56 resultados para Short selling
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The aim of the study was to create and evaluate an intervention programme for Tanzanian children from a low-income area who are at risk of reading and writing difficulties. The learning difficulties, including reading and writing difficulties, are likely to be behind many of the common school problems in Tanzania, but they are not well understood, and research is needed. The design of the study included an identification and intervention phase with follow-up. A group based dynamic assessment approach was used in identifying children at risk of difficulties in reading and writing. The same approach was used in the intervention. The study was a randomized experiment with one experimental and two control groups. For the experimental and the control groups, a total of 96 (46 girls and 50 boys) children from grade one were screened out of 301 children from two schools in a low income urban area of Dar-es-Salaam. One third of the children, the experimental group, participated in an intensive training programme in literacy skills for five weeks, six hours per week, aimed at promoting reading and writing ability, while the children in the control groups had a mathematics and art programme. Follow-up was performed five months after the intervention. The intervention programme and the tests were based on the Zambian BASAT (Basic Skill Assessment Tool, Ketonen & Mulenga, 2003), but the content was drawn from the Kiswahili school curriculum in Tanzania. The main components of the training and testing programme were the same, only differing in content. The training process was different from traditional training in Tanzanian schools in that principles of teaching and training in dynamic assessment were followed. Feedback was the cornerstone of the training and the focus was on supporting the children in exploring knowledge and strategies in performing the tasks. The experimental group improved significantly more (p = .000) than the control groups during the intervention from pre-test to follow-up (repeated measures ANOVA). No differences between the control groups were noticed. The effect was significant on all the measures: phonological awareness, reading skills, writing skills and overall literacy skills. A transfer effect on school marks in Kiswahili and English was found. Following a discussion of the results, suggestions for further research and adaptation of the programme are presented.
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The worlds’ population is increasing and cities have become more crowded with people and vehicles. Communities in the fringe of metropolitans’ increase the traffic done with private cars, but also increase the need for public transportation. People have typically needs traveling to work located in city centers during the morning time, and return to suburbs in the afternoon or evening. Rail based passenger transport is environmentally friendly transport mode with high capacity to transport large volume of people. Railways have been regulated markets with national incumbent having monopoly position. Opening the market for competition is believed to have a positive effect by increasing the efficiency of the industry. National passenger railway market is opened for competition only in few countries, where as international traffic in EU countries was deregulated in 2010. The objective of this study is to examine the passenger railway market of three North European countries, Sweden, Denmark and Estonia. The interest was also to get an understanding of the current situation and how the deregulation has proceeded. Theory of deregulation is unfolded with literature analyses and empirical part of the study is constructed from two parts. Customer satisfaction survey was chosen as a method to collect real life experiences from the passengers and measure their knowledge of the market situation and possible changes appeared. Interviews of experts from the industry and labor unions give more insights and able better understanding for example of social consequences caused from opening the market for competition. Expert interviews were conducted by using semi-structured theme interview. Based on the results of this study, deregulation has proceeded quite differently in the three countries researched. Sweden is the most advanced country, where the passenger railway market is open for new entrants. Denmark and Estonia are lagging behind. Opening the market is considered positive among passengers and most of the experts interviewed. Common for the interviews were the labour unions negative perspective concerning deregulation. Despite the fact deregulation is considered positive among the respondents of the customer satisfaction survey, they could not name railway undertakings operating in their country. Generally respondents were satisfied with the commuter trains. Ticket price, punctuality of trains and itinerary affect the most to customer satisfaction.
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Artikel i tidskrift med referee-praxis
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The energy reform, which is happening all over the world, is caused by the common concern of the future of the humankind in our shared planet. In order to keep the effects of the global warming inside of a certain limit, the use of fossil fuels must be reduced. The marginal costs of the renewable sources, RES are quite high, since they are new technology. In order to induce the implementation of RES to the power grid and lower the marginal costs, subsidies were developed in order to make the use of RES more profitable. From the RES perspective the current market is developed to favor conventional generation, which mainly uses fossil fuels. Intermittent generation, like wind power, is penalized in the electricity market since it is intermittent and thus diffi-cult to control. Therefore, the need of regulation and thus the regulation costs to the producer differ, depending on what kind of generation market participant owns. In this thesis it is studied if there is a way for market participant, who has wind power to use the special characteristics of electricity market Nord Pool and thus reach the gap between conventional generation and the intermittent generation only by placing bids to the market. Thus, an optimal bid is introduced, which purpose is to minimize the regulation costs and thus lower the marginal costs of wind power. In order to make real life simulations in Nord Pool, a wind power forecast model was created. The simulations were done in years 2009 and 2010 by using a real wind power data provided by Hyötytuuli, market data from Nord Pool and wind forecast data provided by Finnish Meteorological Institute. The optimal bid needs probability intervals and therefore the methodology to create probability distributions is introduced in this thesis. In the end of the thesis it is shown that the optimal bidding improves the position of wind power producer in the electricity market.
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Tässä diplomityössä määritellään biopolttoainetta käyttävän voimalaitoksen käytönaikainen tuotannon optimointimenetelmä. Määrittelytyö liittyy MW Powerin MultiPower CHP –voimalaitoskonseptin jatkokehitysprojektiin. Erilaisten olemassa olevien optimointitapojen joukosta valitaan tarkoitukseen sopiva, laitosmalliin ja kustannusfunktioon perustuva menetelmä, jonka tulokset viedään automaatiojärjestelmään PID-säätimien asetusarvojen muodossa. Prosessin mittaustulosten avulla lasketaan laitoksen energia- ja massataseet, joiden tuloksia käytetään seuraavan optimointihetken lähtötietoina. Optimoinnin kohdefunktio on kustannusfunktio, jonka termit ovat voimalaitoksen käytöstä aiheutuvia tuottoja ja kustannuksia. Prosessia optimoidaan säätimille annetut raja-arvot huomioiden niin, että kokonaiskate maksimoituu. Kun laitokselle kertyy käyttöikää ja historiadataa, voidaan prosessin optimointia nopeuttaa hakemalla tilastollisesti historiadatasta nykytilanteen olosuhteita vastaava hetki. Kyseisen historian hetken katetta verrataan kustannusfunktion optimoinnista saatuun katteeseen. Paremman katteen antavan menetelmän laskemat asetusarvot otetaan käyttöön prosessin ohjausta varten. Mikäli kustannusfunktion laskenta eikä historiadatan perusteella tehty haku anna paranevaa katetta, niiden laskemia asetusarvoja ei oteta käyttöön. Sen sijaan optimia aletaan hakea deterministisellä optimointialgoritmilla, joka hakee nykyhetken ympäristöstä paremman katteen antavia säätimien asetusarvoja. Säätöjärjestelmä on mahdollista toteuttaa myös tulevaisuutta ennustavana. Työn käytännön osuudessa voimalaitosmalli luodaan kahden eri mallinnusohjelman avulla, joista toisella kuvataan kattilan ja toisella voimalaitosprosessin toimintaa. Mallinnuksen tuloksena saatuja prosessiarvoja hyödynnetään lähtötietoina käyttökatteen laskennassa. Kate lasketaan kustannusfunktion perusteella. Tuotoista suurimmat liittyvät sähkön ja lämmön myyntiin sekä tuotantotukeen, ja suurimmat kustannukset liittyvät investoinnin takaisinmaksuun ja polttoaineen ostoon. Kustannusfunktiolle tehdään herkkyystarkastelu, jossa seurataan katteen muutosta prosessin teknisiä arvoja muutettaessa. Tuloksia vertaillaan referenssivoimalaitoksella suoritettujen verifiointimittausten tuloksiin, ja havaitaan, että tulokset eivät ole täysin yhteneviä. Erot johtuvat sekä mallinnuksen puutteista että mittausten lyhyehköistä tarkasteluajoista. Automatisoidun optimointijärjestelmän käytännön toteutusta alustetaan määrittelemällä käyttöön otettava optimointitapa, siihen liittyvät säätöpiirit ja tarvittavat lähtötiedot. Projektia tullaan jatkamaan järjestelmän ohjelmoinnilla, testauksella ja virityksellä todellisessa voimalaitosympäristössä ja myöhemmin ennustavan säädön toteuttamisella.
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All over the world power systems become bigger and bigger every day. New equipment is installed, new feeders are constructed, new power units are installed. Some old elements of the network, however, are not changed in time. As a result, “bottlenecks” for capacity transmission can occur. By locked power problem the situation when a power plant has installed capacity exceeding the power it can actually deliver is usually meant. Regime, scheme or even technical restrictions-related issues usually cause this kind of problem. It is really important, since from the regime point of view it is typical decision to have a mobile capacity reserve, in case of malfunctions. And, what can be even more significant, power plant owner (JSC Fortum in our case) losses his money because of selling less electrical energy. The goal of master`s thesis is to analyze the current state of Chelyabinsk power system and the CHP-3 (Combined Heat and Power plant) in particular in relation with it`s ability to deliver the whole capacity of the CHP in it`s existing state and also taking into consideration the prospect of power unit 3 installation by the fourth quarter of 2010. The thesis contains some general information about the UPS of Russia, CPS of Ural, power system of Chelyabinsk and the Chelyabinsk region itself. Then the CHP-3 is described from technical point of view with it`s equipment observation. Regimes for the nowadays power system and for the system after the power unit 3 installation are reviewed. The problems occurring are described and, finally, a solution is offered.
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This thesis studied the issue of interaction in industrial buyer-seller relationships. The aim of the thesis was to study the interaction from the seller’s perspective, especially from a project selling company’s perspective. The purpose of the thesis was to offer suggestions for the case company on how to improve interaction. The theoretical part of the study introduced the interaction framework of buyer-seller interaction, and the concept of interaction mechanisms. The focus was on studying the seller’s ways and means to utilize the interaction mechanisms. A case study research was conducted in the empirical part of the study, in which interaction in the case company was observed at a general level and through three different projects. The case company of the study was a project selling company. The case study data was gathered through individual interviews. Content Analysis was used as a research method for analyzing the case study data. Based on the case study findings, the results were drawn. The results indicated what should be done, in order to develop interaction in the case company. Finally, suggestions were provided for the case company on how to improve interaction, and a suggested interaction model was established for the case company. Although the thesis studied the topic from the viewpoint of only one specific company, it also offers outlook for other seller companies to improve their interaction.
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kuv., 13 x 21 cm
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The aim of this thesis is to examine whether the pricing anomalies exists in the Finnish stock markets by comparing the performance of quantile portfolios that are formed on the basis of either individual valuation ratios, composite value measures or combined value and momentum indicators. All the research papers included in the thesis show evidence of value anomalies in the Finnish stock markets. In the first paper, the sample of stocks over the 1991-2006 period is divided into quintile portfolios based on four individual valuation ratios (i.e., E/P, EBITDA/EV, B/P, and S/P) and three hybrids of them (i.e. composite value measures). The results show the superiority of composite value measures as selection criterion for value stocks, particularly when EBITDA/EV is employed as earnings multiple. The main focus of the second paper is on the impact of the holding period length on performance of value strategies. As an extension to the first paper, two more individual ratios (i.e. CF/P and D/P) are included in the comparative analysis. The sample of stocks over 1993- 2008 period is divided into tercile portfolios based on six individual valuation ratios and three hybrids of them. The use of either dividend yield criterion or one of three composite value measures being examined results in best value portfolio performance according to all performance metrics used. Parallel to the findings of many international studies, our results from performance comparisons indicate that for the sample data employed, the yearly reformation of portfolios is not necessarily optimal in order to maximally gain from the value premium. Instead, the value investor may extend his holding period up to 5 years without any decrease in long-term portfolio performance. The same holds also for the results of the third paper that examines the applicability of data envelopment analysis (DEA) method in discriminating the undervalued stocks from overvalued ones. The fourth paper examines the added value of combining price momentum with various value strategies. Taking account of the price momentum improves the performance of value portfolios in most cases. The performance improvement is greatest for value portfolios that are formed on the basis of the 3-composite value measure which consists of D/P, B/P and EBITDA/EV ratios. The risk-adjusted performance can be enhanced further by following 130/30 long-short strategy in which the long position of value winner stocks is leveraged by 30 percentages while simultaneously selling short glamour loser stocks by the same amount. Average return of the long-short position proved to be more than double stock market average coupled with the volatility decrease. The fifth paper offers a new approach to combine value and momentum indicators into a single portfolio-formation criterion using different variants of DEA models. The results throughout the 1994-2010 sample period shows that the top-tercile portfolios outperform both the market portfolio and the corresponding bottom-tercile portfolios. In addition, the middle-tercile portfolios also outperform the comparable bottom-tercile portfolios when DEA models are used as a basis for stock classification criteria. To my knowledge, such strong performance differences have not been reported in earlier peer-reviewed studies that have employed the comparable quantile approach of dividing stocks into portfolios. Consistently with the previous literature, the division of the full sample period into bullish and bearish periods reveals that the top-quantile DEA portfolios lose far less of their value during the bearish conditions than do the corresponding bottom portfolios. The sixth paper extends the sample period employed in the fourth paper by one year (i.e. 1993- 2009) covering also the first years of the recent financial crisis. It contributes to the fourth paper by examining the impact of the stock market conditions on the main results. Consistently with the fifth paper, value portfolios lose much less of their value during bearish conditions than do stocks on average. The inclusion of a momentum criterion somewhat adds value to an investor during bullish conditions, but this added value turns to negative during bearish conditions. During bear market periods some of the value loser portfolios perform even better than their value winner counterparts. Furthermore, the results show that the recent financial crisis has reduced the added value of using combinations of momentum and value indicators as portfolio formation criteria. However, since the stock markets have historically been bullish more often than bearish, the combination of the value and momentum criteria has paid off to the investor despite the fact that its added value during bearish periods is negative, on an average.
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kuv., 14 x 22 cm
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Value-based selling is a salesperson behavioral mode which concentrates on generating superior customer value. Although service dominant logic emphasizes customer value as a central tenet for achieving strategic objectives, sales management literature has predominantly circumvented the subject matter of customer value. The purpose of this thesis is to demonstrate the distinctiveness and positive sales performance outcomes of value-based selling. Additionally, performance outcomes of value-based selling are contrasted with other key sales behaviors, selling skills and motivational orientations. As a part of this thesis, large-scale survey of 730 respondents was collected. The survey was tailored for the needs of a value-based selling research group led by Ph.D. Harri Terho. The research group used convenience sampling to select the salespeople of 25 medium- and large-scale companies in Finland which currently either practice value-based selling or consider developing these activities. This thesis contains three key findings: value-based selling is established as a distinct sales behavior, it relates directly and positively to salesperson performance and it explains the link between customer-oriented selling and salesperson performance. Value-based selling relates to salesperson performance especially in the following GICS-sectors: energy, industrials and materials. However, relationship selling relates to performance strongest in the energy sector and adaptive selling in industrials sector. In sum, it is evident that actively crafting customer value is a successful sales behavior in many business-to-business marketing environments while other sales behaviors, excluding customer-oriented selling, still uphold their significance.
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This doctoral thesis was published in printed form in 1987. It was digitized from paper copy in 2013. Unfortunately on some pages the digitizaion process has not been complete, i.e there are some minor typographic erros on some pages.
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Cesarean section (CS) is the most common major surgery performed on women worldwide. CS can save the life of the mother or the fetus, but is associated with the typical complications of any major surgery: hemorrhage, infection, venous thromboembolism and complications of anesthesia, sometimes leading to maternal death. Recently there have been several reports from well resourced countries on increased severe maternal morbidity and even mortality. Increased rates of CS, obesity and older mothers may explain this rise. The aim of this thesis is to study the rates and risk factors of short term maternal complications associated with CS. Also, we compared maternal morbidity by mode of delivery and over time. The complication rates were assessed in a prospective study involving 2496 CS performed in the 12 largest delivery units in Finland in 2005. The rates of severe complications were studied by mode of delivery in a register-based study comparing national cohorts in 1997 and 2002. The impact of several risk factors on severe maternal morbidity by mode of delivery was studied in a register-based study of all singleton deliveries in 2007-2011. In the prospective study, 27% of the women who underwent CS had one or more intraoperative or postoperative complications during their hospital stay, and 10% had a severe complication. In the register-based study the incidence of life-threatening maternal complications was 7.6 in 1000 deliveries. The incidence was lowest for vaginal delivery (VD), followed by instrumental VD and elective CS, and highest in emergency CS. An attempt of VD, including the risks associated with emergency CS, seems to be the safest mode of delivery, even for most high-risk women.
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The aims were to find out 1) if schools’ oral health practices were associated with pupils’ oral health behaviour and whether 2) the national sweet-selling recommendation and 3) distributing oral health material (OHEM) affected schools as oral health promoters. Three independently collected datasets from Finnish upper comprehensive schools (N=988) were used: longitudinal oral health practices data (n=258) with three-year follow up (2007 n=480, 2008 n=508, 2009 n=593) from principals’ online questionnaires, oral health behaviour data from pupils participating in the national School Health Promotion Study (n=970 schools) and oral health education data from health education teachers’ online questionnaires (2008 n=563, 2009 n=477 teachers). Oral health practices data and oral health behaviour data were combined (n=414) to answer aim 1. For aims 2 and 3, oral health practices data and oral health education data were used independently. School sweet selling and an open campus policy were associated with pupils’ use of sweet products and tobacco products during school time. The National Recommendation was quite an effective way to reduce the number of sweet-selling schools, but there were large regional differences and a lack of a clear oral health policy in the schools. OHEM did not increase the proportion of teachers teaching oral health, but teachers started to cover oral health topics more frequently. Women started to use OHEM more often than men did. Schools’ oral health policy should include prohibiting the selling of sweet products in school by legislative actions, enabling healthy alternatives instead, and setting a closed campus policy to protect pupils from school-time sweet consuming and smoking.