Uskonnollisesta lukemisesta monella eri taholla

Kirjallisuusarvostelu

Pohjoismaisten yhdistelmärahastojen menestyminen vuosina 1999–2012

Tämä Pro Gradu -tutkielma tarkastelee Pohjoismaisten yhdistelmärahastojen menestymistä vuosina 1999–2012. Tutkimuksen tavoitteena on tutkia rahastonhoitajien markkina-ajoituskykyä kolmella eri periodilla. Periodit koostuvat vuosista 1999–2005, 2006–2012 ja 1999–2012. Tutkimuksessa käytetään monia tunnettuja riskin huomioivia mittareita, kuten esimerkiksi Sharpen indeksiä ja Jensenin alfaa. Markkina-ajoituskykyä testataan Treynor-Mazuy ja Henriksson-Merton -malleilla. Tutkimus osoittaa, että vain harvoilla rahastonhoitajilla on markkina-ajoituskykyä. Tutkimuksesta ei myöskään löydetä viitteitä siitä, että tietyn-tyyppiset yhdistelmärahastot suoriutuisivat paremmin markkinoilla.

Newborn screening for biotinidase deficiency in Brazil: biochemical and molecular characterizations

Biotinidase deficiency is an inherited metabolic disorder characterized by neurological and cutaneous symptoms. Fortunately, it can be treated and the symptoms prevented by oral administration of the vitamin biotin. Using dried blood-soaked filter paper cards, biotinidase activity was determined in the sera of 225,136 newborns in Brazil. Mutation analysis performed on DNA from 21 babies with low serum biotinidase activity confirmed that 3 had profound biotinidase deficiency (less than 10% of mean normal sera biotinidase activity), 10 had partial biotinidase deficiency (10 to 30% of mean normal serum activity), 1 was homozygous for partial biotinidase deficiency, 4 were heterozygous for either profound or partial deficiency, and 3 were normal. Variability in serum enzyme activities and discrepancies with mutation analyses were probably due to inappropriate handling and storage of samples sent to the laboratory. Obtaining an appropriate control serum at the same time as that of the suspected child will undoubtedly decrease the false-positive rate (0.09%). Mutation analysis can be used to confirm the genotype of these children. The estimated incidence of biotinidase deficiency in Brazil is about 1 in 9,000, higher than in most other countries. Screening and treatment of biotinidase deficiency are effective and warranted. These results strongly suggest that biotinidase deficiency should be included in the newborn mass screening program of Brazil.

Ristiretkeläisten, pakanoiden ja saraseenien kohtaamisia

Kirjallisuusarvostelu

Ristiretkeläisten motivointi

Kirjallisuusarvostelu

The Performance of European Small Cap Equity Funds

The thesis examines the risk-adjusted performance of European small cap equity funds between 2008 and 2013. The performance is measured using several measures including Sharpe ratio, Treynor ratio, Modigliani measure, Jensen alpha, 3-factor alpha and 4-factor alpha. The thesis also addresses the issue of persistence in mutual fund performance. Thirdly, the relationship between the activity of fund managers and fund performance is investigated. The managerial activity is measured using tracking error and R-squared obtained from a 4-factor asset pricing model. The issues are investigated using Spearman rank correlation test, cross-sectional regression analysis and ranked portfolio tests. Monthly return data was provided by Morningstar and consists of 88 mutual funds. Results show that small cap funds earn back a significant amount of their expenses, but on average loose to their benchmark index. The evidence of performance persistence over 12-month time period is weak. Managerial activity is shown to positively contribute to fund performance

Rahapeliyhtiöiden menestys Euroopan markkinoilla

Tutkielma avartaa Eurooppalaisten rahapeliyhtiöiden menestymistä vuosien 2001 ja 2014 välillä verraten menestymistä muihin Sin stocks yrityksiin sekä Euro Stoxx 50 indeksiin. Teoriaosuus keskustelee epäeettisiin yrityksiin kohdistuvista havainnoista sekä rahapelaamisen luonteesta pyrkien esittämään havaintoja, jotka vaikuttavat rahapeliyhtiöiden ja epäeettisten yritysten menestymiseen. Menestymistä tarkastellaan kolmen menestysmittarin: Sharpen ja Treynorin luvun sekä Jensenin alfan avulla.

The use of polymerase chain reaction for early diagnosis of tuberculosis in Mycobacterium tuberculosis culture

Early diagnosis plays a vital role in controlling tuberculosis. The conventional methodology is slow, with results taking several weeks, in addition to having low sensitivity, especially in clinical paucibacillary samples. The objective of this study was to evaluate the use of polymerase chain reaction (PCR) on solid medium culture for a rapid diagnosis of tuberculosis, mainly in cases of negative sputum smears. Forty sputum samples were collected from inpatients with tuberculosis treated for less than 2 days. Bacilloscopy, PCR for sputum, culture on Löwestein-Jensen (LJ) solid medium, and daily PCR from culture were performed on each sample. DNA extracted from the BCG vaccine, which contains attenuated bacillus Calmette-Guérin, was used as the positive control. Smear microscopy showed 68.6% sensitivity, 80% specificity, 96% positive predictive value, and 26.7% negative predictive value, with culture on LJ medium as the gold standard. Culture at day 28 showed 74.3% sensitivity and 100% specificity. PCR of DNA extracted from sputum amplified a 1027-bp fragment of the 16s RNA gene, showing 22.9% sensitivity and 60% specificity. PCR performed with DNA extracted from daily culture showed that, from the 17th to the 40th day, the sensitivity (85.7%) and specificity (60%) were constant. We conclude that a 17-day culture is a good choice for rapid diagnosis and to interfere with the transmission chain of tuberculosis.

Performance of value and momentum strategies in the Swedish stock market

This thesis investigates the performance of value and momentum strategies in the Swedish stock market during the 2000-2015 sample period. In addition the performance of some value and value-momentum combination is examined. The data consists of all the publicly traded companies in the Swedish stock market between 2000-2015. P/E, P/B, P/S, EV/EBITDA, EV/S ratios and 3, 6 and 12 months value criteria are used in the portfolio formation. In addition to single selection criteria, combination of P/E and P/B (aka. Graham number), the average ranking of the five value criteria and EV/EBIT – 3 month momentum combination is used as a portfolio-formation criterion. The stocks are divided into quintile portfolios based on each selection criterion. The portfolios are reformed once a year using the April’s price information and previous year’s financial information. The performance of the portfolios is examined based on average annual return, the Sharpe ratio and the Jensen alpha. The results show that the value-momentum combination is the best-performing portfolio both during the whole sample period and during the sub-period that started after the 2007-financial crisis.

The effects of derivative use on equity fund performance

Investing in mutual funds has become more popular than ever and the amount of money invested in mutual funds registered in Finland has hit its all-time high. Mutual funds provide a relatively low-cost method for private investors to invest in stock market and achieve diversified portfolios. In finance there is always a tradeoff between risk and return, where higher expected returns can usually be achieved only by taking higher risks. Diversifying the portfolio gets rid some of the risk but systematic risk cannot be diversified away. These risks can be managed by hedging the investments with derivatives. The use of derivatives should improve the performance of the portfolios using them compared to the funds that don’t. However, previous studies have shown that the risk exposure and return performance of derivative users does not considerably differ from nonusers. The purpose of this study is to examine how the use of derivatives affects the performance of equity funds. The funds studied were 155 equity funds registered in Finland in 2013. Empirical research was done by studying the derivative use of the funds during a 6-year period between 2008–2013. The performance of the funds was studied quantitatively by using several different performance measures used in mutual fund industry; Sharpe Ratio, Treynor Ratio, Jensen's alpha, Sortino Ratio, M2 and Omega Ratio. The effect of derivative use on funds' performance was studied by using a dummy variable and comparing performance measures of derivative-users and nonusers. The differences in performance measures between the two groups were analyzed with statistical tests. The hypothesis was that funds' derivative use should improve their performance relative to the funds that don't use them. The results of this study are in line with previous studies that state that the use of derivatives does not improve mutual funds' performance. When performance was measured with Jensen's alpha, funds that did not use derivatives performed better than the ones that used them. When measured with other performance measures, the results didn’t differ between two groups.

Globaalia yrityshistoriaa Suomessa

Perustuu tekijän Helsingin yliopistossa 4.12.2013 pitämään yrityshistorian professuurin juhlaluentoon.

The interpretation of music videos : an interactive relationship between medium and viewer

There is a great deal of evidence to support the examination of an interactive relationship between the medium and the viewer in the interpretation of mainstream media. The exact nature of this relationship, however, is not well understood. The current study was carried out to assess the variables that may help explain why certain people interpret media, such as music videos, differently than others. Jensen's concept of reception analysis describes the relationship between the medium and the audience, and thus remains a strong focus within this study. Differences in the interpretation of music videos were investigated as a function of Absorption, gender role, screen size, age and viewing experience. Multiple regression analyses uncovered independent predictions of sexuality and violence scores by absorption and experience, as well as an interaction between absorption and screen size in the sexuality rating of the music videos.