Describing innovative business models and evaluating their wealth potential – Cases Stora Enso and E-bay

Tutkimuksen tavoitteena oli analysoida liiketoimintamalleihin liittyviä teorioita ja erilaisten mallien pohjalta rakentaa selkeä teoria, jota yritykset voivat käyttää määritellessään ja analysoidessaan liiketoimintamalleja. Tutkimuksen kohteena olleet yritykset voitiin jaotella sisäisesti fokusoituneisiin ja ulkoisesti suuntautuneisiin. Jaottelun pohjalta oli mahdollista tehdä johtopäätöksiä koskien liiketoimintamallien potentiaalia. Tutkimus oli luonteeltaan kvalitatiivinen. Tutkimuksen tuloksena on liiketoimintamallien rakentamiseen ja analysointiin sopiva työkalu, jota voidaan käyttää yrityksen strategisessa suunnittelussa.

Recovering Euclidean deformable models from stereo-motion

In this paper we present a novel structure from motion (SfM) approach able to infer 3D deformable models from uncalibrated stereo images. Using a stereo setup dramatically improves the 3D model estimation when the observed 3D shape is mostly deforming without undergoing strong rigid motion. Our approach first calibrates the stereo system automatically and then computes a single metric rigid structure for each frame. Afterwards, these 3D shapes are aligned to a reference view using a RANSAC method in order to compute the mean shape of the object and to select the subset of points on the object which have remained rigid throughout the sequence without deforming. The selected rigid points are then used to compute frame-wise shape registration and to extract the motion parameters robustly from frame to frame. Finally, all this information is used in a global optimization stage with bundle adjustment which allows to refine the frame-wise initial solution and also to recover the non-rigid 3D model. We show results on synthetic and real data that prove the performance of the proposed method even when there is no rigid motion in the original sequence

Life Cycle Models, Heterogeneity of Initial Assets,and Wealth Inequality

Life cycle general equilibrium models with heterogeneous agents have a very hard time reproducing the American wealth distribution. A common assumption made in this literature is that all young adults enter the economy with no initial assets. In this article, we relax this assumption – not supported by the data - and evaluate the ability of an otherwise standard life cycle model to account for the U.S. wealth inequality. The new feature of the model is that agents enter the economy with assets drawn from an initial distribution of assets, which is estimated using a non-parametric method applied to data from the Survey of Consumer Finances. We found that heterogeneity with respect to initial wealth is key for this class of models to replicate the data. According to our results, American inequality can be explained almost entirely by the fact that some individuals are lucky enough to be born into wealth, while others are born with few or no assets.

Subject-specific musculoskeletal models of the lower limbs for the prediction of skeletal loads during motion

The determination of skeletal loading conditions in vivo and their relationship to the health of bone tissues, remain an open question. Computational modeling of the musculoskeletal system is the only practicable method providing a valuable approach to muscle and joint loading analyses, although crucial shortcomings limit the translation process of computational methods into the orthopedic and neurological practice. A growing attention focused on subject-specific modeling, particularly when pathological musculoskeletal conditions need to be studied. Nevertheless, subject-specific data cannot be always collected in the research and clinical practice, and there is a lack of efficient methods and frameworks for building models and incorporating them in simulations of motion. The overall aim of the present PhD thesis was to introduce improvements to the state-of-the-art musculoskeletal modeling for the prediction of physiological muscle and joint loads during motion. A threefold goal was articulated as follows: (i) develop state-of-the art subject-specific models and analyze skeletal load predictions; (ii) analyze the sensitivity of model predictions to relevant musculotendon model parameters and kinematic uncertainties; (iii) design an efficient software framework simplifying the effort-intensive phases of subject-specific modeling pre-processing. The first goal underlined the relevance of subject-specific musculoskeletal modeling to determine physiological skeletal loads during gait, corroborating the choice of full subject-specific modeling for the analyses of pathological conditions. The second goal characterized the sensitivity of skeletal load predictions to major musculotendon parameters and kinematic uncertainties, and robust probabilistic methods were applied for methodological and clinical purposes. The last goal created an efficient software framework for subject-specific modeling and simulation, which is practical, user friendly and effort effective. Future research development aims at the implementation of more accurate models describing lower-limb joint mechanics and musculotendon paths, and the assessment of an overall scenario of the crucial model parameters affecting the skeletal load predictions through probabilistic modeling.

Wealth effects of mergers and acquisitions for US firms: using alternative pricing models

This empirical study employs a different methodology to examine the change in wealth associated with mergers and acquisitions (M&As) for US firms. Specifically, we employ the standard CAPM, the Fama-French three-factor model and the Carhart four-factor models within the OLS and GJR-GARCH estimation methods to test the behaviour of the cumulative abnormal returns (CARs). Whilst the standard CAPM captures the variability of stock returns with the overall market, the Fama-French factors capture the risk factors that are important to investors. Additionally, augmenting the Fama-French three-factor model with the Carhart momentum factor to generate the four-factor captures additional pricing elements that may affect stock returns. Traditionally, estimates of abnormal returns (ARs) in M&As situations rely on the standard OLS estimation method. However, the standard OLS will provide inefficient estimates of the ARs if the data contain ARCH and asymmetric effects. To minimise this problem of estimation efficiency we re-estimated the ARs using GJR-GARCH estimation method. We find that there is variation in the results both as regards the choice models and estimation methods. Besides these variations in the estimated models and the choice of estimation methods, we also tested whether the ARs are affected by the degree of liquidity of the stocks and the size of the firm. We document significant positive post-announcement cumulative ARs (CARs) for target firm shareholders under both the OLS and GJR-GARCH methods across all three methodologies. However, post-event CARs for acquiring firm shareholders were insignificant for both sets of estimation methods under the three methodologies. The GJR-GARCH method seems to generate larger CARs than those of the OLS method. Using both market capitalization and trading volume as a measure of liquidity and the size of the firm, we observed strong return continuations in the medium firms relative to small and large firms for target shareholders. We consistently observed market efficiency in small and large firm. This implies that target firms for small and large firms overreact to new information resulting in a more efficient market. For acquirer firms, our measure of liquidity captures strong return continuations for small firms under the OLS estimates for both CAPM and Fama-French three-factor models, whilst under the GJR-GARCH estimates only for Carhart model. Post-announcement bootstrapping simulated CARs confirmed our earlier results.

Diffusive models and chaos indicators for non-linear betatron motion in circular hadron accelerators

Understanding the complex dynamics of beam-halo formation and evolution in circular particle accelerators is crucial for the design of current and future rings, particularly those utilizing superconducting magnets such as the CERN Large Hadron Collider (LHC), its luminosity upgrade HL-LHC, and the proposed Future Circular Hadron Collider (FCC-hh). A recent diffusive framework, which describes the evolution of the beam distribution by means of a Fokker-Planck equation, with diffusion coefficient derived from the Nekhoroshev theorem, has been proposed to describe the long-term behaviour of beam dynamics and particle losses. In this thesis, we discuss the theoretical foundations of this framework, and propose the implementation of an original measurement protocol based on collimator scans in view of measuring the Nekhoroshev-like diffusive coefficient by means of beam loss data. The available LHC collimator scan data, unfortunately collected without the proposed measurement protocol, have been successfully analysed using the proposed framework. This approach is also applied to datasets from detailed measurements of the impact on the beam losses of so-called long-range beam-beam compensators also at the LHC. Furthermore, dynamic indicators have been studied as a tool for exploring the phase-space properties of realistic accelerator lattices in single-particle tracking simulations. By first examining the classification performance of known and new indicators in detecting the chaotic character of initial conditions for a modulated Hénon map and then applying this knowledge to study the properties of realistic accelerator lattices, we tried to identify a connection between the presence of chaotic regions in the phase space and Nekhoroshev-like diffusive behaviour, providing new tools to the accelerator physics community.

Calibração de câmeras para análises subaquáticas de movimentos = : Cameras calibration for underwater motion analysis

Universidade Estadual de Campinas . Faculdade de Educação Física

SSSPM J1102-3431 brown dwarf characterization from accurate proper motion and trigonometric parallax

Context. In 2005, Scholz and collaborators discovered, in a proper motion survey, a young brown dwarf SSSPM J1102-3431 (SSSPM J1102) of spectral type M8.5, probable member of the TW Hydrae Association and possible companion of the T Tauri star TWHya. The physical characterization of SSSPM J1102 was based on the hypothesis that it forms a binary system with TWHya. The recent discovery of a probable giant planet with a very short-period inside the TW Hya protoplanetary disk, as well as a disk around SSSPM J1102, make it especially interesting and important to measure well the physical parameters of SSSPM J1102. Aims. Trigonometric parallax and proper motion measurements of SSSPM J1102 are necessary to test for TWA membership and, thus, to determine the mass and age of this young brown dwarf and the possibility that it forms a wide binary system with TW Hya. Methods. Two years of regular observations at the ESO NTT/SUSI2 telescope have enabled us to determine the trigonometric parallax and proper motion of SSSPM J1102. Results. With our accurate distance determination of 55.2(-1.4)(+1.6) pc and proper motions of (-67.2, -14.0) +/- 0.6 mas/yr, we could confirm SSSPM J1102 as a very probable member of TWA. Assuming the TW Hydrae association age of 5-10 Myr, the evolutionary models compared to the photometry of this young brown dwarf indicate a mass of M = 25 +/- 5 M(Jup) and an effective temperature T(eff) = 2550 +/- 100 K. Conclusions. Our parallax and proper motion determination allow us to precisely describe the physical properties of this low mass object and to confirm its TWA membership. Our results indicate that SSSPMJ1102 may be a very wide separation companion of the star TW Hya.

Human gait recognition using extraction and fusion of global motion features

This paper proposes a novel computer vision approach that processes video sequences of people walking and then recognises those people by their gait. Human motion carries different information that can be analysed in various ways. The skeleton carries motion information about human joints, and the silhouette carries information about boundary motion of the human body. Moreover, binary and gray-level images contain different information about human movements. This work proposes to recover these different kinds of information to interpret the global motion of the human body based on four different segmented image models, using a fusion model to improve classification. Our proposed method considers the set of the segmented frames of each individual as a distinct class and each frame as an object of this class. The methodology applies background extraction using the Gaussian Mixture Model (GMM), a scale reduction based on the Wavelet Transform (WT) and feature extraction by Principal Component Analysis (PCA). We propose four new schemas for motion information capture: the Silhouette-Gray-Wavelet model (SGW) captures motion based on grey level variations; the Silhouette-Binary-Wavelet model (SBW) captures motion based on binary information; the Silhouette-Edge-Binary model (SEW) captures motion based on edge information and the Silhouette Skeleton Wavelet model (SSW) captures motion based on skeleton movement. The classification rates obtained separately from these four different models are then merged using a new proposed fusion technique. The results suggest excellent performance in terms of recognising people by their gait.

Mitigation of Vortex-Induced Motion, (VIM) on a Monocolumn Platform: Forces and Movements

A great deal of works has been developed on the spar vortex-induced motion (VIM) issue. There are, however, very few published works concerning VIM of monocolumn platforms, partly due to the fact that the concept is fairly recent and the first unit was only installed last year. In this context, a meticulous study on VIM for this type of platform concept is presented here. Model test experiments were performed to check the influence of many factors on VIM, such as different headings, wave/current coexistence, different drafts, suppression elements, and the presence of risers. The results of the experiments presented here are motion amplitudes in both in-line and transverse directions, forces and added-mass coefficients, ratios of actual oscillation and natural periods, and motions in the XY plane. This is, therefore, a very extensive and important data set for comparisons and validations of theoretical and numerical models for VIM prediction. [DOI: 10.1115/1.4001440]