The Relationship Between Liquidity, Trading Activity and Return - Studies of the Finnish and Swedish Stock Markets

Liquidity, or how easy an investment is to buy or sell, is becoming increasingly important for financial market participants. The objective of this dissertation is to contribute to the understanding of how liquidity affects financial markets. The first essays analyze the actions taken by underwriters immediately after listing to improve liquidity of IPO stock. To estimate the impact of underwriter activity on the pricing of the IPOs, the order book during the first weeks of trading in the IPO stock is studied. Evidence of stabilization and liquidity enhancing activities by underwriters is found. The second half of the dissertation is concerned with the daily trading of stocks where liquidity may be impacted by policy issues such as changes in taxes or exchange fees and by opening the access to the markets for foreign investors. The desirability of a transaction tax on securities trading is addressed. An increase in transaction tax is found to cause lower prices and higher volatility. In the last essay the objective is to determine if the liquidity of a security has an impact on the return investors require. The results support the notion that returns are negatively correlated to liquidity.

The Gendered Social Organisation of Defence: Two Ethnographic Case Studies in the Finnish Defence Forces

In Finland the organising of defence is undergoing vast restructuring. Recent legislation has redefined the central tasks of the Finnish Defence Forces. At the same time, international security cooperation, economic pressures and new administrative paradigms have steered the military towards new ways of organising. National defence is not just politics and principles; to a large extent it is also enacted in day-to-day life in organisations. The lens through which these realities of defence are analysed in this study is gender. How is the security sector – and national defence as part of it – organised in the changing security environment? What is the new division of labour between different societal actors in the face of security challenges? What happens ‘at work’ within the military and the defence sector more broadly? How does gender affect the way in which defence is organised and understood, and how do the changes in the organising of security affect gender relations? The thesis searches for answers to these questions in the context of two organisational settings in the male-dominated defence sector. The case study on a Finnish peacekeeping unit in the Balkans opens a critical view on men’s social practices and the everyday life of crisis management organisations. In the second case study, reorganising of provisioning in the Finnish Defence Forces turns out to be a complicated process where different power relations and social divisions intermingle. Tallberg’s extensive ethnographic fieldwork in the two focal organisations has produced a detailed set of data that lays the basis for critical analysis and policy development in terms of defence organising, cooperation around peace and security issues, and gender equality in organisations. Observations and results are provided for understanding social networks, militarisation, authority relations, care, public-private partnerships, personnel policies, career planning, and humour.

Impact of agricultural market liberalization on food security in developing countries : a comparative study of Kenya and Zambia

This research investigates the impacts of agricultural market liberalization on food security in developing countries and it evaluates the supply perspective of food security. This research theme is applied on the agricultural sector in Kenya and in Zambia by studying the role policies played in the maize sub-sector. An evaluation of selected policies introduced at the beginning of the 1980s is made, as well as an assessment of whether those policies influenced maize output. A theoretical model of agricultural production is then formulated to reflect cereal production in a developing country setting. This study begins with a review of the general framework and the aims of the structural adjustment programs and proceeds to their application in the maize sector in Kenya and Zambia. A literature review of the supply and demand synthesis of food security is presented with examples from various developing countries. Contrary to previous studies on food security, this study assesses two countries with divergent economic orientations. Agricultural sector response to economic and institutional policies in different settings is also evaluated. Finally, a dynamic time series econometric model is applied to assess the effects of policy on maize output. The empirical findings suggest a weak policy influence on maize output, but the precipitation and acreage variables stand out as core determinants of maize output. The policy dimension of acreage and how markets influence it is not discussed at length in this study. Due to weak land rights and tenure structures in these countries, the direct impact of policy change on land markets cannot be precisely measured. Recurring government intervention during the structural policy implementation period impeded efficient functioning of input and output markets, particularly in Zambia. Input and output prices of maize and fertilizer responded more strongly in Kenya than in Zambia, where the state often ceded to public pressure by revoking pertinent policy measures. These policy interpretations are based on the response of policy variables which are more responsive in Kenya than in Zambia. According the obtained regression results, agricultural markets in general, and the maize sub-sector in particular, responded more positively to implemented policies in Kenya, than in Zambia, which supported a more socialist economic system. It is observed in these results that in order for policies to be effective, sector and regional dimensions need to be considered. The regional and sector dimensions were not taken into account in the formulation and implementation of structural adjustment policies in the 1980s. It can be noted that countries with vibrant economic structures and institutions fared better than those which had a firm, socially founded system.

Nanocomposite based flexible ultrasensitive resistive gas sensor for chemical reactions studies

Room temperature operation, low detection limit and fast response time are highly desirable for a wide range of gas sensing applications. However, the available gas sensors suffer mainly from high temperature operation or external stimulation for response/recovery. Here, we report an ultrasensitive-flexible-silver-nanoparticle based nanocomposite resistive sensor for ammonia detection and established the sensing mechanism. We show that the nanocomposite can detect ammonia as low as 500 parts-per-trillion at room temperature in a minute time. Furthermore, the evolution of ammonia from different chemical reactions has been demonstrated using the nanocomposite sensor as an example. Our results demonstrate the proof-of-concept for the new detector to be used in several applications including homeland security, environmental pollution and leak detection in research laboratories and many others.

How much land-based greenhouse gas mitigation can be achieved without compromising food security and environmental goals?

Feeding 9-10billion people by 2050 and preventing dangerous climate change are two of the greatest challenges facing humanity. Both challenges must be met while reducing the impact of land management on ecosystem services that deliver vital goods and services, and support human health and well-being. Few studies to date have considered the interactions between these challenges. In this study we briefly outline the challenges, review the supply- and demand-side climate mitigation potential available in the Agriculture, Forestry and Other Land Use AFOLU sector and options for delivering food security. We briefly outline some of the synergies and trade-offs afforded by mitigation practices, before presenting an assessment of the mitigation potential possible in the AFOLU sector under possible future scenarios in which demand-side measures codeliver to aid food security. We conclude that while supply-side mitigation measures, such as changes in land management, might either enhance or negatively impact food security, demand-side mitigation measures, such as reduced waste or demand for livestock products, should benefit both food security and greenhouse gas (GHG) mitigation. Demand-side measures offer a greater potential (1.5-15.6Gt CO2-eq. yr(-1)) in meeting both challenges than do supply-side measures (1.5-4.3Gt CO2-eq. yr(-1) at carbon prices between 20 and 100US$ tCO(2)-eq. yr(-1)), but given the enormity of challenges, all options need to be considered. Supply-side measures should be implemented immediately, focussing on those that allow the production of more agricultural product per unit of input. For demand-side measures, given the difficulties in their implementation and lag in their effectiveness, policy should be introduced quickly, and should aim to codeliver to other policy agenda, such as improving environmental quality or improving dietary health. These problems facing humanity in the 21st Century are extremely challenging, and policy that addresses multiple objectives is required now more than ever.

The potential of community fish refuges (CFRs) in rice field agro-ecosystems for improving food and nutrition security in the Tonle Sap region

The fisheries sector in Cambodia contributes 8%–12% to national GDP and 25% - 30% to agricultural GDP, with an estimated 4.5 million people involved in fishing and associated trades. Fish and other aquatic animals are important food sources, contributing an estimated national average of 60% - 70% of total animal protein intake. Of the 2013 total fish production, 550,000 metric tons were harvested from freshwater habitats, of which rice field fisheries and small-scale family fisheries contributed approximately 20%. The productivity and value of rice field fisheries to households in rural Cambodia has been highlighted in a number of previous studies. The Fisheries Administration of the Ministry of Agriculture, Forestry and Fisheries plans to increase productivity from rice field fisheries and aquaculture at an annual rate of 15% to maintain supply for a growing population. This report draws mainly on the baseline and monitoring data from the Rice Field Fisheries Enhancement Project (RFFEP) during its implementation between 2012 and 2014. Reference is also made to the Fish on Farms project to highlight the relative contribution of fish from small-scale aquaculture compared to wild-caught fish.

France and the Problems of Security and Disarmament after the First World War

Jackson, Peter, 'France and the Problems of Security and Disarmament after the First World War', Journal of Strategic Studies (2006) 29(2) pp.247-280 Special Issue: Enforcing arms limits: Germany post 1919; Iraq post 1991 RAE2008

Health, security and foreign policy

McInnes, C., Lee, K. (2006). Health, security and foreign policy. Review of International Studies, 32 (1), 5-23. RAE2008

The protection and security of vulnerable populations in complex emergencies using the Dadaab refugee camps in the north eastern province of Kenya as a case study

The past two decades has seen a dramatic upheaval in the international world order: the end of the Cold War, the 9/11 attacks and the subsequent 'War on Terror', increased Jihadist activities, the accelerated pace of globalization, climate change and the 2008 global financial crisis have contributed to fear, uncertainty, poverty, conflict, massive displacements of populations of asylum seekers and refugees globally and a proliferation of Protracted Refugee Situations (PRS), defined as situations in which refugees have been in exile 'for 5 years or more after their initial displacement, without immediate prospects for implementation of durable solutions. In the past two decades there has been a huge proliferation of these with more than 7.2 million refugees now trapped in these PRS, with a further 16 million internally displaced persons (IDPs) trapped in camps within their own countries. The Dadaab refugee complex in Kenya, which of as March 2012, holds over 463,000 refugees, is the most significant and extreme example in recent times of a PRS. It was established in 1991 following the collapse of the Somali Government of Dictator Siad Barre, and the disintegration of Somalia into the chaos that still exists today. PRS such as Dadaab raise particular issues about humanitarianism in terms of aid, protection, security, human rights and the actions (or inaction) of the various stakeholders on an international, national and local level. This thesis investigates these issues by the use of a case study methodology on Dadaab as a PRS, framed in the context of humanitarianism and in particular the issues that arise in terms of how the international community, the UN system and individual states provide assistance and protection to vulnerable populations. Although the refugee camps have been in existence (as of 2012) for over 20 years, there has never been such a detailed study of Dadaab (or any other PRS) undertaken to date and would be of interest to academics in the areas of international relations, refugee/migration studies and global Governance as well as practitioners in both humanitarian response and development

Traceable Radiometry Underpinning Terrestrial- and Helio-Studies (truths)

The Traceable Radiometry Underpinning Terrestrial- and Helio- Studies (TRUTHS) mission offers a novel approach to the provision of key scientific data with unprecedented radiometric accuracy for Earth Observation (EO) and solar studies, which will also establish well-calibrated reference targets/standards to support other EO missions. This paper presents the TRUTHS mission and its objectives. TRUTHS will be the first satellite mission to calibrate its EO instrumentation directly to SI in orbit, overcoming the usual uncertainties associated with drifts of sensor gain and spectral shape by using an electrical rather than an optical standard as the basis of its calibration. The range of instruments flown as part of the payload will also provide accurate input data to improve atmospheric radiative transfer codes by anchoring boundary conditions, through simultaneous measurements of aerosols, particulates and radiances at various heights. Therefore, TRUTHS will significantly improve the performance and accuracy of EO missions with broad global or operational aims, as well as more dedicated missions. The provision of reference standards will also improve synergy between missions by reducing errors due to different calibration biases and offer cost reductions for future missions by reducing the demands for on-board calibration systems. Such improvements are important for the future success of strategies such as Global Monitoring for Environment and Security (GMES) and the implementation and monitoring of international treaties such as the Kyoto Protocol. TRUTHS will achieve these aims by measuring the geophysical variables of solar and lunar irradiance, together with both polarised and unpolarised spectral radiance of the Moon, Earth and its atmosphere.

Youth in Contexts of Political Violence: A Developmental Approach to the Study of Youth Identity and Emotional Security in Their Communities

Going beyond the association between youth exposure to political violence and psychopathology, the current article examines within-person change in youth strength of identity with their ethno-political group and youth reports of the insecurity in their communities. Conceptually related but growing out of different paradigms, both group identity and emotional insecurity have been examined as key variables impacting youth responses to threats from other group members. The goal of the current study is to review previous studies examining these two key variables and to contribute new analyses, modeling within-person change in both variables and examining covariation in their growth. The current article uses data from 823 Belfast adolescents over 4 years. The results suggest youth are changing linearly over age in both constructs and that there are ethno-political group differences in how youth are changing. The results also indicate that change in insecurity is related to strength of identity at age 18, and strength of identity and emotional insecurity are related at age 18. Implications and directions for future work in the area of youth and political violence are discussed. © 2014 American Psychological Association.

Who Knows What's Going On? Mapping New Security Landscapes in Contemporary Espionage Fiction

This article explores whether or to what extent the contemporary espionage novel is able to map and interrogate transformations in the post-9/11security environment. It asks how well a form or genre of writing, typically handcuffed to the machinations and demands of the Cold War and state sovereignty, is able to adapt to a new security environment characterized by strategies of “risk assessment” and “resilience-building” and by modes or regimes of power not reducible to, or wholly controlled by, the state. In doing so, it thinks about the capacities of this type of fiction for “resisting” the formations of power it wants to make visible and is partly complicit with.