Photodamage to Oxygen Evolving Complex - An Initial Event in Photoinhibition of Photosystem II.

Photosystem II (PSII) of oxygenic photosynthesis is susceptible to photoinhibition. Photoinhibition is defined as light induced damage resulting in turnover of the D1 protein subunit of the reaction center of PSII. Both visible and ultraviolet (UV) light cause photoinhibition. Photoinhibition induced by UV light damages the oxygen evolving complex (OEC) via absorption of UV photons by the Mn ion(s) of OEC. Under visible light, most of the earlier hypotheses assume that photoinhibition occurs when the rate of photon absorption by PSII antenna exceeds the use of the absorbed energy in photosynthesis. However, photoinhibition occurs at all light intensities with the same efficiency per photon. The aim of my thesis work was to build a model of photoinhibition that fits the experimental features of photoinhibition. I studied the role of electron transfer reactions of PSII in photoinhibition and found that changing the electron transfer rate had only minor influence on photoinhibition if light intensity was kept constant. Furthermore, quenching of antenna excitations protected less efficiently than it would protect if antenna chlorophylls were the only photoreceptors of photoinhibition. To identify photoreceptors of photoinhibition, I measured the action spectrum of photoinhibition. The action spectrum showed resemblance to the absorption spectra of Mn model compounds suggesting that the Mn cluster of OEC acts as a photoreceptor of photoinhibition under visible light, too. The role of Mn in photoinhibition was further supported by experiments showing that during photoinhibition OEC is damaged before electron transfer activity at the acceptor side of PSII is lost. Mn enzymes were found to be photosensitive under visible and UV light indicating that Mn-containing compounds, including OEC, are capable of functioning as photosensitizers both in visible and UV light. The experimental results above led to the Mn hypothesis of the mechanism of continuous-light-induced photoinhibition. According to the Mn hypothesis, excitation of Mn of OEC results in inhibition of electron donation from OEC to the oxidized primary donor P680+ both under UV and visible light. P680 is oxidized by photons absorbed by chlorophyll, and if not reduced by OEC, P680+ may cause harmful oxidation of other PSII components. Photoinhibition was also induced with intense laser pulses and it was found that the photoinhibitory efficiency increased in proportion to the square of pulse intensity suggesting that laser-pulse-induced photoinhibition is a two-photon reaction. I further developed the Mn hypothesis suggesting that the initial event in photoinhibition under both continuous and pulsed light is the same: Mn excitation that leads to the inhibition of electron donation from OEC to P680+. Under laser-pulse-illumination, another Mn-mediated inhibitory photoreaction occurs within the duration of the same pulse, whereas under continuous light, secondary damage is chlorophyll mediated. A mathematical model based on the Mn hypothesis was found to explain photoinhibition under continuous light, under flash illumination and under the combination of these two.

The effects of potentiallydisruptive technology on business model - a case study of new technologies in ICT industry

This study examines how firms interpret new, potentially disruptive technologies in their own strategic context. The work presents a cross-case analysis of four potentially disruptive technologies or technical operating models: Bluetooth, WLAN, Grid computing and Mobile Peer-to-peer paradigm. The technologies were investigated from the perspective of three mobile operators, a device manufacturer and a software company in the ICT industry. The theoretical background for the study consists of the resource-based view of the firm with dynamic perspective, the theories on the nature of technology and innovations, and the concept of business model. The literature review builds up a propositional framework for estimating the amount of radical change in the companies' business model with two middle variables, the disruptiveness potential of a new technology, and the strategic importance of a new technology to a firm. The data was gathered in group discussion sessions in each company. The results of each case analysis were brought together to evaluate, how firms interpret the potential disruptiveness in terms of changes in product characteristics and added value, technology and market uncertainty, changes in product-market positions, possible competence disruption and changes in value network positions. The results indicate that the perceived disruptiveness in terms ofproduct characteristics does not necessarily translate into strategic importance. In addition, firms did not see the new technologies as a threat in terms of potential competence disruption.

The ramp-up of new products in the outbound logistics

Tässä diplomityössä on perehdytty kaaoksen ja oppivan organisaation mekaniikkaan ja olemukseen. Niitä on sovellettu uuden tuotteen saattamiseen logistiikan toimitusketjuun Nokia Oyj:n Networks toimialaryhmässä. Samalla on pyritty löytämään ratkaisuja toiminnan parantamiseksi. Kaaosjohtaminen tarjoaa prosessijohtamista täydentävän tavan mallintaa muutosta ja selittää sen aikaansaamia ilmiöitä. Näiden kahden viitekehyksen avulla on pyritty pureutumaan laajaan ja moniulotteiseen ongelmakenttään. Muotoaan hakevassa organisaatiossa kaaoksen elementit ovat voimakkaasti läsnä. Kaaoksen hallintaan liittyy saumattomasti itseorganisoituminen ja oppiminen. Oppinen ei ole organisaatiolle yhtä luontainen kyky kuin se on yksilölle. Se vaatii organisaation jäseniltä oman roolinsa tiedostamista ja tiedon jakamista. Organisaation tavoitteet saattavat yksilön näkökulmasta tuntua joskus epäkonkreettisilta ja samalla muutokset hallitsemattomilta. Markkinoiden ja teknologian muuttuminen on ollut erityisen nopeaa telekommunikaatioalalla. Näissä olosuhteissa on tärkeää pyrkiä oppivaan organisaatioon, joka tukee organisaation toimintaa läpi muutoksen.

Defining the location factors of new manufacturing site in chemical industry

The objective of this thesis is to examine the factors that have an impact on the location decision of new manufacturing site and to create the relative order of importance of these factors by analytic hierarchy process (AHP). The decision making process especially related to the location selection and the measurement of the location factors are also examined. In theoretical part the character of decision making process and the relevant methods are introduced. Based on the previous studies of other researchers, the location factors are examined and the main research method, analytic hierarchy process, is also introduced. The empirical part of the study mainly follows the phases of decision making process and is emphasized on the main stages of analytic hierarchy process; building the hierarchy, defining the priorities and analyzing the results. The hierarchy is constructed from seven main criteria which all have several sub criteria. The evaluation of the hierarchy is implemented at the group decision making –laboratory and there can be seen significant differences between the importance of criteria. The final stage in the study is to create the appropriate measurement scales to the chosen criteria.

A performance analysis of conventional and fundamental exchange traded funds: ETFs and their risk-return characteristics in relation to building institutional investor’s passive portfolio

An exchange traded fund (ETF) is a financial instrument that tracks some predetermined index. Since their initial establishment in 1993, ETFs have grown in importance in the field of passive investing. The main reason for the growth of the ETF industry is that ETFs combine benefits of stock investing and mutual fund investing. Although ETFs resemble mutual funds in many ways, also many differences occur. In addition, ETFs not only differ from mutual funds but also differ among each other. ETFs can be divided into two categories, i.e. market capitalisation ETFs and fundamental (or strategic) ETFs, and further into subcategories depending on their fundament basis. ETFs are a useful tool for diversification especially for a long-term investor. Although the economic importance of ETFs has risen drastically during the past 25 years, the differences and risk-return characteristics of fundamental ETFs have yet been rather unstudied area. In effect, no previous research on market capitalisation and fundamental ETFs was found during the research process. For its part, this thesis seeks to fill this research gap. The studied data consist of 50 market capitalisation ETFs and 50 fundamental ETFs. The fundaments, on which the indices that the fundamental ETFs track, were not limited nor segregated into subsections. The two types of ETFs were studied at an aggregate level as two different research groups. The dataset ranges from June 2006 to December 2014 with 103 monthly observations. The data was gathered using Bloomberg Terminal. The analysis was conducted as an econometric performance analysis. In addition to other econometric measures, the methods that were used in the performance analysis included modified Value-at-Risk, modified Sharpe ratio and Treynor ratio. The results supported the hypothesis that passive market capitalisation ETFs outperform active fundamental ETFs in terms of risk-adjusted returns, though the difference is rather small. Nevertheless, when taking into account the higher overall trading costs of the fundamental ETFs, the underperformance gap widens. According to the research results, market capitalisation ETFs are a recommendable diversification instrument for a long-term investor. In addition to better risk-adjusted returns, passive ETFs are more transparent and the bases of their underlying indices are simpler than those of fundamental ETFs. ETFs are still a young financial innovation and hence data is scarcely available. On future research, it would be valuable to research the differences in risk-adjusted returns also between the subsections of fundamental ETFs.