Genetic parameters for growth traits in pigs estimated using third degree polynomial functions

Selostus: Sian kasvuominaisuuksien perinnölliset tunnusluvut arvioituna kolmannen asteen polynomifunktion avulla

On the Properties and Cosmology of Q-balls

The properties and cosmological importance of a class of non-topological solitons, Q-balls, are studied. Aspects of Q-ball solutions and Q-ball cosmology discussed in the literature are reviewed. Q-balls are particularly considered in the Minimal Supersymmetric Standard Model with supersymmetry broken by a hidden sector mechanism mediated by either gravity or gauge interactions. Q-ball profiles, charge-energy relations and evaporation rates for realistic Q-ball profiles are calculated for general polynomial potentials and for the gravity mediated scenario. In all of the cases, the evaporation rates are found to increase with decreasing charge. Q-ball collisions are studied by numerical means in the two supersymmetry breaking scenarios. It is noted that the collision processes can be divided into three types: fusion, charge transfer and elastic scattering. Cross-sections are calculated for the different types of processes in the different scenarios. The formation of Q-balls from the fragmentation of the Aflieck-Dine -condensate is studied by numerical and analytical means. The charge distribution is found to depend strongly on the initial energy-charge ratio of the condensate. The final state is typically noted to consist of Q- and anti-Q-balls in a state of maximum entropy. By studying the relaxation of excited Q-balls the rate at which excess energy can be emitted is calculated in the gravity mediated scenario. The Q-ball is also found to withstand excess energy well without significant charge loss. The possible cosmological consequences of these Q-ball properties are discussed.

Yhteiskunnallisen sisältöpalvelun sosioteknologinen tarkastelu Kohosen itseorganisoituvien karttojen avulla - Case deittipalvelu

Työn tavoitteena on tutkia deittipalvelun käyttäjien anonyymiaineistoa neuroverkko-opetuksessa segmentoituneiden piirrekarttojen (SOM, Self-Organizing Map) avulla. Näiden piirrekarttojen avulla on tarkoitus selvittää, löytyykö mahdollisesti selkeitä SMS- ja e-mail - käyttäjäryhmiä. Tutkimusta lähestytään perehtymällä ensin yrityksen tekniseen palvelualusta-arkkitehtuuriin ja myös varsinaiseen deittipalveluun käyttäjän kannalta.Tutkimus aloitettiin koodaamalla tietoaineisto SOM Toolbox-ohjelmalle käytettäväksi. Varsinaisia tutkimustuloksia analysoitiin valitsemalla otoksia neuroverkko-opetuksessa segmentoituneista piirrekartoista. Saadut tulokset osoittavat, ettäSOM-teknologia soveltuu hyvin sisältöpalveluiden sosioteknologiseen tutkimukseen ja sitä on myös mahdollista käyttää asiakkuudenhallinnassa erilaisten käyttäjäryhmien profilointiin.

Methods for Region Based Paper Surface Roughness Measurement

Paperin pinnan karheus on yksi paperin laatukriteereistä. Sitä mitataan fyysisestipaperin pintaa mittaavien laitteiden ja optisten laitteiden avulla. Mittaukset vaativat laboratorioolosuhteita, mutta nopeammille, suoraan linjalla tapahtuville mittauksilla olisi tarvetta paperiteollisuudessa. Paperin pinnan karheus voidaan ilmaista yhtenä näytteelle kohdistuvana karheusarvona. Tässä työssä näyte on jaettu merkitseviin alueisiin, ja jokaiselle alueelle on laskettu erillinen karheusarvo. Karheuden mittaukseen on käytetty useita menetelmiä. Yleisesti hyväksyttyä tilastollista menetelmää on käytetty tässä työssä etäisyysmuunnoksen lisäksi. Paperin pinnan karheudenmittauksessa on ollut tarvetta jakaa analysoitava näyte karheuden perusteella alueisiin. Aluejaon avulla voidaan rajata näytteestä selvästi karheampana esiintyvät alueet. Etäisyysmuunnos tuottaa alueita, joita on analysoitu. Näistä alueista on muodostettu yhtenäisiä alueita erilaisilla segmentointimenetelmillä. PNN -menetelmään (Pairwise Nearest Neighbor) ja naapurialueiden yhdistämiseen perustuvia algoritmeja on käytetty.Alueiden jakamiseen ja yhdistämiseen perustuvaa lähestymistapaa on myös tarkasteltu. Segmentoitujen kuvien validointi on yleensä tapahtunut ihmisen tarkastelemana. Tämän työn lähestymistapa on verrata yleisesti hyväksyttyä tilastollista menetelmää segmentoinnin tuloksiin. Korkea korrelaatio näiden tulosten välillä osoittaa onnistunutta segmentointia. Eri kokeiden tuloksia on verrattu keskenään hypoteesin testauksella. Työssä on analysoitu kahta näytesarjaa, joidenmittaukset on suoritettu OptiTopolla ja profilometrillä. Etäisyysmuunnoksen aloitusparametrit, joita muutettiin kokeiden aikana, olivat aloituspisteiden määrä ja sijainti. Samat parametrimuutokset tehtiin kaikille algoritmeille, joita käytettiin alueiden yhdistämiseen. Etäisyysmuunnoksen jälkeen korrelaatio oli voimakkaampaa profilometrillä mitatuille näytteille kuin OptiTopolla mitatuille näytteille. Segmentoiduilla OptiTopo -näytteillä korrelaatio parantui voimakkaammin kuin profilometrinäytteillä. PNN -menetelmän tuottamilla tuloksilla korrelaatio oli paras.

Studies on integrating kinematic design method with mechanical systems simulation techniques

Theultimate goal of any research in the mechanism/kinematic/design area may be called predictive design, ie the optimisation of mechanism proportions in the design stage without requiring extensive life and wear testing. This is an ambitious goal and can be realised through development and refinement of numerical (computational) technology in order to facilitate the design analysis and optimisation of complex mechanisms, mechanical components and systems. As a part of the systematic design methodology this thesis concentrates on kinematic synthesis (kinematic design and analysis) methods in the mechanism synthesis process. The main task of kinematic design is to find all possible solutions in the form of structural parameters to accomplish the desired requirements of motion. Main formulations of kinematic design can be broadly divided to exact synthesis and approximate synthesis formulations. The exact synthesis formulation is based in solving n linear or nonlinear equations in n variables and the solutions for the problem areget by adopting closed form classical or modern algebraic solution methods or using numerical solution methods based on the polynomial continuation or homotopy. The approximate synthesis formulations is based on minimising the approximation error by direct optimisation The main drawbacks of exact synthesis formulationare: (ia) limitations of number of design specifications and (iia) failure in handling design constraints- especially inequality constraints. The main drawbacks of approximate synthesis formulations are: (ib) it is difficult to choose a proper initial linkage and (iib) it is hard to find more than one solution. Recentformulations in solving the approximate synthesis problem adopts polynomial continuation providing several solutions, but it can not handle inequality const-raints. Based on the practical design needs the mixed exact-approximate position synthesis with two exact and an unlimited number of approximate positions has also been developed. The solutions space is presented as a ground pivot map but thepole between the exact positions cannot be selected as a ground pivot. In this thesis the exact synthesis problem of planar mechanism is solved by generating all possible solutions for the optimisation process ¿ including solutions in positive dimensional solution sets - within inequality constraints of structural parameters. Through the literature research it is first shown that the algebraic and numerical solution methods ¿ used in the research area of computational kinematics ¿ are capable of solving non-parametric algebraic systems of n equations inn variables and cannot handle the singularities associated with positive-dimensional solution sets. In this thesis the problem of positive-dimensional solutionsets is solved adopting the main principles from mathematical research area of algebraic geometry in solving parametric ( in the mathematical sense that all parameter values are considered ¿ including the degenerate cases ¿ for which the system is solvable ) algebraic systems of n equations and at least n+1 variables.Adopting the developed solution method in solving the dyadic equations in direct polynomial form in two- to three-precision-points it has been algebraically proved and numerically demonstrated that the map of the ground pivots is ambiguousand that the singularities associated with positive-dimensional solution sets can be solved. The positive-dimensional solution sets associated with the poles might contain physically meaningful solutions in the form of optimal defectfree mechanisms. Traditionally the mechanism optimisation of hydraulically driven boommechanisms is done at early state of the design process. This will result in optimal component design rather than optimal system level design. Modern mechanismoptimisation at system level demands integration of kinematic design methods with mechanical system simulation techniques. In this thesis a new kinematic design method for hydraulically driven boom mechanism is developed and integrated in mechanical system simulation techniques. The developed kinematic design method is based on the combinations of two-precision-point formulation and on optimisation ( with mathematical programming techniques or adopting optimisation methods based on probability and statistics ) of substructures using calculated criteria from the system level response of multidegree-of-freedom mechanisms. Eg. by adopting the mixed exact-approximate position synthesis in direct optimisation (using mathematical programming techniques) with two exact positions and an unlimitednumber of approximate positions the drawbacks of (ia)-(iib) has been cancelled.The design principles of the developed method are based on the design-tree -approach of the mechanical systems and the design method ¿ in principle ¿ is capable of capturing the interrelationship between kinematic and dynamic synthesis simultaneously when the developed kinematic design method is integrated with the mechanical system simulation techniques.

Dynamic Model of a Small Once-Through Boiler

In this study, a model for the unsteady dynamic behaviour of a once-through counter flow boiler that uses an organic working fluid is presented. The boiler is a compact waste-heat boiler without a furnace and it has a preheater, a vaporiser and a superheater. The relative lengths of the boiler parts vary with the operating conditions since they are all parts of a single tube. The present research is a part of a study on the unsteady dynamics of an organic Rankine cycle power plant and it will be a part of a dynamic process model. The boiler model is presented using a selected example case that uses toluene as the process fluid and flue gas from natural gas combustion as the heat source. The dynamic behaviour of the boiler means transition from the steady initial state towards another steady state that corresponds to the changed process conditions. The solution method chosen was to find such a pressure of the process fluid that the mass of the process fluid in the boiler equals the mass calculated using the mass flows into and out of the boiler during a time step, using the finite difference method. A special method of fast calculation of the thermal properties has been used, because most of the calculation time is spent in calculating the fluid properties. The boiler was divided into elements. The values of the thermodynamic properties and mass flows were calculated in the nodes that connect the elements. Dynamic behaviour was limited to the process fluid and tube wall, and the heat source was regarded as to be steady. The elements that connect the preheater to thevaporiser and the vaporiser to the superheater were treated in a special way that takes into account a flexible change from one part to the other. The model consists of the calculation of the steady state initial distribution of the variables in the nodes, and the calculation of these nodal values in a dynamic state. The initial state of the boiler was received from a steady process model that isnot a part of the boiler model. The known boundary values that may vary during the dynamic calculation were the inlet temperature and mass flow rates of both the heat source and the process fluid. A brief examination of the oscillation around a steady state, the so-called Ledinegg instability, was done. This examination showed that the pressure drop in the boiler is a third degree polynomial of the mass flow rate, and the stability criterion is a second degree polynomial of the enthalpy change in the preheater. The numerical examination showed that oscillations did not exist in the example case. The dynamic boiler model was analysed for linear and step changes of the entering fluid temperatures and flow rates.The problem for verifying the correctness of the achieved results was that there was no possibility o compare them with measurements. This is why the only way was to determine whether the obtained results were intuitively reasonable and the results changed logically when the boundary conditions were changed. The numerical stability was checked in a test run in which there was no change in input values. The differences compared with the initial values were so small that the effects of numerical oscillations were negligible. The heat source side tests showed that the model gives results that are logical in the directions of the changes, and the order of magnitude of the timescale of changes is also as expected. The results of the tests on the process fluid side showed that the model gives reasonable results both on the temperature changes that cause small alterations in the process state and on mass flow rate changes causing very great alterations. The test runs showed that the dynamic model has no problems in calculating cases in which temperature of the entering heat source suddenly goes below that of the tube wall or the process fluid.

Market Study of Electric Drive Motion Control Business

Tämän diplomityön tavoitteena oli tutkia älykkäiden paikoituskäyttöjen markkinoita ja liiketoimintamalleja. Työn pääongelmina oli määritellä alalla käytössä olevaa terminologiaa, määrittää markkinoiden koko paikoitusominaisuudet omaaville kolmivaihetaajuusmuuttajille, tutkia viiden alalla toimivan paikoituskäyttötoimittajan liiketoimintarakenteita ja tuotteita teknisestä näkökulmasta sekä esitellä kaksi teollisuuden käyttökohdetta paikoituskäytölle. Työn sisältö voidaan jakaa neljään eri osioon. Terminologian määrittely- ja markkinatutkimusosiot perustuvat pääasiassa kirjallisuustutkimukseen. Paikoituskäyttöjen toimittajia sekä niiden tuotteita käsittelevä osuus perustuu kirjallisuustutkimukseen sekä teknisiin esitteisiin ja manuaaleihin. Paikoituskäyttöjen sovellusesimerkit on selvitetty haastatteluin. Työ painottuu paikoituskäyttötoimittajien tuotteiden, tuoteominaisuuksien ja tuotetarjonnan tarkasteluun. Työn tuloksena on määritelty paikoituskäyttöjen liiketoiminnan tärkeimmät termit, paikoituskäyttöjen markkinoiden koko sekä markkinoiden koko paikoitusominaisuudet omaavalle kolmivaihetaajuusmuuttajalle. Alalla toimivien paikoituskäyttötoimittajien liiketoimintarakenne on selvitetty, jonka mukaan toimittajat on profiloitu komponentti-, komponenttipaketti-, toimialakeskeisiksi tai automaatiotoimittajiksi. Toimittajien paikoituskäyttötuotteet on luokiteltu viiteen eri luokkaan niiden teknisten ominaisuuksien perusteella. Lisäksi paikoituskäyttöjen suorituskyvyt on selvitetty säätimien momentti-, nopeus-, ja paikoituslaskenta-aikatasojen sekä kenttäväyläliityntöjen suhteen. Työssä kuvatut vanerinsorvausprosessi sekä FMS -materiaalinkäsittelyprosessi esittävät paikoituskäyttöjen potentiaalisia sovelluskohteita.

Sähkökaupan asiakassegmenttien riskikorjattu kannattavuus

Työn tavoitteena oli luoda laskentamalli sähkökaupan asiakassegmenttien riskikorjatun kannattavuuden selvittämiseksi. Lisäksi tavoitteena oli löytää tekijät, jotka aiheuttavat hyvän ja huonon kannattavuuden esiintymisen. Työssä selvitettiin sähkökaupan kustannusten ja riskien taustatekijät. Lisäksi työssä laadittiin menetelmät kustannusten laskemiselle ja kohdistamiselle sekä riskien määrittämiselle. Asiakkaat segmentoitiin kustannuksiin sekä riskeihin vaikuttavien tekijöiden mukaan. Kannattavuuslaskennan perustana käytettiin katetuottoajattelua ja asiakkaan sähkönhankintakustannus määritettiin markkinaehtoisesti siten, että sähkönkäytölle laskettiin tarkasteluhetken markkina-arvo. Kustannusten jakamisessa noudatettiin aiheuttamisperiaatetta ja riskit laskettiin historialliseen simulaatioon perustuen. Laskentamallilla saatujen tulosten perusteella puolet segmenteistä ja 83 % asiakkaista oli kannattavia. Kannattavuuteen vaikuttivat eniten sopimuksen pysyvyys ja hinnoittelutapa sekä erityisesti annetut alennukset ja tuote eli tariffi. Lisäksi havaittiin, että nykyinen asiakastietojärjestelmä ei tue riittävästi asiakaskannattavuuksien selvittämistä uusiutuneilla sähkömarkkinoilla.

Potential Acquisition Candidates for a Supplier of Wood Processing Machinery

Diplomityön tavoitteena oli sopivimman yritysostokohteen valitseminen useiden kilpailijoiden joukosta puunkäsittelykoneiden toimittajalle. Ensin esiteltiin Suomen metsäteollisuus sekä sen osaamistarpeista noussut metsäklusteri pääosin kohdeyrityksen näkökulmasta. Seuraavaksi annettiin kuva yrityksen tuotteista, kilpailijoista ja asiakkaista. Yritysostoprosessi kuvattiin sekä esille tuotiin yleiset motiivit ja kriittiset menestystekijät. Lisäksi kuvattiin kilpailijoiden ja liiketoimintaympäristön analysointi yrityksen menestyksen edellytyksenä. Puuntyöstökoneiden markkinat segmentoitiin ja analysoitiin vuodesta 1990 aina tähän päivään asti, jotta löydettäisiin kehityskelpoiset osa-alueet eli alueet, joissa yrityksen markkinaosuutta voitaisiin kasvattaa. Kandidaattien ominaisuuksia verrattiin yritysoston motiiveihin. Yritysten tuotteet sekä maantieteellinen sijainti pisteytettiin, jotta sopivimmat yritykset nousisivat esille. Kolme yritystä valittiin syvällisempään tarkasteluun. Yritysten tuotteita, taloudellista asemaa ja globaalia verkostoa vertailtiin keskenään muiden tekijöiden, kuten maailmantalouden ohessa. Taloudellisesti vakaa ja teknisesti monipuolinen yritys kohtasi yritysoston motiivit parhaiten. Kohteen positiivisia puolia olivat sijainti, tuotteet ja palvelut. Lisäksi, yritys sopii ostajan strategiaan sekä auttaa kohtaamaan asiakkaiden nykyiset ja tulevat tarpeet.

Asiakkuudenhallinnan tukeminen neuroverkkoteknologian avulla

CRM on yritysten tietojärjestelmä, jolla voidaan tukea asiakkuuden hallintaa ja kehittämistä. Monilla suuryrityksillä on paljon asiakkaita ja niiden on mahdotonta tunnistaa asiakkaitaan yksilöinä. Kuitenkin asiakkaat arvostavat yhä enemmän henkilökohtaista palvelua ja kontakteja. Yritysten asiakastietokantoihin kertyy runsaasti tietoa asiakkaista ja heidän ostokäyttäytymisestään. Suuresta informaatiomäärästä johtuen tarvitaan kehittynyttä tietotekniikkaa asiakkaiden tyypittelyyn ja asiakastarpeiden tunnistamiseen. Tässä diplomityössä kehitetään neuroCRM-teoriaa määrällisesti suuren ja monimutkaisen asiakasinformaation hallintaan. Teoria perustuu itseorganisoituvien neuroverkkojen käyttöön asiakasinformaation analysoimiseksi CRM-järjestelmässä. Asiakkaat segmentoidaan ja personoidaan iteratiivisia SOM-analyysejä suorittamalla. Tulosten perusteella kehitetään asiakkaiden yksilöllisyyttä huomioivia markkinointikeinoja ja käytetään uusia kanavia, esimerkiksi mobiilia viestintätekniikkaa asiakkaiden tavoittamiseen. Asiakaskannattavuuden parantamiseksi voi- daan tehdä strategisia valintoja ja päätöksiä markkinoinnin kohdentamista varten.

Stock and Bond Market Integration: Evidence from Russian Financial Markets

Minimizing the risks of an investment portfolio but not in the favour of expected returns is one of the key interests of an investor. Typically, portfolio diversification is achieved using two main strategies: investing in different classes of assets thought to have little or negative correlations or investing in similar classes of assets in multiple markets through international diversification. This study investigates integration of the Russian financial markets in the time period of January 1, 2003 to December 28, 2007 using daily data. The aim is to test the intra-country and cross-country integration of the Russian stock and bond markets between seven countries. Our test methodology for the short-run dynamics testing is the vector autoregressive model (VAR) and for the long-run cointegration testing we use the Johansen cointegration test which is an extension to VAR. The empirical results of this study show that the Russian stock and bond markets are not integrated in the long-run either at intra-country or cross-country level which means that the markets are relatively segmented. The short-run dynamics are also relatively low. This implies a presence of potential gains from diversification.

Diverse Routes from School, via Higher Education, to Employment. A Comparison of Nine European Countries

The central theme for this study is graduate employment and employability in European-wide discussion. In this study, the complex relationships between higher education and the world of work are explored from the vantage point of how individuals make use of the higher education system in their transition from education to employment. The variation among individual transition processes in nine European countries is analysed with the help of a comparable graduate survey. Countries in this study are Italy, Spain, France, Austria, Germany, the Netherlands, the United Kingdom, Finland, and Norway. The data used for the study is commonly known as the “CHEERS” or “Careers after Higher Education, A European Research Survey.” The data was collected in 1999. The study discusses the possibilities and limitations the higher education system has in supporting the initial education-to-work transitions of youth. The study also addresses problems with comparing national higher education systems in terms of enrolment and graduate employability. A central purpose for this study is to reflect on concerns about the prolongation of individual transitions with a framework that simultaneously considers both the graduate employability and the duration of the education-to-work transition process. The key concept for this study is the standard student/graduate; synonym concepts are the traditional and the conventional student/graduate. Standard graduates are relatively young individuals who are performing their initial transition from education to working-life and who complete the degree-earning process within the stipulated time frame. In all nine countries, standard graduates make up a considerable share of the student flow, passing from higher education to the labour markets. The share of standard graduates is by far the largest in France, where they comprise the overwhelming mass. The proportion of the standard graduates is the lowest in Italy, Finland, and Austria where approximately one in four graduates completed the process of higher education within the stipulated time frame. Of the nine countries compared, employability of the whole graduate population is the greatest in Norway, the UK, Finland, and the Netherlands. Compared with employability of the whole graduate population, variation among the countries is considerably reduced when reviewing the employability of only the standard graduates. Thereby, even though the ranking among countries remains largely unchanged, the variations among them are smaller when the duration of degree earning process is standardized. The study also discusses other ideal types of student careers (or transition processes) besides the standard student/graduate. Results of regression analyses indicate that that at the pan-European level analysis, the graduate labour markets are not heavily segmented in terms of the type of the individual transition process. When considering within-country differences between the graduates, the field of studies is clearly a more powerful explanatory variable than the type of the transition process. There are, nevertheless, clear indications that, irrespective of the country, chances of finding a high status job are, on the average, highest amongst those who graduate within the stipulated duration of the degree program and who thereby have experienced the standard student career, whereas, participating in working life while studying protects against unemployment after finishing one’s degree.

Evaluation of Teacher Education Programs by Students and Graduates

The purpose of this research was to do a repeated cross-sectional research on class teachers who study in the 4th year and also graduated at the Faculty of Education, University of Turku between the years of 2000 through 2004. Specifically, seven research questions were addressed to target the main purpose of the study: How do class teacher education masters’ degree senior students and graduates rate “importance; effectiveness; and quality” of training they have received at the Faculty of Education? Are there significant differences between overall ratings of importance; effectiveness and quality of training by year of graduation, sex, and age (for graduates) and sex and age (for senior students)? Is there significant relationship between respondents’ overall ratings of importance; effectiveness and their overall ratings of the quality of training and preparation they have received? Are there significant differences between graduates and senior students about importance, effectiveness, and quality of teacher education programs? And what do teachers’ [Graduates] believe about how increasing work experience has changed their opinions of their preservice training? Moreover the following concepts related to the instructional activities were studied: critical thinking skills, communication skills, attention to ethics, curriculum and instruction (planning), role of teacher and teaching knowledge, assessment skills, attention to continuous professional development, subject matters knowledge, knowledge of learning environment, and using educational technology. Researcher also tried to find influence of some moderator variables e.g. year of graduation, sex, and age on the dependent and independent variables. This study consisted of two questionnaires (a structured likert-scale and an open ended questionnaire). The population in study 1 was all senior students and 2000-2004 class teacher education masters’ degree from the departments of Teacher Education Faculty of Education at University of Turku. Of the 1020 students and graduates the researcher was able to find current addresses of 675 of the subjects and of the 675 graduates contacted, 439 or 66.2 percent responded to the survey. The population in study 2 was all class teachers who graduated from Turku University and now work in the few basic schools (59 Schools) in South- West Finland. 257 teachers answered to the open ended web-based questions. SPSS was used to produce standard deviations; Analysis of Variance; Pearson Product Moment Correlation (r); T-test; ANOVA, Bonferroni post-hoc test; and Polynomial Contrast tests meant to analyze linear trend. An alpha level of .05 was used to determine statistical significance. The results of the study showed that: A majority of the respondents (graduates and students) rated the overall importance, effectiveness and quality of the teacher education programs as important, effective and good. Generally speaking there were only a few significant differences between the cohorts and groups related to the background variables (gender, age). The different cohorts were rating the quality of the programs very similarly but some differences between the cohorts were found in the importance and effectiveness ratings. Graduates of 2001 and 2002 rated the importance of the program significantly higher than 2000 graduates. The effectiveness of the programs was rated significantly higher by 2001 and 2003 graduates than other groups. In spite of these individual differences between cohorts there were no linear trends among the year cohorts in any measure. In respondents’ ratings of the effectiveness of teacher education programs there was significant difference between males and females; females rated it higher than males. There were no significant differences between males’ and females’ ratings of the importance and quality of programs. In the ratings there was only one difference between age groups. Older graduates (35 years or older) rated the importance of the teacher training significantly higher that 25-35 years old graduates. In graduates’ ratings there were positive but relatively low correlations between all variables related to importance, effectiveness and quality of Teacher Education Programs. Generally speaking students’ ratings about importance, effectiveness and quality of teacher education program were very positive. There was only one significant difference related to the background variables. Females rated higher the effectiveness of the program. The comparison of students’ and graduates’ perception about importance, effectiveness, and quality of teacher education programs showed that there were no significant differences between graduates and students in the overall ratings. However there were differences in some individual variables. Students rated higher in importance of “Continuous Professional Development”, effectiveness of “Critical Thinking Skills” and “Using Educational Technology” and quality of “Advice received from the advisor”. Graduates rated higher in importance of “Knowledge of Learning Environment” and effectiveness of “Continuous Professional Development”. According to the qualitative data of study 2 some graduates expressed that their perceptions have not changed about the importance, effectiveness, and quality of training that they received during their study time. They pointed out that teacher education programs have provided them the basic theoretical/formal knowledge and some training of practical routines. However, a majority of the teachers seems to have somewhat critical opinions about the teacher education. These teachers were not satisfied with teacher education programs because they argued that the programs failed to meet their practical demands in different everyday situations of the classroom e.g. in coping with students’ learning difficulties, multiprofessional communication with parents and other professional groups (psychologists and social workers), and classroom management problems. Participants also emphasized more practice oriented knowledge of subject matter, evaluation methods and teachers’ rights and responsibilities. Therefore, they (54.1% of participants) suggested that teacher education departments should provide more practice-based courses and programs as well as closer collaboration between regular schools and teacher education departments in order to fill gap between theory and practice.

Tests of International Asset Pricing Models in Scandinavian Stock Markets

This thesis examines whether global, local and exchange risks are priced in Scandinavian countries’ equity markets by using conditional international asset pricing models. The employed international asset pricing models are the world capital asset pricing model, the international asset pricing model augmented with the currency risk, and the partially segmented model augmented with the currency risk. Moreover, this research traces estimated equity risk premiums for the Scandinavian countries. The empirical part of the study is performed using generalized method of moments approach. Monthly observations from February 1994 to June 2007 are used. Investors’ conditional expectations are modeled using several instrumental variables. In order to keep system parsimonious the prices of risk are assumed to be constant whereas expected returns and conditional covariances vary over time. The empirical findings of this thesis suggest that the prices of global and local market risk are priced in the Scandinavian countries. This indicates that the Scandinavian countries are mildly segmented from the global markets. Furthermore, the results show that the exchange risk is priced in the Danish and Swedish stock markets when the partially segmented model is augmented with the currency risk factor.

Essays on pricing of risk and international linkage of Russian stock market

Last two decades have seen a rapid change in the global economic and financial situation; the economic conditions in many small and large underdeveloped countries started to improve and they became recognized as emerging markets. This led to growth in the amounts of global investments in these countries, partly spurred by expectations of higher returns, favorable risk-return opportunities, and better diversification alternatives to global investors. This process, however, has not been without problems and it has emphasized the need for more information on these markets. In particular, the liberalization of financial markets around the world, globalization of trade and companies, recent formation of economic and regional blocks, and the rapid development of underdeveloped countries during the last two decades have brought a major challenge to the financial world and researchers alike. This doctoral dissertation studies one of the largest emerging markets, namely Russia. The motivation why the Russian equity market is worth investigating includes, among other factors, its sheer size, rapid and robust economic growth since the turn of the millennium, future prospect for international investors, and a number of important major financial reforms implemented since the early 1990s. Another interesting feature of the Russian economy, which gives motivation to study Russian market, is Russia’s 1998 financial crisis, considered as one of the worst crisis in recent times, affecting both developed and developing economies. Therefore, special attention has been paid to Russia’s 1998 financial crisis throughout this dissertation. This thesis covers the period from the birth of the modern Russian financial markets to the present day, Special attention is given to the international linkage and the 1998 financial crisis. This study first identifies the risks associated with Russian market and then deals with their pricing issues. Finally some insights about portfolio construction within Russian market are presented. The first research paper of this dissertation considers the linkage of the Russian equity market to the world equity market by examining the international transmission of the Russia’s 1998 financial crisis utilizing the GARCH-BEKK model proposed by Engle and Kroner. Empirical results shows evidence of direct linkage between the Russian equity market and the world market both in regards of returns and volatility. However, the weakness of the linkage suggests that the Russian equity market was only partially integrated into the world market, even though the contagion can be clearly seen during the time of the crisis period. The second and the third paper, co-authored with Mika Vaihekoski, investigate whether global, local and currency risks are priced in the Russian stock market from a US investors’ point of view. Furthermore, the dynamics of these sources of risk are studied, i.e., whether the prices of the global and local risk factors are constant or time-varying over time. We utilize the multivariate GARCH-M framework of De Santis and Gérard (1998). Similar to them we find price of global market risk to be time-varying. Currency risk also found to be priced and highly time varying in the Russian market. Moreover, our results suggest that the Russian market is partially segmented and local risk is also priced in the market. The model also implies that the biggest impact on the US market risk premium is coming from the world risk component whereas the Russian risk premium is on average caused mostly by the local and currency components. The purpose of the fourth paper is to look at the relationship between the stock and the bond market of Russia. The objective is to examine whether the correlations between two classes of assets are time varying by using multivariate conditional volatility models. The Constant Conditional Correlation model by Bollerslev (1990), the Dynamic Conditional Correlation model by Engle (2002), and an asymmetric version of the Dynamic Conditional Correlation model by Cappiello et al. (2006) are used in the analysis. The empirical results do not support the assumption of constant conditional correlation and there was clear evidence of time varying correlations between the Russian stocks and bond market and both asset markets exhibit positive asymmetries. The implications of the results in this dissertation are useful for both companies and international investors who are interested in investing in Russia. Our results give useful insights to those involved in minimising or managing financial risk exposures, such as, portfolio managers, international investors, risk analysts and financial researchers. When portfolio managers aim to optimize the risk-return relationship, the results indicate that at least in the case of Russia, one should account for the local market as well as currency risk when calculating the key inputs for the optimization. In addition, the pricing of exchange rate risk implies that exchange rate exposure is partly non-diversifiable and investors are compensated for bearing the risk. Likewise, international transmission of stock market volatility can profoundly influence corporate capital budgeting decisions, investors’ investment decisions, and other business cycle variables. Finally, the weak integration of the Russian market and low correlations between Russian stock and bond market offers good opportunities to the international investors to diversify their portfolios.