Over a long period of time, there has been a rich debate in the academic and financial world if active management can generate an excess return. Many experts say that the current active management strategies is nothing more than a money grab that produces large gains, for banks and investment firms, through high management fees while producing no excess value for the individuals buying their service. In short, an effective market makes it almost impossible for fund managers to produce value for their clients in the long run.No argument has only one side though, other experts say that active management has a role to play because not all investors are rational. This irrationality can lead to mispricing on financial assets in the marketplace and in turn lead to an ineffective market where active management can fill a much needed role. The purpose of this study is therefore to see if active management strategies can create a Higher risk adjusted return, taking management fees into consideration, during times of high volatility when the uncertainty is at its peak.

Background: Investors have several options to choose from when the goal is to achieve the highest yield at the lowest cost and risk. Stocks are a common investment options, but is also associated with risks. Portfolios are usually constructed with several different assets to reduce the unsystematic risk of investment. Funds are similar to composite stock portfolios, the big difference is that they dealt with in their entirety and investors may not affect the fund's content. The problem remains that whether you choose stocks or mutual funds there is still uncertainty as to how the future will unfold.

This paper concerns a comparative analysis between two pre-Roman burial ground and the cremated individuals buried there, Skogome cemetery in Bohuslän and Smörkullen cemetery in Östergötland. The comparative analysis consists of several parts that concern both cemeteries inner and outer burial customs, and the osteological analysis of a total of 18 cremated invidvidulas. By studying the different parts separately, it has been possible to identify similarities and differences between the two contemporary cemeteries. There are great similarities between the cemeteries, differences were mainly observed in the osteological material relating to the amount of bone in each burial. The smaller amounts of bone in the graves of Skogome also holds a Higher degree of fragmentation, but can not be explained by a Higher combustion rate than the skeletal material from Smörkullen.

Buildings worldwide account for 40 % of the total energy use. Climate change is of increasing importance, but few are willing to reduce their standard of living or get a Higher cost for the change. Energy efficiency of existing buildings gives the greatest benefit economically and environmentally. The real estate company Klövern AB manages 46 properties in Karlstad. Heating is the major cost of the total operating costs of real estate. Rising energy prices increase the need for Klövern AB to improve energy efficiency and to investigate alternative sources of heat.

This project was an assignment by Sveaskog and Svenska Skogsplantor. The purpose was to study the effect of protective fabric on the thawing stage of frozen pine seedlings. The function of the protective fabric is that it should protect the seedlings against strong sunlight and create an even temperature inside the boxes containing the seedlings. The result has shown that there was no statistically significant difference when the protective fabric was used or when it was not used, although this was probably due to the weather conditions. The study was carried out under cold and cloudy weather conditions and probably would have given other results if there had been more sunny days with a Higher ambient temperature.

The aim of this study was to evaluate whether gallop training, rather than regular drive training, is worthwhile for trotters race performance. Another aim of the study was to expand the author?s riding- and driving capacity, and get more practical experience on the impact of interval training on trotters. The sample population in the study was two trotters, one Standardbred, and one cold-blood. Given the small sample population, the results of the study is only indicative on the effects of gallop training on trotters, and not conclusive.

The demands for Higher production yields and better quality materials from the forests are increasing globally. Tree breeding programs are directed to meet the future demands on forests. In order to capture the full benefits from the breeding programs, clonal propagation is necessary. For most conifer species, somatic embryogenesis (SE) is the only available option for large scale clonal propagation of Elite clonal material. For Norway spruce (Picea abies L.

Grasslands which have been actively managed for a long time and which in modern times have not been subject to cultivation such as fertilization are called semi-natural grasslands. These rare and species-rich areas hold an ecological, biological and historical value and if the management stops these areas will likely diminish. More effective agricultural systems and a declining number of grazing animals have in Sweden, among other countries, made semi-natural grasslands less valuable as foraging areas. Shrubs and fast growing plants rapidly colonize abandoned semi-natural grasslands, threatening biodiversity. The objective of this experiment was to determine the effects of breed and season on diet composition, with special reference to four competitive species found in wet areas ? in cattle grazing heterogeneous semi-natural grasslands ? and thereby contribute to improved management of these areas.

Sahlgrenska Academyat University of GothenburgDepartment of Internal Medicine and Clinical NutritionTitle: The effect of the glycemic index of breakfasts in energy intake inchildren and adolescentsAuthor: Charlotte Olofsson, Cornelia Johansson and Maria NordbeckSupervisor: Fredrik BertzExaminer: Ingrid LarssonProgramme: Dietician study programme, 180/240 ECTSType of paper: Examination paper, 15 hpDate: May 16, 2013Background: The glycemic index (GI) and it´s effect on energy intake is a debated subject.Research has been done whether food with lower GI decreases hunger and lowers energyintake, which could be an effective tool to prevent overweight in children and adolescents.Breakfast eating is successful for maintaining a healthy weight and it´s therefore interesting tosee if the quality of the carbohydrates matters.Objective: To evaluate the scientific evidence regarding the effect of GI of breakfasts inchildren?s and adolescents energy intake.Search strategy: To find relevant articles, a systematic literature search was made in thedatabases PubMed, Scopus and Cochrane. Search terms that were used were: breakfast,breakfast quality, children, glycemic index, energy intake, obesity.Selection criteria: Randomized controlled trials and cohort trials, breakfast eatingindividuals, children and adolescents under 18 years old, reported glycemic index. Outcomemeasurements: Energy intake.Data collection and analysis: Six original articles met the inclusion criteria and werereviewed by the SBU audit template for randomized and controlled studies. There after onearticle was excluded because of very low quality of the study.

During half a century the society has been changed from an industrial to knowledge-driven society. Industry companies have standardized requirements and companies that works with development in production has unique qualifications. The public employment office was created during a time that each tailored to then general requirements were dominating and the adaptation average appropriate worker and appropriate work where general. When the monopoly was stopped, crew companies begun to settle down on the market that flexibly adapt themselves to carried out now specialized needs that require sophisticated adaptation average work and job seekers. Companies lose the confidence for the public employment office and politicians threaten the organization with big closure.

The loss of habitat is one of the greatest threats to global biodiversity today. Consequences to a species inhabiting fragmented habitats include: group size changes, altered diets and altered foraging behaviours. In my study I observed Colobus anlgolensis palliatus troops living in the forests of Diani, a highly developed area on the Kenyan coast. I looked for differences in behaviours between three troops inhabiting pristine forest patches and three troops inhabiting highly degraded forest areas. I used focal animal sampling with instantaneous sample points.

This essay focuses on four different aspects of readability: voice, causality, advanced words and the LIX-value of words. Each of these four facilitates or aggravates reading comprehension for students, which is further defined in the paper. The study is an analysis of textbooks in history for 8th grade from a second language perspective. In terms of voice, causality, advanced words and the LIX-value of words, the study shows that books with Higher grades of causality and voice and lower grades of advanced words as well as a low degree of LIX-value are better for students to work with..

Does goodwill affect the cost of capital? Goodwill is an asset which is characterized by much uncertainty regarding both what it is and how much it is really worth. Based on economic theory about information risk and principal-agent problems as well as theory regarding the cost of capital we test for the hypothesis that debt and equity investors perceive goodwill as something risky and hence demand compensation for taking on this extra risk. The proxies used for the cost of capital are cost of debt, beta and the EP-ratio. On a general level we find that increasing the level of goodwill seems to result in Higher cost of capital as represented by the three proxies.

Storm water is rain and melted snow that runs off, primarily from impervious surfaces.Future storm water management is facing the challenges of increased precipitation, asclimate changes, and increased areas of impervious surfaces due to the expansion anddensification of the cities. Impervious surfaces reduce the potential for water to infiltratein the ground leading to increased surface runoff and Higher peak discharge.The runoff coefficient is closely related to the percentage of impervious surfaces andrepresents the maximum percentage of a catchment that can contribute to runoff. In thisstudy, the objective was to evaluate the weighted runoff coefficient for three differenturban types; apartment buildings, townhouses and residential areas and a comparisonbetween today and the 1970`s was made.The runoff coefficient was determined by manual mapping of the different surface typesin each area based on data in the form of orthophotos and aerial photographs. The surfacetypes that were mapped were asphalt, permeable areas, tiles, sand/gravel and roof.Tiles and sand/gravel were the most difficult surface types to map. In order to see towhat extent these categories influenced the weighted runoff coefficient a sensitivityanalysis was carried out and the runoff coefficient based on surface type was changed indifferent scenarios.The results of the sensitivity analysis showed that the surface types tiles and sand/gravelhad little impact on the weighted runoff coefficient which in mainly due to the fact thatthe percentage of these surfaces types of the total area is small.The result of the study showed that the largest change in the runoff coefficient occurredin residential areas where the increase in the percentage of impervious surfaces causedby new roofs in the form of porches and garages and from paved or tiled driveways.

The importance of micropropagation has increased to provide the increasing fields with true to type and healthy plants. Traditional plants are growing on solid agar-based medium but lately liquid medium has become a new opportunity. This study has focused on a new bioreactor, developed on large scale micropropagation. Potato (Solanum tuberosum L. ?Semlo?), raspberry (Rubus idaeus L.