Country Risk and Market Reactions to Earnings Announcements: Evidence from Finnish Stock Markets

The objective of this thesis is to examine the market reaction around earnings announcements in Finnish stock markets. The aim is to find out whether the extreme market conditions during the financial crisis are reflected in stock prices as a stronger reaction. In addition to this, the purpose is to investigate how extensively Finnish listed companies report the country segmentation of revenues in their interim reports and whether the country risk is having a significant impact on perceived market reaction. The sample covers all companies listed in Helsinki stock exchange at 1.1.2010 and these companies’ interim reports from the first quarter of 2008 to last quarter of 2009. Final sample consists of 81 companies and 630 firm-quarter observations. The data sample has been divided in two parts, of which country risk sample contains 17 companies and 127 observations and comparison sample covers 66 companies and 503 observations. Research methodologies applied in this thesis are event study and cross-sectional regression analysis. Empirical results indicate that the market reaction occurs mainly during the announcement day and is slightly stronger in case of positive earnings surprises than the reactions observed in previous studies. In case of negative earnings surprises no significant differences can be observed. In case of country risk sample and negative earnings surprise market reaction is negative already in advance of the disclosure contrary to comparison sample. In case of positive surprise no differences can be observed. Country risk variable developed during this study seems to explain only minor part of the market reaction.

Addition of stabilized wood ashes to Swedish coniferous stands on mineral soils : effects on stem growth and needle nutrient concentrations

Abstract

Michael Agricola Christiano Salutem

Porvoo : Werner Söderström osakeyhtiö 1907 : Porvoo

Effects of Dietary Fat Oxidation Products and Flavonols on Lipoprotein Oxidation

Various studies suggest that oxidative modifications of low density lipoprotein (LDL), and also other lipoproteins, have an important role in the development of atherosclerosis. In addition to the oxidation products formed endogenously, oxidised triacylglycerols (TAG) and oxysterols in the diet contribute to the oxidised lipoproteins found in circulation. However, studies on both the effect of oxidised dietary lipids on lipoprotein lipid oxidation and the reactions that modify oxidised fat after ingestion have been scarce. Studies on the effects of dietary antioxidants on the lipid oxidation in vivo and the risk of atherosclerosis have been inconclusive. More clinical trials are needed to test the importance of lipoprotein oxidation as a cardiovascular risk factor in humans. In the recent years, various methods have been optimised and applied to the analysis of lipid oxidation products in vivo, and information on the molecular structures of oxidised lipids in plasma, lipoproteins and atherosclerotic plaques has started to accumulate. However, specific structures of oxidised TAG molecules present in these tissues and lipoprotein fractions have not been investigated earlier. In the orginal research in this thesis, an approach based on highperformance liquid chromatographyelectrospray ionisationmass spectrometry (HPLCESIMS) and baseline diene conjugation (BDC) methods was used in order to investigate lipid oxidation level and oxidised TAG molecular structures in pig and human lipoproteins after dietary interventions. The approach was optimised with human LDL samples, which contained various oxidation products of TAG. LDL particles of hyperlipidaemic subjects contained an elevated amount of conjugated dienes. In the pig studies, several oxidised TAG structures with hydroxy, keto, epoxy or aldehydic groups were found in chylomicrons and VLDL after diets rich in sunflower seed oil. Also, the results showed that oxidised sunflower seed oil increased the oxidation of lipoprotein lipids and their TAG molecules. TAG hydroperoxides could be detected neither in the small intestinal mucosa of the pigs fed on the oxidised oil nor in their chylomicrons or VLDL.6 In the clinical studies, dietary flavonol aglycones extracted from sea buckthorn berries did not have an effect on lipoprotein lipid oxidation and other potential risk factors of atherosclerosis, but their absorption was demonstrated. Oil supplementation seemed to increase the bioavailability of the flavonols. Oxidised TAG molecules were detected in LDL particles of the subjects after both flavonol and control diets.

Role of lipid reactions in quality of oat products

Selostus: Rasvojen reaktiot prosessoiduissa kauratuotteissa

Otsonin käyttö paperin ja kartongin valmistuksen kiertovesien mikrobiologisen tilan hallintaan

Diplomityössä tutkittiin otsonin käytön soveltuvuutta ja etsittiin optimaalista soveltamistapaa kartonki- ja paperikoneen kiertoveden mikrobiologisen tilan hallintaan. Kirjallisuusosassa selvitettiin otsonin tuotannon nykytekniikkaa sekä otettiin selvää saatavilla olevista kapasiteetiltaan riittävistä otsonigeneraattoreista. Kirjallisuuden perusteella selvitettiin myös otsonin reaktioita paperi- ja kartonkikoneen kiertovesissä olevien orgaanisten ja epäorgaanisten aineiden kanssa. Lisäksi käsiteltiin otsonin käytön eri sovelluksia vedenpuhdistuksessa sekä perehdyttiin aikaisemmin tehtyihin tutkimuksiin otsonin käytöstä mikrobitorjuntaan paperi- ja kartonkikoneiden kiertovesistä. Kokeellisessa osassa määritettiin sopiva otsoniannos valkaisematonta sellua käyttävän koneen kiekkosuotimen kirkkaalle ja samealle suodokselle. Vesien otsonointi suoritettiin otsonipilotlaitteistolla. Työssä tutkittiin otsonoinnin vaikutusta kiertoveden mikrobiologisiin ja kemiallisiin ominaisuuksiin. Lisäksi tarkasteltiin kiertoveden otsonoinnin vaikutuksia koepaperikoneella valkaisemattomasta sel-lusta ja hylkymassasta valmistettujen lopputuotteiden laatuun. Työssä arvioitiin myös otsonin käytön mahdollisuutta osittain korvaamaan jo käytössä olevia hapettavia biosidejä. Samealle suodokselle sopivaksi otsoniannokseksi osoittautui 120 mg O3/l (0,3 mg O3/mg CODCr) ja kirkkaalle suodokselle riittävä annos olisi 60 mg O3/l (0,2 mg/mg CODCr). Näillä annoksilla kiertoveden mikrobireduktiot olivat 98–100 %. Kiertoveden hapetuskyky kasvoi 9-14 % ja pH laski yhdellä yksiköllä otsonoinnin vaikutuksesta. Kiertoveden kemiallisiin ominaisuuksiin otsonoinnilla oli edullinen vaikutus, sillä veden sameus, kiintoaine- ja CODCr-pitoisuudet laskivat. Koepaperikoneella havaittiin perälaatikon ilmapitoisuuden vähentyneen jopa 49 % käytettäessä ot-sonoitua kiertovettä. Mikrobiologiset analyysit suoritettiin koepaperikoneen massalle, viiravedelle ja lopputuotteelle. Tutkimusten perusteella mikrobientorjunnan kannalta parhaimmaksi otsonin annos-telupaikaksi osoittautui samea suodos. Massan, viiraveden ja lopputuotteen mikrobimäärät alenivat selvästi. Kemialliset analyysit osoittivat, että kirkasta suodosta käytettäessä oli koepaperikoneen vii-raveden kemiallinen tila parantunut LK-aineen muuttuessa hydrofiilisemmäksi ja sen sitoutumisky-vyn parantuessa. Samealla suodoksella ei muutosta havaittu. Valkaisemattomasta sellusta ja päällystetystä hylystä koepaperikoneella valmistettujen lopputuotteiden lujuus- ja aistinvaraisissa ominaisuuksissa ei tapahtunut merkittävää muutosta. Tulosten perusteella otsonia voisi käyttää korvaamaan hinnaltaan kalliimpia hapettavia biosidejä. Otsonin etuna on, ettei sille resistenttejä mikrobikantoja ole. Kirjallisuuden perusteella otsonin heikkoutena on sen tehon paikallisuus eli otsonin lisänä on käytettävä jotain muuta sekundääristä biosidia ylläpitämään matala mikrobitaso otsonoinnin jälkeen.

Pain-evoked alterations on gingival blood flow and gingival crevicular fluid (GCF) neuropeptide SP and collagenase-2 (MMP-8) levels

Previous studies have demonstrated that clinical pulpal pain can induce the expression of pro-inflammatory neuropeptides in the adjacent gingival crevice fluid (GCF). Vasoactive agents such as substance P (SP) are known to contribute to the inflammatory type of pain and are associated with increased blood flow. More recent animal studies have shown that application of capsaicin on alveolar mucosa provokes pain and neurogenic vasodilatation in the adjacent gingiva. Pain-associated inflammatory reactions may initiate expression of several pro- and anti-inflammatory mediators. Collagenase-2 (MMP-8) has been considered to be the major destructive protease, especially in the periodontitis-affected gingival crevice fluid (GCF). MMP-8 originates mostly from neutrophil leukocytes, the first line of defence cells that exist abundantly in GCF, especially in inflammation. With this background, we wished to clarify the spatial extensions and differences between tooth-pain stimulation and capsaicin-induced neurogenic vasodilatation in human gingiva. Experiments were carried out to study whether tooth stimulation and capsaicin stimulation of alveolar mucosa would induce changes in GCF MMP-8 levels and whether tooth stimulation would release neuropeptide SP in GCF. The experiments were carried out on healthy human volunteers. During the experiments, moderate and high intensity painful tooth stimulation was performed by a constant current tooth stimulator. Moderate tooth stimulation activates A-delta fibres, while high stimulation also activates C-fibres. Painful stimulation of the gingiva was achieved by topical application of capsaicin-moistened filter paper on the mucosal surface. Capsaicin is known to activate selectively nociceptive C-fibres of stimulated tissue. Pain-evoked vasoactive changes in gingivomucosal tissues were mapped by laser Doppler imaging (LDI), which is a sophisticated and non-invasive method for studying e.g. spatial and temporal characteristics of pain- and inflammation-evoked blood flow changes in gingivomucosal tissues. Pain-evoked release of MMP-8 in GCF samples was studied by immunofluorometric assay (IFMA) and Western immunoblotting. The SP levels in GCF were analysed by Enzyme immunoassay (EIA). During the experiments, subjective stimulus-evoked pain responses were determined by a visual analogue pain scale. Unilateral stimulation of alveolar mucosa and attached gingiva by capsaicin evoked a distinct neurogenic vasodilatation in the ipsilateral gingiva, which attenuated rapidly at the midline. Capsaicin stimulation of alveolar mucosa provoked clear inflammatory reactions. In contrast to capsaicin stimuli, tooth stimulation produced symmetrical vasodilatations bilaterally in the gingiva. The ipsilateral responses were significantly smaller during tooth stimulation than during capsaicin stimuli. The current finding – that tooth stimulation evokes bilateral vasodilatation while capsaicin stimulation of the gingiva mainly produces unilateral vasodilatation – emphasises the usefulness of LDI in clarifying spatial features of neurogenic vasoactive changes in the intra-oral tissues. Capsaicin stimulation of the alveolar mucosa induced significant elevations in MMP-8 levels and activation in GCF of the adjacent teeth. During the experiments, no marked changes occurred in MMP-8 levels in the GCF of distantly located teeth. Painful stimulation of the upper incisor provoked elevations in GCF MMP-8 and SP levels of the stimulated tooth. The GCF MMP-8 and SP levels of the non-stimulated teeth were not changed. These results suggest that capsaicin-induced inflammatory reactions in gingivomucosal tissues do not cross the midline in the anterior maxilla. The enhanced reaction found during stimulation of alveolar mucosa indicates that alveolar mucosa is more sensitive to chemical irritants than the attached gingiva. Analysis of these data suggests that capsaicin-evoked neurogenic inflammation in the gingiva can trigger the expression and activation of MMP-8 in GCF of the adjacent teeth. In this study, it is concluded that experimental tooth pain at C-fibre intensity can induce local elevations in MMP-8 and SP levels in GCF. Depending on the role of MMP-8 in inflammation, in addition to surrogated tissue destruction, the elevated MMP-8 in GCF may also reflect accelerated local defensive and anti-inflammatory reactions.

Keskuspankkien ohjauskorkojen muutosten vaikutus markkinakorkoihin Euroopassa 1990-2007

Keskuspankit vastaavat maidensa rahapolitiikasta ja niiden tärkein väline tehtyjen rahapoliittisten päätösten toteuttamisessa on ohjauskorko, jonka muutoksilla vaikutetaan pankkeihin ja markkinakorkoihin ja sitä kautta koko talouteen yleisesti. Tässä tutkielmassa tarkastellaan keskuspankkien ohjauskorkojen muutosten vaikutuksia markkinakorkoihin Euroopassa aikaperiodeilla 1990– 1998 ja 1999–2007. Ensimmäisellä periodilla 1990–1998 tutkitaan viiden nykyään euroalueeseen kuuluvan maan markkinakorkojen ja toisella periodilla euroalueen yhteisien Eonia- ja Euriborkorkojen reaktioita ohjauskoron muutoksiin. Lisäksi kummallakin periodilla tarkastellaan myös neljän euroalueen ulkopuolisen Euroopan maan sekä vertailumaiden Yhdysvaltojen ja Japanin markkinakorkojen muutoksia. Markkinakorkojen reaktioita tutkitaan viidellä eri maturiteetilla kuutena eri aikaintervallilla ohjauskoron muutosten julkistamishetkinä.

Russian mobile telecommunications market: players and trends

Objective of this work was to clarify the competitive situation of Russian mobile telecommunications market: who are the main players, are there many regional operators, what is the possibility of new entrants and how intensive is the competition. In the beginning the history of Russian mobile telecommunications sector is described. In the next chapter environmental factors of the market are examined with the help of PESTEL analysis. After that, players of the market are introduced to ease the following of next chapters. The main theory for this work was industry analysis of five competitive forces by Michael Porter, which is presented before the theory related industry analysis of Russian mobile telecommunications industry. Research for the industry analysis is mainly based on up-to-date articles describing Russian market. As a result of the industry analysis, competitive situation of Russian mobile telecommunications industry and the future prospects are described with the help of factors coming from the PESTEL-analysis. Finally development and future prospects for Russian 3G are reported. As a result of this work, it can be said that Russian mobile telecommunications market is not likely to maintain the growth of previous years, because the market is near saturation. According to passive SIM-cards it has already received saturated. The saturation will also make the market share game between operators more volatile. The market is dominated by three national operators that covered 88% of the income in the first half of 2007. In addition to these three, there are also several regional operators. Structure of the market is likely to consolidate.

Thermoplastic bioactive composite – with special reference to dissolution behaviour and tissue response

Bioactive glasses are surface-active ceramic materials which support and accelerate bone growth in the body. During the healing of a bone fracture or a large bone defect, fixation is often needed. The aim of this thesis was to determine the dissolution behaviour and biocompatibility of a composite consisting of poly(ε-caprolactone-co-DL-lactide) and bioactive glass (S53P4). In addition the applicability as an injectable material straight to a bone defect was assessed. In in vitro tests the dissolution behaviour of plain copolymer and composites containing bioactive glass granules was evaluated, as well as surface reactivity and the material’s capability to form apatite in simulated body fluid (SBF). The human fibroblast proliferation was tested on materials in cell culture. In in vivo experiments, toxicological tests, material degradation and tissue reactions were tested both in subcutaneous space and in experimental bone defects. The composites containing bioactive glass formed a unified layer of apatite on their surface in SBF. The size and amount of glass granules affected the degradation of polymer matrix, as well the material’s surface reactivity. In cell culture on the test materials the human gingival fibroblasts proliferated and matured faster compared with control materials. In in vitro tests a connective tissue capsule was formed around the specimens, and became thinner in the course of time. Foreign body cell reactions in toxicological tests were mild. In experimental bone defects the specimens with a high concentration of small bioactive glass granules (<45 μm) formed a dense apatite surface layer that restricted the bone ingrowth to material. The range of large glass granules (90-315 μm) with high concentrations formed the best bonding with bone, but slow degradation on the copolymer restricted the bone growth only in the superficial layers. In these studies, the handling properties of the material proved to be good and tissue reactions were mild. The reactivity of bioactive glass was retained inside the copolymer matrix, thus enabling bone conductivity with composites. However, the copolymer was noticed to degradate too slowly compared with the bone healing. Therefore, the porosity of the material should be increased in order to improve tissue healing.