Analysis of Patterns in Electricity Spot Market Time Series

Due to its non-storability, electricity must be produced at the same time that it is consumed, as a result prices are determined on an hourly basis and thus analysis becomes more challenging. Moreover, the seasonal fluctuations in demand and supply lead to a seasonal behavior of electricity spot prices. The purpose of this thesis is to seek and remove all causal effects from electricity spot prices and remain with pure prices for modeling purposes. To achieve this we use Qlucore Omics Explorer (QOE) for the visualization and the exploration of the data set and Time Series Decomposition method to estimate and extract the deterministic components from the series. To obtain the target series we use regression based on the background variables (water reservoir and temperature). The result obtained is three price series (for Sweden, Norway and System prices) with no apparent pattern.

Political participation beyond the vote : how the institutional context shapes patterns of political participation in 18 Western European democracies

Politiskt deltagande är en definierande del av varje demokratiskt politiskt system, även mellan valen. Men det har skett en betydande utveckling i vilka aktiviteter som uppfattas som politiskt deltagande. Det är inte enbart aktiviteter i politiska partier som är i fokus, men också olika protestaktiviteter, delaktighet i nya sociala rörelser och livsstilspolitik i form av politisk konsumtion. Politiskt deltagande mellan valen kan leda till en potentiell legitimitetskonflikt. Den potentiella konflikten mellan ansvarsutkrävande och medborgarnas aktiva medverkan har varit känd sedan länge. Representativa demokratier har genom olika institutionella mekanismer försökt konstruera ett fungerande politiskt system som förenar möjligheten för politiskt deltagande med en tydlig ansvarsstruktur. I detta sammanhang har den institutionella öppenheten haft en central position eftersom denna antas påverka hur lätt det är för medborgarna att påverka de formella beslutfattarna. Avhandlingen undersöker därmed konsekvenserna av institutionell öppenhet för olika former av politiskt deltagande. Resultaten tyder på att demokratiska staters institutionella uppbyggnad har väsentliga konsekvenser för det politiska deltagandet. Men samspelet mellan systemet och deltagandet verkar vara mera invecklat än de dominerande teorierna om politiska institutioner och deltagande ger vid handen. Institutionell öppenhet har inte den förväntade effekt beroende på om den politiska handlingen sker inom eller utanför det formella systemet, och den institutionella effekten är mera uttalad för föreningsaktivism och politisk konsumtion, vilket är de aktiviteter som ligger längst bort från det formella politiska systemet. Resultaten utmanar därmed centrala teoretiska antaganden inom forskningen om politiskt deltagande. I ljuset av de resultat som presenteras i avhandlingen framstår det som särskilt angeläget att omvärdera effekten av institutionell öppenhet.

Patterns and processes of littoral zooplankton composition in relation to the trophic state of the environment

Avhandlingen handlar om hur kompositionen hos litoralt djurplankton varierar med omgivningens trofiska nivå (m.a.o. eutrofieringsgrad). Arbetets inledande mål är att beskriva hur mängden och artmångfalden hos djurplankton i strandnära vattnen och de omgivande organismsamhällen ändras med närsaltshalter. Huvudsyftet är att utreda allmänna mekanismer som styr dessa mönster och som på så sätt kan vara viktiga i att reglera samhällen även i andra ekologiska system. Undersökningarna gjordes i åländska flador över flera tillväxtsäsonger samt i laboratorier där omgivningsförhållanden i fladorna kunde simuleras och manipuleras. Djurplankton i dessa lagunlika vikar är lägliga modellsystem. Flador är lämpligt avgränsade från det omgivande havet och förekommer allmänt i norra Östersjöregionen. Således kan de inom ett litet område som Åland representera hela regionala gradienten från näringsfattiga till näringsrika förhållanden. De små kräft- och hjuldjuren som djurplankton består av befinner sig i mitten av näringsväven. De sammankopplar olika typer av mikrobiell produktion vidare till högre konsumenter och är på så sätt centrala för organismsamhällens struktur och funktion i nästan alla akvatiska miljöer. I likhet med primärproducenterna (d.v.s. växter och alger som direkt påverkas av närsaltshalterna, och som bl.a. utgör föda och habitat för djurplankton) samvarierar kompositionen hos djurplankton tydligt med omgivningens trofiska nivå tills den blir hög. Sedan börjar hela samhällskompositionen utveckla sig åt två skilda håll. Dessa mönster kan för djurplanktonets del förklaras med att dess komposition ingalunda styrs endast av primärproducenterna, utan av ett komplicerat samspel mellan dessa resurser samt konkurrerande och högre konsumenter (d.v.s. predatorer på flera högre trofinivåer). Detta kom fram speciellt i laboratorieförhållanden då kompositionen hos dessa samhällskomponenter manipulerades. Både deras sammansättning och relativa tätheter i sig, samt en kombination av båda visade sig styra djurplanktonkompositionen. Lokala processer (inom fladorna) och synnerligen förändringar hos olika fundament- (speciellt vass, borstnate och rödsträfse), kärn- (speciellt yngel av a bborre och mört) och nyckelarter (stora predatorer som gädda) verkar kunna avgöra till vilken grad djurplanktonkompositionen samvarierar med omgivningens trofiska nivå. Inte bara samhällen utan också de mekanismer som styr dem ändras med omgivningens trofiska nivå. Flador är ypperliga naturliga laboratorier för att studera dessa och även andra allmänekologiska mönster och mekanismer. De är också oerhört viktiga miljöer för hela kustregionens natur.

Capital Structure and Firm Growth: R&D Intensive Companies

The purpose of this study is to examine and explain firm`s growth impact on capital structure decision-making in research and development intensive companies. Many studies claim that R&D has a pivotal impact on capital structure decisions, but corporate finance theories have often failed to explain these observed patterns. As sales growth is an important concept and objective for R&D firms, it is logical to assume that it plays a vital role in capital structure decisions. This study applies nomothetic research approach. The theoretical part employs a formal conceptual analysis in order to develop the propositions that are tested with empirical data. The empirical part consists of the analysis of three companies; the data is obtained from the annual reports over the period 2003 – 2008. The companies operate in IT- or ICT-industry and are publicly listed. The method for analyzing the case data is based on the financial indicators, which are obtained from the financials of the case companies. These economic indicators describe the capital structure and the financial decision-making of the firms. The method relates to the quantitative studies. Yet, this study extends the analysis beyond the indicators. Specifically, this study addresses the question of what is behind the economic indicators, therefore combining aspects of quantitative and qualitative analysis. The firms examined in this study seem to prefer internal finance during growth. However, external finance seems to be a catalyst for sales growth. Firms strongly prefer equity financing. In growth, the use of equity per capital either increases or stays in a constant level. Over the period 2003 – 2008, the firms were often associated to equity related transactions and short-term debt. Short-term debt was used as a substitute of long-term debt and equity. The case firms also adjusted their capital structure – these adjustments were carried out with short-term debt or equity. The case data also provides implications for the growth signal theory that was developed in this study. Based on the econometric indicators, arguments can be made that equity investors are `attracted` to growing R&D firms. This is because growth helps investors perceive the true type of firm. The findings of this study are best explained by the trade-off theory and the pecking order theory. These corporate finance theories are considered as mainstream. Little support can be found to the implications of the signaling theory and market timing theory.

Opportunities, constraints and constrained opportunities – A study on mothers’ working time patterns in 22 European countries

The aim of this study was to analyse mothers’ working time patterns across 22 European countries. The focus was on three questions: how much mothers prefer to work, how much they actually work, and to what degree their preferred and actual working times are (in)consistent with each other. The focus was on cross-national differences in mothers’ working time patterns, comparison of mothers’ working times to that of childless women and fathers, as well as on individual- and country-level factors that explain the variation between them. In the theoretical background, the departure point was an integrative theoretical approach where the assumption is that there are various kinds of explanations for the differences in mothers’ working time patterns – namely structural, cultural and institutional – , and that these factors are laid in two levels: individual- and country-levels. Data were extracted from the European Social Survey (ESS) 2010 / 2011. The results showed that mothers’ working time patterns, both preferred and actual working times, varied across European countries. Four clusters were formed to illustrate the differences. In the full-time pattern, full-time work was the most important form of work, leaving all other working time forms marginal. The full-time pattern was perceived in terms of preferred working times in Bulgaria and Portugal. In polarised pattern countries, fulltime work was also important, but it was accompanied by a large share of mothers not working at all. In the case of preferred working times, many Eastern and Southern European countries followed it whereas in terms of actual working times it included all Eastern and Southern European countries as well as Finland. The combination pattern was characterised by the importance of long part-time hours and full-time work. It was the preferred working time pattern in the Nordic countries, France, Slovenia, and Spain, but Belgium, Denmark, France, Norway, and Sweden followed it in terms of actual working times. The fourth cluster that described mothers’ working times was called the part-time pattern, and it was illustrated by the prevalence of short and long part-time work. In the case of preferred working times, it was followed in Belgium, Germany, Ireland, the Netherlands and Switzerland. Besides Belgium, the part-time pattern was followed in the same countries in terms of actual working times. The consistency between preferred and actual working times was rather strong in a majority of countries. However, six countries fell under different working time patterns when preferred and actual working times were compared. Comparison of working mothers’, childless women’s, and fathers’ working times showed that differences between these groups were surprisingly small. It was only in part-time pattern countries that working mothers worked significantly shorter hours than working childless women and fathers. Results therefore revealed that when mothers’ working times are under study, an important question regarding the population examined is whether it consists of all mothers or only working mothers. Results moreover supported the use of the integrative theoretical approach when studying mothers’ working time patterns. Results indicate that mothers’ working time patterns in all countries are shaped by various opportunities and constraints, which are comprised of structural, cultural, institutional, and individual-level factors.

Feasibility of the use of recycled nutrients in fast growing pulpwood production

The application of pulp and paper mill (PPM) sludge in agriculture and forestry has been acknowledged as soil amendments and a plant nutrient source. The main objectives of this study were to evaluate the total cost of the use of recycled nutrients from PPM sludge in fast growing pulpwood production, and the financial profitability of fast growing pulpwood production with the use of these recycled nutrients. The investment and production costs of fast growing pulpwood plantation were directly acquired from a previous research, while the other data was compiled through different studies. The total cost of the use of PPM sludge was evaluated based on assumed factors. Discounted cash flow method was used to evaluate the financial profitability, using NPV and IRR as indicators. The results of estimated sludge nutrient contents were 16.2 g N, 2.9 g P, and 2.4 g K kg-1 of dry sludge. The sludge application rate was estimated at 1.36 Mg/ha in the first year. The total cost of the use of PPM sludge involved transport and spreading cost of US$49.15/dry ton. The fertilization cost applied in the financial model was designed in 3 different options and their results were as follows: option (1) was taken directly from the reference research (US$97/ha); option (2) was the use of sludge alone (US$66.75/ha); and option (3) was the use of sludge and TSP fertilizer (US$83.80/ha). The average NPV without discounting was US$248,180 while the IRRs ranged between approximately 3-4% with an average of 3.63%. Although option (2) and (3) contributed to higher IRRs compared to option (1), this increase was still not significant as the IRR was not sensitive to the total fertilization cost. The advantages are that this practice can be performed at a lower cost and the application rate can be still increased if necessary. It is better for forest plantations compared to agriculture and consequently supports reforestation program. In addition, it can be similarly applied in wood biomass production. A disadvantage is that the IRRs were not very favorable compared to the criterion of 11%. The sludge high in C:N ratio can cause nitrogen immobilization, and regulatory concerns may restrict and complicate the use of sludge landspreading and contribute to additional costs and processes.

Local Binary Patterns in Focal-Plane Processing. Analysis and Applications

Feature extraction is the part of pattern recognition, where the sensor data is transformed into a more suitable form for the machine to interpret. The purpose of this step is also to reduce the amount of information passed to the next stages of the system, and to preserve the essential information in the view of discriminating the data into different classes. For instance, in the case of image analysis the actual image intensities are vulnerable to various environmental effects, such as lighting changes and the feature extraction can be used as means for detecting features, which are invariant to certain types of illumination changes. Finally, classification tries to make decisions based on the previously transformed data. The main focus of this thesis is on developing new methods for the embedded feature extraction based on local non-parametric image descriptors. Also, feature analysis is carried out for the selected image features. Low-level Local Binary Pattern (LBP) based features are in a main role in the analysis. In the embedded domain, the pattern recognition system must usually meet strict performance constraints, such as high speed, compact size and low power consumption. The characteristics of the final system can be seen as a trade-off between these metrics, which is largely affected by the decisions made during the implementation phase. The implementation alternatives of the LBP based feature extraction are explored in the embedded domain in the context of focal-plane vision processors. In particular, the thesis demonstrates the LBP extraction with MIPA4k massively parallel focal-plane processor IC. Also higher level processing is incorporated to this framework, by means of a framework for implementing a single chip face recognition system. Furthermore, a new method for determining optical flow based on LBPs, designed in particular to the embedded domain is presented. Inspired by some of the principles observed through the feature analysis of the Local Binary Patterns, an extension to the well known non-parametric rank transform is proposed, and its performance is evaluated in face recognition experiments with a standard dataset. Finally, an a priori model where the LBPs are seen as combinations of n-tuples is also presented