Investigations of GaAs based heterostructures for spintronics

In the present work are reported investigations of structural, magnetic and electronic properties of GaAs/Ga1-xInxAs/GaAs quantum wells (QW) having a 0.5 - 1.8 monolayer thick Mn layer, separated from the quantum well by a 3 nm thick spacer. The structure of the samples is analyzed in details by photoluminescence and high-resolution X-ray difractometry and reflectometry, confirming that Mn atoms are practically absent from the QW. Transport properties and crystal structure are analyzed for the first time for this type of QW structures with so high mobility. Observedconductivity and the Hall effect in quantizing magnetic fields in wide temperature range, defined by transport of holes in the quantum well, demonstrate properties inherent to ferromagnetic systems with spin polarization of charge carriersin the QW. Investigation of the Shubnikov ¿ de Haas and the Hall effects gave the possibility to estimate the energy band parameters such as cyclotron mass andFermi level and calculate concentrations and mobilities of holes and show the high-quality of structures. Magnetic ordering is confirmed by the existence of the anomalous Hall effect.

Peso problem anddevaluation expectations: Evidence from Latin America

Tämän tutkielman tavoitteena on tutkia peso-ongelmaa sekä devalvaatio-odotuksia seuraavissa Latinalaisen Amerikan maissa: Argentiina, Brasilia, Costa Rica, Uruguay ja Venezuela. Lisäksi tutkitaan, onko peso-ongelmalla mahdollista selittää korkojen epäsäännöllistä käyttäytymistä ennen todellisen devalvaation tapahtumista. Jotta näiden tutkiminen olisi mahdollista, lasketaan markkinoiden odotettu devalvaation todennäköisyys tutkittavissa maissa. Odotettu devalvaation todennäköisyys lasketaan aikavälillä tammikuusta 1996 joulukuuhun 2006 käyttäen kahta erilaista mallia. Korkoero-mallin mukaan maiden välisestä korkoerosta on mahdollista laskea markkinoiden devalvaatio-odotukset. Toiseksi, Probit-mallissa käytetään useita makrotaloudellisia tekijöitä selittävinä muuttujina laskettaessa odotettua devalvaation todennäköisyyttä. Lisäksi tutkitaan, miten yksittäisten makrotaloudellisten muuttujien kehitys vaikuttaa odotettuun devalvaation todennäköisyyteen. Empiiriset tulokset osoittavat, että tutkituissa Latinalaisen Amerikan maissa oli peso-ongelma aikavälillä tammikuusta 1996 joulukuuhun 2006. Korkoero-mallin tulosten mukaan peso-ongelma löytyi kaikista muista tutkituista maista lukuun ottamatta Argentiinaa. Vastaavasti Probit-mallin mukaan peso-ongelma löytyi kaikista tutkituista maista. Tulokset osoittavat myös, että korkojen epäsäännöllinen kehitys ennen varsinaista devalvaatiota on mahdollista selittää peso-ongelmalla. Probit-mallin tulokset osoittavat lisäksi, että makrotaloudellisten muuttujien kehityksellä ei ole mitään tiettyä kaavaa liittyen siihen, kuinka ne vaikuttavat markkinoiden devalvaatio-odotuksiin Latinalaisessa Amerikassa. Pikemmin vaikutukset näyttävät olevan maakohtaisia.

Fusion weld metal solidification:Continuum from weld interface to centerline

We present a brief résumé of the history of solidification research and key factors affecting the solidification of fusion welds. There is a general agreement of the basic solidification theory, albeit differing - even confusing - nomenclatures do exist, and Cases 2 and 3 (the Chalmers' basic boundary conditions for solidification, categorized by Savage as Cases) are variably emphasized. Model Frame, a tool helping to model the continuum of fusion weld solidification from start to end, is proposed. It incorporates the general solidification models, of which the pertinent ones are selected for the actual modeling. The basic models are the main solidification Cases 1…4. These discrete Cases are joined with Sub-Cases: models of Pfann, Flemings and others, bringing needed Sub-Case variables into the model. Model Frame depicts a grain growing from the weld interface to its centerline. Besides modeling, the Model Frame supports education and academic debate. The new mathematical modeling techniques will extend its use into multi-dimensional modeling, introducing new variables and increasing the modeling accuracy. We propose a model: melting/solidification-model (M/S-model) - predicting the solute profile at the start of the solidification of a fusion weld. This Case 3-based Sub-Case takes into account the melting stage, the solute back-diffusion in the solid, and the growth rate acceleration typical to fusion welds. We propose - based on works of Rutter & Chalmers, David & Vitek and our experimental results on copper - that NEGS-EGS-transition is not associated only with cellular-dendritic-transition. Solidification is studied experimentally on pure and doped copper with welding speed range from 0 to 200 cm/min, with one test at 3000 cm/min. Found were only planar and cellular structures, no dendrites - columnar or equiaxed. Cell sub structures: rows of cubic elements we call "cubelettes", "cell-bands" and "micro-cells", as well as an anomalous crack morphology "crack-eye", were detected, as well as microscopic hot crack nucleus we call "grain-lag cracks", caused by a grain slightly lagging behind its neighbors in arrival to the weld centerline. Varestraint test and R-test revealed a change of crack morphologies from centerline cracks to grainand cell boundary cracks with an increasing welding speed. High speed made the cracks invisible to bare eye and hardly detectable with light microscope, while electron microscope often revealed networks of fine micro-cracks.

Magnetic and transport properties of InGaAs quantum wells with Mn

In the present work structural, magnetic and transport properties of InGaAs quantum wells (QW) prepared by MBE with an remote Mn layer are investigated. By means of high-resolution X-ray diffractometry the structure of the samples is analyzed. It is shown that Mn ions penetrate into the QW. Influence of the thickness of GaAs spacer and annealing at 286 ºС on the properties of the system is shown. It is shown that annealing of the samples led to Mn activation and narrowing of the Mn layer. Substantial role of 2D holes in ferromagnetic ordering in Mn layer is shown. Evidence for that is observation of maximum at 25 – 55 K on the resistivity temperature dependence. Position of maximum, which is used for quantitative assessment of the Curie temperature, correlates with calculations of the Curie temperature for structures with indirect interaction via 2D holes’ channel. Dependence of the Curie temperature on the spacer thickness shows, that creation of applicable spintronic devices needs high-precision equipment to manufacture extra fine structures. The magnetotransport measurements show that charge carrier mobility is very low. This leads to deficiency of the anomalous Hall effect. At the same time, magnetic field dependences of the magnetization at different temperatures demonstrate that systems are ferromagnetically ordered. These facts, most probably, give evidence of presence of the ferromagnetic MnAs clusters.

Galvanomagnetic Phenomena in Ga1_xMnxAs

In this work temperature dependences of resistivity in zero field have been obtained for epitaxially grown Ga1_xMnxAs thin films with 6 % and 8 % Mn content in 50 300 K temperature range. Decrease of resistivity has been observed. Negative magnetoresistance has been explained by empirical spin dependent hopping model. Hall effect has been studied and anomalous Hall effect, inherent to ferromagnetic materials, has been observed. Both normal and anomalous Hall coefficients have been calculated from experimental data, as well as hole densities. Activation energy of impurity level has been estimated.

Magnetic and transport properties of II-V diluted magnetic semiconductors doped with manganese and nickel

This thesis is devoted to investigations of three typical representatives of the II-V diluted magnetic semiconductors, Zn1-xMnxAs2, (Zn1-xMnx)3As2 and p-CdSb:Ni. When this work started the family of the II-V semiconductors was presented by only the compounds belonging to the subgroup II3-V2, as (Zn1-xMnx)3As2, whereas the rest of the materials mentioned above were not investigated at all. Pronounced low-field magnetic irreversibility, accompanied with a ferromagnetic transition, are observed in Zn1-xMnxAs2 and (Zn1-xMnx)3As2 near 300 K. These features give evidence for presence of MnAs nanosize magnetic clusters, responsible for frustrated ground magnetic state. In addition, (Zn1-xMnx)3As2 demonstrates large paramagnetic response due to considerable amount of single Mn ions and small antiferromagnetic clusters. Similar paramagnetic system existing in Zn1-xMnxAs2 is much weaker. Distinct low-field magnetic irreversibility, accompanied with a rapid saturation of the magnetization with increasing magnetic field, is observed near the room temperature in p- CdSb:Ni, as well. Such behavior is connected to the frustrated magnetic state, determined by Ni-rich magnetic Ni1-xSbx nanoclusters. Their large non-sphericity and preferable orientations are responsible for strong anisotropy of the coercivity and saturation magnetization of p- CdSb:Ni. Parameters of the Ni1-xSbx nanoclusters are estimated. Low-temperature resistivity of p-CdSb:Ni is governed by a hopping mechanism of charge transfer. The variable-range hopping conductivity, observed in zero magnetic field, demonstrates a tendency of transformation into the nearest-neighbor hopping conductivity in non-zero magnetic filed. The Hall effect in p-CdSb:Ni exhibits presence of a positive normal and a negative anomalous contributions to the Hall resistivity. The normal Hall coefficient is governed mainly by holes activated into the valence band, whereas the anomalous Hall effect, attributable to the Ni1-xSbx nanoclusters with ferromagnetically ordered internal spins, exhibits a low-temperature power-law resistivity scaling.

Biogeochemistry in acid sulphate soil landscapes and small urban centres in Western Finland

The overall purpose of this thesis was to increase the knowledge on the biogeochemistry of rural acid sulphate (AS) soil environments and urban forest ecosystems near small towns in Western Finland. In addition, the potential causal relationship between the distribution of AS soils and geographical occurence of multiple sclerosis (MS) disease was assessed based on a review of existing literature and data. Acid sulphate soils, which occupy an area of approximately 17–24 million hectare worldwide, are regarded as the nastiest soils in the world. Independent of the geographical locality of these soils, they pose a great threat to their surrounding environment if disturbed. The abundant metal-rich acid drainage from Finnish AS soils, which is a result of sulphide oxidation due to artificial farmland drainage, has significant but spatially and temporally variable ecotoxicological impacts on biodiversity and community structure of fish, benthic invertebrates and macrophytes. This has resulted in mass fish kills and even eradication of sensitive fish species in affected waters. Moreover, previous investigations demonstrated significantly enriched concentrations of Co, Ni, Mn and Al, metals which are abundantly mobilised in AS soils, in agricultural crops (timothy grass and oats) and approximately 50 times higher concentrations of Al in cow milk originating from AS soils in Western Finland. Nevertheless, the results presented here demonstrate, in general, relatively moderate metal concentrations in oats and cabbage grown on AS soils in Western Finland, although some of the studied fields showed anomalous values of metals (e.g. Co and Ni) in both the soil and target plants (especially oats), similar to that of the previous investigations. The results indicated that the concentrations of Co, Ni, Mn and Zn in oats and Co and Zn in cabbage were governed by soil geochemistry as these metals were correlated with corresponding concentrations extracted from the soil by NH4Ac-EDTA and NH4Ac, respectively. The concentrations of Cu and Fe in oats and cabbage were uncorrelated to that of the easily soluble concentrations in the soils, suggesting that biological processes (e.g. plant-root processes) overshadow geochemical variation. The concentrations of K and Mg in cabbage, which showed a low spread and were strongly correlated to the NH4Ac extractable contents in the soil, were governed by both the bioavailable fractions in the topsoil and plant-uptake mechanisms. The plant´s ability to regulate its uptake of Ca and P (e.g. through root exudates) seemed to be more important than the influence of soil geochemistry. The distribution of P, K, Ca, Mg, Mn and S within humus, moss and needles in and around small towns was to a high degree controlled by biological cycling, which was indicated by the low correlation coefficients for P, K, Ca, Mg and S between humus and moss, and the low spread of these nutrients in moss and needles. The concentration variations of elements in till are mainly due to natural processes (e.g. intrusions, weathering, mineralogical variations in the bedrock). There was a strong spatial pattern for B in humus, moss and needles, which was suggested to be associated with anthropogenic emissions from nearby town centres. Geogenic dust affected the spatial distribution of Fe and Cr in moss, while natural processes governed the Fe anomaly found in the needles. The spatial accumulation patterns of Zn, Cd, Cu, Ni and Pb in humus and moss were strong and diverse, and related to current industry, the former steel industry, coal combustion, and natural geochemical processes. An intriguing Cu anomaly was found in moss. Since it was located close to a main railway line and because the railway line´s electric cables are made of Cu, it was suggested that the reason for the Cu anomaly is corrosion of these cables. In Western Finland, where AS soils are particularly abundant and enrich the metal concentrations of stream waters, cow milk and to some extent crops, an environmental risk assessment would be motivated to elucidate if the metal dispersion affect human health. Within this context, a topic of concern is the distribution of multiple sclerosis as high MS prevalence rates are found in the main area of AS soils. Regionally, the AS soil type in the Seinäjoki area has been demonstrated to be very severe in terms of metal leaching, this area also shows one of the highest MS rates reported worldwide. On a local scale, these severe AS soil types coincide well with the corresponding MS clustering along the Kyrönjoki River in Seinäjoki. There are reasons to suspect that these spatial correlations are causal, as multiple sclerosis has been suggested to result from a combination of genetic and environmental factors.

Growth, magnetic and transport properties of InSb and II-IV-As2 semiconductors doped with manganese

This thesis is devoted to growth and investigations of Mn-doped InSb and II-IV-As2 semiconductors, including Cd1-xZnxGeAs2:Mn, ZnSiAs2:Mn bulk crystals, ZnSiAs2:Mn/Si heterostructures. Bulk crystals were grown by direct melting of starting components followed by fast cooling. Mn-doped ZnSiAs2/Si heterostructures were grown by vacuum-thermal deposition of ZnAs2 and Mn layers on Si substrates followed by annealing. The compositional and structural properties of samples were investigated by different methods. The samples consist of micro- and nano- sizes clusters of an additional ferromagnetic Mn-X phases (X = Sb or As). Influence of magnetic precipitations on magnetic and electrical properties of the investigated materials was examined. With relatively high Mn concentration the main contribution to magnetization of samples is by MnSb or MnAs clusters. These clusters are responsible for high temperature behavior of magnetization and relatively high Curie temperature: up to 350 K for Mn-doped II-IV-As2 and about 600 K for InMnSb. The low-field magnetic properties of Mn-doped II-IV-As2 semiconductors and ZnSiAs2:Mn/Si heterostructures are connected to the nanosize MnAs particles. Also influence of nanosized MnSb clusters on low-field magnetic properties of InMnSb have been observed. The contribution of paramagnetic phase to magnetization rises at low temperatures or in samples with low Mn concentration. Source of this contribution is not only isolated Mn ions, but also small complexes, mainly dimmers and trimmers formed by Mn ions, substituting cation positions in crystal lattice. Resistivity, magnetoresistance and Hall resistivity properties in bulk Mn-doped II-IV-As2 and InSb crystals was analyzed. The interaction between delocalized holes and 3d shells of the Mn ions together with giant Zeeman splitting near the cluster interface are respond for negative magnetoresistance. Additionally to high temperature critical pointthe low-temperature ferromagnetic transition was observed Anomalous Hall effect was observed in Mn doped samples and analyzed for InMnSb. It was found that MnX clusters influence significantly on magnetic scattering of carriers.

Taxonomy, species richness and biogeography of Finnish crane flies (Diptera, Tipuloidea).

Biodiversity is unequally spread throughout terrestrial ecosystems. The highest species richness of animals and plants is encountered around the Equator, and naturalists observe a decrease in the number of creatures with increasing latitude. Some animal groups, however, display an anomalous species richness pattern, but these are exceptions to the general rule. Crane flies (Diptera, Tipuloidea) are small to large sized, non-biting nematoceran insects, being mainly associated with moist environments. The species richness of crane flies is highest in the tropics, but these insects are species rich and abundant in all biogeographic realms, boreal and arctic biomes included. The phylogeny and systematics of crane flies are still at an early stage and somewhat controversial. New species are constantly discovered even from temperate Europe, faunistically the best known continent. Crane flies have been rather neglected group of insects in Finland. The history of Finnish crane fly taxonomy and faunistics started in 1907, the year when Carl Lundström published his two first articles on tipuloids. Within roughly 100 years there have been only a handful of entomologists studying the Finnish fauna, and the species richness and natural history of these flies have remained poorly understood and mapped. The aim of this thesis is to clarify the taxonomy of Finnish crane flies, present an updated and annotated list of species and seek patterns in regional species richness and assemblage composition. Tipula stackelbergi Alexander has been revised (I). This species was elevated to a species rank from a subspecific rank under T. pruinosa Wiedemann and T. stackelbergi was also deleted from the list of European crane flies. Two new synonyms were found: T. subpruinosa Mannheims is a junior synonym of T. freyana Lackschewitz and T. usuriensis Alexander is a junior synonym of T. pruinosa. A new species Tipula recondita Pilipenko & Salmela has been described (II). Both morphology and COI (mtDNA) sequences were used in the assessment of the status of the species. The new species is highly disjunct, known from Finland and Russian Far East. A list of Finnish crane flies was presented, including the presence of species in the Finnish biogeographical provinces (III). A total of twenty-four species were formally reported for the first time from Finland and twenty-two previously reported species were deleted from the list. A short historical review on the studies of Finnish crane flies has been provided. The current list of Finnish species consists of 338 crane flies (IV, Appendix I). Species richness of all species and saproxylic/fungivorous species is negatively correlated with latitude, but mire-dwelling species show a reversed species richness gradient (i.e. an increase in the number of species toward north). Provincial assemblages displayed a strong latitudinal gradient and faunistic distance increased with increasing geographical distance apart of the provinces. Nearly half (48 %) of the Finnish crane flies are Trans-Palaearctic, roughly one-third (34 %) are West Palaearctic and only 16 and 2 % are Holarctic and Fennoscandian, respectively. Due to the legacy of Pleistocene glaciations, endemic Fennoscandian species are problematic and it is thus concluded that there are probably no true endemic crane flies in this region. Finally, there are probably species living within Finnish borders that have hitherto remained unnoticed. Based on subjective assessment, the number of “true” (i.e. recorded + unknown species) species count of Finnish crane flies is at minimum 350.

Quantum Hall effect in 2 dimensional GaInAs structure

Transport properties of GaAs / δ – Mn / GaAs / InxGa1-xAs / GaAs structure with Mn δ – layer, which is separated from InxGa1-xAs quantum well (QW) by 3 nm thick GaAs spacer was investigated. This structure with high mobility was characterized by X-ray difractometry and reflectometry. Transport and electrical properties of the structure were measured by using Pulsed Magnetic Field System (PMFS). During investigation of the Shubnikov – de Haas and the Hall effects the main parameters of QW structure such as cyclotron mass, Fermi level, g – factor, Dingle temperature and concentration of holes were estimated. Obtained results show high quality of the prepared structure. However, anomalous Hall effect at temperatures 2.09 K, 3 K, 4.2 K is not clearly observed. Attempts to identify magnetic moment were made. For this purpose the polarity of the filed was changed to the opposite at each shot. As a result hysteresis loop was not observed in the magnetic field dependences of the anomalous Hall resistivity.This can be attributed to the imperfection of the experimental setup.

Galvanomagnetic effects in InGaAs nanostructure

Investigation of galvanomagnetic effects in nanostructure GaAs/Mn/GaAs/In0.15Ga0.85As/ GaAs is presented. This nanostructure is classified as diluted magnetic semiconductor (DMS). Temperature dependence of transverse magnetoresistivity of the sample was studied. The anomalous Hall effect was detected and subtracted from the total Hall component. Special attention was paid to the measurements of Shubnikov-de Haas oscillations, which exists only in the case of magnetic field aligned perpendicularly to the plane of the sample. This confirms two-dimensional character of the hole energy spectrum in the quantum well. Such important characteristics as cyclotron mass, the Fermi energy and the Dingle temperature were calculated, using experimental data of Shubnikov-de Haas oscillations. The hole concentration and hole mobility in the quantum well also were estimated for the sample. At 4.2 K spin splitting of the maxima of transverse resistivity was observed and g-factor was calculated for that case. The values of the Dingle temperatures were obtained by two different approaches. From the comparison of these values it was concluded that the broadening of Landau levels in the investigated structure is mainly defined by the scattering of charge carriers on the defects of the crystal lattice

Strong magnetic field pulse generator

High magnetic fields and extremely low temperatures are essential in the study of new semiconductor materials for example in the field of spintronics. Typical phenomenons that arise in such conditions are: Hall Effect, Anomalous Hall effect and Shubnikov de-Haas effect. In this thesis a device capable for such conditions was described. A strong magnetic field pulse generator situated in the laboratory of physics and the Lappeenranta University of Technology was studied. The device is introduced in three parts. First one is the pulsed field magnetic generator, which is responsible for generating the high magnetic field. Next one is the measurement systems, which are responsible for monitoring the sample and the system itself. The last part describes the cryostat system, which allows the extremely cold temperatures in the system.

Dynamical and Chemical Structure of Galactic Halos

This doctoral dissertation presents studies of the formation and evolution of galaxies, through observations and simulations of galactic halos. The halo is the component of galaxies which hosts some of the oldest objects we know of in the cosmos; it is where clues to the history of galaxies are found, for example, by how the chemical structure is related to the dynamics of objects in the halo. The dynamical and chemical structure of halos, both in the Milky Way’s own halo, and in two elliptical galaxies, is the underlying theme in the research. I focus on the density falloff and chemistry of the two external halos, and on the dynamics, density falloff, and chemistry of the Milky Way halo. I first study galactic halos via computer simulations, to test the long- term stability of an anomalous feature recently found in kinematics of the Milky Way’s metal-poor stellar halo. I find that the feature is transient, making its origin unclear. I use a second set of simulations to test if an initially strong relation between the dynamics and chemistry of halo glob-ular clusters in a Milky Way-type galaxy is affected by a merging satellite galaxy, and find that the relation remains strong despite a merger in which the satellite is a third of the mass of the host galaxy. From simulations, I move to observing halos in nearby galaxies, a challenging procedure as most of the light from galaxies comes from the disk and bulge components as opposed to the halo. I use Hubble Space Tele scope observations of the halo of the galaxy M87 and, comparing to similar observations of NGC 5128, find that the chemical structure of the inner halo is similar for both of these giant elliptical galaxies. I use Very Large Telescope observations of the outer halo of NGC 5128 (Centaurus A) and, because of the difficultly in resolving dim extragalac- tic stellar halo populations, I introduce a new technique to subtract the contaminating background galaxies. A transition from a metal-rich stellar halo to a metal-poor has previously been discovered in two different types of galaxies, the disk galaxy M31 and the classic elliptical NGC 3379. Unexpectedly, I discover in this third type of galaxy, the merger remnant NGC 5128, that the density of metal-rich and metal-poor halo stars falls at the same rate within the galactocentric radii of 8 − 65 kpc, the limit of our observations. This thesis presents new results which open opportunities for future investigations.

Roll-to-roll atomic layer deposition process for flexible electronics applications

Atomic Layer Deposition (ALD) is the technology of choice where very thin and highquality films are required. Its advantage is its ability to deposit dense and pinhole-free coatings in a controllable manner. It has already shown promising results in a range of applications, e.g. diffusion barrier coatings for OLED displays, surface passivation layers for solar panels. Spatial Atomic Layer Deposition (SALD) is a concept that allows a dramatic increase in ALD throughput. During the SALD process, the substrate moves between spatially separated zones filled with the respective precursor gases and reagents in such a manner that the exposure sequence replicates the conventional ALD cycle. The present work describes the development of a high-throughput ALD process. Preliminary process studies were made using an SALD reactor designed especially for this purpose. The basic properties of the ALD process were demonstrated using the wellstudied Al2O3 trimethyl aluminium (TMA)+H2O process. It was shown that the SALD reactor is able to deposit uniform films in true ALD mode. The ALD nature of the process was proven by demonstrating self-limiting behaviour and linear film growth. The process behaviour and properties of synthesized films were in good agreement with previous ALD studies. Issues related to anomalous deposition at low temperatures were addressed as well. The quality of the coatings was demonstrated by applying 20 nm of the Al2O3 on to polymer substrate and measuring its moisture barrier properties. The results of tests confirmed the superior properties of the coatings and their suitability for flexible electronics encapsulation. Successful results led to the development of a pilot scale roll-to-roll coating system. It was demonstrated that the system is able to deposit superior quality films with a water transmission rate of 5x10-6 g/m2day at a web speed of 0.25 m/min. That is equivalent to a production rate of 180 m2/day and can be potentially increased by using wider webs. State-of-art film quality, high production rates and repeatable results make SALD the technology of choice for manufacturing ultra-high barrier coatings for flexible electronics.

Alhaisen volatiliteetin anomalia Suomen osakemarkkinoilla

Tutkielman tavoitteena on selvittää esiintyykö Suomen osakemarkkinoilla alhaisen volatiliteetin anomaliaa. Tutkielman tavoitteeseen vastataan työn empiirisessä osassa analysoimalla Suomen osakemarkkinoilla listattujen osakkeiden tuottoaikasarjoja. Tutkielmassa tarkastellaan myös finanssikriisin vaikutusta anomalian ilmenemiseen. Tutkimus sijoittuu aikavälille tammikuusta 2001 tammikuuhun 2015. Tutkielmassa muodostetaan portfolioita osakkeiden historiallisen volatiliteetin mukaan. Näiden portfolioiden menestymistä suhteessa markkinoihin arvioidaan absoluuttisten tuottojen, Sharpen luvun sekä Jensenin alfan avulla. Markkinaindekseinä käytetään OMXH CAP -indeksiä sekä tutkimusaineiston pohjalta muodostettua markkinaportfoliota. Kaikkein parhaimman absoluuttisen tuoton on saanut vuodesta 2001 vuoteen 2015 sijoittamalla keskiverron volatiliteetin osakkeisiin. Parhaan riskikorjatun tuoton on kuitenkin saavuttanut sijoittamalla alhaisen volatiliteetin osakkeisiin. Tutkielmassa löydetään todisteita alhaisen volatiliteetin anomalian esiintymisestä Suomen osakemarkkinoilla koko tutkimusaineisto huomioon ottaen. Tutkielman ehkä mielenkiintoisin löydös on kuitenkin huomio alhaisen volatiliteetin anomalian häviämisestä Suomen osakemarkkinoilta finanssikriisin jälkeen. Ennen finanssikriisiä esiintynyt erittäin vahva alhaisen volatiliteetin osakkeiden ylisuoriutuminen hävisi täysin finanssikriisin jälkeen. Toisin sanoen riskin ja tuoton suhde on kääntynyt päälaelleen finanssikriisin jälkeen, eikä alhaisen volatiliteetin anomaliaa voida enää sanoa esiintyvän.