Arvostrategioiden menestys Suomen osakemarkkinoilla

Tämän tutkimuksen tavoitteena on selvittää saavutetaanko passiivisilla arvostrategioilla riskikorjattuna ylisuuria tuottoja Suomen osakemarkkinoilla. Tuottaako matalien tunnuslukujen perusteella valittujen osakkeiden portfolio enemmän kuin korkeiden tunnuslukujen portfolio? Ovatko alfat tilastollisesti merkitseviä? Tutkimuksen tavoitteena on myös selvittää, ovatko korkeimman ja matalimman arvostustason portfolioiden menestyserot tilastollisesti merkitseviä. Tunnuslukuina on tarkasteltu P/E-, EV/EBIT- ja EV/EBITDA-tunnuslukuja sekä P/B- ja P/S–lukuja. Lisäksi on tutkittu yhdistelmätunnuslukuina P/E- ja P/B–lukujen tulon muodostamaa tunnuslukua, sekä suhteellisiin EV/EBITDA-, P/B- ja P/S-lukuihin perustuvaa arvostusmittaria. Tutkimusaineisto koostuu Suomen osakemarkkinoilla julkisesti noteeratuista yrityksistä toukokuusta 1991 toukokuuhun 2006. Osakkeet järjestettiin tunnuslukujen arvostustason perusteella kvintiiliportfolioihin. Myöhemmin portfoliot muodostettiin uudelleen kolmen ja viiden vuoden välein. Lopuksi tarkasteltiin kvintiiliportfolioiden kuukausittaisia tuottoja tunnuslukukohtaisesti koko tutkimusjakson ajalta. Tulosten perusteella on selkeästi havaittavissa, että matalan tunnusluvun kvintiiliportfoliot menestyivät paremmin kuin korkean tunnusluvun kvintiiliportfoliot. Kolmen vuoden jaksoissa P/E-, EV/EBITDA-, P/B-, P/S- ja kolmen tunnusluvun yhdistelmällä muodostetuilla kvintiiliportfolioilla arvopreemio oli selkeästi havaittavissa. Viiden vuoden jaksoissa vastaava ilmiö toistui EV/EBITDA-tunnusluvulla muodostetuilla kvintiiliportfolioilla. Eniten tuotti absoluuttisesti sekä riskikorjattuna tutkimuksessa esiteltävä kolmen vuoden jaksoissa kolmen tunnusluvun yhdistelmällä muodostettu matalimman arvostustason kvintiiliportfolio, joka tuotti riskikorjattuna tilastollisesti erittäin merkitsevästi positiivista alfaa matalalla riskitasolla.

Quantitative market and sales forecast accuracy analysis

The main objective of this master’s thesis was to quantitatively study the reliability of market and sales forecasts of a certain company by measuring bias, precision and accuracy of these forecasts by comparing forecasts against actual values. Secondly, the differences of bias, precision and accuracy between markets were explained by various macroeconomic variables and market characteristics. Accuracy and precision of the forecasts seems to vary significantly depending on the market that is being forecasted, the variable that is being forecasted, the estimation period, the length of the estimated period, the forecast horizon and the granularity of the data. High inflation, low income level and high year-on-year market volatility seems to be related with higher annual market forecast uncertainty and high year-on-year sales volatility with higher sales forecast uncertainty. When quarterly market size is forecasted, correlation between macroeconomic variables and forecast errors reduces. Uncertainty of the sales forecasts cannot be explained with macroeconomic variables. Longer forecasts are more uncertain, shorter estimated period leads to higher uncertainty, and usually more recent market forecasts are less uncertain. Sales forecasts seem to be more uncertain than market forecasts, because they incorporate both market size and market share risks. When lead time is more than one year, forecast risk seems to grow as a function of root forecast horizon. When lead time is less than year, sequential error terms are typically correlated, and therefore forecast errors are trending or mean-reverting. The bias of forecasts seems to change in cycles, and therefore the future forecasts cannot be systematically adjusted with it. The MASE cannot be used to measure whether the forecast can anticipate year-on-year volatility. Instead, we constructed a new relative accuracy measure to cope with this particular situation.

Sociodemographic Factors and Clinical Conditions Associated to Hospitalization in Influenza A (H1N1) 2009 Virus Infected Patients in Spain, 2009-2010

The emergence and pandemic spread of a new strain of influenza A (H1N1) virus in 2009 resulted in a serious alarm in clinical and public health services all over the world. One distinguishing feature of this new influenza pandemic was the different profile of hospitalized patients compared to those from traditional seasonal influenza infections. Our goal was to analyze sociodemographic and clinical factors associated to hospitalization following infection by influenza A(H1N1) virus. We report the results of a Spanish nationwide study with laboratory confirmed infection by the new pandemic virus in a case-control design based on hospitalized patients. The main risk factors for hospitalization of influenza A (H1N1) 2009 were determined to be obesity (BMI≥40, with an odds-ratio [OR] 14.27), hematological neoplasia (OR 10.71), chronic heart disease, COPD (OR 5.16) and neurological disease, among the clinical conditions, whereas low education level and some ethnic backgrounds (Gypsies and Amerinds) were the sociodemographic variables found associated to hospitalization. The presence of any clinical condition of moderate risk almost triples the risk of hospitalization (OR 2.88) and high risk conditions raise this value markedly (OR 6.43). The risk of hospitalization increased proportionally when for two (OR 2.08) or for three or more (OR 4.86) risk factors were simultaneously present in the same patient. These findings should be considered when a new influenza virus appears in the human population

Thylakoid Protein Phosphorylation in Regulation of Photosynthesis

Once the seed has germinated, the plant is forced to face all the environmental changes in its habitat. In order to survive, plants have evolved a number of different acclimation systems. The primary reaction behind plant growth and development is photosynthesis. Photosynthesis captures solar energy and converts it into chemical form. Photosynthesis in turn functions under the control of environmental cues, but is also affected by the growth, development, and metabolic state of a plant. The availability of solar energy fluctuates continuously, requiring non-stop adjustment of photosynthetic efficiency in order to maintain the balance between photosynthesis and the requirements and restrictions of plant metabolism. Tight regulation is required, not only to provide sufficient energy supply but also to prevent the damage caused by excess energy. The very first reaction of photosynthesis is splitting of water into the form of oxygen, hydrogen, and electrons. This most fundamental reaction of life is run by photosystem II (PSII), and the energy required for the reaction is collected by the light harvesting complex II (LHCII). Several proteins of the PSII-LHCII complex are reversibly phosphorylated according to the energy balance between photosynthesis and metabolism. Thylakoid protein phosphorylation has been under extensive investigation for over 30 years, yet the physiological role of phosphorylation remains elusive. Recently, the kinases behind the phosphorylation of PSII-LHCII proteins (STN7 and STN8) were identified and the knockout mutants of these kinases became available, providing powerful tools to elucidate the physiological role of PSII-LHCII phosphorylation. In my work I have used the stn7 and stn8 mutants in order to clarify the role of PSII-LHCII phosphorylation in regulation and protection of the photosynthetic machinery according to environmental cues. I show that STN7- dependent PSII-LHCII protein phosphorylation is required to balance the excitation energy distribution between PSII and PSI especially under low light intensities when the excitation energy transfer from LHC to PSII and PSI is efficient. This mechanism differs from traditional light quality-induced “state 1” – “state 2” transition and ensures fluent electron transfer from PSII to PSI under low light, yet having highest physiological relevance under fluctuating light intensity. STN8-dependent phosphorylation of PSII proteins, in turn, is required for fluent turn-over of photodamaged PSII complexes and has the highest importance upon prolonged exposure of the photosynthetic apparatus to excess light.

Asiakkuuksien johtaminen kuljetusalan pk-yrityksessä

The profitability on transportation field has been low for a long time. The re-cession that started in the fall of 2008 has caused even more trouble to transportation companies as the number of transportations has gone down and the competition has gotten tougher since the time before the recession. Because the low profitability level does not allow competing with prices, transportation companies must come up with other means to differ from their competitors. The main goal of the research was to find out how a small and medium-sized enterprise (SME) on transportation field should manage its customer relationships. Due to limited resources, companies should direct their resources to serving their most valuable customers. Companies should first make a determination of their customer base. This works as a base for establishing customer portfolios, in other words making customer groups based on e.g. profitability, buying volumes and loyalty. Companies can gain competitive advantage also by improving their service quality. Important information regarding the selection criteria of a transporta-tion company, transaction methods, service time and accessibility of person-nel, customers’ expectations on transportation company’s personnel, utiliza-tion of IT-solutions as a part of transportation service, the image of a transportation company and necessity of quality control meetings was gathered for this research by interviewing customers. By utilizing this information, transportation company can adapt its service offering to equal the customer needs and expectations better. A service process example was created to improve the service quality of the transportation company. It shows the whole process from the customer sending the transportation order to the point when the customer receives an invoice from the transportation company. The example process shows the most fragile stages of the service process: the interaction points. An example of this is when the driver and the customer meet at the unloading place. The results show that even a SME can have the opportunity to succeed in competitive markets by managing CRM. Expensive software are usually out of reach of a SME, but having a CRM software does not automatically guar-antee success in customer relationship management. Small and medium-sized firms can commit their current customers and recruit new customers by utilizing customer knowledge, offering top quality service, being innovative and offering functional services.

The Influence of Education and Depression on Autonomy of Women with Chronic Pelvic Pain: A Cross-sectional Study

Objective Patient autonomy has great importance for a valid informed consent in clinical practice. Our objectives were to quantify thedomains of patient autonomy and to evaluate the variables that can affect patient autonomy in women with chronic pelvic pain. Methods This study is a cross sectional survey performed in a tertiary care University Hospital. Fifty-two consecutive women scheduled for laparoscopic management of chronic pelvic were included. Three major components of autonomy (competence, information or freedom) were evaluated using a Likert scale with 24 validated affirmatives. Results Competence scores (0.85 vs 0.92; p = 0.006) and information scores (0.90 vs 0.93; p = 0.02) were low for women with less than eight years of school attendance. Information scores were low in the presence of anxiety (0.91 vs 0.93; p = 0.05) or depression (0.90 vs 0.93; p = 0.01). Conclusions Our data show that systematic evaluation of patient autonomy can provide clinical relevant information in gynecology. Low educational level, anxiety and depression might reduce the patient autonomy in women with chronic pelvic pain.

Kartongin reunaimeytymän hallittavuus

Kuppikartongin yksi tärkeimmistä ominaisuuksista on reunaimeytymän vastustuskyky, joka tulee olla riittävällä tasolla laadun takaamiseksi. Koska yksinkertainen juomakuppi on bulkki¬tuote, ei sen raakareunaa kannata taloudellisuuden vuoksi suojata tätä varten kehitellyillä menetelmillä vaan itse kartongin tulee vastustaa nesteitä riittävässä määrin. Tämän diplomityön tarkoituksena oli selvittää hydrofobointiin käytettävän massaliiman (hartsi) sekä pintaliiman joukkoon annosteltavan lisäaineen välinen optimaalinen suhde parhaan vastustuskyvyn saavuttamiseksi. Lisäksi selvitettiin joidenkin liimapuristimen ajo-olosuhteiden vaikutusta pintaliiman pick-upiin sekä koneen pH-tason oikeellisuus. Jauhatuksen vaikutusta tutkittiin lähinnä historiatietojen avulla. Tutkimus koostui viidestä tehdasmittakaavaisesta koeajosta, joiden avulla selvitettiin muuttujien vaikutus sisäisellä reunaimeytymän määritysmenetelmällä sekä määrittä¬mällä koepisteistä kulloinkin mielenkiinnon kohteena olleet kemikaalipitoisuudet. Viimeisen koeajon koepisteet jalostettiin lisäksi valmiiksi kupeiksi. Käytetty reunaimeytymän määritysmenetelmä osoittautui virhealttiiksi eivätkä raakakartongista tehtyjen määritysten tulokset korreloineet kovinkaan voimakkaasti PE-päällystettyjen näytteiden kanssa. Menetelmän kehitystä on viety eteenpäin tämän työn rinnalla ja työ jatkuu edelleen. Lisäksi kartongin hartsipitoisuusmääritysten tuloksista paljastui ristiriitaisuuksia, joiden vuoksi menetelmää uusittiin voimakkaasti. Reunaimeytymän vastustuksen riittävyydeksi koneella käytettävien massaliima-annosten tulee olla vähintään valitulla nollatasolla kaikissa kerroksissa ja pintaliiman lisäaine tulee pitää käytössä. Mikäli lisäaine jätetään pois käytöstä, tulee massaliima-annokset olla hyvin korkeita, eikä tämäkään takaa täysin reunaimeytymätöntä lopputuotetta. Lisäaineen ollessa käytössä ei suuremmalla massaliima-annoksella ole puolestaan merkittävää vaikutusta. Konetta ajetaan nykyisin hyvin alhaisella pH-tasolla, mutta tason nostaminen aiheuttaa selvän liimauksen heikkenemisen. Liimapuristimelle tulevan radan kosteudella ja pintaliiman kuiva-aineella ei näyttäisi olevan vaikutusta kartongin reunaimeytymän vastustuskykyyn. Myöskään taustakerroksen koivun jauhatusasteella ei ole merkitystä alueella, jolla koneella operoidaan. CTMP-massan jauhatuksen tulee sen sijaan olla riittävä, jotta keskikerrokseen ei synny yksittäisiä, pitkiä imeytymiä.

Management practices to control gastrointestinal parasites in sheep farms in Minas Gerais, southeastern Brazil

Parasite related problems are considered one of the major health problems for sheep breeding, causing considerable economic losses to commercial husbandry. The aim of this study was to determine the technological level and the level of knowledge of farmers regarding management practices to control gastrointestinal parasites in sheep in Minas Gerais state, southeastern Brazil. The analysis was based on 213 questionnaires applied by official veterinarians of the State Government Agency for Animal Health (Instituto Mineiro de Agropecuária, IMA), covering 16.6% of all counties. From two hundred and thirteen sheep farms sampled, 117 farms had their technological level determined. From the samples, 0.9% were characterized as high level, 45.3% as medium, and 53.0% as low technological level. The flock size ranged from 2 to 1843 with an average of 80.5 sheep per farm. The majority of the sheep production systems was extensive/semi-extensive (74.5%). The management practices adopted by the farmers to reduce parasitism were: split young and adult animals (5.6%), change pasture after deworm the animals (5.2%), use quarantine for incoming animals (2.3%), deworm newly arrived sheep (1.5%), and have regular technical assistance (31.9%). Although 76.5% of the farmers medicate the animals, treatments were performed without any major technical criteria, with an average interval of 4.6 months. The most commonly used drug families were macrocyclic lactones (38.5%) and benzimidazoles (24.9%). The management practices adopted in Minas Gerais are based on old recommendations and may not return in a good set of strategies to prevent parasite infections. Field observations reinforce the finding where farmers have obtained unsatisfactory results in maintaining the health and productivity level of their enterprises.

Modeling and Parameter Estimation of Double-Star Permanent Magnet Synchronous Machines

The power rating of wind turbines is constantly increasing; however, keeping the voltage rating at the low-voltage level results in high kilo-ampere currents. An alternative for increasing the power levels without raising the voltage level is provided by multiphase machines. Multiphase machines are used for instance in ship propulsion systems, aerospace applications, electric vehicles, and in other high-power applications including wind energy conversion systems. A machine model in an appropriate reference frame is required in order to design an efficient control for the electric drive. Modeling of multiphase machines poses a challenge because of the mutual couplings between the phases. Mutual couplings degrade the drive performance unless they are properly considered. In certain multiphase machines there is also a problem of high current harmonics, which are easily generated because of the small current path impedance of the harmonic components. However, multiphase machines provide special characteristics compared with the three-phase counterparts: Multiphase machines have a better fault tolerance, and are thus more robust. In addition, the controlled power can be divided among more inverter legs by increasing the number of phases. Moreover, the torque pulsation can be decreased and the harmonic frequency of the torque ripple increased by an appropriate multiphase configuration. By increasing the number of phases it is also possible to obtain more torque per RMS ampere for the same volume, and thus, increase the power density. In this doctoral thesis, a decoupled d–q model of double-star permanent-magnet (PM) synchronous machines is derived based on the inductance matrix diagonalization. The double-star machine is a special type of multiphase machines. Its armature consists of two three-phase winding sets, which are commonly displaced by 30 electrical degrees. In this study, the displacement angle between the sets is considered a parameter. The diagonalization of the inductance matrix results in a simplified model structure, in which the mutual couplings between the reference frames are eliminated. Moreover, the current harmonics are mapped into a reference frame, in which they can be easily controlled. The work also presents methods to determine the machine inductances by a finite-element analysis and by voltage-source inverters on-site. The derived model is validated by experimental results obtained with an example double-star interior PM (IPM) synchronous machine having the sets displaced by 30 electrical degrees. The derived transformation, and consequently, the decoupled d–q machine model, are shown to model the behavior of an actual machine with an acceptable accuracy. Thus, the proposed model is suitable to be used for the model-based control design of electric drives consisting of double-star IPM synchronous machines.

Sähkö- ja lämpöenergian tuotantomenetelmien ympäristöllisen kilpailukyvyn määrittäminen alueellista energiajärjestelmää suunniteltaessa

Työssä tarkasteltiin sähkö- ja lämpöenergian tuotantomenetelmien ympäristöllistä kilpailukykyä osana yhdyskunnan energiajärjestelmää. Sähkö- lämpöenergian tuotantomenetelmiä vertailtiin keskenään aiheutuvien kasvihuonekaasupäästöjen perusteella. Tarkastelu toteutettiin elinkaariarviointimenetelmällä. Työssä mallinnettiin pääasiassa uusiutuviin energialähteisiin perustuvia menetelmiä yhdyskunnan vuotuisen sähkö- ja lämpöenergiantarpeen täyttämiseksi. Elinkaariarviointimallin avulla vertailtiin keskenään aurinko- ja tuulisähköpainotteista ja CHP-painotteista energiajärjestelmää. Lisäksi työssä arvioitiin aurinko- ja tuulisähköntuotantoa sekä CHP-tuotantoa nettoenergianäkökulmasta. Työn tulosten pohjalta voidaan olettaa, että kokonaisvaltaisesti paras energianhankintavaihtoehto on usean eri sähkö- ja lämpöenergiantuotantomenetelmän yhdistelmä. Alhainen päästötaso tietyssä kategoriassa on yhdentekevää, jos energiaa ei ole saatavissa silloin, kun sitä tarvitaan. Lisäksi on tärkeää huomata, että uusiutuvien energialähteiden hyödynnettävyys riippuu vahvasti alueellisista erityispiirteistä, kuten aurinko- ja tuuliolosuhteista. Tästä johtuen kestävän energiajärjestelmän suunnittelussa alueellisten ominaisuuksien huomiointi on tärkeää. Mikä tietyllä alueella osoittautuu parhaimmaksi ratkaisuksi, ei välttämättä ole sitä toisenlaisessa ympäristössä.

A Modified phosphate-carrier protein theory is proposed as a non-target site mechanism For glyphosate resistance in weeds

Glyphosate is an herbicide that inhibits the enzyme 5-enolpyruvyl-shikimate-3-phosphate synthase (EPSPs) (EC 2.5.1.19). EPSPs is the sixth enzyme of the shikimate pathway, by which plants synthesize the aromatic amino acids phenylalanine, tyrosine, and tryptophan and many compounds used in secondary metabolism pathways. About fifteen years ago it was hypothesized that it was unlikely weeds would evolve resistance to this herbicide because of the limited degree of glyphosate metabolism observed in plants, the low resistance level attained to EPSPs gene overexpression, and because of the lower fitness in plants with an altered EPSPs enzyme. However, today 20 weed species have been described with glyphosate resistant biotypes that are found in all five continents of the world and exploit several different resistant mechanisms. The survival and adaptation of these glyphosate resistant weeds are related toresistance mechanisms that occur in plants selected through the intense selection pressure from repeated and exclusive use of glyphosate as the only control measure. In this paper the physiological, biochemical, and genetic basis of glyphosate resistance mechanisms in weed species are reviewed and a novel and innovative theory that integrates all the mechanisms of non-target site glyphosate resistance in plants is presented.

Litter accumulation and its effect on seedling recruitment in a Southeast Brazilian Tropical Forest

Litter directly and indirectly affects germination and development of seedlings through physical and chemical effects, being an important factor in the determination of plant community. The monthly accumulation of litter was studied from November 1996 to September 1998 and its relation to climatic factors (such as rainfall, photoperiod and temperature). Also the litter effect on the recruitment of seedlings was observed in the Mata de Santa Genebra (22°49'45" S - 47°06'33" W). The correlation between litter accumulation and climatic factors was very weak. Under the canopy, the removal of the litter layer increased seedling emergence. Seedling mortality was very high, even in the rainy season. This can be due possibly by the low light intensity under the canopy.

Virtual Testing of Active Magnetic Bearing Systems based on Design Guidelines given by the Standards

Active Magnetic Bearings offer many advantages that have brought new applications to the industry. However, similarly to all new technology, active magnetic bearings also have downsides and one of those is the low standardization level. This thesis is studying mainly the ISO 14839 standard and more specifically the system verification methods. These verifying methods are conducted using a practical test with an existing active magnetic bearing system. The system is simulated with Matlab using rotor-bearing dynamics toolbox, but this study does not include the exact simulation code or a direct algebra calculation. However, this study provides the proof that standardized simulation methods can be applied in practical problems.

Effects of metformin treatment on luteal phase progesterone concentration in polycystic ovary syndrome

The causes of luteal phase progesterone deficiency in polycystic ovary syndrome (PCOS) are not known. To determine the possible involvement of hyperinsulinemia in luteal phase progesterone deficiency in women with PCOS, we examined the relationship between progesterone, luteinizing hormone (LH) and insulin during the luteal phase and studied the effect of metformin on luteal progesterone levels in PCOS. Patients with PCOS (19 women aged 18-35 years) were treated with metformin (500 mg three times daily) for 4 weeks prior to the test cycle and throughout the study period, and submitted to ovulation induction with clomiphene citrate. Blood samples were collected from control (N = 5, same age range as PCOS women) and PCOS women during the late follicular (one sample) and luteal (3 samples) phases and LH, insulin and progesterone concentrations were determined. Results were analyzed by one-way analysis of variance (ANOVA), Duncan's test and Karl Pearson's coefficient of correlation (r). The endocrine study showed low progesterone level (4.9 ng/ml) during luteal phase in the PCOS women as compared with control (21.6 ng/ml). A significant negative correlation was observed between insulin and progesterone (r = -0.60; P < 0.01) and between progesterone and LH (r = -0.56; P < 0.05) concentrations, and a positive correlation (r = 0.83; P < 0.001) was observed between LH and insulin. The study further demonstrated a significant enhancement in luteal progesterone concentration (16.97 ng/ml) in PCOS women treated with metformin. The results suggest that hyperinsulinemia/insulin resistance may be responsible for low progesterone levels during the luteal phase in PCOS. The luteal progesterone level may be enhanced in PCOS by decreasing insulin secretion with metformin.

Social disability of Brazilian mood disorder patients

Mood disorders cause many social problems, often involving family relationships. Few studies are available in the literature comparing patients with bipolar, unipolar, dysthymic, and double depressive disorders concerning these aspects. In the present study, demographic and disease data were collected using a specifically prepared questionnaire. Social adjustment was assessed using the Disability Adjustment Scale and family relationships were evaluated using the Global Assessment of Relational Functioning Scale. One hundred patients under treatment for at least 6 months were evaluated at the Psychiatric Outpatient Clinic of the Botucatu School of Medicine, UNESP. Most patients were women (82%) more than 50 (49%) years old with at least two years of follow-up, with little schooling (62% had less than 4 years), and of low socioeconomic level. Logistic regression analysis showed that a diagnosis of unipolar disorder (P = 0.003, OR = 0.075, CI = 0.014-0.403) and dysthymia (P = 0.001, OR = 0.040, CI = 0.006-0.275) as well as family relationships (P = 0.002, OR = 0.953, CI = 0914-0.992) played a significant role in social adjustment. Unipolar and dysthymic patients presented better social adjustment than bipolar and double depressive patients (P < 0.001), results that were not due to social class. These patients, treated at a teaching hospital, may represent the severest mood disorder cases. Evaluations were made knowing the diagnosis of the patients, which might also have influenced some of the results. Social disabilities among mood disorder patients are very frequent and intensive.