Determinants of credit risk in secured loans – Evidence from the auto loan industry

The purpose of this study is to examine attributes which have explanation power to the probability of default or serious overdue in secured auto loans. Another goal is to find out differences between defaulted loans and loans which have had payment difficulties but survived without defaulting. 19 independent variables used in this study reflect information available at the time of credit decision. These variables were tested with logistic regression and backward elimination procedure. The data includes 8931 auto loans from a Finnish finance company. 1118 of the contracts were taken by company customers and 7813 by private customers. 130 of the loans defaulted and 584 had serious payment problems but did not default. The maturities of those loans were from one month to 60 months and they have ended during year 2011. The LTV (loan-to-value) variable was ranked as the most significant explainer because of its strong positive relationship with probability of payment difficulties. Another important explainer in this study was the credit rating variable which got a negative relationship with payment problems. Also maturity and car age performed well having both a positive relationship with the probability of payment problems. When compared default and serious overdue situations, the most significant differences were found in the roles of LTV, Maturity and Gender variables.

”Du sköna sång, vårt bästa arv” - kanonisering av en sångskatt ur ett hermeneutiskt perspektiv

Songs have the power to get through to people. When lyrics are combined with a tune, the result is an entity where the first few notes of a melody can evoke emotions of recognition and belonging. A song treasury consists of such songs that are part of a canonized song tradition. The process where certain songs become part of an established song treasury is long, and many other aspects than the tune itself influence the forming of a song treasury. By examining the characteristics of a song tradition, the history of an ethnic group can be illuminated. In this study, music, pedagogy, and the sociocultural context are merged into a whole where a common song tradition, the song treasury, is in focus. The main aim of this study is to deepen the understanding of a song treasury, its development and contents. This understanding is accomplished by analyzing the musical and lyrical characteristics of 60 songs, which have been sung in schools, homes, and communities, thereby becoming popular among the Swedish-speaking Finns during the 20th century. The songs have been chosen by combining three song lists, of which two lists are closely related to school curricula. The third song list is a result of a survey on favourite songs, according to the situation around year 2000. The songs are examined in their notated versions, a number of song books and text books (n = 29) forming the empirical material. In this study, a hermeneutical approach is applied, content analysis being the method. The analysis is based on three perspectives: the sociocultural perspective, the music-pedagogical perspective, and the musico-analytical perspective. Within each perspective, two aspects are studied. This results in a hexagonal model which forms the structure of the study as a whole. The first two perspectives form the background; a historical context where nation, education, home country, and homestead are regarded as highly important. A common song repertoire is considered to be an effective means of building collective identity within ethnic groups, the common language and the cultural heritage being used as rhetorical arguments. During the early 1900s, choir festivals become an educational platform where conceptions of a common belonging are developed and strengthened through religious, patriotic, and poetical expressions. National school curricula in singing and music have similar characteristics, cultural heritage and values education being in focus. The song lyrics often describe nature and emotions, and they also appear to be personal and situated in a given time and place. Patriotic expressions and songs about music are also fairly common. The songs generally express positive attitudes, which are intensified by major tonality, rich and varied melodies with stable rhythms, and a strong tonal base. The analyzed details of the studied aspects are merged into a thick description, which results in an interpretation pattern with three dimensions: a song treasury can be considered an expression of collective identity, cultural heritage, and values education.

Drop Size Measurements in a Laboratory Scale Venturi Scrubber

Venturi scrubbers are high efficiency gas cleaners in which suspended particles are removed from gas streams by droplets formed by liquid atomisation, usually in the venturi throat. The size of the droplets formed is of fundamental importance to the performance of the equipment, both in terms of pressure drop and collection efficiency. In this study, drop sizes in a cylindrical laboratory scale venturi scrubber were measured using a laser diffraction technique. Gas velocity and liquid to gas ratios varied from 50 to 90 m/s and 0.5 to 2.0 l/m3, respectively. Water was inserted as perpendicular jets at the beginning of the throat. Measurements were performed at three positions: two located along the throat, and the last one at the end of the diffuser. The data presented here are a typical example of pneumatic atomisation and can be relevant to other industrial applications such as combustion and engine technology. Finally, results are compared to available correlations and the validity of these equations is discussed.

Improving internal performance of a company - Introducing employee empowerment via job redesign in Finnish small and medium sized enterprises

This bachelor's thesis is about to find out to what extent Finnish managers and small and medium sized organizations are willing and able to put employee empowerment into practice and what experiences they have got from employee empowerment as an approach towards job redesign. Some of the top enterprises in the world are known for their empowered employees as a single most important factor for their success and this thesis focuses on introducing the subject to Finnish managers and organizations to find out what benefits, barriers and other thoughts they have about the whole idea of empowered employees in Finnish organization culture. Most notable findings in this thesis are that Finnish managers do think that their organization's employees are capable to work efficiently if their job is extended and the organizations would perform better when right person's job is enriched and he/she is given more power to solve problems.

POP UP & LEAN START UP - yrittäjyyden opetusmallin kehittämishanke toisen asteen koulutuksessa

Tutkimuksen tavoitteena oli tarkastella ammatillisen koulutuksen yrittäjyyskasvatuksen käytännön opetuksen toteutusmahdollisuuksia. Tarkasteluun vaikuttaa vuonna 2015 voimaan astuva ammatillisen perusopetuksen opetussuunnitelmauudistus. Käytännön opetuksen toteutuksen viitekehykseksi valittiin synteesi pop up ja lean startup liiketoimintamallien viitekehyksistä. Tutkimuksen kohteena olivat viralliset opetussuunnitelmauudistuksen asiakirjat ja liiketoimintamalleja käsittelevä kirjallisuus. Tutkimusmenetelmänä käytettiin integoivaa narratiivista kirjallisuusanalyysiä. Aineiston analyysissä käytettiin Atlas-ti ohjelmistoa. Tutkimuksen tuloksena muodostui kuva työelämälähtöisistä uudistuvista opetussuunnitelmista, missä yrittäjyyskasvatuksen rakenteet eivät todellisuudessa muutu entisestä merkittävästi. Sen sijaan, uutta tulevat olemaan opetuksen toteutukselle asetetut haasteet: yksilöllistetyt opintopolut ja opiskelumallien monipuolistamisen merkittävä kasvu. Yrittäjyyskasvatukselle asetetaan Suomessa yhteiskunnallisesti korkeita tavoitteita. Se, miten niihin päästään ja millaisella pedagogiikalla, jää eri ammatillisten oppilaitosten ratkaistavaksi paikallisesti. Pop up ja lean startup liiketoimintamallit tarjoavat tulevaisuuden kannalta merkittäviä mahdollisuuksia yrittäjyyden käytännön opetuksen viitekehyksiksi. Lisäksi ne sopivat nopeatempoiseen ja ajallisesti tiukkarajaiseen opetuksen viitekehykseen hyvin uudenaikaisina asiakaslähtöisinä innovaatio- ja liiketoimintamalleina.

Loistehon säätö ja kompensointi

Kantaverkkoyhtiö Fingrid Oy on tarkastellut kantaverkosta otettua tai tuotettua loistehoa alueittain Fingridin määrittelemällä maantieteellisellä tavalla. Alue koostuu liittymispisteistä, jotka ovat yksittäisten verkkoyhtiöiden liittymispisteitä. Yhden alueen sisällä voi siis olla monia eri verkkoyhtiöiden liittymispisteitä. Vuodesta 2016 alkaen loistehon tarkastelu vaihtuu aluetarkastelusta liittymispistetarkasteluun. Liittymispistetarkasteluun siirtymisen myötä tulee verkkoyhtiöiden investoida erinäisiin kompensointiratkaisuihin, jotta yksittäisten liittymispisteiden loistehot pysyvät Fingridin asettaman loistehon tarkasteluikkunan sisällä. Työssä perehdytään erinäisiin kompensointiratkaisuihin ja niiden kytkentöihin sekä kytkentöjen vaikutuksiin olemassa olevaan sähköverkkoon. Lisäksi työssä käsitellään tuulivoimaloiden hyödyntämistä loistehon säädössä. Esimerkkitapauksessa tarkastellaan erästä Caruna Oy:n verkkoa ja pohditaan teknistä ja mahdollisimman taloudellista kompensointiratkaisua kyseiseen verkkoon. Työn lopputulos on, että maakaapeloinnin määrän kasvaessa loistehon kompensoinnin tarve kasvaa. Näin ollen Fingrid Oy:ltä tarvitaan selkeitä linjauksia moneen ongelmakohtaan, kuten tuotanto-kulutuspisteen loistehon tarkasteluun. Lisäksi Energiavirastolta tarvitaan kannusteita loistehon kompensointiin, sillä verkkoyhtiöiden liiketoiminta perustuu regulaatiomalliin ja kompensointilaitteiston yksikköhinnasto on hyvin suppea.

Effect of race, genetic population structure, and genetic models in two-locus association studies: clustering of functional renin-angiotensin system gene variants in hypertension association studies

Previous genetic association studies have overlooked the potential for biased results when analyzing different population structures in ethnically diverse populations. The purpose of the present study was to quantify this bias in two-locus association studies conducted on an admixtured urban population. We studied the genetic structure distribution of angiotensin-converting enzyme insertion/deletion (ACE I/D) and angiotensinogen methionine/threonine (M/T) polymorphisms in 382 subjects from three subgroups in a highly admixtured urban population. Group I included 150 white subjects; group II, 142 mulatto subjects, and group III, 90 black subjects. We conducted sample size simulation studies using these data in different genetic models of gene action and interaction and used genetic distance calculation algorithms to help determine the population structure for the studied loci. Our results showed a statistically different population structure distribution of both ACE I/D (P = 0.02, OR = 1.56, 95% CI = 1.05-2.33 for the D allele, white versus black subgroup) and angiotensinogen M/T polymorphism (P = 0.007, OR = 1.71, 95% CI = 1.14-2.58 for the T allele, white versus black subgroup). Different sample sizes are predicted to be determinant of the power to detect a given genotypic association with a particular phenotype when conducting two-locus association studies in admixtured populations. In addition, the postulated genetic model is also a major determinant of the power to detect any association in a given sample size. The present simulation study helped to demonstrate the complex interrelation among ethnicity, power of the association, and the postulated genetic model of action of a particular allele in the context of clustering studies. This information is essential for the correct planning and interpretation of future association studies conducted on this population.

Medborgare, brukare av välfärd eller klient? : en jämförande studie om brukarens inflytande mellan en kommun, ett assistansbolag och ett brukarkooperativ som utför personlig assistans

The focus of this licentiate dissertation is to produce a better understanding of how we may give citi-zen as users a stronger influence over their welfare services and in the long run help to democratize the welfare state. The aim of this project is to analyze what kind of influence a user with a functional dis-order may have in different organizational contexts over his or her personal assistance. This study focuses on the influence a user may have over his or her welfare service, personal assis-tance. A municipality, an assistance firm and a user cooperative are compared with the thesis that the organization that surrounds the users shapes the possibilities the user have to influence his or her per-sonal assistance. The major thesis is thus: Participatory democracy as a model or approach may function differently when the services are delivered in a different way by different organizations – varying organizational forms. There are questions that try to answer if there are outspoken social goals within each organization. Questions regarding influence of the user when she or he is choosing the assistance provider and the users possibility to influence and his or her power to decide who and when anyone works as an assis-tant are asked. The results indicate that there are different sets of internal logic within the organizations that affect their goals and level of user influence. Within the user cooperative the user is considered a citizen and as a user expected to handle the role as work leader for his or her personal assistants. However the user is also a citizen and is expected within the usercooperative to act as a member and citizen to have po-litical influence. The usercooperative aims at influencing the political policy process regarding ques-tions concerning the rights of persons with disabilities. This gives the user a part in collective action as a member of the usercooperative. The other producers of personal assistance, the municipality and the assistance firm gives in this study a similar result as they give the user of personal assistance quite similar models for user influence within the respective organization. Within these organizations the user have chosen to let the organiza-tions handle the role of work leader in the written agreements with the producer and thereby the influ-ence they may have in practice is not so much a case of self-determination as a case of co-influence. The user can be seen as a user within a municipality, a client or consumer within the assistance firm and a citizen within the usercooperative. The results indicate the need for future research where co-production, institutional logic and development of democratic theory through democratic innovations are central aspects of future research.

Review of water electrolysis technologies and design of renewable hydrogen production systems

An electric system based on renewable energy faces challenges concerning the storage and utilization of energy due to the intermittent and seasonal nature of renewable energy sources. Wind and solar photovoltaic power productions are variable and difficult to predict, and thus electricity storage will be needed in the case of basic power production. Hydrogen’s energetic potential lies in its ability and versatility to store chemical energy, to serve as an energy carrier and as feedstock for various industries. Hydrogen is also used e.g. in the production of biofuels. The amount of energy produced during hydrogen combustion is higher than any other fuel’s on a mass basis with a higher-heating-value of 39.4 kWh/kg. However, even though hydrogen is the most abundant element in the universe, on Earth most hydrogen exists in molecular forms such as water. Therefore, hydrogen must be produced and there are various methods to do so. Today, the majority hydrogen comes from fossil fuels, mainly from steam methane reforming, and only about 4 % of global hydrogen comes from water electrolysis. Combination of electrolytic production of hydrogen from water and supply of renewable energy is attracting more interest due to the sustainability and the increased flexibility of the resulting energy system. The preferred option for intermittent hydrogen storage is pressurization in tanks since at ambient conditions the volumetric energy density of hydrogen is low, and pressurized tanks are efficient and affordable when the cycling rate is high. Pressurized hydrogen enables energy storage in larger capacities compared to battery technologies and additionally the energy can be stored for longer periods of time, on a time scale of months. In this thesis, the thermodynamics and electrochemistry associated with water electrolysis are described. The main water electrolysis technologies are presented with state-of-the-art specifications. Finally, a Power-to-Hydrogen infrastructure design for Lappeenranta University of Technology is presented. Laboratory setup for water electrolysis is specified and factors affecting its commissioning in Finland are presented.

Linear and nonlinear analysis of heart rate variability in healthy subjects and after acute myocardial infarction in patients

The objectives of this study were to evaluate and compare the use of linear and nonlinear methods for analysis of heart rate variability (HRV) in healthy subjects and in patients after acute myocardial infarction (AMI). Heart rate (HR) was recorded for 15 min in the supine position in 10 patients with AMI taking β-blockers (aged 57 ± 9 years) and in 11 healthy subjects (aged 53 ± 4 years). HRV was analyzed in the time domain (RMSSD and RMSM), the frequency domain using low- and high-frequency bands in normalized units (nu; LFnu and HFnu) and the LF/HF ratio and approximate entropy (ApEn) were determined. There was a correlation (P < 0.05) of RMSSD, RMSM, LFnu, HFnu, and the LF/HF ratio index with the ApEn of the AMI group on the 2nd (r = 0.87, 0.65, 0.72, 0.72, and 0.64) and 7th day (r = 0.88, 0.70, 0.69, 0.69, and 0.87) and of the healthy group (r = 0.63, 0.71, 0.63, 0.63, and 0.74), respectively. The median HRV indexes of the AMI group on the 2nd and 7th day differed from the healthy group (P < 0.05): RMSSD = 10.37, 19.95, 24.81; RMSM = 23.47, 31.96, 43.79; LFnu = 0.79, 0.79, 0.62; HFnu = 0.20, 0.20, 0.37; LF/HF ratio = 3.87, 3.94, 1.65; ApEn = 1.01, 1.24, 1.31, respectively. There was agreement between the methods, suggesting that these have the same power to evaluate autonomic modulation of HR in both AMI patients and healthy subjects. AMI contributed to a reduction in cardiac signal irregularity, higher sympathetic modulation and lower vagal modulation.

Crowdfunding as a new funding alternative for early stage start-ups

Attracting outside capital is a common problem for start-up companies. Capital markets define the funding options for companies and firms which suffer the most from these capital market imperfections are small start-up companies. Therefore it is important to study any new funding model which can offer a new solution to this inefficiency of capital markets. This study explains the traditional funding models for start-ups such as founders, friends & family, banks, business angels and venture capitalist. After giving background to traditional start-up funding this study delves into crowfunding (CF) and introduces it as a new funding method. The objective of the thesis is to answer one broad research question: Why and how should start-up companies use CF as an alternative funding method? To properly delve into this, this question has the following sub-questions: What kind of funding alternatives do start-up companies have? What are the pros and cons of CF compared to other funding options? How can start-ups benefit from CF? This study gives background on the rise of CF and the reasons why this new model is needed. Author will explain the different components of CF such as platforms, crowdfunders and projects. Also benefits and challenges of the crowdfunding model are investigated. As a new funding model CF has had to clear out many obstacles from its way. These are, for example, legal and regulatory issues as well education of crowd investors to understand this new investment option. . Start-up entrepreneurs can gain valuable insight from this study. The author has attempted to form best practices and guidelines of how to operate in the CF environment. This study was conducted by performing expert interviews, collecting data from previous studies and performing a content analysis of successful crowdfunding cases. Main findings from the study were that CF has huge potential in funding entrepreneurial projects. It is still a niche way for funding but growing rapidly. CF is earning its place among traditional funding options and has potential to fund projects which otherwise would struggle to find funding. With CF entrepreneur can tap into geographically diverse audience. It is a powerful validation tool for products and ideas and has the power to bring democratic elements to entrepreneurial funding.

Letting go : a self-study utilizing critical literacy as method in improving my practice /

This is a Self-study about my role as a teacher, driven by the question: "How do I improve my practice?" (Whitehead, 1989)? In this study, I explored the discomfort that I had with the way that I had been teaching. Specifically, I worked to uncover the reasons behind my obsessive (mis)management of my students. I wrote of how I came to give my Self permission for this critique: how I came to know that all knowledge is a construction, and that my practice, too, is a construction. I grounded this journey within my experiences. I constructed these experiences in narrative fomi in order to reach a greater understanding of how I came to be the teacher I initially was. I explored metaphors that impacted my practice, re-constructed them, and saw more clearly the assumptions and influences that have guided my teaching. I centred my inquiry into my teaching within an Action Reflection methodology, bon-owing Jack Whitehead's (1989) term to describe my version of Action Research. I relied upon the embedded cyclical pattern of Action Reflection to understand my teaching Self: beginning from a critical moment, reflecting upon it, and then taking appropriate action, and continuing in this way, working to improve my practice. To understand these critical moments, I developed a personal definition of critical literacy. I then tumed this definition inward. In treating my practice as a textual production, I applied critical literacy as a framework in coming to know and understand the construction that is my teaching. I grounded my thesis journey within my Self, positioning my study within my experiences of being a grade 1 teacher struggling to teach critical literacy. I then repositioned my journey to that of a grade 1 teacher struggling to use critical literacy to improve my practice. This journey, then, is about the transition from critical literacyit as-subject to critical literacy-as-instmctional-method in improving my practice. I joumeyed inwards, using a critical moment to build new understandings, leading me to the next critical moment, and continued in this cyclical way. I worked in this meandering yet deliberate way to reach a new place in my teaching: one that is more inclusive of all the voices in my room. I concluded my journey with a beginning: a beginning of re-visioning my practice. In telling the stories of my journey, of my teaching, of my experiences, I changed into the teacher that I am more comfortable with. I've come to the frightening conclusion that I am the decisive element in the classroom. It's my personal approach that creates the climate. It's my daily mood that makes the weather As a teacher, I possess a tremendous power to make a person's life miserable or joyous. I can be a tool of torture or an instrument of inspiration. I can humiliate or humour, hurt or heal. In all situations, it is my response that decides whether a crisis will be escalated or de-escalated and a person humanized or de-humanized. (Ginott, as cited in Buscaglia, 2002, p. 22)

On the Political Economy of Sequential Reforms

This paper proposes an explanation for why efficient reforms are not carried out when losers have the power to block their implementation, even though compensating them is feasible. We construct a signaling model with two-sided incomplete information in which a government faces the task of sequentially implementing two reforms by bargaining with interest groups. The organization of interest groups is endogenous. Compensations are distortionary and government types differ in the concern about distortions. We show that, when compensations are allowed to be informative about the government’s type, there is a bias against the payment of compensations and the implementation of reforms. This is because paying high compensations today provides incentives for some interest groups to organize and oppose subsequent reforms with the only purpose of receiving a transfer. By paying lower compensations, governments attempt to prevent such interest groups from organizing. However, this comes at the cost of reforms being blocked by interest groups with relatively high losses.

The Supreme Court’s Understanding of Federalism: Efficiency at the Expense of Diversity

This paper is an examination of the Supreme Court of Canada's interpretation of federalism since constitutional repatriation in 1982. It argues that the lure of centralist efficiency is overpowering a fundamentally important part of our federal order: regionalism. The author contends that changes made by the Court to certain fundamental concepts of Canadian constitutional law now provide Parliament with greater latitude than before in the exercise of its legislative powers. According to the author, these changes are disturbing because they are structured so as to preclude consideration of the legitimate concerns of regional polities. Furthermore, he argues that the Court has reinforced the central government's power to regulate the economy, including intraprovincial matters affecting trade, by resorting to highly functional tests that emphasize economic efficiency over other criteria. This, he claims, makes it more difficult to invoke legitimate regional interests that would lead to duplication, overlapping and even, in the eyes of some, inefficiency. The author the focuses on the Court's treatment of environmental protection in an attempt to show the tension between the Court's desire to use a functional approach and the need to recognize regional interests. Finally, through an examination of recent case law, he attemps to demonstrate that the Court's dominant perspective remains functional despite its endorsement of a more community-oriented undestanding of federalism in Secession Reference. If the Court chooses to proceed in this manner, it will alienate regional polities and may encourage them to choose more radical means of asserting their differences. Further, the author argues that strict adherence to the functional effectiveness approach will undermine the very values that federalism is meant to promote.

Pour une constitutionnalisation du droit à la sécession au Canada

"Mémoire présenté à la Faculté des études supérieures en vue de l'obtention du grade de maîtrise en droit, option recherche (LL.M.)"