The Effect of Dividend Yield to Stocks’ Performance on Bullish and Bearish Finnish Stock Market

This study examines the relationship between dividend yield and stock return over bullish and bearish Finnish stock market by testing for alpha and beta shifts across bull and bear markets. In addition, this study examines if various factors, such as a standard deviation of dividends, firm size and profitability have an effect on the size, of the firms’ dividends and systematic risk of the stocks. We divide stocks into five portfolios on the basis of their past average dividend yields and investigate if the highest yielding portfolios outperform the lowest yielding portfolios during the different market conditions. As a result, high yielding stocks were most stable during the examination period and offered downside protection on bear markets. However, a strategy of forming portfolios with past dividend yields led to negative alphas even in bull markets. Standard deviation of dividends, firm size and profitability were found to have no effect on the size of dividends and systematic risk of the stocks.

The effectiveness of short-term literacy skills intervention on children at risk of reading and writing difficulties in Tanzania : a study of grade one children with dynamic assessment approach

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.

Kaksoislaatuisesta rakenneputkesta hitsatun X-liitoksen kestävyys ja muodonmuutoskyky

Rautaruukki Oyj:n uusi Ruukki double grade S420MH/S355J2H -rakenneputki yhdistää putkilajien S420MH ja S355J2H ominaisuudet. Eurocode 3:n suunnitteluohjeiden mukaan Ruukki double graden käyttöön on sovellettava lujuusluokan S420 mukaista hitsien mitoitusta ja rakenneputkiliitosten staattista mitoituskestävyyttä alentavaa varmuuskerrointa, kun halutaan hyödyntää lujuusluokan S420 ominaisuudet Ruukki double gradea käytettäessä. Tässä työssä tutkittiin S420-lujuusluokkaa vastaavien suunnittelumääräysten soveltamistarvetta Ruukki double grade -rakenneputken käyttöön. Työn tavoitteena oli arvioida Ruukki double grade -rakenneputkesta hitsaamalla valmistetun X-liitoksen kestävyyden ja muodonmuutoskyvyn riittävyys, kun hitsit mitoitettiin S355-lujuusluokkaa vastaavien Eurocode 3:n suunnitteluohjeiden mukaisesti. X-liitosten kestävyyttä ja muodonmuutoskykyä tutkittiin kokeellisesti -40 C lämpötilassa suoritettujen laboratoriokokeiden avulla sekä analyyttisen laskennan ja elementtimenetelmän keinoin. Kestävyyden riittävyyttä arvioitiin vertaamalla laboratoriokokeista saatuja liitosten kestävyyksiä Eurocode 3:n ja myötöviivateorian mukaisiin kestävyyksiin. Elementtimenetelmän ja laboratoriokokeen pohjalta piirrettyjä liitoksen voima-siirtymäkuvaajia vertailtiin keskenään, kun elementtimalli analysoitiin eri materiaalimalleilla. Lisäksi verrattiin elementtimallin voima-venymäkuvaajia liitoksen venymäliuskan arvoihin. Kaikki koesarjan S355-lujuusluokan mukaisilla hitsin a-mitoilla valmistetut liitokset täyttivät kestävyydelle ja muodonmuutoskyvylle asetetut vaatimukset. Täten tämän koesarjan perusteella ei ollut tarpeellista soveltaa S420-lujuusluokan mukaista hitsien mitoitusta ja staattista mitoituskestävyyttä alentavaa varmuuslukua Ruukki double grade -rakenneputkeen. Elementtimenetelmästä ja laboratoriokokeesta saadut liitoksen voima-siirtymäkuvaajat vastasivat hyvin toisiaan. Sen sijaan elementtimallin voima-venymä-kuvaajat eivät vastanneet venymäliuskojen mittausdataa kovin hyvin.

Applications and Benefits of Adaptive Pulsed GMAW

In ship and offshore terminal construction, welded cross sections are thick and the number of welds very high. Consequently, there are two aspects of great importance; cost and heat input. Reduction in the welding operation time decreases the costs of the work force and avoids excessive heat, preventing distortion and other weld defects. The need to increase productivity while using a single wire in the GMAW process has led to the use of a high current and voltage to improve the melting rate. Unfortunately, this also increases the heat input. Innovative GMAW processes, mostly implemented for sheet plate sections, have shown significant reduction in heat input (Q), low distortion and increase in welding speed. The aim of this study is to investigate adaptive pulsed GMAW processes and assess relevant applications in the high power range, considering possible benefits when welding thicker sections and high yield strength steel. The study experimentally tests the usability of adaptive welding processes and evaluates their effects on weld properties, penetration and shapes of the weld bead.The study first briefly reviews adaptive GMAW to evaluate different approaches and their applications and to identify benefits in adaptive pulsed. Experiments are then performed using Synergic Pulsed GMAW, WiseFusionTM and Synergic GMAW processes to weld a T-joint in a horizontal position (PB). The air gap between the parts ranges from 0 to 2.5 mm. The base materials are structural steel grade S355MC and filler material G3Si1. The experiment investigates heat input, mechanical properties and microstructure of the welded joint. Analysis of the literature reveals that different approaches have been suggested using advanced digital power sources with accurate waveform, current, voltage, and feedback control. In addition, studies have clearly indicated the efficiency of lower energy welding processes. Interest in the high power range is growing and a number of different approaches have been suggested. The welding experiments in this study reveal a significant reduction of heat input and a weld microstructure with the presence of acicular ferrite (AF) beneficial for resistance to crack propagation. The WiseFusion bead had higher dilution, due to the weld bead shape, and low defects. Adaptive pulse GMAW processes can be a favoured choice when welding structures with many welded joints. The total heat reduction mitigates residual stresses and the bead shape allows a higher amperage limit. The stability of the arc during the process is virtually spatter free and allows an increase in welding speed.

Hydrometallurgical recovery of valuable metals from secondary raw materials

Wastes and side streams in the mining industry and different anthropogenic wastes often contain valuable metals in such concentrations their recovery may be economically viable. These raw materials are collectively called secondary raw materials. The recovery of metals from these materials is also environmentally favorable, since many of the metals, for example heavy metals, are hazardous to the environment. This has been noticed in legislative bodies, and strict regulations for handling both mining and anthropogenic wastes have been developed, mainly in the last decade. In the mining and metallurgy industry, important secondary raw materials include, for example, steelmaking dusts (recoverable metals e.g. Zn and Mo), zinc plant residues (Ag, Au, Ga, Ge, In) and waste slurry from Bayer process alumina production (Ga, REE, Ti, V). From anthropogenic wastes, waste electrical and electronic equipment (WEEE), among them LCD screens and fluorescent lamps, are clearly the most important from a metals recovery point of view. Metals that are commonly recovered from WEEE include, for example, Ag, Au, Cu, Pd and Pt. In LCD screens indium, and in fluorescent lamps, REEs, are possible target metals. Hydrometallurgical processing routes are highly suitable for the treatment of complex and/or low grade raw materials, as secondary raw materials often are. These solid or liquid raw materials often contain large amounts of base metals, for example. Thus, in order to recover valuable metals, with small concentrations, highly selective separation methods, such as hydrometallurgical routes, are needed. In addition, hydrometallurgical processes are also seen as more environmental friendly, and they have lower energy consumption, when compared to pyrometallurgical processes. In this thesis, solvent extraction and ion exchange are the most important hydrometallurgical separation methods studied. Solvent extraction is a mainstream unit operation in the metallurgical industry for all kinds of metals, but for ion exchange, practical applications are not as widespread. However, ion exchange is known to be particularly suitable for dilute feed solutions and complex separation tasks, which makes it a viable option, especially for processing secondary raw materials. Recovering valuable metals was studied with five different raw materials, which included liquid and solid side streams from metallurgical industries and WEEE. Recovery of high purity (99.7%) In, from LCD screens, was achieved by leaching with H2SO4, extracting In and Sn to D2EHPA, and selectively stripping In to HCl. In was also concentrated in the solvent extraction stage from 44 mg/L to 6.5 g/L. Ge was recovered as a side product from two different base metal process liquors with Nmethylglucamine functional chelating ion exchange resin (IRA-743). Based on equilibrium and dynamic modeling, a mechanism for this moderately complex adsorption process was suggested. Eu and Y were leached with high yields (91 and 83%) by 2 M H2SO4 from a fluorescent lamp precipitate of waste treatment plant. The waste also contained significant amounts of other REEs such as Gd and Tb, but these were not leached with common mineral acids in ambient conditions. Zn was selectively leached over Fe from steelmaking dusts with a controlled acidic leaching method, in which the pH did not go below, but was held close as possible to, 3. Mo was also present in the other studied dust, and was leached with pure water more effectively than with the acidic methods. Good yield and selectivity in the solvent extraction of Zn was achieved by D2EHPA. However, Fe needs to be eliminated in advance, either by the controlled leaching method or, for example, by precipitation. 100% Pure Mo/Cr product was achieved with quaternary ammonium salt (Aliquat 336) directly from the water leachate, without pH adjustment (pH 13.7). A Mo/Cr mixture was also obtained from H2SO4 leachates with hydroxyoxime LIX 84-I and trioctylamine (TOA), but the purities were 70% at most. However with Aliquat 336, again an over 99% pure mixture was obtained. High selectivity for Mo over Cr was not achieved with any of the studied reagents. Ag-NaCl solution was purified from divalent impurity metals by aminomethylphosphonium functional Lewatit TP-260 ion exchange resin. A novel preconditioning method, named controlled partial neutralization, with conjugate bases of weak organic acids, was used to control the pH in the column to avoid capacity losses or precipitations. Counter-current SMB was shown to be a better process configuration than either batch column operation or the cross-current operation conventionally used in the metallurgical industry. The raw materials used in this thesis were also evaluated from an economic point of view, and the precipitate from a waste fluorescent lamp treatment process was clearly shown to be the most promising.

Lujasta teräksestä valmistetun palkin poikkileikkauksen optimointi

Parin viime vuosikymmenen aikana on kehitetty huomattavasti entistä lujempia teräslaatuja, joiden käyttö ei kuitenkaan ole yleistynyt läheskään samaan tahtiin. Korkeamman hinnan lisäksi yksi merkittävä syy tähän on, että suunnittelijoilla ei usein ole riittäviä tietoja siitä, millaisissa tilanteissa lujemman teräslaadun käytöstä on merkittävää hyötyä. Tilannetta ei myöskään helpota se, että käytössä olevat standardit eivät tarjoa lainkaan ohjeistusta kaikkein lujimpien, myötörajaltaan yli 700MPa terästen käyttöön ja mitoitukseen. Tässä työssä pyritään tarjoamaan suunnittelijalle ohjeita ja nyrkkisääntöjä sopivan lujuusluokan ja profiilin valintaan sekä yleisesti lujempien teräslaatujen käyttöön. Lujemman teräslaadun käytöllä voidaan keventää suunniteltavaa rakennetta ja saada aikaan huomattavia painonsäästöjä. Usein ongelmaksi nousevat kuitenkin stabiiliuskriteerit, sillä teräksen lommahduskestävyys määräytyy suuresti sen lujuusluokasta siten, että mitä lujempaa teräs on, sitä helpommin se lommahtaa. Kun tämä yhdistetään siihen, että lujempaa terästä käytettäessä rakenteesta tulee optimoituna muutenkin pienempi ja kevyempi, kasvaa näiden kahden asian yhteisvaikutuksena kantokyvyn mukaan mitoitetun rakenteen taipuma korkeampiin lujuusluokkiin edetessä hyvin nopeasti sallittujen rajojen yli. Työssä etsitään siksi keinoja sopivan kompromissin löytämiseksi lujuuden ja jäykkyyden välille. Koska muotoilulla ja poikkileikkauksella on suuri merkitys sekä taipuman että stabiliteetin kannalta, tutkitaan erilaisia poikkileikkausvaihtoehtoja ja etsitään optimaalista poikkileikkausta taivutuspalkille matemaattisen optimointimallin avulla. Kun eri poikkileikkausvaihtoehdot on käsitelty ja optimoitu taivutuksen suhteen, tutkitaan poikkileikkauksia myös muissa kuormitustapauksissa. Huomattavan raskaan laskentatyön takia apuna käytetään Matlab-ohjelmistoa itse optimointiin ja Femap-ohjelmaa muiden kuormitustapausten tutkimiseen ja tulosten verifioitiin.

Intelligent mapping of stresses in a hydraulic crane

Continuous loading and unloading can cause breakdown of cranes. In seeking solution to this problem, the use of an intelligent control system for improving the fatigue life of cranes in the control of mechatronics has been under study since 1994. This research focuses on the use of neural networks as possibilities of developing algorithm to map stresses on a crane. The intelligent algorithm was designed to be a part of the system of a crane, the design process started with solid works, ANSYS and co-simulation using MSc Adams software which was incorporated in MATLAB-Simulink and finally MATLAB neural network (NN) for the optimization process. The flexibility of the boom accounted for the accuracy of the maximum stress results in the ADAMS model. The flexibility created in ANSYS produced more accurate results compared to the flexibility model in ADAMS/View using discrete link. The compatibility between.ADAMS and ANSYS softwares was paramount in the efficiency and the accuracy of the results. Von Mises stresses analysis was more suitable for this thesis work because the hydraulic boom was made from construction steel FE-510 of steel grade S355 with yield strength of 355MPa. Von Mises theory was good for further analysis due to ductility of the material and the repeated tensile and shear loading. Neural network predictions for the maximum stresses were then compared with the co-simulation results for accuracy, and the comparison showed that the results obtained from neural network model were sufficiently accurate in predicting the maximum stresses on the boom than co-simulation.

Double grade – rakenneputkien puristuskestävyys

Double grade S420MH/S355J2H – rakenneputki on Ruukin kylmämuovattujen rakenneputkien vakioteräslaji. Se voidaan mitoittaa joko lujuusluokan S355 tai S420 mukaisesti. Teräslajin S355 mukaisesti mitoitettaessa on suunnittelu yksinkertaista. Painonsäästöä ja pidennettyjä jännevälejä haluttaessa käytetään lujuusluokan S420 mukaista mitoitusta. Työn tavoitteena oli selvittää kylmämuovattujen teräsrakenneputkien todellinen puristuskestävyys. Eurocode 3:n mukaan kylmämuovatut teräsrakenneputket kuuluvat nurjahduskäyrälle c. Tutkimukseen valittiin viisi eri profiilia olevaa rakenneputkea, joiden poikkileikkausluokat olivat 1, 2, 3 ja 4. Käytettäessä rakenneputkia puristussauvoina, on teräksen käyttö tehokkainta poikkileikkausluokassa 3, lähellä poikkileikkausluokkaa 4. Rakenneputkista laskettiin muunnetun hoikkuuden arvoilla 0.1, 0.5, 1.0 ja 1.5 koesauvojen pituudet kaikille profiileille. Valmistettiin kolme samanlaista koesauvaa jokaisesta koosta ja puristuskokeita suoritettiin yhteensä 57 kappaletta. Koesauvojen todelliset pituudet, alkukäyryydet ja poikkileikkaukset mitattiin. Ainestodistuksista saatiin materiaalin todelliset lujuudet. Laskettiin Eurocode 3:n mukaisesti kestävyydet nurjahduskäyrille a, b ja c. Laskennallisia kestävyyksiä verrattiin puristuskokeiden tuloksiin. Puristuskokeiden tulosten perusteella voidaan b-käyrää pitää oikeana profiileille 100x100x3, 150,150x5 ja 200x200x6. Profiili 150x150x5 kuuluu poikkileikkausluokkaan 2. Profiilit 100x100x3 ja 200x200x6 kuuluvat poikkileikkausluokkaan 4. Profiili 50x50x2 kuuluu nurjahduskäyrälle c. Profiilin poikkileikkausluokka on 1 ja aiemmat tutkimukset tukevat nurjahduskäyrän c käyttöä. Profiilista 300x300x8.8 ei saatu testattua täyttä sarjaa sen suuren kapasiteetin rikottua testilaitteiston, mutta puristuskokeiden perusteella se kuuluu nurjahduskäyrälle b. Profiili kuuluu poikkileikkausluokkaan 4.