Reserve substances and storage of Cyathea delgadii Sternb. spores

The spores used were collected from a population of trees of Cyathea delgadii Sternb. growing in a gallery forest at the Reserva Biológica e Estação Experimental de Moji Guaçu, São Paulo state, Brazil (22°18’S and 47°11’W). The germination of spores of Cyathea delgadii decreases with time when kept in closed bottles under storage at 4°C in darkness. Germination is still very high after storage for one year. Spores stored for three years do not germinate. The results also show a decrease in soluble proteins and an increase in starch after several months storage.

Container logistic innovations in forest-energy sector: Markets, future service concepts and technical improvements

The report presents the results of the commercialization project called the Container logistic services for forest bioenergy. The project promotes new business that is emerging around overall container logistic services in the bioenergy sector. The results assess the European markets of the container logistics for biomass, enablers for new business creation and required service bundles for the concept. We also demonstrate the customer value of the container logistic services for different market segments. The concept analysis is based on concept mapping, quality function deployment process (QFD) and business network analysis. The business network analysis assesses key shareholders and their mutual connections. The performance of the roadside chipping chain is analysed by the logistic cost simulation, RFID system demonstration and freezing tests. The EU has set the renewable energy target to 20 % in 2020 of which Biomass could account for two-thirds. In the Europe, the production of wood fuels was 132.9 million solid-m3 in 2012 and production of wood chips and particles was 69.0 million solidm3. The wood-based chips and particle flows are suitable for container transportation providing market of 180.6 million loose- m3 which mean 4.5 million container loads per year. The intermodal logistics of trucks and trains are promising for the composite containers because the biomass does not freeze onto the inner surfaces in the unloading situations. The overall service concept includes several packages: container rental, container maintenance, terminal services, RFID-tracking service, and simulation and ERP-integration service. The container rental and maintenance would provide transportation entrepreneurs a way to increase the capacity without high investment costs. The RFID-concept would lead to better work planning improving profitability throughout the logistic chain and simulation supports fuel supply optimization.

The impact of long-term brand development strategies on brand value of companies operating in high-technology markets

The objective of the current research is to investigate brand value generation. The study is conducted in the context of high-technology companies. The research aims at finding the impact of long-term brand development strategies, including advertising investments, R&D investments, R&D intensity, new products developed and design. The empirical part of the study incorporated collection of primary and secondary data on 36 companies operating in high-technology sector and being rated as top companies with the most valuable brands by Interbrand consultancy. The data contained information for six consequent years from 2008 to 2013. Obtained data was analyzed using the methods of fixed effect and random effect model (panel data analysis). The analysis showed positive effect of advertising and R&D investments on brand value of high-technology companies in the long run. The impact of remaining three strategies was not approved and further investigation is required.

Cooperative strategy in emerging markets - analysis of interfirm r&d cooperation and performance in Russian manufacturing companies

Emerging markets have come to play a significant role in the world, not only due to their strong economic growth but because they have been able to foster an increasing number of innovative high technology oriented firms. However, as the markets continue to change and develop, there remain many companies in emerging markets that struggle with their competitiveness and innovativeness. To improve competitive capabilities, many scholars have come to favor interfirm cooperation, which is perceived to help companies access new knowledge and complementary resources and, by so doing, enables them to catch up quickly with Western competitors. Regardless of numerous attempts by strategic management scholars, the research field remains very fragmented and lacks understanding on how and when interfirm cooperation contributes to firm performance and competiveness in emerging markets. Furthermore, the reasons why interfirm R&D sometimes succeeds but fails at other times frequently remain unidentified. This thesis combines the extant literature on competitive and cooperative strategy, dynamic capabilities, and R&D cooperation while studying interfirm R&D relationships in and between Russian manufacturing companies. Employing primary survey data, the thesis presents numerous novel findings regarding the effect of R&D cooperation and different types of R&D partner on firms’ exploration and exploitation performance. Utilizing a competitive strategy framework enables these effects to be explained in more detail, and especially why interfirm cooperation, regardless of its potential, has had a modest effect on the general competitiveness of emerging market firms. This thesis contributes especially to the strategic management literature and presents a more holistic perspective on the usefulness of cooperative strategy in emerging markets. It provides a framework through which it is possible to assess the potential impacts of different R&D cooperation partners and to clarify the causal relationships between cooperation, performance, and long term competitiveness.

Benefits of sales force automation to salespeople and to their customers in business-to-business markets

This study applied qualitative case study method for solving what kind of benefits salespeople and their customers perceived to gain when sales reps used a specific sales force automation tool, that defined the values and identified segment that best fit to each customer. The data consisting of four interviews was collected using semi-structured individual method and analyzed with thematic analysis technique. The analysis revealed five salespeople perceived benefits and four customer perceived benefits. Salespeople perceived benefits were improvements in customer knowledge, guidance of sales operations, salesperson-customer relationship building, time management and growing performance. Customer perceived benefits were information transmission, improved customer service, customer-salesperson relationship building and development of operations, which of the last was found as a new previously unrecognized customer benefit.

Lecythidaceae Poit. in the Tupé Sustainable Development Reserve, Manaus, Brazil

Lecythidaceae is the family of the Brazil nut, and comprises about 300 species belonging to 17 genera with pantropical distributions. One hundred and twenty-two species belonging to nine genera are distributed throughout Brazil, demonstrating its greatest diversity in the Amazon rainforest where Lecythidaceae is also one of the most abundant families. It is usually difficult to collect fertile material from these trees because of their canopy heights, and species determinations using sterile material can be complex because of their morphological similarities. There have been relatively few studies of this family even though it is one of the most important groups in the Amazon region, and a detailed taxonomic treatment of the species of Lecythidaceae in the Tupé Sustainable Development Reserve was therefore the goal of the present work. Ten species were found, Allantoma lineata (Mart. ex O.Berg) Miers, Bertholletia excelsa Bonpl., Couratari tenuicarpa A.C.Sm., Lecythis poiteaui O. Berg; and six species of Eschweilera, the richest genus. The descriptions and identification keys of the species used 56 characters. The main reproductive characters useful for distinguishing the species were the pubescence of the inflorescence rachis, pedicel length and trichomes presence, floral symmetry, hood type, filament shape, stigma shape, fruit shape and size, and aril type. The most diagnostic vegetative characters were the type and color of the outer bark, inner bark color, midrib prominence, and petiole shape and pubescence.

Isolation and characterization of a reserve protein from the seeds of Opuntia ficus-indica (Cactaceae)

We describe here the isolation and characterization of a major albumin from the seeds of Opuntia ficus-indica (Cactaceae). This protein has a molecular mass of 6.5 kDa and was isolated by a combination of gel filtration chromatography and reverse-phase HPLC. The amino acid composition of this protein was determined and it was shown to have similarities with the amino acid composition of several proteins from the 2S albumin storage protein family. The N-terminal amino acid sequence of this protein is Asp-Pro-Tyr-Trp-Glu-Gln-Arg.

Reflexivity in sovereign debt markets

Finanssi-instrumentin hinta määräytyy sen fundamenttitekijöiden perusteella, eikä päinvastoin. Tämä tutkimus osoittaa, että myös instrumentin hinta voi vaikuttaa fundamenttitekijöihin. Yhteys havainnollistetaan tapaustukimuksella Kreikan velkakriisistä. Hinnan ja fundamenttien välistä yhteyttä arvioidaan ja käänteisen kausaliteetin olemassaolo testataan. Tulokset tukevat ajatusta, jonka mukaan tarvitsemme dynaamisempia valuaatiomenetelmiä, jotka ottavat huomioon myös mahdolliset itseään vahvistavat hintakierteet.

Promoting Cleantech in Emerging Markets: Business Model for Waste Pre-treatment Equipment in China

Waste incineration is becoming increasingly widespread method of waste disposal in China. Incineration plants mostly use grate and circular fluidized bed (CFB) technology. Waste combustion in cement production is also beginning to gradually increase. However, Chinese waste composition is causing problems for the energy utilization. Mechanical waste pre-treatment optimizes the combustion process and facilitates the energy recovery. The objective of this study is to identify how Western waste pre-treatment manufacturer could operate in Chinese markets. Chinese waste management industry is reviewed via PESTEL analysis. The current state and future predictions of grate and CFB incineration as well as cement manufacturing are monitored. Grate combustion, which requires lesser waste pre-treatment, is becoming more common at the expense of CFB incineration in China. The most promising future for waste treatment is in cement production industry. Waste treatment equipment manufacturer should try to create pilot projects with biggest cement producers with a view of growing co-operation in the future.

Dynamic linkages of real estate and stock markets in Finland

Traditionally real estate has been seen as a good diversification tool for a stock portfolio due to the lower return and volatility characteristics of real estate investments. However, the diversification benefits of a multi-asset portfolio depend on how the different asset classes co-move in the short- and long-run. As the asset classes are affected by the same macroeconomic factors, interrelationships limiting the diversification benefits could exist. This master’s thesis aims to identify such dynamic linkages in the Finnish real estate and stock markets. The results are beneficial for portfolio optimization tasks as well as for policy-making. The real estate industry can be divided into direct and securitized markets. In this thesis the direct market is depicted by the Finnish housing market index. The securitized market is proxied by the Finnish all-sectors securitized real estate index and by a European residential Real Estate Investment Trust index. The stock market is depicted by OMX Helsinki Cap index. Several macroeconomic variables are incorporated as well. The methodology of this thesis is based on the Vector Autoregressive (VAR) models. The long-run dynamic linkages are studied with Johansen’s cointegration tests and the short-run interrelationships are examined with Granger-causality tests. In addition, impulse response functions and forecast error variance decomposition analyses are used for robustness checks. The results show that long-run co-movement, or cointegration, did not exist between the housing and stock markets during the sample period. This indicates diversification benefits in the long-run. However, cointegration between the stock and securitized real estate markets was identified. This indicates limited diversification benefits and shows that the listed real estate market in Finland is not matured enough to be considered a separate market from the general stock market. Moreover, while securitized real estate was shown to cointegrate with the housing market in the long-run, the two markets are still too different in their characteristics to be used as substitutes in a multi-asset portfolio. This implies that the capital intensiveness of housing investments cannot be circumvented by investing in securitized real estate.

Apply of energy storages in electricity distribution networks and reserve capacity applications

The Thesis is dedicated to development of an operative tool to support decision making of battery energy storages implementation in distribution networks. The basics of various battery technologies, their perspectives and challenges are represented in the Thesis. Mathematical equations that describe economic effect from battery energy storage installation are offered. The main factors that influence profitability of battery settings have been explored and mathematically defined. Mathematical model and principal trends of battery storage profitability under an impact of the major factors are determined. The meaning of annual net value was introduced to show the difference between savings and required costs. The model gives a clear vision for dependencies between annual net value and main factors. Proposals for optimal network and battery characteristics are suggested.

Effect of hormone replacement on exercise cardiopulmonary reserve and recovery performance in subclinical hypothyroidism

Subclinical hypothyroidism (SH) patients present cardiopulmonary, vascular and muscle dysfunction, but there is no consensus about the benefits of levothyroxine (L-T4) intervention on cardiopulmonary performance during exercise. The aim of the present study was to investigate the effects of L-T4 on cardiopulmonary exercise reserve and recovery in SH patients. Twenty-three SH women, 44 (40-50) years old, were submitted to two ergospirometry tests, with an interval of 6 months of normalization of thyroid-stimulating hormone (TSH) levels (L-T4 replacement group) or simple observation (TSH = 6.90 μIU/mL; L-T4 = 1.02 ng/dL). Patients with TSH >10 μIU/mL were excluded from the study to assure that they would receive treatment in this later stage of SH. Twenty 30- to 57-year-old women with no thyroid dysfunction (TSH = 1.38 μIU/mL; L-T4 = 1.18 ng/dL) were also evaluated. At baseline, lower values of gas exchange ratio reserve (0.24 vs 0.30; P < 0.05) were found for SH patients. The treated group presented greater variation than the untreated group for pulmonary ventilation reserve (20.45 to 21.60 L/min; median variation = 5.2 vs 25.09 to 22.45 L/min; median variation = -4.75, respectively) and for gas exchange ratio reserve (0.19 to 0.27; median variation = 0.06 vs 0.28 to 0.18; median variation = -0.08, respectively). There were no relevant differences in cardiopulmonary recovery for either group at baseline or after follow-up. In the sample studied, L-T4 replacement improved exercise cardiopulmonary reserve, but no modification was found in recovery performance after exercise during this period of analysis.

Cross-border transmission capacity development – Experiences from the Nordic electricity markets

The liberalisation of the wholesale electricity markets has been considered an efficient way to organise the markets. In Europe, the target is to liberalise and integrate the common European electricity markets. However, insufficient transmission capacity between the market areas hampers the integration, and therefore, new investments are required. Again, massive transmission capacity investments are not usually easy to carry through. This doctoral dissertation aims at elaborating on critical determinants required to deliver the necessary transmission capacity investments. The Nordic electricity market is used as an illustrative example. This study suggests that changes in the governance structure have affected the delivery of Nordic cross-border investments. In addition, the impacts of not fully delivered investments are studied in this doctoral dissertation. An insufficient transmission network can degrade the market uniformity and may also cause a need to split the market into smaller submarkets. This may have financial impacts on market actors when the targeted efficient sharing of resources is not met and even encourage gaming. The research methods applied in this doctoral dissertation are mainly empirical ranging from a Delphi study to case studies and numerical calculations.

E-commerce value chain in Russian markets – The role of market specific factors

International e-commerce is still rather new concept and therefore lacks comprehensive research. Different nature of markets and companies has challenged the traditional theories as well as redefined traditional operations. Prior research has mainly concentrated on studying the specific topics as barriers and the choice of international strategy. For this reason, there is a lack of research that comprehensively analyzes the operations of international e-commerce companies. The aim of this study was to increase knowledge on operations of Finnish e-commerce companies in Russia. In order to receive comprehensive knowledge of the operations, research analyzed the internationalization process, the effects of market specific factors to e-commerce and the implementation of various value chain activities of e-commerce. Research focused on examining how companies have seen the peculiarities of Russian markets and how to respond to them. The empiric part of the study was conducted as a qualitative research by interviewing five company representatives and three specialists of international e-commerce and Russian business.The results of this research revealed that having e-commerce in Russia is challenging and requires long term, strategy-based work. E-commerce is assumed to be inherently global business model, but in the case of Russia, numerous e-commerce activities require localization. The most crucial activity to localize is a content and language of content. Even though e-commerce market in Russia has a lot of peculiarities, operating via marketspace decreases the level of bureaucracy and market risk. Despite the challenges, developing e- commerce market in Russia offers a huge potential for companies, whose international strategy needs Russian operation to achieve company goals.