The purpose of this report was to compare Lilluns egg production with other Swedish egg producers based on the flow of nutrients (nitrogen, phosphorus and potassium) in the egg production systems. The main focus in the report was the utilization rate of the forage and the excess of nutrients per kg egg. Additionally, the purpose was to identify the environmental impact from Lilluns egg production and compare the results with other egg producers. The inflow of nutrients associated with forage and poultry was compared with the nutrients that were exported from the production. All of the egg producers in this study had an excess of nutrients.

The question of whether financial analysts can forecast stock movements or not has been widely debated for many years. This study examines if an investor has been able to receive an excess return by following financial analysts? recommendations. We continue by studying if an investor has been able to earn a different excess return by following different types of recommendations. The study includes more than 15,000 recommendations made by 10 first tier banks and brokerages on the Swedish market during the years 2003-2007.

Ten colic horses and seven healthy horses were included in a prospective study aiming to evaluate acid-base disturbances in colic horses. Traditional acid-base methods and measurements of lactate were used to study prognosis and changes before, during and after surgery. Strong ion gap, anion gap and base excess were compared to evaluate their ability to predict lactate. Of the ten colic horses that went through surgery, seven survived, two were euthanised and one died. Significant differences in plasma lactate levels were seen between the group of survivals and non-survivals, p=0,000025. No differences were seen in pH and base excess between the two groups.

Although Lean has received an increased amount of attention in the service context, research still has not established how successfully Lean manages to increase service productivity; since service productivity consists of both efficiency and quality. Research regarding productivity discusses the risk of a tradeoff between efficiency and quality in service production processes. Therefore, this thesis aims to explore if the tradeoff in a production setting with low variability in demand and low customer participation exists, after Lean has been implemented. With a qualitative approach, a case study has been conducted at Scandinavian Airlines Ground Handling to evaluate the effects of Lean in the baggage handling process. The result of the study shows that the tradeoff has not been overcome; efficiency has increased at the expense of quality.

Horses are grazers with a digestive system that is adapted for a high fiber diet. Forage is a fiber rich feed that includes grass and legumes. A deficiency of forage and an excess of grains may cause gut disturbances and stereotypic behavior. The aim of this literature study was to summarize information on the horse?s capacity to consume forage-only diets with focus on the horse?s need of energy and protein.

Photovoltaic Systems in Sweden has longbeen heavily dependent on subsidies and grants to bring in a profit for the investor. Production of excess electricity is a major reason for this as the compensation for excess electricity today is low. However, there are businesses that have an electricityneed that are particularly suitable for solar electricity. These businesses have an electricity demand when the sun shines the brightest and if the Photovoltaic System is properly scaled, the excess electricity can be minimized. A golf club is that kind of a business and this thesis aims to examinate the solar power potential for golf businesses in Sweden.Nine golf clubs was selected from different locations in Sweden.

Käppala wastewater treatment plant situated on the island of Lidingö northeast of Stockholm is running a project during 2004 and 2005 with the purpose to map out the capacity of anaerobic digestion in the digesters that treat primary and excess sludge. The purpose of this thesis work, which is part of that project, was to characterize the present anaerobic digestion process and to investigate its capacity to treat other organic wastes such as restaurant waste and waste from water works. To decide the potential of both methane and biogas production from different substrates batch laboratory tests were carried out. To imitate the anaerobic digestion process at Käppala continuous tests with small scale reactors were carried out. These reactors were later fed with restaurant waste.The batch laboratory tests showed that primary sludge had a potential biogas and methane production of 0,62 and 0,35 Ndm3/g VS respectively after 40 days of digestion.

An efficient market implies that the use of fundamental analysis should not result in excess return, and that any return exceeding the market average can be explained by compensation for risk, accord-ing to The Capital Asset Pricing Model (CAPM). The focus of this study is to test whether the suc-cessful investment strategy developed by Piotroski (2000) generates excess return on American data, after risk adjustment by using Fama & French?s (1993) 3-factor and Carhart?s (1997) 4-factor CAPM. Initially we form stock portfolios based on companies characterized by high book-to-market values, additionally, we divide them into different performance classes by ranking them with Piotroski?s (2000) measure of financial performance, F_SCORE.

This study aims to measure the effect of accounting conservatism and to identify thebusiness activities causing firms to undervalue owners? equity. To estimateaccounting conservatism, we have followed the hypothesis that no firm over time cangenerate a return greater than its cost of equity, i.e. CAPM. Thus, if a firm in factgenerates an excess return over time, we assume that the excess return is an estimateof accounting conservatism within that firm.The hypothesis originates from the corporate valuation model ?Economic ValueAdded®? which tries to adjust for accounting bias.

This study is based on a statistical analysis of fundamental key ratios on the Stockholm Stock Exchange during the period 2004-2012. In total 35 financial ratios of 90 companies were tested, ultimately five ratios remained within the 5% significance level. These ratios were ROA, P/B, Total Yield, EV/EBIT and Operating Margin. A custom made investment model was created based on the purpose to achieve a risk-adjusted excess return. The results in general did not show any significant difference in return between the model's portfolio and index.

Purpose: The purpose of this thesis is to examine whether some periods of declines in Swedish real credit can be explained by a credit crunch. Is it further possible, with these results, to do any conclusions about the banks behaviour in the on going financial crisis that has shadowed the country since 2007/2008? Method: A credit crunch is here defined as a period of supply-side restrictions on loans which doesn?t reflect the ongoing interest rates. By estimating a supply and demand function with a disequilibrium model the excess demand- and supply for credit due to different periods can be calculated. Conclusion: A credit crunch has been present during a period after the banking crisis of early 1990?s.

The study aims to give a description of the conditions in which matters is prepared withinSwedish Government`s offices, to describe the adaptive capacity in the agency`s internalprocesses by investigating the experiences of some civil servants restricted to the Ministry ofEnterprise and the Ministry of Environment in their work with the EU Maritime Policy GreenPaper. The results have been analyzed against the basis of eight identified criteria of buildingadaptive capacity in socially dominated systems. The criteria are comprised of both individualand organizational abilities. Only two of them were fully met; the criteria about diversity inexperiences and knowledge and the criteria about information and how the information hasbeen applied. However, the process has traces of all the identified criteria.

Glulam is a product that was engineered to make use of timber in a more efficient way. Bychoosing timber of similar quality and discarding natural defects during production, thedevelopment of a stronger cross-section is achieved.Carbon fiber is a relatively new material with a high tension capacity. This feature is used toexamine how the bending capacity of the beams improve by adhering carbon fiber laminateson the lower edge of the beamsThe strength of the material is tested with three experiments: carbon fiber on the bottom of thebeam (a), carbon fiber attached to the lower sides of the beam (b) and carbon fiber in thebeam, covered with a layer of wood (c)The results show that the first case, where the carbon fiber is attached to the bottom of thebeam, gave the best result with an increase in capacity of 59 % compared to the nonreinforcedcontrol. The other two cases also show an improvement in capacity, beam-type 3had a capacity increase of 47% and beam-type 4 increased with 25 %Tests were also made with glulam beams reinforced with fiberglass, but these tests were notanalyzed in depth because the purpose was to compare the capacity to carbon fiber. Thisbeam improved its capacity by 40.3%.The tests show that carbon fiber as a reinforcement material for glulam is a good choice whenthere is a requirement for stronger cross-sections in both new production and renovation ofold buildings.

In line with Sloan (1996) but on European data (STOXX 600) we are investigating whether stock prices reflect information about future earnings contained in the accrual and cash flow components. The extent to which current earnings performance persists into the future earnings performance is shown to depend on the relative magnitudes of the cash and accrual components of current earnings. Moreover, we still find a significant positive excess return (Jensen?s alpha and size-adjusted return) by replicating Sloans (1996) hedge portfolio by taking a long position in the stock of firms reporting relatively low levels of accruals and a short position in the stock of firms reporting relatively high levels of accruals. However, we find no evidence of negative excess returns for companies with relatively high accruals, this somewhat lower the total excess returns for all the portfolios.

In line with Sloan (1996) but on European data (STOXX 600) we are investigating whether stock prices reflect information about future earnings contained in the accrual and cash flow components. The extent to which current earnings performance persists into the future earnings performance is shown to depend on the relative magnitudes of the cash and accrual components of current earnings. Moreover, we still find a significant positive excess return (Jensen?s alpha and size-adjusted return) by replicating Sloans (1996) hedge portfolio by taking a long position in the stock of firms reporting relatively low levels of accruals and a short position in the stock of firms reporting relatively high levels of accruals. However, we find no evidence of negative excess returns for companies with relatively high accruals, this somewhat lower the total excess returns for all the portfolios.