Venture capital investment on SME

The thesis investigates if venture capital investments affect the development of SMEs positively. The thesis will also view the presence of venture capitalists affect on the capital structure of SMEs and other company determinants in the financial crisis. The theories effecting to SME investment has been presented to provide background information. The data consist of the financial statement data and the results a corporate questionnaire. The questionnaire consists of 63 questions and 860 corporate answered the questionnaire. The result shows that venture capitalist seems to have a negative effect on SMEs productivity. Also SMEs with a venture capitalist have more negative outlook for future in the financial crisis.

Effects of Foreign Direct Investment inflows on growth in Central and Eastern European transition countries

The aim of this master’s thesis is to analyze the effects of Foreign Direct Investments on growth in selected Central and Eastern European transition countries. The theoretical part of this thesis, introduces growth theories and how FDI is covered in those theories. In addition, the results from previous studies, which have studied FDI’s effect on growth, are presented in this master’s thesis. This work introduces also the economical progress during the transition period in selected countries. In the empirical part’s regression model, it will be searched for the direct effect of FDI on growth with panel data collected from nine transition countries.

Venture capital investment on SME

This thesis studies venture capital investment on small and medium-sized enterprises (SMEs). The specific objective of the study is to test whether venture capitalists have a positive effect on SMEs. In addition effect of several other factors is studied in financial crisis. Used determinants are formulated based on three capital structure theories. The pecking order theory concerns favoring on financing source over another. The agency theory and the tradeoff theory concentrate on the search of optimal capital structure. The data of this study consist of financial statement data and results of corporate questionnaire. Regression analysis was used to find out the effects of several determinants. Regression models were formed based on the presented theories. SMEs with and without venture capitalists were considered separately. It was found that venture capitalists have a positive effect on SMEs. Although some results between SMEs with and without venture capitalists were mixed.

Investment risks in Russia: A Finnish perspective

Purpose of this study is to analyze the effect of Russia's economic environment changes in the total return indexes of Finnish companies. The research data consisted of Finnish publicly listed companies, which have made physical investments to Russia, and operating in the area. The study used six different variables to model the Russian operating environment. The data consists of total return indexes of Finnish companies. From those we calculated the monthly mean interval between timeline of 1 January 2000 to 31 December 2009. Sample period is divided into two different parts. Variables impact on companies' total return indices is tested by regression analysis. By F-test we tested significance of model and squared coefficient correlation told us how much model explains from changes. Goodness of the β-coefficient is tested in the model by t-test. The research results shows that the Russian operating environment, or changes in which the active Finnish companies in total return indices. On partial sample periods results were not so significant.

RF disturbances produced by high-power photovoltaic solar plants

In this thesis, analysis of electromagnetic compatibility of high-power photovoltaic solar plant is made. Current standards suitable for photovoltaic applications are given. Measurements of antenna factor for experimental setup are shown. Also, measurements of common mode disturbance voltages in high-power solar plant are given. Importance of DC-side filter is shown. In the last part of the work, electromagnetic simulations are made. These simulations show influence of several factors to EMC of power plant. Based on these simulations and measurements recommendations are given.

Performance Comparison of Behavioral Finance -based Investment Strategies in the Finnish Stock Market 1996-2010

In this thesis traditional investment strategies (value and growth) are compared to modern investment strategies (momentum, contrarian and GARP) in terms of risk, performance and cumulative returns. Strategies are compared during time period reaching from 1996 to 2010 in the Finnish stock market. Used data includes all listed main list stocks, dividends and is adjusted in case of splits, and mergers and acquisitions. Strategies are tested using different holding periods (6, 12 and 36 months) and data is divided into tercile portfolios based on different ranking criteria. Contrarian and growth strategies are the only strategies with improved cumulative returns when longer holding periods are used. Momentum (52-week high price1) and GARP strategies based on short holding period have the best performance and contrarian and growth strategies the worst. Momentum strategies (52-week high price) along with short holding period contrarian strategies (52-week low price2) have the lowest risk. Strategies with the highest risk are both growth strategies and two momentum strategies (52-week low price). The empirical results support the efficiency of momentum, GARP and value strategies. The least efficient strategies are contrarian and growth strategies in terms of risk, performance and cumulative returns. Most strategies outperform the market portfolio in all three measures. 1 Stock ranking criterion (current price/52-week highest price) 2 Stock ranking criterion (current price/52-week lowest price)

Photoexcitation dynamics in organic solar cell donor/acceptor systems

Solceller presenteras ofta som ett miljövänligt alternativ för energiproduktion. Det största hindret för en bredare ibruktagning av kiselbaserade solceller är deras höga pris. I och med upptäckten av ledande och halvledande organiska (kolbaserade) molekyler och polymerer har ett nytt forskningsområde, organisk elektronik, vuxit fram. Den stora fördelen med organisk elektronik är att de använda materialen oftast är lösliga. Tillverkning av elektroniska komponenter kan då göras med hjälp av konventionella trycktekniker där bläcket ersatts med upplösta organiska material. Detta har potential att betydligt sänka priset för solceller. Nackdelen med organisk elektronik är att de använda materialen är komplexa, och de fysikaliska processerna i dem likaså. I min avhandling har jag studerat fotofysiken i två polymerer, P3HT och APFO3, som kan användas för att tillverka organiska solceller. Blandade med fullerenderivatet PCBM, som är en stark elektronacceptor, fås ett material som effektivt producerar elektroner och hål under belysning. I praktiken bidrar dock inte alla skapade laddningar till strömmen ur solcellen. Elektronerna och hålen kan förbli bundna till varandra i olika exciterade tillstånd, och även de som är fria kan träffa på motsatta laddningar under vägen till kontakterna och rekombinera. Centralt i mitt arbete har varit att identifiera olika typer av exciterade tillstånd i dessa solcellsmaterial, samt att bestämma deras livstider och rekombination. Metoden för detta har varit s.k. fotoinducerad absorption, som mäter fotoexcitationernas absorptioner i infraröda våglängdsområdet. De två viktigaste resultaten som presenteras i avhandlingen är en ratekvationsmodell för fotoexcitationsdynamiken i APFO3 på ultrasnabba tidsskalor (femtosekund - microsekund) och bildandet av en rekombinationshämmande dipol vid gränsytan för P3HT och PCBM som följd av värmebehandling. Dessa resultat bidrar till förståelsen av de fotofysikaliska processerna i relaterade material.

IT Investment Portfolio Management Over Joint Ventures: Case Study in a Multinational Oil & Gas Company

With information technology (IT) playing an increasing important role in driving the business, the value of IT investment is often challenged because not all of those investment decisions are made in a reasonable way or aligned with business strategies. IT investment portfolio management (PfM) is an effective way to prioritize and select the right IT projects to invest in, by taking all the project proposals into consideration as a whole, based on their business value, risks, costs, and interrelationships. There are different decision models to prioritise projects, and the Analytic Hierarchy Process (AHP) is one of the most commonly-used methods and is discussed in this master thesis. At the same time, there are IT projects on different levels for a multinational company, from global to local. For instance, many of them are probably proposed by joint ventures on local level. In the oil & gas industry, joint ventures are often formed especially in the area of the upstream (exploration & production). How to involve those projects into the IT investment PfM approach of the parent company is a challenge, because the parent company cannot make the decisions on its own. It needs to prioritize all projects in an adequate way, communicate with JVs and influence them. Also, different control levels on JVs need to be considered. This paper hence attempts to introduce a tailored approach of IT investment PfM for a multinational oil & gas company to address the issues around JVs.

Sähkön tuotantokustannusvertailu

Työssä vertaillaan eri sähköntuotantovaihtoehtojen taloudellista kannattavuutta. Kannattavuusvertailu suoritetaan pelkkää sähköä tuottaville voimalaitoksille. Raportti on jatkoa aikaisemmille tutkimuksille, joista viimeisin julkaistiin 2008. Tutkittavat voimalaitostyypit ovat: ydinvoimalaitos, maakaasukombilauhdevoimalaitos, kivihiililauhdevoimalaitos, turvelauhdevoimalaitos, puulauhdevoimalaitos, tuulivoimala ja uutena aurinkovoimala. Kannattavuustarkastelu suoritetaan annuiteettimenetelmällä käyttäen 5 % reaalikorkoa ja maaliskuun 2012 hintatasoa. Laskelmien perusteella 8000 tunnin huipunkäyttöajalla ydinsähkön tuotantokustannus, kun laitos rakennetaan olemassaolevalle tontille olisi 43,7 €/MWh, täysin uuden ydinvoimalaitoksen 57,9 €/MWh, kaasusähkön 75,4 €/MWh, turvelauhteen 75,4 €/MWh ja hiilisähkön hiilidioksidin talteenotolla 64,4 €/MWh, kun hiilidioksidipäästöoikeuden hintana käytetään 23 €/t. Vastaavasti uusiutuvista puupolttoainelauhdesähkön tuotantokustannus olisi 70,2 €/MWh kun taas 2200 tunnin huipunkäyttöajalla maalla sijaitsevan tuulivoimalaitoksen sähkön tuotantokustannus 52,7 €/MWh ja merellä sijaitsevan tuulivoimalaitoksen 76,8 €/MWh. Erillistarkastelussa arvioitiin suurien keskittävää teknologiaa käyttävän aurinko-voimalaitoksen tuotantokustannuksen ylittävän 100 €/MWh ollen todennäköisesti lähempänä 150 €/MWh. Arvio piensähkön tuotantokustannuksista aurinkosähköisillä paneeleilla vaihtelee 90 – 130 €/MWh. Merkittävin kustannussäästö syntyy, jos aurinkosähköpaketteja voidaan tarjota kuluttajalle kokonaistoimituksena avaimet käteen. Aurinkosähkön tuottaminen kotikeräimillä näyttääkin olevan vaiheessa, jossa se on selkeästi pienkäyttäjälle edullista mikäli sijoitettava pääoma 6000 – 18000 € ei vaadi ulkopuolista rahoitusta.

Testing Platform Development for Large Scale Solar Integration

Currently, a high penetration level of Distributed Generations (DGs) has been observed in the Danish distribution systems, and even more DGs are foreseen to be present in the upcoming years. How to utilize them for maintaining the security of the power supply under the emergency situations, has been of great interest for study. This master project is intended to develop a control architecture for studying purposes of distribution systems with large scale integration of solar power. As part of the EcoGrid EU Smart Grid project, it focuses on the system modelling and simulation of a Danish representative LV network located in Bornholm island. Regarding the control architecture, two types of reactive control techniques are implemented and compare. In addition, a network voltage control based on a tap changer transformer is tested. The optimized results after applying a genetic algorithm to five typical Danish domestic loads are lower power losses and voltage deviation using Q(U) control, specially with large consumptions. Finally, a communication and information exchange system is developed with the objective of regulating the reactive power and thereby, the network voltage remotely and real-time. Validation test of the simulated parameters are performed as well.

Diversification benefits for a Finnish non-industrial private forest investor: Real Estate Investment Trusts in the USA

This thesis examined both domestic and international forest investment options for a Finnish non-industrial private forest investor. The focus was on forest-based investment instruments. The influence of movements of currency exchange rates on foreign returns were also taken into account. Annual data from 1995 to 2011 was used. The main portfolio optimization model in this study was the Mean-Variance model but the results were also validated by using the Value at Risk and Expected Shortfall models. In addition, the exchange rate risk hedging was established by using one-week-maturity forward contracts. The results suggested that 75 % of the total wealth should be invested in Finnish private forests and the rest, 25 %, to a US REIT, in this case Rayonier. With hedging, the total return on the portfolio was 7.21 % (NIPF 5.3%) with the volatility of 6.63 % (NIPF 7.9%). Taxation supported US investments in this case. As a conclusion, a Finnish private forest investor may, as evidenced, benefit in diversifying a portfolio using REITs in the US.