Competitive Effects of Non-Controlling Minority Acquisitions – Sufficient to merit further EU merger regulation?

Partial ownership interests are a widespread phenomenon in modern corporate environment. Unless minority shareholding affords the target to exercise control over the target, they do currently not have to be notified to the European Commission under EU merger regime. However, economic research has long suggested that when linking competing or non-horizontally positioned undertakings particularly in industries with few competitors, minority shareholdings even far below the majority of shares or voting rights could lead to higher prices or lower output volumes to the detriment of consumers. The Commission has recognized this issue and proceeded to suggest an extension of the merger regime to catch also certain non-controlling minority acquisitions. Horizontal non-controlling minority shareholdings create a positive correlation between the sales revenues of the partial acquirer and target. Through the equity interest the acquirer will internalise a fraction, proportional to the financial rights attached to the shareholding, of the profit of the target. This will incentivise the acquirer to contribute to increasing the target’s business profits by increasing its own sales price (horizontal unilateral effects). When a minority stake is held in a vertically related or a conglomerate company, the minority acquirer could be allowed to hamper or eliminate the target’s rivals’ access either to inputs (input foreclosure) or customers (customer foreclosure), depending on which level of the supply chain the parties are (vertical unilateral effects). Under certain circumstances minority share acquisitions could also lessen competition because they facilitate collusion between companies active in the market (coordinated effects). Economic theory confirms that non-controlling minority shareholdings may under certain circumstances create anti-competitive effects that are unlikely to be remedies by pro-competitive effects. However, they are likely to be of less significant nature than anticompetitive effects created by full mergers. This derives fore mostly from the fact that a minority share acquirer carries all the costs associated with its unilateral action but will internalise only a fraction of the lost profits. This is likely to limit the acquirer’s incentive to raise price and the profitability of such behavior. Having in mind that the number of potentially problematic cases is expected to be next to negligible, the limited potential competitive effects of non-controlling minority share acquisitions cannot be seen to clearly merit extension of the scope of the EUMR. The system suggested by the Commission is particularly ill-fitted for such purpose given the clear lack of legal certainty and considerable administrative burden associated with it.

Regulation of Spermatogenesis: Differentiation of GFP-labeled Stem Cells and the Function of Cytoplasmic Bridges

During spermatogenesis, different genes are expressed in a strictly coordinated fashion providing an excellent model to study cell differentiation. Recent identification of testis specific genes and the development of green fluorescence protein (GFP) transgene technology and an in vivo system for studying the differentiation of transplanted male germ cells in infertile testis has opened new possibilities for studying the male germ cell differentiation at molecular level. We have employed these techniques in combination with transillumination based stage recognition (Parvinen and Vanha-Perttula, 1972) and squash preparation techniques (Parvinen and Hecht, 1981) to study the regulation of male germ cell differentiation. By using transgenic mice expressing enhanced-(E)GFP as a marker we have studied the expression and hormonal regulation of beta-actin and acrosin proteins in the developmentally different living male germ cells. Beta-actin was demonstrated in all male germ cells, whereas acrosin was expressed only in late meiotic and in postmeiotic cells. Follicle stimulating hormone stimulated b-actin-EGFP expression at stages I-VI and enhanced the formation of microtubules in spermatids and this way reduced the size of the acrosomic system. When EGFP expressing spermatogonial stem cells were transplanted into infertile mouse testis differentiation and the synchronized development of male germ cells could be observed during six months observation time. Each colony developed independently and maintained typical stage-dependent cell associations. Furthermore, if more than two colonies were fused, each of them was adjusted to one stage and synchronized. By studying living spermatids we were able to demonstrate novel functions for Golgi complex and chromatoid body in material sharing between neighbor spermatids. Immunosytochemical analyses revealed a transport of haploid cell specific proteins in spermatids (TRA54 and Shippo1) and through the intercellular bridges (TRA54). Cytoskeleton inhibitor (nocodazole) demonstrated the importance of microtubules in material sharing between spermatids and in preserving the integrity of the chromatoid body. Golgi complex inhibitor, brefeldin A, revealed the great importance of Golgi complex i) in acrosomic system formation ii) TRA54 translation and in iii) granule trafficking between spermatids.

Effect of dietary crude protein and energy content on nitrogen utilisation, water intake and urinary output in growing pigs

Selostus: Rehun valkuais- ja energiapitoisuuden vaikutus sikojen typen hyväksikäyttöön, veden kulutukseen ja virtsan eritykseen

Yield formation of spring rye at high latitudes with reference to seeding rate and plant growth regulation

Selostus: Kylvötiheyden ja kasvunsääteiden vaikutus kevätrukiin satoon

Monitoring and information reporting through regulation : an inter-jurisdictional comparison of forestry-related hard laws

[Abstract]

Simulation of Boundary Layers and Heat Transfer in the Entrance Region of Pipes

The study of fluid flow in pipes is one of the main topic of interest for engineers in industries. In this thesis, an effort is made to study the boundary layers formed near the wall of the pipe and how it behaves as a resistance to heat transfer. Before few decades, the scientists used to derive the analytical and empirical results by hand as there were limited means available to solve the complex fluid flow phenomena. Due to the increase in technology, now it has been practically possible to understand and analyze the actual fluid flow in any type of geometry. Several methodologies have been used in the past to analyze the boundary layer equations and to derive the expression for heat transfer. An integral relation approach is used for the analytical solution of the boundary layer equations and is compared with the FLUENT simulations for the laminar case. Law of the wall approach is used to derive the empirical correlation between dimensionless numbers and is then compared with the results from FLUENT for the turbulent case. In this thesis, different approaches like analytical, empirical and numerical are compared for the same set of fluid flow equations.

Regulation of Electricity Transmission and Distribution in Russia

The regulation of electricity transmission and distribution business is an essential issue for any electricity market; it is widely introduced in developed electricity markets of Great Britain, Scandinavian countries and United States of America and other. Those markets which were liberalized recently also need well planned regulation model to be chosen and implemented. In open electricity markets the sectors of electricity distribution and transmission remain monopolies, so called "natural monopolies", as introducing the competition into these sectors in most cases appears to be inefficient. Thatis why regulation becomes very important as its main tasks are: to set reasonable tariffs for customers, to ensure non-discriminating process of electricity transmission and distribution, at the same time to provide distribution companies with incentives to operate efficiently and the owners of the companies with reasonable profits as well; the problem of power quality should be solved at the same time. It should be mentioned also, that there is no incentive scheme which will be suitable for any conditions, that is why it is essential to study differentregulation models in order to form the best one for concrete situation. The aim of this Master's Thesis is to give an overview over theregulation of electricity transmission and distribution in Russia. First, the general information about theory of regulation of natural monopolies will be described; the situation in Russian network business and the importance of regulation process for it will be discussed next. Then there is a detailed description ofexisting regulatory system and the process of tariff calculation with an example. And finally, in the work there is a brief analysis of problems of present scheme of regulation, an attempt to predict the following development of regulationin Russia and the perspectives and risks connected to regulation which could face the companies that try to enter Russian electricity market (such as FORTUM OY).

Sähkönjakeluverkon komponenttien pitoajat

Suomessa sähkönjakeluverkkoyhtiöt toimivat verkkovastuualueillaan yksinoikeudella. Verkkovastuualuiden ominaispiirteet voivat olla hyvin erilaiset. Energiamarkkinavirasto valvoo sähkömarkkinalainsäädännön noudattamista jakeluverkkotoiminnassa. Jakeluverkonhaltijat on velvoitettu Energiamarkkinaviraston valvontamallin kautta määrittämään tiettyjen rajoitusten mukaisesti verkkokomponenteillensa sopivimmat teknistaloudelliset pitoajat. Nämä pitoajat vaikuttavat varsinkin verkkoyhtiön tuottomahdollisuuksiin ja asiakkaiden siirtohintoihin. Lisäksi huomioon on otettava jaettavan sähkön laatu, verkon käyttövarmuus sekä vaikutukset ympäristöön ja turvallisuuteen. Pitoaikojen matemaattinen mallintaminen on usein monimutkaista. Teknistaloudellinen pitoaika valitaankin monesti kokemuksen ja harkinnan perusteella. Tärkeimmät reunaehdot jakeluverkkokomponenttien teknistaloudellisten pitoaikojen valinnalle muodostavat verkkovastuualueen sähkönkulutuksen kasvun sekä infrastruktuurin muutoksen nopeudet. Hitaan muutoksen alueilla verkkokomponenttien teknistaloudelliset pitoajat lähenevät teknisiä pitoaikoja, joihin vaikuttavat voimakkaasti verkkovastuualueen maantieteelliset ja ilmastolliset ominaispiirteet. Yhtiöittäin vaihtelevat verkon rakennus- ja ylläpitomenetelmät tulee myös huomioida. Tässä diplomityössä keskitytään pääosin sähkönjakeluverkon komponenttien teknistaloudelliseen pitoaikaan verkon ja verkkovastuualueen ominaispiirteiden kautta. Aluksi määritellään jakeluverkon pitoaika usealla eri tavalla, sekä selvitetään pitoajan merkitystä nykytilanteessa. Lisäksi työn alkuosassa esitellään Energiamarkkinaviraston vuoden 2005 alusta käyttöönotettu jakeluverkkotoiminnan hinnoittelun kohtuullisuuden valvontamalli ja käydään läpi teknistaloudellisen pitoajan merkitys siinä. Sen jälkeen tarkastellaan jakeluverkkokomponenttien ja niiden osien tekniseen pitoaikaan vaikuttavia tekijöitä. Erityisesti puupylväisiin ja niihin liittyviin ajankohtaisiin asioihin kiinnitetään huomiota, koska puupylväät määräävät monesti koko ilmajohtorakenteen uusimisajankohdan. Lisäksi suolakyllästeiselle puupylväälle esitetään yleinen rappeutumismalli ja jakelumuuntajan rappeutumistapahtumaa tutkitaan. Lopuksi tarkastellaan Graninge Kainuu Oy:tä jakeluverkonhaltijana sekä määritetään sen verkkovastuualueelle ominaisia komponenttien teknisiä ja teknistaloudellisia pitoaikoja haastattelujen, tuoreimpien lähteiden, tutkimustulosten, vertailun ja harkinnan avulla.

Kuumalanka-anemometri virtausmittauksissa

Tässä työssä selostetaan kuumalanka-anemometrin käyttö virtausmittauksissa. Kuumalanka-anemometrilla saadaan mitattua virtausnopeuden ja -suunnan lisäksi nopeusheilahteluja. Mittaustaajuus on tyypillisesti useita kymmeniä tuhansia mittauksia sekunnissa ja signaali on jatkuva. Nykytekniikalla pystytään helposti tallentamaan mittauslaitteistolta saatu viesti tietokoneelle ja muuntamaan se nopeudeksi. Hetkellisten nopeuksien avulla voidaan laskea turbulenttisen virtauksen ominaisuuksia, kuten turbulenssin intensiteetti ja spektri. Kuumalanka-anemometrissa lämmitetään sähköisesti ohutta lankaa, joka on mitattavassa virtauksessa. Langan sähköteho on suunnilleen yhtäsuuri kuin langasta konvektiolla siirtyvä lämpöteho. Tällöin on teoreettisesti mahdollista laskea virtausnopeus lämpötehosta lämmönsiirtokorrelaatioilla. Käytännössä laitteisto joudutaan kuitenkin erikseen kalibroimaan, mutta sähkötehon teoreettista riippuvuutta konvektiosta käytetään hyväksi. Kuumalangan lämmitettävä osuus on tyypillisesti halkaisijaltaan 5 µm ja pituudeltaan noin 1 mm. Sitä käytetään pääasiassa kaasuvirtausten mittaamiseen ja valtaosassa mittauksissa virtausaineena on ilma. Kuumalanka voi olla toteutettu kuumakalvotekniikalla, jossa halkaisijaltaan noin 50 - 70 µm paksuinen kuitu on päällystetty ohuella sähköä johtavalla kalvolla. Kuumakalvoanturin ei tarvitse olla muodoltaan sylinterimäinen, se voi olla mm. kartiomainen tai kiilamainen. Erikoispäällystetyllä kuumakalvoanturilla on mahdollista mitata myös nestevirtauksia. Mitattaessa kaasuvirtauksia kuumakalvon etuna on selvästi parempi kestävyys verrattuna kuumalankaan. Nimitystä kuumalanka-anemometri käytetään yleisesti molemmista anturityypeistä Tämän työn alussa käsitellään sylinterin yli tapahtuvaan virtaukseen liittyvää virtausmekaniikkaa ja lämmönsiirtoa. Anemometrin sähköinen osa, laitteisto ja sen kalibrointi käydään läpi. Langan suuntariippuvuuden laskentaan esitetään tarvittavat yhtälöt. Työssä esitellään kolme laitteistolla tehtyä perusmittausta: anturin kohtauskulman muuttaminen, pyörähdyssymmerisen suihkun nopeuskenttä ja tuulitunnelin rajakerros. Lisäksi esitellään yksi käytännöllinen ja vaativampi mittaus, jossa on mitattu nopeusprofiili radiaalikompressorin diffuusorin loppuosassa.

Lectio praecursoria: Environmental policy evaluation concepts exemplified in the context of the European Unions strategy for better regulation

Lectio praecursoria 3.2.2006 Tampereen yliopisto

Performance benchmarking and incentive regulation – considerations of directing signals for electricity distribution companies

After the restructuring process of the power supply industry, which for instance in Finland took place in the mid-1990s, free competition was introduced for the production and sale of electricity. Nevertheless, natural monopolies are found to be the most efficient form of production in the transmission and distribution of electricity, and therefore such companies remained franchised monopolies. To prevent the misuse of the monopoly position and to guarantee the rights of the customers, regulation of these monopoly companies is required. One of the main objectives of the restructuring process has been to increase the cost efficiency of the industry. Simultaneously, demands for the service quality are increasing. Therefore, many regulatory frameworks are being, or have been, reshaped so that companies are provided with stronger incentives for efficiency and quality improvements. Performance benchmarking has in many cases a central role in the practical implementation of such incentive schemes. Economic regulation with performance benchmarking attached to it provides companies with directing signals that tend to affect their investment and maintenance strategies. Since the asset lifetimes in the electricity distribution are typically many decades, investment decisions have far-reaching technical and economic effects. This doctoral thesis addresses the directing signals of incentive regulation and performance benchmarking in the field of electricity distribution. The theory of efficiency measurement and the most common regulation models are presented. The chief contributions of this work are (1) a new kind of analysis of the regulatory framework, so that the actual directing signals of the regulation and benchmarking for the electricity distribution companies are evaluated, (2) developing the methodology and a software tool for analysing the directing signals of the regulation and benchmarking in the electricity distribution sector, and (3) analysing the real-life regulatory frameworks by the developed methodology and further develop regulation model from the viewpoint of the directing signals. The results of this study have played a key role in the development of the Finnish regulatory model.