Testing Weak-Form Efficiency of the Chinese Stock Market

Tämän tutkielman tavoitteena on tarkastella Kiinan osakemarkkinoiden tehokkuutta ja random walk -hypoteesin voimassaoloa. Tavoitteena on myös selvittää esiintyykö viikonpäiväanomalia Kiinan osakemarkkinoilla. Tutkimusaineistona käytetään Shanghain osakepörssin A-sarjan,B-sarjan ja yhdistelmä-sarjan ja Shenzhenin yhdistelmä-sarjan indeksien päivittäisiä logaritmisoituja tuottoja ajalta 21.2.1992-30.12.2005 sekä Shenzhenin osakepörssin A-sarjan ja B-sarjan indeksien päivittäisiä logaritmisoituja tuottoja ajalta 5.10.1992-30.12.2005. Tutkimusmenetelminä käytetään neljä tilastollista menetelmää, mukaan lukien autokorrelaatiotestiä, epäparametrista runs-testiä, varianssisuhdetestiä sekä Augmented Dickey-Fullerin yksikköjuuritestiä. Viikonpäiväanomalian esiintymistä tutkitaan käyttämällä pienimmän neliösumman menetelmää (OLS). Testejä tehdään sekä koko aineistolla että kolmella erillisellä ajanjaksolla. Tämän tutkielman empiiriset tulokset tukevat aikaisempia tutkimuksia Kiinan osakemarkkinoiden tehottomuudesta. Lukuun ottamatta yksikköjuuritestien saatuja tuloksia, autokorrelaatio-, runs- ja varianssisuhdetestien perusteella random walk-hypoteesi hylättiin molempien Kiinan osakemarkkinoiden kohdalla. Tutkimustulokset osoittavat, että molemmilla osakepörssillä B-sarjan indeksien käyttäytyminenon ollut huomattavasti enemmän random walk -hypoteesin vastainen kuin A-sarjan indeksit. Paitsi B-sarjan markkinat, molempien Kiinan osakemarkkinoiden tehokkuus näytti myös paranevan vuoden 2001 markkinabuumin jälkeen. Tutkimustulokset osoittavat myös viikonpäiväanomalian esiintyvän Shanghain osakepörssillä, muttei kuitenkaan Shenzhenin osakepörssillä koko tarkasteluajanjaksolla.

Observations on Software Testing Practice

This thesis investigates factors that affect software testing practice. The thesis consists of empirical studies, in which the affecting factors were analyzed and interpreted using quantitative and qualitative methods. First, the Delphi method was used to specify the scope of the thesis. Secondly, for the quantitative analysis 40industry experts from 30 organizational units (OUs) were interviewed. The survey method was used to explore factors that affect software testing practice. Conclusions were derived using correlation and regression analysis. Thirdly, from these 30 OUs, five were further selected for an in-depth case study. The data was collected through 41 semi-structured interviews. The affecting factors and their relationships were interpreted with qualitative analysis using grounded theory as the research method. The practice of software testing was analyzed from the process improvement and knowledge management viewpoints. The qualitative and quantitativeresults were triangulated to increase the validity of the thesis. Results suggested that testing ought to be adjusted according to the business orientation of the OU; the business orientation affects the testing organization and knowledge management strategy, and the business orientation andthe knowledge management strategy affect outsourcing. As a special case, the complex relationship between testing schedules and knowledge transfer is discussed. The results of this thesis can be used in improvingtesting processes and knowledge management in software testing.

Testing website usability in Spanish-Speaking Academia through heuristic evaluation and cognitive walkthroughs

Although usability evaluations have been focused on assessing different contexts of use, no proper specifications have been addressed towards the particular environment of academic websites in the Spanish-speaking context of use. Considering that this context involves hundreds of millions of potential users, the AIPO Association is running the UsabAIPO Project. The ultimate goal is to promote an adequate translation of international standards, methods and ideal values related to usability in order to adapt them to diverse Spanish-related contexts of use. This article presents the main statistical results coming from the Second and Third Stages of the UsabAIPO Project, where the UsabAIPO Heuristic method (based on Heuristic Evaluation techniques) and seven Cognitive Walkthroughs were performed over 69 university websites. The planning and execution of the UsabAIPO Heuristic method and the Cognitive Walkthroughs, the definition of two usability metrics, as well as the outline of the UsabAIPO Heuristic Management System prototype are also sketched.

Testing the influence of topography and material properties on catchment-scale soil moisture patterns using remotely sensed vegetation patterns in a humid temperate catchment, northern Britain

In order to evaluate the relationship between the apparent complexity of hillslope soil moisture and the emergent patterns of catchment hydrological behaviour and water quality, we need fine-resolution catchment-wide data on soil moisture characteristics. This study proposes a methodology whereby vegetation patterns obtained from high-resolution orthorectified aerial photographs are used as an indicator of soil moisture characteristics. This enables us to examine a set of hypotheses regarding what drives the spatial patterns of soil moisture at the catchment scale (material properties or topography). We find that the pattern of Juncus effusus vegetation is controlled largely by topography and mediated by the catchment's material properties. Characterizing topography using the topographic index adds value to the soil moisture predictions relative to slope or upslope contributing area (UCA). However, these predictions depart from the observed soil moisture patterns at very steep slopes or low UCAs. Copyright (c) 2012 John Wiley & Sons, Ltd.

Optimal capital structure: a trade-off model and its empirical testing

In the present research we have set forth a new, simple, Trade-Off model that would allow us to calculate how much debt and, by default, how much equity a company should have, using easily available information and calculating the cost of debt dynamically on the basis of the effect that the capital structure of the company has on the risk of bankruptcy; in an attempt to answer this question. The proposed model has been applied to the companies that make up the Dow Jones Industrial Average (DJIA) in 2007. We have used consolidated financial data from 1996 to 2006, published by Bloomberg. We have used simplex optimization method to find the debt level that maximizes firm value. Then, we compare the estimated debt with real debt of companies using statistical nonparametric Mann-Whitney. The results indicate that 63% of companies do not show a statistically significant difference between the real and the estimated debt.

Optimizing the Testing Process in Module Testing – Functional Testing Interface

Today's business environment has become increasingly unexpected and fast changing because of the global competition. This new environment requires the companies to organize their control differently, e.g. by logistic process thinking. Logistic process thinking in software engineering applies the principles of production process to immaterial products. Processes must be optimized, so that every phase adds value to the customer, and the lead times can be cut shorter to meet the new customer requirements. The purpose of this thesis is to examine and optimize the testing processes of software engineering concentrating on module testing, functional testing and their interface. The concept of logistic process thinking is introduced through production process, value added model and process management. Also theory of testing based on literature is presented, concentrating on module testing and functional testing. The testing processes of the Case Company are presented together with the project models in which they are implemented. The real life practices in module testing and functional testing and their interface are examined through interviews. These practices are analyzed against the processes and the testing theory, through which ideas for optimizing the testing process are introduced. The project world of the Case Company is also introduced together with two example testing projects in different life cycle phases. The examples give a view of how much effort of the project is put in different types of testing.

Points to consider for prioritizing clinical genetic testing services: a European consensus process oriented at accountability for reasonableness.

Given the cost constraints of the European health-care systems, criteria are needed to decide which genetic services to fund from the public budgets, if not all can be covered. To ensure that high-priority services are available equitably within and across the European countries, a shared set of prioritization criteria would be desirable. A decision process following the accountability for reasonableness framework was undertaken, including a multidisciplinary EuroGentest/PPPC-ESHG workshop to develop shared prioritization criteria. Resources are currently too limited to fund all the beneficial genetic testing services available in the next decade. Ethically and economically reflected prioritization criteria are needed. Prioritization should be based on considerations of medical benefit, health need and costs. Medical benefit includes evidence of benefit in terms of clinical benefit, benefit of information for important life decisions, benefit for other people apart from the person tested and the patient-specific likelihood of being affected by the condition tested for. It may be subject to a finite time window. Health need includes the severity of the condition tested for and its progression at the time of testing. Further discussion and better evidence is needed before clearly defined recommendations can be made or a prioritization algorithm proposed. To our knowledge, this is the first time a clinical society has initiated a decision process about health-care prioritization on a European level, following the principles of accountability for reasonableness. We provide points to consider to stimulate this debate across the EU and to serve as a reference for improving patient management.

Towards an alternative testing strategy for nanomaterials used in nanomedicine: Lessons from NanoTEST.

In spite of recent advances in describing the health outcomes of exposure to nanoparticles (NPs), it still remains unclear how exactly NPs interact with their cellular targets. Size, surface, mass, geometry, and composition may all play a beneficial role as well as causing toxicity. Concerns of scientists, politicians and the public about potential health hazards associated with NPs need to be answered. With the variety of exposure routes available, there is potential for NPs to reach every organ in the body but we know little about the impact this might have. The main objective of the FP7 NanoTEST project ( www.nanotest-fp7.eu ) was a better understanding of mechanisms of interactions of NPs employed in nanomedicine with cells, tissues and organs and to address critical issues relating to toxicity testing especially with respect to alternatives to tests on animals. Here we describe an approach towards alternative testing strategies for hazard and risk assessment of nanomaterials, highlighting the adaptation of standard methods demanded by the special physicochemical features of nanomaterials and bioavailability studies. The work has assessed a broad range of toxicity tests, cell models and NP types and concentrations taking into account the inherent impact of NP properties and the effects of changes in experimental conditions using well-characterized NPs. The results of the studies have been used to generate recommendations for a suitable and robust testing strategy which can be applied to new medical NPs as they are developed.

The spreading of the introduced seaweed Caulerpa taxifolia (Vahl) C. Agardh in the Mediterranean Sea: testing the boat transportation hypothesis

The Spreading of the Introduced Seaweed Caulerpa taxifolia (Vahl) C. Agardh in the Mediterranean Sea: Testing the Boat Transportation Hypothesis

The Development of an Internal Testing Process for a Bluetooth Product

BlueGiga Technologies on uusi Bluetooth -teknologiaa soveltava pk-yritys. Yrityksen tuotekehitysprosessia täydentämään tarvittiin testausprosessi. Testausprosessin luominen oli haastavaa, koska Bluetooth -teknologia on uutta ja yritys on vielä nuori. Lisäksi se integroi kovo- ja ohjelmistokomponentteja tuotteissaan. Testaus aloitettiin evaluoimalla standardinmukaista tapaa dokumentoida testit. Tämän jälkeen tutkittiin BlueGigan ohjelmistokehitysprosessin suhdetta olemassa oleviin ohjelmistokehitysprosesseihin. Samanaikaisesti perehdyttiin Bluetooth -kvalifikaation testaukselle asettamiin vaatimuksiin. Tämän seurauksena TTCN:ää kokeiltiin helppolukuisen testitapauksen määrittelyssä. Käyttötapauksiin perustuvan testauksen sopivuutta Wireless Remote Access Platform:in (WRAP) testaamiseen arvioitiin kokeilemalla sitä Man-to-Machine -käyttötapauksen testaamisessa. Yllämainittujen tehtävien aikana kerätyn tiedon ja hankittujen kokemusten pohjalta laadittiin testausprosessi, joka kattaa yksikkö-, integraatio- ja järjestelmätason testauksen. Painopiste on järjestelmätason testauksessa. Prosessi määrittelee myös vastuuhenkilön tai -henkilöt eri testaustasoille.

Functional testing in TETRA system

Terrestrial Trunked Radio (TETRA) on moderni digitaalinen matkapuhelinjärjestelmän standardi, joka on suunniteltu täyttämään erityisesti viranomaisten vaativat tarpeet turvallisuuden ja luotettavuuden suhteen. Ohjelmiston testaus on tärkeä osa sen laadun takaamiseksi. Testaus on jaettu useisiin vaiheisiin ja se kattaa koko ohjelmiston elinkaaren: ohjelmiston kehittelystä alkaen asiakkaalle lähetettyyn valmiiseen tuotteeseen saakka. Toiminnallisuustestauksen suorittaa joko ohjelmiston suunnittelijat tai erillinen testausryhmä käyttäen Nokia TETRA-järjestelmän testauslaboratoriota. Testauksen tarkoituksena on varmistaa, että ohjelmisto, sen aliohjelmat ja ominaisuudet täyttävät niille annetut toiminnalliset ja laadulliset vaatimukset. Tämä diplomityö antaa yleiskuvan toiminnallisuustestausprosessista Nokia TETRA järjestelmän laboratoriossa. Se tarjoaa esimerkkitestitapauksen avulla kokonaiskuvan siitä, kuinka toiminnallisuustestausprosessi suoritetaan alusta loppuun.

Testing a new multigroup inference approach to reconstructing past environmental conditions

A new, quantitative, inference model for environmental reconstruction (transfer function), based for the first time on the simultaneous analysis of multigroup species, has been developed. Quantitative reconstructions based on palaeoecological transfer functions provide a powerful tool for addressing questions of environmental change in a wide range of environments, from oceans to mountain lakes, and over a range of timescales, from decades to millions of years. Much progress has been made in the development of inferences based on multiple proxies but usually these have been considered separately, and the different numeric reconstructions compared and reconciled post-hoc. This paper presents a new method to combine information from multiple biological groups at the reconstruction stage. The aim of the multigroup work was to test the potential of the new approach to making improved inferences of past environmental change by improving upon current reconstruction methodologies. The taxonomic groups analysed include diatoms, chironomids and chrysophyte cysts. We test the new methodology using two cold-environment training-sets, namely mountain lakes from the Pyrenees and the Alps. The use of multiple groups, as opposed to single groupings, was only found to increase the reconstruction skill slightly, as measured by the root mean square error of prediction (leave-one-out cross-validation), in the case of alkalinity, dissolved inorganic carbon and altitude (a surrogate for air-temperature), but not for pH or dissolved CO2. Reasons why the improvement was less than might have been anticipated are discussed. These can include the different life-forms, environmental responses and reaction times of the groups under study.

New TTCN interfaces for WCDMA base station testing

WCDMA tukiasema (Node B) on osa UMTS-järjestelmän radioverkkoa. Node B on tärkeä verkkoelementti, jonka tarkoituksena on yhdistää mobiilikäyttäjät verkkoon. Telecom –ohjelmisto (TCOM SW) on vastuussa suuresta osasta Node B:n toiminnallisuutta. TCOM SW:n testaukseen käytetään paljon resursseja, jotta ohjelmiston oikeasta toiminnasta ja laadusta voidaan varmistua. System component testing on testausvaihe, jossa järjestelmän (Node B) osa (system component, tässä diplomityössä TCOM SW) testataan ennen sen integroimista muuhun järjestelmään. Tähän tarvitaan testityökalu ja testitapausten toteutus. Node B TTCN Tester (testeri) on työkalu, jota käytetään Node B:n ohjelmiston testauksessa. Testitapaukset toteutetaan TTCN-testinotaatiota käyttäen ja testataan testerin avulla. TCOM SW:n system component –testausvaihetta varten testeriin lisättiin uudet rajapinnat, joiden avulla voidaan simuloita Node B:n ATM-ohjelmistoa sekä WPA- ja WTR-yksiköitä. Tässä diplomityössä toteuttiin TTCN testitapaukset uusille rajapinnoille. Testitapaukset tekivät TCOM SW system component –testausvaiheen riippumattomaksi Node B:n ATM-ohjelmistosta sekä WPA- ja WTR-yksiköistä. Lisäksi TCOM SW:n toiminnan testaus näissä rajapinnoissa voidaan tästä lähtien tehdä automaattisesti. Testitapauksien toiminta varmistettiin testeriä käyttäen. Tulokset olivat hyviä, uudet testitapaukset ja TTCN rajapinnat toimivat oikein lisäten testauksen tehokkuutta.