| 1. |
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| 2. |
- Andersson, Maria, 1977, et al.
(författare)
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Effects of stock investments of information about short versus long price series
- 2012
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Ingår i: Review of behavioral finance. - : Emerald. - 1940-5979. ; 4:2, s. 81-97
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Tidskriftsartikel (refereegranskat)abstract
- Purpose – The purpose of this paper is to investigate whether stock price predictions and investment decisions improve by exposure to increasing price series. Design/methodology/approach – The authors conducted three laboratory experiments in which undergraduates were asked to role-play being investors buying and selling stock shares. Their task was to predict an unknown closing price from an opening price and to choose the number of stocks to purchase to the opening price (risk aversion) or the closing price (risk taking). In Experiment 1 stock prices differed in volatility for increasing, decreasing or no price trend. Prices were in different conditions provided numerically for 15 trading days, for the last 10 trading days, or for the last five trading days. In Experiment 2 the price series were also visually displayed as scatter plots. In Experiment 3 the stock prices were presented for the preceding 15 days, only for each third day (five days) of the preceding 15 days, or as five prices, each aggregated for three consecutive days of the preceding 15 days. Only numerical price information was provided. Findings – The results of Experiments 1 and 2 showed that predictions were not markedly worse for shorter than longer price series. Possibly because longer price series increase information processing load, visual information had some influence to reduce prediction errors for the longer price series. The results of Experiment 3 showed that accuracy of predictions increased for less price volatility due to aggregation, whereas again there was no difference between five and 15 trading days. Purchase decisions resulted in better outcomes for the aggregated prices. Research limitations/implications – Investors´ performance in stock markets may not improve by increasing the length of evaluation intervals unless the quality of the information is also increased. The results need to be verified in actual stock markets. Practical implications – The results have bearings on the design of bonus systems. Originality/value – The paper shows how stock price predictions and buying and selling decisions depend on amount and quality of information about historical prices.
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| 3. |
- Andersson, Maria, 1977, et al.
(författare)
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Hållbara bonussystem : Sustainable bonus systems
- 2011
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Ingår i: Hållbar utveckling - från risk till värde / L. G. Hassel, L.-O. Larsson & E. Nore (red.). - Malmö : Studentlitteratur. - 9789144075327 ; , s. 41-49
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Bokkapitel (övrigt vetenskapligt/konstnärligt)
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| 4. |
- Biel, Anders, 1977-, et al.
(författare)
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Adhesive Tapes; Cohesive Laws for a Soft Layer
- 2014
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Ingår i: Procedia Materials Science. - Amsterdam : Elsevier. - 2211-8128. ; 3, s. 1389-1393
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Tidskriftsartikel (refereegranskat)abstract
- For adhesive tapes, the strain before fracture often exceeds 500%. Although the maximum stresses are quite modest the high strains to fracture result in impressive fracture energy. Due to hydrostatic stress the fracture process often starts by nucleation of microscopic cracks inside the layer. The final crack path is usually close to one of the adherends.Repeated experiments are performed both with DCB-specimens and butt-joints. The used adhesive tape is an acrylic foam tape with a thickness of 1.1 mm and a width of 19 mm. The geometry of the specimen is adapted to the properties of the soft layer. For the DCB-specimen this implies that the length of the specimen is about 1 m. The evaluated cohesive laws from the DCB- specimens give a fracture energy of 2 kN/m and a maximum stress about 0.5 MPa. For the butt-joints, the evaluated cohesive law corresponds well to the results from the DCB-experiments. However, the strain to fracture is slightly smaller. The stress in these specimens is distributed over a larger area and a nucleated crack rapidly crosses the load bearing area and fails the joint prematurely. For both kinds of experiments the evaluated cohesive laws show a small linear part. After this part there is an almost linear strain-hardening phase until fracture.
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| 5. |
- Biel, Anders, 1948, et al.
(författare)
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Behavioural Impediments to Sustainable Investment.
- 2007
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Ingår i: Paper presented at the 32nd IAREP Conference, Ljubljana, Slovenia..
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Konferensbidrag (refereegranskat)abstract
- The present study investigates impediments to sustainable investment (SI) that reside within the organizations of institutional investors. A questionnaire was addressed to 35 institutional investors with board directors, senior investment managers or portfolio managers acting as respondents. The respondents represented SI as well as non-SI funds. Presently, little is known about how variations in the endorsement of values and norms among members in an organisation affect decision making. We tested the hypothesis that to the extent that a SI policy has been adopted, members of the organisation share a norm to advance SI, driven by an adherence to social and environmental values, together with beliefs about potential benefits of SI. We also examined an alternative model assuming a direct link between beliefs about financial outcomes of SI and SI practices in the organisation.
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| 6. |
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| 7. |
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| 8. |
- Biel, Anders, 1977-, et al.
(författare)
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Experimental evaluation of normal and shear delamination in cellulose-based materials using a cohesive zone model
- 2022
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Ingår i: International Journal of Solids and Structures. - : Elsevier. - 0020-7683 .- 1879-2146. ; 252
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Tidskriftsartikel (refereegranskat)abstract
- An experimental study to characterize properties controlling delamination of paperboard is presented. The normal and shear traction-separation laws are measured and evaluated using a double cantilever beam (DCB) and a split double cantilever beam (SCB) specimen. The DCB-experiments provides normal separation data in good agreement with results using alternative experimental techniques. From the measured data, both normal and shear fracture resistance data are obtained. A length parameter is introduced. The length parameter allows for the cohesive law to be obtained from a dimensionless master curve which is valid both for normal and shear loading. Taking advantage of the master curve, a mixed-mode potential is proposed. The mixed-mode potential is implemented as a user interface to a finite element code. As a final test, the experimental setups of the DCB and SCB specimens are simulated to validate the identified normal and shear properties.
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| 9. |
- Biel, Anders, 1977-, et al.
(författare)
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Strength and toughness in shear of constrained layers
- 2018
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Ingår i: International Journal of Solids and Structures. - : Elsevier. - 0020-7683 .- 1879-2146. ; 138, s. 50-63
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Tidskriftsartikel (refereegranskat)abstract
- Confined layers may fracture in shear. This occurs, for example in adhesive joints and composite materials. A common mechanism for shear fracture is the formation of shear hackles associated with an expansion of the layer. This makes shear toughness and strength depend on the constraint of the expansion. By constraining the expansion using external loading in experiments, the expansion is reduced but not totally inhibited. The experiments are evaluated using the path independent properties of the J-integral. It is shown that the shear toughness increases for the more constrained case. Thus, from a strength analysis perspective, ignoring the expansion leads to a conservative estimate of the fracture properties. Extrapolation of the evaluated properties to totally inhibited expansions gives the traction separation relation and the fracture toughness for a layer in simple shear.
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| 10. |
- Bödeker, Felix, et al.
(författare)
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A novel FFT-based homogenization scheme for cohesive zones
- 2022
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Ingår i: Procedia Structural Integrity. - : Elsevier. - 2452-3216. ; 42, s. 490-497
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Tidskriftsartikel (refereegranskat)abstract
- Cohesive Zone Models with finite thickness are widely used for the fracture mechanical modeling of layers of material, e.g., adhesives. Within this approach, the whole layer is modeled as a Cohesive Zone. Moreover, computational homogenization techniques are crucial for the development of advanced engineering materials, which are often heterogeneous. Compared to the classical Finite Element Method (FEM), computationally more efficient solvers based on the Fast Fourier Transform (FFT) are expected to reduce the computational effort needed for the homogenization. Originated from an existing method for the computational homogenization of Cohesive Zones using FEM, a novel FFT-based homogenization scheme for Cohesive Zone Models was developed. Our implementation of the FFT solver uses the Barzilai-Borwein scheme and a non-local ductile damage model for the fracture behavior. Finally, the method is applied to the core material of HybrixTM metal sandwich plates, and the good agreement with experimental results in opening mode I is shown.
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| 11. |
- Bödeker, Felix, et al.
(författare)
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An FFT-based homogenization scheme for cohesive zones with an application to adhesives and the core material of thin metal sandwich plates
- 2024
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Ingår i: Theoretical and applied fracture mechanics (Print). - : Elsevier. - 0167-8442 .- 1872-7638. ; 129
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Tidskriftsartikel (refereegranskat)abstract
- Cohesive Zone Models with finite thickness are widely used for the fracture mechanical modeling of material layers, e.g., adhesive layers. Within this approach, the whole layer is modeled as a cohesive zone. Moreover, computational homogenization techniques are crucial for the development of advanced engineering materials, which are often heterogeneous. Compared to the commonly used Finite Element Method (FEM), solvers based on the Fast Fourier Transform (FFT) are expected to reduce the computational effort needed for the homogenization. Originated from an existing method for the computational homogenization of cohesive zones using FEM, a novel FFT-based homogenization scheme for cohesive zone models is presented. Our implementation of the FFT solver uses a displacement-based Barzilai–Borwein scheme and a non-local ductile damage model for the fracture behavior. Finally, the practical application of the method is discussed using an adhesive layer and the core material of HybrixTM metal sandwich plates as examples.
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| 12. |
- Gärling, Tommy, 1941, et al.
(författare)
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Behavioural impediments to sustainable investment.
- 2008
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Ingår i: Paper presented at the 16th annual conference of European Association of Environmental and Resource Economists (EARE), University of Gothenburg, Göteborg, Sweden..
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Konferensbidrag (refereegranskat)abstract
- Institutional investors are large and powerful owners of corporate equity and have, through their investment decisions, the potential to influence company behaviour in a more sustainable direction. How can institutional investors be influenced? There are many obstacles to overcome before such influences will become more widespread. The present study investigates impediments to sustainable investment (SI) that reside within and between organizations of institutional investors. A questionnaire was addressed to 37 institutional fund companies with board directors, senior investment managers, and portfolio managers acting as respondents. A main impediment within the organizations is that top and portfolio management differs in their view on SI. Although they have similar beliefs about short- and long-term returns of SI funds, top management has a more positive view on intangibles associated with SI. This includes to what extent one believes that members of the own organization support a norm that SI should be implemented and that the share of SI in the own company will increase in the future. The main impediment to SI practice may also be traced to incentives and rules that through imitation are adopted across organisations, potentially underlying the frequently observed herding behaviour among institutional investors. We therefore also present evidence for the hypothesis that herding is caused by interdependence between institutional investors, for instance, that leading investors or a critical mass of investors influence many others to follow suit.
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| 13. |
- Gärling, Tommy, 1941, et al.
(författare)
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Perceived Influences on Adoption of Socially Responsible Investment Among Swedish Institutional Investors
- 2008
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Ingår i: "Emerging Markets, Currencies, and Financial Stability", University of Rome, December.
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Konferensbidrag (refereegranskat)abstract
- Institutional investors are large and powerful owners of corporate equity and have, through their investment decisions, the potential to influence company behaviour in a more sustainable direction. How can institutional investors be influenced? There are many obstacles to overcome before such influences will become more widespread. The present study investigates impediments to sustainable investment (SI) that reside within and between organizations of institutional investors. A survey questionnaire was answered by 37 institutional fund companies with board directors, senior investment managers, and portfolio managers acting as respondents. It was found that a main impediment within the organizations is that top and portfolio management differs in their view on SI. Although they have similar beliefs about short-term and long-term returns of SI funds, top management has a more positive view on intangibles associated with SI. This includes to what extent one believes that members of the own organization support a norm that SI should be implemented and that the share of SI in the own company will increase in the future. The main impediment to SI practice may also be traced to incentives and rules that through imitation are adopted across organisations, potentially underlying the frequently observed herding behaviour among institutional investors.
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| 14. |
- Hedesström, Martin, 1969, et al.
(författare)
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Effects of bonuses on diversification in delegated stock portfolio management
- 2015
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Ingår i: Journal of Behavioral and Experimental Finance. - : Elsevier BV. - 2214-6350. ; 7:September, s. 60-70
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Tidskriftsartikel (refereegranskat)abstract
- Our aim is to investigate whether bonuses make stock portfolio managers take higher risks by diversifying less. In two experiments with undergraduates role-playing being professional investors, we test a model implying that they initially anchor on 100% allocation to one of two options delivering the largest bonus payout, then adjust towards allocating equally much to each option (maximal diversification) depending on the degree of perceived uncertainty of the bonus outcome. In Experiment 1 we find as expected that when the bonus is reduced, investment in the preferred option decreases such that diversification increases. Diversification is larger when uncertainty of the bonus outcome is made salient. In Experiment 2weshow that a majority herd strengthens the effect of a bonus for investing in a preferred option despite salient uncertainty of the bonus outcome. In actual stock markets such herding effects would result from investors being similarly rewarded by bonuses.
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| 15. |
- Hedesström, Martin, 1969, et al.
(författare)
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Stock investors' preference for short-term vs. long-term bonuses
- 2012
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Ingår i: Journal of Socio-Economics. - : Elsevier BV. - 1053-5357. ; 41:2, s. 137-142
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Tidskriftsartikel (refereegranskat)abstract
- Bonuses in the finance sector may be based on too short time intervals for environmental and social factors to be taken into account in investment decisions. We report two experiments to investigate whether investors prefer short-term to long-term bonuses. In Experiment 1 employing 27 undergraduates, preferences were measured for four short-term certain bonuses, evenly distributed across a time interval, and one certain long-term bonus at the end of the time interval. A majority chose the short-term bonuses, and in order for the long-term bonus to be equally preferred it had to be about 40% higher than the four added short-term bonuses. Experiment 2 employing another 36 undergraduates introduced outcome uncertainty that more accurately reflects the choices stock investors face. The participants again choose between a long-term bonus and four distributed short-term bonuses. It was shown that uncertainty made more participants prefer the long-term bonus to the added short-term bonuses than when the outcome was certain. A smaller increase of the long-term bonus of about 20% was now required to make it equally attractive as the four added short-term bonuses. © 2011 Elsevier Inc.
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| 16. |
- Hedesström, Martin, 1969, et al.
(författare)
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Stock investors' preferences for short-term versus long-term bonuses
- 2011
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Ingår i: Journal of Socio-Economics. ; 41, s. 137-142
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Tidskriftsartikel (refereegranskat)abstract
- Bonuses in the finance sector may be based on too short time intervals for environmental and social factors to be taken into account in investment decisions. We report two experiments to investigate whether investors prefer short-term to long-term bonuses. In Experiment 1 employing 27 undergraduates, preferences were measured for four short-term certain bonuses, evenly distributed across a time interval, and one certain long-term bonus at the end of the time interval. A majority chose the short-term bonuses, and in order for the long-term bonus to be equally preferred it had to be about 40% higher than the four added short-term bonuses. Experiment 2 employing another 36 undergraduates introduced outcome uncertainty that more accurately reflects the choices stock investors face. The participants again choose between a long-term bonus and four distributed short-term bonuses. It was shown that uncertainty made more participants prefer the long-term bonus to the added short-term bonuses than when the outcome was certain. A smaller increase of the long-term bonus of about 20% was now required to make it equally attractive as the four added short-term bonuses.
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| 17. |
- Jansson, Magnus, 1970, et al.
(författare)
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Investment style and perceived drivers of adoption of socially responsible investment among Swedish institutional investors
- 2011
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Ingår i: The Journal of Investing. - : Pageant Media US. - 1068-0896 .- 2168-8613. ; 20:3, s. 118-123
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Tidskriftsartikel (refereegranskat)abstract
- A survey was conducted to investigate investment style and drivers of socially responsible investment (SRI) among institutional investors. Respondents were 60 professionals working as SRI or non-SRI investors in 19 different Swedish banks, pension funds, or mutual fund companies. The results showed that non-SRI investors perceived market regulations to be a strong driver of SRI, while SRI investors perceived others’ behavior to be a strong driver. No differences were found between SRI and non-SRI investors with respect to short-term versus long-term or active versus passive investment styles.
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| 18. |
- Marzi, Stephan, et al.
(författare)
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3D optical displacement measurements on dynamically loaded adhesively bonded T-peel specimens
- 2015
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Ingår i: International Journal of Adhesion and Adhesives. - : Elsevier. - 0143-7496 .- 1879-0127. ; 56, s. 41-45
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Tidskriftsartikel (refereegranskat)abstract
- Adhesively bonded T-Peel specimens are loaded in a rotary impact device to investigate the behaviour of adhesive joints under high-strain rates. To gain a better understanding of that kind of tests and their results, the deformation of the samples as well as the movement of specimen support during the test is analyzed. A three-dimensional optical measurement system is used in combination with two synchronized high-speed cameras to obtain the deformations. The paper explains the experimental challenges and discusses the results of the analyses with respect to a planned usage of the experimental results in a finite element crash simulation. As main results of the investigations it can be summarized that the compliant clamping leads to an inadvertent out-of-plane-movement of the load introduction point. Based on finite element calculations it can be concluded that the measured out-of-plane-movement possesses a negligible influence on the obtained force signal, which is of primary interest in a T-Peel test.
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| 19. |
- Stigh, Ulf, 1956-, et al.
(författare)
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Effects of strain rate on the cohesive properties and fracture process of a pressure sensitive adhesive
- 2018
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Ingår i: Engineering Fracture Mechanics. - : Elsevier. - 0013-7944 .- 1873-7315. ; 203, s. 266-275
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Tidskriftsartikel (refereegranskat)abstract
- Pressure sensitive adhesives provide high toughness at low stress and stiffness. These properties are beneficial for bimaterial bonding. In the present study the tape is modelled with a cohesive layer characterized by a cohesive law. This is suitable for FE-analysis of bonded structures. The cohesive law is measured using a method based on the path independent property of the J-integral. Complementing an earlier study, we here focus on influences of loading rate on the properties of the pressure sensitive adhesive. Transparent PMMA substrates are used with the transparent tape in Double Cantilever Beam specimens. The transparency of both the tape and the substrates provides the possibility of in-situ studies of the fracture process. The results indicate that the fracture energy levels off at about 1 kN/m for small loading rates. Moreover, the cohesive law also appears to level off below an engineering strain rate of about 2 s-1. The cohesive law contains two peak stresses. The first is associated with the nucleation of cavities in the tape. This occurs at a stress level comparable to the critical stress associated with an unbonded growth rate of a spherical cavity in rubber. The second peak stress is associated to the breaking down of walls formed between the fully developed cavities. This process precedes the final fracture of the tape. It also appears as nucleation of cavities is influenced by the strain rate where slower rates give more time for cavities to nucleate. This results in larger cavity density at smaller loading rates. The results also indicate a similarity of the effects of loading rate and ageing of the macroscopic properties of the present pressure sensitive adhesive.
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| 20. |
- Tryding, Johan, et al.
(författare)
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Delamination of cellulose-based materials during loading–unloading conditions : Interface model and experimental observations
- 2023
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Ingår i: International Journal of Solids and Structures. - : Elsevier. - 0020-7683 .- 1879-2146. ; 279
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Tidskriftsartikel (refereegranskat)abstract
- A cohesive interface model based on a master curve is proposed for the analysis of delamination in paperboard under various loading, unloading, and reloading conditions. The model is thermodynamically consistent and considers the effects of elasticity, plasticity, and damage. The proposed model is verified by comparing its predictions with experimental data obtained from multiple loading–unloading–reloading cycle experiments using a split double cantilever beam specimen. The results show that the model can predict the cyclic behavior of shear loading and provide insight into the damage evolution associated with different loading paths by analyzing the shear stress distribution in the fracture process zone. The model’s calibration process requires monotonic normal and shear loading data but only cyclic normal loading data. Additionally, the model accounts for the paperboard’s fiber–fiber friction and normal dilatation due to shear loading. In total, nine parameters are needed to calibrate the mode.
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