Heat-transfer improvements in an axial-flux permanent-magnet synchronous machine

Axial-flux machines tend to have cooling difficulties since it is difficult to arrange continuous heat path between the stator stack and the frame. One important reason for this is that no shrink fitting of the stator is possible in an axial-flux machine. Using of liquid-cooled end shields does not alone solve this issue. Cooling of the rotor and the end windings may also be difficult at least in case of two-stator-single-rotor construction where air circulation in the rotor and in the end-winding areas may be difficult to arrange. If the rotor has significant losses air circulation via the rotor and behind the stator yokes should be arranged which, again, weakens the stator cooling. In this paper we study a novel way of using copper bars as extra heat transfer paths between the stator teeth and liquid cooling pools in the end shields. After this the end windings still suffer of low thermal conductivity and means for improving this by high-heat-conductance material was also studied. The design principle of each cooling system is presented in details. Thermal models based on Computational Fluid Dynamics (CFD) are used to analyse the temperature distribution in the machine. Measurement results are provided from different versions of the machine. The results show that significant improvements in the cooling can be gained by these steps.

Lean management implementation in Horizontal Technology Transfer projects

The importance of Technology Transfer activities of companies is underpinned by the changes in technological and economic environments. However, there is still a significant gap in defining possible ways for Technology Transfer projects effectiveness improvement. The Master’s Thesis overviews common problems faced by the companies in implementation of Technology Transfer projects and examines Lean management principles as possible way to improve its effectiveness. Based on the analysis of the relevant scientific literature and results of the survey, conducted among the firms of different types, the approach to Technology Transfer projects implementation with the use of Lean management principles is proposed. The approach serves to solve some of the important problems faced by the managers of Technology Transfer projects. It is envisaged that this approach can help to increase overall Technology Transfer projects’ effectiveness.

The Impact of Acquisitions on Share Pricing and Long Term Performance – Empirical Evidence from the Global Automotive Industry

Automotive industry has faced intense consolidation pressure, which has lead to increasing number of M&As. However, empirical evidence has given controversial results suggesting that most of M&As are value destructive for acquiring companies and for acquiring companies’ shareholders. The objective of this master’s thesis is to examine how acquiring companies’ shareholders react to acquisition announcement and is the reaction in line with the long-term performance. This study uses empirical evidence from automotive industry, which has been characterized as an industry that holds large amount of vertical and horizontal synergies. Transaction data consists of 65 acquisitions made by publicly listed companies between 2008-2010. The short-term impact is tested by applying event study methodology while the long term operative performance is examined with accounting study methodology. The event study results indicate that during the three days after acquisition (t= 0-2), the acquiring firms’ stocks generate an abnormal return of 1.22% on average across all acquisitions. When long term performance is studied it is evident that acquiring companies perform better than the industry median pre- and post-transaction but there is no statistically significant evidence that the performance has increased. The only performance ratio indicating statistically significant decrease is Return on Equity (ROE). On long-term horizontal acquisitions seem to outperform conglomerate ones but otherwise deal characteristics do not have any statistically significant impact.

Moving lipids : ceramides, glycosphingolipids and the glycolipid transfer protein

Lipid movement in cells occurs by a variety of methods. Lipids diffuse freely along the lateral plane of a membrane and can translocate between the lipid leaflets, either spontaneously or with the help of enzymes. Lipid translocation between the different cellular compartments predominantly takes place through vesicular transport. Specialized lipid transport proteins (LTPs) have also emerged as important players in lipid movement, as well as other cellular processes. In this thesis we have studied the glycolipid transport protein (GLTP), a protein that transports glycosphingolipids (GSLs). While the in vitro properties of GLTP have been well characterized, its cell biological role remains elusive. By altering GSL and GLTP levels in cells, we have extracted clues towards the protein's function. Based on the results presented in this thesis and in previous works, we hypothesize that GLTP is involved in the GSL homeostasis in cells. GLTP most likely functions as a transporter or sensor of newly synthesized glucosylceramide (GlcCer), at or near the site of GlcCer synthesis. GLTP also seems to be involved in the synthesis of globotriacylceramide, perhaps in a manner that is similar to that of the fourphosphate adaptor protein 2, another GlcCer-transporting LTP. Additionally, we have developed and studied a novel method of introducing ceramides to cells, using a solvent-free approach. Ceramides are important lipids that are implicated in several cellular functions. Their role as proapoptotic molecules is particularly evident. Ceramides form stable bilayer structures when complexed with cholesterol phosphocholine (CholPC), a large-headgroup sterol. By adding ceramide/CholPC complexes to the growth medium, various chain length ceramides were successfully delivered to cells in culture. The uptake rate was dependent on the chain length of the ceramide, where shorter lipids were internalized more quickly. The rate of uptake also determined how the cells metabolised the ceramides. Faster uptake favored conversion of ceramide to GlcCer, whereas slower delivery resulted mainly in breakdown of the lipid.

Understanding round-tripping phenomenon in Russian context – case Cyprus

Russian FDI has a few peculiarities. One of them is round-tripping. Round-tripping is defined as transfer of funds abroad, usually to offshore financial centers (OFCs), and then bringing all or some of the investment back as foreign investment. Russian context was chosen for this study because the share of round-tripping investments from country’s total FDI is extensive. However, it needs to be addressed that this is not just a Russian phenomenon. Round-tripping is used by many developed and developing countries, and most of the countries have their own designated destinations for this kind of capital, much like Cyprus is the main destination for Russian capital. It is important to study this phenomenon further, since it falsifies FDI statistics and can lead to poor decisions on state level. Theoretical part of the study tries to determine weather traditional FDI and internationalization theories fit to explain the Russian round-tripping phenomenon. Traditional FDI and internationalization theories are first introduced in general terms, and then further examined in Russian context. In traditional endogenic FDI theories, when the capital is formed in one country it goes abroad to find better profits. At a first glance, this seemed not to be the case in round-tripping. However, during the study it became rather clear that with few adjustments and changes in perspective, traditional theories could be used to explain round-tripping phenomenon. For example, OLI paradigm can be further developed into OLIH paradigm with ‘H’ representing the important home country institutions. Transaction based view and resource seeking theories were also seen well equipped to explain round-tripping with a change in perspective. The latter part of the study focused on holistic understanding of Russian –Cyprian investment relationship. Study aims to shed light into the determinants and consequences of this phenomenon for both countries involved. The two share historical, cultural and political ties, but most importantly common financial interests. Russian companies seek security and financial knowledge to maneuver their assets and Cyprian economy largely is dependent on their disproportionally large financial sector. Consequences for Cyprian economy were seen in current economic crisis, when the need for their financial services diminished. Russian government on the other hand is losing vast amounts of tax money due to this phenomenon. A rather extreme view was also introduced in this study. Round-tripping phenomenon and OFCs are an important reason why corruption exists, since if one does not have a way to make ill-gained money legitimate why try to ill-gain the money at the first place. The most important finding of the study is that round-tripping companies are in a better competitive position than genuine and purely domestic investor due to their institutional knowledge.

Mass transfer and reaction kinetics in single droplet systems

As reactive extraction grown more and more popular in a variety of technological applications, optimizing its performance becomes more and more important. The process of complex formation is affected by a great number of both physical and chemical properties of all the components involved, and sometimes their interference with one another makes improving the effectiveness of such processes very difficult. In this Master’s Theses, the processes of complex formation between the aqueous phase - represented by copper sulfate water solution, and organic phase – represented by Acorga M5640 solvent extractor, were studied in order to establish the effect these components have on reactive extraction performance and to determine which step is bottlenecking the process the most.

Carbon pricing and its effect on company profitability

In order to reach the 2°C climate target, the carbon price should rise significantly in order for it to be financially rewarding for companies to reduce their emissions. This research aims to find how a significant increase in the carbon price would affect the profitability of companies. Prior research has not found consensus on how regulatory policies affect companies. This research looks at profitability factors of carbon pricing through a mix of related issues such as the carbon risk, carbon pricing mechanisms and cost pass-through of additional costs. The research is quantitative and examines financial data and emissions data regarding scope 1 and scope 2 emissions on 328 European companies. The data analysis method utilised is a sensitivity analysis conducted as a scenario analysis. Different price increases and cost pass-through rates are tested to see how company profitability is affected. As the companies are distributed between 9 sectors and 53 industries, the results vary. The industries that are found to be affected by an increase in carbon pricing show drastic negative changes in profitability. The results complement prior research identifying the most carbon-intensive industries, but also provide some new insights on industries that may be affected by carbon pricing. Industries related to manufacturing, electricity and energy are partly significantly impacted, but also industries related to tourism and food show potential signs of impact when an increased carbon price is introduced.

Pricing of Liquidity Risks in London Stock Exchange

This thesis aims to investigate pricing of liquidity risks in London Stock Exchange. Liquidity Adjusted Capital Asset Pricing Model i.e. LCAPM developed by Acharya and Pedersen (2005) is being applied to test the influence of various liquidity risks on stock returns in London Stock Exchange. The Liquidity Adjusted Capital Asset Pricing model provides a unified framework for the testing of liquidity risks. All the common stocks listed and delisted for the period of 2000 to 2014 are included in the data sample. The study has incorporated three different measures of liquidity – Percent Quoted Spread, Amihud (2002) and Turnover. The reason behind the application of three different liquidity measures is the multi-dimensional nature of liquidity. Firm fixed effects panel regression is applied for the estimation of LCAPM. However, the results are robust according to Fama-Macbeth regressions. The results of the study indicates that liquidity risks in the form of (i) level of liquidity, (ii) commonality in liquidity (iii) flight to liquidity, (iv) depressed wealth effect and market return as well as aggregate liquidity risk are priced at London Stock Exchange. However, the results are sensitive to the choice of liquidity measures.

The Pricing of Customized Industrial Products

The main objective of this study was to examine the pricing of customized industrial products in international markets, and to understand what pricing decision making consists of. Another purpose of the study was to identify the main factors that affect the pricing decisions of industrial companies, as well as the different pricing strategies industrial companies may choose when pricing customized products. The research was conducted as a qualitative single case study, and a Finnish industrial company specializing in indoor environment solutions, Halton Marine Oy, was used as the case company in the study. The primary data was collected through semi-structured theme interviews with the key management personnel of the company, and the results were discussed and analyzed in the light of the existing literature. The results of this study indicate that the pricing of customized industrial products consists of several dimensions, and is influenced by a large variety of factors that are both internal and external to the firm. In addition, it was found that the choice of a pricing strategy is largely dependent on the chosen segment, the product category, and the stage in the product life cycle. The results also suggest that customizing companies should consider using the value-based pricing orientation, since customization is closely linked to customer value.