficient state, side effects such as cancer risk cannot be overlooked. Alternatively, Erxian Decoction (EXD), a Chinese medicine formula for treating menopausal symptoms has been used clinically for more than 60 years without adverse effects reported. Some pharmacological properties of EXD have been reported in previous research, which are thought to be contributed by its multiple bioactive components. Thus in the present study, the pharmacological properties of EXD have been further evaluated. The drug compatibility of Traditional Chinese Medicine (TCM) formula, EXD, was also demonstrated. At last, a novel approach for identification of bioactive components from Chinese medicine formula was introduced using EXD as study model. To evaluate the multiple pharmacological properties of EXD, proteins involved in steroidogenesis in ovaries of aged female rats were measured by immunoblotting analysis. On top of that, serum lipid profiles and the related proteins were determined by colorimetric assay and immunoblotting analysis respectively. Also, anti-osteoporotic properties and drug compatibility of EXD were evaluated by in vitro methods such as proliferation assay, osteoclast differentiation assay, ELISA assay or immunoblotting analysis. Lastly, a novel approach for identification of bioactive components in relation to the subsequent bioactivity from traditional Chinese medicinal formula was introduced using HPLC profiles. From the results, it was demonstrated that EXD can modulate steroidogenesis in aged female rat model at least through up-regulation of ovarian aromatase, protein kinase B and estrogen receptor beta at protein level. Besides, EXD also exerts antihyperlipidemic effects in aged female rats as reflected from the decreased serum total cholesterol and LDL-cholesterol levels via regulation of HMG CoA reductase and LDL-receptor, the key proteins for cholesterol synthesis and LDL-cholesterol clearance. In vitro study has also demonstrated the anti-osteoporotic properties of EXD through stimulation of osteoblast proliferation and inhibition of proliferation and differentiation of osteoclast precursor cells. The later was proved to be mediated by down-regulation of NFATc1 proteins, a key protein for osteoclastogenesis. The roles of the drugs categories according to the drug compatibility of traditional Chinese medicine contributing to the optimal anti-osteoporotic properties of EXD were also elucidated. Since the diverse pharmacological properties of a Chinese medicinal formula are often the results of the effects of complex bioactive constituents in the extract, yet identification of the bioactive components has been a tedious task. Thus in the last part of the study, a novel approach for identification of bioactive component from Chinese medicinal formula has been developed. By comparing the HPLC profiles of EXD extracted by different decoction method in relation to their pharmacological properties, six bioactive chemicals were successfully identified which may contribute to the stimulatory effect of EXD on ovarian aromatase and hepatic catalase expression. / published_or_final_version / Chinese Medicine / Master / Master of Philosophy

abstract / Chinese Medicine / Doctoral / Doctor of Philosophy

published_or_final_version / Orthopaedic Surgery / Master / Master of Philosophy

published_or_final_version / Computer Science and Information Systems / Master / Master of Philosophy

This thesis consists of empirical studies on various aspects of international corporate finance, a series of long-run event studies examining the abnormal stock return performance of Initial Public Offerings (IPOs), American Depositary Receipts (ADRs), and stock analyst recommendations. The first two of these, presented in Chapters 2 and 3, investigate the key issues relating to Initial Public Offerings (IPOs). The next, in Chapter 4, examines the performance of new American Depositary Receipt issues from emerging markets and its determinants. The final study, presented in Chapter 5, assesses the value of stock analysts? recommendations in emerging markets. It is essentially a series of empirical studies adopting a tried and tested methodology, involving benchmarks, for measuring returns over time in emerging markets, a subject that has not been sufficiently investigated. The long-run event study approach is designed to identify anomalies in these markets, which may be much more pronounced than in developed markets. This thesis makes substantive contributions to the existing knowledge on measuring, documenting and determining various issues in international corporate finance, and provides methodological improvements over previous studies. Chapter 2 presents an examination of the stock return performance of the IPO stocks listed on the Growth Enterprise Market (GEM) in Hong Kong, finding that the return performance is sensitive to the benchmark employed. Two main factors contributing to the underperformance of GEM stocks are the ?technology boom? and ?IPO effects?. Moreover, the results of cross-sectional analyses suggest that the Hong Kong GEM is a unique market; since at least 70 percent of the IPO stocks listed on the GEM are technology stocks, the ?technology? factor outweighs previous hypotheses advocated by previous researchers to explain the poor performance of newly listed stocks. Chapter 3 extends this analysis by turning attention to the post-issue stock price performance of Initial Public Offerings (IPOs) in Asian markets, using a comparative assessment of the stock performance of Asian IPOs motivated by the ongoing discovery of biases in event studies involving long horizon returns. Various methods were used to remove such biases, while examining the robustness of the long run performance of the IPOs. The results of this examination show that the existence of long run underperformance for the Asian IPOs depends on the methodology used. The study also assesses the ?Market Timing? theory with regard to Initial Public Offerings (IPOs), adding to the growing literature that suggests that Asian firms time their issuance of equity securities. Chapter 4 presents a comparative study of the post-issue stock performance and operating performance of the Initial Public Offerings (IPOs) of American Depositary Receipts (ADR) in emerging markets. The results of this study suggest that ADR IPOs are underpriced, though not to the same extent as regular IPOs. In the aftermarket, ADR IPOs underperform the Emerging Market Index. However, after controlling for differences in size and industry, underperformance of ADR IPOs compared with both home market IPOs and US IPOs could not be demonstrated. The analysis of stock and operating performance yields consistent results; aside from the ?window dressing? effect, this also demonstrates that stock price performance is a reflection of operating performance over the long run. Chapter 5 presents the first study to examine post-recommendation abnormal returns in emerging markets, based on the Emerging Market Index adjusted model and the Controlling Firm approach, demonstrating that stock prices react significantly to recommendation revisions, both on the revision day and subsequently. In this cross-sectional analysis, it appears that the Market-to-Book ratio is the primary indicator for Buy and Strong Buy recommendations. This indicates that stock analysts in emerging markets prefer high growth stocks with their attractive characteristics.

This study investigated if it was feasible to use machine learning tools on OCR extracted text data to classify receipts and extract specific data points. Two OCR tools were evaluated, the first was Azure Computer Vision API and the second was Google Drive REST Api, where Google Drive REST Api was the main OCR tool used in the project because of its impressive performance. The classification task mainly tried to predict which of five given categories the receipts belongs to, and also a more challenging task of predicting specific subcategories inside those five larger categories. The data points we where trying to extract was the date of purchase on the receipt and the total price of the transaction. The classification was mainly done with the help of scikit-learn, while the extraction of data points was achieved by a simple custom made N-gram model. The results were promising with about 94 % cross validation score for classifying receipts based on category with the help of a LinearSVC classifier. Our custom model was successful in 72 % of cases for the price data point while the results for extracting the date was less successful with an accuracy of 50 %, which we still consider very promising given the simplistic nature of the custom model.

Parkinson’s disease (PD) is the second most common neurodegenerative disease affecting 2% of the population over 65 years old that lacks effective cure. The current available treatments for PD are largely symptomatic and palliative. Tianma Gouteng Yin (TGY) is a traditional Chinese medicine (TCM) formula belongs to the formulas that dispel wind. Nowadays, it has been a commonly prescribed formula to treat Parkinsonian-like symptoms such as tremor and paralysis in some of the patients. However, just as most of the TCM formula, the material basis and the underlying pharmacological effects of TGY are still lacking experimental evidence. In this study, a method using UHPLC/Q-TOF-MS and HPLC-ELSD has been developed and successfully applied to qualitatively and quantitatively determine the complex phytochemicals of TGY. Totally 28 phytochemicals were identified, of which 20 were simultaneously quantified. The material basis profile of TGY decoction was delineated for the first time. After full component analysis of TGY, the neuroprotective activity of TGY was verified both in vivo and in vitro. In Drosophila PD models, TGY mitigated rotenone induced toxicity and promoted α-synuclein clearance. In stereotaxic rotenone intoxication rats, TGY exerted neuroprotective effects in terms of preventing dopaminergic neurons loss and alleviating neuroinflammation. TGY alleviated rotenone induced apoptosis in SH-SY5Y cells. Furthermore, we discovered that Geniposide, an important component of TGY, is an autophagy inducer both in vivo and in vitro and is neuroprotective in transgenic Drosophila PD model. In general, our study proves that TGY is neuroprotective in PD models. In addition to the efficacy study, safety of TGY application in terms of TGY-drug interaction was also evaluated. In our study, herb-drug interactions between TGY and one of the most popular drugs used in PD treatment, Sinemet, were studied. The pharmacokinetics data showed that co-administration of TGY could suppress the absorption of Levodopa, the main component of Sinemet, for the first time. This information suggest that in clinical practice, TGY should avoid been administrated with Levodopa containing medicaments at the same time. In conclusion, the data of this study provides valuable information on the material basis, efficacy and safety of TGY. This information is useful reference for the clinical application of TGY in PD treatment. Keywords: Tianma Gouteng Yin, Parkinson’s disease, Drosophila, Rotenone, -synuclein, Geniposide, Autophagy, Sinemet, Herb-drug interaction

Digitalisering präglar dagens samhälle, och då allt fler konsumenter blir digitaliserade framkommer fler incitament för företag att följa den digitala utvecklingen samt ta del av de nya möjligheterna. Digitalisering kan dock vara problematiskt att implementera i en verksamhet och lever inte alltid upp till företagets förväntningar. Företagens omgivning är under ständig förändring, och icke-finansiella mål, så som hållbarhet och image, blir allt viktigare mål att fokusera på för att uppnå finansiella mål. Uppsatsen avser att undersöka hur företag som bedriver butiksverksamhet kan påverkas av att införa digital teknik i verksamheten, och svara på frågeställningen: Hur kan digitalisering i en butiksverksamhet bidra till att förverkliga företagets mål? Syftet med undersökningen är att ge en inblick i hur digitalisering i butiksverksamheter kan påverka företag. För att undersöka detta har den empiriska inriktningen avgränsats till ett aktuellt digitaliseringsprojekt: digital kvittohantering. Inriktningen uppkom efter mindre förstudier som gjordes för att förstå huruvida det kan finnas en problematik i den svenska butikshandeln kring papperskvittohantering. Undersökningen bygger på en fallstudie som utfördes på företagen Axfood och Findity. Både företagen utvecklar och erbjuder, eller kommer att erbjuda, digitala kvittotjänster till sina kunder. Semi-strukturerade intervjuer användes för att få en mer djupgående beskrivning om hur företagen utvecklar sina digitala kvittotjänster. Sekundärdata har även använts, dels Axfoods årsredovisning, för att förstå vad företagets mål med digitalisering är, dels en kalkyl från Findity för att få en inblick om hur effekterna av digital kvittohantering kan jämföras mot papperskvittohantering. Den teoretiska referensramen utgår ifrån 4 dimensioner som bör beaktas i digitaliseringsstrategier i företag: Användandet av teknik, Förändringar i värdeerbjudandet, Strukturella förändringar samt Finansiella aspekter. Resultatet av studien visar att båda fallföretagen avser att påverka icke-finansiella aspekter med digitala kvittotjänster. Dock föreligger det skillnad mellan fallföretagen, dels i utformningen av tjänsterna, dels i den förutspådda påverkan som de digitala kvittotjänsterna kan påverka företagen finansiellt. Slutsatser som dras från undersökningen är att digitaliseringens påverkan på ett företag beror på hur digitaliseringsprojekten utformas, och utan starka finansiella incitament från ett visst digitaliseringsprojekt kan detta avfärdas eller skjutas fram, och andra digitaliseringsprojekt kan prioriteras. Digitala kvittotjänster kan, beroende på utformning och omfattning i verksamheten, bidra till att uppfylla finansiella såväl som icke-finansiella mål, men är mest förknippat med icke-finansiella faktorer. / Digitalization creates opportunities as well as possible threats for companies, whether they choose to implement it into their businesses or not. As demands from stakeholders and markets develop in line with new digital ingenuity companies have further reasons to adapt to these changes and adapt to the increasing non-financial demands from their stakeholders. This paper aims to give the reader an understanding on how company strategies and objectives can be achieved through retail businesses with digitalization in the sales process. Our theoretical framework explains four primary dimensions for digital transformation strategies, where both internal and external factors of the company need to be evaluated. It is also important to identify, understand, and address market and primary stakeholders needs during this process. Empirical research in the form of a case study have been conducted and focused on two companies that develops and offer digital receipts to their customers. The conclusion of this study is that companies can use digitalization, and digital receipts, in their business to aid their strategies and objectives. How financial and non-financial objectives are met depends on its extent in both development and implementation.

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Submitted by Maykon Nascimento (maykon.albani@hotmail.com) on 2014-10-09T18:55:29Z No. of bitstreams: 2 license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) Dissertacao.Texto.Herbert Simoes.pdf: 1925290 bytes, checksum: e5892b51fa31052365110689fe1a902c (MD5) / Approved for entry into archive by Elizabete Silva (elizabete.silva@ufes.br) on 2014-11-18T18:38:41Z (GMT) No. of bitstreams: 2 license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) Dissertacao.Texto.Herbert Simoes.pdf: 1925290 bytes, checksum: e5892b51fa31052365110689fe1a902c (MD5) / Made available in DSpace on 2014-11-18T18:38:41Z (GMT). No. of bitstreams: 2 license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) Dissertacao.Texto.Herbert Simoes.pdf: 1925290 bytes, checksum: e5892b51fa31052365110689fe1a902c (MD5) Previous issue date: 2014 / Objetivou-se com o presente trabalho, estudar os efeitos da convergência às normas internacionais de contabilidade (IFRS), da cobertura de analistas financeiros e da emissão de American Depositary Receipts - ADR, sobre o disclosure voluntário das empresas listadas na BM&FBOVESPA. Partindo-se da análise de 14 trabalhos acadêmicos, desenvolveu-se um índice de disclosure voluntário contendo um total de 38 itens, sendo 25 itens de natureza financeira, econômica e organizacional e 13 itens de natureza social e ambiental. O check list do índice desenvolvido foi aplicado sobre 1.406 documentos (notas explicativas e relatórios da administração, contendo 58,2 mil páginas), de uma amostra com 703 observações - ano, obtidas durante os anos de 2006 a 2013. Utilizando-se do teste de Wilcoxon, os resultados apontam incrementos estatisticamente significantes nos níveis de disclosure voluntário durante o período de convergência ao padrão IFRS no Brasil, sendo mais significativos elementos de natureza econômica, financeira e organizacional do que os de natureza social e ambiental. Utilizando-se de modelos OLS robustos, aplicados sobre dados em painel desbalanceado, os resultados dos testes econométricos confirmaram parcialmente a hipótese de que o padrão IFRS contribuiu no desenvolvimento do disclosure voluntário das empresas com maior acompanhamento de analistas financeiros, porém, significativamente para as empresas que emitiram American Depositary Receipts (ADR) durante o período de convergência às normas internacionais de contabilidade. Os resultados são robustos e significativos quando controlados por variáveis representativas do tamanho (TAM), da rentabilidade (RENT), do endividamento (ALAV) e de auditoria de uma big – four (AUDI) como determinantes do disclosure voluntário durante o período de convergência ao padrão IFRS no Brasil. / We aim in this paper to study the effects of the International Account Standards, the cover of financial analysts and the emission of American Depositary Receipts (ADR), on the voluntary disclosure of BM&FBOVESPA companies, during the period of convergence to IFRS standards. From the analyses of 14 papers, we developed a check list with 38 items of voluntary disclosure, being 25 financial, economic and organizational items and 13 environmental and social items. The developed check list was applied to 1,406 documents (foot notes and director’s reports, with 58.2 thousand pages) of a sample of 703 firm–year observations, between 2006 and 2013. By using Wilcoxon test, the results show significant augmentation in the voluntary disclosure levels during the period of IFRS adoption in Brazil, being economic, financial and organizational elements more significant than social and environmental elements. By using robust OLS models for unbalanced panel data, the results for the econometric tests partially confirmed the hypothesis that IFRS has contributed for the development of voluntary disclosure of firms with higher financial analysts’ coverage. Besides, we found significant evidence that firms which emitted ADRs has enhanced their levels of voluntary disclosure during the convergence period to IFRS. The results are robust and significant when controlled by size (TAM), profitability (RENT), leverage (ALAV) and being audited by a Big Four company (AUDI) as determinants of voluntary disclosure over the period of convergence to IFRS.