Yrityksen koko ja book-to-market ilmiöt Yhdysvaltojen osakemarkkinoilla

Tämä kandidaatintutkielma käsittelee yrityksen kokoon ja book-to-market arvoon perustuvia anomalioita Yhdysvaltojen osakemarkkinoilla. Tutkimuksen kohteena on epänormaalien tuottojen saavuttaminen kyseisten anomalioiden kautta erityisesti finanssikriisin aikana. Osakeportfolioiden analysointi tapahtuu pääasiassa Fama-French kolmifaktorimallin avulla.

Startup IPR strategies: Why should startup companies protect their intellectual property?

This thesis studies intellectual property right (also: IPR) strategies from the perspective of high growth startup companies. Due to technology development and intellectualization of business, large part of companies’ assets are nowadays intangible. At the same time, the importance of protection instruments designed to protect these intangible assets, intellectual property rights, is increasing. Utilization of these instruments, however, requires understanding of the functioning of the IPR system, as well as financial resources. Startup companies aiming for growth need to be able compete with more established companies also in relation to intangible assets, but they might not have the required knowledge ot resources to fully utilize IPRs in their business. This research aims to understand what are the benefits a startup company can have from protecting their IPRs, and how can the company achieve those benefits. Based on a review of previous literature, altogether 11 benefits of IPR registration were recognized. To answer to the research questions, six half-structured interviews were conducted with experts form different fields, all with experience in working with startup companies and IPR issues. The interviews were analyzed using different methods of qualitative data analysis, mainly derived from grounded theory and case study methods. As a result, out of the 11 benefits recognized from earlier literature, 8 were recognized to be relevant for startup companies. The most central benefits were recognized to be linked with the financial lifecycle of the startup company, including increasing credibility of the startup and stimulating an investment. In addition it was noticed, that startup companies are mainly able to utilize these benefits at later stages of their lifecycle. However, to be able to utilize the benefits at later stages, the startup company needs to be aware of the functioning of the IPR system and might need to apply for appropriate protection already early on. As a result of this study, a three-step model was formed to describe different levels of IPR utilization. The first level of the model represents the minimum level of understanding that every startup company should have regarding IPRs. The second level views IPR strategy from a risk management perspective, including securing the minimum protection of the company’s own IPRs, contract management and establishing processes for handling IPR issues. The last stage reflects strategic use of IPRs. At this third stage intellectual property rights have a central role in the startup company’s business, and they are used in the company’s value creation.

Partially folded intermediates during trypsinogen denaturation

The equilibrium unfolding of bovine trypsinogen was studied by circular dichroism, differential spectra and size exclusion HPLC. The change in free energy of denaturation was = 6.99 ± 1.40 kcal/mol for guanidine hydrochloride and = 6.37 ± 0.57 kcal/mol for urea. Satisfactory fits of equilibrium unfolding transitions required a three-state model involving an intermediate in addition to the native and unfolded forms. Size exclusion HPLC allowed the detection of an intermediate population of trypsinogen whose Stokes radii varied from 24.1 ± 0.4 Å to 26.0 ± 0.3 Å for 1.5 M and 2.5 M guanidine hydrochloride, respectively. During urea denaturation, the range of Stokes radii varied from 23.9 ± 0.3 Å to 25.7 ± 0.6 Å for 4.0 M and 6.0 M urea, respectively. Maximal intrinsic fluorescence was observed at about 3.8 M urea with 8-aniline-1-naphthalene sulfonate (ANS) binding. These experimental data indicate that the unfolding of bovine trypsinogen is not a simple transition and suggest that the equilibrium intermediate population comprises one intermediate that may be characterized as a molten globule. To obtain further insight by studying intermediates representing different stages of unfolding, we hope to gain a better understanding of the complex interrelations between protein conformation and energetics.

Spin Polarization and Normal Reflection at Nanoscale Point Contacts

This thesis presents point-contact measurements between superconductors (Nb, Ta, Sn,Al, Zn) and ferromagnets (Co, Fe, Ni) as well as non-magnetic metals (Ag, Au, Cu, Pt).The point contacts were fabricated using the shear method. The differential resistanceof the contacts was measured either in liquid He at 4.2 K or in vacuum in a dilutionrefrigerator at varying temperature down to 0.1 K. The contact properties were investigatedas function of size and temperature. The measured Andreev-reflection spectrawere analysed in the framework of the BTK model – a three parameter model that describescurrent transport across a superconductor - normal conductor interface. Theoriginal BTK model was modified to include the effects of spin polarization or finitelifetime of the Cooper pairs. Our polarization values for the ferromagnets at 4.2 K agree with the literature data, but the analysis was ambiguous because the experimental spectra both with ferromagnets and non-magnets could be described equally well either with spin polarization or finite lifetime effects in the BTK model. With the polarization model the Z parametervaries from almost 0 to 0.8 while the lifetime model produces Z values close to 0.5. Measurements at lower temperatures partly lift this ambiguity because the magnitude of thermal broadening is small enough to separate lifetime broadening from the polarization. The reduced magnitude of the superconducting anomalies for Zn-Fe contacts required an additional modification of the BTK model which was implemented as a scaling factor. Adding this parameter led to reduced polarization values. However, reliable data is difficult to obtain because different parameter sets produce almost identical spectra.

Hankinnan strategisen toimintamallin rakentaminen teolliseen pk-yritykseen

Hankinta on yrityksen ulkoisten resurssien hallintaa. Organisaation ulkopuolelta hankitut resurssit muodostavat tavallisesti valtaosan kokonaiskustannuksista, joten hankintojen johtamisella on suuri merkitys yrityksen kannattavuudelle. Hankintatoimella voidaan vaikuttaa kannattavuuteen, kun se toimii yrityksen strategisella tasolla. Tämän työn tavoitteena oli kehittää malli strategisen hankintatoimen rakentamiseen teolliseen pk-yritykseen. Käsiteltäviä osa-alueita olivat hankintojen kategoriointi, hankintaorganisaation rakentaminen sekä strategisten hankintaprosessien määrittäminen ja kuvaaminen. Kuhunkin osa-alueeseen kerättiin teoreettisia ratkaisumalleja, joista kostettiin sovellettava ratkaisu. Teorian pohjalta määritettyä kategorioinnin koostamismallia sekä kategoriapohjaisen hankintaorganisaation rakennustyökalua käytettiin kohdeyrityksen strategisen hankintatoimen rakentamiseen. Prosessiosuudessa määritettiin tehtävien ja vastuiden pohjalta strategiset hankintaprosessit, joista koostettiin tavoiteprosessikuvaukset. Niiden avulla kohdeyritys tai muu mallia soveltava organisaatio voi jalkauttaa toiminnan. Prosesseissa esitetään konkreettisia työkaluja tavoiteasetannan ja mittaroinnin viemiseksi yhtenäisenä strategiatasolta operatiiviseen toimintaan. Lopputuloksena syntyi yhtenäinen, kolmivaiheinen malli strategisen hankintatoimen rakentamiseen.

Cloning, sequence analysis, and expression of cDNA coding for the major house dust mite allergen, Der f 1, in Escherichia coli

Our objective was to clone, express and characterize adult Dermatophagoides farinae group 1 (Der f 1) allergens to further produce recombinant allergens for future clinical applications in order to eliminate side reactions from crude extracts of mites. Based on GenBank data, we designed primers and amplified the cDNA fragment coding for Der f 1 by nested-PCR. After purification and recovery, the cDNA fragment was cloned into the pMD19-T vector. The fragment was then sequenced, subcloned into the plasmid pET28a(+), expressed in Escherichia coli BL21 and identified by Western blotting. The cDNA coding for Der f 1 was cloned, sequenced and expressed successfully. Sequence analysis showed the presence of an open reading frame containing 966 bp that encodes a protein of 321 amino acids. Interestingly, homology analysis showed that the Der p 1 shared more than 87% identity in amino acid sequence with Eur m 1 but only 80% with Der f 1. Furthermore, phylogenetic analyses suggested that D. pteronyssinus was evolutionarily closer to Euroglyphus maynei than to D. farinae, even though D. pteronyssinus and D. farinae belong to the same Dermatophagoides genus. A total of three cysteine peptidase active sites were found in the predicted amino acid sequence, including 127-138 (QGGCGSCWAFSG), 267-277 (NYHAVNIVGYG) and 284-303 (YWIVRNSWDTTWGDSGYGYF). Moreover, secondary structure analysis revealed that Der f 1 contained an a helix (33.96%), an extended strand (17.13%), a ß turn (5.61%), and a random coil (43.30%). A simple three-dimensional model of this protein was constructed using a Swiss-model server. The cDNA coding for Der f 1 was cloned, sequenced and expressed successfully. Alignment and phylogenetic analysis suggests that D. pteronyssinus is evolutionarily more similar to E. maynei than to D. farinae.

Kvantitatiivisten arvostrategioiden menestyminen Frankfurtin pörssissä

Tutkimuksessa tarkastellaan voidaanko Piotroskin (2000) kehittämää F-scorea käyttämällä saada arvostrategiaa parempia tuottoja Frankfurtin pörssissä 1998 – 2012. Arvostrategiaa määrittävinä tunnuslukuina käytetään P/E- ja P/B-lukujen käänteislukuja sekä niistä muodostettua yhdistelmätunnuslukua. Tunnusluvuille luodaan yhden, kahden ja kolmen vuoden sijoitusstrategiat, joiden menestymistä verrataan toisiinsa. Tuloksien perusteella voidaan todeta F-scoren olevan hyödyllisin P/B-lukuun yhdistettynä ja P/E-lukuun sovellettuna hyödytön. P/B-luvun kohdalla F-scoren ylituotto arvostrategiaan nähden on 9,60 prosenttiyksikköä. Vuotuinen tuotto P/B-luvun F-scoren strategialle on 23,16 %. Paras riskiin suhteutettu (oikaistu Sharpe) tulos on P/B-luvun yhden vuoden F-scoren strategialla (0,3414). Kolmifaktorimallin estimoimien ylituottojen erot ovat marginaalisen pieniä F-scoren ja arvostrategian välillä. Sijoitushorisontin osalta yhden vuoden pitoaika on menestyksekkäin kaikkien tutkimuksessa käytettyjen tunnuslukujen mukaan.

Towards a contextual understanding of B2B salespeople's selling competencies – An exploratory study among purchasing decision-makers of internationally-oriented technology firms

ABSTRACT Towards a contextual understanding of B2B salespeople’s selling competencies − an exploratory study among purchasing decision-makers of internationally-oriented technology firms The characteristics of modern selling can be classified as follows: customer retention and loyalty targets, database and knowledge management, customer relationship management, marketing activities, problem solving and system selling, and satisfying needs and creating value. For salespeople to be successful in this environment, they need a wide range of competencies. Salespeople’s selling skills are well documented in seller side literature through quantitative methods, but the knowledge, skills and competencies from the buyer’s perspective are under-researched. The existing research on selling competencies should be broadened and updated through a qualitative research perspective due to the dynamic nature and the contextual dependence of selling competencies. The purpose of the study is to increase understanding of the professional salesperson’s selling competencies from the industrial purchasing decision- makers’ viewpoint within the relationship selling context. In this study, competencies are defined as sales-related knowledge and skills. The scope of the study includes goods, materials and services managed by a company’s purchasing function and used by an organization on a daily basis. The abductive approach and ‘systematic combining’ have been applied as a research strategy. In this research, data were generated through semi- structured, person-to-person interviews and open-ended questions. The study was conducted among purchasing decision-makers in the technology industry in Finland. The branches consisted of the electronics and electro-technical industries and the mechanical engineering and metals industries. A total of 30 companies and one purchasing decision-maker from each company were purposively chosen for the sampling. The sample covers different company sizes based on their revenues, their differing structures – varying from public to family companies –that represent domestic and international ownerships. Before analyzing the data, they were organized by the purchasing orientations of the buyers: the buying, procurement or supply management orientation. Thematic analysis was chosen as the analysis method. After analyzing the data, the results were contrasted with the theory. There was a continuous interaction between the empirical data and the theory. Based on the findings, a total of 19 major knowledge and skills were identified from the buyers’ perspective. The specific knowledge and skills from the viewpoint of customers’ prevalent purchasing orientations were divided into two categories, generic and contextual. The generic knowledge and skills apply to all purchasing orientations, and the contextual knowledge and skills depend on customers’ prevalent purchasing orientations. Generic knowledge and skills relate to price setting, negotiation, communication and interaction skills, while contextual ones relate to knowledge brokering, ability to present solutions and relationship skills. Buying-oriented buyers value salespeople who are ‘action oriented experts, however at a bit of an arm’s length’, procurement buyers value salespeople who are ‘experts deeply dedicated to the customer and fostering the relationship’ and supply management buyers value salespeople who are ‘corporate-oriented experts’. In addition, the buyer’s perceptions on knowledge and selling skills differ from the seller’s ones. The buyer side emphasizes managing the subject matter, consisting of the expertise, understanding the customers’ business and needs, creating a customized solution and creating value, reliability and an ability to build long-term relationships, while the seller side emphasizes communica- tion, interaction and salesmanship skills. The study integrates the selling skills of the current three-component model− technical knowledge, salesmanship skills, interpersonal skills− and relationship skills and purchasing orientations, into a selling competency model. The findings deepen and update the content of these knowledges and skills in the B2B setting and create new insights into them from the buyer’s perspective, and thus the study increases contextual understanding of selling competencies. It generates new knowledge of the salesperson’s competencies for the relationship selling and personal selling and sales management literature. It also adds knowledge of the buying orientations to the buying behavior literature. The findings challenge sales management to perceive salespeople’s selling skills both from a contingency and competence perspective. The study has several managerial implications: it increases understanding of what the critical selling knowledge and skills from the buyer’s point of view are, understanding of how salespeople effectively implement the relationship marketing concept, sales management’s knowledge of how to manage the sales process more effectively and efficiently, and the knowledge of how sales management should develop a salesperson’s selling competencies when managing and developing the sales force. Keywords: selling competencies, knowledge, selling skills, relationship skills, purchasing orientations, B2B selling, abductive approach, technology firms

Automatic Structure Generation using Genetic Programming and Fractal Geometry

Three dimensional model design is a well-known and studied field, with numerous real-world applications. However, the manual construction of these models can often be time-consuming to the average user, despite the advantages o ffered through computational advances. This thesis presents an approach to the design of 3D structures using evolutionary computation and L-systems, which involves the automated production of such designs using a strict set of fitness functions. These functions focus on the geometric properties of the models produced, as well as their quantifiable aesthetic value - a topic which has not been widely investigated with respect to 3D models. New extensions to existing aesthetic measures are discussed and implemented in the presented system in order to produce designs which are visually pleasing. The system itself facilitates the construction of models requiring minimal user initialization and no user-based feedback throughout the evolutionary cycle. The genetic programming evolved models are shown to satisfy multiple criteria, conveying a relationship between their assigned aesthetic value and their perceived aesthetic value. Exploration into the applicability and e ffectiveness of a multi-objective approach to the problem is also presented, with a focus on both performance and visual results. Although subjective, these results o er insight into future applications and study in the fi eld of computational aesthetics and automated structure design.

Forecasting the Yield Curve of Government Bonds: A Comparative Study

For the past 20 years, researchers have applied the Kalman filter to the modeling and forecasting the term structure of interest rates. Despite its impressive performance in in-sample fitting yield curves, little research has focused on the out-of-sample forecast of yield curves using the Kalman filter. The goal of this thesis is to develop a unified dynamic model based on Diebold and Li (2006) and Nelson and Siegel’s (1987) three-factor model, and estimate this dynamic model using the Kalman filter. We compare both in-sample and out-of-sample performance of our dynamic methods with various other models in the literature. We find that our dynamic model dominates existing models in medium- and long-horizon yield curve predictions. However, the dynamic model should be used with caution when forecasting short maturity yields

Le soutien au développement de la pratique des infirmières praticiennes spécialisées de première ligne au Québec

Bien qu'il existe une abondante littérature scientifique sur les infirmières praticiennes spécialisées de première ligne (IPSPL), le soutien et les modalités d’encadrement de cette pratique restent très peu explorés. Au Québec, ces questions semblent d’autant plus importantes à étudier car la diversité des milieux de pratique, l’éloignement physique entre les acteurs-clés, le partage de l’encadrement et le cadre légal complexifient l’opérationnalisation de ce soutien. Par le biais d’une étude de cas multiples, ce mémoire propose une analyse des différentes structures d’encadrement et des mécanismes déployés pour soutenir le développement de la pratique IPSPL au Québec. Issu d’un projet de recherche plus large et multicentrique, ce mémoire de maîtrise a étudié trois milieux distincts par le biais de 18 entrevues auprès de professionnels de la santé et de gestionnaires. Grâce à un modèle en trois niveaux, les besoins en termes de soutien des IPSPL et des équipes ont été identifiés. Les principaux résultats de cette recherche démontrent la pertinence d’un encadrement par les acteurs de la Direction des soins infirmiers. De plus, le soutien aux professionnels des équipes qui incluent des IPSPL semble bonifié lorsque certaines structures organisationnelles sont présentes. Finalement, les comités décisionnels autour de l’implantation des IPSPL s’avèrent davantage bénéfiques lorsqu’ils tiennent compte de l’environnement et de l’expérience acquise par les milieux.

Arab Women in Translation : the Dynamics of Representation and the Construction of Alterity

Cette recherche examine la traduction et la réception en France, en Grande Bretagne et aux États-Unis de la littérature contemporaine d’expression arabe écrite par des femmes, afin de répondre à deux questions principales: comment les écrivaines provenant de pays arabes perdent-elles leur agentivité dans les processus de traduction et de réception? Et comment la traduction et la réception de leurs textes contribuent-elles à la construction d’une altérité arabe? Pour y répondre, l’auteure examine trois romans présentant des traits thématiques et formels très différents, à savoir Fawḍā al-Ḥawāss (1997) par Ahlem Mosteghanemi, Innahā Lundun Yā ‘Azīzī (2001) par Hanan al-Shaykh et Banāt al-Riyāḍ (2005) par Rajaa Alsanea. L’analyse, basée sur le modèle à trois dimensions de Norman Fairclough, vise à découvrir comment les écrivaines expriment leur agentivité à travers l’écriture, et quelles images elles projettent d’elles-mêmes et plus généralement des femmes dans leurs sociétés respectives. L’auteure se penche ensuite sur les traductions anglaise et française de chaque roman. Elle examine les déplacements qui s’opèrent principalement sur le plan de la texture et le plan pragma-sémiotique, et interroge en quoi ces déplacements ébranlent l’autorité des écrivaines. Enfin, une étude de la réception de ces traductions en France, en Grande Bretagne et aux États-Unis vient enrichir l’analyse textuelle. À cette étape, les critiques éditoriales et universitaires ainsi que les choix éditoriaux relatifs au paratexte sont scrutés de façon à mettre en lumière les processus décisionnels, les discours et les tropes sous-tendant la mise en marché et la consommation de ces traductions. L’analyse des originaux révèle tout d’abord qu’à travers leurs textes, les auteures sont des agentes actives de changement social. Elles s’insurgent, chacune à sa manière, contre les discours hégémoniques tant locaux qu’occidentaux, et (ré-)imaginent leurs sociétés et leurs nations. Ce faisant, elles se créent leur propre espace discursif dans la sphère publique. Toutefois, la thèse montre que dans la plupart des traductions, les discours dissidents sont neutralisés, l’agentivité et la subjectivité des écrivaines minées au profit d’un discours dominant orientaliste. Ce même discours semble sous-tendre la réception des romans en traduction. Dans ce discours réifiant, l’expression de la différence culturelle est inextricablement imbriquée dans l’expression de la différence sexuelle: la « femme arabe » est la victime d’une religion islamique et d’une culture arabe essentiellement misogynes et arriérées. L’étude suggère, cependant, que ce sont moins les interventions des traductrices que les décisions des éditeurs, le travail de médiation opéré par les critiques, et l’intérêt (ou le désintérêt) des universitaires qui influencent le plus la manière dont ces romans sont mis en marché et reçus dans les nouveaux contextes. L’auteure conclut par rappeler l’importance d’une éthique de la traduction qui transcende toute approche binaire et se fonde sur une lecture éthique des textes qui fait ressortir le lien entre la poétique et la politique. Enfin, elle propose une lecture basée sur la reconnaissance du caractère situé du texte traduit comme du sujet lisant/traduisant.

Studies on nonlinear dynamics of certain reaction systems

The nonlinear dynamics of certain important reaction systems are discussed and analysed in this thesis. The interest in the theoretical and the experimental studies of chemical reactions showing oscillatory dynamics and associated properties is increasing very rapidly. An attempt is made to study some nonlinear phenomena exhibited by the well known chemical oscillator, the BelousovZhabotinskii reaction whose mathematical properties are much in common with the properties of biological oscillators. While extremely complex, this reaction is still much simpler than biological systems at least from the modelling point of view. A suitable model [19] for the system is analysed and the researcher has studied the limit cycle behaviour of the system, for different values of the stoichiometric parameter f, by keeping the value of the reaction rate (k6) fixed at k6 = l. The more complicated three-variable model is stiff in nature.

Enhanced Reality Visualization in a Surgical Environment

Enhanced reality visualization is the process of enhancing an image by adding to it information which is not present in the original image. A wide variety of information can be added to an image ranging from hidden lines or surfaces to textual or iconic data about a particular part of the image. Enhanced reality visualization is particularly well suited to neurosurgery. By rendering brain structures which are not visible, at the correct location in an image of a patient's head, the surgeon is essentially provided with X-ray vision. He can visualize the spatial relationship between brain structures before he performs a craniotomy and during the surgery he can see what's under the next layer before he cuts through. Given a video image of the patient and a three dimensional model of the patient's brain the problem enhanced reality visualization faces is to render the model from the correct viewpoint and overlay it on the original image. The relationship between the coordinate frames of the patient, the patient's internal anatomy scans and the image plane of the camera observing the patient must be established. This problem is closely related to the camera calibration problem. This report presents a new approach to finding this relationship and develops a system for performing enhanced reality visualization in a surgical environment. Immediately prior to surgery a few circular fiducials are placed near the surgical site. An initial registration of video and internal data is performed using a laser scanner. Following this, our method is fully automatic, runs in nearly real-time, is accurate to within a pixel, allows both patient and camera motion, automatically corrects for changes to the internal camera parameters (focal length, focus, aperture, etc.) and requires only a single image.

Modelo tridimensional del tendón del músculo supraespinoso

Introducción: Teniendo en cuenta el envejecimiento de la población y la alta prevalencia de las lesiones del manguito rotador no es de extrañar que esta patología se convierta en un problema de salud pública. Se sabe que el aumento en el tamaño de una lesión se asocia con la aparición de síntomas, pero no existen herramientas que permitan predecir la evolución del tamaño de una lesión. Con esto en mente se desarrollo una línea de investigación para estudiar el mecanismo de falla que inicia con la realización de un modelo tridimensional de un tendón del musculo supraespinoso sano. Materiales y métodos: Se caracterizo el tendón del músculo supraespinoso aplicando cargas uniaxiales a 7 complejos humero-tendón-escápula cadavéricos. Con los datos obtenidos se alimento un modelo tridimensional lineal isotrópico analizando la concentración de esfuerzos de von Misses Resultados: Del ensayo uniaxial se obtuvieron curvas esfuerzo-deformación homogéneas para el 20% de la deformación inicial, obteniendo un modulo de Young (14.4±2.3MPa) y un coeficiente de Poisson (0.14) con una concentración de esfuerzos de en la zona central de la cara articular del tendón, cercana a su inserción. Encontramos una disminución del 5% en los esfuerzos al retirar el acromion del modelo. Conclusiones: Se caracterizó de manera exitosa y se obtuvo un modelo tridimensional del tendón. La distribución de esfuerzos es compatible con la reportada en la literatura. El acromion no tiene mayor importancia en la magnitud de los esfuerzos en nuestro modelo. Este es el punto de partida para estudiar el mecanismo de falla.