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.

Bacterial community structure and petroleum hydrocarbon degradation in the Baltic Sea

The Baltic Sea is unique by its biological, geochemical and physical features. The number of species of larger organisms is small and the species composition is distinctive. On the contrary microbial communities are diverse. Because of the low salinity levels, bacterial communities differ from the ones in the oceans. Knowing the structure of these communities better and how they response to different environmental conditions helps us to estimate how different factors affect the balance and function of the Baltic Sea ecosystem. Bacteria are the key players when it comes to natural biogeochemical processes and human-induced phenomena like eutrophication, oil spills or disposal of other harmful substances to the sea ecosystem. In this thesis, bacterial community structure in the sea surface microlayer and subsurface water of the Archipelago Sea were compared. In addition, the effect of diatom derived polyunsaturated aldehydes on bacterial community structure was studied by a mesocosm experiment. Diesel, crude oil and polycyclic aromatic hydrocarbon degradation capacity of the Baltic Sea bacteria was studied in smaller scale microcosm experiments. In diesel oil experiments bacteria from water phase of the Archipelago Sea was studied. Sediment and iron manganese concretions collected from the Gulf of Finland were used in the crude oil and polycyclic aromatic hydrocarbon experiments. The amount of polycyclic aromatic hydrocarbon degradation genes was measured in all of the oil degradation experiments. The results show how differences in bacterial community structure can be seen in the sea surface when compared to the subsurface waters. The mesocosm experiment demonstrated how diatom-bacteria interactions depend on other factors than diatom derived polyunsaturated aldehydes, which do not seem to have an effect on the bacterial community structure as has been suggested in earlier studies. The dominant bacterial groups in the diesel microcosms differed in samples taken from a pristine site when compared to a site with previous oil exposure in the Archipelago Sea area. Results of the study with sediment and iron-manganese concretions indicate that there are diverse bacterial communities, typical to each bottom type, inhabiting the bottoms of the Gulf of Finland capable to degrade oil and polycyclic aromatic hydrocarbon compounds.  

A comparative study of the change in diatom inferred ph of a staircase of lakes in the Algoma District, Northern Ontario /

Four staircase lakes occupying a single watershed located in the Algoma District, north of Lake Superior were chosen for this study. I examined the subfossil diatom assemblage in the top twenty centimeters of the surface sediments in each of these four lakes in an attempt to reconstruct their respective past pH history. From these analyses it was possible to test the hypothesis that the rate of change of diatom inferred pH was not significantly different in lakes located one below the other in a single "staircase" within a single watershed system. My results indicated that the four Z lakes had been acid for at least the last century. The water color of the three upper Z lakes (Z1, Z2 and Z3) was brown (>30 Pt Co units). The bottom lake (Z4) was the only clear water lake in the system «5 Pt Co units). This bottom staircase lake had no muskeg development around its shoreline. The alkaliphilous diatoms in the Z watershed system were important in determining the diatom inferred pH of the four Z lakes. The centric diatoms were extremely rare in the clearwater bottom lake (Z4). The ecology of the Eupodiscales is perhaps important in the interpretation of sediment in the more acid environment. Lake Z4 was the only one that had a progressive as well as a significant decrease in its downcore diatom inferred pH since the early 1960's. This lead me to speculate that the humic substances present in the upper three brown water lakes (Z1, Z2 and Z3) were perhaps Important in buffering them against a further decrease in water pH even though they were located within an area which was sensitive to acid precipitation.

A hypothesis for the geochemical anomaly in the North Creek Watershed /

A regional geochemical reconnaissance by bottom stream sediment sampling, has delineated an area of high metal content in the north central sector of the North Creek Watershed. Development of a geochemical model, relating to the relative chemical concentrations derived from the chemical analyses of bottom sediments, suspended sediments, stream waters and well waters collected from the north central sector, was designed to discover the source of the anomaly. Samples of each type of material were analysed by the A.R.L. Direct Reading Multi-element Emission Spectrograph Q.A. 137 for elements: Na, K, Ca, Sr, Si, As, Pb, Zn, Cd, Ni, Ti, Ag, Mo, Be, Fe, AI, Mn, Cu, Cr, P and Y. Anomalous results led to the discovery of a spring, the waters of which carried high concentrations of Zn, Cd, Pb, As, Ni, Ti, Ag, Sr and Si. In addition, the spring waters had high concentrations of Na, Ca, Mg, 504 , alkalinity, N03' and low concentrations of K, Cl and NH3. Increased specific conductivity (up to 2500 ~mho/cm.) was noted in the spring waters as well as increased calculated total dissolved solids (up to 2047 mg/l) and increased ionic strength (up to 0.06). On the other hand, decreases were noted in water temperature (8°C), pH (pH 7.2) and Eh (+.154 volts). Piezometer nests were installed in the anomalous north central sector of the watershed. In accordance with the slope of the piezometric surface from wells cased down to the till/bedrock interface, groundwater flow is directed from the recharge area (northwest of the anomaly) towards the artesian spring via the highly fractured dolostone aquifer of the Upper Eramosa Member. The bedrock aquifer is confined by the overlying Halton till and the underlying Lower Eramosa Member (Vinemount Shale). The oxidation of sphalerite and galena and the dissolution of gypsum, celestite, calcite, and dolomite within the Eramosa Member, contributed its highly, dissolved constituents to the circulating groundwaters, the age of which is greater than 20 years as determined by tritium dating. Groundwater is assumed to flow along the Vinemount Shale and discharge as an artesian spring where the shale unit becomes discontinuous. The anomaly is located on a topographic low where bedrock is close to the surface. Thermodynamic evaluation of the major ion speciation from the anomalous spring and surface waters, showed gypsum to be supersaturated in these spring waters. Downstream from the spring, the loss of carbon dioxide from the spring waters resulted in the supersaturation with respect to calcite, aragonite, magnesite and dolomite. This corresponded with increases in Eh (+.304 volts) and pH (pH 8.5) in the anomalous surface waters. In conclusion, the interaction of groundwaters within the highly, mineralized carbonate source (Eramosa Member) resulted in the characteristic Ca*Mg*HC03*S04 spring water at the anomalous site, which appeared to be the principle effect upon controlling the anomalous surface water chemistry.

Towards an ethic of cultural harmonization : translating history textbooks in the province of Québec

Confronté à un projet de traduction de manuels d’histoire du français à l’anglais, destinés aux écoles publiques anglophones au Québec, Michael Varga définit une méthode qui ne s’appuie pas sur les théories de traduction classiques reliées aux structures binaires, mais qui s’inspire plutôt du modèle de la narratologie (narrative theory) prôné par Mona Baker. Varga reconnaît la légitimité d’une pluralité de narrations en compétition entre elles qui se manifestent parmi les différents groupes socioculturels faisant partie d’une même société (le Québec). Il identifie des passages en provenance du texte d’origine qui mettent en relief des conflits reliés à l’accommodation culturelle. Il traite la façon dont ces conflits échouent à communiquer adéquatement des réalités culturelles appropriées, lesquelles seront en concert avec les normes et valeurs propres à la société québécoise. Il propose des traductions, apte au domaine pédagogique, qui désamorceront ces conflits et les accommoderont tout en respectant la pluralité des réalités culturelles en évidence dans la société québécoise.

Adaptation of agriculture to climate change in Quebec : the co-construction of agricultural policies in the RCM of Haut-Richelieu

Les facteurs climatiques ainsi bien que les facteurs non-climatiques doivent être pris en considération dans le processus d'adaptation de l'agriculture aux changements et à la variabilité climatiques (CVC). Ce changement de paradigme met l'agent humain au centre du processus d'adaptation, ce qui peut conduire à une maladaptation. Suite aux débats sur les changements climatiques qui ont attiré l'attention scientifique et publique dans les années 1980 et 1990, l'agriculture canadienne est devenue un des points focaux de plusieurs études pionnières sur les CVC, un phénomène principalement dû à l’effet anthropique. Pour faire face aux CVC, ce n’est pas seulement la mitigation qui est importante mais aussi l’adaptation. Quand il s'agit de l'adaptation, c'est plutôt la variabilité climatique qui nous intéresse que simplement les augmentations moyennes des températures. L'objectif général de ce mémoire de maîtrise est d'améliorer la compréhension des processus d'adaptation et de construction de la capacité d'adaptation ai niveau de la ferme et de la communauté agricole à travers un processus ascendant, c’est-à-dire en utilisant l'approche de co-construction (qui peut également être considéré comme une stratégie d'adaptation en soi), pour développer une gestion et des outils de planification appropriés aux parties prenantes pour accroître ainsi la capacité d'adaptation de la communauté agricole. Pour y arriver, l'approche grounded theory est utilisée. Les résultats consistent de cinq catégories interdépendantes de codes élargis, conceptuellement distinctes et avec un plus grand niveau d'abstraction. La MRC du Haut-Richelieu a été choisie comme étude de cas en raison de plusieurs de ses dimensions agricoles, à part de ses conditions biophysiques favorables. 15 entrevues ont été menées avec les agriculteurs. Les résultats montrent que si certains agriculteurs ont reconnu les côtés positifs et négatifs des CVC, d’autres sont très optimistes à ce sujet comme se ils ne voient que le côté positif; d'où la nécessité de voir les deux côtés des CVC. Aussi, il y a encore une certaine incertitude liée aux CVC, qui vient de la désinformation et la désensibilisation des agriculteurs principalement en ce qui concerne les causes des CVC ainsi que la nature des événements climatiques. En outre, et compte tenu du fait que l'adaptation a plusieurs caractéristiques et types, il existe de nombreux types d'adaptation qui impliquent à la fois l'acteur privé et le gouvernement. De plus, les stratégies d'adaptation doivent être élaborées conjointement par les agriculteurs en concert avec d'autres acteurs, à commencer par les agronomes, car ils servent en tant que relais important entre les agriculteurs et d'autres parties prenantes telles que les institutions publiques et les entreprises privées.

INTRACELLULAR OSMOREGULATION IN THE ESTUARINE MOLLUSC VILLORITA CYPRINOIDES VAR. COCHINENSIS (Mollusca: Bivalvia) Hanley

The present investigation is dedicated to understanding various mechanisms of salinity tolerance in the estuarine clam V. cyprinoides var. cochinensis. Even though V. cyprinoids var. cochinensis and V. cyprinoides are found to coexist in the same area, V. cyprinoids is reported to tolerate higher salinities than variety cochinenesis. Variations in the salinity of sea water may affect the aquatic organisms through specific gravity control and variations in osmotic pressure. The specific gravity of most soft tissues is close to that of normal seawater. Many bottom living forms, both attached and motile, have very high specific gravities eg.villorita cyprinoids. Villorita spp. Occurs abundantly in the reaches of the estuary and backwaters of Kerala. In both marine and estuarine forms, it is observed that mantle employs a lesser quantity of amino acids compared to adductor and foot. The regulation of cell volume is not carried out equally in all types of tissues. The capability of salinity tolerance is an aggregate of both the capabilities of extra cellular anisosmotic and intracellular isosmotic regulations in osmoconforming animals. The ultimate aim of water regulation is to regulate the cell volume.T here are slight changes occur in cell volume even in osmoregulators. These studies can also help in revealing the changes brought about in the cellular organelles like lysosomes, which were found to have a role in the osmoregulatory process. The osmoregulatory machinery of estuarine animals is more streamlined for a successful life in the estuarine regime.

Surface Active Substances in the Cochin Estuarine System

This study focuses on the fractionation and quantification of chlorophenols, the most important and potential pollutant in this category, the distribution and seasonal dynamics of MBAS, phenols and clorophenols and development of a model to describe the chemical reactivity of the estuary are utilizing the dynamics of boron. The CES is highly influenced by various anthropogenic activities like discharge of agricultural, industrial and urban wastes operation of shipyard, oil and other transporting activities, fishing, dredging etc. Seasonal values of MBAS showed high values in the surface water during monsoon compared to premonsoon and postmonsoon. In the Cochin estuary o-chlorophenol and p-chlorophenol showed low values in the surface water compared to bottom water in the northern part of the estuary and higher values in the surface water in the southern part

Unraveling a Benchmark for Sulphur Akin in the Cochin Estuarine System

The thesis deals with a benchmark study of dissolved and sedimentary sulphur compounds which play prominent roles in the prevailing redox conditions in the selected sites of Cochin estuarine system. Sulphur and its analogues play prominent roles in estuarine biochemical processes. A complete knowledge on the sulphur involvement in these processes is restricted due to the lacking of data on the organic sulphur compounds. Sulphate and sulphide in surface and bottom water and Sulphate, acid volatile sulphide and total sulphur in sediments were studied and correlated to know their interrelations in determining the redox condition of the environment. It also characterises the sediments of the sites on the basis of total organic carbon: total sulphur ratio. The study had attempted to decrease the concentration levels of sulphur in the sedimentary environment by the application of a remedial measure. Knowledge of sulphur uptake by plants from prior literatures has prompted to use phytoremediation for decreasing the sulphur concentration. Phytoremediation is an emerging technology that uses plants to clean up or remediate contaminated soil, sludges, sediments, and ground water through contaminant removal, degradation or containment. The plant selected was wheat grass since earlier studies have shown that wheat grass is effective in remediating pollutants particularly trace metals. So reduction in the concentration of selected trace metals was also focussed.

Geochemistry of transition, non-transition and rare-earth elements in the surficial sediments of continental shelf of Kerala and an annex to the Cochin estuarine system

The metals present in the surface sediments have high demand on a global perspective, and the main reservoir of these elements is believed to be the ocean floor. A lot of studies on metals are going on throughout the world for its quantification and exploitation. Even though, some preliminary attempts have been made in selected areas for the quantitative study of metals in the western continental shelf of India, no comprehensive work has been reported so far. The importance of this study also lies on the fact that there has not been a proper evaluation of the impact of the Great Tsunami of 2004 on the coastal areas of the south India. In View of this, an attempt has been made to address the seasonal distribution, behavior and mechanisms which control the deposition of metals in the sediments of the western continental shelf and Cochin Estuary, an annex to this coastal marine region.Surface sediment samples were collected seasonally from two subenvironemnts of southwest coast of India, (continental shelf of Kerala and Cochin estuarine system), to estimate the seasonal distribution and geochemical behavior of non-transition, transition, rare-earth elements, Th and U. Bottom water samples were also taken from each station, and analysed for temperature, salinity and dissolved oxygen, hence the response of redox sensitive elements to oxygen minimum zone can be addressed. In addition, other sedimentary parameters such as sand, silt, clay fractions, CaCO3 and organic carbon content were also estimated to evaluate the control factors on level of metals present in the sediment. The study used different environmental data analysis techniques to evaluate the distribution and behavior of elements during different seasons. This includes environmental parameters such as elemental normalisation, enrichment factor, element excess, cerium and europium anomalies and authigenic uranium.

Application of Biofloc Technology (BFT) in the nursery rearing and farming of giant freshwater prawn, Macrobrachium rosenbergii (deMan)

In India a study conducted by CIFE and CIBA (1997), concluded that shrimp farming does more good than harm and it is not eco-unfriendly (Krishnan and Birthal, 2002). Upsurge in coastal aquaculture activity induced by high profitability is reported to have caused adverse impacts on coastal ecosystems and social environments (Parthasarathy and Nirmala, 2000). The crustacean farming sector has received criticism for excessive use of formulated feed containing high protein, of which around 50% gets accumulated at the pond bottom as unconsumed (Avnimelech, 1999; Hari et al., 2004, 2006). The wasted feeds undergo the process of degradation and results in the release of toxic metabolites to the culture system. Reduction of protein in the feed, manipulation and utilisation of natural food in the culture system are the remedy for the above problems. But before reducing the feed protein, it should be confirmed that the feed with reduced protein is not affecting the growth and health of the cultured animal. In the present study, biofloc technology is identified as one of the innovative technologies for ensuring the ecological and environmental Sustainability and examines the compatibility of BFT for the sustainable aquaculture of giant prawn, M. rosenbergii. This thesis starts with a general introduction (Chapter-1), a brief review of the most relevant literature (Chapter-2), results of various experiments (Chapter-3-6), summary (Chapter-7) and recommendations and future research perspectives in the field of biofloc based aquaculture (Chapter – 8). The major objectives of this thesis are, to improve the ecological and economical sustainability of prawn farming by the applicationof BFT and to improve the nutrient utilisation in aquaculture systems.

Dissolved Folin Phenol Active Substances (Tannin and Lignin) in the Seawater along the West Coast of India

Information on the distribution of dissolved Folin phenol active substances (FPAS) such as tannin and lignin in the seawater along the west coast of India is provided. Notable amounts of FPAS (surface concentrations: 80 f.1gll to 147 f.1gll and bottom concentrations: 80 f.1gll to 116 f.1gll) were detected in the seawater along the coast. The distribution pattern brings about a general depth-wise decrease. A seaward decrease was observed in the southern stations whereas reverse was the case in northern stations. A significant negative correlation was observed between FPAS concentration and dissolved oxygen in sub-surface samples. The appreciable amounts of FPAS detected in the coastal waters indicate the presence of organic matter principally originating from terrestrial (upland and coastal marsh) ecosystems in the marine environment. In this context, they may be used as tracers to determine the fate of coastalborn dissolved organic matter in the ocean and to determine directly the relationship between allochthonous and autochthonous organic matter

Master Plan for Renewable Energy based Electricity Generation in The Gambia

The principal objective of this paper is to develop a methodology for the formulation of a master plan for renewable energy based electricity generation in The Gambia, Africa. Such a master plan aims to develop and promote renewable sources of energy as an alternative to conventional forms of energy for generating electricity in the country. A tailor-made methodology for the preparation of a 20-year renewable energy master plan focussed on electricity generation is proposed in order to be followed and verified throughout the present dissertation, as it is applied for The Gambia. The main input data for the proposed master plan are (i) energy demand analysis and forecast over 20 years and (ii) resource assessment for different renewable energy alternatives including their related power supply options. The energy demand forecast is based on a mix between Top-Down and Bottom-Up methodologies. The results are important data for future requirements of (primary) energy sources. The electricity forecast is separated in projections at sent-out level and at end-user level. On the supply side, Solar, Wind and Biomass, as sources of energy, are investigated in terms of technical potential and economic benefits for The Gambia. Other criteria i.e. environmental and social are not considered in the evaluation. Diverse supply options are proposed and technically designed based on the assessed renewable energy potential. This process includes the evaluation of the different available conversion technologies and finalizes with the dimensioning of power supply solutions, taking into consideration technologies which are applicable and appropriate under the special conditions of The Gambia. The balance of these two input data (demand and supply) gives a quantitative indication of the substitution potential of renewable energy generation alternatives in primarily fossil-fuel-based electricity generation systems, as well as fuel savings due to the deployment of renewable resources. Afterwards, the identified renewable energy supply options are ranked according to the outcomes of an economic analysis. Based on this ranking, and other considerations, a 20-year investment plan, broken down into five-year investment periods, is prepared and consists of individual renewable energy projects for electricity generation. These projects included basically on-grid renewable energy applications. Finally, a priority project from the master plan portfolio is selected for further deeper analysis. Since solar PV is the most relevant proposed technology, a PV power plant integrated to the fossil-fuel powered main electrical system in The Gambia is considered as priority project. This project is analysed by economic competitiveness under the current conditions in addition to sensitivity analysis with regard to oil and new-technology market conditions in the future.

Finding Spaces for Urban Food Production – Matching Spatial and Stakeholder Analysis with Urban Agriculture Approaches in the Urban Renewal Area of Dortmund-Hörde, Germany

Using the case of an economically declined neighbourhood in the post-industrial German Ruhr Area (sometimes characterized as Germany’s “Rust Belt”), we analyse, describe and conclude how urban agriculture can be used as a catalyst to stimulate and support urban renewal and regeneration, especially from a socio-cultural perspective. Using the methodological framework of participatory action research, and linking bottom-up and top-down planning approaches, a project path was developed to include the population affected and foster individual responsibility for their district, as well as to strengthen inhabitants and stakeholder groups in a permanent collective stewardship for the individual forms of urban agriculture developed and implemented. On a more abstract level, the research carried out can be characterized as a form of action research with an intended transgression of the boundaries between research, planning, design, and implementation. We conclude that by synchronously combining those four domains with intense feedback loops, synergies for the academic knowledge on the potential performance of urban agriculture in terms of sustainable development, as well as the benefits for the case-study area and the interests of individual urban gardeners can be achieved.

Poverty targeting and income impact of subsidised credit on accessed households in the Northern Mountainous Region of Vietnam

This paper uses the data of 1338 rural households in the Northern Mountainous Region of Vietnam to examine the extent to which subsidised credit targets the poor and its impacts. Principal Component Analysis and Propensity Score Matching were used to evaluate the depth of outreach and the income impact of credit. To address the problem of model uncertainty, the approach of Bayesian Model Average applied to the probit model was used. Results showed that subsidised credit successfully targeted the poor households with 24.10% and 69.20% of clients falling into the poorest group and the three bottom groups respectively. Moreover, those who received subsidised credit make up 83% of ethnic minority households. These results indicate that governmental subsidies are necessary to reach the poor and low income households, who need capital but are normally bypassed by commercial banks. Analyses also showed that ethnicity and age of household heads, number of helpers, savings, as well as how affected households are by shocks were all factors that further explained the probability at which subsidised credit has been assessed. Furthermore, recipients obtained a 2.61% higher total income and a 5.93% higher farm income compared to non-recipients. However, these small magnitudes of effects are statistically insignificant at a 5% level. Although the subsidised credit is insufficient to significantly improve the income of the poor households, it possibly prevents these households of becoming even poorer.