Composite artistry in the Book of Numbers : a study in biblical narrative conventions

The present thesis discusses the coherence or lack of coherence in the book of Numbers, with special regard to its narrative features. The fragmented nature of Numbers is a well-known problem in research on the book, affecting how we approach and interpret it, but to date there has not been any thorough investigation of the narrative features of the work and how they might contribute to the coherence or the lack of coherence in the book. The discussion is pursued in light of narrative theory, and especially in connection to three parameters that are typically understood to be invoked in the interpretation of narratives: 1) a narrative paradigm, or ‘story,’ meaning events related to each other temporally, causally, and thematically, in a plot with a beginning, middle, and end; 2) discourse, being the expression plane of a narrative, or the devices that an author has at hand in constructing a narrative; 3) the situation or languagegame of the narrative, prototypical examples being factual reports, which seeks to depict a state of affairs, and storytelling narratives, driven by a demand for tellability. In view of these parameters the present thesis argues that it is reasonable to form four groups to describe the narrative material of Numbers: genuine narratives (e.g. Num 12), independent narrative sequences (e.g. Num 5:1-4), instrumental scenes and situations (e.g. Num 27:1-5), and narrative fragments (e.g. Num 18:1). These groups are mixed throughout with non-narrative materials. Seen together, however, the narrative features of these groups can be understood to create an attenuated narrative sequence from beginning to end in Numbers, where one thing happens after another. This sequence, termed the ‘larger story’ of Numbers, concerns the wandering of Israel from Sinai to Moab. Furthermore, the larger story has a fragmented plot. The end-point is fixed on the promised land, Israel prepares for the wandering towards it (Num 1-10), rebels against wandering and the promise and is sent back into the wilderness (Num 13-14), returns again after forty years (Num 21ff.), and prepares for conquering the land (Num 22-36). Finally, themes of the promised land, generational succession, and obedience-disobedience, operate in this larger story. Purity is also a significant theme in the book, albeit not connected to plot in the larger story. All in all, sequence, plot, and theme in the larger story of Numbers can be understood to bring some coherence to the book. However, neither aspect entirely subsumes the whole book, and the four groups of narrative materials can also be understood to underscore the incoherence of the work in differentiating its variegated narrative contents. Numbers should therefore be described as an anthology of different materials that are loosely connected through its narrative features in the larger story, with the aim of informing Israelite identity by depicting a certain period in the early history of the people.

Market integration, return and volatility dynamics; empirical evidence from African stock markets

Frontier and Emerging economies have implemented policies with the objective of liberalizing their equity markets. Equity market liberalization opens the domestic equity market to foreign investors and as well paves the way for domestic investors to invest in foreign equity securities. Among other things, equity market liberalization results in diversification benefits. Moreover, equity market liberalization leads to low cost of equity capital resulting from the lower rate of return by investors. Additionally, foreign and local investors share any potential risks. Liberalized equity markets also become liquid considering that there are more investors to trade. Equity market liberalization results in financial integration which explains the movement of two markets. In crisis period, increased volatility and co-movement between two markets may result in what is termed contagion effects. In Africa, major moves toward financial liberalization generally started in the late 1980s with South Africa as the pioneer. Over the years, researchers have studied the impact of financial liberalization on Africa’s economic development with diverse results; some being positive, others negative and still others being mixed. The objective of this study is to establish whether African stock-markets are integrated into the United States (US) and World market. Furthermore, the study helps to see if there are international linkages between the Africa, US and the world markets. A Bivariate- VAR- GARCH- BEKK model is employed in the study. In the study, the effect of thin trading is removed through series of econometric data purification. This is because thin trading, also known as non-trading or inconsistency of trading, is a main feature of African markets and may trigger inconsistency and biased results. The study confirmed the widely established results that the South Africa and Egypt stock markets are highly integrated with the US and World market. Interestingly, the study adds to knowledge in this research area by establishing the fact that Kenya is very integrated with the US and World markets and that it receives and exports past innovations as well as shocks to and from the US and World market.

Risk-return trade-off and autocorrelation

A trade-off between return and risk plays a central role in financial economics. The intertemporal capital asset pricing model (ICAPM) proposed by Merton (1973) provides a neoclassical theory for expected returns on risky assets. The model assumes that risk-averse investors (seeking to maximize their expected utility of lifetime consumption) demand compensation for bearing systematic market risk and the risk of unfavorable shifts in the investment opportunity set. Although the ICAPM postulates a positive relation between the conditional expected market return and its conditional variance, the empirical evidence on the sign of the risk-return trade-off is conflicting. In contrast, autocorrelation in stock returns is one of the most consistent and robust findings in empirical finance. While autocorrelation is often interpreted as a violation of market efficiency, it can also reflect factors such as market microstructure or time-varying risk premia. This doctoral thesis investigates a relation between the mixed risk-return trade-off results and autocorrelation in stock returns. The results suggest that, in the case of the US stock market, the relative contribution of the risk-return trade-off and autocorrelation in explaining the aggregate return fluctuates with volatility. This effect is then shown to be even more pronounced in the case of emerging stock markets. During high-volatility periods, expected returns can be described using rational (intertemporal) investors acting to maximize their expected utility. During lowvolatility periods, market-wide persistence in returns increases, leading to a failure of traditional equilibrium-model descriptions for expected returns. Consistent with this finding, traditional models yield conflicting evidence concerning the sign of the risk-return trade-off. The changing relevance of the risk-return trade-off and autocorrelation can be explained by heterogeneous agents or, more generally, by the inadequacy of the neoclassical view on asset pricing with unboundedly rational investors and perfect market efficiency. In the latter case, the empirical results imply that the neoclassical view is valid only under certain market conditions. This offers an economic explanation as to why it has been so difficult to detect a positive tradeoff between the conditional mean and variance of the aggregate stock return. The results highlight the importance, especially in the case of emerging stock markets, of noting both the risk-return trade-off and autocorrelation in applications that require estimates for expected returns.

Performance Determinants of Renewable Energy Companies

The purpose of this thesis is to identify the Performance Determinants (PD) of Renewable Energy (RE) companies. It analyzes the background of the RE industry while reflecting simultaneous developments in the fossil based industries. I divided the determinants into two groups: market level and firm level and established hypotheses based on the existing literature. Data from public companies was gathered to construct a Panel Data structure. This is then tested by using a Linear Regression with Fixed Effects model. The model specification was efficient at reflecting the analyzed phenomena. My results showed that both market level and firm level determinants are significant in the RE Industry but the firm level determinants had higher explanatory power (R2). The determinants' relationships were found to follow those from the manufacturing industry more than the utilities' industry. Out of the market level determinants Consumer Price Index (CPI), Interest Rates and Oil prices were significant. Out of the firm level determinants Debt to Assets, Net Investments, Cash flows from operations, Sales and Earnings Before Interests and Taxes (EBIT) were significant. I concluded that this information is valuable for key industry players as they can achieve their objectives faster by elaborating better strategies using these results.

Weed control via intercropping with gliricidia: I. cotton crop

The majority of cotton grown commercially in the world has white lint, but recently, there has been a growing interest in colored lint cotton in several countries, including Brazil. The use of naturally-colored fiber reduces chemical pollution. The objective of this paper was to evaluate cotton cultivar fiber yield in response to weed control via intercropping with gliricídia. Cultivars BRS-Verde (greenish fibers), BRS-Rubi (reddish brown fibers), BRS-Safira (brown fibers), and BRS-187 8H (white fibers) were submitted to the following treatments: no hoeing, two hoeings (at 20 and 40 days after transplanting), and cotton intercropped with gliricídia. In the intercropped treatment, gliricídia was planted between rows of cotton plants, using one seedling pit-1, in pits spaced 50.0 cm apart. Twelve weed species predominated in the experiment, many of them belonging to the Poaceae family. Weeds occurred at different frequencies and in a non-uniform manner in the experimental area. Cultivars did not influence weed dry matter. Intercropping with gliricídia reduced weed dry matter but did not prevent reductions in cotton fiber and seed cotton yield, which were higher in hoed plots. Cultivar BRS Safira had the highest fiber yield, but no differences were observed between cultivars regarding to seed cotton yield.

Interdependence of International Stock Markets, European Government Bond Market and Gold Market

This thesis examines the interdependence of international stock markets (the USA, Europe, Japan, emerging markets, and frontier markets), European government bond market, and gold market during the 21st century. Special focus is on the dynamics of the correlations between the markets, as well as on, spillovers in mean returns and volatility. The mean return spillovers are examined on the basis of the bivariate VAR(1) model, whereas the bivariate BEKK-GARCH(1, 1) model is employed for the analysis of the volatility spillovers. In order to analyze the spillover effects in different market conditions, the full sample period from 2000 to 2013 is divided into the pre-crisis period (2000–2006) and the crisis period (2007–2013). The results indicate an increasing interdependence especially within international stock markets during the periods of financial turbulence, and are thus consistent with the existing literature. Hence, bond and gold markets provide the best diversification benefits for equity investors, particularly during the periods of market turmoil.

Planting density of gliricidia when intercropped with corn for weed control

Reduced use of herbicides that cause environmental pollution problems is of great interest in modern agriculture. Soil mulching with gliricidia (Gliricidia sepium) branches does not have an allelopathic effect on corn, but decreases weed populations. The objective of this study was to evaluate the effects of gliricidia planting density, when grown as an intercrop, on weed control and corn yield parameters. A randomized block design with split-plots and ten replicates was adopted. Corn cultivars AG 1051 and BM 3061 were grown without hoeing, with two hoes (at 24 and 44 days after planting), and intercropped with gliricidia (planted simultaneously with corn, between crop rows, using two seedlings/pit, spaced at 30, 40, or 50 cm). Twenty-one weed species were found in the experimental area. Increased gliricidia planting density reduced weed biomass, but no difference was found between weed biomass in the intercrop and weed biomass in non-hoed corn. Gliricidia intercropped with corn, planted at a row spacing of 30 cm, did not significantly differ from hoed corn in most characteristics considered to evaluate green corn yield, although mean values were smaller. As to the number and weight of marketable green ears, reductions of 5% and 13%, respectively, were observed. Intercropping caused a 17% reduction in grain yield, reducing the losses (36%) observed in non-hoed corn by more than 50%. The highest green ear yield and grain yield values were obtained with two hoeings, while the lowest values were observed for non-hoed corn. The cultivars did not differ regarding green ear yield and grain yield.

Influence of corn sowing density and gliricidia intercropping on weed control

There is interest in the identification of the best seeding density for new corn hybrids and on reduced use of herbicides for weed control. The objective of this study was to evaluate the effects of seeding density (30, 50, 70, and 90 thousand plants ha-1) and weed control on green ear yield and grain yield in corn cultivar AG 1051. A completely randomized block design was adopted with split-plots (seeding densities assigned to plots) and ten replicates. Weed control was achieved by means of two hoeings and by planting corn intercropped with gliricidia (between corn rows, in pits spaced 0.3 m apart). A "no weeding"treatment was included as well. Increased seeding density increased the total number and weight of marketable green ears and decreased the biomass of both weeds and gliricidia. In non-weeded, intercropped and hoed plots, the maximum grain yield values achieved as seeding density increased were 7,881, 7,021, and 9,213 kg ha-1, respectively, obtained with populations of 67 thousand, 74 thousand, and 67 thousand plants per hectare, respectively. Intercropping did not control weeds (26 species) and provided weed growth, green ear yield, and grain yield (at the lowest densities) similar to those obtained without hoeing, except for total number of green ears, in which no influence of weed control was observed. At densities of 70 thousand and 90 thousand plants per hectare, grain yield with two hoeings was not different from yield values obtained without weeding or in the treatment intercropped with gliricidia, respectively, indicating that increased corn seeding density as well as gliricidiamay help to control weeds.

Nitrogen doses and weed control via intercropping with gliricidia for corn production

Many studies have demonstrated the beneficial influence of nitrogen doses on corn dry grain yield and green ear yield. Due to a growing concern with environmental degradation, many agricultural practices, adopted in the past, are being reexamined. With regard to weed control, strategies that employ mechanical control, including intercrops, are being the object of renewed interest. The purpose of this study was to evaluate the effects of the application of nitrogen doses (0, 40, 80, and 120 kg N ha-1; as ammonium sulfate) and weed control on the growth, green ear yield, and grain yield of the AG 1051 corn cultivar. A randomized block experimental design with split-plots and nine replications was adopted. In addition to nitrogen rates, the AG 1051 cultivar was submitted to the following treatments, applied to subplots: no weeding, two hoeings (at 20 and 40 days after sowing), and intercropping with gliricídia (Gliricidia sepium). Gliricidia was sowed at corn planting, between the corn rows, using two seedlings per pit, in pits spaced 0.30 m apart. Gliricidia did not provide weed control, and gave plant growth, green ear yield and grain yield values similar to the no weeding treatment. However, regarding the number of mature ears got, intercropping with gliricidia did not differ from the two-hoeing treatment. Weed control did not have an effect on plant height and number of marketable, husked green ears, with the application of 120 kg N ha-1; indicating that nitrogen improved the corn's competitive ability. The two-hoeing treatment provided the best means for total green ears weight, number of marketable husked ears, both unhusked and husked marketable ear weight, grain yield and its components than the other treatments. Nitrogen application increased corn growth, green ear yield, and grain yield, as well as weed green biomass, but reduced the stand and growth of gliricidia.

Optimizing the width of strip weeding in arabica coffee in relation to crop age

The aim of this study was to determine the weed strip control (WSC) required for adequate coffee growth after transplanting. A non-irrigated, field-planted (spaced 3.80 x 0.70 m) crop was used. The experimental design was a randomized block, with four replicates. The treatments were arranged in a 9 x 18 split-plot design to test the WSC of 0, 15, 30, 45, 60, 90, 120, 150, and 190 cm, which involved continuously hand-weeding at each side of the coffee row, and 18 coffee growth measurements. Multiple regression analyses were carried out relating to growth-variables as a function of both WSC and growth-evaluation times. Brachiaria decumbens was the main weed accomplishing 88.5% of the total weed dry mass. The minimum width of the WSC increases as the crop ages after transplanting. Assuming reductions of 2% and 5% in the maximum coffee growth, the recommended WSC was 75 and 52 cm at 4 months after transplanting (MAT), 104 and 85 cm at 6 MAT, 123 and 105 cm at 9 MAT, 134 and 116 cm at 12 MAT, 142 and 124 cm at 15 MAT, and 148 and 131 cm at 18 MAT, respectively. It was concluded that integrated weed management in young coffee crops must focus on the weed control only in a minimum range along coffee rows, which increases with coffee plant age, keeping natural vegetation in the inter-rows.

Vakavaraisuussääntelyn muutosten vaikutukset paikallispankille

Tutkielman tavoitteena on selvittää muuttuvan pankkisääntelyn vaikutukset vähittäispankkitoimintaa harjoittavalle paikallispankille vakavaraisuuden näkökulmasta. Vaikutuksia vakavaraisuuteen mitataan luottoriskin osalta, sen muodostaessa merkittävimmän osan kohdepankin vakavaraisuusvaatimuksesta. Tarkoituksena on selvittää käytössä olevan standardimenetelmän ja vaihtoehtoisen sisäisten luottoluokitusten menetelmän erot luottoriskin mittaamisessa ja vaikutukset vakavaraisuuteen sekä Basel II että Basel III-säännöksillä mitattuina. Tutkielmassa huomioidaan myös Basel III -säännöksen mukaiset uudet sääntelyinstrumentit ja analysoidaan niiden vaikutusta liiketoimintaan. Sekä Basel II että Basel III -säännöksellä mitattuna sisäisten luottoluokitusten menetelmä paransi kohdepankin vakavaraisuutta. Basel III -säännöksen suurimmat vaikutukset kohdistuivat kohdepankilla omien varojen laatuvaatimuksiin, jotka heikensivät vakavaraisuutta. Laatuvaatimuksista ja nousseista pääomavaatimuksista huolimatta kohdepankin vakavaraisuus säilyi hyvällä ja vaatimukset ylittävällä tasolla. Uusien sääntelyinstrumenttien vaatimukset täyttyivät nykyisellä taserakenteella vähimmäisomavaraisuusasteen ja pysyvän varainhankinnan vaatimuksen osalta. Maksuvalmiusvaatimuksen täyttämiseksi sijoitussalkkuun pitää tehdä muutoksia, minkä odotetaan vaikuttavan heikentävästi kohdepankin tulokseen.

Corn cultivar intercropping with arboreal legumes for weed control

Gliricidia (Gliricidia sepium) seedlings are usually beneficial to corn crops when planted between corn rows. The objective of this work was to assess the effects of corn intercropped with gliricidia and "sabiá" (Mimosa caesalpiniifolia), a species native to the Brazilian northeastern region, on weed control and corn green ear and grain yields. The experiment was carried out at Estação Experimental da Universidade Federal Rural do Semi-Árido - UFERSA (Mossoró, State of Rio Grande do Norte, Brazil). The experimental design consisted of randomized complete blocks (multifactorial design) with five replications, arranged in split-plots. The plots consisted of corn cultivars AG1051 and BM 2022; subplot treatments (six) were no-hoeing, twice-hoeing (at 20 and 40 days after sowing) and intercropping with gliricidia and "sabiá", either directly sown or transplanted, simultaneously with corn sowing. The intercropped leguminous plants were spaced 0.40 m from each other, and directly seeded or transplanted (30-day-old seedlings) in between two 1 m-spaced corn rows. Twenty three weed species were identified during the experiment. Gliricidia seedlings were superior to "sabiá" seedlings with regard to plant height and survival rate. The highest corn green ear and grain yields were found for twice-hoed subplots, while the lowest yield was found for no-hoed or intercropped subplots. However, grain yield values in intercropped treatments did not differ from grain yield values in hoed plots. In addition, marketable husked green ear mean weights did not differ between twice-hoed subplots and subplots directly seeded with gliricidia and "sabiá". Such results indicated that corn benefited from the intercropping system, but intercropping with gliricidia and "sabiá" transplanted resulted in lower benefits than with the direct sowing of those species.

Customer value assessment in business markets

Understanding how firms create, communicate, and deliver value to customers is a key factor when firms seek to differentiate in increasingly competitive and commoditized business markets. As product and price have become less important differentiators in many industries, suppliers are increasingly seeking ways to differentiate themselves based on delivered customer value. Therefore, to gain a holistic understanding on what their offerings are worth to the customer, suppliers need to conduct customer value assessment, which quantifies the impact of a supplier´s offering to customers’ costs and returns. However, from a managerial perspective, customer value assessment is the single most critical challenge for firms in business markets. Consequently, developing holistic frameworks for customer value assessment is seen as one of the most important research priorities for marketing research. The purpose of this study is to explore the process of customer value assessment in business markets. Business markets represent a context where an increasing number of industrial firms are transitioning from basic product offerings towards service-based and solution-oriented hybrid offerings, which emphasize value co-creation and realization in the long term, thus making it difficult to quantify their monetary value. This study employs exploratory and qualitative research design by applying inductive and discovery-oriented grounded theory and multiple case research methods. The empirical data comprise interviews with 61 managers from 12 industrial firms, including seven best practice firms in customer value assessment. The findings of this study show that customer value assessment is essentially a crossfunctional process, which involves several organizational functions. The process begins well before and continues long after the actual delivery, often until the end of a supplier´s offering’s life-cycle. Furthermore, the findings shed light on alternative strategies that firms in business markets can adopt to implement the customer value assessment process. Overall, the findings contribute to customer value research, the sales and organizational management literature, the service marketing and solutions business literature, and suggest several managerial implications on how firms in business markets can adopt a holistic approach to assess value created for customers.

Eucalyptus growth in silvopastoral system under different crown dia meters

The aim of this study was to evaluate the effect of different crown diameters on the early growth of eucalyptus intercropped with Brachiaria decumbens in a silvopastoral system. The experiment was conducted in a B. decumbens established pasture, where hybrid eucalyptus urograndis (clone GG100) was planted, spaced 8 x 3 m. A randomized block design was used, with six replicates. Treatments consisted of five crown diameters (0.0, 1.0, 1.5, 2.0, and 3.0 m) surrounding the eucalyptus plants. Five weeding hoes were performed throughout the experiment, according to the different crown diameters, aiming to maintain the eucalyptus plants free from B. decumbens interference. At 90, 180, 270, and 360 DAP, the height and the diameter of the eucalyptus plants were evaluated, and at 360 DAP, surface biomass and leaf area were evaluated. At 90 DAP, it was verified that the non-weeded plants had lower growth, compared to those submitted to crowns. Crown diameters of 2.51 and 2.64 m allowed greater growth in height and diameter at ground level of eucalyptus plants, respectively, in all periods evaluated. Biomass production and leaf area per plant at 360 DAP were also influenced by the different crown diameters. It was concluded that crown diameter around 2 meters provided favorable conditions for early growth of eucalyptus and less involvement in the area occupied by forage.

Insiders´ views as a predictor of stock performance : can insider trading be used to predict stock performance on the United States stock market?

This thesis studies the possibility of using information on insiders’ transactions to forecast future stock returns after the implementation of Sarbanes Oxley Act in July 2003. Insider transactions between July 2003 and August 2009 are analysed with regression tests to identify the relationships between insiders’ transactions and future stock returns. This analysis is complemented with rudimentary bootstrapping procedures to verify the robustness of the findings. The underlying assumption of the thesis is that insiders constantly receive pieces of information that indicate future performance of the company. They may not be allowed to trade on large and tangible pieces of information but they can trade on accumulation of smaller, intangible pieces of information. Based on the analysis in the thesis insiders’ profits were found not to differ from the returns from broad stock index. However, their individual transactions were found to be linked to future stock returns. The initial model was found to be unstable but some of the predictive power could be sacrificed to achieve greater stability. Even after sacrificing some predictive power the relationship was significant enough to allow external investors to achieve abnormal profits after transaction costs and taxes. The thesis does not go into great detail about timing of transactions. Delay in publishing insiders’ transactions is not taken into account in the calculations and the closed windows are not studied in detail. The potential effects of these phenomena are looked into and they do not cause great changes in the findings. Additionally the remuneration policy of an insider or a company is not taken into account even though it most likely affects the trading patterns of insiders. Even with the limitations the findings offer promising opportunities for investors to improve their investment processes by incorporating additional information from insiders’ transaction into their decisions. The findings also raise questions on how insider trading should be regulated. Insiders achieve greater returns than other investors based on superior information. On the other hand, more efficient information transfer could warrant more lenient regulation. The fact that insiders’ returns are dominated by the large investment stake they maintain all the time in their own companies also speaks for more leniency. As Sarbanes Oxley Act considerably modified the insider trading landscape, this analysis provides information that has not been available before. The thesis also constitutes a thorough analysis of insider trading phenomenon which has previously been somewhat separated into several studies.