Effect of ecological factors on germination of horse purslane (Trianthema portulacastrum)

Trianthema portulacastrum is a very problematic summer crop weed and a complete crop failure has been observed because of this weed at high density. The effect of different ecological factors on germination of T. portulacastrum seeds collected in two different years (2009 and 2005) was studied in laboratory experiments. An increase in temperature from 25 to 35 ºC increased germination percentage of T. portulacastrum from 65 to 85%, after which germination started to decrease, reducing to 71.25% at 45 ºC. Trianthema portulacastrum had maximum germination with distilled water compared with different salt solutions and drought stress levels. Germination was significantly minimum at salinity and drought stress level of 250 mM and -0.8 MPa, respectively. Emergence of T. portulacastrum was maximum (86.25%) at 100% field capacity level but decreased sharply as field capacity decreased thereafter, and minimum emergence (30%) was recorded at field capacity level of 25%. Germination of T. portulacastrum was lowest at pH 5 and any increase in pH resulted in increased germination. A pH range of 8 to 10 had statistically similar germination. Sowing depth of 6 cm reduced the emergence of T. portulacastrum to zero. Reduction in emergence was recorded with depth increase from zero to 5 cm. Maximum emergence was recorded from soil surface (0 cm). An increase in temperature, salinity, drought, sowing depth (up to 4 cm) and a decrease in field capacity increased time to start germination/emergence, time to 50% germination/emergence and mean germination/emergence time but decreased germination/emergence index. Seeds collected during 2009 gave higher germination than old seeds collected in 2005. This information might contribute to development of effective control of T. portulacastrum.

Railways, Airports and Sea Container Operators as Publicly Listed Companies – Financial Performance and Shareholder Value Creation Perspective

Logistics infrastructure and transportation services have been the liability of countries and governments for decades, or these have been under strict regulation policies. One of the first branches opened for competition in EU as well as in other continents, has been air transports (operators, like passenger and freight) and road transports. These have resulted on lower costs, better connectivity and in most of the cases higher service quality. However, quite large amount of other logistics related activities are still directly (or indirectly) under governmental influence, e.g. railway infrastructure, road infrastructure, railway operations, airports, and sea ports. Due to the globalization, governmental influence is not that necessary in this sector, since transportation needs have increased with much more significant phase as compared to economic growth. Also freight transportation needs do not correlate with passenger side, due to the reason that only small number of areas in the world have specialized in the production of particular goods. Therefore, in number of cases public-private partnership, or even privately owned companies operating in these sub-branches have been identified as beneficial for countries, customers and further economic growth. The objective of this research work is to shed more light on these kinds of experiments, especially in the relatively unknown sub-branches of logistics like railways, airports and sea container transports. In this research work we have selected companies having public listed status in some stock exchange, and have needed amount of financial scale to be considered as serious company rather than start-up phase venture. Our research results show that railways and airports usually need high fixed investments, but have showed in the last five years generally good financial performance, both in terms of profitability and cash flow. In contrary to common belief of prosperity in globally growing container transports, sea vessel operators of containers have not shown that impressive financial performance. Generally margins in this business are thin, and profitability has been sacrificed in front of high growth – this also concerns cash flow performance, which has been lower too. However, as we examine these three logistics sub-branches through shareholder value development angle during time period of 2002-2007, we were surprised to find out that all of these three have outperformed general stock market indexes in this period. More surprising is the result that financially a bit less performing sea container transportation sector shows highest shareholder value gain in the examination period. Thus, it should be remembered that provided analysis shows only limited picture, since e.g. dividends were not taken into consideration in this research work. Therefore, e.g. US railway operators have disadvantage to other in the analysis, since they have been able to provide dividends for shareholders in long period of time. Based on this research work we argue that investment on transportation/logistics sector seems to be safe alternative, which yields with relatively low risk high gain. Although global economy would face smaller growth period, this sector seems to provide opportunities in more demanding situation as well.

Stock Market reaction to the CSR announcements of American fast food companies

The purpose of this study is to examine whether Corporate Social Responsibility (CSR) announcements of the three biggest American fast food companies (McDonald’s, YUM! Brands and Wendy’s) have any effect on their stock returns as well as on the returns of the industry index (Dow Jones Restaurants and Bars). The time period under consideration starts on 1st of May 2001 and ends on 17th of October 2013. The stock market reaction is tested with an event study utilizing CAPM. The research employs the daily stock returns of the companies, the index and the benchmarks (NASDAQ and NYSE). The test of combined announcements did not reveal any significant effect on the index and McDonald’s. However the stock returns of Wendy’s and YUM! Brands reacted negatively. Moreover, the company level analyses showed that to their own CSR releases McDonald’s stock returns respond positively, YUM! Brands reacts negatively and Wendy’s does not have any reaction. Plus, it was found that the competitors of the announcing company tend to react negatively to all the events. Furthermore, the division of the events into sustainability categories showed statistically significant negative reaction from the Index, McDonald’s and YUM! Brands towards social announcements. At the same time only the index was positively affected by to the economic and environmental CSR news releases.

Distribution channel plan for wound care products: Case 3M Finland Ltd.

The aim of this master’s thesis was to make a qualitative marketing research and on the basis of this to develop a distribution plan for the case company Finnish 3M Ltd.’s wound care products. The literature review includes three important parts: distribution channel planning, the buying behavior of seniors, and special characteristics of health care products’ marketing. The empirical part of this thesis comprises two different parts. The first part is a marketing research, in which the buying behavior of wound care products is studied in Espoo. The research aim was to examine, in which distribution channels the wound care patients under home care would most preferably buy wound care products during the time period, when municipalities will not yet provide the products for free. The data was collected through semi-structured phone interviews and regular interviews, and was treated qualitatively and anonymously. The study revealed that the recommendations of nurses and doctors influenced most the buying behavior of wound care customers. In the second part of the thesis a distribution channel plan for wound care products was made for the case company 3M Finland Ltd. based on the results. 3M Finland Ltd. should focus on pharmacies, online-stores and municipal health centers as their main distributors.

Asuinkerrostalon lämmöntuottojärjestelmän optimointi elinkaarikustannusten perusteella hyödynnettäessä lämpöpumpulla useita lämmönlähteitä

The basis of this thesis was to optimize heat pump that uses multiple heat sources to get competitive heating system for residential building when life cycle costs are considered. The objectives were to compile necessary information to calculate life cycle costs for heating system of residential building and start to compose of designing program for heat pump based heating systems. Examinations were made for the purchase energy need of residential building. Features of heat pump, considered refrigerant and potential heat sources were examined to find out heat production potential of heat pumps. Necessary information for life cycle cost calculation was also examined. Collected data was used in two case analyses to design selected heat production systems and calculate their life cycle costs. On the basis of case analyses heat pump based hybrid heat production systems are very competitive on life cycle cost comparison against district heating when residential building uses a lot of energy. New buildings use considerably less energy and achieved energy cost savings with heat pump systems may not be enough to cover the relatively high investment cost in reasonable time period compared to district heating system. The calculation method was found to require further development to at least include the cooling energy need of the building. Cooling demand will continue to grow in the future, which improves the heat pump based heat production systems competitiveness compared to other systems.

Effect of bacterial lipopolysaccharide on gastric emptying of liquids in rats

The objectives of the present investigation were 1) to study the effect of bacterial lipopolysaccharide (LPS) on rat gastric emptying (GE) and 2) to investigate a possible involvement of the vagus nerve in the gastric action of LPS. Endotoxin from E. coli (strain 055:B5) was administered sc, ip or iv to male Wistar rats (220-280 g body weight) at a maximum dose of 50 µg/kg animal weight. Control animals received an equivalent volume of sterile saline solution. At a given time period after LPS administration, GE was evaluated by measuring gastric retention 10 min after the orogastric infusion of a test meal (2 ml/100 g animal weight), which consisted of 0.9% NaCl plus the marker phenol red (6 mg/dl). One group of animals was subjected to bilateral subdiaphragmatic vagotomy or sham operation 15 days before the test. A significant delay in GE of the test meal was observed 5 h after iv administration of the endotoxin at the dose of 50 µg/kg animal weight. The LPS-induced delay of GE was detected as early as 30 min and up to 8 h after endotoxin administration. The use of different doses of LPS ranging from 5 to 50 µg/kg animal weight showed that the alteration of GE was dose dependent. In addition, vagotomized animals receiving LPS displayed a GE that was not significantly different from that of the sham control group. However, a participation of the vagus nerve in LPS-induced delay in GE could not be clearly demonstrated by these experiments since vagotomy itself induced changes in this gastric parameter. The present study provides a suitable model for identifying the mechanisms underlying the effects of LPS on gastric emptying

Testing Accrual-Based Model for Detecting Earnings Management: Comparison of Finland and France

The aim of this study is to test the accrual-based model suggested by Dechow et al. (1995) in order to detect and compare earnings management practices in Finnish and French companies. Also the impact of financial crisis of 2008 on earnings management behavior in these countries is tested by dividing the whole time period of 2003-2012 into two sub-periods: pre-crisis (2003-2008) and post-crisis (2009-2012). Results support the idea that companies in both countries have significant earnings management practices. During the post-crisis period companies in Finland show income inflating practices, while in France the opposite tendency is noticed (income deflating) during the same period. Results of the assumption that managers in highly concentrated companies are engaged in income enhancing practices vary in two countries. While in Finland managers are trying to show better performance for bonuses or other contractual compensation motivations, in France they avoid paying dividends or high taxes.

Employee layoff announcements and shareholder wealth: empirical evidence from Finland 2008-2013

This thesis investigates the short-term stock price reaction to layoff announcements in Finland. It also studies whether the characteristics of the firm or the layoff announcement have an impact on the stock market reaction. Standard event study methodology was utilized to examine the stock price reactions to layoffs and to test the created hypotheses. The event pool consisted of 102 publicly disclosed layoff announcements that were announced during the time period from June 2008 to December 2013. The empirical results show that the stock market reaction is strongly positive in the pre-event period of -10 to -1 with CAAR of 2,69%. The reaction is however slightly negative on the event date with AAR of -0,57%. Based on the results the conclusion is that either the managers are timing the markets or the layoffs are seen as efficiency improving acts and the market becomes aware of such actions pre-event. Additionally different characteristic hypotheses are tested to find out whether they would explain the reaction. The characteristics are: the reason stated by the management, business cycle, industry group, prior performance, leverage-ratio, the size of the company, the size of the layoff and the duration of the layoff.

Do retail investors use technical analysis? Evidence from Stuttgart stock exchange.

Tutkielma käyttää automaattista kuviontunnistusalgoritmia ja yleisiä kahden liukuvan keskiarvon leikkauspiste –sääntöjä selittääkseen Stuttgartin pörssissä toimivien yksityissijoittajien myynti-osto –epätasapainoa ja siten vastatakseen kysymykseen ”käyttävätkö yksityissijoittajat teknisen analyysin menetelmiä kaupankäyntipäätöstensä perustana?” Perusolettama sijoittajien käyttäytymisestä ja teknisen analyysin tuottavuudesta tehtyjen tutkimusten perusteella oli, että yksityissijoittajat käyttäisivät teknisen analyysin metodeja. Empiirinen tutkimus, jonka aineistona on DAX30 yhtiöiden data vuosilta 2009 – 2013, ei tuottanut riittävän selkeää vastausta tutkimuskysymykseen. Heikko todistusaineisto näyttää kuitenkin osoittavan, että yksityissijoittajat muuttavat kaupankäyntikäyttäytymistänsä eräiden kuvioiden ja leikkauspistesääntöjen ohjastamaan suuntaan.

Heart rate and body weight alterations in juvenile specimens of the tropical land snail Megalobulimus sanctipauli during dormancy

The time course of heart rate and body weight alterations during the natural period of dormancy were determined in active feeding and dormant juvenile specimens of Megalobulimus sanctipauli. In both groups, heart rate markedly decreased during the first 40 days of dormancy, tending to stabilize thereafter. This time period coincided with the decrease in environmental temperature during autumn-winter. At the end of the dormancy period, surviving active feeding and dormant snails showed a significant decrease in heart rate which, however, was significantly greater in the latter group. Total body weight decreased concomitantly with heart rate in dormant snails but remained constant in active feeding snails. Body hydration induced significant increases in weight and heart rate in surviving dormant snails. Feeding following hydration promoted a new significant increase in heart rate but not in weight. These results indicate that the decrease in heart rate observed in juvenile specimens of M. sanctipauli during dormancy may be due to at least three factors: 1) decrease in environmental temperature during autumn-winter, 2) starvation which leads to the depletion of endogenous fuel reserves and to a probable decrease in hemolymph nutrient levels, and 3) dehydration which leads to a probable decrease in hemolymph volume and venous return and/or to an increase in hemolymph osmolarity.

Genetically Modified Organisms (GMOs) and Agroecology in Agricultural Production in the United States - A Comparative Analysis.

The world’s population is growing at a rapid rate and one of the primary problems of a growing is food supply. To ensure food supply and security, the biggest companies in the agricultural sector of the United States and all over the world have collaborated to produce genetically modified organisms, including crops, that have a tendency to increase yields and are speculated to reduce pesticide use. It’s a technology that is declared to have a multitude of benefits. During the same time period another set of practices has risen to the horizon by the name of agroecology. It spreads across many different sectors such as politics, sociology, environment, health and so on. Moreover, it involves primitive organic techniques that can be applied at farm level to enhance the performance of an ecosystem to effectively decrease the negative effect on environment and health of individuals while producing good quality foods. Since both the processes proclaim sustainable development, a natural question may come in mind that which one seems more favorable? During the course of this study, genetically modified organisms (GMOs) and agroecology are compared within the sphere of social, environmental and health aspects. The results derived upon a comparative analysis of scientific literature tend to prove that GMOs pose a greater threat to the environment, health of individuals and the generalized social balance in the United States compared to agroecological practices. Economic indicators were not included in the study and more studies might be needed in the future to get a broader view on the subject.

Vertaileva tutkimus suomalaisten päivittäistavara kaupan alan yritysten likviditeetin hallinnasta vuosina 2009 - 2013

Tämän Pro gradu -tutkielman aiheena on tutkia suomalaisten päivittäistavarakaupan alan yritysten likviditeetin hallintaa vuosina 2009 - 2013. Tutkielmassa tutkitaan, millä tavalla suomalaisten päivittäistavarakaupan alan yritysten käyttöpääoman hallinta on muuttunut rajatulla ajanjaksolla. Lisäksi työssä tutkitaan millä tavoin valikoitujen yritysten kannattavuus, maksuvalmius ja vakavaraisuus ovat muuttuneet vuosina 2009 - 2013. Tutkimuksessa tarkastellaan myös, miten suomalainen päivittäistavarakauppa on kehittynyt tarkasteluajanjaksolla. Tutkimus on rajattu koskemaan neljää suurinta suomalaista päivittäistavarakaupan, pois lukien Lild Suomi Ky taloudellisten tietojen puuttumisen takia, alan ryhmittymää käyttäen kriteerinä vuoden 2013 päivittäistavaramyyntiä sekä markkinaosuuksia. Edellä mainittujen kriteerien perusteella tutkimukseen valikoitui seuraavat ryhmittymät: S-ryhmä, K-ryhmä, Suomen Lähikauppa Oy sekä Stockmann Oyj Abp.Teoriapohjaan tutkimuksessa käytetään aikaisempaa kirjallisuutta ja julkaistuja akateemisia tutkimuksia toimitusketjun ja sen hallinnasta, sekä käyttöpääomasta ja sen hallinnasta. Valikoitujen yritysten tilinpäätöstiedot on koottu Virre -tietokannasta ja toimiala tiedot tilastokeskuksen ohjelmalla PC -Axis 2008. Tutkimuksessa havaittiin käyttöpääomaprosentin ja quick ratio - tunnusluvun välillä pieniä yhtymäkohtia. Kun käyttöpääomaprosentti pienenee, quick ratio -tunnusluku paranee. Käyttöpääomaprosentin muutoksilla oli negatiivinen korrelaatio koko pääoman tuottoprosenttiin sekä liikevoittoprosenttiin. Tutkimuksen kohdeyritykset ovat pystyneet pitämään käyttöpääomaprosentin erilaisilla tehostamistoiminnoilla hyvin tasaisena tiukasta taloustilanteesta huolimatta.

Auringon asemaa seuraavan aurinkopaneelijärjestelmän kehittäminen

Tässä diplomityössä käsitellään Aurinkoa seuraavan aurinkopaneelijärjestelmän kehittämistä Suomen olosuhteisiin. Työ on tehty osana Lappeenrannan teknillisen yliopiston Green Campus-projektia, jossa tarkoituksena on tuottaa yliopistolle energiaa uusiutuvilla menetelmillä ja käyttää niitä apuna tutkimuksessa sekä opetuksessa. Tavoitteena työssä on ymmärtää Auringon seuraamisen hyödyt sekä mahdolliset haitat aurinkopaneeli sovellutuksissa. Aikaisemman tutkimustiedon ollessa vähäistä, on työssä pyritty löytämään laskentamalli tuottavuuden laskentaan riippumatta siitä, missä päin maapalloa aurinkopaneelijärjestelmä sijaitsee. Työ alkaa kirjallisuustutkimuksella, jossa käydään läpi aurinkopaneelien toimintaperiaate, aurinkoenergian ja auringonpaistetuntien suuruusluokat Suomessa, sekä Suomen sääoloista johtuvat vaatimukset aurinkopaneelijärjestelmille. Tämän jälkeen on vertailtu kaupallisia järjestelmiä. Lopuksi järjestelmällistä tuotesuunnittelua hyväksikäyttäen suunnitellaan oma versio Aurinkoa seuraavasta aurinkopaneelijärjestelmästä. Oman suunnitelman järkevyyttä simuloidaan pienoismallilla Matlab-Arduino ympäristössä ja pyritään löytämään mahdollisia heikkouksia. Suomessa aurinkoenergiasta 90 % saadaan maalis – syyskuun aikana. Nykyisillä akkujärjestelmillä aurinkoenergia Suomessa ei sovellu kuin täydentäväksi energianlähteeksi. Aurinkoa seuraamalla voidaan saavuttaa 25-30 % tuottavuuden lisäys kesäaikana verrattuna staattiseen järjestelmään. Talvella hyöty tippuu 0-10 % luokkaan. Pienoismallilla simuloidut ohjaustavat osoittivat, että Aurinkoa on mahdollista seurata ilman sensoreita laskemalla Auringon paikka tähtitieteen kaavoista.

Results of CHOP chemotherapy for diffuse large B-cell lymphoma

Patients with diffuse large B-cell lymphoma treated in a University Hospital were studied from 1990 to 2001. Two treatment regimens were used: ProMACE-CytaBOM and then, from November 1996 on, the CHOP regimen. Complete remission (CR), disease-free survival (DFS), and overall survival (OS) rates were determined. Primary refractory patients and relapsed patients were also assessed. A total of 111 patients under 60 years of age were assessed and ranked according to the international prognostic index adjusted to age. Twenty (18%) of them were classified as low risk, 40 (36%) as intermediate risk, 33 (29.7%) as high intermediate risk, and 18 (16.3%) as high risk. Over a five-year period, OS and DFS rates were 71 and 59%, respectively, for all patients. For the same time period, OS and DFS rates were 72.8 and 61.3%, respectively, for 77 patients treated with CHOP chemotherapy and 71.3 and 60% for patients treated with the ProMACE-CytaBOM protocol. There was no significant difference in OS or DFS between the two groups. Eleven of 50 refractory and relapsed patients were consolidated with high doses of chemotherapy. Three received allogenic and 8 autologous bone marrow transplantation. For the latter, CR was 62.5% and mean OS was 41.1 months. The clinical behavior, CR, DFS, and OS of the present patients were similar to those reported in the literature. We conclude that both the CHOP and ProMACE-CytaBOM protocols can be used to treat diffuse large B-cell lymphoma patients, although the CHOP protocol is preferable because of its lower cost and lower toxicity.

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