The watershed simulation and forecasting system in the National Board of and the Environment

Yhteenveto: Vesistömalleihin perustuva vesistöjen seuranta- ja ennustejärjestelmä vesi- ja ympäristöhallinnossa

Influence of finite size effect on magnetic and magnetotransport properties of La0.5Sr0.5CoO3 thin films

We present a comprehensive study of the thickness dependent structural, magnetic and magnetotransport properties of oriented La0.5Sr0.5CoO3 thin films grown on LaAlO3 by Pulsed Laser Deposition. We observe that these films undergo a reduction in Curie temperature (T-c) with a decrease in film thickness, and it is found to be primarily caused by the finite size effect since the finite scaling law [T-c(infinity) T-c(t)/T-c(infinity) = (c/t)lambda holds good over the studied thickness range. We rule out the contribution from the strain induced suppression of Curie temperature with decreasing film thickness since all the films exhibit a constant out of plane tensile strain (0.5%) irrespective of their varying thickness. However, we observe that the coercivity of the films is an order of magnitude higher than that of the bulk due to the tensile strain. In addition, we also observe an increase in the magneto resistance peak and a decrease in coercivity and electrical resistivity with an increase in film thickness. (C) 2010 Elsevier Ltd. All rights reserved.

Angel Investing in Finland: An Analysis Based on Agency Theory and the Incomplete Contracting Theory

Wealthy individuals - business angels who invest a share of their net worth in entrepreneurial ventures - form an essential part of an informal venture capital market that can secure funding for entrepreneurial ventures. In Finland, business angels represent an untapped pool of capital that can contribute to fostering entrepreneurial development. In addition, business angels can bridge knowledge gaps in new business ventures by means of making their human capital available. This study has two objectives. The first is to gain an understanding of the characteristics and investment behaviour of Finnish business angels. The strongest focus here is on the due diligence procedures and their involvement post investment. The second objective is to assess whether agency theory and the incomplete contacting theory are useful theoretical lenses in the arena of business angels. To achieve the second objective, this study investigates i) how risk is mitigated in the investment process, ii) how uncertainty influences the comprehensiveness of due diligence as well as iii) how control is allocated post investment. Research hypotheses are derived from assumptions underlying agency theory and the incomplete contacting theory. The data for this study comprise interviews with 53 business angels. In terms of sample size this is the largest on Finnish business angels. The research hypotheses in this study are tested using regression analysis. This study suggests that the Finnish informal venture capital market appears to be comprised of a limited number of business angels whose style of investing much resembles their formal counterparts’. Much focus is placed on managing risks prior to making the investment by strong selectiveness and by a relatively comprehensive due diligence. The involvement is rarely on a day-to-day basis and many business angels seem to see board membership as a more suitable alternative than involvement in the operations of an entrepreneurial venture. The uncertainty involved does not seem to drive an increase in due diligence. On the contrary, it would appear that due diligence is more rigorous in safer later stage investments and when the business angels have considerable previous experience as investors. Finnish business angels’ involvement post investment is best explained by their degree of ownership in the entrepreneurial venture. It seems that when investors feel they are sufficiently rewarded, in terms of an adequate equity stake, they are willing to involve themselves actively in their investments. The lack of support for a relationship between increased uncertainty and the comprehensiveness of due diligence may partly be explained by an increasing trend towards portfolio diversification. This is triggered by a taxation system that favours investments through investment companies rather than direct investments. Many business angels appear to have substituted a specialization strategy that builds on reducing uncertainty for a diversification strategy that builds on reducing firm specific (idiosyncratic) risk by holding shares in ventures whose returns are not expected to exhibit a strong positive correlation.

With Good Reputation Size Does not Matter: Issue Frequency and the Determinants of Debt Maturity

This paper examines empirically the effect firm reputation has on the determinants of debt maturity. Utilising data from European primary bond market between 1999 and 2005, I find that the maturity choice of issuers with a higher reputation is less sensitive to macroeconomic conditions, market credit risk-premiums, prevailing firm credit quality and size of the debt issue. The annualised coupon payments are shown to be a significant factor in determining the debt maturity and reveal a monotonously increasing relationship between credit quality and debt maturity once controlled for. Finally, I show that issuers lacking a credit rating have an implied credit quality positioned between investment-grade and speculative-grade debt.

Overconfidence and investor size

Recent research documents that institutional or large investors act as antagonists to other investors by showing opposite behavior following disclosure of new information. Using an extremely comprehensive official transactions data set from Finland, we set out to explore the interrelation between investor size and behavior. More specifically, we test whether investor size is positively (negatively) correlated with investor reaction following positive (negative) news. We document robust evidence of that investor size affects investor behavior under new information, as larger investors on average react more positively (negatively) to good (bad) news than smaller investors. In the light of this study it seems increasingly feasible that several recent findings of heterogeneous investor behavior are functions of differences in overconfidence.

On the complexity of finding stopping set size in Tanner Graphs

The problem of determining whether a Tanner graph for a linear block code has a stopping set of a given size is shown to be NT-complete.

Gender Divisions and Gender Policies in Top Finnish Corporations

The expansion of transnational corporations is a fundamental part of contemporary globalising processes. Through their activities, transnational corporations also have impacts on national and cultural gender relations, thus highlighting that gender relations are indeed amenable, to some extent, to social change. Accordingly, large transnational corporations have many effects and implications for gender relations in society, as well as having their own gender relations within them, characteristically in the form of men’s far greater presence in management than women’s. A key aspect in the functioning of transnational corporations is thus the way they organise and restructure gender relations within their own activities. The research presented here on gender divisions and gender policies in largest Finnish multinational and national corporations is part of a longer-term examination of the relations of gender relations in transnational corporations. It sets out the results of a survey of the largest 100 Finnish corporations with regard to the following main kinds of question: · general information on the corporation’s size, sector and economic activities; · the gender composition of their employment, middle management, top management, and board; · their gender equality plans and related policies. The human resources manager or their equivalent or delegate of 62 corporations responded to the survey. The general analysis of the data obtained from the survey is presented in this research report. Special attention is given to relations between the gender divisions and the gender policies of corporations. Interpretations of the data and more general theoretical implications are discussed in the report, with special attention to theoretical ways forward.

Board Effectiveness in Small Firms

Purpose: This study investigates boards of directors in small firms and explores the link between board effectiveness and the composition, roles and working styles of the boards. Design/methodology/approach: The study analyses data from a telephone survey of boards in 45 small firms. The survey included both the CEO and the chairperson of the board. Findings: The study identifies three groups of small firms: ‘paperboards’, ‘professional boards’, and ‘management lead’ boards. Results show that board composition, board roles and board working style influence board effectiveness in small firms. Research limitations/implications: Although the present study has found a link between board effectiveness and the role, composition and working style of boards of small firms, other potentially influential factors are also worthy of investigation; for example, the personal characteristics of the individuals involved, generational factors in family firms, and the situational circumstances of various firms. Practical implications: The study reveals that, in practice, the management team and the board are substantially intertwined in small firms. Originality/value: The main contributions are that the study explores how boards in small firms actually function and gives a detailed account of their composition and roles.More insight into this issue is important given the overemphasis within the governance literature on input-output studies using samples of large publiclylisted firms.

Interfacial coupling and its size dependence in PbTiO3 and PbMg1/3Nb2/3O3 multilayers

Multilayers of Pb(Mg1/3Nb2/3)O-3 (PMN)-PbTiO3 (PT) were deposited through pulsed laser ablation deposition with different periodicities (d=10, 20, 30, 40, 50, 60, and 70 nm) for a constant total thickness of the film. The presence of superlattice reflections in the x-ray diffraction pattern clearly showed the superlattice behavior of the fabricated structures over a periodicity range of 20-50 nm. Polarization hysteresis and the capacitance-voltage characteristics of these films show clear size dependent ferroelectric and antiferroelectric (AFE) characteristics. Presence of long-range coupling and strain in multilayers with lower periodicity (similar to 10 nm) exhibited a clear ferroelectric behavior similar to a solid solution of PMN and PT. Multilayers with higher periodicities (20-50 nm) exhibited antiferroelectric behavior, which could be understood from the energy arguments. On further increase of periodicity, they again exhibit ferroelectric behavior. The polarization studies were carried out beyond the Curie temperature T-c of PMN to understand the interlayer interaction. The interaction is changed to a ferroelectric-paraelectric interlayer and tends to lose its antiferroelectric behavior. The behavior of remnant polarization P-r and dP(r)/dT with temperature clearly proves that the AFE coupling of these superlattices is due to the extrinsic interfacial coupling and not an intrinsic interaction as in a homogeneous conventional AFE material. The evidence of an averaged behavior at a periodicity of similar to 10 nm, and the behavior of individual materials at larger periodicities were further confirmed through dielectric phase transition studies. The presence of AFE interfacial coupling was insignificant over the dielectric phase transition of the multilayers.

Breakdown in p‐n junction diodes made on polycrystalline silicon of large grain size

This communication describes the voltage‐current characteristics in the breakdown region of p‐n junctions made on polycrystalline silicon of large grain size. The observed soft breakdown characteristics have been explained by taking into account the effect of curvature of the junction near the grain boundaries.

Size effect in self consolidating concrete beams with and without notches

The aim of this study is to obtain the fracture characteristics of low and medium compressive strength self consolidating concrete (SCC) for notched and un-notched plain concrete beams by using work of fracture G(F) and size effect model G(f) methods and comparing them with those of normal concrete and high performance concrete. The results show that; (i) with an increase in compressive strength, G(F) increases and G(f) decreases; (ii) with an increase in depth of beam, the decrease in nominal stress of notched beam is more when compared with that of a notchless beam.

On-board correction of systematic error of Earth sensors

Infrared Earth sensors are used in spacecraft for attitude sensing. Their accuracy is limited by systematic and random errors. Dominant sources of systematic errors are analyzed for a typical scanning infrared Earth sensor used in a remote-sensing satellite in a 900-km sun-synchronous orbit. The errors considered arise from 1) seasonable variation of infrared radiation, 2) oblate shape of the Earth, 3) ambient temperature of sensors, 4) changes in spin/scan period, and 5) misalignment of the axis of the sensors. Simple relations are derived using least-squares curve fitting for onboard correction of these errors. With these, it is possible to improve the accuracy of attitude determination by eight fold and achieve performance comparable to ground-based post-facto attitude computation.