Submitted by Paulo Roberto Miller Fernandes Vianna Junior (pauloviannajr@hotmail.com) on 2016-01-07T16:41:00Z No. of bitstreams: 1 Texto Final.pdf: 1424875 bytes, checksum: fc03c3ccd501f50f7ddbaf1b73fed3c9 (MD5) / Approved for entry into archive by GILSON ROCHA MIRANDA (gilson.miranda@fgv.br) on 2016-01-07T17:28:47Z (GMT) No. of bitstreams: 1 Texto Final.pdf: 1424875 bytes, checksum: fc03c3ccd501f50f7ddbaf1b73fed3c9 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2016-01-07T18:04:56Z (GMT) No. of bitstreams: 1 Texto Final.pdf: 1424875 bytes, checksum: fc03c3ccd501f50f7ddbaf1b73fed3c9 (MD5) / Made available in DSpace on 2016-01-07T18:05:15Z (GMT). No. of bitstreams: 1 Texto Final.pdf: 1424875 bytes, checksum: fc03c3ccd501f50f7ddbaf1b73fed3c9 (MD5) Previous issue date: 2015-12-17 / This study aims at analyzing the retirement funds fixed income portfolios’ duration, which are paradoxically short considering the long-term objectives inherent to retirement savings, and the effects of the existing incentives to persistence on the employer sponsored collective plans, such as the contribution from the sponsor and vesting clauses, on the portfolios’ duration. In order to overcome the difficulties in directly observing the analyzed funds portfolios’ durations, it is proposed a duration index built upon the Return Based Style Analysis developed by SHARPE (1992) using the principal components of the Anbima’s Constant Duration Indexes (IDkA) to evaluate the retirement funds monthly returns sensibility to the nominal and real interest rates curves. The obtained results do not show evidences that the funds exclusively linked to employer sponsored collective plans present longer durations than those linked to individual plans or notsponsored collective plans. On the other hand, funds classified as 'Target Date' stand out for presenting longer duration indexes when compared to funds classified as 'Fixed Income' or 'Balanced Portfolios' and show positive correlation with the target year of the fund. This suggest that policies aiming at treating the information set of the agent’s, both investors and portfolio managers, are able to modify the investments allocation. Information is sufficient to improve allocation / O objetivo deste estudo é analisar as durações das carteiras de renda fixa dos fundos previdenciários, que são paradoxalmente curtas em relação aos objetivos de longo prazo inerentes à previdência, e os eventuais efeitos dos incentivos de permanência existentes nos planos coletivos instituídos, como o custeio do instituidor e regras de desligamento – vesting – no alongamento dessas carteiras. Como forma de sobrepujar as dificuldades da observação direta dos prazos de alongamento das carteiras dos fundos analisados, foi proposto um índice de alongamento calcado na Análise de Estilo Baseada nos Retornos desenvolvida por SHARPE (1992) empregando-se as componentes principais dos Índices de Duração Constante da Anbima (IDkA) para a avaliação da sensibilidade dos retornos mensais dos fundos analisados às curvas de juros real e nominal. Os resultados obtidos não mostram evidências de que os fundos que recebem recursos exclusivamente de planos instituídos apresentem duração maior do que daqueles que recebem recursos de planos individuais e coletivos averbados. Por outro lado, os fundos classificados como 'Previdência Data Alvo' pela Anbima destacam-se por apresentar índices de alongamento maiores frente à média dos fundos classificados como 'Previdência Renda Fixa' ou 'Previdência Balanceado' e correlação positiva entre seus índices de alongamento e Ano Alvo do fundo, o que sugere que políticas que trabalhem o conjunto de informação dos agentes, investidores e gestores, são capazes de modificar a alocação dos investimentos. Basta informação para melhorar a alocação.

Submitted by Thiago Corrêa (thiago.strava.correa@gmail.com) on 2017-06-27T00:53:21Z No. of bitstreams: 1 Dissertacao Thiago Strava Correa.pdf: 2528557 bytes, checksum: 43d7258add4d6a8bd0ae8469e0948e7c (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2017-06-27T12:04:57Z (GMT) No. of bitstreams: 1 Dissertacao Thiago Strava Correa.pdf: 2528557 bytes, checksum: 43d7258add4d6a8bd0ae8469e0948e7c (MD5) / Made available in DSpace on 2017-06-27T12:56:20Z (GMT). No. of bitstreams: 1 Dissertacao Thiago Strava Correa.pdf: 2528557 bytes, checksum: 43d7258add4d6a8bd0ae8469e0948e7c (MD5) Previous issue date: 2017-05-29 / Esta dissertação propõe o uso de modelos de análise de estilo para a previsão da distribuição dos retornos de carteiras condicionais a cenários estressados de fatores de risco como uma alternativa aos tradicionais modelos de avaliação total. Dentre os seis modelos de análise de estilo cuja capacidade preditiva é testada, destacam-se os modelos quantílico composto e não-linear, que além de obterem os melhores resultados são ainda pouco explorados pela literatura de gestão de risco. / This dissertation suggests the use of style analysis models for the forecasting of portfolio returns’ distribution conditional to stressed scenarios of risk factors. Among the six style analysis models which had their forecasting capacity tested, the composite quantile and the non-linear quantile models stand out by their quality and lack of documentation in the risk management literature.

Made available in DSpace on 2010-04-20T21:00:30Z (GMT). No. of bitstreams: 4 nicolauassali.pdf.jpg: 21057 bytes, checksum: e49c3a73a969030bb30a7b487e8ddf77 (MD5) nicolauassali.pdf: 745103 bytes, checksum: dcb827d78438926dd042deccffc5bab4 (MD5) 1_136970.pdf: 745134 bytes, checksum: 17ea1cc72a370b8ea2ba2cf6590ebe16 (MD5) nicolauassali.pdf.txt: 258686 bytes, checksum: 416660ae630d51947f844cef8a94fb45 (MD5) Previous issue date: 2008-02-13T00:00:00Z / This dissertation analyses the performance and features of some of the current Brazilian funds of funds, called multimanagers, as well as the performance of funds of funds as a result of the simulation of Brazilian funds portfolios that use several investment strategies known as multimarkets. The diversification through a multimarkets funds portfolio involves other variables beyond the traditional approach of mean-variance. The first part of this study presents the main features of the selected funds of funds and also describes more than the mean-variance, showing the third and fourth moments of the returns distribution. The second part uses the tool named Style Analysis (Sharpe, 1988) in order to determine the return exposure of each of the funds of funds of the sample to certain asset classes. In this study were chosen the following asset classes: Ibovespa, CDI, Dollar and IRF-M. Through the medium-variance approach, the third part of this study uses a tool known as the Portfolio Theory (Markowitz, 1952) as the minimum variance frontier, in order to evaluate the performance of each funds of funds in the given sample. The performance is evaluated on the comparison basis of the minimum variance frontier built from a benchmark portfolio (comprising two of the major Brazilian financial assets of low and high risk: CDI and Ibovespa, respectively) with another minimum variance frontier built from the addition of a fund of funds into the benchmark portfolio. The last part refers to simulations of multimarkets portfolio funds that allow the allocation of variable income in the portfolio and it also allows the use of leverage. The goal is to check through the return of the average values, variance, asymmetry and kurtosis, the efficiency of such funds as instruments of diversification. The outcomes show that the 32 multimanager funds of funds analyzed do not have normal return distribution and 29 ones present negative skewness behavior. The Style Analysis indicates high sensibility to CDI and IRF-M, and low sensibility to Ibovespa and Dollar, main financial market indexes. The majority of multimanager funds of funds improved the Minimum Variance Frontier when added to a reference portfolio (CDI + Ibovespa), in other words, there was a reduction on risk – return relation. The portfolio simulation indicates that in the last three years the multimarkets funds classified as Leveraged Variable Income has been more aggressive in the strategies due to the asymmetry behavior; however this kurtosis behavior indicates a position not too aggressive as well. So the construction of Funds portfolios that use several investment strategies should not be restraint to the mean-variance approach. It should also involve asymmetry, kurtosis and investor preferences. / Esta dissertação analisa o desempenho e as características de uma parte dos atuais fundos de fundos brasileiros, os denominados multigestores, bem como o desempenho de fundos de fundos resultantes da simulação de carteiras de fundos brasileiros que utilizam várias estratégias de investimentos, conhecidos como multimercados. A diversificação através de uma carteira de fundos multimercados envolve outras variáveis além da tradicional abordagem de média-variância. A primeira parte do estudo apresenta as principais características dos fundos de fundos selecionados e descreve, além da média e variância, o terceiro e quarto momentos das distribuições dos retornos. A segunda parte utiliza a ferramenta chamada Análise de Estilo (Sharpe, 1988), para determinar a exposição dos retornos de cada um dos fundos de fundos da amostra a determinadas classes de ativos. Neste trabalho foram escolhidas as seguintes classes de ativos: Ibovespa, CDI, Dólar e IRF-M. Através da abordagem de média-variância, a terceira parte do estudo utiliza a ferramenta conhecida na Teoria da Carteira (Markowitz, 1952) como fronteira de mínima variância, para avaliar o desempenho de cada um dos fundos de fundos da amostra. O desempenho é avaliado com base na comparação da fronteira de mínima variância construída a partir de uma carteira de referência (composta por dois dos principais ativos financeiros brasileiros de baixo e alto risco: CDI e Ibovespa, respectivamente) com outra fronteira de mínima variância construída a partir do acréscimo de um fundo de fundos à carteira de referência. A última parte refere-se a simulações de carteiras de fundos multimercados que permitem a alocação de renda variável na carteira e também permitem o uso de alavancagem. Seu objetivo é verificar, através dos valores de retorno médio, variância, assimetria e curtose, a eficiência desses fundos como instrumentos de diversificação. Os resultados mostram que os 32 fundos de fundos multigestores analisados não tem distribuição normal de retornos e 29 apresentam assimetria negativa. A Análise de Estilo indica grande sensibilidade ao CDI e ao IRF-M, e pouca sensibilidade ao Ibovespa e Dólar, importantes índices do mercado financeiro. A maioria dos fundos de fundos multigestores melhorou a Fronteira Eficiente quando adicionados a uma carteira de referência (CDI + Ibovespa), ou seja, houve uma redução na relação risco-retorno. A simulação das carteiras indica que nos últimos três anos os fundos multimercados classificados como Com Renda Variável Com Alavancagem tem sido mais agressivos nas estratégias, devido ao comportamento da assimetria, porém o comportamento da curtose indica também uma posição nem tão agressiva. Logo, a construção de carteiras com fundos que utilizam diversas estratégias de investimentos não deve se restringir à abordagem de média-variância. Deve também envolver também assimetria, curtose e preferências do investidor.

This thesis investigates the performance of hedge funds, funds of hedge funds and alternative Ucits together with the determinants of this performance by using new or well-suited econometric techniques. As such, it lies at the frontier of finance and financial econometrics and contributes to both fields. For the sake of clarity, we summarize the main contributions to each field separately. <p>The contribution of this thesis to the field of financial econometrics is the time-varying style analysis developed in the second chapter. This statistical tool combines the Sharpe analysis with a time-varying coefficient method; thereby, it is taking the best of both worlds. <p>Sharpe (1992) has developed the idea of “style analysis”, building on the conclusion that a regression taking into account the constraints faced by mutual funds should give a better picture of their holdings. To get an estimate of their holdings, he incorporates, in a standard regression, typical constraints related to the regulation of mutual funds, such as no short-selling and value preservation. He argues that this gives a more realistic picture of their investments and consequently better estimations of their future expected returns.<p>Unfortunately, in the style analysis, the weights are constrained to be constant. Even if, for funds of hedge funds the weights should also sum up to 1, given their dynamic nature, the constant weights seem more restrictive than for mutual funds. Hence, the econometric literature was lacking a method incorporating the constraints and the possibility for the weights to vary. Motivated by this gap, we develop a method that allows the weights to vary while being constrained to sum up to 1 by combining the Sharpe analysis with a time-varying coefficient model. As the style analysis has proven to be a valuable tool for mutual fund analysis, we believe our approach offers many potential fields of application both for funds of hedge funds and mutual funds.<p>The contributions of our thesis to the field of finance are numerous. <p>Firstly, we are the first to offer a comprehensive and exhaustive assessment of the world of FoHFs. Using both a bootstrap analysis and a method that allows dealing with multiple hypothesis tests straightforwardly, we show that after fees, the majority of FoHFs do not channel alpha from single-manager hedge funds and that only very few FoHFs deliver after-fee alpha per se, i.e. on top of the alpha of the hedge fund indices. We conclude that the added value of the vast majority of FoHFs should thus not be expected to come from the selection of the best HFs but from the risk management-monitoring skills and the easy access they provide to the HF universe.<p> <p> <p>Secondly, despite that the leverage is one of the key features of funds of hedge funds, there was a gap in the understanding of the impact it might have on the investor’s alpha. This was likely due to the quasi-absence of data about leverage and to the fact that literature was lacking a proper tool to implicitly estimate this leverage. <p>We fill this gap by proposing a theoretical model of fund of hedge fund leverage and alpha where the cost of borrowing is increasing with leverage. In the literature, this is the first model which integrates the rising cost of borrowing in the leverage decision of FoHFs. We use this model to determine the conditions under which the leverage has a negative or a positive impact on investor’s alpha and show that the manager has an incentive to take a leverage that hurts the investor’s alpha. Next, using estimates of the leverages of a sample of FoHFs obtained through the time-varying style analysis, we show that leverage has indeed a negative impact on alphas and appraisal ratios. We argue that this effect may be an explanation for the disappointing alphas delivered by funds of hedge funds and can be interpreted as a potential explanation for the “capacity constraints ” effect. To the best of our knowledge, we are the first to report and explain this negative relationship between alpha and leverage in the industry. <p>Thirdly, we show the interest of the time-varying coefficient model in hedge fund performance assessment and selection. Since the literature underlines that manager skills are varying with macro-economic conditions, the alpha should be dynamic. Unfortunately, using ordinary least-squares regressions forces the estimate of the alpha to be constant over the estimation period. The alpha of an OLS regression is thus static whereas the alpha generation process is by nature varying. On the other hand, we argue that the time-varying alpha captures this dynamic behaviour. <p>As the literature shows that abnormal-return persistence is essentially short-term, we claim that using the quasi-instantaneous detection ability of the time-varying model to determine the abnormal-return should lead to outperforming portfolios. Using a persistence analysis, we check this conjecture and show that contrary to top performers in terms of OLS alpha, the top performers in terms of past time-varying alpha generate superior and significant ex-post performance. Additionally, we contribute to the literature on the topic by showing that persistence exists and can be as long as 3 years. Finally, we use the time-varying analysis to obtain estimates of the expected returns of hedge funds and show that using those estimates in a mean-variance framework leads to better ex-post performance. Therefore, we conclude that in terms of hedge fund performance detection, the time-varying model is superior to the OLS analysis.<p>Lastly, we investigate the funds that have chosen to adopt the “Alternative UCITS” framework. Contrary to the previous frameworks that were designed for mutual fund managers, this new set of European Union directives can be suited to hedge fund-like strategies. We show that for Ucits funds there is some evidence, although weak, of the added value of offshore experience. On the other hand, we find no evidence of added value in the case of non-offshore experienced managers. Motivated to further refine our results, we separate Ucits with offshore experienced managers into two groups: those with equivalent offshore hedge funds (replicas) and those without (new funds). This time, Ucits with no offshore equivalents show low volatility and a strongly positive alpha. Ucits with offshore equivalents on the other hand bring no added value and, not surprisingly, bear no substantial differences in their risk profile with their paired funds offshore. Therefore, we conclude that offshore experience plays a significant role in creating positive alpha, as long as it translates into real innovations. If the fund is a pure replica, the additional costs brought by the Ucits structure represent a handicap that is hardly compensated. As “Alternative Ucits” have only been scarcely investigated, this paper represents a contribution to the better understanding of those funds.<p>In summary, this thesis improves the knowledge of the distribution, detection and determinants of the performance in the industry of hedge funds. It also shows that a specific field such as the hedge fund industry can still tell us more about the sources of its performance as long as we can use methodologies in adequacy with their behaviour, uses, constraints and habits. We believe that both our results and the methods we use pave the way for future research questions in this field, and are of the greatest interest for professionals of the industry as well.<p> / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished

Risk and tracking error budgeting was originally adopted by large institutional investors, including pension funds, plan sponsors, foundations, and endowments. More recently, risk and tracking error budgeting have gained popularity among financial advisors, multi-managers, fund of funds managers, high net worth individuals as well as retail investors. These techniques contribute to the portfolio optimisation process by limiting the extent to which a portfolio can deviate from its benchmark with regards to risk and tracking error. This is an ambitious paper that attempts to determine the optimal strategy to practically implement risk and tracking error budgeting as a portfolio optimisation technique in South Africa. This study attempts to bridge the gap between active, passive, and smart-beta investment management styles by introducing a low-cost portfolio construction technique, for core-satellite portfolio management, which contributes to the risk and tracking error budgeting process. Core-satellite portfolios are designed to expose the portfolio to a low-cost primary “core” consisting of passive and enhanced index funds, thus systematic risk “beta”, limiting the tracking error of the portfolio. The secondary “satellite” component is allocated to active and smart-beta managers to exploit expected excess return “alpha”. The primary aim of this research is to construct a rule-based product range of core-satellite portfolios called “replica portfolios”. The product range builds on the foundation of the Association for Savings &amp; Investments South Africa (ASISA) framework. The study identifies three “target portfolios” from ASISA's framework, namely (1) High Risk: SA General Equity, (2) Medium Risk: SA Multi-Asset High Equity and (3) Low Risk: SA Multi-Asset Low Equity. Through this framework, active managers from each category are shortlisted using a Sharpe and Information Ratio filter. A secondary filtering technique, namely Returns Based Style Analysis (RBSA) is used to determine the style, R-squared and alpha-generating ability of active managers versus the passive asset classes and style indices they seek to replicate. Applying Euler's theorem for homogenous functions, we decompose the risk of the coresatellite portfolio into the risk contributed by each of its components. The primary mandate of the core-satellite portfolios in the product range is to allocate risk and tracking error efficiently across several investment management styles and asset classes in order to maximise returns while remaining within the specified risk parameters. iii The results highlighted that active managers, after fees, predominantly failed to outperform their benchmarks and passive building blocks, as identified through RBSA over the sample period (October 2009 – September 2019). However, only a small number of active managers generated superior risk-adjusted returns and were included in the core-satellite range of products. This study recommends to investors that they exploit the “hot-hands effect” by investing in specialised, benchmark agnostic active managers who consistently produce superior risk-adjusted returns. By blending active, passive and smart-beta strategies, investors are exposed to less total risk, less risk per holding and a lower tracking error. The three coresatellite portfolios developed in this study generated absolute and risk-adjusted returns that are more significant than their active and passive counterparts. Fee arbitrage was derived through the range of core-satellite products, resulting in tangible alpha over the sample period. The study encourages investors to use smart-beta strategies alongside active and passive funds since it improves Sharpe and Information ratios while enhancing the original portfolio's characteristics.

[pt] Esta Dissertação procura, sob um enfoque freqüentista, discutir tecnologias para que se imponham restrições no processo de estimação de componentes não observáveis associadas a um modelo em Espaço de Estado (EE) arbitrário. O escopo do texto abrange desde procedimentos propostos pioneiramente por Howard Doran para restrições de igualdade, lineares e/ou não lineares, invariantes ou variantes no tempo, em modelos em EE lineares, até a adoção e o ajuste de estruturas mais delicadas, como os modelos em EE não lineares. Entende-se que estes últimos se constituem em uma alternativa relevante, caso seja requerida, por exemplo, a imposição de restrições de desigualdade. Técnicas e estratégias de implementação são apresentadas, debatidas e comparadas, incluindo-se também o processo de estimação de parâmetros desconhecidos e a questão de diagnósticos. Ao final, são apresentados exercícios empíricos com base nas tecnologias discutidas. Os modelos propostos para esta ilustração visam à realização da análise dinâmica de estilo baseado no retorno para carteiras de investimento brasileiras (a versão estática desses modelos fora introduzida por William Sharpe, para carteiras norte-americanas), os quais devem, eventualmente, abranger dois tipos de restrições nas componentes de interesse, quais sejam, um de igualdade e outro de desigualdade. / [en] This Dissertation aims, in a frequentist way, to discuss technologies for imposing restrictions in non-observable components associated with an arbitrary State Space (SS) model. The text scope ranges from procedures proposed originally by Howard Doran for equality, linear or non- linear, time invariant or time varying restrictions in a linear SS model, to adoption and estimation of more complicated structures like non-linear SS models. It is understood that these last ones are a relevant alternative, in cases of, for instance, inequality restrictions requirement. Implementation techniques and strategies are given, debated and compared, also including unknown parameters estimation and diagnostics analysis. At the end, empirical exercises are presented based on discussed methodologies. The proposed models for this illustration aim at dynamic return based style analysis for Brazilian investment portfolios (the static version of these models had been introduced by William Sharpe, for American portfolios), which shall eventually satisfy two kinds of restrictions on components of interest, namely one of equality and other of inequality.

Purpose of this essay is to conduct a style analysis of Swedish silent film posters with visual storytelling and cultural memory as a theoretical basis. Concepts such as design, color and technique are studied to highlight the historical context of Swedish silent film posters.

Submitted by Alice Singer (lilicasinger@gmail.com) on 2013-02-27T16:25:59Z No. of bitstreams: 1 Dissertacao_Alice.pdf: 1210322 bytes, checksum: a587136246bce1145c8096d499e28342 (MD5) / Approved for entry into archive by Eliene Soares da Silva (eliene.silva@fgv.br) on 2013-02-27T16:28:28Z (GMT) No. of bitstreams: 1 Dissertacao_Alice.pdf: 1210322 bytes, checksum: a587136246bce1145c8096d499e28342 (MD5) / Made available in DSpace on 2013-02-27T16:33:15Z (GMT). No. of bitstreams: 1 Dissertacao_Alice.pdf: 1210322 bytes, checksum: a587136246bce1145c8096d499e28342 (MD5) Previous issue date: 2013-01-31 / Esse estudo foi motivado pela falta de bons fundos de investimento multimercado abertos para captação no Brasil e tem como objetivo analisar a viabilidade de utilizar a análise de estilo baseada em retorno para clonar retornos e comportamento de determinados fundos de investimento multimercado do mercado brasileiro. Modelos já testados no exterior e no Brasil foram pesquisados e optou-se por adaptar o modelo linear proposto por LIMA e VICENTE (2007). Verificou-se que o modelo de espaço de estados é mais adequado para clonar retornos de determinados fundos de investimento do que o modelo de regressão com parâmetros fixos. Resultados animadores foram obtidos para quatro dos cinco fundos analisados nesse estudo. / This work was motivated by the lack of hedge funds opened for new investments in Brazil and it aims to analyze the feasibility of using the style analyses to clone returns and behavior of certain Brazilian hedge funds. Models already tested abroad and in Brazil were investigated and it was decided to adapt the linear model proposed by LIMA and VICENTE (2007). It was found that the state space model is more suitable for cloning returns of certain hedge funds than fixed parameters regression models. Encouraging results were obtained for four of the five funds analyzed in this study.

Abstract  The purpose of the thesis was to immerse myself in a written style analysis with notation, history and contemporaneity. I have compared four different fiddlers who play slängpolska from eastern Södermanland. An older sound recording with Gustaf Wetter from 1966 was an addition for the historical part. The present was represented by Leif Johansson, Christina Frohm and Ulf Lundgren which I recorded as solo recordings in 2012. Through the recordings I could immerse myself in melody, rhythm, harmony and sound. The process would then lead to me performing a solo at the graduation concert with the tune that all the contemporary fiddlers played. I played the similarities and differences between the variations that the three fiddlers made of the same tune: Slängpolska after Axel Axelsson from Östtorp and Anders Andersson from Lästringe in Södermanland, Sweden. Then I added my own way of playing the tune as a further variation. The result shows that there is a certain similarity between all four of us in rhythm and expression. Environment and heritage have an impact on our way of playing since the tradition goes from fiddler to fiddler. Therefore, the slängpolskan is played in a way typical for eastern Södermanland. It is also noted that the same slängpolska can be played with great variation as it is a type of tune that is permissive and durable in terms of style. Each fiddler is unique and therefore there are both similarities and differences in style.  The graduation concert was done together with my twin sister Madliene Ahlström Eriksson and therefore the title of the concert was "Sister Concert". We wanted to make two graduation concerts into a joint concert and with two acts including an intermission. We wanted to create a varied concert with everything from solos to twenty-six musicians and dancers on stage at the same time. We chose music that is close to both Madliene and me. Both traditional and newly written with a focus on interplay, play to dance and dance to play. The concert reflected the years before Kungl. Musikhögskolan (KMH), the time during KMH and the time after KMH. / Sammanfattning  Syftet med examensarbetet var att fördjupa mig i en skriftlig stilanalys med notation, historia och samtid. Jag har jämfört fyra olika spelmän som spelar slängpolska från östra Södermanland. En äldre ljudinspelning med Gustaf Wetter från år 1966 var ett tillskott för det historiska. Samtiden representerades av Leif Johansson, Christina Frohm och Ulf Lundgren som jag spelade in som soloinspelningar under år 2012. Genom inspelningarna kunde jag fördjupa mig i melodi, rytm, harmonik och klang. Processen skulle sedan leda till att jag framförde ett solo på examenskonserten med den låt som alla de samtida spelmännen spelade. Jag spelade upp likheter och olikheter mellan de variationer som de tre spelmännen gjorde av en och samma låt: Slängpolska efter Axel Axelsson från Östtorp och Anders Andersson från Lästringe i Södermanland. Därefter lade jag till mitt eget spelsätt av låten som ytterligare en variation. Resultatet visar det sig att det finns en viss likhet mellan oss alla fyra i sväng och uttryck. Miljö och hemvist har en inverkan på vårt spel och genom traditionen som går från spelman till spelman. Därför spelas slängpolskan på ett östra sörmländskt vis. Det konstateras också att en och samma slängpolska kan spelas med stor variation då det är en låttyp som är tillåtande och tålig vad gäller stil. Varje spelman är unik och därför finns både likheter och olikheter i spelsättet.  Examenskonserten gjordes tillsammans med min tvillingsyster Madliene Ahlström Eriksson och därför blev titeln på konserten ”Systerkonsert”. Vi ville göra två examenskonserter till en gemensam konsert och med två akter inkluderat paus. Vi ville skapa en varierad konsert med allt från solon till tjugosex musiker och dansare på scenen samtidigt. Vi valde musik som ligger både Madliene och mig nära. Både traditionellt och nyskrivet med fokus på samspel, spel till dans och dans till spel. Konserten återspeglade åren innan Kungl. Musikhögskolan (KMH), tiden under KMH och tiden efter KMH. / <p><strong>Systerkonsert </strong><strong>Examenskonsert </strong></p><p><strong>Madliene Ahlström Eriksson &amp; Caroline Eriksson </strong></p><p>9 sep. 2023 kl. 16.00</p><p>Kungasalen, Kungl. Musikhögskolan i Stockholm </p><p><strong></strong></p><p><strong>PROGRAMORDNING</strong></p><p><strong></strong></p><p><strong>Rulin &amp; Ericsson </strong></p><p>Musik: Polska efter Carl Viktor Rulin, Lerbäck, Närke &amp; Polska efter Pehr Ericsson, Helgarö, Södermanland. Arr. &amp; musiker: Caroline &amp; Madliene.</p><p><strong>Eder bröllopsdag </strong></p><p>Musik: Brudmarsch till Markus och Rebecca Kviberg, komponerad av Madliene Ahlström Eriksson från Trosa, Södermanland. Arr. &amp; musiker: Caroline &amp; Madliene.</p><p><strong></strong><strong>Näckstämda - Tyska klockorna </strong></p><p>Text: Madliene, bearbetad av Carin. Musik: Pelle Björnlert från Vråka, Kalmar. Björnlerts variant av Tyska klockorna har han från boken Svenska låtar 20, Östergötland, med Arvid Bergvall och Pelle Fors, de båda från Rönö socken, Östergötland. Gustaf Wetter från Katrineholm, Södermanland. Gustaf har sin variant av ”Tiska klocko” / Tyska klocko efter Anders Petter Andersson och August Widmark, de båda från Vingåker socken, Södermanland. Ur A.P. Anderssons bok Låtar och visor från Södermanland och Närke. Pär Näsboms född i Tierps kyrkby, Uppland, men nu boende i Winterthur, Schweiz. Proveniens Uppland. Näsboms variant av Tyska klockorna har han efter "Viksta-Lasse", Leonard Larsson, Viksta, Uppland. Arr. &amp; musiker: Madliene. Koreografi &amp; dansare: Carin &amp; Jan-Olof. </p><p><strong>Hornlåt efter Liss-Mats Anna </strong></p><p>Musik: Hornlåt efter Liss-Mats Anna Ersson från Dalbyn, Ore. Arr: Madliene. Musiker: Caroline, Ida Maria, Leif &amp; Madliene. </p><p><strong>Lästringe storpolska </strong></p><p>Musik: Lästringe storpolska efter Anders Andersson, Lästringe, Södermanland. Arr. &amp; musiker: Caroline, Leif &amp; Madliene.</p><p><strong>Dans till Fryksdalsmelodi </strong></p><p>Dansen: Dans till Fryksdalsmelodi finns i sex stycken olika Fryksdalsmelodier och som har använts genom historien. Här får ni höra en av dem som vi tycker om att spela. Musik: Dans till Fryksdalsmelodi. Arr: Troligt komponerad inom folkdansrörelsen och L. Johansson Musiker: Caroline, Leif &amp; Madliene Dansare från Skansens folkdanslag: Marita, Mattias, Mikael, Mira, Olle, Thommas, Wendi &amp; Åsa. <strong></strong></p><p><strong>Åttamanengel </strong></p><p>Österbotten har- och är ett svenskt kulturområde och i dansen får ni se danserna; engelska, kadrilj, galopp och polska som flätas samman i två låtmelodier. Första låten går i 2-takt och andra låten går i 3-takt. 3-takts polskan är väldigt lik “Skräddarepolskan” från Sörmland upptecknad efter K.P. Leffler. C. M. Bellman använde Skräddarepolskan-melodin i utbildningssyfte om sexdondelspolskans stil, för att kunna konstruera fram en grundmelodi på åttondelar i åttondelspolskestil av samma polska. Melodin passar lika bra som både åttondelspolska och sexdondelspolska. Bellman namngav därför melodin till “Fackeldansen” som ingick i hans utbildning om “Balen på Gröna Lund” och utlärningen om åttondels- och sexdondelspolskans likheter och olikheter. Musik: Åttamanengel från Korsholm i Österbotten. Arr: Folkdansrörelsen och L. Johansson. Musiker: Caroline, Leif &amp; Madliene. Dansare från Skansens folkdanslag: Marita, Mattias, Mikael, Mira, Olle, Thommas, Wendi &amp; Åsa. </p><p><strong>Lilla Barn </strong></p><p>Text: Stina Engelbrecht. Musik: Jens Engelbrecht. Arr: S &amp; T. Engelbrecht, Caroline, Daniel &amp; Madliene. Musiker: Caroline, Daniel, Josephine &amp; Madliene.</p><p><strong>När musiken spelar </strong></p><p>Text &amp; musik: Trad. Arr: Madliene. Musiker: Josephine &amp; Madliene.</p><p><strong>Vågsveparn </strong></p><p>Musik: John McSherry, originaltitel “<em>The Wave Sweeper</em>”, Irland. Arr: Caroline, Daniel &amp; Magnus. Grupp: Albatross: Caroline, Daniel &amp; Magnus. </p><p><strong>Konstant </strong></p><p>Musik: Caroline Eriksson från Trosa, Södermanland. Arr: Caroline. Grupp: Albatross: Caroline, Daniel &amp; Magnus. </p><p><strong>T-korsning &amp; Kärl-eken </strong></p><p>Musik: Caroline Eriksson från Trosa, Södermanland. Arr: Caroline. Musiker: Caroline, Cecilia, Elsa, Gustav, Hanna, Hannes, Jakob, Madliene, Nora &amp; Torunn. Samt Daniel &amp; Magnus från Albatross. <strong></strong></p><p><strong>Slängpolska efter Anders Larsson från Sexdrega </strong></p><p>Musik: Slängpolska efter Anders Larsson från Sexdrega, Västergötland. Arr: Caroline. Musiker: Caroline, Cecilia, Elsa, Gustav, Hanna, Hannes, Jakob, Madliene, Nora &amp; Torunn. Samt Daniel &amp; Magnus från Albatross. Dansare: Marita &amp; Thommas. </p><p><strong>Slängpolska i östra Södermanland <em>- en jämförelse mellan fyra spelmän </em></strong></p><p>Musik: Slängpolska efter Axel Axelsson, Östtorp &amp; Anders Andersson, Lästringe, Södermanland. Musiker: Caroline.</p><p><strong>Blekingepolskan </strong></p><p>Musik: Caroline och Madliene har den efter Bo “Bosse” Larsson, Björklinge, Uppland. Som i sin tur har den efter "Viksta-Lasse", Leonard Larsson, Viksta, Uppland. Arr. &amp; musiker: Caroline &amp; Madliene. <strong></strong></p><p><strong>Lilla Lasse </strong></p><p>Musik: Slängpolskor från Mörkö, Södermanland. Nummer 659 och 649 från Sörmländska Låtar. Arr. &amp; musiker: Caroline Madliene, Sunniva. Dans och koreografi: Carin och Jan-Olof. Grupp: Tradpunkt med dansare.</p><p><strong>Vi ska dansa med Sara</strong></p><p>Text &amp; musik: Vispolska från Mörkö, Södermanland. Nummer 662 från <em>Sörmländska Låtar.</em> Arr. &amp; musiker: Caroline Madliene, Sunniva. Dans och koreografi: Carin och Jan-Olof. Grupp: Tradpunkt med dansare.</p><p><strong>Ragatan </strong></p><p>Musik: Ragatan komponerad av Caroline Eriksson från Trosa, Södermanland. Samt <em>Korta Rosenberg</em>, slängpolska efter Anders Gustaf Rosenberg från Mellösa socken, Södermanland. Arr. &amp; musiker: Caroline Madliene, Sunniva. Dans och koreografi: Carin och Jan-Olof. Grupp: Tradpunkt med dansare.</p><p><strong>Skärborgarvisan</strong> </p><p>Text &amp; musik: Skärborgarvisan från Trosa efter Claes Hagström, som har den efter sin far Gotthard Hagström Stensund/Trosa, Södermanland. Samt låt nummer 661 från Anders Gustav Andersson från Mörkö, i samlingen <em>Sörmländska låtar</em>. Arr. &amp; musiker: Caroline Madliene, Sunniva. Dans och koreografi: Carin och Jan-Olof. Grupp: Tradpunkt med dansare.</p><p><strong>Äh, jag tror ja’ ska ta å’ gå hem ja’ </strong></p><p>Musik: Schottis av Madliene Ahlström Eriksson från Trosa, Södermanland och Sofia Svahn från Ore, Dalarna. Arr. &amp; musiker: Caroline Madliene, Sunniva. Dans och koreografi: Carin och Jan-Olof. Grupp: Tradpunkt med dansare.</p><p><strong>Burr i magen </strong></p><p>Musik: Burr i magen av Caroline Eriksson, Trosa, Södermanland. Arr: Caroline Koreografi: Caroline. Musiker: Caroline, Cecilia, Danie, Elsa, Gustav, Hanna, Hannes, Ida Maria, Jakobm, Josephine, Leif, Madliene, Magnus, Nora, Sunniva &amp; Torunn. Dansare: Carin, Jan-Olof, Marita, Mattias, Mikael, Mira, Olle, Thommas, Wendi &amp; Åsa. </p><p><strong>No poker face </strong></p><p>Musik: Caroline Eriksson, Trosa, Södermanland. Arr: Caroline. Koreografi: Carin &amp; Jan-Olof. Musiker: Caroline, Cecilia, Danie, Elsa, Gustav, Hanna, Hannes, Ida Maria, Jakob, Josephine, Leif, Madliene, Magnus, Nora, Sunniva &amp; Torunn. Dansare: Carin, Jan-Olof, Marita, Mattias, Mikael, Mira, Olle, Thommas, Wendi &amp; Åsa.</p><p>______________________________________</p><p><strong></strong></p><p><strong>Alla medmusiker och dansare: </strong></p><p>Carin Alnebratt - Dans</p><p>Caroline Eriksson - Fioler, nyckelharpa, oktavnyckelharpa och sång</p><p>Cecilia Etterlin - Fiol</p><p>Daniel Fredriksson - Mandora och mandola</p><p>Elsa Örde - Fiol</p><p>Gustav Stavbom - Fiol</p><p>Hanna Areskoug - Fiol</p><p>Hannes Ahlinder - Nyckelharpa</p><p>Ida Maria Schwahn - Fiol</p><p>Jakob Grunditz - Nyckelharpa</p><p>Jan-Olof Johansson - Dans</p><p>Josephine Betschart - Sång och rytminstrument</p><p>Leif Johansson - Fiol</p><p>Madliene Ahlström Eriksson - Fioler, nyckelharpa, oktavnyckelharpa, sång och gitarr</p><p>Magnus Lundmark - Slagverk</p><p>Marita Lagergren Lindberg - Dans</p><p>Mattias Lindberg - Dans</p><p>Mikael Lindberg - Dans</p><p>Mira Loringer - Dans</p><p>Nora Lilja - Fiol</p><p>Olle Hovmark - Dans</p><p>Sunniva Abelli - Nyckelharpa och sång</p><p>Thommas Andersen - Dans</p><p>Torunn Thurfjell - Nyckelharpa</p><p>Wendi Löffler - Dans</p><p>Åsa Hannegård - Dans </p><p></p>

This thesis looks into the analysis of iconography of the northern lateral portal of the Church of Our Lady before Týn. For this purpose this thesis summarizes the most important historiographical, Artististic Science and source literature related to this relic. Based on researched iconographic analysis this thesis aids to propose all possible solutions iconographic programme which could have been intended for this thesis. Based on the evaluation of literature, sources and on the formal analysis principal the objective of this thesis is to specify significantly problematic dating range (approximately from mid. 13th century up to late 1450) to shorter period of possible origin of the artwork there are also evaluated all available restauration reports and construction historical surveys related to the inspected relic.