Rocking the Euro boat: scheduled market announcements' effects on Euro implied volatility

The purpose of this thesis is to investigate scheduled market announcements’ effects on Euro implied volatility. Timeline selected for this study ranges from 2005 to 2009. The method chosen is so-called event study approach, in which five days prior to a news announcement stand for a pre-event period, and five days after the announcement form a post-event period. Statistical research method employed is Mann-Whitney-Wilcoxon test, which examines two evenly-sized distributions’ equality, in this case the distributions being the pre- and post-event periods. Observations are based on daily data of US dollar nominated Euro at-the-money call options. Research results partially back up previous literature’s view of uncertainty increasing prior to the news announcement. After the exact contents of the news is public, uncertainty levels measured by implied volatility tend to lower.

Russia’s WTO membership and its effects on global wood sourcing

The aim of the thesis was to find the effects of World Trade Organization and economic integration on the wood sourcing process from Russia to Finland and to the European Union. Also, the fo reign direct investments to Russian forest industry are studied within the WTO and Economic integration framework. Qualitative interviews were carried out as primary data (total of 5 interviews). Research studies and articles regarding the same subject were used as secondary data. Results show that companies may increase their volumes of imported timber from Russia due to the reduction of custom tariffs. Russian companies are becoming more productive, but there are still several problems with legislation, infrastructure, availability and harvesting profitability in some areas. These suggest that sourcing process may not be profitable in the future. The Russian forest industry sector will not gain significant foreign direct investments in the recent years because of the infrastructure and overall atmosphere of investments. Forest industry is not seen as profitable enough. The demand for cellulose and paper in Russia is not increasing fast enough and the cost inflation is cutting the profits made from producing in Russia.

Microstructural and environmental effects on the mechanical properties of porous particle-polymer composites

Papper kan anses vara ett av de mest använda materialen i det dagliga livet. Tidskrifter, tidningar, böcker och diverse förpackningar är några exempel på pappersbaserade produkter. Papperets egenskaper måste anpassas till användningsändamålet. En tidskrift kräver t.ex. hög ljushet, opacitet och en slät yta hos papperet, medan dessa egenskaper är mindre viktiga för en dagstidning. Allt tryckpapper behöver vissa mekaniska egenskaper för att tåla vidarebearbetning såsom kalandrering, tryckning och vikning. Man kan bestryka papper för att förbättra dess optiska egenskaper och tryckbarhetsegenskaper. Vid bestrykning appliceras en dispersion av mineralpigment och polymerbindemedel som ett tunt lager på papperets yta. Bestrykningsskiktet kan ses som ett komplext, poröst kompositmaterial som även bidrar till papperets mekaniska egenskaper och dess processerbarhet i diverse konverteringsoperationer. Kravet på framställning av förmånligt papper med tillräckliga styrkeegenskaper ställer allt högre krav på optimeringen av pappersbestrykningsskiktets egenskaper och produktionskostnader. Målet med detta arbete var att förstå sambandet mellan pigmentbestrykningsskiktets mikrostruktur och dess makroskopiska, mekaniska egenskaper. Resultaten visar att adhesionen i gränsytan mellan pigment och bindemedel är kritisk för bestrykningsskiktets förmåga att bära mekanisk belastning. Polära vätskor är vanliga i tryckfärger och kan, eftersom de påverkar syra/bas-interaktionerna mellan pigment och latexbindemedel, försvaga denna adhesion. Resultaten tyder på att ytstyrkan hos bestruket papper kan höjas genom användning av bifunktionella dispergeringsmedel för mineralpigment. Detta medför inbesparingar i pappersproduktionen eftersom mängden bindemedel, den dyraste komponenten i bestrykningsskiktet, kan minskas.

Membrane properties of structurally modified ceramides : effects on lipid lateral distribution and sphingomyelin-interactions in artificial bilayer membranes

Ceramides comprise a class of sphingolipids that exist only in small amounts in cellular membranes, but which have been associated with important roles in cellular signaling processes. The influences that ceramides have on the physical properties of bilayer membranes reach from altered thermodynamical behavior to significant impacts on the molecular order and lateral distribution of membrane lipids. Along with the idea that the membrane physical state could influence the physiological state of a cell, the membrane properties of ceramides have gained increasing interest. Therefore, membrane phenomena related to ceramides have become a subject of intense study both in cellular as well as in artificial membranes. Artificial bilayers, the so called model membranes, are substantially simpler in terms of contents and spatio-temporal variation than actual cellular membranes, and can be used to give detailed information about the properties of individual lipid species in different environments. This thesis focuses on investigating how the different parts of the ceramide molecule, i.e., the N-linked acyl chain, the long-chain sphingoid base and the membrane-water interface region, govern the interactions and lateral distribution of these lipids in bilayer membranes. With the emphasis on ceramide/sphingomyelin(SM)-interactions, the relevance of the size of the SMhead group for the interaction was also studied. Ceramides with methylbranched N-linked acyl chains, varying length sphingoid bases, or methylated 2N (amide-nitrogen) and 3O (C3-hydroxyl) at the interface region, as well as SMs with decreased head group size, were synthesized and their bilayer properties studied by calorimetric and fluorescence spectroscopic techniques. In brief, the results showed that the packing of the ceramide acyl chains was more sensitive to methyl-branching in the mid part than in the distal end of the N-linked chain, and that disrupting the interfacial structure at the amide-nitrogen, as opposed to the C3-hydroxyl, had greater effect on the interlipid interactions of ceramides. Interestingly, it appeared that the bilayer properties of ceramides could be more sensitive to small alterations in the length of the long-chain base than what was previously reported for the N-linked acyl chain. Furthermore, the data indicated that the SM-head group does not strongly influence the interactions between SMs and ceramides. The results in this thesis illustrate the pivotal role of some essential parts of the ceramide molecules in determining their bilayer properties. The thesis provides increased understanding of the molecular aspects of ceramides that possibly affect their functions in biological membranes, and could relate to distinct effects on cell physiology.

Reverse osmosis membrane surface modification: effects on membrane performance

The aim of this thesis was to study the surface modification of reverse osmosis membranes by surfactants and the effect of modification on rejection and flux. The surfactants included anionic and nonionic surfactants. The purpose of membrane modification was to improve pure water permeability with increasing salt rejection. The literature part of the study deals with the basic principles of reverse osmosis technology and factors affecting the membrane performance. Also the membrane surface modification by surfactants and their influence on membrane’s surface properties and efficiency (permeability and salt rejection) were discussed. In the experimental part of the thesis two thin-film composite membranes, Desal AG and LE-4040, were modified on-line with three different surfactants. The effects of process parameters (pressure, pH, and surfactant concentration) on surface modification were also examined. The characteristics of the modified membranes were determined by measuring the membranes’ contact angle and zeta potentials. The zeta potential and contact angle measurements indicate that the surfactants were adsorbed onto the both membranes. However, the adsorption did not effect on membrane’s pure water permeability and salt rejection. Thereby, the surface modification of the Desal AG and LE-4040 membranes by surfactants was not able to improve the membrane’s performance.

Employees’ continuous learning and job satisfaction - effects on productivity

In today’s knowledge intense economy the human capital is a source for competitive advantage for organizations. Continuous learning and sharing the knowledge within the organization are important to enhance and utilize this human capital in order to maximize the productivity. The new generation with different views and expectations of work is coming to work life giving its own characteristics on learning and sharing. Work should offer satisfaction so that the new generation employees would commit to organizations. At the same time organizations have to be able to focus on productivity to survive in the competitive market. The objective of this thesis is to construct a theory based framework of productivity, continuous learning and job satisfaction and further examine this framework and its applications in a global organization operating in process industry. Suggestions for future actions are presented for this case organization. The research is a qualitative case study and the empiric material was gathered by personal interviews concluding 15 employee and one supervisor interview. Results showed that more face to face interaction is needed between employees for learning because much of the knowledge of the process is tacit and so difficult to share in other ways. Offering these sharing possibilities can also impact positively to job satisfaction because they will increase the sense of community among employees which was found to be lacking. New employees demand more feedback to improve their learning and confidence. According to the literature continuous learning and job satisfaction have a relative strong relationship on productivity. The employee’s job description in the case organization has moved towards knowledge work due to continuous automation and expansion of the production process. This emphasizes the importance of continuous learning and means that productivity can be seen also from quality perspective. The normal productivity output in the case organization is stable and by focusing on the quality of work by improving continuous learning and job satisfaction the upsets in production can be handled and prevented more effectively. Continuous learning increases also the free human capital input and utilization of it and this can breed output increasing innovations that can increase productivity in long term. Also job satisfaction can increase productivity output in the end because employees will work more efficiently, not doing only the minimum tasks required. Satisfied employees are also found participating more in learning activities.

Defining the keyhole modes – the effects on the weld geometry and the molten pool behaviour in high power laser welding of stainless steels

Keyhole welding, meaning that the laser beam forms a vapour cavity inside the steel, is one of the two types of laser welding processes and currently it is used in few industrial applications. Modern high power solid state lasers are becoming more used generally, but not all process fundamentals and phenomena of the process are well known and understanding of these helps to improve quality of final products. This study concentrates on the process fundamentals and the behaviour of the keyhole welding process by the means of real time high speed x-ray videography. One of the problem areas in laser welding has been mixing of the filler wire into the weld; the phenomena are explained and also one possible solution for this problem is presented in this study. The argument of this thesis is that the keyhole laser welding process has three keyhole modes that behave differently. These modes are trap, cylinder and kaleidoscope. Two of these have sub-modes, in which the keyhole behaves similarly but the molten pool changes behaviour and geometry of the resulting weld is different. X-ray videography was used to visualize the actual keyhole side view profile during the welding process. Several methods were applied to analyse and compile high speed x-ray video data to achieve a clearer image of the keyhole side view. Averaging was used to measure the keyhole side view outline, which was used to reconstruct a 3D-model of the actual keyhole. This 3D-model was taken as basis for calculation of the vapour volume inside of the keyhole for each laser parameter combination and joint geometry. Four different joint geometries were tested, partial penetration bead on plate and I-butt joint and full penetration bead on plate and I-butt joint. The comparison was performed with selected pairs and also compared all combinations together.

Creating better customer experiences: Service Design effects on customer experience

Pro gradu –tutkielman tavoitteena oli tutkia, kuinka palvelumuotoilua voidaan käyttää parempien asiakaskokemusten luomisessa. Tutkimuksen teoreettisessa osuudessa keskityttiin tutkimaan palvelumuotoilun ja asiakaskokemuksen käsitteitä. Tutkielman empiirinen osuus tehtiin laadullisena tutkimuksena, jossa vertailtiin asiakaskokemuksia kahdessa Espoon kaupungin yhteispalvelupisteessä: Leppävaarassa sijaitseva yhteispalvelupiste oli hiljattain suunniteltu uudelleen käyttäen palvelumuotoilun periaatteita; Matinkylän palvelupiste oli alkuperäisessä muodossaan tutkimuksen aikana. Tutkimuksen yhtenä tavoitteena oli myös selvittää, oliko palvelumuotoilun menetelmin tehty muotoiluprojekti Leppävaaran yhteispalvelupisteessä onnistunut, kun sitä arvioitiin asiakaskokemuksen näkökulmasta. Tutkielman aineisto kerättiin suoran havainnoinnin ja haastattelun keinoin. Yhteensä 33 yksittäistä asiakasta havannoitiin ja haastateltiin tutkimusta varten toukokuussa 2015. Vastaajat valikoituivat satunnaisesti havannointipäivien asiakkaista. Heitä havainnoitiin koko asiakaspolun ajan minkä jälkeen heitä haastateltiin. Tutkimuksen tulokset ovat kaksiosaiset. 1) Arvioitaessa asiakkaiden kokemuksia liittyen palvelutilan toimivuuteen ja aineelliseen ympäristöön todettiin, että palvelumuotoilulla saavuttettiin parempi asiakaskokemus, ja täten Leppävaaran muotoiluprojekti oli onnistunut tavoitteissaan. 2) Kun taas tuloksia tarkasteltiin asiakaspalvelutilanteiden näkökulmasta, projekti ei ollut päässyt tavoitteisiin ja palvelumuotoilun menetelmillä ei pystytty parantamaan asiakaskokemuksta. Espoon kaupungin muotoiluprojekti on vielä kesken, tulosten perusteella tutkija ehdotti jatkotoimenpiteenä muun muassa lisäkoulutusta palveluhenkilökunnalle.