Fiscal sustainability across government tiers: an assessment of soft budget constraints

This paper analyses how fiscal adjustment comes about when both central and sub-national governments are involved in consolidation. We test sustainability of public debt with a fiscal rule for both the federal and regional government. Results for the German Länder show that lower tier governments bear a relatively smaller part of the burden of debt consolidation, if they consolidate at all. Most of the fiscal adjustment occurs via central government debt. In contrast, both the US federal and state levels contribute to consolidation of public finances.

Osakekurssin reagointi tulosvaroitukseen nousu- ja laskumarkkinoilla

Tutkimuksen tavoitteena on selvittää tapahtuuko tulosvaroituksen yhteydessä yli- tai alireagointia nousu- ja laskumarkkinoiden aikana. Tutkimus tehdään tapahtumatutkimuksena, jossa tarkoituksena on tutkia osakkeiden epänormaaleja tuottoja tulosvaroituspäivän ympärillä. Tapahtumaikkunan pituus on yhteensä 11 päivää [-5, +5]. Aineisto koostuu Helsingin pörssin OMXH25 indeksin yritysten julkaisemista tulosvaroituksista vuosien 1997–2009 välillä. Tälle aikavälille osuu 200 päivän liukuvalla keskiarvolla mitattuna kaksi nousu- ja kaksi laskumarkkinaa. Tutkimuksessa ei havaittu selvää yli- tai alireagointia nousu- tai laskumarkkinoilla. Sen sijaan tietty säännöllisyys reagoinnissa tulosvaroituksiin löydettiin: Nousumarkkinoilla, tulosvaroituspäivän jälkeen näkyy selvä positiivinen tuotto kahden päivän ajalta tulosvaroituksen jälkeen, riippumatta siitä onko kyseessä positiivinen vai negatiivinen tulosvaroitus. Vastaavasti laskumarkkinoilla löydettiin selvä negatiivinen epänormaali tuotto kahden päivän ajalta tulosvaroituksen jälkeen.

Foodstuffs and medicines as legal categories in the EU and China. Functional foods as a borderline case

The thesis discusses the regulation of foodstuffs and medicines, and particularly the regulation of functional foods. Legal systems investigated are the EU and China. Both are members of the WTO and Codex Alimentarius, which binds European and Chinese rules together. The study uses three Chinese berries as case examples of how product development faces regulation in practice. The berries have traditional uses as herbal medicines. Europe and China have similar nutrition problems to be resolved, such as obesity, cardiovascular disease, and diabetes. The three berries might be suitable raw materials for functional foods. Consumer products with health-enhancing functions, such as lowering blood pressure, might legally be classifi ed either as foodstuffs or medicines. The classifi cation will depend on functions and presentation of the product. In our opinion, food and medicine regulation should come closer together so the classifi cation issue would no longer be an issue. Safety of both foodstuffs and medicines is strictly regulated. With medicines, safety is a more relative concept, where benefi ts of the product are compared to side-effects in thorough scientifi c tests and trials. Foods, on the other hand, are not allowed to have side-effects. Hygiene rules and rules on the use of chemicals apply. In China, food safety is currently at focus as China has had several severe food scandals. Newly developed foods are called novel foods, and are specifi cally regulated. The current European novel food regulation from 1997 treats traditional third country products as novel. The Chinese regulation of 2007 also defi nes novel foods as something unfamiliar to a Chinese consumer. The concepts of novel food thus serve a protectionist purpose. As regards marketing, foods are allowed to bear health claims, whereas medicines bear medicinal claims. The separation is legally strict: foods are not to be presented as having medicinal functions. European nutrition and health claim regulation exists since 2006. China also has its regulation on health foods, listing the permitted claims and how to substantiate them. Health claims are allowed only on health foods. The European rules on medicines include separate categories for herbal medicines, traditional herbal medicines, and homeopathic medicines, where there are differing requirements for scientifi c substantiation. The scientifi c and political grounds for the separate categories provoke criticism. At surface, the Chinese legal system seems similar to the European one. To facilitate trade, China has enacted modern laws. Laws are needed as the country moves from planned economy to market economy: ‘rule of law’ needs to replace ‘rule of man’. Instead of being citizens, Chinese people long were subordinates to the Emperor. Confucius himself advised to avoid confl ict. Still, Chinese people do not and cannot always trust the legal system, as laws are enforced in an inconsistent manner, and courts are weak. In China, there have been problems with confl icting national and local laws. In Europe, the competence of the EU vs. the competence of the Member States is still not resolved, even though the European Commission often states that free trade requires harmonisation. Food and medicine regulation is created by international organisations, food and medicine control agencies, standards agencies, companies and their organisations. Regulation can be divided in ‘hard law’ and ‘soft law’. One might claim that hard law is in crisis, as soft law is gaining importance. If law is out of fashion, regulation certainly isn’t. In the future, ‘law’ might mean a process where rules and incentives are created by states, NGOs, companies, consumers, and other stakeholders. ‘Law’ might thus refer to a constant negotiation between public and private actors. Legal principles such as transparency, equal treatment, and the right to be heard would still be important.

Vicente Seabra Telles e a criação da nomenclatura em português para a Química 'Nova' de Lavoisier

In 1787, Lavoisier and coworkers published a 314-page book entitled Méthode de nomenclature chimique in which a novel system for the naming of compounds and elements was presented. The Brazilian chemist Vicente Coelho de Seabra Telles (1764-1804) was responsible for translating it into Portuguese. Telles proposed the adoption not only of the Latin etymology, but decided to use Latin suffixes as well, because of the similarity between Latin and the Portuguese language. In doing so, he made the names of the compounds in Portuguese bear a closer resemblance to the names in Latin than to those in French or Spanish.

Produtos químicos perigosos utilizados em laboratórios de ensino: proposta e exemplos para indicação de seus perigos no rótulo

Typically hundreds of different chemical products stored in small flasks which cannot accommodate labels large enough to bear all information required by the Globally Harmonised System of Classification, Labelling and Packaging of Chemicals (GHS) are used in academic laboratories. To overcome this restriction Brazilian legislation permits communication of the dangers of chemical products to trained laboratory workers/students by alternative means. Here we describe an alternative label system, developed by the German Social Accident Insurance (DGUV), which allows hazard communication to trained workers/students via a labelling system, using pictograms and highly condensed hazard statements to alert about dangerous chemical products.

Determinants of credit default swap spread, the effect of the financial crisis in the us markets

The purpose of this study is to define what determinants affect the Credit spread. There are two theoretical frameworks to study this: structural models and reduced form models. Structural models indicate that the main determinants are company leverage, volatility and risk-free interest rate, and other market and firm-specific variables. The purpose is to determine which of these theoretical determinants can explain the CDS spread and also how these theoretical determinants are affected by the financial crisis in 2007. The data is collected from 30 companies in the US Markets, mainly S&P Large Cap. The sample time-frame is 31.1.2004 – 31.12.2009. Empirical studies indicate that structural models can explain the CDS spreads well. Also, there were significant differences between bear and bull markets. The main determinants explaining CDS spreads were leverage and volatility. The other determinants were significant, depending on the sample period. However, these other variables did not explain the spread consistently.

The Effect of Dividend Yield to Stocks’ Performance on Bullish and Bearish Finnish Stock Market

This study examines the relationship between dividend yield and stock return over bullish and bearish Finnish stock market by testing for alpha and beta shifts across bull and bear markets. In addition, this study examines if various factors, such as a standard deviation of dividends, firm size and profitability have an effect on the size, of the firms’ dividends and systematic risk of the stocks. We divide stocks into five portfolios on the basis of their past average dividend yields and investigate if the highest yielding portfolios outperform the lowest yielding portfolios during the different market conditions. As a result, high yielding stocks were most stable during the examination period and offered downside protection on bear markets. However, a strategy of forming portfolios with past dividend yields led to negative alphas even in bull markets. Standard deviation of dividends, firm size and profitability were found to have no effect on the size of dividends and systematic risk of the stocks.

Kasvatus on kasvamaan saattamista. Kasvatusfilosofinen tutkimus J. A. Hollon sivistyskasvatusajattelusta

Tutkimukseni käsittelee J. A. Hollon (1885–1967) sivistyskasvatusajattelua. Hollo oli monitoiminen kulttuurivaikuttaja, joka toimi kriitikkona, kirjailijana, suomentajana ja kasvatustieteilijänä. Häntä voidaan pitää J. V. Snellmanin rinnalla yhtenä merkittävimpänä suomalaisena kasvatusajattelijana. Hänen kasvatusajattelustaan ei ole kuitenkaan aiemmin tehty väitöskirjatason tutkimusta. Tutkimuskysymykseni ovat seuraavat: 1. Millainen on Hollon näkemys kasvatuksesta, kasvatuksen maailmasta ja kasvatuksen teoriasta? 2. Mikä on Hollon käsitys kasvattajan ja kasvatettavan merkityksestä kasvatustapahtumassa? 3. Mitä asioita sisältyy sivistyskasvatuksen eli kasvamaan saattamisen elementteihin? Tutkimukseni on kasvatusfilosofinen. Tutkimusmenetelmäni on systemaattinen analyysi ja lähestymistapani on hermeneuttinen. Tutkimukseni pääaineistona ovat Hollon kasvatusta koskevat kirjoitukset, joista tärkeimmät ovat Mielikuvitus ja sen kasvattaminen I-II (1918, 1919), Kasvatuksen maailma (1927), Kasvatuksen teoria (1927) ja Itsekasvatus ja elämisen taito (1931). Hollon mukaan kasvatuksen maailma on suhteellisen itsenäinen elämänmuoto (Lebensform), jolla on oma ontologinen erityislaatunsa, so. sui generis. Kasvatusoppia ei pidä redusoida psykologiaan tai filosofiaan, koska sillä tavoin se menettää tieteellisen itsenäisyytensä. Hollon mielestä kasvatuksen teoria on teoria käytäntöä varten. Kasvatuksen teorian luomisessa tulee ottaa huomioon kasvatuksen maailman erityispiirteenä oleva kokonaisvaltainen näkökulma ja elämän palvelemisen päämäärä. Kasvattaminen on aina myös eettistä toimintaa. Kasvatuksen tavoitteena on hyvä elämä. Hollon mukaan kasvattajan tehtävä on luoda kasvatettavalleen eheä sivistyksellinen perusta. Tämä voi tapahtua vain laaja-alaisen sivistyskasvatuksen avulla, jonka runkona on antiikin humanistinen sivistysperinne. Sivistyskasvatukseen kuuluvat älyllinen, eettinen, uskonnollinen, esteettinen ja toiminnallinen kasvatus. Mielikuvituksen avulla kasvattaja voi yhdistää kasvatuksen osa-alueet eheäksi kokonaisuudeksi. Ilman mielikuvitusta erilaiset ilmiöt olisivat pirstaleisina, toisistaan erillisinä osina ihmisen mielessä. Opettajan persoona on merkittävä tekijä kasvatuksessa. Se tulee ottaa huomioon opettajankoulutuksen eli kasvattajan kasvattamisen valinnoissa. Opettaja-kasvattajan on tärkeää opiskella laajasti humanistisia opintoja, koska kasvatuksessa on kysymys ihmisestä. Ennen kaikkea kasvattajan eettistä ja esteettistä kykyä tulee harjoituttaa. Näin hän oppii käyttämään mielikuvitustaan kasvatustapahtumassa siten, että hän tulee kasvatuksellisesti näkeväksi kasvamaan saattajaksi, joka ymmärtää sen, mikä kussakin tilanteessa vaatii erityistä huomiota. Tutkimukseni osoittaa, että Hollon henkitieteellinen ja fenomenologis-hermeneuttinen kasvatusnäkemys ei ole vain vastaparadigma empiiriselle kasvatustieteelle, vaan myös nykyajan teknis-taloudelliselle eetokselle, joka yhtäältä uhkaa välineellistää kasvatuksen ja toisaalta väärällä tavoin tieteellistää kasvatuksen tutkimuksen. Tämän takia kasvatusoppi kysymyksineen uhkaa siirtyä kasvatuskeskustelussa syrjemmälle, jopa hävitä kokonaan. Kasvatuksen ja kasvatuksen tutkimuksen vaarana on niiden liiallinen sitouttaminen tuotantoelämän jatkeeksi, minkä seurauksena on ihmisyyden toteuttamisen vaikeutuminen. Tutkimuksen lopuksi esitän ideaalikoulunäkemykseni, joka perustuu osittain Hollon kasvatusnäkemykseen. Hollon näkemys on yhä ajankohtainen ja merkittävä kontribuutio kasvatusta, sen teoriaa ja käytäntöä koskevaan keskusteluun.

Laparoscopy in uterine cervical cancer. Current state and literature review

Cervical cancer remains the most frequent gynecological tumor in Brazil and other developing countries. Minimally invasive techniques, especially laparoscopy, have been increasingly employed in such tumors. This article aims to describe the main applications of laparoscopy in the treatment and staging of cervical cancer. In the early stages, it is possible to provide a fertility-preserving surgery in the form of radical trachelectomy and, in a study protocol, the function-preserving surgery, avoiding parametrectomy and the associated morbidity. A fully laparoscopic radical hysterectomy is fairly standard in the literature and has the tendency to become the standard of care in early cases, for patients who want to bear no more children. In advanced stages, minimally invasive surgery can offer ovarian transposition, with intent to prevent actinic castration, without upsetting the time for the start of radiotherapy and chemotherapy. Staging laparoscopic surgery, including pelvic and para-aortic lymphadenectomy, has been the subject of studies, since it has the potential to modify the extension of radiotherapy depending on the extent of lymph node spread.

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.

Performance of active portfolio management and the effect of stock market trend

Purpose of the study is to evaluate performance of active portfolio management and the effect of stock market trend on the performance. Theory of efficient markets states that market prices reflect all available information and that all investors share a common view of future price developments. This view gives little room for the success of active management, but the theory has been disputed – at least the level of efficiency. Behavioral finance has developed theories that identify irrational behavior patterns of investors. For example, investment decisions are not made independent of past market developments. These findings give reason to believe that also the performance of active portfolio management may depend on market developments. Performance of 16 Finnish equity funds is evaluated during the period of 2005 to 2011. In addition two sub periods are constructed, a bull market period and a bear market period. The sub periods are created by joining together the two bull market phases and the two bear market phases of the whole period. This allows for the comparison of the two different market states. Performance of the funds is measured with risk-adjusted performance by Modigliani and Modigliani (1997), abnormal return over the CAPM by Jensen (1968), and market timing by Henriksson and Merton (1981). The results suggested that in average the funds are not able to outperform the market portfolio. However, the underperformance was found to be lower than the management fees in average which suggests that portfolio managers are able to do successful investment decisions to some extent. The study revealed substantial dependence on the market trend for all of the measures. The risk-adjusted performance measure suggested that in bear markets active portfolio managers in average are able to beat the market portfolio but not in bull markets. Jensen´s alpha and the market timing model also showed striking differences between the two market states. The results of these two measures were, however, somewhat problematic and reliable conclusions about the performance could not be drawn.

Hedge-rahastojen menestyksen pysyvyys ja suhteellinen suoriutuminen sijoittajan näkökulmasta

The purpose of the thesis is to examine the long-term performance persistence and relative performance of hedge funds during bear and bull market periods. Performance metrics applied for fund rankings are raw return, Sharpe ratio, mean variance ratio and strategy distinctiveness index calculated of the original and clustered data correspondingly. Four different length combinations for selection and holding periods are employed. The persistence is examined using decile and quartile portfolio formatting approach and on the basis of Sharpe ratio and SKASR as performance metrics. The relative performance persistence is examined by comparing hedge portfolio returns during varying stock market conditions. The data is gathered from a private database covering 10,789 hedge funds and time horizon is set from January 1990 to December 2012. The results of this thesis suggest that long-term performance persistence of the hedge funds exists. The degree of persistence also depends on the performance metrics employed and length combination of selection and holding periods. The best results of performance persistence were obtained in the decile portfolio analysis on the basis of Sharpe ratio rankings for combination of 12-month selection period and the holding period of equal length. The results also suggest that the best performance persistence occurs in the Event Driven and Multi strategies. Dummy regression analysis shows that a relationship between hedge funds and stock market returns exists. Based on the results, Dedicated Short Bias, Global Macro, Managed Futures and Other strategies perform well during bear market periods. The results also indicate that the Market Neutral strategy is not absolutely market neutral and the Event Driven strategy has the best performance among all hedge strategies.

Tunnuslukuperusteisten sijoitusstrategioiden menestys Suomen osakemarkkinoilla finanssikriisin aikana

Tämän tutkielman tavoitteena on selvittää ja analysoida tunnuslukuihin perustuvien sijoitusstrategioiden tuottoja voimakkailla lasku- ja nousumarkkinoilla finanssikriisin aikana. Säilyttääkö arvostrategian alhaisten tunnuslukujen portfolio arvonsa laskukausilla parhaiten tai tuottaako kasvustrategia vahvalla nousukaudella parhaan tuoton? Miten yhtiöiden taloudellinen asema vaikuttaa tuottoihin jyrkillä laskukausilla ja nousukaudella? Tutkimusaineistona ovat julkisesti noteeratut Helsingin pörssin yhtiöt aikavälillä 13.7.2007 - 4.10.2011. Ajanjaksoon mahtuu kaksi laskukautta ja nousukausi. Yhtiöt on jaettu tunnuslukujen arvostuksen mukaan viiteen portfolioon. Tutkittavat tunnusluvut ovat P/E-luku, P/B-luku, EV/Ebit-luku, oman pääoman tuotto, omavaraisuusaste, current ratio ja Grahamin luku. Tulosten perusteella arvostrategia menestyi hyvin nousukaudella niin P/E-luvun kuin P/B-luvun kategorian tuotoissa, mutta ei erottunut edukseen laskukausilla. Huomattavaa oli myös korkean omavaraisuuden yhtiöiden voimakas defensiivisyys molemmilla laskukausilla. Toisaalta ne olivat myös nousukaudella vähätuottoisia.

Wooden packaging waste reuse and refining

The aim of the thesis was both to study wooden packaging waste reuse and refining generated in the forestry machine factory environment, and to find alternative wooden packaging waste utilization options in order to create a new operating model which would decrease the overall amount of waste produced. As environmental and waste legislation has become more rigid and companies' own environmental management systems’ requirements and control have increased, companies have had to consider their environmental aspects more carefully. Companies have to take into account alternative ways of reducing waste through an increase in reuse and recycling. A part of this waste is from different forms of packaging. In the metal industry the most heavily used packaging material is wooden packaging, as such material is heavy and the packaging has to be able to bear heavy stress. In the theoretical part of the thesis, the requirements of packaging and packaging waste legislation, as well as environmental management systems governing companies’ processing of their packaging waste, are studied. The theoretical part includes a process study of systems, which direct packaging waste and wooden packaging waste refining. In addition, methods related to the continuous improvement of these processes are introduced. This thesis concentrates on designing and creating a new operating model in relation to wooden packaging waste processing. The main target was to find an efficient model in order to decrease the total amount of wooden packaging waste and to increase refining. The empirical part introduces methods for approaches to wooden packaging waste re-utilization, as well as a description of a new operating model and its impact.

Human papillomavirus infection and its association with cervical dysplasia in Ecuadorian women attending a private cancer screening clinic

Women living in Latin American countries bear a disproportionate burden of cervical cancer, a condition caused by infection with the human papillomavirus (HPV). We performed a study in Santa Elena, Guayas (currently Santa Elena Province), Ecuador, to determine how often HPV could be detected in women attending a private cancer screening clinic. Participants underwent a Pap test, and vaginal and cervical swabs were performed for HPV testing by the polymerase chain reaction (PCR). Each participant completed a verbally administered survey. The mean age of 302 participants was 37.7 years (range 18 to 78 years). The majority of cervical and vaginal specimens contained sufficient DNA to perform PCR. Overall, 24.2% of the participants had either a cervical or vaginal swab that tested positive for HPV. In general, there was a good correlation between the HPV types detected in the cervical and vaginal swabs from the participants, but vaginal swabs were more likely to contain HPV DNA than were cervical swabs. The high-risk HPV types 16, 52, 58, and 59 and the low-risk HPV types 62, 71, 72, and 83 were the most frequently detected HPV types. The number of lifetime sexual partners was positively associated with detection of any HPV type, detection of oncogenic HPV, and abnormal Pap smears. Further studies are needed to determine if these results are representative of all Ecuadorian women and to determine if cervical cancers in Ecuadorian women are caused by the same HPV types found in the swab specimens obtained in this study.