Stock flow through a drum screen

Tässä diplomityössä haluttiin mallintaa kuidutusrummun toimintaa Fluent virtausmallinusohjelman avulla. Aikaisempi tieto ja kehitystyö on perustunut kokemukseen ja käytännön kokeisiin. Kehitystyön alkuaikoina on suoritettu muutamia laskelmia koskien rummun tuottoa mutta sen jälkeen ei toimintaa ole laskennallisesti kuvattu. Työn ensimmäinen osa käsittelee yleisesti keräyspaperin käsittelyyn liittyviä laitteita ja menetelmiä. Toimintaperiaatteita on kuvattu yleisellä tasolla ja FibreFlow® rumpu on sitten käsitelty muita laitteita tarkemmin. Työn toinen osa sisältää sitten laboratoriotestit paikallisilta tahteilta hankittujen näytteiden viskositeettien ja tiheyksien määrittämiseksi. Kokeet suoritettiin Kemiantekniikan osastolla Brookfield viskoosimetrillä. Joitain alustavia laskentoja tuotosta suoritettiin aikaisempien tietojen perusteella. Rumpua kun on valmistettu vuodesta 1976, on tietoa kertynyt runsaasti vuosien mittaan. Laskelmia varten valittiin mallinnettavaksi alueeksi vain yksittäinen reikä sihdistä jolle laskettiin massavirta. Käytetyt laadut olivat OCC ja DIP. Myös eri rumpukoot otettiin jossain määrin huomioon.

Application of Neural Network Methods in the Prediction of Stock Markets

The purpose of the research is to define practical profit which can be achieved using neural network methods as a prediction instrument. The thesis investigates the ability of neural networks to forecast future events. This capability is checked on the example of price prediction during intraday trading on stock market. The executed experiments show predictions of average 1, 2, 5 and 10 minutes’ prices based on data of one day and made by two different types of forecasting systems. These systems are based on the recurrent neural networks and back propagation neural nets. The precision of the predictions is controlled by the absolute error and the error of market direction. The economical effectiveness is estimated by a special trading system. In conclusion, the best structures of neural nets are tested with data of 31 days’ interval. The best results of the average percent of profit from one transaction (buying + selling) are 0.06668654, 0.188299453, 0.349854787 and 0.453178626, they were achieved for prediction periods 1, 2, 5 and 10 minutes. The investigation can be interesting for the investors who have access to a fast information channel with a possibility of every-minute data refreshment.

Tuotantoprosessin optimointi valmistusta ja kokoonpanoa harjoittavassa yrityksessä

Diplomityö on tehty Instrumentarium Oyj:hin kuuluvan Datex-Ohmedan Helsingin tehtaalla. Työn tavoitteena on ollut Helsingin tehtaan tuotantoprosessin ja sen mitoitussääntöjen kehittäminen. Työ on ollut osa sekä yrityksen toimituskyvyn kehittämisprojektia

Tunnusluku- ja tuottohistoria-pohjaisten sijoitusstrategioiden toimivuus ja sykliriippuvuus suomalaisilla osakemarkkinoilla

Tutkielman tavoitteena oli analysoida tunnuslukuihin ja tuottohistoriaan perustuvien sijoitusstrategioiden toimivuutta ja sykliriippuvuutta HEX:iin listatuista yrityksistä koostuvalla aineistolla. Tutkitut sijoitusstrategiat perustuivat arvostuskertoimien, betan ja menneiden tuottojen käyttöön analysointivälineinä käytettyjen kvintiiliportfolioiden muodostamiskriteereinä. Kontribuutiota tutkimukseen pyrittiin luomaan tarkastelemalla ensimmäistä kertaa suhdannesyklin vaikutuksia edellä mainittujen sijoitusstrategioiden toimivuuteen tutkimusaineistolla, joka kattoi useita suhdannesyklejä (pisimmillään vuodet 1991 - 2002). Suhdannesyklien käänteiden määrittämiseen käytettiin ostopäälliköiden indeksiä (PMI-indeksi), jonka on todettu toimivan hyvin esimerkiksi pörssikurssien kehitystä ennakoivana indikaattorina. Tulokset osoittivat P/E-, P/B-, EV/EBIT-, EV/EBITDA-, beta- ja momentumanomalioiden esiintyneen myös suomalaisilla osakemarkkinoilla vuosina 1991 – 2002. Tutkimuksessa saatiin näyttöä myös tuottohistoriaan pohjautuvien momentum-strategian ja winner-loser –strategian toimivuudesta. Näistä etenkin jälkimmäinen oli voimakkaasti sykliriippuvaista. Näiden tulosten mukaan suomalaiset osakemarkkinat eivät olisi käytetyillä tarkasteluperiodilla olleet edes heikosti tehokkaat, ts. osakemarkkinoiden keskimääräinen tuottotaso olisi ollut mahdollista ylittää pelkkään kurssihistoriaan perustuvien sijoitusstrategioiden avulla.

Stock and Bond Market Integration: Evidence from Russian Financial Markets

Minimizing the risks of an investment portfolio but not in the favour of expected returns is one of the key interests of an investor. Typically, portfolio diversification is achieved using two main strategies: investing in different classes of assets thought to have little or negative correlations or investing in similar classes of assets in multiple markets through international diversification. This study investigates integration of the Russian financial markets in the time period of January 1, 2003 to December 28, 2007 using daily data. The aim is to test the intra-country and cross-country integration of the Russian stock and bond markets between seven countries. Our test methodology for the short-run dynamics testing is the vector autoregressive model (VAR) and for the long-run cointegration testing we use the Johansen cointegration test which is an extension to VAR. The empirical results of this study show that the Russian stock and bond markets are not integrated in the long-run either at intra-country or cross-country level which means that the markets are relatively segmented. The short-run dynamics are also relatively low. This implies a presence of potential gains from diversification.

Analysis of Earnings, Stock Prices and Bond Yields: The Fed Model Approach

Prediction of the stock market valuation is a common interest to all market participants. Theoretically sound market valuation can be achieved by discounting future earnings of equities to present. Competing valuation models seek to find variables that affect the equity market valuation in a way that the market valuation can be explained and also variables that could be used to predict market valuation. In this paper we test the contemporaneous relationship between stock prices, forward looking earnings and long-term government bond yields. We test this so-called Fed model in a long- and short-term time series analysis. In order to test the dynamics of the relationship, we use the cointegration framework. The data used in this study spans over four decades of various market conditions between 1964-2007, using data from United States. The empirical results of our analysis do not give support for the Fed model. We are able to show that the long-term government bonds do not play statistically significant role in this relationship. The effect of forward earnings yield on the stock market prices is significant and thus we suggest the use of standard valuation ratios when trying to predict the future paths of equity prices. Also, changes in the long-term government bond yields do not have significant short-term impact on stock prices.

Stabilization of the ionic form of weak acid cation exchange resins

Weak acid cation exchange (WAC) resins are used in the chromatographic separation of betaine from vinasse, a by-product of sugar industry. The ionic form of the resin determines the elution time of betaine. When a WAC-resin is in hydrogen form, the retention time of betaine is the longest and betaine elutes as the last component of vi-nasse from the chromatographic column. If the feed solution contains salts and its pH is not acidic enough to keep the resin undissociated, the ionic form of the hydrogen form resin starts to alter. Vinasse contains salts and its pH is around 5, it also contains weak acids. To keep the metal ion content (Na/H ratio) of the resin low enough to ensure successful separation of betaine, acid has to be added to either eluent (water) or vinasse. The aim of the present work was to examine by laboratory experiments which option requires less acid. Also the retention mechanism of betaine was investigated by measuring retention volumes of acetic acid and choline in different Na/H ratios of the resin. It was found that the resulting ionic form of the resin is the same regardless of whether the regeneration acid is added to the eluent or the feed solution (vinasse). Be-sides the salt concentration and the pH of vinasse, also the concentration of weak acids in the feed affects the resulting ionic form of the resin. The more buffering capacity vinasse has, the more acid is required to keep the ionic form of the resin desired. Vinasse was found to be quite strong buffer solution, which means relatively high amounts of acid are required to prevent the Na/H ratio from increasing too much. It is known that the retention volume of betaine decreases significantly, when the Na/H ratio increases. This is assumed to occur, because the amount of hydrogen bonds between the carboxylic groups of betaine and the resin decreases. Same behavior was not found with acetic acid. Choline has the same molecular structure as betaine, but instead of carboxylic group it has hydroxide group. The retention volume of choline increased as the Na/H ratio of the resin increased, because of the ion exchange reaction between choline cation and dissociated carboxylic group of the resin. Since the retention behavior of choline on the resin is opposite to the behavior of be-taine, the strong affinity of betaine towards hydrogen form WAC-resin has to be based on its carboxylic group. It is probable that the quaternary ammonium groups also affect the behavior of the carboxylic groups of betaine, causing them to form hydrogen bonds with the carboxylic groups of the resin.

Arvostrategioiden menestys Suomen osakemarkkinoilla

Tämän tutkimuksen tavoitteena on selvittää saavutetaanko passiivisilla arvostrategioilla riskikorjattuna ylisuuria tuottoja Suomen osakemarkkinoilla. Tuottaako matalien tunnuslukujen perusteella valittujen osakkeiden portfolio enemmän kuin korkeiden tunnuslukujen portfolio? Ovatko alfat tilastollisesti merkitseviä? Tutkimuksen tavoitteena on myös selvittää, ovatko korkeimman ja matalimman arvostustason portfolioiden menestyserot tilastollisesti merkitseviä. Tunnuslukuina on tarkasteltu P/E-, EV/EBIT- ja EV/EBITDA-tunnuslukuja sekä P/B- ja P/S–lukuja. Lisäksi on tutkittu yhdistelmätunnuslukuina P/E- ja P/B–lukujen tulon muodostamaa tunnuslukua, sekä suhteellisiin EV/EBITDA-, P/B- ja P/S-lukuihin perustuvaa arvostusmittaria. Tutkimusaineisto koostuu Suomen osakemarkkinoilla julkisesti noteeratuista yrityksistä toukokuusta 1991 toukokuuhun 2006. Osakkeet järjestettiin tunnuslukujen arvostustason perusteella kvintiiliportfolioihin. Myöhemmin portfoliot muodostettiin uudelleen kolmen ja viiden vuoden välein. Lopuksi tarkasteltiin kvintiiliportfolioiden kuukausittaisia tuottoja tunnuslukukohtaisesti koko tutkimusjakson ajalta. Tulosten perusteella on selkeästi havaittavissa, että matalan tunnusluvun kvintiiliportfoliot menestyivät paremmin kuin korkean tunnusluvun kvintiiliportfoliot. Kolmen vuoden jaksoissa P/E-, EV/EBITDA-, P/B-, P/S- ja kolmen tunnusluvun yhdistelmällä muodostetuilla kvintiiliportfolioilla arvopreemio oli selkeästi havaittavissa. Viiden vuoden jaksoissa vastaava ilmiö toistui EV/EBITDA-tunnusluvulla muodostetuilla kvintiiliportfolioilla. Eniten tuotti absoluuttisesti sekä riskikorjattuna tutkimuksessa esiteltävä kolmen vuoden jaksoissa kolmen tunnusluvun yhdistelmällä muodostettu matalimman arvostustason kvintiiliportfolio, joka tuotti riskikorjattuna tilastollisesti erittäin merkitsevästi positiivista alfaa matalalla riskitasolla.

Time-varying Risk Premiums and Conditional Market Risk: Empirical Evidence from European Stock Markets

This study investigates the relationship between the time-varying risk premiums and conditional market risk in the stock markets of the ten member countries of Economy and Monetary Union. Second, it examines whether the conditional second moments change over time and are there asymmetric effects in the conditional covariance matrix. Third, it analyzes the possible effects of the chosen testing framework. Empirical analysis is conducted using asymmetric univariate and multivariate GARCH-in-mean models and assuming three different degrees of market integration. For a daily sample period from 1999 to 2007, the study shows that the time-varying market risk alone is not enough to explain the dynamics of risk premiums and indications are found that the market risk is detected only when its price is allowed to change over time. Also asymmetric effects in the conditional covariance matrix, which is found to be time-varying, are clearly present and should be recognized in empirical asset pricing analyses.

Context exchange between devices in mobile environment

Context awareness is emerging on mobile devices. Context awareness can be used to improve usability of a mobile device. Context awareness is particularly important on mobile devices due the limitations they have. At first in this work, a literature review on context awareness and mobile environment is made. For aiding context awareness there exist an implementation of a Context Framework for Symbian S60 devices. It provides a possibility for exchanging the contexts inside the device between the client applications of the local Context Framework. The main contribution of this thesis is to design and implement an enhancement to the S60 Context Framework for providing possibility to exchange context over device boundaries. Using the implemented Context Exchange System, the context exchange is neither depending on the type of the context nor the type of the client. In addition, the clients and the contexts can reside on any interconnected device. The usage of the system is independent of the programming language since in addition to using only Symbian C++ function interfaces it can also be utilized using XML scripts. The Meeting Sniffer application, which uses the Context Exchange System, was also developed in this work. Using this application, it is possible to recognize a meeting situation and suggest device profile change to a user.

Comovement of stock price risk in strategic alliance — Case: mobile internet

The focus of this study has been comovement of stock price risk level between two companies as they form strategic alliance. Thus the main reason has been to shed more light to possible increased risk level that the stockholder confronts when a company he owns forms a strategic alliance with another company. This study has centralized to interfirm cooperation between mobile and internet companies, which have furthered the development of mobile internet. The study has been divided into theoretical and empirical part. In theoretical part the main concepts riskiness of a stock (volatility), comovement and strategic alliance have been run through. In empirical part seven strategic alliances formed by mobile internet companies have been examined. Based on this, strategic alliance seems to increase comovement of stock price risk in some degree. This comovement seems to be stronger when core businesses or operating environments of cooperating companies differ more from each other.

Performance persistence of equity funds in the Russian stock market

This thesis investigates performance persistence among the equity funds investing in Russia during 2003-2007. Fund performance is measured using several methods including the Jensen alpha, the Fama-French 3- factor alpha, the Sharpe ratio and two of its variations. Moreover, we apply the Bayesian shrinkage estimation in performance measurement and evaluate its usefulness compared with the OLS 3-factor alphas. The pattern of performance persistence is analyzed using the Spearman rank correlation test, cross-sectional regression analysis and stacked return time series. Empirical results indicate that the Bayesian shrinkage estimates may provide better and more accurate estimates of fund performance compared with the OLS 3-factor alphas. Secondly, based on the results it seems that the degree of performance persistence is strongly related to length of the observation period. For the full sample period the results show strong signs of performance reversal whereas for the subperiod analysis the results indicate performance persistence during the most recent years.