U.S. landowner behavior, land use and land cover changes, and climate change mitigation

Abstract

A new heuristic method for solving spatially constrained forest planning problems based on mitigation of infeasibilities radiating outward from a forced choice

[Abstract]

Pankkien vakavaraisuussäännöstön uudistus

Tutkielman tavoitteena on kuvata pankkien vakavaraisuusuudistuksen eri osa-alueita. Tarkempi analyysi rajautuu uudistuksen tuomiin muutoksiin luotto- ja operatiivisen riskin pääomavaateissa. Tutkielman empiirisen osuuden tavoitteena on perehtyä vakavaraisuussäännöstön uudistusten vaikutuksiin Nordeassa. Tutkimusmetodologiaksi on valittu normatiivinen tutkimusote. Lisäksi tutkielma sisältää deskriptiivisiä ja positivistisia osia. Lähdeaineisto koostuu Baselin pankkivalvontakomitean ja Suomen Pankin julkaisemista tutkimuksista ja dokumenteista sekä alan julkaisuissa ilmestyneistä artikkeleista. Pankkien vakavaraisuussäännöstöuudistuksen tavoitteena on lisätä rahoitusmarkkinoiden vakautta. Sääntelyn kautta pyritään turvaamaan pankkien varojen riittävyys suhteessa niiden riskien ottoon. Vakavaraisuussäännöstön uudistus muodostuu kolmesta pilarista: (1) minimipääomavaatimuksista, (2) pankkivalvonnan vahvistamisesta ja (3) markkinakurin hyödyntämisestä luottolaitosten toiminnan julkistamisvaatimuksia lisäämällä. Pankkivalvonnan harmonisoinnista vallitsee kansainvälinen yhteisymmärrys, mutta ennen kuin Basel II voi astua voimaan on useita ongelmia ratkaisematta. Baselin vakavaraisuuskehikko ei ole ainut lähitulevaisuudessa pankkitoimialaa koetteleva uudistus. Kansainväliset tilinpäätösstandardit; International Accounting Standards ja erityisesti IAS 39 sekä International Financial Reporting Standards, lyhyemmin IFRS tulevat muuttamaan merkittävästi pankkien tilinpäätöskäyttäytymistä. Epäselvää on vielä kuitenkin tukevatko uudistukset toisiaan ja missä määrin pankkien tulosvolatiliteetin odotetaan kasvavan. Tutkielmassa pohditaan vakavaraisuussäännöstön uudistuksen hyötyjä kansainvälisen kilpailuneutraliteetin osalta, sillä Yhdysvalloissa uudistus koskee vain suurimpia pankkeja. Tutkielmassa paneudutaan lisäksi uudistuksen mahdolliseen talouden syklejä voimistavaan vaikutukseen ja tarkastellaan parannusehdotuksia prosyklisyyden hillitsemiseksi. Yksi vakavaraisuusuudistuksen tärkeimmistä tehtävistä on luoda pankeille kannustin kehittää omia riskienhallinta malleja. Kannustin ongelma on pyritty ratkaisemaan vapaampien sisäisten mallien menetelmien avulla. Ongelmaa ei ole pystytty kuitenkaan ratkaisemaan aivan täysin, sillä luottoriskien osalta pankkien lainaportfolioiden rakenne määrittää sen, hyötyvätkö pankit siirtymisestä sisäisten mallien menetelmän käyttöön. Tutkielma sisältää myös Nordean arvion vakavaraisuusuudistuksen vaikutuksista pankkitoimialaan.

Overvoltage Mitigation Techniques in Wind Power Generators

Advancements in power electronic semiconductor switching devices have lead to significantly faster switching times. In motor and generator applications, the fast switching times of pulse width modulated (PWM) inverters lead to overvoltages caused by voltage reflections with shorter and shorter cables. These excessive overvoltages may lead to a failure of the electrical machine in a matter of months. In this thesis, the causes behind the overvoltage phenomenon as well as its different mitigation techniques are studied. The most suitable techniques for mitigating the overvoltage phenomenon in wind power generator applications are chosen based on both simulations and actual measurements performed on a prototype. An RC filter at the terminals of the electrical machine and an inverter output filter designed to reduce the rise and fall times of voltage pulses are presented as a solution to the overvoltage problem. The performance and losses of both filter types are analysed.

Active sulphide mine tailings impoundments as sources of contaminated drainage: controlling factors, methods of characterisation and geochemical constraints for mitigation

Low quality mine drainage from tailings facilities persists as one of the most significant global environmental concerns related to sulphide mining. Due to the large variation in geological and environmental conditions at mine sites, universal approaches to the management of mine drainage are not always applicable. Instead, site-specific knowledge of the geochemical behaviour of waste materials is required for the design and closure of the facilities. In this thesis, tailings-derived water contamination and factors causing the pollution were investigated in two coeval active sulphide mine sites in Finland: the Hitura Ni mine and the Luikonlahti Cu-Zn-Co-Ni mine and talc processing plant. A hydrogeochemical study was performed to characterise the tailingsderived water pollution at Hitura. Geochemical changes in the Hitura tailings were evaluated with a detailed mineralogical and geochemical investigation (solid-phase speciation, acid mine drainage potential, pore water chemistry) and using a spatial assessment to identify the mechanisms of water contamination. A similar spatial investigation, applying selective extractions, was carried out in the Luikonlahti tailings area for comparative purposes (Hitura low-sulphide tailings vs. Luikonlahti sulphide-rich tailings). At both sites, hydrogeochemistry of tailings seepage waters was further characterised to examine the net results of the processes observed within the impoundments and to identify constraints for water treatment. At Luikonlahti, annual and seasonal variation in effluent quality was evaluated based on a four-year monitoring period. Observations pertinent to future assessment and mine drainage prevention from existing and future tailings facilities were presented based on the results. A combination of hydrogeochemical approaches provided a means to delineate the tailings-derived neutral mine drainage at Hitura. Tailings effluents with elevated Ni, SO₄ ^2- and Fe content had dispersed to the surrounding aquifer through a levelled-out esker and underneath the seepage collection ditches. In future mines, this could be avoided with additional basal liners in tailings impoundments where the permeability of the underlying Quaternary deposits is inadequate, and with sufficiently deep ditches. Based on the studies, extensive sulphide oxidation with subsequent metal release may already initiate during active tailings disposal. The intensity and onset of oxidation depended on e.g. the Fe sulphide content of the tailings, water saturation level, and time of exposure of fresh sulphide grains. Continuous disposal decreased sulphide weathering in the surface of low-sulphide tailings, but oxidation initiated if they were left uncovered after disposal ceased. In the sulphide-rich tailings, delayed burial of the unsaturated tailings had resulted in thick oxidized layers, despite the continuous operation. Sulphide weathering and contaminant release occurred also in the border zones. Based on the results, the prevention of sulphide oxidation should already be considered in the planning of tailings disposal, taking into account the border zones. Moreover, even lowsulphide tailings should be covered without delay after active disposal ceases. The quality of tailings effluents showed wide variation within a single impoundment and between the two different types of tailings facilities assessed. The affecting factors included source materials, the intensity of weathering of tailings and embankment materials along the seepage flow path, inputs from the process waters, the water retention time in tailings, and climatic seasonality. In addition, modifications to the tailings impoundment may markedly change the effluent quality. The wide variation in the tailings effluent quality poses challenges for treatment design. The final decision on water management requires quantification of the spatial and seasonal fluctuation at the site, taking into account changes resulting from the eventual closure of the impoundment. Overall, comprehensive hydrogeochemical mapping was deemed essential in the identification of critical contaminants and their sources at mine sites. Mineralogical analysis, selective extractions, and pore water analysis were a good combination of methods for studying the weathering of tailings and in evaluating metal mobility from the facilities. Selective extractions with visual observations and pH measurements of tailings solids were, nevertheless, adequate in describing the spatial distribution of sulphide oxidation in tailings impoundments. Seepage water chemistry provided additional data on geochemical processes in tailings and was necessary for defining constraints for water treatment.

Parallel-Operating Three-Phase Voltage Source Inverters – Circulating CurrentModeling, Analysis and Mitigation

The maximum realizable power throughput of power electronic converters may be limited or constrained by technical or economical considerations. One solution to this problemis to connect several power converter units in parallel. The parallel connection can be used to increase the current carrying capacity of the overall system beyond the ratings of individual power converter units. Thus, it is possible to use several lower-power converter units, produced in large quantities, as building blocks to construct high-power converters in a modular manner. High-power converters realized by using parallel connection are needed for example in multimegawatt wind power generation systems. Parallel connection of power converter units is also required in emerging applications such as photovoltaic and fuel cell power conversion. The parallel operation of power converter units is not, however, problem free. This is because parallel-operating units are subject to overcurrent stresses, which are caused by unequal load current sharing or currents that flow between the units. Commonly, the term ’circulatingcurrent’ is used to describe both the unequal load current sharing and the currents flowing between the units. Circulating currents, again, are caused by component tolerances and asynchronous operation of the parallel units. Parallel-operating units are also subject to stresses caused by unequal thermal stress distribution. Both of these problemscan, nevertheless, be handled with a proper circulating current control. To design an effective circulating current control system, we need information about circulating current dynamics. The dynamics of the circulating currents can be investigated by developing appropriate mathematical models. In this dissertation, circulating current models aredeveloped for two different types of parallel two-level three-phase inverter configurations. Themodels, which are developed for an arbitrary number of parallel units, provide a framework for analyzing circulating current generation mechanisms and developing circulating current control systems. In addition to developing circulating current models, modulation of parallel inverters is considered. It is illustrated that depending on the parallel inverter configuration and the modulation method applied, common-mode circulating currents may be excited as a consequence of the differential-mode circulating current control. To prevent the common-mode circulating currents that are caused by the modulation, a dual modulator method is introduced. The dual modulator basically consists of two independently operating modulators, the outputs of which eventually constitute the switching commands of the inverter. The two independently operating modulators are referred to as primary and secondary modulators. In its intended usage, the same voltage vector is fed to the primary modulators of each parallel unit, and the inputs of the secondary modulators are obtained from the circulating current controllers. To ensure that voltage commands obtained from the circulating current controllers are realizable, it must be guaranteed that the inverter is not driven into saturation by the primary modulator. The inverter saturation can be prevented by limiting the inputs of the primary and secondary modulators. Because of this, also a limitation algorithm is proposed. The operation of both the proposed dual modulator and the limitation algorithm is verified experimentally.

Characteristics of credit risk assessment methods of major Nordic banks in allocating capital when extending credits to large corporations

Credit risk assessment is an integral part of banking. Credit risk means that the return will not materialise in case the customer fails to fulfil its obligations. Thus a key component of banking is setting acceptance criteria for granting loans. Theoretical part of the study focuses on key components of credit assessment methods of Banks in the literature when extending credits to large corporations. Main component is Basel II Accord, which sets regulatory requirement for credit risk assessment methods of banks. Empirical part comprises, as primary source, analysis of major Nordic banks’ annual reports and risk management reports. As secondary source complimentary interviews were carried out with senior credit risk assessment personnel. The findings indicate that all major Nordic banks are using combination of quantitative and qualitative information in credit risk assessment model when extending credits to large corporations. The relative input of qualitative information depends on the selected approach to the credit rating, i.e. point-in-time or through-the-cycle.

The analysis and mitigation of risks in FMCG supply chain: the case of British American Tobacco Eastern Europe

This work investigates the Bullwhip Effect, which is one of the most important phenomena in contemporary supply chain management. The author uses most recent theoretical apparatus to analyze operational activities of a leading FMCG company British American Tobacco Eastern Europe. This paper investigates and describes the process in BAT supply chain management and considers the impact of the Bullwhip Effect together with the potential risks threatening company's operations. Emergence of the Bullwhip Effect leads to supply chain inefficiency. This paper contains methodological supply chain risk mitigation recommendations, description of a real case study and an analytical study of internal and external supply chain processes

The Evolution of Securities Lending and Risk Mitigation: A Finnish Market Case Study

Although securities lending is an important function of the financial markets, it has not received that much academic attention. This study examines the evolution of European securities lending and risk management with an emphasis on the development of collateral management, the function responsible for reducing credit risk. The effects of the recent financial instabilities are also considered. The evolution of the Finnish securities lending market is examined in more detail through a case-study. This study can be classified as a constructive qualitative case study. The initial practical knowledge comes from the author's own experience and additional insight and theoretical background is acquired through a literature review. The case study is based on research, semi-structured interviews and a brief analysis of numerical data. The main observation of this study was that securities lending is now recognized as more of an investment management discipline than an operational support function. The recent financial instabilities have resulted in an increased focus on risk and transparency. In securities lending this is directly reflected in collateral management guidelines and procedures. Collateral management has become increasingly technologically developed and automated. Collateral optimization initiatives have been started to make the process more efficient, liquid, and cost effective. Although securities lending is generally an OTC-market with no standard market place, centralized exchange-like models have been introduced. Finnish securities lending has now shifted towards the more common global OTC model. Although the Finnish securities lending industry has developed, and the main laws governing it (tax legislation) have changed, there is still need for development. There are still not many Finnish participants involved and due to legal issues most securities loans are collateralized with cash and not securities (e.g. government bonds).

Nordic banks’ entry into the Russian market: motives, processes and challenges

The importance of services in the global economy has grown steadily in the past decades and the growth of services sector’s direct investments has been increasing. Nowadays, all companies are influenced by the much changing global environment and the financial services companies are no exception. The internationalization of financial services companies is an expanding and accelerating phenomenon which has various motivations. The overall aim of this thesis is to shed light on the market entry processes of the Nordic financial services companies when they have entered the Russian market. In this study, the factors affecting Nordic banks’ market entry to Russia are presented in order to better understand what have been the main motives for market entry, what kind of processes the banks have used and what kind of challenges they have faced along the way. A case study approach was used in conducting the empirical research and it aims at investigating a specific case: Nordic banks’ entry into the Russian market. The empirical research was carried out by conducting qualitative interviews for employees involved in entry processes of the case banks. These interviews aimed at examining the Nordic banks’ motives for entering the Russian financial market. This includes reflections on the reasons why the studied banks have decided to enter Russia and what have been the motives behind these decisions. Also, the market entry processes the banks have used when they have entered the Russian market were investigated. The findings allowed comparing the related theories and different market entry modes the case banks have used. Furthermore, the market-related challenges faced by the case banks were mapped and described. In addition, the main factors related to the entry processes of the studied banks were identified and key elements of successful market entry were mapped. The findings suggest that the main motivator for banks have been to follow their customers and hence, increase the revenues and add the value to the shareholders; consequently, being a win-win-win situation to all the related parties. It was also discovered that the banks market entry processes have had resemblances but the banks have taken different paths to get where they are nowadays. As the Russian market environment differs from the one in Nordic countries, also challenges were faced by the case banks. However, the internal challenges were considered more troublesome than the external ones. As the foreign market entry process is complex as well as time and resources consuming, it is vital to understand the specifics of the target market, organizational capabilities and individuals enabling a successful entry process.

Mitigation possibilities to Greenhouse gas emissions from power production in India

Global warming is assertively the greatest environmental challenge for humans of 21st century. It is primarily caused by the anthropogenic greenhouse gas (GHG) that trap heat in the atmosphere. Because of which, the GHG emission mitigation, globally, is a critical issue in the political agenda of all high-profile nations. India, like other developing countries, is facing this threat of climate change while dealing with the challenge of sustaining its rapid economic growth. India’s economy is closely connected to its natural resource base and climate sensitive sectors like water, agriculture and forestry. Due to Climate change the quality and distribution of India’s natural resources may transform and lead to adverse effects on livelihood of its people. Therefore, India is expected to face a major threat due to the projected climate change. This study proposes possible solutions for GHG emission mitigation that are specific to the power sector of India. The methods discussed here will take Indian power sector from present coal dominant ideology to a system, centered with renewable energy sources. The study further proposes a future scenario for 2050, based on the present Indian government policies and global energy technologies advancements.

The Possibility of Greenhouse Gas Mitigation in Ethiopian Cement Industry

Cement industry significantly associated with high greenhouse gas (GHG) emissions. Considering the environmental impact, particularly global warming potential, it is important to reduce these emissions to air. The aim of the study is to investigate the mitigation possibility of GHG emissions in Ethiopian cement industry. Life cycle assessment (LCA) method used to identify and quantify GHG emissions during one ton of ordinary portland cement (OPC) production. Three mitigation scenarios: alternative fuel use, clinker substitution and thermal energy efficiency were applied on a representative gate-to-gate flow model developed with GaBi 6 software. The results of the study indicate that clinker substitution and alternative fuel use play a great role for GHG emissions mitigation with affordable cost. Applying most energy efficient kiln technology, which in turn reduces the amount of thermal energy use, has the least GHG emissions reduction intensity and high implementation cost comparing to the other scenarios. It was found that the cumulative GHG emissions mitigation potential along with other selected mitigation scenarios can be at least 48.9% per ton of cement production.