Essolube Standard motor oil suosittelutaulukko 1936

kuv., 20 x 30 cm

Essolube Standard motor oil rekommendationstabell 1936

kuv., 20 x 28 cm

Standard kylarvätska

kuv., 41 x 20 cm

Standard jäähdyttäjäneste

kuv., 41 x 20 cm

Standard kylarvätska

kuv., 41 x 20 cm

Chevrolet Standard, 1935 - voitelukaava

kuv., 32 x 25 cm

Standard automobilen

kuv., 13 x 22 cm

Standard automobiili

kuv., 13 x 22 cm

Ford käsikirja Junior (Standard ja De Luxe)

kuv., 11 x 15 cm

Nash Standard Six series

kuv., 24 x 18 cm

Uusi Standard Chevrolet

kuv., 20 x 20 cm

Tjänsteanvisningar för betjäningen på Standard service-stationerna

kuv., 19 x 21 cm

Uusi standard Chevrolet

kuv., 20 x 20 cm

Performance of active portfolio management and the effect of stock market trend

Purpose of the study is to evaluate performance of active portfolio management and the effect of stock market trend on the performance. Theory of efficient markets states that market prices reflect all available information and that all investors share a common view of future price developments. This view gives little room for the success of active management, but the theory has been disputed – at least the level of efficiency. Behavioral finance has developed theories that identify irrational behavior patterns of investors. For example, investment decisions are not made independent of past market developments. These findings give reason to believe that also the performance of active portfolio management may depend on market developments. Performance of 16 Finnish equity funds is evaluated during the period of 2005 to 2011. In addition two sub periods are constructed, a bull market period and a bear market period. The sub periods are created by joining together the two bull market phases and the two bear market phases of the whole period. This allows for the comparison of the two different market states. Performance of the funds is measured with risk-adjusted performance by Modigliani and Modigliani (1997), abnormal return over the CAPM by Jensen (1968), and market timing by Henriksson and Merton (1981). The results suggested that in average the funds are not able to outperform the market portfolio. However, the underperformance was found to be lower than the management fees in average which suggests that portfolio managers are able to do successful investment decisions to some extent. The study revealed substantial dependence on the market trend for all of the measures. The risk-adjusted performance measure suggested that in bear markets active portfolio managers in average are able to beat the market portfolio but not in bull markets. Jensen´s alpha and the market timing model also showed striking differences between the two market states. The results of these two measures were, however, somewhat problematic and reliable conclusions about the performance could not be drawn.

Search and Paper SKU Analysis of Recipes Meeting EUPS Standard

The theoretical research of the study concentrated on finding theoretical frameworks to optimize the amount of needed stock keeping units (SKUs) in manufacturing industry. The goal was to find ways for a company to acquire an optimal collection of stock keeping units needed for manufacturing needed amount of end products. The research follows constructive research approach leaning towards practical problem solving. In the empirical part of this study, a recipe search tool was developed to an existing database used in the target company. The purpose of the tools was to find all the recipes meeting the EUPS performance standard and put the recipes in a ranking order using the data available in the database. The ranking of the recipes was formed from the combination of the performance measures and price of the recipes. In addition, the tool researched what kind of paper SKUs were needed to manufacture the best performing recipes. The tool developed during this process meets the requirements. It eases and makes it much faster to search for all the recipes meeting the EUPS standard. Furthermore, many future development possibilities for the tool were discovered while writing the thesis.