Time-varying Risk Premiums and Conditional Market Risk: Empirical Evidence from European Stock Markets

This study investigates the relationship between the time-varying risk premiums and conditional market risk in the stock markets of the ten member countries of Economy and Monetary Union. Second, it examines whether the conditional second moments change over time and are there asymmetric effects in the conditional covariance matrix. Third, it analyzes the possible effects of the chosen testing framework. Empirical analysis is conducted using asymmetric univariate and multivariate GARCH-in-mean models and assuming three different degrees of market integration. For a daily sample period from 1999 to 2007, the study shows that the time-varying market risk alone is not enough to explain the dynamics of risk premiums and indications are found that the market risk is detected only when its price is allowed to change over time. Also asymmetric effects in the conditional covariance matrix, which is found to be time-varying, are clearly present and should be recognized in empirical asset pricing analyses.

Ultralujasta teräksestä valmistetun henkilönostimen teleskooppipuomin kehittäminen

Tässä työssä kehitettiin palo- ja pelastuskäyttöön tarkoitettuun henkilönostimeen teleskooppipuomin profiilit. Profiilien valmistusmateriaalina oli kuumavalssattu, ultraluja säänkestävä rakenneteräs. Työssä kehitettiin standardien ja ohjeiden pohjalta laskentapohja, jolla voidaan tutkia teleskooppipuomin jaksojen tukireaktioita, taivutus- ja vääntömomentteja ja leikkaus ja normaalivoimia. Laskentapohjassa voidaan varioida eri kuormitusten suuntia, teleskooppipuomin sivusuuntaista ulottumaa ja nostokulmaa. Profiilien alustavassa mitoituksessa hyödynnettiin paikallisen lommahduksen huomioon ottavia standardeja ja suunnitteluohjeita. Eri poikkileikkausten ominaisuuksia verrattiin keskenään ja profiili valittiin yhdessä kohdeyrityksen kanssa. Alustavan mitoituksen yhteydessä muodostettiin apuohjelma valitulle poikkileikkaukselle, jolla voitiin tutkia profiilin eri muuttujien vaikutusta mm. paikalliseen lommahdukseen ja jäykkyyteen. Laskentapohjaan sisällytettiin myös optimointirutiini, jolla voitiin minimoida poikkileikkauksen pinta-ala ja tätä kautta profiilin massa. Lopullinen mitoitus suoritettiin elementtimenetelmällä. Mitoituksessa tutkittiin alustavasti mitoitettujen profiilien paikallista lommahdusta lineaarisen stabiilius- ja epälineaarisen analyysin pohjalta. Profiilien jännityksiä tutkittiin tarkemmin mm. varioimalla kuormituksia ja osittelemalla elementtien normaalijännityksiä. Diplomityössä kehitetyllä ja analysoidulla teleskooppipuomilla voitiin keventää jaksojen painoja 15-30 %. Sivusuuntainen ulottuma parani samalla lähes 20 % ja nimelliskuorma kasvoi 25 %.

Unsupervised visual object categorization

The number of digital images has been increasing exponentially in the last few years. People have problems managing their image collections and finding a specific image. An automatic image categorization system could help them to manage images and find specific images. In this thesis, an unsupervised visual object categorization system was implemented to categorize a set of unknown images. The system is unsupervised, and hence, it does not need known images to train the system which needs to be manually obtained. Therefore, the number of possible categories and images can be huge. The system implemented in the thesis extracts local features from the images. These local features are used to build a codebook. The local features and the codebook are then used to generate a feature vector for an image. Images are categorized based on the feature vectors. The system is able to categorize any given set of images based on the visual appearance of the images. Images that have similar image regions are grouped together in the same category. Thus, for example, images which contain cars are assigned to the same cluster. The unsupervised visual object categorization system can be used in many situations, e.g., in an Internet search engine. The system can categorize images for a user, and the user can then easily find a specific type of image.

Profiles of Second Language Learners in Bilingual Education: A Comparative Study of the Characteristics of Finnish and American Students

The purpose of this comparative study is to profile second language learners by exploring the factors which have an impact on their learning. The subjects come from two different countries: one group comes from Milwaukee, US, and the other from Turku, Finland. The subjects have attended bilingual classes from elementary school to senior high school in their respective countries. In the United States, the subjects (N = 57) started in one elementary school from where they moved on to two high schools in the district. The Finnish subjects (N = 39) attended the same school from elementary to high school. The longitudinal study was conducted during 1994-2004 and combines both qualitative and quantitative research methods. A Pilot Study carried out in 1990-1991 preceded the two subsequent studies that form the core material of this research. The theoretical part of the study focuses first on language policies in the United States and Finland: special emphasis is given to the history, development and current state of bilingual education, and the factors that have affected policy-making in the provision of language instruction. Current language learning theories and models form the theoretical foundation of the research, and underpin the empirical studies. Cognitively-labeled theories are at the forefront, but sociocultural theory and the ecological approach are also accounted for. The research methods consist of questionnaires, compositions and interviews. A combination of statistical methods as well as content analysis were used in the analysis. The attitude of the bilingual learners toward L1 and L2 was generally positive: the subjects enjoyed learning through two languages and were motivated to learn both. The knowledge of L1 and parental support, along with early literacy in L1, facilitated the learning of L2. This was particularly evident in the American subject group. The American subjects’ L2 learning was affected by the attitudes of the learners to the L1 culture and its speakers. Furthermore, the negative attitudes taken by L1 speakers toward L2 speakers and the lack of opportunities to engage in activities in the L1 culture affected the American subjects’ learning of L2, English. The research showed that many American L2 learners were isolated from the L1 culture and were even afraid to use English in everyday communication situations. In light of the research results, a politically neutral linguistic environment, which the Finnish subjects inhabited, was seen to be more favorable for learning. The Finnish subjects were learning L2, English, in a neutral zone where their own attitudes and motivation dictated their learning. The role of L2 as a means of international communication in Finland, as opposed to a means of exercising linguistic power, provided a neutral atmosphere for learning English. In both the American and Finnish groups, the learning of other languages was facilitated when the learner had a good foundation in their L1, and the learning of L1 and L2 were in balance. Learning was also fostered when the learners drew positive experiences from their surroundings and were provided with opportunities to engage in activities where L2 was used.

Improving Evaluation and Development Capability in Verification and Validation

Validation and verification operations encounter various challenges in product development process. Requirements for increasing the development cycle pace set new requests for component development process. Verification and validation usually represent the largest activities, up to 40 50 % of R&D resources utilized. This research studies validation and verification as part of case company's component development process. The target is to define framework that can be used in improvement of the validation and verification capability evaluation and development in display module development projects. Validation and verification definition and background is studied in this research. Additionally, theories such as project management, system, organisational learning and causality is studied. Framework and key findings of this research are presented. Feedback system according of the framework is defined and implemented to the case company. This research is divided to the theory and empirical parts. Theory part is conducted in literature review. Empirical part is done in case study. Constructive methode and design research methode are used in this research A framework for capability evaluation and development was defined and developed as result of this research. Key findings of this study were that double loop learning approach with validation and verification V+ model enables defining a feedback reporting solution. Additional results, some minor changes in validation and verification process were proposed. There are a few concerns expressed on the results on validity and reliability of this study. The most important one was the selected research method and the selected model itself. The final state can be normative, the researcher may set study results before the actual study and in the initial state, the researcher may describe expectations for the study. Finally reliability of this study, and validity of this work are studied.

Integrating distributed generation and Smart Grids into single-family house

This study examines Smart Grids and distributed generation, which is connected to a single-family house. The distributed generation comprises small wind power plant and solar panels. The study is done from the consumer point of view and it is divided into two parts. The first part presents the theoretical part and the second part presents the research part. The theoretical part consists of the definition of distributed generation, wind power, solar energy and Smart Grids. The study examines what the Smart Grids will enable. New technology concerning Smart Grids is also examined. The research part introduces wind and sun conditions from two countries. The countries are Finland and Germany. According to the wind and sun conditions of these two countries, the annual electricity production from wind power plant and solar panels will be calculated. The costs of generating electricity from wind and solar energy are calculated from the results of annual electricity productions. The study will also deal with feed-in tariffs, which are supporting systems for renewable energy resources. It is examined in the study, if it is cost-effective for the consumers to use the produced electricity by themselves or sell it to the grid. Finally, figures for both countries are formed. The figures include the calculated cost of generating electricity from wind power plant and solar panels, retail and wholesale prices and feed-in tariffs. In Finland, it is not cost-effective to sell the produced electricity to the grid, before there are support systems. In Germany, it is cost-effective to sell the produced electricity from solar panels to the grid because of feed-in tariffs. On the other hand, in Germany it is cost-effective to produce electricity from wind to own use because the retail price is higher than the produced electricity from wind.

Aspekteja [Peltoniemen Hintrikin surumarssista, Jousikvartetto nro 3 op. 19]

Soitinnus: viulut (2), alttoviulu, sello.

Standardised innovation management systems: a case study of the Spanish Standard UNE 166002:2006

This paper describes the experience of a Spanish manufacturing firm that implemented the UNE 166002:2006 standard, which is the first in the world to offer a certifiable standardised management system for innovation. After a brief review of innovation management in general, the paper describes the history, objectives, and content of the UNE 166002:2006 Spanish standard and the family of standards to which it belongs. The paper then presents a case study of the implementation of the standard in a manufacturing company, describing the benefits and difficulties of the implementation as detected by the company personnel involved. The paper concludes with a discussion of the desirability and feasibility of creating an international innovation management standard and a new generation of innovation management processes based on a standard for innovation

Som alla dar V

Soitinnus: naiskuoro, kitara, alttoviulu, sello.

Short story

Digitoitu 14. 1. 2009

The Krem Trekker Diaries

The Krem Trekker Diaries is the first social polling made in modern China. The research was made at a Southern China university during two years and reveals the thoughts and attitudes of Chinese students, i.e. the future decision makers. The research is a treasury for every brand manager, businessman or politician interested in the inner world of the rising middle class of China.

Conversioni al cattolicesimo a Roma tra Sei e Settecento. La presenza degli scandinavi nell’Ospizio dei Convertendi.

In my PhD dissertation, I have examined a group of people of Scandinavian origin received by Ospizio dei Convertendi. This group has been hitherto largely unknown to historical research. The Ospizio was an institute founded by the Oratorian Congregation in Rome in 1673 to provide religious instruction and material aid to both recent and aspirant converts to Roman Catholicism. My research traces the profile of converts and a typology of motives, examining different factors which influenced the conversion process. I show that the key factors were often of a social rather than a religious nature. Moreover, I have analyzed the hospice in the context of Counter-Reformation charity as well. In terms of numbers, the Scandinavians formed a somewhat marginal yet not insignificant group within the Roman hospice. Out of a total of 2203 guests received between 1673 and 1706, 4.6 % were Scandinavians: 74 Swedes (including Finland and Livonia) and 27 Danes (including Norway). They came from a rigorously Protestant region which reacted to Catholicism with severe legislative measures. Converts to Catholicism risked confiscation of their goods, expulsion or even capital punishment. Since both Sweden and Denmark were practically impenetrable to Catholicism at the time and clandestine missionary attempts often failed before they had even properly started, the Roman Catholic Church shifted its interest towards Northerners arriving in Rome, a preferred destination for young noblemen, artists and migrant craftsmen. The material related to Ospizio dei Convertendi, conserved in the Vatican archives, is a scarcely known yet unusually rich source, not only for the religious history of our continent, but also for social history and the study of migration in early modern Europe. It contains a wealth of information about members of the subordinate classes, of their travels and lives in Europe. The profile delineated in these documents is of individuals who had a wide range of different professions and different aspirations. These documents encompass a vast social spectrum that was highly mobile on a continent which by that time had become pluriconfessional. Therefore, these migrants faced the complex religious reality in their everyday life. The principal corpus of my research consists of two types of manuscript sources created for administrative and in a way also for apologetic purposes of the Roman Catholic Church. My starting point is the Primo registro generale of Ospizio dei Convertendi. This is a volume in which the following information about each guest was registered: name, nationality, city of origin, age, sex, profession, confession professed before converting, date of arrival, departure, abjuration and baptism. Typically, the convert was male, originating from Stockholm or Copenhagen, from 21 to 30 years of age. The biggest occupational groups in descending order were soldiers, noblemen, craftsmen and sailors. Thus the data reflects a multiform reality of interurban and long distance migration, ideals regarding the education of young noblemen and gentry as well as the need of European armies to hire foreign mercenaries in their various campaigns. Against this background the almost total absence of women is hardly surprising: there is only one woman in the material I have studied. The second main source, Nota degl’ospiti ricevuti e spese fatte per essi, sheds more light on the choices of the converts, their motivations and their lives outside Scandinavia before reaching Rome. This narrative material permits an analysis which completes but also goes far beyond the columns of the Institute’s general register. This material consists of reports written by Catholic priests based on an interview conducted upon each guest’s arrival. The material frequently includes information on what the converts would do following their departure from the Institute as well. These sources have a specific narrative form and contain short biographies, list reasons for converting and information about the journey from the North to the Mediterranean - a journey which in many cases took several years. Moreover, they show that certain unorthodox practices such as calling on the saints and pleading for help from them were not uncommon in the Protestant popular religion. The recording of information on conversions from Protestantism to Catholicism reflects both religious and social interest on the part of the receiving institute. The information obtained was used for the purposes of religious teaching, for finding adequate ways of inserting the convert into Italian society so that he could earn a living, and to find effective methods to convert others with a similar cultural and geographical background. The stories recorded were based on interviews with the newly-arrived, information obtained from a travel companion or fellow countrymen, or from written documents the aspirant converts carried with them. These sources illustrate, although sometimes in rather simplified ways, the circumstances and motivations which were relevant to the choice of changing one’s confession. In addition, I have examined petitions addressed to the hospice and other Roman authorities in order to get financial aid. These petitions were written by Italian scrittori, and they contain certain conventions and topoi of presenting the conversion with the purpose of improving the chances of obtaining financial aid. It is through these filters, which may seem initially almost invisible, that the remote voice of the converts reaches us. The results of the analysis are particularly interesting because they disagree with some of the principal conclusions of previous work on the subject. First, earlier research has focused almost exclusively on the conversions of noblemen, and has argued, second, that the Queen Christina of Sweden was the driving force behind their change of confession. The sources examined for this dissertation present a profile of long-distance migrants, many of them members of the subordinate classes, who were looking for ways to make their living in Europe. These people had in many cases left their country of origin several years earlier and not for religious reasons, so, crucially, we are not dealing with confessional migration in these cases. Rather, conversion was a complex process, intricately tied up with strategies of survival, integration and upward social mobility. At the same time, while these components are significant on their own right, they do not necessarily point to the absence of motivations of a more clearly religious nature.

Julkiset hankinnat: Case Helsingin seurakuntayhtymä

Tutkimuksen pääideana on tutkia miten julkisia hankintoja koskeva lainsäädäntö näkyy seurakuntayhtymän hankinnoissa. Julkisia hankintoja tutkitaan lakitekstien ja alan kirjallisuuden pohjalta sekä Helsingin seurakuntayhtymän työntekijän haastattelun pohjalta. Tutkielmassa käydään läpi muun muassa hankintalain mukaiset julkisten hankintojen pääperiaatteet ja hankintamenettelyt. Lisäksi työssä käydään läpi lyhyesti julkisten hankintojen hankintaprosessi. Työn loppuosa käsittelee Helsingin seurakuntayhtymää.

Kustannusliikkeen monitasoinen historia

Kirjallisuusarvostelu