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1
Ljungström, Divesh. "B-Values : Risk Calculation for Axfood and Volvo Bottom up beta approach vs. CAPM beta." Thesis, University of Skövde, School of Technology and Society, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:his:diva-141.
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<p>The aim of this thesis is to study the risk for two Swedish companies, Axfood and Volvo. To test the required return on equity, a bottom-up beta approach and a CAPM regression beta are used. This thesis concludes that the bottom-up beta gives a truer reflection and a more updated beta value than a CAPM regression beta on the firm’s current business mix, the CAPM beta takes only the past stock prices into consideration. The empirical results for Volvo conclude that the levered bottom-up beta is 1.09 and the CAPM β is 0.52 for Volvo. The empirical results for Axfood which is categorized as consumer goods sector implies that the levered bottom-up beta is 0.87 while the CAPM regression beta is 0.29.</p>
2
Przeczek, Tomáš. "Ocenění společnosti Orco Property Group S. A." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-71944.
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The objctive of this thesis was AN assessment of the value of the Orco Property Group Company. It required making out a strategic analysis, financial analysis and working out a financial plan. For the actual valuing I decided to choose the DCF Equity method.
3
Khalil, Medhat. "Exploring Beta’s Changing Behavior ofSwedish Real Estate Stocks." Thesis, KTH, Fastigheter och byggande, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-131473.
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This study aims to analyze the beta and risk behavior of the Swedish listed real estate stocks. Such a study will provide a clearer picture for investors and researchers about the changing nature of that behavior over time. The research method is based on descriptive statistics and CAPM beta regression analysis of the monthly returns. Correlation analysis is employed to identify diversification benefits within the sector stocks. In order to understand the behavior of beta/riskiness over time, the stationary and time-varying beta estimations are conducted using CAPM market excess-return model and rolling windows technique. In this investigation, the time period from 2003 to 2012 is analyzed. The results reveal that a) the betas of real estate stocks are asymmetric over time such that their values are higher during market upturns than in market downturns, b) the betas for the various types of real estate stocks are different, and c) there are low correlation coefficients among returns of real estate stocks, and within the various property type stock groups. While the real estate stock index as a whole is highly correlated to the market and has relatively stable betas over time, there are diversification benefits among Swedish real estate stocks. Hence, understanding the changing behaviors of beta over time of the various property type stocks can help investors optimize their market timing and cost of capital expectations according to the investment horizon. It is important to notice that a lot of capital for real estate equity investments in Sweden is allocated through non-traded private equity real estate funds. Therefore, transforming these private funds into real estate traded funds might add the data depth and the market efficiency necessary for better research validity and investment optimization. There are currently very few traded real estate securities in the Swedish market.
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Ojeabulu, Godspower, and Chukwuemeka Okoye. "Using Beta as an Investment Strategy (A study of the Swedish Equity Market)." Thesis, Mälardalen University, School of Education, Culture and Communication, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:mdh:diva-9766.
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<p>This study investigates the effect of using the different benchmarks stated above to calculate the beta of some Swedish stocks and to form a high risk stock vis-a-vis a low risk stock. The stocks will be combined in different forms (scenarios) i.e. High beta stocks, low beta stocks and a mixture of both high and low beta stocks to form a portfolio of stocks and tested to see the performance level of the individual scenarios.<strong></strong></p>
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SILVA, ANDRE LUIS FERREIRA DA. "STABILITY OF EQUITY BETA IN BRAZILIAN STOCK MARKET: AN ASSESSMENT ON HIGHLY VOLATILE PERIODS." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2014. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=28538@1.
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PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO<br>COORDENAÇÃO DE APERFEIÇOAMENTO DO PESSOAL DE ENSINO SUPERIOR<br>PROGRAMA DE SUPORTE À PÓS-GRADUAÇÃO DE INSTS. DE ENSINO<br>O Capital Asset Pricing Model (CAPM) é o modelo mais difundido e utilizado para determinação do custo de capital de empresas e estimação do retorno esperado de ações. Neste modelo, o parâmetro fundamental é o beta, que define a intensidade em que determinado ativo é exposto aos retornos do mercado. O objetivo deste trabalho é avaliar a estabilidade dos betas de uma vasta quantidade de ações no mercado brasileiro em três períodos de alta volatilidade: a crise asiática de 1997, a turbulência no mercado financeiro pré-eleições 2002 e a crise financeira de 2008, nas quais foram analisadas 55, 79 e 172 empresas respectivamente. Cada ciclo de crise foi dividido em três períodos de 52 semanas e os respectivos betas foram comparados utilizando testes de Chow e com regressões com variáveis dummy. Os resultados de ambos os testes foram similares para as crises analisadas, indicando que entre 11 porcento e 27 porcento das empresas apresentaram variação de seus betas, com 5 porcento de significância, quando comparados os períodos pré-crise e durante a crise. Não obstante, ao confrontar períodos pré-crise e pós-crise, a maior parte das empresas que apresentaram variação anteriormente não rejeitaram a hipótese de estabilidade. Estes resultados indicam que, conforme esperado, os betas tendem a ser estáveis no longo prazo.<br>The Capital Asset Pricing Model (CAPM) is the most widespread model, used to determine the cost of capital of firms and estimate expected stock returns. In this model, the most important parameter is the beta, which defines the magnitude of exposition to market returns, for a particular asset. The objective of this essay is to evaluate beta stability of a vast amount of shares in the Brazilian stock market in three highly volatile periods: the Asian crisis in 1997, the financial market turmoil before 2002 presidential elections and the 2008 financial crisis. The sample included 55, 79 and 172 companies, respectively. Each crisis cycle was then divided into three periods of 52 weeks and then the stability of their betas was measured using regressions with dummy variables and Chow tests. We have reached similar results for the crises analyzed, indicating that between 11 percent and 27 percent of the companies changed their betas when comparing pre-crisis and during crisis periods, with a 95 percent confidence level. Nevertheless, by comparing pre-crisis and post-crisis periods, most of the companies that exhibited change in their betas when entering the crisis, did not reject the stability hypothesis. These results indicate that, as expected, betas tend to be stable in the long term.
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Abdullah, M. "Asset pricing with empirical, zero-beta, macro and state variables in international equity markets." Thesis, University of Salford, 2018. http://usir.salford.ac.uk/47224/.
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This study aims to improve asset pricing by using empirical, zero-beta, macro and state variables. Firstly, we improve asset pricing with empirical factors as we find the gap that the five-factor model augmented with momentum factor, is yet to be examined in international equity markets. We use the time-series and cross-sectional tests to assess the performance of this six-factor model and compare the performance with other traditional asset pricing models. Findings suggest that the five-factor model improves with the addition of momentum factor. Secondly, we attempt to improve asset pricing by using the gold return as a proxy of the zero-beta rate in global regions. We find that the gold beta is insignificantly different from zero in the U.S. and U.K. equity markets. We confirm the efficiency of gold markets with a battery of efficiency tests and find the position of gold at the minimum variance frontier. When we perform empirical tests by using gold as a zero-beta asset in empirical factor models, we find a convincing evidence in those equity markets as we obtain higher R-squared values, lower Sharpe ratios of alphas and fewer significant pricing errors. Thirdly, we examine the role of gold as a hedging factor in the Intertemporal Capital Asset Pricing Model (ICAPM) in the U.S. and global asset pricing. We perform multivariate and Generalised Method of Moments (GMM) to assess the joint significance of the market and gold price factors. We find that the gold is not a useless factor both in the U.S. and the global asset pricing. Fourthly, we employ empirical, macroeconomic, and state variables to improve asset pricing. We assess the performance of the 23 asset pricing models with the Merton (1973) criteria of multifactor models. We also explore the innovative role of inflation and industrial production with ICAPM and empirical multifactor models. We employ single and multiple predictive regressions to assess forecasting criteria and utilise first-stage GMM to assess the cross-sectional criteria of multifactor models. Results on the multifactor models confirm earlier findings that the applicability of gold return as a proxy of the zero-beta rate improves the model performance of not only empirical factor model but also ICAPM models. This research has many useful applications for investors, policy makers and regulatory bodies. The alternative zero-beta models are useful to obtain better estimates of expected returns during the market crisis and improve pricing of small and risky stocks.
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Siziba, Innocent. "The implications of forcing beta from one down towards beta neutrality on key risk and return and other measures in long only mean variance efficient equity portfolios." Diss., University of Pretoria, 2015. http://hdl.handle.net/2263/52320.
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Hedge fund strategies such as the equity market neutral have provided significant risk adjusted returns in the form of alpha, but their short selling and debt has made them generally costly and prone to failure under changing market conditions. There is a need to isolate the benefits of long short equity hedging without the added costs and dangers associated with short selling and leverage.
Isolating the set of lowest possible market beta long equity portfolios that can mimick long short equity hedging can provide investors cost effective hedge fund replication. A systematic procedure involving mean variance optimisation and quantitative analytical techniques was used to characterise the behaviour of targeted beta portfolios on key risk and return metrics and variables as a beta constraint was applied to optimisation on a finely calibrated scale of one down to zero.
This research was able to isolate a sample from the JSE/FTSE Top 40 Index into a solution set (P) of low beta portfolio alternatives extending from a target beta value of 0.475 to a beta value of 0.600 which was identified, characterised and disaggregated into definitive solution tuples P1 (beta 0.600, beta 0.575, beta 0.550) and P2 (beta 0.525, beta 0.500, beta 0.475).<br>Mini Dissertation (MBA)--University of Pretoria, 2015.<br>vn2016<br>Gordon Institute of Business Science (GIBS)<br>MBA<br>Unrestricted
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Leite, Gustavo Ribas de Almeida. "Hedge de crédito através de equity: uma análise empírica com uso de ativos corporativos brasileiros." reponame:Repositório Institucional do FGV, 2011. http://hdl.handle.net/10438/9777.
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Previous issue date: 2011<br>This paper aims to analyze the results of an operation to hedge a diversified credit portfolio through the use of equity. Initially, a reference to the main theoretical aspects of this dissertation with their definitions and literature review will be made. Furthermore, there will be an explanation about the basic parameters of the selection of the sample used and the period during which such protection strategy will be implemented.<br>Este trabalho tem como objetivo analisar os resultados de uma operação de hedge de um diversificado portfólio de crédito de empresas brasileiras através do uso de ativos de equity. Inicialmente, faz-se uma alusão aos principais aspectos teóricos da presente dissertação com suas definições e revisão bibliográfica. Posteriormente, são apresentados os parâmetros básicos da seleção da amostra utilizada e do período durante o qual tal estratégia de proteção será implementada.
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Persson, Pontus, and Tatiana Dykina. "A European CSR study about the deviation of valuation." Thesis, Umeå universitet, Företagsekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-185719.
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For the last decades, public authorities and private firms have emphasized their focus on integrating sustainability into corporate disclosure. The shift towards CSR instead of the traditional profit maximization narratives is evident in increased demand among various stakeholders for sustainability awareness. Thus, financial and non-financial disclosure legislation have become stricter, forcing companies to be more transparent (European Commission, n.d.). This thesis aims to examine CSR research by arguing from a previously unattended perspective of valuation. Thus, the formulated purpose “is to examine if CSR affects the deviation between intrinsic and market value of firms in the energy sector in Europe”. This sector is highly blamed for contributing to global warming by exhausting a large amount of greenhouse gas emissions (Mezher et al., 2010). Furthermore, this thesis distinguishes itself from other valuation articles by arguing from the paradigm of realism. In doing so, we argue that the intrinsic value is the independent reality instead of the market value. The market value is, in contrast, based on investors aggregated perception of the intrinsic value through information. This separation of the two values becomes theoretically evident from the perspective of irrationality. For this aim, a few well-established theories such as the market equilibrium theory and the efficient market hypothesis have been used to theoretically explain the deviation. To establish the empirical difference of deviation, a T-test was conducted on the ten most extreme ESG score firms in the European energy sector. The applied method for calculating the intrinsic value is a perpetuity version of the Residual Earning Method with an aggregated Capital Asset Pricing Model as the discount rate. In accordance with the implied result, we argue for a significant difference in both an absolute and relative deviation in this sector. Contradicting, our second test, regression analysis, could not validate if the stated finding depends on ESG and its components. Instead, the deviation could be viewed from the control variables: Size, risk, and profitability. Thus, a theoretical explanation could be an indirect relationship of ESG towards the deviation; however, further research is needed to verificate the finding. Ultimately, we contribute on two fronts, both towards theoretical and pragmatic knowledge by arguing from an un addressed research perspective, realism and establish that high ESG firms are undervalued compared to low ESG firms.
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Kiesow, Claudia. "Pathogenese der equinen Endometrose: Bedeutung der Wachstumsfaktoren Transforming growth factor-alpha, -beta1, -beta2 und -beta3 sowie der Matrixmetalloproteinase-2." Doctoral thesis, Universitätsbibliothek Leipzig, 2011. http://nbn-resolving.de/urn:nbn:de:bsz:15-qucosa-65079.
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Ziel der vorliegenden Arbeit war die immunhistologische Charakterisierung der Expression der profibrotischen Wachstumsfaktoren Transforming growth factor-beta-1, -beta2 und -beta3 und des Enzyms Matrixmetalloproteinase-2 (MMP-2) im equinen Endometrium während des Zyklus sowie innerhalb der verschiedenen Erscheinungsformen der equinen Endometrose. Zudem wurde der potentielle Einfluss einer gleichzeitig auftretenden Endometritis auf die glanduläre und stromale Wachstumsfaktor- und Enzym-Expression untersucht. Die Ergebnisse dieser Studie sollten klären, ob und inwieweit den untersuchten Wachstumsfaktoren unter Beteiligung von MMP-2 in der Pathogenese der equinen Endometrose eine mit anderen Organfibrosen vergleichbare Schlüsselrolle zukommt.
Zu diesem Zweck standen an definierten Tagen entnommene Endometriumbioptate (n=21) von drei zyklisch aktiven, klinisch und gynäkologisch gesunden Maidenstuten sowie Endometriumbioptate von 60 Stuten mit graduell variabler Endometrose unterschiedlichen Charakters und Endometriumbioptate von 22 Stuten mit mittelgradiger Endometrose und gleichzeitiger mittelgradiger eitriger (n=16) bzw. nichteitriger (n=6) Endometritis aus dem Routineeinsendungsmaterial des Institutes für Veterinär-Pathologie der Universität Leipzig zur Verfügung.
Die Wachstumsfaktoren TGF-beta1, -beta2 und -beta3 sowie das Enzym MMP-2 zeigen im Zyklus ein typisches, zellspezifisches Reaktionsmuster, das unterschiedlichen Regulations-mechanismen zu unterliegen scheint. Ein Maximum der TGF-beta1-Expression in den luminalen Epithelzellen, Stroma- und Drüsenzellen kann in der endometrialen Sekretionsphase mit Anstieg bzw. einem Maximum der Serumprogesteron-Konzentration beobachtet werden. Im Gegensatz dazu tritt eine Expression von MMP-2 in den Stromazellen in der Sekretionsphase mit Abfall der Progesteronkonzentration im Serum auf. Das luminale Epithel und die Stromazellen zeigen eine maximale Expression von TGF-beta2 beim Vorliegen hoher Progesteronspiegel im Serum bzw. mit Abfall der Serumprogesteron-Konzentration in der Sekretionsphase. TGF-beta3 weist im luminalen Epithel ein ähnliches Expressionsmuster auf, eine deutliche Abhängigkeit zu den Serumhormon-Konzentrationen lässt sich jedoch nicht feststellen. Die stromale Expression von TGF-alpha unterliegt im equinen Endometrium keinen zyklusabhängigen Variationen.
Die Stromazellen innerhalb der verschiedenen Endometroseherde zeigen, im Vergleich zum unveränderten Endometrium, vor allem eine verminderte Expression von TGF-alpha. Das Expressionsmuster der TGF-beta-Wachstumsfaktoren ist grundsätzlich variabel, es fällt jedoch auf, dass die Stromazellen insbesondere in inaktiven Endometrosen eine geringere Expression der TGF-beta-Isoformen aufweisen. Ursache ist möglicherweise eine gestörte hormonelle Stimulation bzw. eine stromale Synthesestörung in Folge veränderter epithelial/stromaler Wechselwirkungen. Das Enzym MMP-2 wird dagegen in den Stromazellen aller Endometroseherde, unabhängig von deren Differenzierung und dem Auftreten glandulärer Alterationen, deutlich vermehrt nachgewiesen. Dies ist sehr wahrscheinlich Folge der Extra-zellularmatrix-Akkumulation innerhalb der Endometroseherde und für die fortschreitende Zerstörung der glandulären Basalmembranen verantwortlich. Die glanduläre Expression innerhalb der Endometroseherde gleicht weitgehend der der unveränderten Drüsenzellen, lediglich in destruierenden Endometrosen werden TGF-alpha, TGF-beta2 und MMP-2 in den involvierten Drüsenzellen vermehrt nachgewiesen. Mögliche Ursachen wären eine Diffusion durch die geschädigte glanduläre Basalmembran bzw. eine Anregung der Synthese im Rahmen der epithelialen Wundheilung. Eine Anregung der glandulären und stromalen Expression der untersuchten Wachstumsfaktoren und des Enzyms MMP-2 im Rahmen der Endometrose durch die Anwesenheit von Entzündungszellen konnte nicht nachgewiesen werden.
Eine der Leber- und Lungenfibrose ähnelnde, überschießende Wundheilungsreaktion durch eine primär epithelial bedingte, vermehrte TGF-Wachstumsfaktorproduktion sowie direkte Zusammenhänge zwischen der MMP-2- und TGF-beta-Wachstumsfaktor-Expression waren in der equinen Endometrose nicht festzustellen. Da vor allem die Stromazellen in der Endometrose eine veränderte Expression der Wachstumsfaktoren aufwiesen, ist möglicherweise eine primäre stromale Fehldifferenzierung der Ausgangspunkt für die Entstehung der Endometrose. Eine mit der Leber- und Lungenfibrose vergleichbare Schlüsselrolle der TGF-Wachstumsfaktoren in der Pathogenese der equinen Endometrose konnte nicht eindeutig belegt werden.
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Konečný, Zdeněk. "Náklady vlastního kapitálu jako měřítko rizik během životního cyklu podniku." Doctoral thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2015. http://www.nusl.cz/ntk/nusl-233780.
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In this doctoral thesis is suggested the methodics for determination the risk structure depending on the corporate life cycle with considering the sector sensitivity to the economic cycle. The share of the operational and financial risk is calculated using the beta coefficient, in which the selected measuring quantities are included. The phases of the corporate life cycle are identified according to the quadrants of the Boston matrix and the sector sensitivity to the economic cycle is determined using the Spearman´s rank correlation coefficient describing the relation between the gross domestic product and sales of the sector. The methodics is applicable for both managers and investors.
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Fontes, Ricardo Jose da Silva. "Estudo do parâmetro beta e do custo de capital das empresas brasileiras situadas em diferentes segmentos da economia: uma análise comparativa." Pontifícia Universidade Católica de São Paulo, 2009. https://tede2.pucsp.br/handle/handle/1368.
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Previous issue date: 2009-12-14<br>The objective of this Dissertation is to analyze the beta parameter and the Equity
Cost of Capital of a company s portfolio from different segments of the Brazilian
Economy, calculating its beta and its equity cost of capital.
The covered period of analysis is from January 2000 to may 2009, with
comparative intervals in December 2002, dec 2005 and dec 2008.
The analysis was based on CAPM (Capital Assets Pricing Model) and was carried out
using data from historical basis of stock price, Market Index like Ibovespa and S&P
500, Risk Free rate and inflation index, from several secondary market information
sources available in the market.
The analysis showed that the beta parameter and the equity cost of capital can
be found having its beta computed through the regression of local stocks and the
Ibovespa index.
When compared the beta parameter and its stock return through the period of time
above mentioned we will find correlation statistically significant, especially before
2008<br>O objetivo deste trabalho é analisar o parâmetro beta e o custo de capital dos
acionistas de uma carteira de empresas de diferentes segmentos da economia brasileira,
calculando seus betas e o custo de capital dos acionistas. O período de análise esta
compreendido entre jan/2000 e maio/2009, com intervalos comparativos entre 2002,
2005 e 2008.
A fundamentação teórica foi baseada na Teoria de Precificação de Ativos de
Capital (CAPM) e as análises foram executadas com base em dados históricos como
preço da ação, preço dos índices de mercado como Ibovespa e S&P500, retorno da taxa
livre de risco e expectativa de inflação, obtidos em diferentes fontes de informação
mercadológica disponíveis no mercado.
Os estudos realizados mostraram que o cálculo do beta e do custo de capital dos
diferentes segmentos pode ser feito com base no beta local e não apresenta
autocorrelação.
Observou-se ainda, que quando comparados individualmente o beta das
empresas e o retorno oferecido pelas ações ao longo do intervalo de tempo supracitado,
apresenta-se uma correlação em valores estatisticamente relevantes, principalmente nos
períodos que antecedem a crise de liquidez ocorrida no 2º semestre de 2008
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Poli, Tiglat, and Aram Aciz. "Vad prissätter Stockholmsbörsen? : En studie om publika nyckeltals samband med P/E tal." Thesis, Södertörn University College, School of Business Studies, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-3088.
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Lee, Stefan Colza. "Análise da relação entre o retorno sobre o patrimônio líquido e o custo do capital próprio, medido pelo CAPM, das empresas não financeiras brasileiras." Pontifícia Universidade Católica de São Paulo, 2007. https://tede2.pucsp.br/handle/handle/1206.
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Previous issue date: 2007-05-09<br>This dissertation analyzes the relationship between the return on equity and the cost of equity,
as suggested by the CAPM: Capital Asset Pricing Model, for non financial Brazilian
companies. Among the various kinds of returns on equity, the net profit divided by
shareholder s accounting equity was adopted as the principal return, having advantages
including widespread utilization and simplicity.
Sector samples, taken from the paper and pulp, steel, textile and petrochemical sectors, and a
non sector sample, composed of 105 companies, were analyzed. The differences between
ROE and cost of equity were calculated for the period between 1995 and 2005 and the
parametrical t Student and non parametrical Wilcoxon statistic tests were carried out to
compare means.
The results reveal a pessimistic scenario for investments in Brazil and, from the five samples,
only one from the steel sector sample reported a compatible ROE with the cost of equity.
Most of non financial Brazilian companies do not have equal or higher returns than the cost of
equity and, worse of all, these returns are many times lower than federal interest rates.
Complementary analysis with the multi regression technique indicated a paradox due to the
coexistence of a high cost of equity, shareholder s value destruction, and continuity, creation,
and growth of investments. Future studies are proposed to understand and rationalize the
results<br>O trabalho se propõe a analisar a relação entre o retorno sobre o patrimônio líquido e o custo
do capital próprio, medido pelo Capital Asset Pricing Model, das empresas não financeiras
brasileiras. Dentre os diversos retornos do capital próprio, o lucro líquido sobre o patrimônio
líquido contábil foi o principal adotado, tendo como vantagens também a simplicidade e
difusão.
Foram extraídas amostras setoriais de papel e celulose, de metalurgia e siderurgia, têxtil e de
petroquímica, e uma não setorial, que foi composta por 105 empresas. As diferenças entre os
retornos sobre o patrimônio líquido e o custo do capital próprio foram coletadas para o
período de 1995 a 2005 e foram realizados os testes paramétrico t Student e não paramétrico
Wilcoxon de igualdade de médias.
Os resultados obtidos apontam um cenário pessimista para investimentos no Brasil, uma vez
que das cinco amostras, apenas a do setor de metalurgia e siderurgia teve retornos sobre o
patrimônio líquido compatíveis com o custo do capital próprio. A maioria das empresas
brasileiras não financeiras não consegue igualar ou superar o custo do capital próprio e, em
vários casos, não conseguem sequer superar a taxa base. Análises complementares baseadas
em regressões multivariadas indicaram um paradoxo entre as coexistências de um alto custo
de capital próprio, destruição de valor aos acionistas, e a continuidade, a criação e a
ampliação dos investimentos. Estudos futuros são propostos para a compreensão e
racionalização dos resultados
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Prodělal, František. "Diskontní míra pro staovení tržní hodnoty podniku." Doctoral thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2008. http://www.nusl.cz/ntk/nusl-234293.
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The work is focussed on the determination of capital structure in its market values, determination of the cost of non-own capital, and determination of the cost of equity, primarily by using the CAPM method. In terms of the CAPM procedure the work deals with the main parameters required by the method, such as risk-free yield rate, risk market premium, and beta coefficient. Furthermore, attention is given to modifications resulting from the inaccuracies of the CAPM method to make the method correspond as much as possible with the actual yield and risk of shares historically achieved at the capital market, and likewise to modifications needed when applying the CAPM method to the valuation of Czech businesses. The recommended procedure of determining the market discount rate for the valuation of an enterprise is applied on an example. Data obtained from the capital market of the Czech Republic are used to calculate the risk premium of the Czech capital market and beta coefficient of selected ten shares out of the Czech capital market, giving an assessment of the possibility of using the data obtained from the Czech capital market for the valuation of businesses incorporated in the Czech Republic.
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Lapointe, Vincent. "Essays on corporate social responsibility and socially responsible investment." Thesis, Aix-Marseille, 2013. http://www.theses.fr/2013AIXM1093/document.
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Notre thèse traite des thématiques de la responsabilité sociétale des entreprises (RSE), de sa relation avec la performance économique et financière de l’entreprise, et de l’investissement socialement responsable (ISR). Ces thématiques ont récemment gagné en popularité, favorisées par un contexte de crise économique et environnementale. Notre thèse se compose de quatre principaux chapitres. Notre premier chapitre est une revue de la littérature académique sur la RSE et l’ISR. Nous proposons une revue interdisciplinaire de la littérature académique partagée entre l’économie et les sciences de gestion (éthique appliquée aux entreprises, stratégie et finance). Notre second chapitre est une analyse empirique de la relation entre RSE et performance financière de l’entreprise sous l’angle du coût du capital. Nous nous intéressons à l’impact de la publication d’une notation de la politique de RSE d’une entreprise sur la liquidité de ses titres et la taille de sa base d’actionnaires. Nos troisième et quatrième chapitres sont des analyses des propriétés de portefeuilles d’ISR construits à l’aide de nouvelles méthodes d’allocations. Ainsi nous analysons comment des stratégies d’allocations basées sur le risque modifient la performance des portefeuilles d’actifs financiers émis par des émetteurs ayant une politique de RSE, et réciproquement comment un univers d’investissement composé uniquement d’émetteurs ayant une politique de RSE modifie les propriétés de ces allocations alternatives<br>Our thesis examines corporate social responsibility (CSR) and how it is linked to a firm’s economic and financial performance, as well as socially responsible investment (SRI). With the current environmental and economic uncertainty, these issues are attracting increasing interest. Our thesis is organized in four chapters. Chapter 1 is a literature review on CSR and SRI. We propose an interdisciplinary review of the academic literature in both economics and management sciences (ethics applied to business, strategy and finance). Chapter 2 is an empirical analysis of the relationship between CSR and a firm’s financial performance in terms of cost of capital. We look at the impact of publishing an evaluation of the firm’s involvement in CSR on the liquidity of its stocks and the size of its investor base. Chapter 3 and Chapter 4 are analyses of the characteristics of SRI portfolios built according to new allocation methodologies. We analyze how risk-based allocations impact the performance of the portfolios of financial products of issuers involved in CSR, and reciprocally, how a universe of investment composed of the financial products of issuers involved in CSR impacts the properties of these alternative allocations
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Klečka, Ondřej. "Moderní přístupy k DCF modelu v komparaci s přístupy klasickými." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-197410.
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Diploma thesis covers the topic about different attitudes to DCF valuation. The first part is an introduction into CAPM theory and a multifactor French-Fama model. This part also indicates different views on financial assets and analyzes an issue of setting discount rates, especially the risk-free rate and equity risk premium. The second part of this paper applies the theory into valuation of Microsoft, GAP and Telefónica O2. There are elaborated forecasts of the financial statements and free cash flows (FCFCE, FCFU), the discount rate composition and analyses of the factors HML and SMB. At the end, there are performed various valuations, which results are discussed together with a development of real market prices.
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Farias, Fabriana Helena Geraldo. "11 [beta]-hydroxysteroid dehydrogenase activity in feline, equine, and ossabaw swine adipose tissue." Diss., Columbia, Mo. : University of Missouri-Columbia, 2007. http://hdl.handle.net/10355/4909.
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Thesis (M.S.)--University of Missouri-Columbia, 2007.<br>The entire dissertation/thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file (which also appears in the research.pdf); a non-technical general description, or public abstract, appears in the public.pdf file. Title from title screen of research.pdf file (viewed on January 3, 2008) Includes bibliographical references.
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Ketzner, Karissa Marie Wilson David A. "11[beta]-HSD₂ activity in an equine distal limb and thoracic wound model." Diss., Columbia, Mo. : University of Missouri-Columbia, 2009. http://hdl.handle.net/10355/6662.
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"December 2009" The entire dissertation/thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file (which also appears in the research.pdf); a non-technical general description, or public abstract, appears in the public.pdf file. Title from PDF of title page (University of Missouri--Columbia, viewed on January 5, 2010). Thesis advisor: David A. Wilson. Includes bibliographical references.
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Wardle, Robert L. "Functional antagonism between muscarinic receptor and beta-adrenergic receptor agonists in equine trachealis muscle in vitro /." The Ohio State University, 1994. http://rave.ohiolink.edu/etdc/view?acc_num=osu1487858417981441.
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Pereira, Clairton Marcolongo. "Doenças de equinos na região sul do Rio Grande do Sul." Universidade Federal de Pelotas, 2014. http://repositorio.ufpel.edu.br/handle/ri/2516.
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Previous issue date: 2014-02-21<br>This thesis is a study developed in period of 34 years about equine diseases diagnosed through out 34 municipalities of Southern Rio Grande do Sul, which includes de influence area of the Laboratório Regional de Diagnóstico of the Veterinary School of the Federal University of Pelotas. There is a general paper about the diseases diagnosed in this specie related by etiologic agent. This paper establishes the importance of dermatological diseases, including equine sarcoid and squamous cell carcinoma as a cause of economic losses in equines. It also demonstrates that leucoencephalomalacia, rabies, thromboembolism by Strongylus vulgaris and equine monocytic ehrlichiosis are the leading causes of death in horses in the region. Other three papers are presented: two related to the causes of abortion
and the one about the epidemiology of pythiosis. These conditions are important causes of economic losses in the breeding of horses in the region.<br>Esta tese trata-se de um estudo das enfermidades de equinos diagnosticadas em 34 municípios da região Sul do Rio Grande do Sul, que compreende a área de influência do Laboratório Regional de Diagnóstico da Faculdade de Veterinária da
Universidade Federal de Pelotas, em um período de 34 anos. É apresentado um trabalho geral das enfermidades diagnosticadas nesta espécie animal, relacionadas por agente etiológico tendo sido estabelecida a importância das doenças
dermatológicas, dentre elas o sarcoide equino e o carcinoma de células escamosas como causas de prejuízos econômicos nesta espécie animal. Com este estudo foi possível, ainda, demonstrar que a leucoencefalomalacia, a raiva, o tromboembolismo por Strongylus vulgaris e a erliquiose monocítica são as principais causas de morte de equinos na região. São apresentados, também, dois trabalhos científicos referentes às causas de aborto e um à epidemiologia da pitiose, respectivamente, que são importantes causas de prejuízos econômicos na criação de equinos na região, identificadas neste estudo.
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Cauvin, Edouard Raoul Jaques. "An investigation into the roles of transforming growth factor beta (TGFb) in the development, adaptation and repair of equine tendons." Thesis, Royal Veterinary College (University of London), 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.248361.
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Savage, Catherine Jane. "Characterization of equine neutrophil surface antigens with an anti-[beta]-integrin-like and two anti-CD18 monoclonal antibodies and effect of lipopolysaccharide stimulation /." This resource online, 1994. http://scholar.lib.vt.edu/theses/available/etd-01102009-064024/.
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Lage, Jéssica. "Frequência cardíaca, lactato, custo líquido de transporte e energia metabólica de equinos de marcha batida ou picada da raça Mangalarga Marchador /." Jaboticabal, 2016. http://hdl.handle.net/11449/143447.
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Orientador: Guilherme de Camargo Ferraz<br>Marcos Jun Watanabe<br>José Corrêa de Lacerda Neto<br>Resumo: Objetivou-se caracterizar a frequência cardíaca máxima (FCMÁX), a intensidade da prova de marcha oficial e comparar o custo de transporte (COT) e a energia metabólica (P) de equinos da raça Mangalarga Marchador (MM) de marcha picada (MP) ou batida (MB). Ao todo 22 equinos da raça MM participaram deste estudo. O experimento foi realizado em três fases: 1) teste de esforço máximo (TEM), 2) provas oficiais de marcha (POM) e 3) teste padronizado de marcha (TMP). Para caracterizar a FCMÁX, 19 equinos (14 de MB e 5 de MP) realizaram um TEM. Destes, 13 (9 de MB e 4 de MP) foram monitorados durante a POM que foi composta por 4 etapas: marcha, passo, prova funcional e estação. A média da FC de cada etapa da POM foi relacionada à FCMÁX para determinação da sua intensidade relativa. O TPM foi realizado com 14 equinos (9 de MB e 5 de MP), dos quais 11 já haviam participado das etapas anteriores. O COT e P foram calculados a partir dos valores de frequência cardíaca (FC) obtidos durante o TMP. Amostras sanguíneas foram coletadas para análise da concentração plasmática de lactato [Lac]. Aplicou-se o teste t de student e ANOVA de uma via seguida pelo teste Holm-Sidak (P<0,05). A FCMÁX média foi de 211±11 e 214±11 bpm para os grupos MB e MP, respectivamente, não havendo diferença (P>0,05) entre eles. A [Lac] aumentou em decorrência do TEM, sem diferença entre os grupos. Isto indicou que os grupos possuíam a mesma aptidão física. As etapas da POM definidas no nosso estudo diferiram quanto à i... (Resumo completo, clicar acesso eletrônico abaixo)<br>Abstract: This study aimed to characterize the maximum heart rate (HRMÁX), the intensity of the official marcha test (OMT) and compare the cost of transport (COT) and metabolic power (P) of Mangalarga Marchador (MM) horses of marcha batida (MB) and marcha picada (MP). Twenty-two MM horses participated in this study. The experiment was conducted in three phases: 1) maximal effort test (MET), 2) official marcha test (OMT) and 3) standardized walk test (SWT). To characterize the HRMÁX, 19 horses (14 MB and 5 MP) underwent a MET. Of these, 13 (9 MB and 4 MP) were monitored during the OWT that consisted of 4 stages: walk, marcha, functional test and rest. The average HR in each stage of OMT was correlated to the HRMÁX to determine their relative intensity. The SWT was performed with 14 horses (9 MB and 5 MP), of which 11 had already participated in the previous stages. The COT and P were calculated from the heart rate values (HR) obtained during the SWT. Blood samples were collected to analyze plasma lactate concentration [Lac]. Student t test and one-way ANOVA followed by Holm-Sidak test (P <0.05) were used to analyze the results. The average HRMÁX was 211 ± 11 and 214 ± 11 bpm for the MB and MP groups, respectively, with no difference (P> 0.05) between them. The [Lac] increased as a result of MET, with no difference between groups. This indicated that horses of both groups had the same physical fitness levels. The OMT stages defined in our study differed regarding the relative intensity o... (Complete abstract click electronic access below)<br>Mestre
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Lasarzik, Juliane [Verfasser]. "Interleukin-1 receptor antagonist and interleukin-1 beta levels in equine synovial fluid of normal and osteoarthritic joints and the influence of two different autolougous conditioned serum treatment intervals on cytokine and cartilage biomarker levels in equine osteoarthritic joints / Juliane Lasarzik." Berlin : Freie Universität Berlin, 2017. http://d-nb.info/1137206624/34.
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Berglund, Alix Kay. "Investigating the Use of TGF-beta2 to Downregulate MHC Expression and Reduce the Immunogenicity of Equine Bone Marrow-derived Mesenchymal Stem Cells." Thesis, North Carolina State University, 2018. http://pqdtopen.proquest.com/#viewpdf?dispub=10970022.
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<p> Allogeneic bone marrow-derived mesenchymal stem cells (MSCs) are a promising cell therapy for effective and efficient treatment of various inflammatory and immunemediated diseases. While the prevailing dogma has been that MSCs are immune privileged, very few studies have controlled for MHC haplotype or adequately measured MSC immunogenicity in vitro or in vivo. Controlled studies have found that major histocompatibility complex (MHC)-mismatched MSCs evoke both cell-mediated and humoral immune responses in vivo. Microcytotoxicity assays were used to show that horses injected with MHC-mismatched MSCs generate cytotoxic alloantibodies capable of killing MSCs as early as 7-days post-transplantation. Rejection of MSCs likely leads to reduced therapeutic efficacy and the development of strategies to avoid allorecognition and rejection are necessary to provide safe and efficacious allogeneic therapy.</p><p> Downregulation of MHC expression allows cells to avoid immune surveillance and may enhance the ability of MSCs to avoid allorecognition and rejection. Transforming growth factor-β2 (TGF-β2) has been shown to downregulate MHC surface expression in various cell types. In agreement with what has been demonstrated in other cell types, TGF-β2 treatment significantly reduced constitutive MHC I and MHC II surface expression and partially blocked IFN-γ-induced MHC expression on equine MSCs. TGF-β2 treatment did not significantly affect the morphology, cell surface markers, viability, or secretion of TGF- β1 and TGF-β2, but did increase the cell yield from cultures. This data indicates that TGF-β2 may reduce MSC immunogenicity without altering the immunomodulatory properties of the cells.</p><p> The immunomodulatory capabilities of TGF-β2-treated MSCs were analyzed in modified one-way mixed leukocyte reactions and ELISAs. Naive and TGF-β2-treated MSCs both significantly reduced T cell proliferation as measured by the relative division index and relative CFSE geometric mean fluorescent intensity attenuation. Similar amounts of PGE2 and TGF-β2 were also measured in the supernatant of MLRs with naive and TGF-β2-treated MSCs. This supports that TGF-β2 treatment does not negatively affect the immunomodulatory properties of equine MSCs, which are critical for therapeutic function and evading immune responses in vivo.</p><p> In conclusion, although MHC-mismatched equine MSCs are immunogenic in vivo, MHC I and MHC II surface expression can be manipulated by treating cells with TGF-β2 in vitro. Downregulate of MHC surface expression is a promising strategy for enhancing the ability of MSCs to evade immune responses allowing for allogenic use clinically without the risk of immune rejection. The ability of TGF-β2-treated MSCs to avoid immune rejection should continue to be investigated in vitro and in vivo along with the mechanism by which TGF-β2 downregulates MHC expression.</p><p>
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Hansén, Gustaf, and Omar Said Abdi. "Jämställdhet till varje pris? : En kvantitativ studie om finansiell prestation och jämställdhet i de svenska börsbolagens ledningsgrupper." Thesis, Södertörns högskola, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-41019.
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The issue of gender equality is a constant topic where Sweden is known as one of the most equal countries in the world. Nevertheless, the gender distribution in the top management teams (TMT) of the Swedish listed firms is generally skewed. There are no clear differences in ability between the two genders that reflect this fact. The skewed gender distribution might be a problem since TMT have an impact on firm financial performance. The study investigated the relationship between the proportion of women in the TMT and firm financial performance. In addition, the gender distribution in the TMT and the firm financial performance were examined. As a complement to the study's main research issues, we studied the risk level of firms since it is associated with financial performance. The purpose was to examine if there are any financial incentives with an increased proportion of women in top management. The theoretical perspectives on which the study was based were ‘Agency Theory’, ‘Upper Echelon Theory’ and ‘Resource Dependency Theory’. The relationships were explored quantitatively using multiple regression analysis. The regressions manifested contradictory results where the significant results showed a negative relationship between the proportion of women and ROE. The results also showed that gender diverse TMT had the lowest financial performance in terms of ROE whilst they had the highest performance when tested against Tobin's Q. Furthermore, a significant negative relationship between the proportion of female managers and the firm beta value was identified. Lastly, it was concluded that the proportion of women in TMT, as well as gender diverse TMT, do not have a unanimous relationship with firm financial performance. However, the proportion of women in TMT have a significant negative relationship with the companies' risk level.<br>Jämställdhetsfrågan är ett ständigt aktuellt ämne där Sverige klassificeras som ett av de mest jämställda länderna i världen. Ändock är könsfördelningen i de svenska börsbolagens ledningsgrupper generellt sett skev. Det råder inga tydliga skillnader i förmågan mellan de båda könen som speglar detta faktum. Den skeva könsfördelningen kan vara ett problem då ledningsgrupper har en påverkan på företagens finansiella prestationer. Studien undersökte dels vilka samband som finns mellan andelen kvinnor i ledningsgrupperna och företagens finansiella prestationer samt sambandet mellan könsfördelningen i ledningsgrupperna och de finansiella prestationerna. Som komplement till studiens huvudsakliga forskningsfrågor studerades företagens risknivå som förknippas med finansiella prestationer. Syftet var att undersöka om det finns ekonomiska incitament med en ökad andel kvinnor i de svenska börsbolagens ledningsgrupper. De teoretiska perspektiv som låg till grund för studien var ‘Agency Theory’, ‘Upper Echelon Theory’ samt ‘Resource Dependency Theory’. Sambanden utforskades kvantitativt med hjälp av regressionsanalyser. Regressionsanalyserna visade på motstridiga resultat där de signifikanta resultaten påvisade negativa samband mellan andelen kvinnor och ROE. Resultaten visade även att jämställda ledningsgrupper presterade sämst när finansiell prestation definierades som ROE. Däremot presterade jämställda ledningsgrupper bäst när de testades mot Tobin’s Q. Vidare identifierades ett signifikant negativt samband mellan andelen kvinnliga chefer och företagens betavärde. Från resultaten drogs slutsatserna att andelen kvinnor i ledningsgrupperna samt jämställda ledningsgrupper inte har ett enhälligt signifikant samband med företagens finansiella prestationer. Däremot har andelen kvinnor i ledningen ett negativt samband med företagens risknivå.
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Coutinho, Pedro Miguel Pinto de Ataíde Ferreira. "Equity valuation using accounting numbers in low and high Beta Firms." Master's thesis, 2013. http://hdl.handle.net/10400.14/15669.
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The aim of this paper is to study the performance of different accounting valuation models across firms with different beta levels. In order to create this analysis more realistic, both sub samples will be distinguished, according to their leverage level, in quartiles.
Initially, not only several studies developed concerning equity valuation using accounting-based valuation models, which will provide an important theoretical support to this analysis, but also a brief reflection on the relevance of the variable beta will be introduced. Then, stock-based and flow-based accounting valuation models are analyzed across low beta firms and high beta firms. While valuation models on low beta firms perform better when selected companies with extreme leverage levels, when applied for companies with average leveraged levels, these same models show better results on high beta firms.
In order to understand whether analysts take into consideration the results provided by the previous analysis, a small sample analysis, applied for some UK companies with different beta values, examines not only the investment recommendations and the valuation models used in practice by brokers’ reports, but also other relevant variables, such as, the firm’s profitability, market size, intangible-intensity, R&D expenses and the number of pages per broker report.
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Brito, Francisco Gradíssimo Teixeira de. "Ab inbev equity research - the sleppy champion." Master's thesis, 2021. http://hdl.handle.net/10362/122621.
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This work project is part of a consolidated report named“AB InBev Equity Research”. The aim of this work project is to do a valuation of the company AB InBev which is the biggest player in the beer market. With the increase of craft beer and premium brands in the company portfolio, synergized with the possible economies of scale in these segments we expect the company ROIC to increase. We also debate that the company beta is higher than what it should be comparing to its main competitor. All together we estimated a price above what it is now
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Lee, Chung-Yi, and 李仲益. "Private Placements of Equity and Systematic Risk – Application of the Beta Decomposition Model." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/ck73xf.
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碩士<br>國立中興大學<br>財務金融系所<br>102<br>The existing literature finds that firms perform poorly after private placements, which is explained by investors overoptimism. This study uses the two-beta model: cash-flow beta and discount-rate beta, following Campbell and Vuolteenaho (2004) to investigate both issues. Cash-flow beta represents the risk of future investment opportunities, and discount-rate beta represents company’s sensitivity to market discount rate. The results show that firms with low cash-flow beta have poor long-run performance. This implies that with low sensitivity to cash flows are likely to perform poorly following private placements. Further, the negative relation between discount-rate beta and long-run performance indicate that investors are prone to be overoptimistic about high discount-rate beta firms.
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Agyei-Ampomah, S., and Khelifa Mazouz. "The comovement of option listed stocks." 2011. http://hdl.handle.net/10454/5808.
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This study examines the changes in return comovement around the listing and delisting of stock option contracts. We show that newly option listed stocks experience an increase in comovement with a portfolio of option listed stocks and a decrease in comovement with the portfolio of non-optioned stocks. Similarly, stocks that undergo option delisting exhibit a decrease in comovement with option listed stocks and an increase in comovement with non-optioned stocks. We verify the reliability of our findings in several ways. A matched sample analysis suggests that our results are not driven by factors other than option listing and we find similar results using a calendar-time approach. Further analysis reveals that commonalities in option trading may induce the comovement in the option listed stocks. Overall, our evidence is consistent with the predictions of the category or habitat view of comovement.
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Jin, Jie-Min, and 金傑敏. "The Effect of Size,Book-to-Market Equity,Prior Returns,and Beta on Stock Returns:The Taiwan Case." Thesis, 1996. http://ndltd.ncl.edu.tw/handle/17644623237969087086.
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Su, Yi-Ting, and 蘇逸廷. "Applying the Two-beta Model to Explain the Long-run Performance of Firms following Seasoned Equity Offerings." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/11845535366319515301.
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碩士<br>國立中興大學<br>財務金融系所<br>102<br>We utilize Campbell and Vuolteenaho’s(2004) two-beta model to estimate firm’s cash-flow and discount-rate betas, and then test whether corporate characteristics affect the change in two betas after SEOs. We also examine the impact of two betas on long-run performance of SEO firms. There are three main findings in this paper. First, firms with lower book-to-market ratio, higher investment ratio, and higher pre-issue price runup decline substantially in cash-flow beta after SEOs. In contract, the discount-rate beta does not have the similar change after SEOs. Second, cash-flow beta at issuance has negative and significant impact on long-run performance, but discount-rate beta does not have significant impact on long-run performance. Finally, the reason of the poor long-run performance is the decrease in cash-flow beta, but it is not related to change in discount-rate beta.
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Jin, Jye-Min, and 金傑敏. "The Effect of Size,Book-to-Market Equity,Prior Returns,and Beta on Stock Returns:The Taiwan Case." Thesis, 1996. http://ndltd.ncl.edu.tw/handle/79332236398363190256.
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碩士<br>淡江大學<br>財務金融學系<br>84<br>Authors of recent empirical research find size and book-to
market equtiy (BE/ME) transcend beta in explaining stock
returns. The explanatory power of BE/ME is greater than that of
size. Fama and French (1992) suggest that market overreaction
may cause the BE/ME effect. To address the hypothesis, they
estimate cross-sectional regressions of monthly returns on size,
BE/ME, and three-year lagged returns, but find that the prior
returns have no explanatory power, even when used alone. Fant
and Peterson(1995) think that Fama and French(1992) do not
explore seasonal over-reaction patterns, so that they do not
find the explanatory power of prior returns. Thus, Fant and
Peterson(1995) use regression analysis to explore the
incremental effect of size, BE/ME, prior returns, and beta on
returns. Because of seasonal patterns detected in prior studies,
they explore relations in January versus the remainder of the
year.Following the researching method of Fant and
Peterson(1995), major empirical results in Taiwan stock market
are as follows:1.Stock returns are insignificantly related to
both size and beta. In other word, size and beta have no
explanatory power.2.Stock returns are significantly positively
related to BE/ME, and significantly negatively related to prior
returns. In other word, the overreaction effect and BE/ME effect
exist. Moreover, both the positive relation between the log of
BE/ME and stock returns, and the negative relation between prior
returns and stock returns are stronger in January.3.Prior
returns have a distinct influence on returns. After BE/ME is
considered, prior returns is a statistically significant
variable explaining current returns. My empirical findings do
not support the conjecture that the BE/ME effect is caused by
the overreaction effect.
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Kiesow, Claudia. "Pathogenese der equinen Endometrose: Bedeutung der Wachstumsfaktoren Transforming growth factor-alpha, -beta1, -beta2 und -beta3 sowie der Matrixmetalloproteinase-2." Doctoral thesis, 2009. https://ul.qucosa.de/id/qucosa%3A11125.
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Ziel der vorliegenden Arbeit war die immunhistologische Charakterisierung der Expression der profibrotischen Wachstumsfaktoren Transforming growth factor-beta-1, -beta2 und -beta3 und des Enzyms Matrixmetalloproteinase-2 (MMP-2) im equinen Endometrium während des Zyklus sowie innerhalb der verschiedenen Erscheinungsformen der equinen Endometrose. Zudem wurde der potentielle Einfluss einer gleichzeitig auftretenden Endometritis auf die glanduläre und stromale Wachstumsfaktor- und Enzym-Expression untersucht. Die Ergebnisse dieser Studie sollten klären, ob und inwieweit den untersuchten Wachstumsfaktoren unter Beteiligung von MMP-2 in der Pathogenese der equinen Endometrose eine mit anderen Organfibrosen vergleichbare Schlüsselrolle zukommt.
Zu diesem Zweck standen an definierten Tagen entnommene Endometriumbioptate (n=21) von drei zyklisch aktiven, klinisch und gynäkologisch gesunden Maidenstuten sowie Endometriumbioptate von 60 Stuten mit graduell variabler Endometrose unterschiedlichen Charakters und Endometriumbioptate von 22 Stuten mit mittelgradiger Endometrose und gleichzeitiger mittelgradiger eitriger (n=16) bzw. nichteitriger (n=6) Endometritis aus dem Routineeinsendungsmaterial des Institutes für Veterinär-Pathologie der Universität Leipzig zur Verfügung.
Die Wachstumsfaktoren TGF-beta1, -beta2 und -beta3 sowie das Enzym MMP-2 zeigen im Zyklus ein typisches, zellspezifisches Reaktionsmuster, das unterschiedlichen Regulations-mechanismen zu unterliegen scheint. Ein Maximum der TGF-beta1-Expression in den luminalen Epithelzellen, Stroma- und Drüsenzellen kann in der endometrialen Sekretionsphase mit Anstieg bzw. einem Maximum der Serumprogesteron-Konzentration beobachtet werden. Im Gegensatz dazu tritt eine Expression von MMP-2 in den Stromazellen in der Sekretionsphase mit Abfall der Progesteronkonzentration im Serum auf. Das luminale Epithel und die Stromazellen zeigen eine maximale Expression von TGF-beta2 beim Vorliegen hoher Progesteronspiegel im Serum bzw. mit Abfall der Serumprogesteron-Konzentration in der Sekretionsphase. TGF-beta3 weist im luminalen Epithel ein ähnliches Expressionsmuster auf, eine deutliche Abhängigkeit zu den Serumhormon-Konzentrationen lässt sich jedoch nicht feststellen. Die stromale Expression von TGF-alpha unterliegt im equinen Endometrium keinen zyklusabhängigen Variationen.
Die Stromazellen innerhalb der verschiedenen Endometroseherde zeigen, im Vergleich zum unveränderten Endometrium, vor allem eine verminderte Expression von TGF-alpha. Das Expressionsmuster der TGF-beta-Wachstumsfaktoren ist grundsätzlich variabel, es fällt jedoch auf, dass die Stromazellen insbesondere in inaktiven Endometrosen eine geringere Expression der TGF-beta-Isoformen aufweisen. Ursache ist möglicherweise eine gestörte hormonelle Stimulation bzw. eine stromale Synthesestörung in Folge veränderter epithelial/stromaler Wechselwirkungen. Das Enzym MMP-2 wird dagegen in den Stromazellen aller Endometroseherde, unabhängig von deren Differenzierung und dem Auftreten glandulärer Alterationen, deutlich vermehrt nachgewiesen. Dies ist sehr wahrscheinlich Folge der Extra-zellularmatrix-Akkumulation innerhalb der Endometroseherde und für die fortschreitende Zerstörung der glandulären Basalmembranen verantwortlich. Die glanduläre Expression innerhalb der Endometroseherde gleicht weitgehend der der unveränderten Drüsenzellen, lediglich in destruierenden Endometrosen werden TGF-alpha, TGF-beta2 und MMP-2 in den involvierten Drüsenzellen vermehrt nachgewiesen. Mögliche Ursachen wären eine Diffusion durch die geschädigte glanduläre Basalmembran bzw. eine Anregung der Synthese im Rahmen der epithelialen Wundheilung. Eine Anregung der glandulären und stromalen Expression der untersuchten Wachstumsfaktoren und des Enzyms MMP-2 im Rahmen der Endometrose durch die Anwesenheit von Entzündungszellen konnte nicht nachgewiesen werden.
Eine der Leber- und Lungenfibrose ähnelnde, überschießende Wundheilungsreaktion durch eine primär epithelial bedingte, vermehrte TGF-Wachstumsfaktorproduktion sowie direkte Zusammenhänge zwischen der MMP-2- und TGF-beta-Wachstumsfaktor-Expression waren in der equinen Endometrose nicht festzustellen. Da vor allem die Stromazellen in der Endometrose eine veränderte Expression der Wachstumsfaktoren aufwiesen, ist möglicherweise eine primäre stromale Fehldifferenzierung der Ausgangspunkt für die Entstehung der Endometrose. Eine mit der Leber- und Lungenfibrose vergleichbare Schlüsselrolle der TGF-Wachstumsfaktoren in der Pathogenese der equinen Endometrose konnte nicht eindeutig belegt werden.
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Hablani, Laurence Myriam. "Le TGF-[BETA] comme marqueur d'adhérences abdominales dans un modèle expérimental de poulain nouveau-né." Thèse, 2008. http://hdl.handle.net/1866/7172.
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Bullone, Michela. "Reversibility of airway remodeling in equine asthma : contribution of anti-inflammatory and bronchodilator therapies." Thèse, 2016. http://hdl.handle.net/1866/18381.
Full textAbstract:
L’asthme bronchique est caractérisé par un remodelage et une inflammation des voies aériennes. La masse du muscle lisse ainsi que la déposition de matrice extracellulaire sont augmentées dans la paroi des bronches asthmatiques, ce qui contribue à l’obstruction respiratoire. Peu d’études ont évalué les effets des traitements utilisés dans l’asthme sur le remodelage bronchique, et surtout peu de données sont disponibles concernant les effets sur le muscle lisse. La combinaison de corticostéroïdes et de β2-agonistes à longue durée d’action administrée par inhalation permet de mieux contrôler les crises d’asthme par rapport à la monothérapie avec des médicaments corticostéroïdes. Cependant, l’action spécifique de la combinaison sur le remodelage et sur l’inflammation des bronches périphériques n’est pas décrite. Surtout, il reste à clarifier si l’administration de la combinaison est avantageuse par rapport à la monothérapie corticostéroïde. La plupart des études réalisées chez l’homme utilisent des tissus bronchiques obtenus par biopsie endobronchique, qui ne sont pas représentatifs du processus pathologique affectant les voies respiratoires périphériques. Leur inaccessibilité par des méthodes non invasives est la raison pour laquelle si peu de données existent sur la pathophysiologie des voies périphériques chez les patients asthmatiques. L’asthme équin, aussi connu comme « le souffle », est une pathologie obstructive des chevaux adultes considérée comme un modèle animal d’asthme humain. Elle est caractérisée par un remodelage des bronches périphériques et par une inflammation bronchoalvéolaire de type neutrophilique.
En étudiant le modèle équin, cette thèse a évalué la contribution des médicaments corticostéroïdes et de β2-agonistes à longue durée d’action, administrée comme monothérapies ou en combinaison, sur la réversibilité du remodelage et de l’inflammation de voies aériennes dans l’asthme bronchique. A cette fin, nous avons d’abord optimisé et validé l’application de la biopsie endobronchique et de l’échographie endobronchique chez le cheval adulte. Nos résultats indiquent que les échantillons obtenus par biopsie endobronchique sont inadéquats pour l’évaluation quantitative de la masse du muscle lisse chez le cheval. Cependant, ils permettent d’étudier les changements quantitatifs des structures épithéliales et de la lamina propria, ainsi que les aspects qualitatifs du muscle lisse. L’échographie endobronchique, quant à elle, permet d'estimer la masse du muscle lisse bronchique, et ce, chez des chevaux sains et chez des chevaux asthmatiques. Cette thèse démontre aussi que qu’un traitement de 12 semaines avec des corticostéroïdes induit une diminution significative de la masse du muscle lisse périphérique, qui n’est pas amélioré davantage par l’administration concomitante d’un β2-agoniste à longue durée d’action. Cette diminution est toutefois incomplète. Un effet positif et synergique de la combinaison a également été observé au niveau de la déposition de matrice extracellulaire. La combinaison a produit une diminution significative de la quantité de matrices déposées dans la lamina propria et dans la couche du muscle lisse dans les bronches centrales, alors que l’effet été limité à la couche du muscle lisse dans les bronches périphériques. La combinaison n’améliore pas le contrôle de l’inflammation bronchique ni bronchiolaire par rapport aux monothérapies ; cependant, elle diminue la neutrophilie bronchoalvéolaire de façon synergique.<br>Airway remodeling and inflammation are the hallmarks of asthma. Both airway smooth muscle (ASM) mass and extracellular matrix (ECM) deposition are increased in the central and peripheral airways of asthmatic patients, which contribute to airway obstruction. Few studies have investigated the ability of current asthma medications to reverse airway remodeling, especially the increased ASM mass. Inhaled corticosteroids (ICS) and long-acting β2-agonist combinations (ICS/LABA) are more effective than ICS monotherapy to control asthma exacerbations. However, their efficacy at modifying bronchial inflammation and remodeling at the peripheral level of the lung is not well-described. In fact, most work has been performed using endobronchial biopsy samples obtained from asthmatic subjects, which completely disregard the alterations occurring in peripheral airways. Ethical considerations limit the possibility of biopsying the peripheral airways in humans due to the invasiveness of the procedure. Equine asthma, or heaves, is a naturally-occurring disease of adult horses and a recognized animal model of human asthma characterized by neutrophilic inflammation as well as ASM and ECM remodeling of peripheral airways.
This thesis has assessed the contribution of ICS and LABA, alone or combined, to the reversal of remodeling and inflammation in central and peripheral airways using the equine asthma model. To attain this goal, we have first optimized and validated the application of endobronchial biopsy and endobronchial ultrasound (EBUS) in the equine species. EBUS reliably estimates the bronchial ASM. Subsequently, asthmatic horses with ongoing airway remodeling and inflammation were treated with ICS, LABA, ICS/LABA, or antigen avoidance. Lung function, airway remodeling and inflammation were then assessed weekly for 3 months. Our results demonstrated a 30% decrease of peripheral ASM remodeling attained with ICS and ICS/LABA pharmacological treatment. A decrease of a similar magnitude of peripheral ASM was previously reported after 6 and 12 months of ICS monotherapy and antigen avoidance, respectively. A synergistic effect of ICS/LABA was observed on ECM deposition and airway lumen neutrophils. ICS/LABA decreased the ECM fraction of the ASM layer both peripherally and centrally, while the same effect on the lamina propria was observed only in central airways. Both ICS/LABA and ICS monotherapy decreased submucosal inflammation in central airways, while only ICS/LABA and antigen avoidance decreased bronchoalveolar neutrophilia.
In conclusion, our results suggest that the enhanced therapeutic effect of ICS/LABA over ICS monotherapy in asthmatic horses was associated with a reduction of ECM deposition, mainly observed within the large airways, and possibly also with a decreased airway neutrophilia. However, ICS/LABA did not provide additional benefit to ICS monotherapy in terms of peripheral ASM remodeling as both induce a 30% decrease of the ASM mass in 3 months.