Dynamic linkages of real estate and stock markets in Finland

Traditionally real estate has been seen as a good diversification tool for a stock portfolio due to the lower return and volatility characteristics of real estate investments. However, the diversification benefits of a multi-asset portfolio depend on how the different asset classes co-move in the short- and long-run. As the asset classes are affected by the same macroeconomic factors, interrelationships limiting the diversification benefits could exist. This master’s thesis aims to identify such dynamic linkages in the Finnish real estate and stock markets. The results are beneficial for portfolio optimization tasks as well as for policy-making. The real estate industry can be divided into direct and securitized markets. In this thesis the direct market is depicted by the Finnish housing market index. The securitized market is proxied by the Finnish all-sectors securitized real estate index and by a European residential Real Estate Investment Trust index. The stock market is depicted by OMX Helsinki Cap index. Several macroeconomic variables are incorporated as well. The methodology of this thesis is based on the Vector Autoregressive (VAR) models. The long-run dynamic linkages are studied with Johansen’s cointegration tests and the short-run interrelationships are examined with Granger-causality tests. In addition, impulse response functions and forecast error variance decomposition analyses are used for robustness checks. The results show that long-run co-movement, or cointegration, did not exist between the housing and stock markets during the sample period. This indicates diversification benefits in the long-run. However, cointegration between the stock and securitized real estate markets was identified. This indicates limited diversification benefits and shows that the listed real estate market in Finland is not matured enough to be considered a separate market from the general stock market. Moreover, while securitized real estate was shown to cointegrate with the housing market in the long-run, the two markets are still too different in their characteristics to be used as substitutes in a multi-asset portfolio. This implies that the capital intensiveness of housing investments cannot be circumvented by investing in securitized real estate.

Stability studies and shelf life estimation of a soy-based dessert

This work is aimed at evaluating the physicochemical, physical, chromatic, microbiological, and sensorial stability of a non-dairy dessert elaborated with soy, guava juice, and oligofructose for 60 days at refrigerated storage as well as to estimate its shelf life time. The titrable acidity, pH, instrumental color, water activity, ascorbic acid, and physical stability were measured. Panelists (n = 50) from the campus community used a hedonic scale to assess the acceptance, purchase intent, creaminess, flavor, taste, acidity, color, and overall appearance of the dessert during 60 days. The data showed that the parameters differed significantly (p < 0.05) from the initial time, and they could be fitted in mathematical equations with coefficient of determination above 71%, aiming to consider them suitable for prediction purposes. Creaminess and acceptance did not differ statistically in the 60-day period; taste, flavor, and acidity kept a suitable hedonic score during storage. Notwithstanding, the sample showed good physical stability against gravity and presented more than 15% of the Brazilian Daily Recommended Value of copper, iron, and ascorbic acid. The product shelf life estimation found was 79 days considering the overall acceptance, acceptance index and purchase intent.

Interdependence of Macroeconomics Variables, Stock Market Returns and Stock Market Volatility in Latin America

This thesis examines the interdependence of macroeconomic variables, stock market returns and stock market volatility in Latin America between 2000 and 2015. Argentina, Brazil, Chile, Colombia, Mexico and Peru were chosen as the sample markets, while inflation, interest rate, exchange rate, money supply, oil and gold were chosen as the sample macroeconomic variables. Bivariate VAR (1) model was applied to examine the mean return spillovers between the variables, whereas GARCH (1, 1) – BEKK model was applied to capture the volatility spillovers. The sample was divided into two smaller sub-periods, where the first sub-period covers from 2000 to 2007, and the second sub-period covers from 2007 to 2015. The empirical results report significant shock transmissions and volatility spillovers between inflation, interest rate, exchange rate, money supply, gold, oil and the selected markets, which suggests interdependence between the variables.

Structural studies and gabbro mylonitization within the Barton Bay Deformation Zone, Geraldton, Ontario /

Structures related to ductile siMple shear parallel to the Bankf ield-Tonbill Fault, define a 5km wide zone, the Barton Bay Deformation Zone. Structures present within this zone Include; simple shear fabrics S, C and C , asymmetric Z shaped folds with rotated axes, boudinage and pinch and swell structures and a subhorlzontal extension llneation. The most highly deformed rock is a gabbro mylonite which occurs in the fault zone. The deformation of this gabbro has been traced in stages from a protomylonite to an ultramylonite In which feldspar and chlorite grainslze has been reduced from over 100 microns to as little as 5 microns. Evidence from the mylonite and the surrounding structure indicates that deformation within the Barton Bay Deformation Zone is related to a regional simple shear zone, the Bankf ield-Tombill Fault. Movement along this shear zone was in a south over north oblique strike slip fashion with a dextral sense of displacement.

Bill from Geoghegan and Co. Importers of Table Linen and Shirt and Stock Makers

Bill from Geoghegan and Co. Importers of Table Linen and Shirt and Stock Makers for clothing including cravats and hosiery, June 23, 1847 attached to receipt for Receipt from Family Linen Drapery, Shirt and Stock Warehouse, London England for payment on account, July 7, 1847.

Color studies and a mexican campaign

UANL

Synthesis, Spectral Characterization, Structural Studies and Biological Investigations of Transition Metal Complexes of Some Acid Hydrazones

This study concentrates the chemical properties of hydrazones due to its chelating capability and their pharmacological applications. Studies cover the preparation of different acid hydrazones and their structural studies and studies on their antimicrobial activity, synthesis and spectral characterization of different complexes of copper oxovanadium, manganese, nickel etc. Effect of incorporation of heterocyclic bases to the coordination sphere, change in the biological activity of acid hydrazones upon coordination, development of X-ray quality single crystals and its X-ray diffraction studies, studies on the redox behavior of the coordinated metal ions and correlation between the stereochemistry and biological activities.

Some Studies and New Results on Multi Microprocessor Applications

One of the fastest expanding areas of computer exploitation is in embedded systems, whose prime function is not that of computing, but which nevertheless require information processing in order to carry out their prime function. Advances in hardware technology have made multi microprocessor systems a viable alternative to uniprocessor systems in many embedded application areas. This thesis reports the results of investigations carried out on multi microprocessors oriented towards embedded applications, with a view to enhancing throughput and reliability. An ideal controller for multiprocessor operation is developed which would smoothen sharing of routines and enable more powerful and efficient code I data interchange. Results of performance evaluation are appended.A typical application scenario is presented, which calls for classifying tasks based on characteristic features that were identified. The different classes are introduced along with a partitioned storage scheme. Theoretical analysis is also given. A review of schemes available for reducing disc access time is carried out and a new scheme presented. This is found to speed up data base transactions in embedded systems. The significance of software maintenance and adaptation in such applications is highlighted. A novel scheme of prov1d1ng a maintenance folio to system firmware is presented, alongwith experimental results. Processing reliability can be enhanced if facility exists to check if a particular instruction in a stream is appropriate. Likelihood of occurrence of a particular instruction would be more prudent if number of instructions in the set is less. A new organisation is derived to form the basement for further work. Some early results that would help steer the course of the work are presented.

Spectral studies and crystal structures of some transition metal complexes of N4-substituted semicarbazones

The present work is concentrated on the studies of two novel semicarbazones, di-2-pyridyl ketone-N4-phenyl-3-semicarbazone (HL1) and quinoline-2-carboxaldehyde-N4-phenyl-3-semicarbazone (HL2). The compositions of these semicarbazones were determined by the CHN analyses. For the characterization of these compounds we have used IR, UV and NMR spectral studies. The molecular structure of quinoline-2-carboxaldehyde-N4-phenyl-3- semicarbazone (HL2) was obtained by single crystal X-ray diffraction studies. Also, we have synthesized Zn(II), Cd(II), Cu(II), Ni(II), Co(II) and Mn(II) complexes of these semicarbazones, HL1 and HL2. These complexes were characterized by various spectroscopic techniques, magnetic and conductivity studies. We could isolate single crystals of some Zn(II) and Cd(II) compounds suitable for X-ray diffraction studies. For other complexes we could not isolate single crystals of good quality for single crystal X-ray diffraction studies.

Service quality and reliability assessment of mobile communication infrastructure

The service quality of any sector has two major aspects namely technical and functional. Technical quality can be attained by maintaining technical specification as decided by the organization. Functional quality refers to the manner which service is delivered to customer which can be assessed by the customer feed backs. A field survey was conducted based on the management tool SERVQUAL, by designing 28 constructs under 7 dimensions of service quality. Stratified sampling techniques were used to get 336 valid responses and the gap scores of expectations and perceptions are analyzed using statistical techniques to identify the weakest dimension. To assess the technical aspects of availability six months live outage data of base transceiver were collected. The statistical and exploratory techniques were used to model the network performance. The failure patterns have been modeled in competing risk models and probability distribution of service outage and restorations were parameterized. Since the availability of network is a function of the reliability and maintainability of the network elements, any service provider who wishes to keep up their service level agreements on availability should be aware of the variability of these elements and its effects on interactions. The availability variations were studied by designing a discrete time event simulation model with probabilistic input parameters. The probabilistic distribution parameters arrived from live data analysis was used to design experiments to define the availability domain of the network under consideration. The availability domain can be used as a reference for planning and implementing maintenance activities. A new metric is proposed which incorporates a consistency index along with key service parameters that can be used to compare the performance of different service providers. The developed tool can be used for reliability analysis of mobile communication systems and assumes greater significance in the wake of mobile portability facility. It is also possible to have a relative measure of the effectiveness of different service providers.

Vibrational spectroscopic studies and computational study of quinoline-2-carbaldehyde benzoyl hydrazone

FT-IR spectrum of quinoline-2-carbaldehyde benzoyl hydrazone (HQb H2O) was recorded and analyzed. The synthesis and crystal structure data are also described. The vibrational wavenumbers were examined theoretically using the Gaussian03 package of programs using HF/6-31G(d) and B3LYP/6-31G(d) levels of theory. The data obtained from vibrational wavenumber calculations are used to assign vibrational bands obtained in infrared spectroscopy of the studied molecule. The first hyperpolarizability, infrared intensities and Raman activities are reported. The calculated first hyperpolarizability is comparable with the reported values of similar derivatives and is an attractive object for future studies of non-linear optics. The geometrical parameters of the title compound obtained from XRD studies are in agreement with the calculated values. The changes in the CAN bond lengths suggest an extended p-electron delocalization over quinoline and hydrazone moieties which is responsible for the non-linearity of the molecule

Syntheses, EPR spectral studies and crystal structures of manganese(II) complexes of neutral N,N donor bidentate Schiff bases and azide/thiocyanate as coligand

Four manganese(II) complexes Mn2(paa)2(N3)4 (1), [Mn(paa)2(NCS)2] 3/2H2O (2), Mn(papea)2(NCS)2 (3), [Mn(dpka)2(NCS)2] 1/2H2O(4) of three neutral N,N donor bidentate Schiff bases were synthesized and physico- chemically characterized by means of partial elemental analyses, electronic, infrared and EPR spectral studies. Compounds 3 and 4 were obtained as single crystals suitable for X-ray diffraction. Compound 4 recrystallized as Mn(dpka)2(NCS)2. Both the compounds crystallized in the monoclinic space groups P21 for 3 and C2/c for 4. Manganese(II) is found to be in a distorted octahedral geometry in both the monomeric complexes with thiocyanate anion as a terminal ligand coordinating through the nitrogen atom. EPR spectra in DMF solutions at 77 K show hyperfine sextets with low intensity forbidden lines lying between each of the two main hyperfine lines and the zero field splitting parameters (D and E) were calculated.