Effects of Government Ownership on Firm Performance: Evidence from Finnish Companies

Tutkimuksen tarkoituksena on selvittää, miten valtionomistajuus vaikuttaa yrityksen suorituskykyyn suomalaisissa pörssinoteeratuissa valtionyhtiöissä, joissa valtio toimii pää- tai osaomistajana. Suorituskykyä tutkitaan kandella eri menetelmällä. Ensin tutkitaan osaketuottoja Jensenin alfan avulla, jonka jälkeen suoritetaan tilinpäätöstunnuslukujen toimialavertailu. Tutkimuksen teoriaosuudessa esitetään yksityistämisen tuottamia etuja yrityksen taloudelliseen suorituskykyyn, sekä myöskin valtionomistajuuden tuottamia etuja. Lisäksi teoriaosuudessa käsitellään aikaisempien empiiristen tutkimusten tuloksia valtionomistajuuden vaikutuksista. Tämän tutkimuksen empiirisessä osiossa käytettävä data on saatu osakedatan osalta Datastreamista ja tilinpäätöstunnuslukujen osalta Balance Consulting Oy:ltä. Kokonaisosakedataa koskeva tutkimus Jensenin alfalla ei osoittanut valtionyhtiöiden toimivan tehottomasti, vaan osoitti yritysten kyenneen tuottamaan epänormaaleja tuottoja riskitasoonsa nähden. Vuositasolle pilkotun datan analysointi sen sijaan tuotti useita negatiivisia alfoja yrityksille eli merkkejä tehottomuudesta tiettyinä vuosina. Lisäksi tilinpäätöstunnuslukujen analysointi osoitti osan valtionyhtiöistä olleen pääosin omaa toimialaansa tehottomampia, kun taas osa kykenipäihittämään toimialansa.

Value added logistical support service: logistics cost structure and performance in the new concept. Part 3

The aim of this study is to present an Activity-Based Costing spreadsheet tool for analyzing the logistics costs. The tool can be used both by customer-companies and logistics service providers. The study discusses the influence of different activity models on costs. Additionally this paper discusses about the logistical performance across the total supply chain This study is carried out using ananalytical research approach and literature material has been used for supplementing the concerned research approach. Cost structure analysis was based on the theory of activity-based management. This study was outlined to spare part logistics in machine-shop industry. The outlines of logistics services and logisticalperformance discussed in this report are based on the new logistics business concept (LMS-concept), which has been presented earlier in the Valssi-project. Oneof the aims of this study is to increase awareness of different activity modelson logistics costs. The report paints an overall picture about the business environment and requirements for the new logistics concept.

Évaluation d'une structure gériatrique entre l'ambulatoire et l'hospitalier [Geriatric institutions, between ambulatory and hospital care: patients' description and performance assessment].

Introduction : Décrire les patients d'une structure gériatrique offrant des hospitalisations de courte durée, dans un contexte ambulatoire, pour des situations gériatriques courantes dans le canton de Genève (Suisse). Mesurer les performances de cette structure en termes de qualité des soins et de coûts. Méthodes : Des données relatives au profil des 100 premiers patients ont été collectées (huit mois), ainsi qu'aux prestations, aux ressources et aux effets (réadmissions, décès, satisfaction, complications) de manière à mesurer différents indicateurs de qualité et de coûts. Les valeurs observées ont été systématiquement comparées aux valeurs attendues, calculées à partir du profil des patients. Résultats : Des critères d'admission ont été fixés pour exclure les situations dans lesquelles d'autres structures offrent des soins mieux adaptés. La spécificité de cette structure intermédiaire a été d'assurer une continuité des soins et d'organiser d'emblée le retour à domicile par des prestations de liaison ambulatoire. La faible occurrence des réadmissions potentiellement évitables, une bonne satisfaction des patients, l'absence de décès prématurés et le faible nombre de complications suggèrent que les soins médicaux et infirmiers ont été délivrés avec une bonne qualité. Le coût s'est révélé nettement plus économique que des séjours hospitaliers après ajustement pour la lourdeur des cas. Conclusion : L'expérience-pilote a démontré la faisabilité et l'utilité d'une unité d'hébergement et d'hospitalisation de court séjour en toute sécurité. Le suivi du patient par le médecin traitant assure une continuité des soins et évite la perte d'information lors des transitions ainsi que les examens non pertinents. INTRODUCTION: To describe patients admitted to a geriatric institution, providing short-term hospitalizations in the context of ambulatory care in the canton of Geneva. To measure the performances of this structure in terms of quality ofcare and costs. METHOD: Data related to the clinical,functioning and participation profiles of the first 100 patients were collected. Data related to effects (readmission, deaths, satisfaction, complications), services and resources were also documented over an 8-month period to measure various quality and costindicators. Observed values were systematically compared to expected values, adjusted for case mix. RESULTS: Explicit criteria were proposed to focus on the suitable patients, excluding situations in which other structures were considered to be more appropriate. The specificity of this intermediate structure was to immediately organize, upon discharge, outpatient services at home. The low rate of potentially avoidable readmissions, the high patient satisfaction scores, the absence of premature death and the low number of iatrogenic complications suggest that medical and nursing care delivered reflect a good quality of services. The cost was significantly lower than expected, after adjusting for case mix. CONCLUSION: The pilot experience showed that a short-stay hospitalization unit was feasible with acceptable security conditions. The attending physician's knowledge of the patients allowed this system tofocus on essential issues without proposing inappropriate services.

Investigating the impact of small versus large firms on economic performance of countries and industries

Following earlier work by Audretsch et al. (2002), we assume that an optimal size-class structure exists, in terms of achieving maximal economic growth rates. Such an optimal structure is likely to exist as economies need a balance between the core competences of large firms (such as exploitation of economies of scale) and those of smaller firms (such as flexibility and exploration of new ideas). Accordingly, changes in size-class structure (i.e., changes in the relative shares in economic activity accounted for by micro, small, medium-sized and large firms) may affect macro-economic growth. Using a unique data base of the EU-27 countries for the period 2002-2008 for five broad sectors of economic activity and four size-classes, we find empirical support which suggests that, on average for these countries over this period, the share of micro and large firms may have been ‘above optimum’ (particularly in lower income EU countries) whereas the share of medium-sized firms may have been ‘below optimum’ (particularly in higher income EU countries). This evidence suggests that the transition from a ‘managed’ to an ‘entrepreneurial’ economy (Audretsch and Thurik, 2001) has not been completed yet in all countries of the EU-27. Keywords: small firms, large firms, size-classes, macro-economic performance

Characterization and catalytic performance of potassium loaded on rice husk silica and zeolite nay for transesterification of jatropha seed oil

Rice husk silica (RHS) and NaY were used as supports for potassium (K) prepared from acetate buffer (B) and acetate (A) solutions. K loading did not destroy the NaY structure, but it caused a decrease in the surface area; the K species resided in micropores and on the external surface. In contrast, K loading resulted in the collapse and a decrease in the surface area of RHS. It was found that 12K/NaY-B was the most active catalyst for the transesterification of Jatropha seed oil. The minimum K content in K/NaY-B that provided complete conversion of the Jatropha seed oil was 11 wt%, and the biodiesel yield was 77.9%.

SYNGAS PRODUCTION FROM CO2-REFORMING OF CH4 OVER SOL-GEL SYNTHESIZED Ni-Co/Al2O3-MgO-ZrO2 NANOCATALYST: EFFECT OF ZrO2 PRECURSOR ON CATALYST PROPERTIES AND PERFORMANCE

Ni-Co/Al2O3-MgO-ZrO2 nanocatalyst with utilization of two different zirconia precursors, namely, zirconyl nitrate hydrate (ZNH) and zirconyl nitrate solution (ZNS), was synthesized via the sol-gel method. The physiochemical properties of nanocatalysts were characterized by XRD, FESEM, EDX, BET and FTIR analyses and employed for syngas production from CO2-reforming of CH4. XRD patterns, exhibiting proper crystalline structure and homogeneous dispersion of active phase for the nanocatalyst ZNS precursor employed (NCAMZ-ZNS). FESEM and BET results of NCAMZ-ZNS presented more uniform morphology and smaller particle size and consequently higher surface areas. In addition, average particle size of NCAMZ-ZNS was 15.7 nm, which is close to the critical size for Ni-Co catalysts to avoid carbon formation. Moreover, FESEM analysis indicated both prepared samples were nanoscale. EDX analysis confirmed the existence of various elements used and also supported the statements made in the XRD and FESEM analyses regarding dispersion. Based on the excellent physiochemical properties, NCAMZ-ZNS exhibited the best reactant conversion across all of the evaluated temperatures, e.g. CH4 and CO2 conversions were 97.2 and 99% at 850 ºC, respectively. Furthermore, NCAMZ-ZNS demonstrated a stable yield with H2/CO close to unit value during the 1440 min stability test.

Mechanical design and analysis of modular active magnetic bearing test rig

Tässä työssä on tutkittu modulaarisen aktiivimagneettilaakeroidun koelaitteen mekaanista suunnittelua ja analysointia. Suurnopeusroottorin suunnittelun teoria on esitelty. Lisäksi monia analyyttisiä mallinnusmenetelmiä mekaanisten kuormitusten mallintamiseksi on esitelty. Koska kyseessä on suurnopeussähkökone, roottoridynamiikka ja sen soveltuvuus suunnittelussa on esitelty. Magneettilaakerien rakenteeseen ja toimintaan on tutustuttu osana tätä työtä. Kirjallisuuskatsaus nykyisistä koelaitteista esimerkiksi komponenttien ominaisuuksien tunnistamiseen ja roottoridynamiikan tutkimuksiin on esitelty. Työn rajauksena on konseptisuunnittelu muunneltavalle magneettilaakeroidulle (AMB) koelaitteelle ja suunnitteluprosessin dokumentointi. Muunneltavuuteen päädyttiin, koska se mahdollistaa erilaisten komponenttiasetteluiden testaamisen erilaisille magneettilaakerikokoonpanoille ja roottoreille. Pääpaino tässä työssä on suurnopeus induktiokoneen roottorin suunnittelussa ja mallintamisessa. Modulaaristen toimilaitteiden kuten magneettilaakerien ja induktiosähkömoottorin rakenne on esitelty ja modulaarisen rakenteen käytettävyyden hyödyistä koelaitekäytössä on dokumentoitu. Analyyttisiä ja elementtimenetelmään perustuvia tutkimusmenetelmiä on käytetty tutkittaessa suunniteltua suurnopeusroottoria. Suunnittelun ja analysoinnin tulokset on esitelty ja verrattu keskenään eri mallinnusmenetelmien välillä. Lisäksi johtopäätökset sähkömagneettisten osien liittämisen monimutkaisuudesta ja vaatimuksista roottoriin ja toimilaitteisiin sekä mekaanisten että sähkömagneettisten ominaisuuksien optimoimiseksi on dokumentoitu.

Adolescent girls and mathematics: classroom performance, attitudes toward mathematics and perceptions of parental attitudes /

The purpose of this study was to determine the extent to which gender differences exist in student attitudes toward mathematics and in their performance in mathematics at the Grade Seven and Eight level. The study also questioned how parents influence the attitudes of this grade level of male and female students toward mathematics. Historically, the literature has demonstrated gender differences in the attitudes of students toward mathematics, and in parental support for classroom performance in mathematics. This study was an attempt to examine these differences at one senior public school in the Peel Board of Education. One hundred three Grade Seven and Eight students at a middle school in the Peel Board of Education volunteered to take part in a survey that examined their attitudes toward mathematics, their perceptions of their parents' attitudes toward mathematics and support for good performance in the mathematics classroom, parental expectations for education and future career choices. Gender differences related to performance levels in the mathematics classroom were examined using Pearson contingency analyses. Items from the survey that showed significant differences involved confidence in mathematics and confidence in writing mathematics tests, as well as a belief in the ability to work on mathematics problems. Male students in both the high and low performance groups demonstrated higher levels of confidence than the females in those groups. Female students, however, indicated interest in careers that would require training and knowledge of higher mathematics. Some of the reasons given to explain the gender differences in confidence levels included socialization pressures on females, peer acceptance, and attribution of success. Perceived parental support showed no significant differences across gender groups or performance levels. Possible explanations dealt with the family structure of the participants in the study. Studies that, in the past, have demonstrated gender differences in confidence levels were supported by this study, and discussed in detail. Studies that reported on differences in parental support for student performance, based on the gender of the parent, were not confirmed by this study, and reasons for this were also discussed. The implications for the classroom include: 1) build on the female students' strengths that will allow them to enjoy their experiences in mathematics; 2) stop using the boys as a comparison group; and 3) make students more aware of the need to continue studying mathematics to ensure a wider choice of future careers.

Examining the influence of the coach athlete relationship on motivation and performance in female rugby players

The purpose of the study was two-fold; first, the association between interpersonal coaching styles and self-determined motivation was examined, followed by the investigation of the motivation-performance relationship. Participants included 221 female Canadian Interuniversity Sport (CIS) rugby players, aged sixteen to thirty-three (M= 20.1: SD = 2.26), who reported the number of years they played CIS rugby (M= 2.3: SD = 1.37) and organized rugby (M= 5.9: SD = 2.31). Multiple and bivariate regressions were employed with autonomy-support, structure, and involvement accounting for 17%, 41 % and 22% of the variance of competence, autonomy and relatedness. The three basic needs accounted for 40% of the variance of motivation, and motivation accounted for 2% of the variance of athletes' perceptions of performance. Findings indicated that autonomy-support emerged as a predictor of all three basic needs, involvement predicted relatedness and competence, autonomy predicted motivation, and motivation predicted athletes' perception of performance.

Towards a better understanding of the relationship between speed of internationalization and performance outcomes among young international ventures

This thesis offers an explanation for the inconsistent relationship between speed of internationalization and performance outcomes in the context of young international ventures. We argue that the variables of scope of internationalization, entrepreneurial orientation and degree of internationalization play a moderating role in the relationship between speed of internationalization and performance outcomes of international new ventures (INVs). Using primary survey data from INVs in China, we found empirical support for significant moderating impact of scope of internationalization, entrepreneurial orientation variables and no support for the moderating impact of degree of internationalization variable. The results suggest that business managers of INVs shall consider the applied moderating variables as an effective tool kit to enhance firm performance in foreign markets and to mitigate any potential risks of early internationalization.

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

Influence Of Forecasting, Planning And Controlling On The Performance Of Small And Medium Enterprises

Production Planning and Control (PPC) systems have grown and changed because of the developments in planning tools and models as well as the use of computers and information systems in this area. Though so much is available in research journals, practice of PPC is lagging behind and does not use much from published research. The practices of PPC in SMEs lag behind because of many reasons, which need to be explored This research work deals with the effect of identified variables such as forecasting, planning and control methods adopted, demographics of the key person, standardization practices followed, effect of training, learning and IT usage on firm performance. A model and framework has been developed based on literature. Empirical testing of the model has been done after collecting data using a questionnaire schedule administered among the selected respondents from Small and Medium Enterprises (SMEs) in India. Final data included 382 responses. Hypotheses linking SME performance with the use of forecasting, planning and controlling were formed and tested. Exploratory factor analysis was used for data reduction and for identifying the factor structure. High and low performing firms were classified using a Logistic Regression model. A confirmatory factor analysis was used to study the structural relationship between firm performance and dependent variables.

Surface structure and stability of PdZn and PtZn alloys: Density-functional slab model studies

Geometric parameters of binary (1:1) PdZn and PtZn alloys with CuAu-L10 structure were calculated with a density functional method. Based on the total energies, the alloys are predicted to feature equal formation energies. Calculated surface energies of PdZn and PtZn alloys show that (111) and (100) surfaces exposing stoichiometric layers are more stable than (001) and (110) surfaces comprising alternating Pd (Pt) and Zn layers. The surface energy values of alloys lie between the surface energies of the individual components, but they differ from their composition weighted averages. Compared with the pure metals, the valence d-band widths and the Pd or Pt partial densities of states at the Fermi level are dramatically reduced in PdZn and PtZn alloys. The local valence d-band density of states of Pd and Pt in the alloys resemble that of metallic Cu, suggesting that a similar catalytic performance of these systems can be related to this similarity in the local electronic structures.

Natural resource windfalls and efficiency of local government expenditures: evidence from Peru

We study the role of natural resource windfalls in explaining the efficiency of public expenditures. Using a rich dataset of expenditures and public good provision for 1,836 municipalities in Peru for period 2001-2010, we estimate a non-monotonic relationship between the efficiency of public good provision and the level of natural resource transfers. Local governments that were extremely favored by the boom of mineral prices were more efficient in using fiscal windfalls whereas those benefited with modest transfers were more inefficient. These results can be explained by the increase in political competition associated with the boom. However, the fact that increases in efficiency were related to reductions in public good provision casts doubts about the beneficial effects of political competition in promoting efficiency.