Reduction of specific energy consumption of a thermomechanical pulping plant

Kuumahiertoprosessi on erittäin energiaintensiivinen prosessi, jonka energianominaiskulutus (EOK) on yleisesti 2–3.5 MWh/bdt. Noin 93 % energiasta kuluu jauhatuksessa jakautuen niin, että kaksi kolmasosaa kuluu päälinjan ja yksi kolmasosa rejektijauhatuksessa. Siksi myös tämän työn tavoite asetettiin vähentämään energian kulutusta juuri pää- ja rejektijauhatuksessa. Päälinjan jauhatuksessa tutkimuskohteiksi valittiin terityksen, tehojaon ja tuotantotason vaikutus EOK:een. Rejektijauhatuksen tehostamiseen pyrittiin yrittämällä vähentää rejektivirtaamaa painelajittelun keinoin. Koska TMP3 laitoksen jauhatuskapasiteettia on nostettu 25 %, tavoite oli nostaa päälinjan lajittelun kapasiteettia saman verran. Toisena tavoitteena oli pienentää rejektisuhdetta pää- ja rejektilajittelussa ja siten vähentää energiankulutusta rejektijauhatuksessa. Näitä tavoitteita lähestyttiin vaihtamalla päälinjan lajittimiin TamScreen-roottorit ja rejektilajittimiin Metso ProFoil-roottorit ja optimoimalla kuitufraktiot sihtirumpu- ja prosessiparametrimuutoksin. Syöttävällä terätyypillä pystyttiin vähentämään EOK:ta 100 kWh/bdt, mutta korkeampi jauhatusintensiteetti johti myös alempiin lujuusominaisuuksiin, korkeampaan ilmanläpäisyyn ja korkeampaan opasiteettiin. Myös tehojaolla voitiin vaikuttaa EOK:een. Kun ensimmäisen vaiheen jauhinta kuormitettiin enemmän, saavutettiin korkeimmillaan 70 kWh/bdt EOK-vähennys. Tuotantotason mittaamisongelmat heikensivät tuotantotasokoeajojen tuloksia siinä määrin, että näiden tulosten perusteella ei voida päätellä, onko EOK tuotantotasoriippuvainen vai ei. Päälinjan lajittelun kapasiteettia pystyttiin nostamaan TS-roottorilla vain 18 % jääden hieman tavoitetasosta. Rejektilajittelussa pystyttiin vähentämään rejektimäärää huomattavasti Metso ProFoil-roottorilla sekä sihtirumpu- ja prosessiparametrimuutoksin. Lajittamokehityksellä saavutettu EOK-vähennys arvioitiin massarejektisuhteen pienentymisen ja rejektijauhatuksessa käytetyn EOK:n avulla olevan noin 130 kWh/bdt. Yhteenvetona voidaan todeta, että tavoite 300 kWh/bdt EOK-vähennyksestä voidaan saavuttaa työssä käytetyillä tavoilla, mikäli niiden täysi potentiaali hyödynnetään tuotannossa.

Haja-asutusalueiden pienjätevedenpuhdistamoiden online-monitoroinnin kehitysmahdollisuudet

The aim of this Bachelor's thesis was to investigate potentialities of online-monitoring the efficiency of small scale wastewater treatment systems. Evolving legislation currently sets minimum boundaries of relative decrease in levels of phosphorus, nitrogen and BOD in abovementioned applications, yet no monitoring requirements for such systems are determined. Inherently, no applicable monitoring system for these parameters exist. However, some measuring methods offer potentialities for estimating the reduction of these certain parameters in a wastewater stream treated in a small scale system. Such methods could be found for example among electronic noses, measuring of electronic conductivity or turbidity.

Sellutehtaan vedenkäytön vähentäminen

Työn tarkoituksena oli etsiä mahdollisia kohteita sellutehtaan veden käytön vähen-tämiseksi. Analyysien avulla selvitettiin voidaanko havaittujen kohteiden tällä hetkellä menetettyjä vesivirtoja käyttää uudelleen. Lopuksi arvioitiin miten kierrä-tettävät vedet vaikuttaisivat raakaveden laatuun, mikäli ne yhdistettäisiin tämän joukkoon. Veden käytön vähentämiskohteita etsittiin tutkimalla tehtaan prosessi-kaavioita osastokohtaisesti sekä selvittämällä näin havaittuja kohteita osastoilla. Työn kokeellinen osa koostui vesianalyyseistä. Vesianalyyseissä määritettiin seu-raavat arvot sellutehtaalle tulevasta vedestä: sameus (FTU), kiintoaine, sähkönjoh-tavuus, pH, CODCr, BOD7ATU, kokonaisfosfori P, Mn, Cl, K, Ca, Mg ja AOX. Nämä tehtiin valituista kohteista havaituista tällä hetkellä tehtaalta pois johdetuista mutta mahdollisesti kierrätettävistä vesistä. Työn tuloksien perusteella havaittiin, että seuraavissa tarkasteluun valituissa koh-teissa vedet olivat hyvin puhtaita ja talteen otettavia kierrätykseen. Näitä olivat savukaasupesurin vedet, sekundäärilauhdesäiliön vedet sekä tiivistevedet. Haih-duttamon lämminvesisäiliön sekä kuivauskone 4 kiertovesitornin vedet olivat hieman likaantuneet mutta hyvin kierrätettävissä. Koivulinjan D0-vaiheen, havu-linjan D1-vaiheen sekä kuivauskone 4 lajittamon vesivirtoja ei likaantumisen vuoksi kannattanut kerätä hyötykäyttöön.

Communicative Purposes of Press Releases Announcing Reduction in Workforce

Tämä tutkielma käsittelee kaupallisten yhtiöiden julkaisemia lehdistötiedotteita, joissa ilmoitetaan henkilöstövähennyksistä. Erityisenä tutkimuskohteena ovat lehdistötiedotteiden informatiiviset ja promotionaaliset päämäärät ja tarkoitukset sekä näiden päämäärien ja tarkoitusten ilmentyminen tekstin retorisen rakenteen, valittujen retoristen strategioiden sekä leksikaalisten ja kieliopillisten valintojen kautta. Tutkimuksen aineisto koostuu 50 englanninkielisestä lehdistötiedotteesta, jotka sisältävät ilmoituksen henkilöstövähennyksistä. Lehdistötiedotteet kerättiin yritysten verkkosivuilta. Tutkimuksen teoreettisena viitekehityksenä toimivat soveltavan kielentutkimuksen alalla erityisesti ammattikielentutkimuksessa (ESP, English for Specific Purposes) laajalti käytetty Swalesin (1990) tekstilajia (genre) koskeva määritelmää ja Bhatian (1993) kehittämä geneerisen analyysin malli. Ennen aineiston kielitieteellistä analysointia tutkimuksessa perehdyttiin Bhatian (1993) mallin mukaisesti lehdistötiedotteiden historiaan, kohdeyleisöihin, diskurssiyhteisöön ja sen tuottamiin muihin tekstilajeihin, aikaisempiin lehdistotiedotteita käsitteleviin kielitieteellisiin tutkimuksiin sekä erityisesti yritysten henkilövähennyksiin liittyvään tilannekontekstiin. Kielitieteellisessä analyysissä tutkittavista teksteistä tunnistettiin kahdeksan retorista vaihetta (move), jotka olivat tyypillisiä tutkituille teksteille. Kunkin retorisen vaiheen yksittäiset ilmentymät koottiin yhteen erillisiksi aineistoiksi, joista pyrittiin tunnistamaan kullekin vaiheelle tyypilliset retoriset strategiat sekä toistuvat leksikaaliset ja kieliopilliset valinnat. Tutkimuksessa todettiin, että vaikka tutkittujen lehdistötiedotteiden pääasiallinen tarkoitus oli yhtiön toiminnasta tiedottaminen, niillä oli myös promotionaalinen päämäärä, joka ilmeni mm. pyrkimyksenä välittää yhtiöstä mahdollisimman positiivinen kuva eri kohdeyleisöille, erityisesti sijoittajille. Tämän positiivisen kuvan välittämiseen käytettyjä keinoja olivat mm. odotettavissa olevien saavutusten korostaminen, ulkoisten tekijöiden nimeäminen nykyisen tilanteen aiheuttajaksi, passiivin käyttö sekä erilaiset yrityksen julkisen kuvan säilyttämiseen pyrkivät (face-saving) strategiat.

Wind Turbine Direct-Drive Permanent-Magnet Generator with Direct Liquid Cooling for Mass Reduction

Today’s electrical machine technology allows increasing the wind turbine output power by an order of magnitude from the technology that existed only ten years ago. However, it is sometimes argued that high-power direct-drive wind turbine generators will prove to be of limited practical importance because of their relatively large size and weight. The limited space for the generator in a wind turbine application together with the growing use of wind energy pose a challenge for the design engineers who are trying to increase torque without making the generator larger. When it comes to high torque density, the limiting factor in every electrical machine is heat, and if the electrical machine parts exceed their maximum allowable continuous operating temperature, even for a short time, they can suffer permanent damage. Therefore, highly efficient thermal design or cooling methods is needed. One of the promising solutions to enhance heat transfer performances of high-power, low-speed electrical machines is the direct cooling of the windings. This doctoral dissertation proposes a rotor-surface-magnet synchronous generator with a fractional slot nonoverlapping stator winding made of hollow conductors, through which liquid coolant can be passed directly during the application of current in order to increase the convective heat transfer capabilities and reduce the generator mass. This doctoral dissertation focuses on the electromagnetic design of a liquid-cooled direct-drive permanent-magnet synchronous generator (LC DD-PMSG) for a directdrive wind turbine application. The analytical calculation of the magnetic field distribution is carried out with the ambition of fast and accurate predicting of the main dimensions of the machine and especially the thickness of the permanent magnets; the generator electromagnetic parameters as well as the design optimization. The focus is on the generator design with a fractional slot non-overlapping winding placed into open stator slots. This is an a priori selection to guarantee easy manufacturing of the LC winding. A thermal analysis of the LC DD-PMSG based on a lumped parameter thermal model takes place with the ambition of evaluating the generator thermal performance. The thermal model was adapted to take into account the uneven copper loss distribution resulting from the skin effect as well as the effect of temperature on the copper winding resistance and the thermophysical properties of the coolant. The developed lumpedparameter thermal model and the analytical calculation of the magnetic field distribution can both be integrated with the presented algorithm to optimize an LC DD-PMSG design. Based on an instrumented small prototype with liquid-cooled tooth-coils, the following targets have been achieved: experimental determination of the performance of the direct liquid cooling of the stator winding and validating the temperatures predicted by an analytical thermal model; proving the feasibility of manufacturing the liquid-cooled tooth-coil winding; moreover, demonstration of the objectives of the project to potential customers.

Pre- and postnatal nutrition – target for allergy risk reduction

A rapid increase in allergic diseases in Western societies has led to the conclusion that our modern lifestyle is a risk factor for immune dysregulation. Potential culprits and benefactors are searched among early dietary and microbial exposures, which may act to program later allergic disease. The aim of this thesis was to investigate the role of early maternal and child nutrition in reducing the risk of child allergy. The study population comprised of 256 mother – child pairs from families with a history of allergy participating in a randomized controlled dietary counseling and probiotic intervention (Lactobacillus rhamnosus GG and Bifidobacterium lactis Bb12) study from early pregnancy onwards. The dietary counseling aimed for a diet complying with dietary recommendations for pregnant and lactating women, with special attention to fat quality. Maternal dietary counseling was reflected in cord blood fatty acids suggesting better essential fatty acid status in infants in the counseling group. Dietary counseling with probiotics or placebo had no effect on child allergy risk, but associations between maternal diet during pregnancy and breastfeeding and child allergic outcomes were found in secondary analyses. During pregnancy, milk intake was related to decreased and cheese intake to increased risk of child atopic eczema. During breastfeeding, intake of vitamin C was related to increased risk of asthma and intake of egg was related to decreased risk of atopic eczema. The timing of introduction of complementary foods to infant’s diet was not associated with risk of atopic eczema, when adjusted with parental opinion of child allergic symptoms (i.e., potential reverse causality). In conclusion, the results demonstrate that infant fatty acid supply can be modified via maternal dietary changes. In addition, interesting associations of maternal diet with child allergy risk were discovered. However, no difference in the incidence of allergic diseases with dietary counseling was observed. This suggests that more potent dietary interventions might be necessitated to induce clinical risk reduction of allergy. Highrisk families can safely adhere to dietary recommendations for pregnant and lactating women, and the results support the current conception that no additional benefit is gained with delaying introduction of complementary feeding.

Reduction of nitrogen oxide emissions in lime kiln

Different nitrogen oxide removal technologies for rotary lime kiln are studied in this thesis, the main focus being in commercial technologies. Post-combustion methods are investigated in more detail as potential possible NOx removal with combustion methods in rotary lime kiln is more limited or primary methods are already in use. However, secondary methods as NOx scrubber, SNCR or SCR technologies are not listed as the Best Available Technologies defined by European Union. BAT technologies for NOx removal in lime kiln are (1) Optimised combustion and combustion control, (2) Good mixing of fuel and air, (3) Low-NOx burner and (4) Fuel selection/low-N fuel. SNCR method is the most suitable technique for NOx removal in lime kiln when NOx removal from 50 % to 70 % is required in case primary methods are already in use or cannot be applied. In higher removal cases ammonia slip is an issue in SNCR. By using SCR better NOx reduction can be achieved but issues with catalyst materials are expected to arise because of the dust and sulphur dioxide which leads to catalyst poison formation in lower flue gas temperatures. NOx scrubbing has potential when simultaneous NOx and SO2 removal is required. The challenge is that NO cannot be scrubbed directly, but once it is oxidized to NO2 or further scrubbing can be performed as the solubility of NO2 is higher. Commercial installations have not been made regarding SNCR, SCR or NOx scrubbing regarding rotary lime kiln. For SNCR and SCR the closest references come from cement industry.

Kunnallisen jätevedenkäsittelyn tehostaminen membraanitekniikan avulla – esimerkkinä Savitaipaleen jätevedenpuhdistamo

Työssä tutkittiin mahdollisuutta tehostaa kunnallista jätevedenpuhdistusta membraanitekniikkaa käyttäen. Teoriaosassa perehdyttiin kunnallisen jäteveden omi-naisuuksiin ja perinteiseen puhdistusprosessiin. Tämän lisäksi membraanien yleisiä ominaisuuksia, membraanityyppien kykyä erottaa jäteveden sisältämiä yhdisteitä sekä erilaisia mahdollisuuksia membraanisuodatukselle perinteisen jäteve-denpuhdistusprosessin yhteydessä käytiin läpi. Kokeellisessa osassa keskityttiin Savitaipaleen puhdistamon puhdistetun jäteveden laadun parantamiseen membraanisuodatukseen perustuvalla jälkikäsittely-yksiköllä eli tertiäärisuodatuksella. Erilaisia paineavusteisia membraanitekniikoita (MF, UF, NF ja RO) tutkittiin jäteveden puhdistamiseksi ja erotustehokkuuden vertailemiseksi. Tavoitteena oli löytää tehokas ja käytännössä toimiva tapa poistaa fosforia ja typpeä puhdistetusta jätevedestä. Tasomaisilla membraaneilla tehdyissä suodatuksissa MF-membraanit poistivat tehokkaasti fosforia (97 – 98 %) sekä kiintoainesta (100 %) jätevedestä. RO-membraanit alensivat fosfori- (100 %) ja typpipitoisuutta (90 – 94 %) tehokkaasti, poistaen myös liuenneita orgaanisia yhdisteitä (DOC, 90 – 94 %). Mikrosuodatukseen perustuvilla onttokuitumembraaneilla saavutettiin tehokkaan fosforinpoiston lisäksi tasainen kapasiteetti suodatuksen aikaista puhdistusmene-telmää optimoimalla. Pitoisuusalenemat olivat myös erittäin korkeita fosforille (97 – 99 %), kiintoaineelle (100 %), sameudelle (96 – 99 %) sekä COD:lle (38 – 55 %). Tulosten perusteella membraanitekniikkaan perustuva onttokuitusuodatus olisi tehokas ja toimiva jälkikäsittelyprosessi fosforinpoistoon ja jäteveden laadun pa-rantamiseen. Typen poistamiseen parhaiten toimi RO-membraani.

Unequal Teeth Widths for Torque Ripple Reduction in Permanent Magnet Synchronous Machines With Fractional-Slot Non-Overlapping Windings

Permanent magnet synchronous machines with fractional-slot non-overlapping windings (FSPMSM), also known as tooth-coil winding permanent magnet synchronous machines (TCW PMSM), have been under intensive research during the latest decade. There are many optimization routines explained and implemented in the literature in order to improve the characteristics of this machine type. This paper introduces a new technique for torque ripple minimization in TCW PMSM. The source of torque harmonics is also described. The low order torque harmonics can be harmful for a variety of applications, such as direct drive wind generators, direct drive light vehicle electrical motors, and for some high precision servo applications. The reduction of the torque ripple harmonics with the lowest orders (6th and 12th) is realized by machine geometry optimization technique using finite element analysis (FEA). The presented optimization technique includes the stator geometry adjustment in TCW PMSMs with rotor surface permanent magnets and with rotor embedded permanent magnets. Influence of the permanent magnet skewing on the torque ripple reduction and cogging torque elimination was also investigated. It was implemented separately and together with the stator optimization technique. As a result, the reduction of some torque ripple harmonics was attained.

Cost Reduction of Permanent Magnet Synchronous Machines

Electrical machine drives are the most electrical energy-consuming systems worldwide. The largest proportion of drives is found in industrial applications. There are, however many other applications that are also based on the use of electrical machines, because they have a relatively high efficiency, a low noise level, and do not produce local pollution. Electrical machines can be classified into several categories. One of the most commonly used electrical machine types (especially in the industry) is induction motors, also known as asynchronous machines. They have a mature production process and a robust rotor construction. However, in the world pursuing higher energy efficiency with reasonable investments not every application receives the advantage of using this type of motor drives. The main drawback of induction motors is the fact that they need slipcaused and thus loss-generating current in the rotor, and additional stator current for magnetic field production along with the torque-producing current. This can reduce the electric motor drive efficiency, especially in low-speed, low-power applications. Often, when high torque density is required together with low losses, it is desirable to apply permanent magnet technology, because in this case there is no need to use current to produce the basic excitation of the machine. This promotes the effectiveness of copper use in the stator, and further, there is no rotor current in these machines. Again, if permanent magnets with a high remanent flux density are used, the air gap flux density can be higher than in conventional induction motors. These advantages have raised the popularity of PMSMs in some challenging applications, such as hybrid electric vehicles (HEV), wind turbines, and home appliances. Usually, a correctly designed PMSM has a higher efficiency and consequently lower losses than its induction machine counterparts. Therefore, the use of these electrical machines reduces the energy consumption of the whole system to some extent, which can provide good motivation to apply permanent magnet technology to electrical machines. However, the cost of high performance rare earth permanent magnets in these machines may not be affordable in many industrial applications, because the tight competition between the manufacturers dictates the rules of low-cost and highly robust solutions, where asynchronous machines seem to be more feasible at the moment. Two main electromagnetic components of an electrical machine are the stator and the rotor. In the case of a conventional radial flux PMSM, the stator contains magnetic circuit lamination and stator winding, and the rotor consists of rotor steel (laminated or solid) and permanent magnets. The lamination itself does not significantly influence the total cost of the machine, even though it can considerably increase the construction complexity, as it requires a special assembly arrangement. However, thin metal sheet processing methods are very effective and economically feasible. Therefore, the cost of the machine is mainly affected by the stator winding and the permanent magnets. The work proposed in this doctoral dissertation comprises a description and analysis of two approaches of PMSM cost reduction: one on the rotor side and the other on the stator side. The first approach on the rotor side includes the use of low-cost and abundant ferrite magnets together with a tooth-coil winding topology and an outer rotor construction. The second approach on the stator side exploits the use of a modular stator structure instead of a monolithic one. PMSMs with the proposed structures were thoroughly analysed by finite element method based tools (FEM). It was found out that by implementing the described principles, some favourable characteristics of the machine (mainly concerning the machine size) will inevitable be compromised. However, the main target of the proposed approaches is not to compete with conventional rare earth PMSMs, but to reduce the price at which they can be implemented in industrial applications, keeping their dimensions at the same level or lower than those of a typical electrical machine used in the industry at the moment. The measurement results of the prototypes show that the main performance characteristics of these machines are at an acceptable level. It is shown that with certain specific actions it is possible to achieve a desirable efficiency level of the machine with the proposed cost reduction methods.

Effects of algal turbidity on foraging and antipredator behaviour of the three-spined stickleback (Gasterosteus aculeatus)

The aim of this thesis was to examine how aquatic organisms, such as fish, behave in an altered environmental condition. Many species of fish use vision as their primary tool to gain information about their surrounding environment. The visual conditions of aquatic habitats are often altered as a result of anthropogenic disturbance, such as eutrophication that initiates algal turbidity. In general, turbidity reduces the visibility and can be hypothesized to have an influence on the behaviour of fish. I used the three-spined stickleback (Gasterosteus aculeatus) as a model species and conducted four studies in the laboratory to test how algal turbidity affects its behaviour. In this thesis, two major behavioural aspects are discussed. The first is antipredator behaviour. In study I, the combined effects of turbidity and shoot density on habitat choice (shelter vs open) behaviour was tested on a group of sticklebacks (20 fish) in the presence and absence of piscivorous perch (Perca fluviatilis). In study II, I examined the behavioural responses of feeding sticklebacks when they were exposed to the sudden appearance of an avian predator (the silhouette of a common tern, Sterna hirundo). The study was done in turbid and clear water using three different groups sizes (1, 3 and 6 fish). The second aspect is foraging behaviour. Study III & IV focused on the effects of algal turbidity on the foraging performance of sticklebacks. In study III, I conducted two separate experiments to examine the effects of turbidity on prey consumption and prey choice of sticklebacks. In this experiment turbidity levels and the proportion of large and small prey (Daphnia spp.) were manipulated. In study IV, I studied whether a group of six sticklebacks can distribute themselves according to food input at two feeding stations in a way that provided each fish with the same amount of food in clear and turbid water. I also observed whether the fish can follow changes in resource distribution between the foraging patches. My results indicate an overall influence of algal turbidity on the antipredator and foraging behaviour of sticklebacks. In the presence of a potential predator, the use of the sheltered habitat was more pronounced at higher turbidity. Besides this, sticklebacks reduced their activity levels with predator presence at higher turbidity and shoot density levels, suggesting a possible antipredator adaptation to avoid a predator. When exposed to a sudden appearance of an avian predator, sticklebacks showed a weaker antipredator response in turbid water, which suggests that turbidity degrades the risk assessment capabilities of sticklebacks. I found an effect of group size but not turbidity in the proportion of sticklebacks that fled to the shelter area, which indicates that sticklebacks are able to communicate among group members at the experimental turbidity levels. I found an overall negative effect of turbidity on food intake. Both turbidity and changes in the proportion of prey sizes played a significant role in a stickleback’s prey selection. At lower turbidity levels (clear <1 and 5 NTU) sticklebacks showed preferences for large prey, whereas in more turbid conditions and when the proportion of large to small prey increased sticklebacks became increasingly random in their prey selection. Finally, my results showed that groups of sticklebacks disperse themselves between feeding stations according to the reward ratios following the predictions of the ideal free distribution theory. However, they took a significantly longer time to reach the equilibrium distribution in turbid water than in clear water. In addition, they showed a slower response to changes in resource distribution in a turbid environment. These findings suggest that turbidity interferes with the information transfer among group foragers. It is important to understand that aquatic animals are often exposed to a degraded environment. The findings of this thesis suggest that algal turbidity negatively affects their behavioural performance. The results also shed light on the underlying behavioural strategies of sticklebacks in turbid conditions that might help them adapt to an altered environmental situation and increase their survival. In conclusion, I hold that although algal turbidity has detrimental effects on the antipredator and foraging behaviour of sticklebacks, their behavioural adjustment might help them adapt to a changing environment.

Variance reduction properties of dynamic hedging models - empirical evidence from BRICS countries

This Master’s Thesis analyses the effectiveness of different hedging models on BRICS (Brazil, Russia, India, China, and South Africa) countries. Hedging performance is examined by comparing two different dynamic hedging models to conventional OLS regression based model. The dynamic hedging models being employed are Constant Conditional Correlation (CCC) GARCH(1,1) and Dynamic Conditional Correlation (DCC) GARCH(1,1) with Student’s t-distribution. In order to capture the period of both Great Moderation and the latest financial crisis, the sample period extends from 2003 to 2014. To determine whether dynamic models outperform the conventional one, the reduction of portfolio variance for in-sample data with contemporaneous hedge ratios is first determined and then the holding period of the portfolios is extended to one and two days. In addition, the accuracy of hedge ratio forecasts is examined on the basis of out-of-sample variance reduction. The results are mixed and suggest that dynamic hedging models may not provide enough benefits to justify harder estimation and daily portfolio adjustment. In this sense, the results are consistent with the existing literature.