Liukuviin keskiarvoihin perustuvien kaupankäyntistrategioiden suoriutuminen Suomen osakemarkkinoilla

Tämän tutkimuksen tarkoituksena on selvittää, pystyykö teknistä analyysiä hyväksikäyttävä sijoittaja saamaan markkinatuottoa parempaa tuottoa Suomen osakemarkkinoilla. Tutkielman aineisto koostuu 24:stä vaihdetuimmasta osakkeesta Helsingin pörssissä. Nämä osakkeet muodostavat OMX25 –indeksin lukuun ottamatta yhtä osaketta, jota ei oltu vielä noteerattu tarkasteluperiodin alussa. Teknisen analyysin menetelminä käytetään neljää eripituista liukuvaa keskiarvoa (5, 20, 50 ja 100). Näistä muodostetaan liukuvien keskiarvojen kaksinkertaiset leikkausmenetelmät, joiden avulla saadaan osto- ja myyntisignaaleja kullekin osakkeelle. Tutkielman vertailukohteena käytetään perinteisen rahoitusteorian suosimaa osta ja pidä -strategiaa. Empiiristen testien tarkastelujakso on 1.1.2006 – 30.9.2010. Tutkielmassa havaittiin, että teknistä analyysiä hyväksikäyttäen voi saada markkinoita parempaa tuottoa, vaikka kaikki tulokset eivät olleet tilastollisesti merkittäviä. Tutkimuksessa ei otettu huomioon useista kaupoista syntyviä transaktiokustannuksia, veroja eikä korkotuottoa, jonka sijoittaja saisi pitäessään varoja esimerkiksi pankkitilillä ennen seuraavaa kauppaa. Erityisen huomionarvoista tässä tutkimuksessa oli se, että tekninen analyysi antoi sijoittajalle erittäin hyvän suojan finanssikriisin aikaiselta kurssilaskulta. Se antoi sijoittajalle selvän myyntisignaalin myydä osakkeet, ennen kuin kurssit alkoivat laskea rajusti.

Account Management @ Sonera –toimintamallin tarkastelu ja kehittäminen, tietojohtamisen näkökulma

Yritysten menestymismahdollisuudet riippuvat niiden kyvyistä erottautua muista toimialan yrityksistä menestyksekkäästi. On luotava osaamispotentiaaleja ja kyettävä muuttumaan muuttuvissa liiketoimintaympäristöissä. Kilpailukykyä voidaan parantaa resurssien oikealla kohdentamisella, uudistumalla sekä kyvykkyyksien oikealla hyödyntämisellä. Asiakkaan ymmärtäminen ja näkökulmien huomioiminen yrityksessä on erityisen tärkeää yrityksen kriittisten menestystekijöiden huomioimiseksi. Tässä tutkimuksessa tavoitteena oli selvittää yrityksen myynnin johtamisen toimintamallia tietojohtamisen nykytilan näkökulmasta ja etsiä mahdollisia parantamiskohteita. Tutkimus toteutettiin kvalitatiivisena case-tutkimuksena. Sen teoreettisessa osassa esitetään oppimiseen, johtamiseen ja aineettoman pääomaan, osaamisen johtamiseen ja verkostoitumiseen liittyvät keskeiset asiakohdat. Tutkimuksen kohteena oli yrityksen johto. Tutkimusmetodologiana toimi laadullinen tapaustutkimus ja tutkimusaineistona yrityksen haastatteluilla johdolta hankittu tieto. Tutkimuksen perusteella kyettiin luomaan kuvaus Account Management @ Sonera -mallin toimivuudesta kohdeyrityksessä. Tutkimus paljasti, että yrityksessä on toimiva malli myynnin johtamiselle, mutta sitä pitää kehittää jatkuvasti toimintaympäristöjen jopa nopeasti muuttuvissa tilanteissa. Yksityiskohtaisia tuloksia on vaikea nimetä, koska tutkimus haluaa valottaa monipuolisesti tutkittavaa aihetta. Kehittämiseen pitää varata riittävästi kyvykkäitä kehitysresursseja ja erilaiset arvokkaat näkemykset pitää tuoda riittävän monipuolisesti esille. Tutkimustulosten perusteella voidaan yrityksessä parantaa tuloksellisuutta esille tulleiden havaintojen ja haastattelujen muutosten suunnittelemisella sekä käyttöönottamisella mallia kehitettäessä.

The role of advance payments in working capital management and profitability

The objective of this thesis is to study the role of received advance payments in working capital management by creating a new measurement and to study the relationship between advance payments and profitability. The study has been conducted using narrative literature review and quantitative research methods. The research was made analyzing 108 companies listed in Helsinki Stock Exchange. The results indicate that 68 % of the studied companies are receiving advance payments and the average cycle time for received advance payments is 13 days. A new key figure is created to include received advance payments into the calculation of working capital. Received advance payments shorten the working capital cycle, by 13 days, when they are used in the calculation. The role of advance payments is not as significant as the role of receivables and inventories but advance payments may have a larger role than payables if the company is receiving noticeable amounts of advance payments. There are three branches where companies are receiving more advance payments than average companies. The branches are project business and ICT and publishing sectors. There is a negative correlation between profitability and advance payments based on the results of this study.

How to see Helsingfors in 2 days

kuv., 9 x 16 cm

Functional activity of neutrophilic polymorphonuclear leukocytes in the first five days postpartum

PURPOSE: To assess the chemotactic activity and phagocytic response of neutrophilic polymorphonuclear leukocytes among women in the first five days postpartum.METHODS: A prospective, cross-sectional clinical-laboratory study was conducted. Data of 31 postpartum women during the first five days after vaginal delivery were compared with those of 24 healthy non-pregnant non-postpartum women matched for age. The inclusion criteria were postpartum, clinically and obstetrically healthy women; vaginal delivery, singleton pregnancy carried to term; non-hypertensive, hyperglycemic, allergic, malnourished or with autoimmune or neoplastic diseases; not having received vaccines or blood products in the last three months. The Control Group was chosen according to the same inclusion criteria but involving non-pregnant non-postpartum women. The chemotactic activity of neutrophilic polymorphonuclear leukocytes was assessed by determining the distance from directed migration to bacterial lipopolysaccharide, in three Boyden chamber assays. The phagocytic response was identified by assessing the Zymosan particles' ingestion in three assays carried out in Leighton tubes. The Student's t-test was used in the statistical analysis, adopting a 5% level of significance.RESULTS: The chemotactic activity of neutrophilic polymorphonuclear leukocytes from postpartum women in the presence of homologous (73.2±6.9) and autologous (78.6±13.9) sera showed a significant increase compared to the values observed in the Control Group (64.1±4.1 and 66.6±5.4). Both chemotactic response and phagocytosis ingestion phase of neutrophilic polymorphonuclear leukocytes were significantly increased (p<0.05) in postpartum women compared to healthy non-pregnant and non-postpartum women.CONCLUSION: There was an increase in the chemotactic activity and phagocytic response of neutrophilic polymorphonuclear leukocytes during the first five days after vaginal delivery in women.

A surveillance of enteropathogens in piglets from birth to seven days of age in Brazil

The purpose of the study was to evaluate the real importance of anaerobic enteropathogens and rotavirus in contrast to more common agents as cause of diarrhea in piglets within the first week of life. Sixty 1- to 7-day-old piglets, 30 diarrheic and 30 non-diarrheic (control), from 15 different herds were selected, euthanized and necropsied. Samples of the jejunum, ileum, colon, cecum and feces were collected from the piglets and analyzed to determine the presence of the following enteropathogens: enterotoxigenic Escherichia coli (ETEC), Clostridium perfringens types A and C, Clostridium difficile, rotavirus and Isospora suis. Among diarrheic piglets, 23.3% were positive for C. difficile, 70% for C. perfringens type A cpb2+, 14.3% for rotavirus and 10% for ETEC. Among non-diarrheic control piglets, 10% were positive for C. difficile, 76.7% for C. perfringens type A cpb2+, 0% for rotavirus, 3.3% for ETEC and 3.3% for I. suis. C. perfringens type C was not detected in any of the animals. Histological lesions characteristic of C. difficile, E. coli and rotavirus were observed. However, no C. perfringens type A suggestive lesions were detected. There was a positive correlation between mesocolon edema and the presence of C. difficile toxins. Although C. perfringens type A cpb2+ was the most frequently detected enteropathogen, there was no association between its presence and diarrhea or macro or microscopic changes. C. difficile and Rotavirus were the most relevant pathogens involved with neonatal diarrhea in this study, and histopathology associated with microbiological test proved to be the key to reach a final diagnosis.

Growth and development of honey weed based on days or thermal units

This work was carried out with the objective of evaluating the growth and development of honey weed (Leonurus sibiricus) based on days or thermal units (growing degree days). Thus, two independent trials were developed to quantify the phenological development and total dry mass accumulation in increasing or decreasing photoperiod conditions. Considering only one growing season, honey weed phenological development was perfectly fit to day scale or growing degree days, but with no equivalence between seasons, with the plants developing faster at increasing photoperiods, and flowering 100 days after seeding. Even day-time scale or thermal units were not able to estimate general honey weed phenology during the different seasons of the year. In any growing condition, honey weed plants were able to accumulate a total dry mass of over 50 g per plant. Dry mass accumulation was adequately fit to the growing degree days, with highlights to a base temperature of 10 ºC. Therefore, a higher environmental influence on species phenology and a lower environmental influence on growth (dry mass) were observed, showing thereby that other variables, such as the photoperiod, may potentially complement the mathematical models.

Growth and development of sourgrass based on days or thermal units

This work was carried out with the objective of evaluating growth and development of sourgrass (Digitaris insularis) based on days or thermal units (growing degree days - GDD). Two independent trials were developed aiming to quantify the species' phenological development and total dry matter accumulation in increasing or decreasing photoperiod conditions. Plants were grown in 4 L plastic pots, filled with commercial substrate, adequately fertilized. In each trial, nine growth evaluations were carried out, with three replicates. Phenological development of sourgrass was correctly fit to time scale in days or GDD, through linear equation of first degree. Sourgrass has slow initial growth, followed by exponential dry matter accumulation, in increasing photoperiod condition. Maximum total dry matter was 75 and 6 g per plant for increasing and decreasing photoperiod conditions, respectively. Thus, phenological development of sourgrass may be predicted by mathematical models based on days or GDD; however, it should be noted that other environmental variables interfere on the species' growth (mass accumulation), especially photoperiod.

Growth and Development of Purple Nutsedge Based on Days or Thermal Units

This work was carried out with the objective of elaborating mathematical models to predict growth and development of purple nutsedge (Cyperus rotundus) based on days or accumulated thermal units (growing degree days). Thus, two independent trials were developed, the first with a decreasing photoperiod (March to July) and the second with an increasing photoperiod (August to November). In each trial, ten assessments of plant growth and development were performed, quantifying total dry matter and the species phenology. After that, phenology was fit to first degree equations, considering individual trials or their grouping. In the same way, the total dry matter was fit to logistic-type models. In all regressions four temporal scales possibilities were assessed for the x axis: accumulated days or growing degree days (GDD) with base temperatures (Tb) of 10, 12 and 15 oC. For both photoperiod conditions, growth and development of purple nutsedge were adequately fit to prediction mathematical models based on accumulated thermal units, highlighting Tb = 12 oC. Considering GDD calculated with Tb = 12 oC, purple nutsedge phenology may be predicted by y = 0.113x, while species growth may be predicted by y = 37.678/(1+(x/509.353)-7.047).

Suomi "the Land of a Thousand Lakes": a short descriptive account of the Grand Duchy of Finland

Inneh. bl. a. en engelsk öfvers af Runebergs "Vårt land".

An account of a copy from the 15th century of a map of the world engraved on metal, which is preserved in cardinal Stephan Borgia's museum at Velletri

Erip.: Ymer 1891.

Kalm's account of his visit to England on his way to America in 1748

With two maps and several illustrations

CaV 3.1 and CaV 3.3 account for T-type Ca2+ current in GH3 cells

T-type Ca2+ channels are important for cell signaling by a variety of cells. We report here the electrophysiological and molecular characteristics of the whole-cell Ca2+ current in GH3 clonal pituitary cells. The current inactivation at 0 mV was described by a single exponential function with a time constant of 18.32 ± 1.87 ms (N = 16). The I-V relationship measured with Ca2+ as a charge carrier was shifted to the left when we applied a conditioning pre-pulse of up to -120 mV, indicating that a low voltage-activated current may be present in GH3 cells. Transient currents were first activated at -50 mV and peaked around -20 mV. The half-maximal voltage activation and the slope factors for the two conditions are -35.02 ± 2.4 and 6.7 ± 0.3 mV (pre-pulse of -120 mV, N = 15), and -27.0 ± 0.97 and 7.5 ± 0.7 mV (pre-pulse of -40 mV, N = 9). The 8-mV shift in the activation mid-point was statistically significant (P < 0.05). The tail currents decayed bi-exponentially suggesting two different T-type Ca2+ channel populations. RT-PCR revealed the presence of a1G (CaV3.1) and a1I (CaV3.3) T-type Ca2+ channel mRNA transcripts.

Corticosteroids in acute respiratory distress syndrome

Improving the course and outcome of patients with acute respiratory distress syndrome presents a challenge. By understanding the immune status of a patient, physicians can consider manipulating proinflammatory systems more rationally. In this context, corticosteroids could be a therapeutic tool in the armamentarium against acute respiratory distress syndrome. Corticosteroid therapy has been studied in three situations: prevention in high-risk patients, early treatment with high-dose, short-course therapy, and prolonged therapy in unresolving cases. There are differences between the corticosteroid trials of the past and recent trials: today, treatment starts 2-10 days after disease onset in patients that failed to improve; in the past, the corticosteroid doses employed were 5-140 times higher than those used now. Additionally, in the past treatment consisted of administering one to four doses every 6 h (methylprednisolone, 30 mg/kg) versus prolonging treatment as long as necessary in the new trials (2 mg kg-1 day-1 every 6 h). The variable response to corticosteroid treatment could be attributed to the heterogeneous biochemical and molecular mechanisms activated in response to different initial insults. Numerous factors need to be taken into account when corticosteroids are used to treat acute respiratory distress syndrome: the specificity of inhibition, the duration and degree of inhibition, and the timing of inhibition. The major continuing problem is when to administer corticosteroids and how to monitor their use. The inflammatory mechanisms are continuous and cyclic, sometimes causing deterioration or improvement of lung function. This article reviews the mechanisms of action of corticosteroids and the results of experimental and clinical studies regarding the use of corticosteroids in acute respiratory distress syndrome.

Sinkin stabiloiminen pilaantuneesta maa-aineksesta: 28 vuorokauden stabilointiajan riittävyys liukoisuustesteissä eri sinkkiyhdisteillä

Tässä kandidaatintyössä selvitettiin, onko 28 vuorokautta riittävä aika sinkillä pilaantuneen maaperän massastabilointiin, ja kuinka sinkin esiintymismuoto vaikuttaa sen stabilointiaikaan. Kokeellisessa osassa jäljiteltiin malmijätteessä, orgaanisessa aineksessa sekä liuenneena maaperässä esiintyvän sinkin stabiloitumista lisäämällä maanäytteeseen sinkkiä eri yhdisteinä; sinkkirakeina, -kloridina ja -asetaattina. Näytteet stabiloitiin sementti-lentotuhkaseoksella 1–28 vuorokauden pituisia ajanjaksoja, minkä jälkeen ne kuvattiin pyyhkäisyelektronimikroskoopilla (SEM) ja niille tehtiin liukoisuustestit. Liukoisuustestien tuloksista voidaan huomata sinkkikloridin stabiloituvan jo ensimmäisen vuorokauden aikana ja pysyvän samalla tasolla koko tarkasteluajan. Sinkkirakeiden ja -asetaatin stabiloituminen ei ole yhtä tasaista; alun sitoutumisen jälkeen niiden liukoisuuksissa on havaittavissa selkeät piikit 21 vuorokauden kohdalla. Tämän jälkeen ne alkavat sitoutua uudelleen. Tulosten perusteella sinkin esiintymismuoto vaikuttaa sen stabilointiaikaan, eikä 28:aa vuorokautta voida pitää riittävänä aikana sinkillä pilaantuneen maa-aineksen stabilointiin. Vaikka liukoinen sinkki stabiloituu jo yhdessä vuorokaudessa, ei malmijätteessä tai orgaanisessa aineksessa esiintyvä sinkki ehdi stabiloitua vakaalle tasolle vielä 28 vuorokaudenkaan aikana. Tämä tulisi ottaa huomioon suunniteltaessa ja toteutettaessa sinkkiä sisältävien maiden kunnostushankkeita.