Epävarmuuden vaikutus strategisiin alliansseihin vuosina 2000-2010

Tässä pro gradu –tutkielmassa perehdyttiin globaalin telekommunikaatiosektorin allianssitoimintaan vuosina 2000-2010. Tutkimuksen tavoitteena oli tarkastella kvantitatiivisin menetelmin yrityskohtaisen ja makrotaloudellisen epävarmuuden vaikutusta solmittujen allianssien rakenteeseen, muotoon ja osapuolten maantieteelliseen sijaintiin. Lisäksi oli tarkoitus tutkia, kuinka allianssien vuosittainen määrä ja niihin osallistuvien yritysten määrä muuttuu epävarmuuden vaihtelujen myötä. Tutkielman empiirisen rungon muodosti sekundaarinen data SDC Platinum ja Thomson Datastream –tietokannoista. Lopulliseen aineistoon sisältyi 50 maailman suurinta telekommunikaatioyritystä useasta eri maasta. Tilastollinen analyysi suoritettiin logistisen ja paneelidataregression avulla. Tutkielman viidestä hypoteesista vain kaksi vahvistuivat osittain. Kyseiset hypoteesit olettivat epävarmuuden kasvun negatiivista vaikutusta vertikaalisten ja kotimaisten allianssien suosioon yrityksen silmissä. Muut regressiomallit tuottivat ristiriitaisia ja tilastollisesti ei-merkitseviä tuloksia.

Pricing anomalies in the Finnish stock market

The aim of this thesis is to examine whether the pricing anomalies exists in the Finnish stock markets by comparing the performance of quantile portfolios that are formed on the basis of either individual valuation ratios, composite value measures or combined value and momentum indicators. All the research papers included in the thesis show evidence of value anomalies in the Finnish stock markets. In the first paper, the sample of stocks over the 1991-2006 period is divided into quintile portfolios based on four individual valuation ratios (i.e., E/P, EBITDA/EV, B/P, and S/P) and three hybrids of them (i.e. composite value measures). The results show the superiority of composite value measures as selection criterion for value stocks, particularly when EBITDA/EV is employed as earnings multiple. The main focus of the second paper is on the impact of the holding period length on performance of value strategies. As an extension to the first paper, two more individual ratios (i.e. CF/P and D/P) are included in the comparative analysis. The sample of stocks over 1993- 2008 period is divided into tercile portfolios based on six individual valuation ratios and three hybrids of them. The use of either dividend yield criterion or one of three composite value measures being examined results in best value portfolio performance according to all performance metrics used. Parallel to the findings of many international studies, our results from performance comparisons indicate that for the sample data employed, the yearly reformation of portfolios is not necessarily optimal in order to maximally gain from the value premium. Instead, the value investor may extend his holding period up to 5 years without any decrease in long-term portfolio performance. The same holds also for the results of the third paper that examines the applicability of data envelopment analysis (DEA) method in discriminating the undervalued stocks from overvalued ones. The fourth paper examines the added value of combining price momentum with various value strategies. Taking account of the price momentum improves the performance of value portfolios in most cases. The performance improvement is greatest for value portfolios that are formed on the basis of the 3-composite value measure which consists of D/P, B/P and EBITDA/EV ratios. The risk-adjusted performance can be enhanced further by following 130/30 long-short strategy in which the long position of value winner stocks is leveraged by 30 percentages while simultaneously selling short glamour loser stocks by the same amount. Average return of the long-short position proved to be more than double stock market average coupled with the volatility decrease. The fifth paper offers a new approach to combine value and momentum indicators into a single portfolio-formation criterion using different variants of DEA models. The results throughout the 1994-2010 sample period shows that the top-tercile portfolios outperform both the market portfolio and the corresponding bottom-tercile portfolios. In addition, the middle-tercile portfolios also outperform the comparable bottom-tercile portfolios when DEA models are used as a basis for stock classification criteria. To my knowledge, such strong performance differences have not been reported in earlier peer-reviewed studies that have employed the comparable quantile approach of dividing stocks into portfolios. Consistently with the previous literature, the division of the full sample period into bullish and bearish periods reveals that the top-quantile DEA portfolios lose far less of their value during the bearish conditions than do the corresponding bottom portfolios. The sixth paper extends the sample period employed in the fourth paper by one year (i.e. 1993- 2009) covering also the first years of the recent financial crisis. It contributes to the fourth paper by examining the impact of the stock market conditions on the main results. Consistently with the fifth paper, value portfolios lose much less of their value during bearish conditions than do stocks on average. The inclusion of a momentum criterion somewhat adds value to an investor during bullish conditions, but this added value turns to negative during bearish conditions. During bear market periods some of the value loser portfolios perform even better than their value winner counterparts. Furthermore, the results show that the recent financial crisis has reduced the added value of using combinations of momentum and value indicators as portfolio formation criteria. However, since the stock markets have historically been bullish more often than bearish, the combination of the value and momentum criteria has paid off to the investor despite the fact that its added value during bearish periods is negative, on an average.

Eimeria spp. from Japanese quails (Coturnix japonica): new characteristic features and diagnostic tools

The Japanese quail Coturnix japonica originated from North Africa, Europe and Asia, is used worldwide as an experimental animal and model for aviculture. The current paper characterizes Eimeria bateri, Eimeria tsunodai and Eimeria uzura recovered from C. japonica. Based on the fact that quails have a global distribution, as are their coccidia, the findings of this study should provide the means for diagnosis of those Eimeria spp. in other regions and continents. Eimeria bateri showed the greatest intensity of infection and shed oocysts from the fourth day after infection; in contrast, E. tsunodai and E. uzura shed oocysts from the fifth day after infection. The three species shared a high degree of similarity and were all polymorphic. Yet, the application of line regressions, histograms and ANOVA provided means for the identification of these species. Finally, the algorithm was very efficient since verified that resultant values were not superimposed.

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).

CARDINAL TEMPERATURES FOR GERMINATION OF THE MEDICINAL ANDDESERT PLANT, Calotropis procera

ABSTRACT Calotropis procera, Apocynaceae, is a wild perennial shrub that originated in the Persian deserts. It is known to provide key resources in degraded ecosystems to about 80 animal species. C. procera is regenerated by seed and produces lots of small seeds that are dispersed by wind; nonetheless, its density is very low. The purpose of this study is to estimate the cardinal temperatures including the base, optimum, and maximum temperatures of Calotropis procera looking at two different ecotypes in the Iranian desert. The germination behavior of C. procera seeds was tested at temperature regimens of 0, 5, 10, 15, 20, 25, 30, 35 and 40oC and was analyzed using linear regression models. The rate of germination increased between base and optimum thermal conditions, and decreased between optimum and maximum thermal conditions. The base, optimum and maximum temperatures for germination of C. procera seeds were estimated at 19.10, 30.75 and 47.80 oC for the Fars and 20.00, 31.82 and 49.69oC for the Zahedan desert, respectively. Temperature and germination were rated to determine the seeding dates of the C. procera. Overall, cardinal temperatures for germination were dependent on local climate characteristics for the range of adaptations in plant growth of the given species.

Factors associated with adherence to antiretroviral therapy in HIV/AIDS patients: a cross-sectional study in Southern Brazil

A cross-sectional study was conducted on HIV-infected adults being treated with antiretroviral drugs at a reference service in Southern Brazil. Participants answered a sociodemographic questionnaire and were tested by scales assessing sociocognitive variables. Adherence to treatment was assessed by a self-report inventory developed for the study. Clinical information was obtained from the patients' records. Significance tests were conducted using univariate logistic regressions followed by multivariate logistic regression analysis. A total of 195 patients participated in the study and 56.9% of them reported > or = 95% adherence on the previous two days. In univariate analysis, the odds of adherence increased with self-efficacy (a person's conviction that he/she can successfully execute the behavior required to produce a certain desired outcome) in taking medications as prescribed (OR = 3.50, 95% CI 1.90-6.55), and decreased with perception of negative affect and physical concerns (OR = 0.71, 95% CI 0.53-0.95). The odds were lower for taking antiretroviral medications >4 times a day (OR = 0.44, 95% CI 0.20-0.94) and higher for patients with 8 years of schooling (OR = 2.28, 95% CI 1.12-4.66). In the multivariate analysis, self-efficacy (OR = 3.33, 95% CI 1.69-6.56) and taking medication >4 times a day (OR = 0.34, 95% CI 0.14-0.80) were independently associated with adherence. Self-efficacy was the most important predictor of adherence, followed by number of times antiretroviral medication was taken per day. Among sociodemographic and clinical variables, only the number of years of schooling was associated with adherence. Motivational interventions based on self-efficacy may be useful for increasing treatment adherence.

Foreign Direct Investment, Clean Development Mechanism, and Environmental Management: A case of Sub-Saharan Africa

This doctoral dissertation explores the contribution of environmental management practices, the so-called clean development mechanism (CDM) projects, and foreign direct investment (FDI) in achieving sustainable development in developing countries, particularly in Sub- Saharan Africa. Because the climate change caused by greenhouse gas emissions is one of the most serious global environmental challenges, the main focus is on the causal links between carbon dioxide (CO2) emissions, energy consumption, and economic development in Sub-Saharan Africa. In addition, the dissertation investigates the factors that have affected the distribution of CDM projects in developing countries and the relationships between FDI and other macroeconomic variables of interest. The main contribution of the dissertation is empirical. One of the publications uses crosssectional data and Tobit and Poisson regressions. Three of the studies use time-series data and vector autoregressive and vector error correction models, while two publications use panel data and panel data estimation methods. One of the publications uses thus both timeseries and panel data. The concept of Granger causality is utilized in four of the publications. The results indicate that there are significant differences in the Granger causality relationships between CO2 emissions, energy consumption, economic growth, and FDI in different countries. It appears also that the causality relationships change over time. Furthermore, the results support the environmental Kuznets curve hypothesis but only for some of the countries. As to CDM activities, past emission levels, institutional quality, and the size of the host country appear to be among the significant determinants of the distribution of CDM projects. FDI and exports are also found to be significant determinants of economic growth.

The effect of an aerobic training program on the electrical remodeling of the heart: high-frequency components of the signal-averaged electrocardiogram are predictors of the maximal aerobic power

Increased heart rate variability (HRV) and high-frequency content of the terminal region of the ventricular activation of signal-averaged ECG (SAECG) have been reported in athletes. The present study investigates HRV and SAECG parameters as predictors of maximal aerobic power (VO2max) in athletes. HRV, SAECG and VO2max were determined in 18 high-performance long-distance (25 ± 6 years; 17 males) runners 24 h after a training session. Clinical visits, ECG and VO2max determination were scheduled for all athletes during thew training period. A group of 18 untrained healthy volunteers matched for age, gender, and body surface area was included as controls. SAECG was acquired in the resting supine position for 15 min and processed to extract average RR interval (Mean-RR) and root mean squared standard deviation (RMSSD) of the difference of two consecutive normal RR intervals. SAECG variables analyzed in the vector magnitude with 40-250 Hz band-pass bi-directional filtering were: total and 40-µV terminal (LAS40) duration of ventricular activation, RMS voltage of total (RMST) and of the 40-ms terminal region of ventricular activation. Linear and multivariate stepwise logistic regressions oriented by inter-group comparisons were adjusted in significant variables in order to predict VO2max, with a P < 0.05 considered to be significant. VO2max correlated significantly (P < 0.05) with RMST (r = 0.77), Mean-RR (r = 0.62), RMSSD (r = 0.47), and LAS40 (r = -0.39). RMST was the independent predictor of VO2max. In athletes, HRV and high-frequency components of the SAECG correlate with VO2max and the high-frequency content of SAECG is an independent predictor of VO2max.

The Determinants of Financial Leverage of Large Publicly Listed Companies - Evidence from Nordic Telecom Sector

This thesis examines the determinants of financial leverage ratio of large publicly listed companies within Nordic Telecom sector. The study is done as a case study and it covers 5 case companies headquartered in Nordic countries during period of 2002 - 2014 and by using restated values of quarterly observations from each case company’s interim reports. The chosen hypotheses are tested with multiple linear regressions firm by firm. The Findings of the study showed that uniqueness of Telecom sector and the region of our sample could not provide us unequivocal determinants of leverage ratio within the sector. However, e.g. Pecking order theory’s statement of Liquidity was widely confirmed by 3 out of 5 case companies which is worth to be taken into account in the big picture. The findings also showed that theories and earlier empirical evidence are confirmed by our case companies individually and non-systematically. Though Telecom sector is considered as quite unique industry and we did not discover absolute common relationships that would have held through all the Nordic case companies, we got unique and valuable evidence to conduct the research of this sector in future.

Brazilian cerrado antioxidant sources: cytotoxicity and phototoxicity in vitro

Annona crassiflora (araticum), Eugenia dysenterica (cagaita), and Caryocar brasiliense (pequi) are tropical fruits of the second biggest Brazilian biome: the cerrado. Nowadays, the cerrado faces two different realities: 1) the great possibility of food production since it is considered as the biggest storehouse of the world; and 2) the rich biodiversity that has been newly discovered and known. Previous studies showed that certain cerrado fruits demonstrate high content of total phenols and excellent antioxidant activity in in vitro models. Moreover, using fingerprinting analysis, important bioactive molecules were identified as probably responsible for their antioxidant activity. In this study, the cytotoxicity and phototocixity of ethanolic extracts from cerrado fruits were evaluated using the in vitro Neutral Red Uptake (NRU). Regarding cytotoxicity, the extracts of araticum peel and cagaita seed did not shown any cytotoxic potential up to 300 µg.mL-1. Ethanolic extracts of araticum seed and pequi peel presented low cytotoxic potential and, according to linear regressions, the estimated LD50 were de 831.6 and 2840.7 mg.kg-1, respectively. In the evaluated conditions, only the araticum peel extract presented a phototoxic potential. This is the first attempt to screen the toxicity of cerrado fruits with high antioxidant activity.

Alterations of palm oil (Elaeis guineensis) in the continuous industrial par frying of breaded chicken snacks

The physical and chemical alterations in palm oil during continuous industrial par frying of breaded chicken snacks were evaluated using a pseudo first-order kinetic model. The acidity index, refractive index, concentration of polar compounds, viscosity, color, and absorbance (232 and 268 nm) of 238 samples of the frying oil collected during 26 days of production were analyzed. For all of the analyses, the results of the oil were below the limits recommended for oil disposal, indicating that the processing conditions were safe and that under these experimental conditions the oil remained suitable for frying. The linear regressions were significant for refractive index, content of polar compounds, and lightness (L*). The content of polar compounds was determined using a cooking oil tester, and it had the best fit to the proposed model and can be used as an effective index for monitoring palm oil during the continuous par frying of breaded chicken snacks. The high turnover rate of the oil was important for maintaining the oil in good running conditions.

A influência dos sindicatos nos salários do setor sucroalcooleiro

The aim of this paper is to identify the determinants of the income of the employees of the sugarcane sector, and also for the sugar and ethanol industries. Special attention is given to union's role. Earnings equations were estimated for these sectors and information on union's action were collected in a field research. In the regressions estimated, the coefficients of the following variables were significant and had the expected signs: (i) gender (ii) region, (iii) education, (iv) threshold effect of education, (v) membership to labor unions. It was verified the existence and also the influence of labor unions on wage formation

Pricing of Liquidity Risks in London Stock Exchange

This thesis aims to investigate pricing of liquidity risks in London Stock Exchange. Liquidity Adjusted Capital Asset Pricing Model i.e. LCAPM developed by Acharya and Pedersen (2005) is being applied to test the influence of various liquidity risks on stock returns in London Stock Exchange. The Liquidity Adjusted Capital Asset Pricing model provides a unified framework for the testing of liquidity risks. All the common stocks listed and delisted for the period of 2000 to 2014 are included in the data sample. The study has incorporated three different measures of liquidity – Percent Quoted Spread, Amihud (2002) and Turnover. The reason behind the application of three different liquidity measures is the multi-dimensional nature of liquidity. Firm fixed effects panel regression is applied for the estimation of LCAPM. However, the results are robust according to Fama-Macbeth regressions. The results of the study indicates that liquidity risks in the form of (i) level of liquidity, (ii) commonality in liquidity (iii) flight to liquidity, (iv) depressed wealth effect and market return as well as aggregate liquidity risk are priced at London Stock Exchange. However, the results are sensitive to the choice of liquidity measures.

Water quality and fish populations of the Welland River, Ontario /

The water quality and fish populations of the Welland River were observed to decline with distance downstream. This coincided with increased agricultural , domestic and industrial waste loadings. The river upstream of the City of Welland received considerable loadings from agricultural sources. Centrarchids, sciaenids, ictalurids, cyprinids and esocids characterized this upper section of the river. Most of these species were tolerant of low dissolved oxygen concentrations and the high turbidity which prevailed there . The river near Port Robinson receives many industrial and domestic wastes as evidenced by the water quality data. The fish in this section were less abundant and the observed population was comprised almost solely of cyprinids. Further downstream, near Montrose, the Welland River received shock loads of chemical wastes that exceeded a specific conductance of ISiOOO ;umhos/cm. Few fish were captured at this site and those that were captured were considered to be transients. A review of the literature revealed that none of the common indices of water quality in use today could adequately predict the observed distributions. In addition to the above, the long-term trend (l3 yrs) of water quality of the lower Welland River revealed a gradual improvement. The major factor thought to be responsible for this improvement was the operation of the Welland Sewage Treatment Plant. The construction of the New Welland Ship Canal coincided with large fluctuations of the total solids and other parameters downstream. These conditions prevailed for a maximum of three years (1972- 1975)' Furthermore, spawning times and temperatures, geographic distributions, length-weight regressions and many other descriptive aspects of the ecology of some 26 species/ taxa of fish were obtained. Several of these species are rare or new to southern Ontario.

The impact of tobacco control policies on university students' smoking in Ontario

Objective. Despite steady declines in the prevalence of tobacco use among Canadians, young adult tobacco use has remained stubbornly high over the past two decades (CTUMS, 2005a). Currently in Ontario, young adults have the highest proportion of smokers of all age cohorts at 26%. A growing body of evidence shows that smoking restrictions and other tobacco control policies can reduce tobacco use and consumption among adults and deter initiation among youth; whether young adult university students' smoking participation is influenced by community smoking restrictions, campus tobacco control policies or both remains an empirical question. The purpose of this study is to examine the relationship among current smoking status of students on university campuses across Ontario and various tobacco control policies, 3including clean air bylaws of students' home towns, clean air by-laws of the community where the university is situated, and campus policies. Methods. Two data sets were used. The 200512006 Tobacco Use in a Representative Sample of Post-Secondary Students data set provides information about the tobacco use of 10,600 students from 23 universities and colleges across Ontario. Data screening for this study reduced the sample to 5,114 17-to-24 year old undergraduate students from nine universities. The second data set is researcher-generated and includes information about strength and duration of, and students' exposure to home town, local and campus tobacco control policies. Municipal by-laws (of students' home towns and university towns) were categorized as weak, moderate or strong based on criteria set out in the Ontario Municipal By-law Report; campus policies were categorized in a roughly parallel fashion. Durations of municipal and campus policies were calculated; and length of students' exposure to the policies was estimated (all in months). Multinomial logistic regression analyses were used to examine the relationship between students' current smoking status (daily, less-than-daily, never-smokers) and the following policy measures: strength of, duration of, and students' exposure to campus policy; strength of, duration of, and students' exposure to the by-law in the university town; and, strength of, duration of, and students' exposure to the by-law in the home town they grew up in. Sociodemographic variables were controlled for. Results. Among the Ontario university students surveyed, 7.0% currently use tobacco daily and 15.4% use tobacco less-than-daily. The proportions of students experiencing strong tobacco control policies in their home town, the community in which their university is located and at their current university were 33.9%,64.1 %, and 31.3% respectively. However, 13.7% of students attended a university that had a weak campus policy. Multinomial logistic regressions suggested current smoking status was associated with university town by-law strength, home town by-law strength and the strength of the campus tobacco control policy. In the fmal model, after controlling for sociodemographic factors, a strong by-law in the university town and a strong by-law in students' home town were associated with reduced odds of being both a less-than-daily (OR = 0.64, 95%CI: 0.48-0.86; OR = 0.80, 95%CI: 0.66-0.95) and daily smoker (OR = 0.59, 95%CI: 0.39-0.89; OR = 0.76, 95%CI: 0.58-0.99), while a weak campus tobacco control policy was associated with higher odds of being a daily smoker (OR = 2.08, 95%CI: 1.31-3.30) (but unrelated to less-than-daily smoking). Longer exposure to the municipal by-law (OR = 0.93; 95%CI: 0.90-0.96) was also related to smoking status. Conclusions. Students' smoking prevalence was associated with the strength of the restrictions in university, and with campus-specific tobacco control policies. Lessthan- daily smoking was not as strongly associated with policy measures as daily smoking was. University campuses may wish to adopt more progressive campus policies and support clean air restrictions in the broader community. More research is needed to determine the direction of influence between tobacco control policies and students' smoking.