Poster presentation as a report of a self-designed laboratory experiment : a case study

Julkaisumaa: 203 CZ CZE Tšekki

Financial Slack and Bidding Firms’ Takeover Announcement Stock Returns – an Event Study

Despite the fact that the literature on mergers and acquisitions is extensive, relatively little effort has been made to examine the relationship between the acquiring firms’ financial slack and short-term post-takeover announcement abnormal stock returns. In this study, the case is made that the financial slack of a firm is not only an outcome of past business and financing activities but it also may affect the quality of acquisition decisions. We will hypothesize that the level of financial slack in a firm is negatively associated with the abnormal returns following acquisition announcements because slack reduces managerial discipline over the use of corporate funds and also because it may give rise to managerial self-serving behavior. In this study, financial slack is measured in terms of three financial statements ratios: leverage ratio, cash and equivalents to total assets ratio and free cash flow to total assets ratio. The data used in this paper is collected from two main sources. A list comprising 90 European acquisition announcements is retrieved from Thomson One Banker database. The stock price data and financial statements information for the respective firms is collected using Datastream. Our empirical analysis is two-fold. First, we conduct a two-sample t-test where we find that the most slack-rich firms experience lower abnormal returns than the most slack-poor firms in the event window [-1, +1], significant at 5% risk level. Second, we perform a cross sectional regression for sample firms using three financial statements ratios to explain cumulative abnormal returns (CAR). We find that leverage shows a statistically significant positive relationship with cumulative abnormal returns in event window [-1; +1] (significance 5%). Moreover, cash to total assets ratio showed a weak negative relationship with CAR (significant at 10%) in event window [-1; +1]. We conclude that our hypothesis for the inverse relationship between slack and abnormal returns receives empirical support. Based on the results of the event study we get empirical support for the hypothesis that the capital markets expect the acquisitions undertaken by slack-rich firms to more likely be driven by managerial self-serving behavior and hubris than do those undertaken by slackpoor firms, signaling possible agency problems and behavioral biases.

Self-assessment report for international accreditation - Bachelor's and Master's degree programmes in Information Technology

Lappeenrannan teknillisen yliopiston Tietotekniikan kandidaatin ja maisterin tutkinto-ohjelmien itsearviointi toteutettiin v. 2012 kansainvälistä akkreditointia varten. Itsearviointiraportissa kuvataan tutkinto-ohjelmien tavoitteet, toteutus ja arviointimenettelyt sekä tulokset.

Regulation of self-renewal and detection of karyotypic changes of pluripotent human embryonic stem cells

Human embryonic stem cells are pluripotent cells capable of renewing themselves and differentiating to specialized cell types. Because of their unique regenerative potential, pluripotent cells offer new opportunities for disease modeling, development of regenerative therapies, and treating diseases. Before pluripotent cells can be used in any therapeutic applications, there are numerous challenges to overcome. For instance, the key regulators of pluripotency need to be clarified. In addition, long term culture of pluripotent cells is associated with the accumulation of karyotypic abnormalities, which is a concern regarding the safe use of the cells for therapeutic purposes. The goal of the work presented in this thesis was to identify new factors involved in the maintenance of pluripotency, and to further characterize molecular mechanisms of selected candidate genes. Furthermore, we aimed to set up a new method for analyzing genomic integrity of pluripotent cells. The experimental design applied in this study involved a wide range of molecular biology, genome-wide, and computational techniques to study the pluripotency of stem cells and the functions of the target genes. In collaboration with instrument and reagent company Perkin Elmer, KaryoliteTM BoBsTM was implemented for detecting karyotypic changes of pluripotent cells. Novel genes were identified that are highly and specifically expressed in hES cells. Of these genes, L1TD1 and POLR3G were chosen for further investigation. The results revealed that both of these factors are vital for the maintenance of pluripotency and self-renewal of the hESCs. KaryoliteTM BoBsTM was validated as a novel method to detect karyotypic abnormalities in pluripotent stem cells. The results presented in this thesis offer significant new information on the regulatory networks associated with pluripotency. The results will facilitate in understanding developmental and cancer biology, as well as creating stem cell based applications. KaryoliteTM BoBsTM provides rapid, high-throughput, and cost-efficient tool for screening of human pluripotent cell cultures.

Acceleration of Solar Energetic Particles in coronal shocks through self-generated turbulence

The acceleration of solar energetic particles (SEPs) by flares and coronal mass ejections (CMEs) has been a major topic of research for the solar-terrestrial physics and geophysics communities for decades. This thesis discusses theories describing first-order Fermi acceleration of SEPs through repeated crossings at a CME-driven shock. We propose that particle trapping occurs through self-generated Alfvén waves, leading to a turbulent trapping region in front of the shock. Decelerating coronal shocks are shown to be capable of efficient SEP acceleration, provided seed particle injection is sufficient. Quasi-parallel shocks are found to inject thermal particles with good efficiency. The roles of minimum injection velocities, cross-field diffusion, downstream scattering efficiency and cross-shock potential are investigated in detail, with downstream isotropisation timescales having a major effect on injection efficiency. Accelerated spectra of heavier elements up to iron are found to exhibit significantly harder spectra than protons. Accelerated spectra cut-off energies are found to scale proportional to (Q/A)^1.5, which is explained through analysis of the spectral shape of amplified Alfvénic turbulence. Acceleration times to different threshold energies are found to be non-linear, indicating that self-consistent time-dependent simulations are required in order to expose the full extent of acceleration dynamics. The well-established quasilinear theory (QLT) of particle scattering is investigated by comparing QLT scattering coefficients with those found via full-orbit simulations. QLT is found to overemphasise resonance conditions. This finding supports the simplifications implemented in the presented coronal shock acceleration (CSA) simulation software. The CSA software package is used to simulate a range of acceleration scenarios. The results are found to be in agreement with well-established particle acceleration theory. At the same time, new spatial and temporal dynamics of particle population trapping and wave evolution are revealed.

Self-deposit, discovery, and delivery of scientific GIS datasets using GeoHydra

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

Online peer to peer lending: clustering borrowers using self-organizing maps

The purpose of this thesis is to find out whether all the peer to peer lenders are unworthy of credit and also if there are single qualities or combinations of qualities that determine the probability of default of a person or group of people. Distinguishing qualities are searched with self-organizing maps (SOM). Qualities and groups of people found by the self-organizing map are then compared to the average. The comparison is carried out by looking how big proportion of borrowers meeting the criteria is two months or more behind with their payments. Research data used is collected by an Estonian peer to peer lending company during the years of 2011-2014. Data consists of peer to peer borrowers and information gathered from them.

Imbuing airborne electronic warfare self-protection : possibilities to disguise

Tutkielman nimi käännettynä suomeksi on Lentokoneiden omasuojajärjestelmien kyllästäminen – mahdollisuuksia kätkeytymiseen. Siinä keskitytään etsimään aktiivisia, ilmauhkaa kohti säteileviä keinoja ilmahyökkääjän, lentokoneen tai helikopterin, omasuojajärjestelmän harhauttamiseksi. Järjestelmät pyrkivät varoittamaan lentäjää laser- ja tutkasäteilyhavainnoista sekä ohjuksen laukaisusta ja lähestymisestä. Omasuojajärjestelmiin kuuluviin vastakeinoihin tutkimus ei keskity. Tavoitteena harhauttamisella on ilmapuolustuksen todellisen määrän ja sijainnin suojaaminen. Epätietoisuus voi saada lentäjän tekemään vääriä johtopäätöksiä. Työ ei fokusoi harhauttamisen taktiseen kehykseen työn kannalta tarpeellista määrää enempää. Tietosuojasyistä tutkimus ei käsittele käytössä olevien omasuojajärjestelmien operatiivisia ominaisuuksia vaan käsittelee teoriaa niiden taustalla. Tutkimus tehtiin käyttäen taustatutkimukselle enemmän tyypillistä kirjallisuustutkimusta. Jo tutki-muksen alkuvaiheessa oli oletettavaa, että elektronisiin sensoreihin perustuvaa omasuojajärjestelmää pystytään harhauttamaan. Systeemianalysoinnilla pyrittiin löytämään vastauksia tähän olettamukseen. Omasuojajärjestelmästä muodostettiin jo tutkimuksen varhaisessa vaiheessa malli. Tieteellistä kirjallisuutta omasuojajärjestelmistä on olemassa jonkin verran, ja niistä löydettyä tietoa omasuojajärjestelmien ominaisuuksista ja sensoreista yhdistettiin malliin niin, että siitä saatiin mahdollisimman tarkka systeemin kuvaus todellisesta omasuojajärjestelmästä. Analyysin tavoitteena oli löytää niitä kriteereitä, joilla omasuojajärjestelmä saataisiin kohtuullisen tehokkaasti uskomaan harhautusta oikeaksi hälytykseksi. Ohjuksen laukaisusta varoittava sensori perustuu ohjuksen moottorin muodostaman pilven lämpö-säteilyyn. Säteily kuitenkin muuttuu lennon eri vaiheissa, mikä tuottaa haasteita järjestelmälle. Millimetrialueen tutkan käyttö varoittimen sensorina on myös yksi vaihtoehto. Laser-varoittimet toimivat koko sillä taajuusalueella, mitä sotilaskäytössä tulenjohtamiseen ja ohjusten ohjaamiseen käytetään. Tutkavaroittimen tutkimus on vielä kesken. Löydettyjä tuloksia analysoimalla tulen tässä vaiheessa hieman ristiriitaisiin tuloksiin. Lämpösäteilyn käytön suurin haaste on sen eteneminen ilmakehässä. Varoittimen tavoitekaan ei ole toimia kymmentä kilometriä pidemmälle. Yksi mahdollinen ratkaisu on suunnitella ja toteuttaa raketti, jonka tuottaa lämpösäteilyä kuten tietty puolustavan joukon käytössä oleva ohjus. Jos koneessa on kuitenkin myös millimetrialueen tutka tukemassa varoitusjärjestelmää, hankaloituu rakettiharhautus merkittävästi, koska sen pitäisi oletettavasti olla lentokoneen kanssa melko tarkasti kohtaavalla reitillä. Laser-varoitin on ilmeisesti herkin järjestelmistä, koska se voi tietyissä olosuhteissa ja varsinkin matalalla lentokorkeudella aiheuttaa paljon vääriä hälytyksiä ilman tarkoituksellista harhauttamista. Laserin käyttö yhdistettynä raketin laukaisuun saattaisi tuottaa halutun tuloksen. Tutkavaroittimen harhautus onnistuu, jos valelaitteen signaali on uskottavan tarkka.

Digital Humanities For Everyone’s Benefit?: interplay in social media with the great audience, high-esteemed researcher and self-conscious library

The National Library of Finland realizes the Digitization Project of Kindred Languages in 2012–15. The project is financially supported by the Kone Foundation. During this project the National Library of Finland has digitized and made available approximately 1200 monograph and more than 100 newspaper titles in several Uralic languages. The materials are available to both researchers and citizens in the National Library’s Fenno-Ugrica collection. The project will produce digitized materials in the Uralic languages as well as their development tools to support linguistic research and citizen science. The resulting materials will constitute the largest resource for the Uralic languages in the world. Through this project, researchers will gain access to corpora which they have not been able to study before and to which all users will have open access regardless of their place of residence. In my presentation, I will discuss 1) how we utilized the social media (Facebook, Twitter, VKontakte etc) to gain audience for our collection and 2) how the needs of researchers and laymen were met in crowdsourcing.

Designing new learning experiences? : exploring corporate E-learners’ self-regulated learning

The context of this study is corporate e-learning, with an explicit focus on how digital learning design can facilitate self-regulated learning (SRL). The field of e-learning is growing rapidly. An increasing number of corporations use digital technology and elearning for training their work force and customers. E-learning may offer economic benefits, as well as opportunities for interaction and communication that traditional teaching cannot provide. However, the evolving variety of digital learning contexts makes new demands on learners, requiring them to develop strategies to adapt and cope with novel learning tools. This study derives from the need to learn more about learning experiences in digital contexts in order to be able to design these properly for learning. The research question targets how the design of an e-learning course influences participants’ self-regulated learning actions and intentions. SRL involves learners’ ability to exercise agency in their learning. Micro-level SRL processes were targeted by exploring behaviour, cognition, and affect/motivation in relation to the design of the digital context. Two iterations of an e-learning course were tested on two groups of participants (N=17). However, the exploration of SRL extends beyond the educational design research perspective of comparing the effects of the changes to the course designs. The study was conducted in a laboratory with each participant individually. Multiple types of data were collected. However, the results presented in this thesis are based on screen observations (including eye tracking) and video-stimulated recall interviews. These data were integrated in order to achieve a broad perspective on SRL. The most essential change evident in the second course iteration was the addition of feedback during practice and the final test. Without feedback on actions there was an observable difference between those who were instruction-directed and those who were self-directed in manipulating the context and, thus, persisted whenever faced with problems. In the second course iteration, including the feedback, this kind of difference was not found. Feedback provided the tipping point for participants to regulate their learning by identifying their knowledge gaps and to explore the learning context in a targeted manner. Furthermore, the course content was consistently seen from a pragmatic perspective, which influenced the participants’ choice of actions, showing that real life relevance is an important need of corporate learners. This also relates to assessment and the consideration of its purpose in relation to participants’ work situation. The rigidity of the multiple choice questions, focusing on the memorisation of details, influenced the participants to adapt to an approach for surface learning. It also caused frustration in cases where the participants’ epistemic beliefs were incompatible with this kind of assessment style. Triggers of positive and negative emotions could be categorized into four levels: personal factors, instructional design of content, interface design of context, and technical solution. In summary, the key design choices for creating a positive learning experience involve feedback, flexibility, functionality, fun, and freedom. The design of the context impacts regulation of behaviour, cognition, as well as affect and motivation. The learners’ awareness of these areas of regulation in relation to learning in a specific context is their ability for design-based epistemic metareflection. I describe this metareflection as knowing how to manipulate the context behaviourally for maximum learning, being metacognitively aware of one’s learning process, and being aware of how emotions can be regulated to maintain volitional control of the learning situation. Attention needs to be paid to how the design of a digital learning context supports learners’ metareflective development as digital learners. Every digital context has its own affordances and constraints, which influence the possibilities for micro-level SRL processes. Empowering learners in developing their ability for design-based epistemic metareflection is, therefore, essential for building their digital literacy in relation to these affordances and constraints. It was evident that the implementation of e-learning in the workplace is not unproblematic and needs new ways of thinking about learning and how we create learning spaces. Digital contexts bring a new culture of learning that demands attitude change in how we value knowledge, measure it, define who owns it, and who creates it. Based on the results, I argue that digital solutions for corporate learning ought to be built as an integrated system that facilitates socio-cultural connectivism within the corporation. The focus needs to shift from designing static e-learning material to managing networks of social meaning negotiation as part of a holistic corporate learning ecology.