Stock Price Reactions on M&A, Dividends and Game Releases. Evidence from Gaming Industry.

A rapidly growing gaming industry, which specializes on PC, console, online and other games, attracts attention of investors and analysts, who try to understand what drives changes of the gaming industry companies’ stock prices. This master thesis shows the evidence that, besides long-established types of events (M&A and dividend payments), the companies’ stock price changes depend on industry-specific events. I analyzed specific for gaming industry events - game releases with respect to its subdivisions: new games-sequels, games ratings and subdivision according to a developer of a game (self-developed by publisher or outsourced). The master thesis analyzes stock prices of 55 companies from gaming industry from all over the world. The research period covers 5 year, spreading from April 2008 to April 2013. Executed with an event study method, results of the research show that all the analyzed events types have significant influence on the stock prices of the gaming industry companies. The current master thesis suggests that acquisitions in the industry affect positively bidders’ and targets’ stock prices. Mergers events cause positive stock price reactions as well. But dividends payments and game releases events influence negatively on the stock prices. Game releases’ effect is up to -2.2% of cumulative average abnormal return (CAAR) drop during the first ten days after the game releases. Having researched different kinds of events and identified the direction of their impact, the current paper can be of high value for investors, seeking profits in the gaming industry, and other interested parties.

Manifestation of the pairing symmetry in the vortex core structure in iron-based superconductors

The superconducting gap is a basic character of a superconductor. While the cuprates and conventional phonon-mediated superconductors are characterized by distinct d- and s-wave pairing symmetries with nodal and nodeless gap distributions respectively, the superconducting gap distributions in iron-based superconductors are rather diversified. While nodeless gap distributions have been directly observed in Ba1–xKxFe2As2, BaFe2–xCoxAs2, LiFeAs, KxFe2–ySe2, and FeTe1–xSex, the signatures of a nodal superconducting gap have been reported in LaOFeP, LiFeP, FeSe, KFe2As2, BaFe2–xRuxAs2, and BaFe2(As1–xPx)2. Due to the multiplicity of the Fermi surface in these compounds s± and d pairing states can be both nodeless and nodal. A nontrivial orbital structure of the order parameter, in particular the presence of the gap nodes, leads to effects in which the disorder is much richer in dx2–y2-wave superconductors than in conventional materials. In contrast to the s-wave case, the Anderson theorem does not work, and nonmagnetic impurities exhibit a strong pair-breaking influence. In addition, a finite concentration of disorder produces a nonzero density of quasiparticle states at zero energy, which results in a considerable modification of the thermodynamic and transport properties at low temperatures. The influence of order parameter symmetry on the vortex core structure in iron-based pnictide and chalcogenide superconductors has been investigated in the framework of quasiclassical Eilenberger equations. The main results of the thesis are as follows. The vortex core characteristics, such as, cutoff parameter, ξh, and core size, ξ2, determined as the distance at which density of the vortex supercurrent reaches its maximum, are calculated in wide temperature, impurity scattering rate, and magnetic field ranges. The cutoff parameter, ξh(B; T; Г), determines the form factor of the flux-line lattice, which can be obtained in _SR, NMR, and SANS experiments. A comparison among the applied pairing symmetries is done. In contrast to s-wave systems, in dx2–y2-wave superconductors, ξh/ξc2 always increases with the scattering rate Г. Field dependence of the cutoff parameter affects strongly on the second moment of the magnetic field distributions, resulting in a significant difference with nonlocal London theory. It is found that normalized ξ2/ξc2(B/Bc2) dependence is increasing with pair-breaking impurity scattering (interband scattering for s±-wave and intraband impurity scattering for d-wave superconductors). Here, ξc2 is the Ginzburg-Landau coherence length determined from the upper critical field Bc2 = Φ0/2πξ2 c2, where Φ0 is a flux quantum. Two types of ξ2/ξc2 magnetic field dependences are obtained for s± superconductors. It has a minimum at low temperatures and small impurity scattering transforming in monotonously decreasing function at strong scattering and high temperatures. The second kind of this dependence has been also found for d-wave superconductors at intermediate and high temperatures. In contrast, impurity scattering results in decreasing of ξ2/ξc2(B/Bc2) dependence in s++ superconductors. A reasonable agreement between calculated ξh/ξc2 values and those obtained experimentally in nonstoichiometric BaFe2–xCoxAs2 (μSR) and stoichiometric LiFeAs (SANS) was found. The values of ξh/ξc2 are much less than one in case of the first compound and much more than one for the other compound. This is explained by different influence of two factors: the value of impurity scattering rate and pairing symmetry.

Optimization of parameters for fiber laser-MAG hybrid welding in shipbuilding applications

The Arctic region becoming very active area of the industrial developments since it may contain approximately 15-25% of the hydrocarbon and other valuable natural resources which are in great demand nowadays. Harsh operation conditions make the Arctic region difficult to access due to low temperatures which can drop below -50 °C in winter and various additional loads. As a result, newer and modified metallic materials are implemented which can cause certain problems in welding them properly. Steel is still the most widely used material in the Arctic regions due to high mechanical properties, cheapness and manufacturability. Moreover, with recent steel manufacturing development it is possible to make up to 1100 MPa yield strength microalloyed high strength steel which can be operated at temperatures -60 °C possessing reasonable weldability, ductility and suitable impact toughness which is the most crucial property for the Arctic usability. For many years, the arc welding was the most dominant joining method of the metallic materials. Recently, other joining methods are successfully implemented into welding manufacturing due to growing industrial demands and one of them is the laser-arc hybrid welding. The laser-arc hybrid welding successfully combines the advantages and eliminates the disadvantages of the both joining methods therefore produce less distortions, reduce the need of edge preparation, generates narrower heat-affected zone, and increase welding speed or productivity significantly. Moreover, due to easy implementation of the filler wire, accordingly the mechanical properties of the joints can be manipulated in order to produce suitable quality. Moreover, with laser-arc hybrid welding it is possible to achieve matching weld metal compared to the base material even with the low alloying welding wires without excessive softening of the HAZ in the high strength steels. As a result, the laser-arc welding methods can be the most desired and dominating welding technology nowadays, and which is already operating in automotive and shipbuilding industries with a great success. However, in the future it can be extended to offshore, pipe-laying, and heavy equipment industries for arctic environment. CO2 and Nd:YAG laser sources in combination with gas metal arc source have been used widely in the past two decades. Recently, the fiber laser sources offered high power outputs with excellent beam quality, very high electrical efficiency, low maintenance expenses, and higher mobility due to fiber optics. As a result, fiber laser-arc hybrid process offers even more extended advantages and applications. However, the information about fiber or disk laser-arc hybrid welding is very limited. The objectives of the Master’s thesis are concentrated on the study of fiber laser-MAG hybrid welding parameters in order to understand resulting mechanical properties and quality of the welds. In this work only ferrous materials are reviewed. The qualitative methodological approach has been used to achieve the objectives. This study demonstrates that laser-arc hybrid welding is suitable for welding of many types, thicknesses and strength of steels with acceptable mechanical properties along very high productivity. New developments of the fiber laser-arc hybrid process offers extended capabilities over CO2 laser combined with the arc. This work can be used as guideline in hybrid welding technology with comprehensive study the effect of welding parameter on joint quality.

Sähköverkon säävarmuuden kehittäminen verkkoliiketoiminnan valvontamallin näkökulmasta

Sähkömarkkinalain uudistuminen syksyllä 2013 aiheutti sähköverkkoyhtiöille velvoitteen parantaa sähköverkkoja siten, että ne täyttävät uuden lain mukaiset keskeytysaikavaatimukset. Laissa asemakaava-alueilla sallitaan enintään 6 tunnin mittainen sähkönjakelunkeskeytys ja haja-asutusalueella 36 tunnin keskeytys. Diplomityössä kehitetään ElMil Oy:lle palvelumalli, jonka avulla pyritään parantamaan sähköverkkojen säävarmuutta ja arvioimaan parannuksien aiheuttamia taloudellisia vaikutuksia verkkoyhtiön kannattavuuteen verkkoliiketoiminnan valvontamallin kautta. Työn teoriaosiossa käydään läpi uuden sähkömarkkinalain muutoksia toimitusvarmuuden kannalta sekä avataan verkkoliiketoiminnan valvontamallin komponentteja ja sitä kuinka niitä on hyödynnetty tässä työssä. Kyseisiä tietoja hyödynnetään case-tarkastelussa, jossa testataan kehitetyn palvelumallin toimivuutta Järvi-Suomen Energia Oy:n sähkönjakeluverkon kahden sähköaseman jakeluverkkojen kokoisella alueella. Tarkastelualueen sähkönjakeluverkolle tehdään suurhäiriömalli, jonka perusteella arvioidaan vaadittavaa säävarman verkon osuutta, jotta sähkömarkkinalain vaatimukset täyttyvät. Alueen investointikohteet optimoidaan kannattavuuden perusteella, jolloin saadaan kustannustehokas investointiohjelma tiettyjen reunaehtojen puitteissa. Lisäksi suurhäiriömallin parametreja varioidaan herkkyystarkasteluissa. Työn lopputuloksena saadaan ElMil Oy:lle kehitettyä palvelumalli. Case-tarkasteluissa havaitaan, että investointikustannukset nousevat merkittävästi. Verkkoliiketoiminnan valvontamallin kannustinvaikutuksista ja sallitusta tuotosta saadaan hyvä näkemys. Herkkyystarkasteluista nähdään, että suurhäiriömalli on hyvin riippuvainen valituista parametreista, jolloin niiden valintaan tulee kiinnittää huomiota

Esimiestyön haasteet liikelaitoksen yhtiöittämisessä

Tämän työn tarkoituksena on tutkia esimiestoiminnan haasteita, joita syntyy liikelaitoksen yhtiöittämisessä. Yhtiöittämisen perusteet kumpuavat juridisesta toimintakentästä, joka muodostaa pakon muutokselle. Työn teoriaosassa käydään läpi lyhyesti liikkeen luovutuksen merkitys työsuhteen sääntelyn kannalta ja perehdytään johtamiseen, esimiestyöhön sekä muutoksen aiheuttamien tunteiden huomioimiseen. Tätä teoriaviitekehystä tutkitaan konkreettisen case-yrityksen avulla. Case-yrityksenä on Helsingin Satama, jonka esimiehiä on haastateltu empiirisen aineiston saamiseksi. Tutkimuskysymyksenä tässä työssä on, miten suurta muutosta tulisi johtaa yksilön tunteet huomioiden. Työssä havaittiin, että vaikka viestintävälineet ovat kunnossa ja vaikka niiden käyttö on vähintäänkin kohtalaisella tasolla, ei viestin omaksuminen silti ole niin helppoa. Syitä tähän löydettiin mm. viestimiskulttuurin epämääräisyydestä ja työntekijätason haluttomuudesta käsitellä muutosta. Muutosvastarinta on yrityksessä erittäin vahvaa, mikä kielii epäonnistumisesta edellisen muutoksen johtamisessa. Onnistuneen muutoksen johtaminen tapahtuu vuorovaikutuksessa henkilöstön kanssa. Yhtiöittämismuutos on pyritty viestimään paremmin kuin edellinen suuri muutos. Yhtiöittämisen koettiin tuovan pääasiassa positiivisia asioita, kuten byrokratian vähenemistä. Positiivisiin asioihin keskittyminen parantaa muutoksen onnistumista.

Issuant views of hell in contemporary Anglo-American theology

This problem of hell is a specific form of the problem of evil that can be expressed in terms of a set of putatively incompatible statements: 1. An omnipotent God could create a world in which all moral agents freely choose life with God. 2. An omnibenevolent God would not create a world with the foreknowledge that some (perhaps a significant proportion) of God’s creatures would end up in hell. 3. An omniscient God would know which people will end up in hell. 4. Some people will end up forever in hell. Since the late twentieth century, a number of British and North American philosophical theologians, inspired by C.S. Lewis, have developed a new approach to answering the problem of hell. Very little work has been done to systematize this category of perspectives on the duration, quality, purpose and finality of hell. Indeed, there is no consensus among scholars as to what such an approach should be called. In this work, however, I call this perspective issuantism. Starting from the works of a wide range of issuantist scholars, I distill what I believe to be the essence of issuantist perspectives on hell: hell is a state that does not result in universal salvation and is characterized by the insistance that both heaven and hell must issue from the love of God, an affirmation of libertarian human freedom and a rejection of retributive interpretations of hell. These sine qua non characteristics form what I have labeled basic issuantism. I proceed to show that basic issuantism by itself does not provide an adequate answer to the problem of hell. The issuantist scholars themselves, however, recognize this weakness and add a wide range of possible supplements to their basic issuantism. Some of these supplemented versions of issuantism succeed in presenting reasonable answers to the problem of hell. One of the key reasons for the development of issuantist views of hell is a perceived failure on the part of conditionalists, universalists and defenders of hell as eternal conscious torment to give adequate answers to the problem of hell. It is my conclusion, however, that with the addition of some of the same supplements, versions of conditionalism and hell as eternal conscious torment can be advanced that succeed just as well in presenting answers to the problem of hell as those advanced by issuantists, thus rendering some of the issuantist critique of non-issuantist perspectives on hell unfounded.

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

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

Balancing creativity and risk intelligence in professional knowledge-intensive business services

The main strengths of professional knowledge-intensive business services (P-KIBS) are knowledge and creativity which needs to be fostered, maintained and supported. The process of managing P-KIBS companies deals with financial, operational and strategic risks. That is why it is reasonable to apply risk management techniques and frameworks in this context. A significant challenge hides in choosing reasonable ways of implementing risk management, which will not limit creative ability in organization, and furthermore will contribute to the process. This choice is related to a risk intelligent approach which becomes a justified way of finding the required balance. On a theoretical level the field of managing both creativity and risk intelligence as a balanced process remains understudied in particular within KIBS industry. For instance, there appears to be a wide range of separate models for innovation and risk management, but very little discussion in terms of trying to find the right balance between them. This study aims to shed light on the importance of well-managed combination of these concepts. The research purpose of the present study is to find out how the balance between creativity and risk intelligence can be managed in P-KIBS. The methodological approach utilized in the study is strictly conceptual without empirical aspects. The research purpose can be achieved through answering the following research supporting questions: 1. What are the characteristics and role of creativity as a component of innovation process in a P-KIBS company? 2. What are the characteristics and role of risk intelligence as an approach towards risk management process implementation in a P-KIBS company? 3. How can risk intelligence and creativity be balanced in P-KIBS? The main theoretical contribution of the study conceals in a proposed creativity and risk intelligence stage process framework. It is designed as an algorithm that can be applied on organizational canvas. It consists of several distinct stages specified by actors involved, their roles and implications. Additional stage-wise description provides detailed tasks for each of the enterprise levels, while combining strategies into one. The insights driven from the framework can be utilized by a vast range of specialists from strategists to risk managers, and from innovation managers to entrepreneurs. Any business that is designing and delivering knowledge service can potentially gain valuable thoughts and expand conceptual understanding from the present report. Risk intelligence in the current study is a unique way of emphasizing the role of creativity in professional knowledge-intensive industry and a worthy technique for making profound decisions towards risks.

Target audience analysis in cyber domain

This thesis aims to find an effective way of conducting a target audience analysis (TAA) in cyber domain. There are two main focal points that are addressed; the nature of the cyber domain and the method of the TAA. Of the cyber domain the object is to find the opportunities, restrictions and caveats that result from its digital and temporal nature. This is the environment in which the TAA method is examined in this study. As the TAA is an important step of any psychological operation and critical to its success, the method used must cover all the main aspects affecting the choice of a proper target audience. The first part of the research was done by sending an open-ended questionnaire to operators in the field of information warfare both in Finland and abroad. As the results were inconclusive, the research was completed by assessing the applicability of United States Army Joint Publication FM 3-05.301 in the cyber domain via a theory-based content analysis. FM 3- 05.301 was chosen because it presents a complete method of the TAA process. The findings were tested against the results of the questionnaire and new scientific research in the field of psychology. The cyber domain was found to be “fast and vast”, volatile and uncontrollable. Although governed by laws to some extent, the cyber domain is unpredictable by nature and not controllable to reasonable amount. The anonymity and lack of verification often present in the digital channels mean that anyone can have an opinion, and any message sent may change or even be counterproductive to the original purpose. The TAA method of the FM 3-05.301 is applicable in the cyber domain, although some parts of the method are outdated and thus suggested to be updated if used in that environment. The target audience categories of step two of the process were replaced by new groups that exist in the digital environment. The accessibility assessment (step eight) was also redefined, as in the digital media the mere existence of a written text is typically not enough to convey the intended message to the target audience. The scientific studies made in computer sciences and both in psychology and sociology about the behavior of people in social media (and overall in cyber domain) call for a more extensive remake of the TAA process. This falls, however, out of the scope of this work. It is thus suggested that further research should be carried out in search of computer-assisted methods and a more thorough TAA process, utilizing the latest discoveries of human behavior. ---------------------------------------------------------------------------------------------------------------------------------- Tämän opinnäytetyön tavoitteena on löytää tehokas tapa kohdeyleisöanalyysin tekemiseksi kybertoimintaympäristössä. Työssä keskitytään kahteen ilmiöön: kybertoimintaympäristön luonteeseen ja kohdeyleisöanalyysin metodiin. Kybertoimintaympäristön osalta tavoitteena on löytää sen digitaalisesta ja ajallisesta luonteesta juontuvat mahdollisuudet, rajoitteet ja sudenkuopat. Tämä on se ympäristö jossa kohdeyleisöanalyysiä tarkastellaan tässä työssä. Koska kohdeyleisöanalyysi kuuluu olennaisena osana jokaiseen psykologiseen operaatioon ja on onnistumisen kannalta kriittinen tekijä, käytettävän metodin tulee pitää sisällään kaikki oikean kohdeyleisön valinnan kannalta merkittävät osa-alueet. Tutkimuksen ensimmäisessä vaiheessa lähetettiin avoin kysely informaatiosodankäynnin ammattilaisille Suomessa ja ulkomailla. Koska kyselyn tulokset eivät olleet riittäviä johtopäätösten tekemiseksi, tutkimusta jatkettiin tarkastelemalla Yhdysvaltojen armeijan kenttäohjesäännön FM 3-05.301 soveltuvuutta kybertoimintaympäristössä käytettäväksi teorialähtöisen sisällönanalyysin avulla. FM 3-05.301 valittiin koska se sisältää kokonaisvaltaisen kohdeyleisöanalyysiprosessin. Havaintoja verrattiin kyselytutkimuksen tuloksiin ja psykologian uusiin tutkimuksiin. Kybertoimintaympäristö on tulosten perusteella nopea ja valtava, jatkuvasti muuttuva ja kontrolloimaton. Vaikkakin lait hallitsevat kybertoimintaympäristöä jossakin määrin, on se silti luonteeltaan ennakoimaton eikä sitä voida luotettavasti hallita. Digitaalisilla kanavilla usein läsnäoleva nimettömyys ja tiedon tarkastamisen mahdottomuus tarkoittavat että kenellä tahansa voi olla mielipide asioista, ja mikä tahansa viesti voi muuttua, jopa alkuperäiseen tarkoitukseen nähden vastakkaiseksi. FM 3-05.301:n metodi toimii kybertoimintaympäristössä, vaikkakin jotkin osa-alueet ovat vanhentuneita ja siksi ne esitetään päivitettäväksi mikäli metodia käytetään kyseisessä ympäristössä. Kohdan kaksi kohdeyleisökategoriat korvattiin uusilla, digitaalisessa ympäristössä esiintyvillä ryhmillä. Lähestyttävyyden arviointi (kohta 8) muotoiltiin myös uudestaan, koska digitaalisessa mediassa pelkkä tekstin läsnäolo ei sellaisenaan tyypillisesti vielä riitä halutun viestin välittämiseen kohdeyleisölle. Tietotekniikan edistyminen ja psykologian sekä sosiologian aloilla tehty tieteellinen tutkimus ihmisten käyttäytymisestä sosiaalisessa mediassa (ja yleensä kybertoimintaympäristössä) mahdollistavat koko kohdeyleisöanalyysiprosessin uudelleenrakentamisen. Tässä työssä sitä kuitenkaan ei voida tehdä. Siksi esitetäänkin että lisätutkimusta tulisi tehdä sekä tietokoneavusteisten prosessien että vielä syvällisempien kohdeyleisöanalyysien osalta, käyttäen hyväksi viimeisimpiä ihmisen käyttäytymiseen liittyviä tutkimustuloksia.

Comprehensive digital preservation repositories: gaps, and what do we mean by “repository” anyway?

Presentation at Open Repositories 2014, Helsinki, Finland, June 9-13, 2014

The effect of environmentally differentiated port fees to shipping companies’ environmental investments

The pressure has grown to develop cost-effective emission reduction strategies in the Baltic Sea. The forthcoming stringent regulations of the International Maritime Organization for reducing harmful emissions of shipping in the Baltic Sea are causing increasing expenses for the operators. A market-based attitude towards pricing of economic incentives could be seen as a new approach for a successful application for the additional emission reduction of nitrogen oxides (NOx). In this study the aim is to understand the phenomenon of environmentally differentiated port fees and its effects on shipping companies’ emission reduction investments. The goal is to examine empirically the real-life effects of the possible environmental differentiated port fee system and the effect of environmentally differentiated port fees on NOx reduction investments in the Baltic Sea. The research approach of this study is nomothetical. In this study research questions are answered by analyzing the broad database of the Baltic Sea fleet. Also the framework of theory is confirmed and plays an important role in analyzing the research problem. Existing investment costs of NOx emission reduction technology to ship owners are estimated and compared to investment costs with granted discounts added to the cash flows. The statistical analysis in this study is descriptive. The major statistic examination of this study is the calculation of the net present values of investments with different port fee scenarios. This is done to investigate if the NOx technology investments could be economically reasonable. Based on calculations it is clear that the effect of environmentally differentiated port fees is not adequate to compensate the total investment costs for NOx reduction. If the investment decision is made only with profitability considerations, sources will prefer to emission abatement as long as incomes from the given subsidy exceeds their abatement costs. Despite of the results, evidence was found that shipping companies are nevertheless willing to invest on voluntary emission abatement technology. In that case, investment decision could be made with criteria of, for example, sustainable strategy or brand image. Combined fairway and port fee system or governmental regulations and recommendation could also function as additional incentives to compensate the investment costs. Also, the results imply that the use of NPV is not necessarily the best method to evaluate environmental investments. If the calculations would be done with more environmental methods the results would probably be different.

Pääomasijoittamisen tehostaminen suomalaisen pkt-sektorin kehittämisessä

Tutkimuksen tavoitteena oli kehittää systemaattinen toimintamalli sekä luoda suorituskyvyn esi-merkkimittaristo pääomasijoittajan toiminnan tehostamiseksi. Pääomasijoittajan tärkein tehtävä on pyrkiä kasvattamaan sijoituskohdeyrityksen osakkeiden ja siten omistaja-arvoa keskipitkällä aika-jänteellä. Strategioiden kehittämistä ja toteuttamista on tutkittu sangen laajasti, mutta käytännölli-sempi lähestymiskulma hallitustyöskentelyn vaikutuksista sekä strategioiden toteutuksen varmis-tamisesta on jäänyt näissä aikaisemmissa tutkimuksissa vähemmälle huomiolle. Varsinainen perusta omistaja-arvolle ja sen kasvattamiselle suomalaisen pkt-yrityksen pääomasi-joittamisessa luodaan hyvien ja tulevaisuuden kasvupotentiaalia omaavien kohdeyritysten etsimisellä, riittävän tarkalla analysoinnilla sekä sijoitushetken kohtuullisella arvostuksella. Sijoitusaikana ei enää pystytä korjaamaan mahdollisia alkuvaiheen epäonnistumisia. Kun kohdeyhtiöön on valittu ammattitaitoinen ja motivoitunut hallitus, tulee pääomasijoittajan panostaa valittujen strategioiden toteuttamiseen havainnollisilla ja tehokkailla työkaluilla. Ne mahdollistavat kohdeyrityksen visioiden ja arvojen jakamisen edelleen helpommin ymmärrettäviksi avainmittareiksi ja –tavoitteiksi kaikille organisaatiotasoille. Suorituskyvyn mittaamisen ja analysoinnin päätehtävä sekä suurissa että pienissäkin yrityksissä on yritysjohdon päätöksenteon tukeminen luotettavan, säännöllisen ja riittävän tarkan informaation tuottamisella huolellisesti valituista mittauskohteista. Suorituskyvyn analysointi auttaa myös hahmottamaan paremmin kokonaisnäkemystä yrityksen menestykseen vaikuttavista tekijöistä sekä niiden välisistä syy-yhteyksistä. Alunperin suuryritysten tarpeisiin kehitetyt suorituskyvyn analysointi- ja mittausmenetelmät ovat poikkeuksetta liian monimutkaisia ja raskaita vastatakseen pienempien yritysten vaatimuksia. Liiketoiminnan seuraamisessa ja ohjaamisessa pkt-yrityksen hallituksen tulee ottaa perinteisten taloudellisten mittareiden lisäksi mukaan myös keskeisimpiä, ei-taloudellisia seurattavia asioita, joiden avulla muodostuu ajantasaisempi kuva kohdeyhtiön kilpailukyvystä sekä menestyksestä. Pääomasijoittajan toimintamallissa esitellään kansainvälisesti käytössä olevia menetelmiä strategian jalkauttamiseen, yrityksen liiketoimintamallin kehittämiseen sekä suorituskyvyn johtamisen tukemiseen. Pkt-yrityksille pyrittiin luomaan yksinkertainen mallimittaristo suorituskyvyn analysointiin ja yrityksen johtamisen tueksi. Sijoituskohdeyritysten hallituksilla on jo tällä hetkellä käytettävissään erilaisia kuukausittaisia taloudellisia tunnuslukuja sekä tilikauden tuloksestakin jotain ennakkotietoa. Näiden pohjalle olisi varsin yksinkertaista rakentaa myös yrityksen sisäisiä prosesseja, asiakkuustyöskentelyä, myyntiä ja markkinointia sekä toiminnan yleistä systemaattisuutta kuvaavia mittareita.

Att tala om det osägbara : Nicolaus Cusanus cirkulära filosofi i verket De coniecturis med särskild hänsyn till Nelson Pikes tankar om unio mystica

In my dissertation called Speaking of the unsayable: The circular philosophy of Nicholas of Cusa in his work De coniecturis, I presuppose an internal (conceptual) relation between the personal experience of God of Nicholas of Cusa (1401-64) in 1438 and, on the other hand, his philosophy. I hence try to describe the precise character of this relation. Referring to the Norwegian scholars Egil Wyller and Viggo Rossvær, I assume that there is a circularity in Cusanus’ philosophy which appears as self-references (= a sentence refers to itself: A is explained by B and B is explained by A). Wyller finds three phases in the thought of Cusanus (1. De docta ignorantia I-III, 2. De coniecturis I-II, 3. all subsequent works). Rossvær finds it impossible to presuppose certain phases, as the philosophy of Cusanus continuously proceeds and remains open to new ideas. As Cusanus however treats his experience of God far more consciously in his second work De coniecturis than in De docta ignorantia, I find it possible to distinguish between the earlier Cusanus (De docta ignorantia including his earlier works) and the later Cusanus (De coniecturis, about 1444, as well as the following works). Cusanus creates a philosophy of language in outline expressed in De coniecturis, in which he presents two concepts of necessity, i.e. absolute necessity and logical, or reasonable, necessity. These are interrelated in the sense that the mind, or the self, logically affirms the absolute, or unsayable, necessity, which shows itself in the mind and which the mind affirms conjecturally. The endeavour conceptually to understand absolute necessity implies intuitive (or intellectual) contemplation, or vision (investigatio symbolica), in which the four mental unities (the absolute, the intellectual, the rational and the sensuous) work together according to the rules described in De coniecturis. In De coniecturis Cusanus obviously turns from a negative concept of the unsayable to a paradigmatic, which implies that he looks for principles of speaking of the unsayable and presents the idea of a divine language (divinaliter). However, he leaves this idea behind after De coniecturis, although he continues to create new concepts of the unsayable and incomprehensible. The intellectual language of absolute seeing is expressed in the subjunctive, i.e. conditionally. In order to describe the unsayable, Cusanus uses tautologies, the primary one of which is a concept of God, i.e. non aliud est non aliud quam non aliud (the non-other is non-other than the nonother). Wyller considers this the crucial point of the philosophy of Cusanus (De non aliud), described by the latter as the definition of definitions, i.e. the absolute definition. However, this definition is empty regarding its content. It demonstrates that God surpasses the coincidence of opposites (coincidentia oppositorum) and that he is “superunsayable” (superineffabilis), i.e. he is beyond what can be conceived or said. Nothing hence prevents us from speaking of him, provided that he is described as unsayable (= the paradigmatic concept of the unsayable). Here the mode of seeing is decisive. Cusanus in this context (and especially in his later literary production) uses modalities which concern possibility and necessity. His aim is to conduct any willing reader ahead on the way of life (philosophia mentalis). In De coniecturis II he describes the notion of human self-consciousness as the basis of spiritual mutuality in accordance with the humanistic tradition of his time. I mainly oppose the negatively determined concept of Christian mysticism presented by the German philosopher Kurt Flasch and prefer the presentation of Burkhard Mojsisch of the translogical and conjectural use of language in De coniecturis. In particular, I take account of the Scandinavian research, basically that of Johannes Sløk, Birgit H. Helander, Egil Wyller and Viggo Rossvær, who all consider the personal experience of God described by Cusanus a tacit precondition of his philosophy.

Käyttövarmuusanalyysin tuottama tärkeysjärjestys elintarviketeollisuuden prosessilaitteille – Suuntaviivat kustannustietoisen kunnossapitostrategian luomiselle

Hallitsematon ja reaktiivinen kunnossapito on eräs tuotannon suurimpia kustannustekijöistä. Suunnitelmallisesti ja systemaattisesti johdettuna kunnossapito on tuotantotehokkuuden suurin vaikuttaja. Merkittävä osa tuotannon tehokkuuden ylläpidosta saavutetaan laitteiden käyttövarmuudella. Käyttövarmuuden saaminen hallintaan perustuu ennakoivan kunnossapidon määrän kasvattamiseen. Samalla korjaavan kunnossapidon kustannusriski laskee ja siihen käytetty panos vähenee. Huonolla kunnossapidon suunnitelmallisuudella on päinvastaiset vaikutukset. Tavoitteena on määritellä prosessilaitteiden käyttövarmuuksiin perustuva laitekriittisyys. Tutkimuksessa yhdistetään riskien arviointimenetelmiä, joilla keskimääräiset vikavälit ja seuraukset valmistukseen mallinnetaan. Kriittisyystekijöitä ovat käytettävyys, luotettavuus, kustannustekijät, turvallisuus ja ympäristövaikutukset. Tekijöiden arvottamiseen kehitettiin riksianalyysitaulukko. Kriittisyysluokat jaettiin kolmeen kategoriaan, joista A on kriittisin, B keskinkertainen ja C on matalin luokka. Lähtötietojen keräys toteutettiin triangulaatiomenetelmää soveltaen. Empiirisessä osassa HKScan Oy:n lihanjalostustehtaan jauheliha- ja kestomakkaraosastojen laitteet jaettiin A-, B- ja C-luokkiin. Kriittisimpiä laitteita oli 20 prosenttia analysoidusta laitemäärästä. Nämä A-luokkaan sijoitetut laitteet aiheuttavat 80 prosenttia kustannusriskeistä. B-luokkaan kuuluu 50 prosenttia ja C-luokkaan 30 prosenttia laitteista. Luokittelusta erotettiin havaitut turvallisuusriskit riskienhallinnan toimenpiteitä varten. Kustannustietoinen kriittisyysluokittelu on pohja kunnossapitostrategian rakentamiselle. Tämän avuksi esitettiin taulukot huolto-ohjelman luomiseen ja luokituksien hyödyntämiseen päivittäisessä toiminnassa.

Asuinkerrostalon lämmöntuottojärjestelmän optimointi elinkaarikustannusten perusteella hyödynnettäessä lämpöpumpulla useita lämmönlähteitä

The basis of this thesis was to optimize heat pump that uses multiple heat sources to get competitive heating system for residential building when life cycle costs are considered. The objectives were to compile necessary information to calculate life cycle costs for heating system of residential building and start to compose of designing program for heat pump based heating systems. Examinations were made for the purchase energy need of residential building. Features of heat pump, considered refrigerant and potential heat sources were examined to find out heat production potential of heat pumps. Necessary information for life cycle cost calculation was also examined. Collected data was used in two case analyses to design selected heat production systems and calculate their life cycle costs. On the basis of case analyses heat pump based hybrid heat production systems are very competitive on life cycle cost comparison against district heating when residential building uses a lot of energy. New buildings use considerably less energy and achieved energy cost savings with heat pump systems may not be enough to cover the relatively high investment cost in reasonable time period compared to district heating system. The calculation method was found to require further development to at least include the cooling energy need of the building. Cooling demand will continue to grow in the future, which improves the heat pump based heat production systems competitiveness compared to other systems.