Dynamic linkages of real estate and stock markets in Finland

Traditionally real estate has been seen as a good diversification tool for a stock portfolio due to the lower return and volatility characteristics of real estate investments. However, the diversification benefits of a multi-asset portfolio depend on how the different asset classes co-move in the short- and long-run. As the asset classes are affected by the same macroeconomic factors, interrelationships limiting the diversification benefits could exist. This master’s thesis aims to identify such dynamic linkages in the Finnish real estate and stock markets. The results are beneficial for portfolio optimization tasks as well as for policy-making. The real estate industry can be divided into direct and securitized markets. In this thesis the direct market is depicted by the Finnish housing market index. The securitized market is proxied by the Finnish all-sectors securitized real estate index and by a European residential Real Estate Investment Trust index. The stock market is depicted by OMX Helsinki Cap index. Several macroeconomic variables are incorporated as well. The methodology of this thesis is based on the Vector Autoregressive (VAR) models. The long-run dynamic linkages are studied with Johansen’s cointegration tests and the short-run interrelationships are examined with Granger-causality tests. In addition, impulse response functions and forecast error variance decomposition analyses are used for robustness checks. The results show that long-run co-movement, or cointegration, did not exist between the housing and stock markets during the sample period. This indicates diversification benefits in the long-run. However, cointegration between the stock and securitized real estate markets was identified. This indicates limited diversification benefits and shows that the listed real estate market in Finland is not matured enough to be considered a separate market from the general stock market. Moreover, while securitized real estate was shown to cointegrate with the housing market in the long-run, the two markets are still too different in their characteristics to be used as substitutes in a multi-asset portfolio. This implies that the capital intensiveness of housing investments cannot be circumvented by investing in securitized real estate.

Elokuvien levittäminen Internetissä

Movie distribution on the Internet has become more common in recent years along with fast broadband internet connections. The problem so far has been that the greatest part of movie distribution on the Internet has been illegal. This is about to change because the major film distributors are finally starting to rent and sell movies more and more on the Internet due to their growing confidence in new copy protection methods. The importance of movie online distribution to the movie industry is still tiny but it is increasing rapidly as is investing in new business models and distribution methods in the USA and Europe. This thesis examines the basic concepts of online movie distribution, such as distribution techniques and copy protection, the main companies that rent and sell movies on the internet and their business models, the effects of movie piracy and non-commercial distribution channels. The intention was to provide the reader with an overview of different aspects of movie distribution on the Internet and its future. The conclusion was that movie distribution on the Internet will play a bigger financial part in the future although it was still too early to say just how significant that will be. We will probably see many corresponding distribution techniques, like peer-to-peer networks and streaming servers distributing and broadcasting movies to different end-user platforms like television, PC and portable media players. Internet distribution of movies will not revolutionize movie distribution in the next couple of years but it will make possible new efficient and inexpensive ways to distribute movies globally which will in turn increase the possibilities for revenue, especially for small independent movie producers and distributors.

Yrityksen suorituskyvyn mittaaminen hävikin hallinnassa makeisteollisuudessa

Yritysten toimintaympäristössä on tapahtunut viime vuosina suuria muutoksia ja niitä tapahtuu tulevaisuudessakin yhä nopeammassa tahdissa. Yritysten on kehitettävä suorituskykyään, jotta sidosryhmien tarpeet kyetään tyydyttämään. Suorituskyvyn kehittäminen perustuu mittaustuloksiin ja niistä tehtäviin johtopäätöksiin. Hävikin mittaaminen ja analysointi on osa yrityksen suorituskykyä. Mittarit, joita käytetään suorituskyvyn mittaamiseen, tulee olla luotettavia. Mittaustuloksia tulee pystyä hyödyntämään tehokkaasti. Makeisteollisuudessa hävikkimärät ovat jatkuvasti kasvaneet. Tämä oli heräte tälle tutkimukselle yrittää löytää paras tapa mitata hävikkiä. Toinen tavoite oli selvittää, kuinka olisi mahdollista vähentää hävikin syntymistä. Näiden tavoitteiden saavuttaminen vaati selvitystä, kuinka hävikkiä mitataan tänä päivänä, mistä hävikki syntyy ja kuinka siihen reagoidaan. Tutkimuksessa mukana olevassa yrityksessä on laaja valikoima erilaisia makeistuotteita, sokerimakeisia ja suklaatuotteita. Tähän tutkimukseen valittiin saman tyyppiset valmistuslinjat jokaiselta tehtaalta. Näiltä linjoilta valittiin tutkittavaksi kaksi erilaista tuotetta. Tämän tutkimuksen tulos oli, että hävikkiä käsitellään jamitataan hyvin eri tavalla jokaisella tehtaalla. Hävikkiä mitataan juuri, kutenkirjallisuudessa on mainittu verraten myyntiin tai valmistettuihin kiloihin. Näin ollen ei ollut tarvetta muuttaa mittausmenetelmää, joka oli tutkimuksen päätavoite. Tärkeintä oli löytää kohdat, joissa hävikkiä syntyy. Ajan puutteen vuoksiei ollut mahdollista selvittää kaikkia hävikin syntyyn vaikuttavia syitä tai paikkoja, joissa hävikkiä syntyy. Suurin syy hävikkiin on huono laatu. Tähän syynäon osaamisen ja koulutuksen puute. Syynä hävikin syntyyn voi olla myös raaka-aineissa tai resepteissä. Tässä tutkimuksessa käytettiin Bill Crosbyn kirjaa 'Laatu on ilmaista'. Kirjassa käsitellään -14 kohdan ohjelmaa', joka voisi olla hyvä ohjelma nostaa tuotteiden laatutasoa myös tutkimuksessa mukana olevassa yrityksessä.On tärkeää tarkentaa säännöt, kuinka kirjataan hävikkiä, tarkistaa reseptit ja koulutuksen avulla nostaa osaamisen tasoa. Tällaiselle projektille täytyy olla koko organisaation ja ylimmän johdon tuki. Kaikki ne miljoonat eurot, jotka heitetään pois, voisivat olla tuloksessa. Se ei tapahdu yhdessä yössä, vaan vaatiijatkuvaa työtä tavoitteen saavuttamiseen.

Leimuhitsauksen kokonaisvaltainen laadunhallinta päättymättömässä valssauksessa

Leimuhitsauksen laadunhallinnassa tärkeää on prosessimainen toiminta ja toimintojen kokonaisvaltaisuuden hahmottaminen. Leimuhitsauksen ollessa osana päättymätöntä valssausta hitsauksen laadunhallinta voidaan jakaa kolmeen päävaiheeseen: ennen hitsausta, hitsauksen aikana ja hitsauksen jälkeen vaikuttaviin laaduntuottotekijöihin. Leimuhitsauksen laaduntuottotekijöiden määritys ja jaottelu kaavioiksi on toteutettu tässä työssä. Leimuhitsin tekniseen laatuun vaikuttavat monet ilmiöt ja parametrit hitsauksen aikana. Tärkeimpiä hitsausparametreista ovat hitsausjännite, alustan liikenopeus, tyssäysmatka sekä leimutusaika. Väärät hitsausolosuhteet tai hitsausparametrit aiheuttavat erilaisia mekaanisia ja metallurgisia vikoja leimuhitsiin. Eräs metallurginen vikatyyppi ovat oksidisulkeumat hitsialueella. Nämä hapettuneet alueet voivat johtaa juurensa erilaisista syistä ja esimerkiksi leimutusajan ja epätasaisen liitospinnan yhteyttä sulkeumien syntyyn on epäilty. Pidennetyillä leimutusajoilla tehtyjen hitsauskokeiden ja hitsien rikkovien aineenkoetuskokeiden tuloksena todettiin tässä tutkittujen koehitsien oksidisulkeumien syntyvän hapettumalla leimutuksen aikana tai juuri hetkellä ennen tyssäystä, minkä lisäksi kosteat olosuhteet hitsausatmosfäärin ympärillä heikentävät lopputuloksen laatua. Leimutusajalla on tärkein osa leimutettavia pintoja tasaavana tekijänä ja mitä epätasaisempi liitettävä pinta on, sitä pidemmän leimutusajan se tarvitsee.

Musikalisk lärandemiljö : planerade musikaktiviteter med småbarn i daghem

A musically stimulating nvironment is of great significance when considering the opportunities for development and learning that are offered to children in day nurseries. Moreover, the quality of musical activities also has great significance for the musical development of growing children. Young children are always striving to create meaning and understanding; they influence and are influenced by the context in which they are situated. The purpose of this study is to investigate the planned music activities in the musical learning environment of seven toddler’s groups in day nurseries, based on four different aspects: the texts of children’s songs, the melodies of children’s songs, the basic elements of music and the use of instrumentation. The data has been gathered by video observation of the planned music activities. The age of the children studied ranged from 11 months to 3 years and 11 months, and on average there were 13 children in each group. The study involved a total of just over 90 children and nine educators. The methodological approaches are hermeneutic as well as videographic, and they are applied to the analysis as required. The approaches are well suited to an understanding of the planned music activities where the individual’s communications and actions are studied. The results of the study show that educators impart a cultural heritage to the children in the form of old traditional songs, but they also act as intermediaries for newer children's songs. They focus on actively on the text content of the children’s songs in their interaction with the children, but do not address the meaning of the text. Furthermore, while the educators use music sessions for the children to develop, among other things, an understanding of language and social skills, they do not use the sessions to develop the children’s musical skills. The educators could, to a much greater extent than they now do, direct the children's attention to the basic elements of music, and conduct meta-cognitive dialogues with the children. They use a large repertoire of children's songs, which are, however, often too demanding for the children’s voices to cope with. In addition, the educators do not plan, in any significant way, activities for the toddlers in order to help them develop the accuracy of their vocal tones. With regard to the use of instruments, the educators focus, in their interaction with the children, is placed on both the usage of the instruments and knowledge about the instruments. Regarding the use of instruments the study shows that the children’s musical expression takes place in an environment that includes both melody and rhythm instruments. It is clear that children are actively interested in the constructed instrument environment, because for long periods of time they independently play and experiment with instruments.

Hybrid warfare – just a twist of compound warfare? : views on warfare from the United States Armed Forces perspective

The wars the Western armies are involved with today are different from those that were fought in the end of 20th century. To explain this change, the Western military thinkers have come up with various different types of definitions of warfare over the last 30 years, each describing the tendencies involved in the conflicts of the time. The changing nature of conflicts surfaced a new term – hybrid warfare. The term was to describe and explain the multi-modality and complexity of modern day conflict. This thesis seeks the answer for the question: what is the development of thought behind hybrid warfare? In this thesis the Vietnam War (1965-1975) is used as an example of compound warfare focusing on the American involvement in the war. The Second Lebanon War (2006) serves as an example of hybrid warfare. Both case studies include an irregular opposing force, namely National Liberation Front in Vietnam War and Hezbollah in the Second Lebanon War. These two case studies are compared with the term full spectrum operations introduced in the current U.S. Department of Army Field Manual No. 3-0 Operations to see the differences and similarities of each term. The perspective of this thesis is the American point of view. This thesis concludes that hybrid warfare, compound warfare and full spectrum operations are very similar. The first two terms are included in the last one. Although hybrid warfare is not officially defined, it will most likely remain to be used in the discussion in the future, since hybrid wars and hybrid threats are officially accepted terms.

Public and Private Sector Decision Makers Within the Rail Baltica Growth Corridor

Transport volumes have increased and will continue to increase in European Union. Even though the growth has not been equal between different transport modes. Most of the growth has been faced on road transport. European Union aims to balance the unbalanced market shares between the modes by gaining and supporting the competitiveness of railway and waterway transport. In EU railway transportation is seen as solution to increase safety in traffic and decrease the environmental impacts of transportation. The aim of this research is to figure out how it is possible to decrease the environmental impacts by the technology already in use. Main focus of this research is in intermodality and combining the road and railway transportation. This study aims also to figure out demands and expectations towards new Rail Baltica railway route connecting Tallinn and Berlin. The research is conducted by performing a literature review about decreasing environmental impacts and combining road and rail transport. Another viewpoint is taken from the possible effects of tourism to the passenger transport on rails. Knowledge gained by literature review is deepened by additional internet questionnaire study and expert interview study. In decreasing the environmental impacts of transportation electric trains are definitely the best option providing that the electricity is generated from renewable or carbon dioxide free sources. Decrease of environmental impacts has been reached also with acceptance of larger road transport vehicles. According to interviewed passenger transport experts, the whole route from Tallinn to Berlin may not be convenient to be used in passenger transport, just because the route is too long.. In EU freight is transported mainly with semi-trailer combinations, and that is why it could be logical if huckepack trains would be used on Rail Baltica. Huckepack train allows semi-trailers to be transported on rails with time efficient loading-unloading process. Overall, Rail Baltica project is experienced as a future-oriented one and new railway alignment is seen as great alternative option for transport modes using fossil fuels.

Käänteisosmoosin esikäsittelymenetelmät

Käänteisosmoosisuodatusta käytetään erityisesti teollisuuden jätevesien loppupuhdistuksessa. Suodatuksen ongelmana on kalvojen likaantuminen ja tukkiutuminen. Tässä työssä on aiempia tutkimuksia hyväksikäyttäen tutkittu käänteisosmoosiin tulevan veden esikäsittelemistä niin, että kalvojen likaantumiselta vältyttäisiin. Menetelmien vertailussa on käytetty erilaisia veden laadusta kertovia parametreja. Ongelmallisimmiksi aineksiksi huomattiin orgaaninen aines ja jotkin veteen liuenneet ionit. Kiintoaineen erottaminen ei ole ollut suuri ongelma, sillä sen saa poistettua tavallisesti käytetyillä rakeissuodatuksella, laskeutuksella, flotaatiolla ja kalvosuodatuksella. Orgaanista ainesta on saatu erotettua erityisesti hapettamalla, aktiivilieteprosessilla ja biologisella aktiivihiilisuodattimella. Mikro- ja ultrasuodatusta käytetään usein juuri ennen käänteisosmoosia poistamaan erityisesti kolloidista materiaalia ja joitain liuenneita ioneja. Flokkien muodostaminen koagulaatiossa ja flokkulaatiossa parantaa lähes kaikkien menetelmien toimivuutta selvästi. Veden puhdistuksessa käytetyt kemikaalit voivat myös liika-annosteltuina liata kalvoja. Vesien pitoisuuksissa eri ainesten osalta on huomattavia eroja, joten puhdistettava vesi on hyvä analysoida etukäteen parhaiden käsittelymenetelmien valitsemiseksi.

Too many copies: confusion between duplication and versioning

Presentation at Open Repositories 2014, Helsinki, Finland, June 9-13, 2014

‘Just how (re)usable is Research Data? A legal perspective’ - A poster summarizing the recommendations of the OpenAIRE legal and licensing study.

Poster at Open Repositories 2014, Helsinki, Finland, June 9-13, 2014

Variational ensemble Kalman filtering applied to data assimilation problems in computational fluid dynamics

One challenge on data assimilation (DA) methods is how the error covariance for the model state is computed. Ensemble methods have been proposed for producing error covariance estimates, as error is propagated in time using the non-linear model. Variational methods, on the other hand, use the concepts of control theory, whereby the state estimate is optimized from both the background and the measurements. Numerical optimization schemes are applied which solve the problem of memory storage and huge matrix inversion needed by classical Kalman filter methods. Variational Ensemble Kalman filter (VEnKF), as a method inspired the Variational Kalman Filter (VKF), enjoys the benefits from both ensemble methods and variational methods. It avoids filter inbreeding problems which emerge when the ensemble spread underestimates the true error covariance. In VEnKF this is tackled by resampling the ensemble every time measurements are available. One advantage of VEnKF over VKF is that it needs neither tangent linear code nor adjoint code. In this thesis, VEnKF has been applied to a two-dimensional shallow water model simulating a dam-break experiment. The model is a public code with water height measurements recorded in seven stations along the 21:2 m long 1:4 m wide flume’s mid-line. Because the data were too sparse to assimilate the 30 171 model state vector, we chose to interpolate the data both in time and in space. The results of the assimilation were compared with that of a pure simulation. We have found that the results revealed by the VEnKF were more realistic, without numerical artifacts present in the pure simulation. Creating a wrapper code for a model and DA scheme might be challenging, especially when the two were designed independently or are poorly documented. In this thesis we have presented a non-intrusive approach of coupling the model and a DA scheme. An external program is used to send and receive information between the model and DA procedure using files. The advantage of this method is that the model code changes needed are minimal, only a few lines which facilitate input and output. Apart from being simple to coupling, the approach can be employed even if the two were written in different programming languages, because the communication is not through code. The non-intrusive approach is made to accommodate parallel computing by just telling the control program to wait until all the processes have ended before the DA procedure is invoked. It is worth mentioning the overhead increase caused by the approach, as at every assimilation cycle both the model and the DA procedure have to be initialized. Nonetheless, the method can be an ideal approach for a benchmark platform in testing DA methods. The non-intrusive VEnKF has been applied to a multi-purpose hydrodynamic model COHERENS to assimilate Total Suspended Matter (TSM) in lake Säkylän Pyhäjärvi. The lake has an area of 154 km2 with an average depth of 5:4 m. Turbidity and chlorophyll-a concentrations from MERIS satellite images for 7 days between May 16 and July 6 2009 were available. The effect of the organic matter has been computationally eliminated to obtain TSM data. Because of computational demands from both COHERENS and VEnKF, we have chosen to use 1 km grid resolution. The results of the VEnKF have been compared with the measurements recorded at an automatic station located at the North-Western part of the lake. However, due to TSM data sparsity in both time and space, it could not be well matched. The use of multiple automatic stations with real time data is important to elude the time sparsity problem. With DA, this will help in better understanding the environmental hazard variables for instance. We have found that using a very high ensemble size does not necessarily improve the results, because there is a limit whereby additional ensemble members add very little to the performance. Successful implementation of the non-intrusive VEnKF and the ensemble size limit for performance leads to an emerging area of Reduced Order Modeling (ROM). To save computational resources, running full-blown model in ROM is avoided. When the ROM is applied with the non-intrusive DA approach, it might result in a cheaper algorithm that will relax computation challenges existing in the field of modelling and DA.