Betydningen av private equity på norske børsintroduksjoner : en studie av underprising og langsiktig avkastning

Denne masterutredningen er en empirisk undersøkelse av betydningen private equity har på underprising og langsiktig avkastning for norske børsintroduksjoner. Grunnlaget for analysen er et utvalg på 239 selskaper som ble notert på Oslo Børs i perioden 1.1.1996 til 31.12.2006, hvorav 53 av disse ble notert med private equity-fond på eiersiden. Utredningens første del er en gjennomgang av grunnleggende trekk ved private equity som kapitalklasse og utviklingen av denne. Et særlig fokus legges her på utviklingstrekk i Norge de senere år. Deretter presenterer vi sentrale hypoteser som skal forsøke å forklare hvorfor fenomenene underprising og svak langsiktig avkastning eksisterer. Disse hypotesene knytter vi så opp mot hypoteser relatert til private equity, for å vise hvorfor og hvordan private equity-fond kan påvirke underprising og langsiktig avkastning. Tidligere empiri viser til varierende resultater, både mellom tidsperioder og land, med tanke på betydningen av private equity. I siste del av utredningen gjennomgår vi resultatene fra vår analyse av norske data. Vi finner at underprising er et fenomen som eksisterer i Norge, med en gjennomsnittlig unormal startavkastning på 6,23 prosent for hele perioden. Samtidig tyder våre resultater på at private equity bidrar til å redusere underprising i det norske markedet. Eksempelvis er den unormale startavkastningen ved likevektede porteføljer kun halvparten så stor for gruppen av børsintroduksjoner med private equity, sammenlignet med gruppen uten private equity. I tillegg ser PE-fond ut til å være flinkere på timing, i den forstand at de legger en større andel av sine børsintroduksjoner til perioder med lav unormal startavkastning. I analysen av langsiktig avkastning finner vi at en negativ indeksjustert avkastning ikke er et fenomen som bør relateres til børsintroduksjoner som gruppe, men heller skyldes at en liten gruppe mindre selskaper ser ut til å prestere betydelig dårligere enn markedet for øvrig. Samtidig ser en liten gruppe større selskaper ut til å prestere betydelig bedre enn markedet. Når vi skiller mellom introduksjoner med og uten private equity, finner vi likevel ikke at selskaper som gjør det bedre eller dårligere enn markedet er systematisk over- eller underrepresentert i noen av gruppene. Følgelig tyder ikke våre resultater på at private equity bidrar til å redusere svak langsiktig avkastning

Measuring societal safety: An analysis of societal safety-related composite indices and their alignment with the Norwegian understanding of societal safety

The global society is shaped by the continous emerge of new technologies and increased globalization which makes the world more interconnected. This affects the ways in which risks can impact, and alters the global state of societal safety. The effects of climate induced events and conflicts can have impacts sporadically, and one must therefore adapt to the new risk pathways. By analyzing societal safety-related composite indices, the object of this thesis is to assess the normative assumptions of some prevailing indices, and uncover how the indices can relate to prevailing understandings of societal safety

The gray matter volume of the amygdala is correlated with the perception of melodic intervals: a voxel-based morphometry study

Music is not simply a series of organized pitches, rhythms, and timbres, it is capable of evoking emotions. In the present study, voxel-based morphometry (VBM) was employed to explore the neural basis that may link music to emotion. To do this, we identified the neuroanatomical correlates of the ability to extract pitch interval size in a music segment (i.e., interval perception) in a large population of healthy young adults (N = 264). Behaviorally, we found that interval perception was correlated with daily emotional experiences, indicating the intrinsic link between music and emotion. Neurally, and as expected, we found that interval perception was positively correlated with the gray matter volume (GMV) of the bilateral temporal cortex. More important, a larger GMV of the bilateral amygdala was associated with better interval perception, suggesting that the amygdala, which is the neural substrate of emotional processing, is also involved in music processing. In sum, our study provides one of first neuroanatomical evidence on the association between the amygdala and music, which contributes to our understanding of exactly how music evokes emotional responses

Protection of Interests of the International Community in the Law of State Responsibility

Elektroniskā versija nesatur pielikumusStarptautiskās tiesībās pēdējo 70 gadu laikā ir ievērojami attīstījušās, paredzot regulējumu virknei tiesisko interešu, kuras ir vērstas nevis tikai uz atsevišķu valstu individuālo interešu aizsardzību, bet gan uz visas starptautiskās kopienas kopīgo interešu nodrošināšanu. Šīs, tā saucamās ‘kopienas intereses’, piemēram, starptautiskā miera un drošības nodrošināšana, globālās vides aizsardzība vai cilvēktiesības, ir plaši aizsargātas starptautisko tiesību materiāltiesiskajās normās. Tomēr valstu starptautiskās atbildības tiesībās ir ārkārtīgi maz mehānismu, kuri būtu paredzēti vai piemēroti šo interešu aizsardzībai. Ņemot vērā šādu atšķirību starp plašo materiāltiesisko regulējumu un nepilnīgajiem šī regulējuma aizsardzības mehānismiem, pētījums pievēršas jautājumam, vai straujo attīstību kopīgo interešu normatīvajā aizsardzībā ir pavadījusi līdzīga attīstība valsts atbildības tiesībās. Pētījumā tiek argumentēts, ka 20.gadsimta otrajā pusē notikušo starptautisko tiesību daļēju pārorientāciju uz kopienas interesēm materiāltiesiskajās normās, nepavadīja līdzīga pārorientācija valsts atbildības tiesībās, kuras vēl arvien pamatā ir balstītas uz divpusējām attiecībām starp valsti, kura veic starptautisko tiesību pārkāpumu un cietušo valsti. Starptautisko tiesību komisija, neskatoties uz nodomu piedāvāt kopienas interešu aizsardzības mehānismus, savos ieteikumos nespēja atteikties no privāttiesiskā attiecību modelī balstītiem tiesību institūtiem. Šāda nesaderība starp materiāltiesiskajām normām un atbildības mehānismiem veicina uz starptautiskās kopienas interešu aizsardzību vēsto normu pārkāpumus un neļauj valstīm pilnvērtīgi aizsargāt materiāltiesiskajās normās paredzētās starptautiskās kopienas intereses. Atslēgvārdi: starptautiskās tiesības, valsts atbildība, Starptautisko Tiesību KomisijaInternational law has notably evolved within the last 70 years providing for protection of a multitude of legal interests, which could be regarded as ‘community interests’ or interests that are shared by all states (such as international peace and security, protection of global environmental commons or universally accepted human rights). However, there are remarkably few legal mechanisms in international law, that are designed to protect those interests. In other words, there seems to be a sharp contrast between abundant substantive content of international rules providing for shared interests and very modest legal means to enforce those interests. Considering this disparity, the aim of this thesis is to establish whether the normative shift towards multilateralism and community interests in substantive international law has been accompanied by a similar shift towards communitarianism in the law of state responsibility. The central claim of this dissertation is that in the second half of the 20th century, when substantive international law partially reoriented towards community interests, the trend was not accompanied by a similar reorientation in responsibility rules, which have remained based on bilateralism and private law paradigm. The International Law Commission, despite an intention to provide responsibility mechanisms to protect community interests, was unable to depart from the private law paradigm and private law concepts. This disparity between substantive law and responsibility mechanisms contributes to non-enforcement of international rules with communitarian objectives. Keywords: International law, state responsibility, International Law Commission.

Coping with change: Ontario's municipal reforms, 1996-2000 : Seguin Township case study

This thesis is an investigation of the issues leading to, and surrounding, the municipal reforms in Ontario, between 1996 and 2000. The unprecedented scope, magnitude, and speed to which these reforms are being implemented, make the current municipal reforms occurring in Ontario, the most significant change to local governance since the 'Baldwin Act' of 1849. The major simultaneous changes to financial arrangements and relationships, philosophical roles and expectations of municipalities, and the realignment of services and responsibilities, have initiated the province wide structural reforms, specifically consolidations, which are the focus of this thesis. Due to the distinct differences and issues between municipalities, a case study of Seguin Township was used to examine the implications of restructuring on a Central/Northern Ontario municipality and discuss the broader implications for all Ontario municipalities

Valsts un baznīcas attiecības Itālijā pēc Laterana līgumiem: diplomdarbs

Pielikums: Baznīcas valstij piešķirto īpašumu plāni

Protection of Interests of the International Community in the Law of State Responsibility

Elektroniskā versija nesatur pielikumusStarptautiskās tiesībās pēdējo 70 gadu laikā ir ievērojami attīstījušās, paredzot regulējumu virknei tiesisko interešu, kuras ir vērstas nevis tikai uz atsevišķu valstu individuālo interešu aizsardzību, bet gan uz visas starptautiskās kopienas kopīgo interešu nodrošināšanu. Šīs, tā saucamās ‘kopienas intereses’, piemēram, starptautiskā miera un drošības nodrošināšana, globālās vides aizsardzība vai cilvēktiesības, ir plaši aizsargātas starptautisko tiesību materiāltiesiskajās normās. Tomēr valstu starptautiskās atbildības tiesībās ir ārkārtīgi maz mehānismu, kuri būtu paredzēti vai piemēroti šo interešu aizsardzībai. Ņemot vērā šādu atšķirību starp plašo materiāltiesisko regulējumu un nepilnīgajiem šī regulējuma aizsardzības mehānismiem, pētījums pievēršas jautājumam, vai straujo attīstību kopīgo interešu normatīvajā aizsardzībā ir pavadījusi līdzīga attīstība valsts atbildības tiesībās. Pētījumā tiek argumentēts, ka 20.gadsimta otrajā pusē notikušo starptautisko tiesību daļēju pārorientāciju uz kopienas interesēm materiāltiesiskajās normās, nepavadīja līdzīga pārorientācija valsts atbildības tiesībās, kuras vēl arvien pamatā ir balstītas uz divpusējām attiecībām starp valsti, kura veic starptautisko tiesību pārkāpumu un cietušo valsti. Starptautisko tiesību komisija, neskatoties uz nodomu piedāvāt kopienas interešu aizsardzības mehānismus, savos ieteikumos nespēja atteikties no privāttiesiskā attiecību modelī balstītiem tiesību institūtiem. Šāda nesaderība starp materiāltiesiskajām normām un atbildības mehānismiem veicina uz starptautiskās kopienas interešu aizsardzību vēsto normu pārkāpumus un neļauj valstīm pilnvērtīgi aizsargāt materiāltiesiskajās normās paredzētās starptautiskās kopienas intereses. Atslēgvārdi: starptautiskās tiesības, valsts atbildība, Starptautisko Tiesību KomisijaInternational law has notably evolved within the last 70 years providing for protection of a multitude of legal interests, which could be regarded as ‘community interests’ or interests that are shared by all states (such as international peace and security, protection of global environmental commons or universally accepted human rights). However, there are remarkably few legal mechanisms in international law, that are designed to protect those interests. In other words, there seems to be a sharp contrast between abundant substantive content of international rules providing for shared interests and very modest legal means to enforce those interests. Considering this disparity, the aim of this thesis is to establish whether the normative shift towards multilateralism and community interests in substantive international law has been accompanied by a similar shift towards communitarianism in the law of state responsibility. The central claim of this dissertation is that in the second half of the 20th century, when substantive international law partially reoriented towards community interests, the trend was not accompanied by a similar reorientation in responsibility rules, which have remained based on bilateralism and private law paradigm. The International Law Commission, despite an intention to provide responsibility mechanisms to protect community interests, was unable to depart from the private law paradigm and private law concepts. This disparity between substantive law and responsibility mechanisms contributes to non-enforcement of international rules with communitarian objectives. Keywords: International law, state responsibility, International Law Commission.