Kansainvälisen osakeportfolion hajauttamishyödyt eri suhdannesykleissä

Tämän tutkimuksen tavoitteena on selvittää onko kansainvälisen hajauttamisen hyöty heikentynyt globaalisti ajan kuluessa. Tutkimusongelmaan pyritään löytämään vastaus korrelaatioanalyysillä sekä Box M-testillä. Teoreettisena viitekehyksenä käytetään Markowitzin luomaa modernia portfolioteoriaa, kansainväliseen hajautukseen liittyvää kirjallisuutta sekä aiheesta aiemmin tehtyjä tutkimuksia. Empiirisenä tutkimusaineistona käytetään Thomson Datastreamin tuottamia kokonaistuottoindeksejä. Indeksit ovat yhdeksältä eri markkina-alueelta ja 30 eri maasta. Maat on jaoteltu 18 kehittyneeseen ja 12 kehittyvään maahan.kaikki tutkielmassa käytetyt tuottoaikasarjat ovat dollarimääräisiä. Tutkimusaineisto kattaa vuodet 1995-2009 sisältäen 783 viikottaista havaintoa, kullekin tuottoindeksille. Tutkimustulosten mukaan kansainvälisen hajauttamisen edut ovat suuremmat sijoitettaessa kehittyville markkinoille, kuin pelkästään kehittyneille markkinoille sijoitettaessa. Tutkimusperiodin alkupuolella kehittyvillä markkinoilla on ollut saatavissa huomattavasti enemmän hajautushyötyä, mutta suhteellinenhyöty suhteessa kehittyneisiin markkinoihin vähenee tultaessa lähemmäs nykyhetkeä. Korrelaatiot ovat nousseet koko ajanjaksolla, mutta on myös ollut osaperiodeja, jolloin korrelaatiokertoimet ovat laskeneet.

Identification of Some Additional Loss Components in High-Power Low-Voltage Permanent Magnet Generators

Permanent magnet generators (PMG) represent the cutting edge technology in modern wind mills. The efficiency remains high (over 90%) at partial loads. To improve the machine efficiency even further, every aspect of machine losses has to be analyzed. Additional losses are often given as a certain percentage without providing any detailed information about the actual calculation process; meanwhile, there are many design-dependent losses that have an effect on the total amount of additional losses and that have to be taken into consideration. Additional losses are most often eddy current losses in different parts of the machine. These losses are usually difficult to calculate in the design process. In this doctoral thesis, some additional losses are identified and modeled. Further, suggestions on how to minimize the losses are given. Iron losses can differ significantly between the measured no-load values and the loss values under load. In addition, with embedded magnet rotors, the quadrature-axis armature reaction adds losses to the stator iron by manipulating the harmonic content of the flux. It was, therefore, re-evaluated that in salient pole machines, to minimize the losses and the loss difference between the no-load and load operation, the flux density has to be kept below 1.5 T in the stator yoke, which is the traditional guideline for machine designers. Eddy current losses may occur in the end-winding area and in the support structure of the machine, that is, in the finger plate and the clamping ring. With construction steel, these losses account for 0.08% of the input power of the machine. These losses can be reduced almost to zero by using nonmagnetic stainless steel. In addition, the machine housing may be subjected to eddy current losses if the flux density exceeds 1.5 T in the stator yoke. Winding losses can rise rapidly when high frequencies and 10–15 mm high conductors are used. In general, minimizing the winding losses is simple. For example, it can be done by dividing the conductor into transposed subconductors. However, this comes with the expense of an increase in the DC resistance. In the doctoral thesis, a new method is presented to minimize the winding losses by applying a litz wire with noninsulated strands. The construction is the same as in a normal litz wire but the insulation between the subconductors has been left out. The idea is that the connection is kept weak to prevent harmful eddy currents from flowing. Moreover, the analytical solution for calculating the AC resistance factor of the litz-wire is supplemented by including an end-winding resistance in the analytical solution. A simple measurement device is developed to measure the AC resistance in the windings. In the case of a litz-wire with originally noninsulated strands, vacuum pressure impregnation (VPI) is used to insulate the subconductors. In one of the two cases studied, the VPI affected the AC resistance factor, but in the other case, it did not have any effect. However, more research is needed to determine the effect of the VPI on litz-wire with noninsulated strands. An empirical model is developed to calculate the AC resistance factor of a single-layer formwound winding. The model includes the end-winding length and the number of strands and turns. The end winding includes the circulating current (eddy currents that are traveling through the whole winding between parallel strands) and the main current. The end-winding length also affects the total AC resistance factor.

Modeling of residual stresses and distortion due to welding in fillet welds

Welding has a growing role in modern world manufacturing. Welding joints are extensively used from pipes to aerospace industries. Prediction of welding residual stresses and distortions is necessary for accurate evaluation of fillet welds in relation to design and safety conditions. Residual stresses may be beneficial or detrimental, depending whether they are tensile or compressive and the loading. They directly affect the fatigue life of the weld by impacting crack growth rate. Beside theoretical background of residual stresses this study calculates residual stresses and deformations due to localized heating by welding process and subsequent rapid cooling in fillet welds. Validated methods are required for this purpose due to complexity of process, localized heating, temperature dependence of material properties and heat source. In this research both empirical and simulation methods were used for the analysis of welded joints. Finite element simulation has become a popular tool of prediction of welding residual stresses and distortion. Three different cases with and without preload have been modeled during this study. Thermal heat load set is used by calculating heat flux from the given heat input energy. First the linear and then nonlinear material behavior model is modeled for calculation of residual stresses. Experimental work is done to calculate the stresses empirically. The results from both the methods are compared to check their reliability. Residual stresses can have a significant effect on fatigue performance of the welded joints made of high strength steel. Both initial residual stress state and subsequent residual stress relaxation need to be considered for accurate description of fatigue behavior. Tensile residual stresses are detrimental and will reduce the fatigue life and compressive residual stresses will increase it. The residual stresses follow the yield strength of base or filler material and the components made of high strength steel are typically thin, where the role of distortion is emphasizing.

The genetics of behaviour and other adaptive traits in nine-spined sticklebacks (Pungitius pungitius)

One of the main goals in current evolutionary biology research is to identify genes behind adaptive phenotypic variations. The advances in genomic technologies have made it possible to identify genetic loci behind these variations, also concerning non-model species. This thesis investigates the genetics of the behaviour and other adaptive traits of the nine-spined stickleback (Pungitius pungitius) through the application of different genetic approaches. Fennoscandian nine-spined stickleback populations express large phenotypical differences especially in behaviour, life –history traits and morphology. However the underlying genetic bases for these phenotypical differences have not been studied in detail. The results of the project will lay the foundation for further genetics studies and provide valuable information for our understanding of the genetics of the adaptive divergence of the nine-spined stickleback. A candidate gene approach was used to develop microsatellite markers situating close to candidate genes for behaviour in the nine-spined stickleback. Altogether 13 markers were developed and these markers were used in the subsequent studies with the anonymous random markers and physiologically important gene markers which are already currently available for nine-spined sticklebacks. It was shown that heterozygosity correlated with behaviour in one of the marine nine-spined stickleback populations but with contrasting effects: correlations with behaviour were negative when using physiological gene markers and positive with random markers. No correlation was found between behavioural markers and behaviour. From the physiological gene markers, a strong correlation was found between osmoregulation-related gene markers and behaviour. These results indicate that both local (physiological) and general (random) effects are important in the shaping of behaviour and that heterozygosity– behaviour correlations are population dependent. In this thesis a second linkage map for nine-spined sticklebacks was constructed. Compared to the earlier nine-spined stickleback linkage map, genomic rearrangements were observed between autosomal (LG7) and sex-determing (LG12) linkage groups. This newly constructed map was used in QTL mapping studies in order to locate genomic regions associated with pelvic structures, behaviour and body size/growth. One major QTL was found for pelvic structures and Pitx1 gene was related to these traits as was predicted from three-spined stickleback studies, but this was in contrast to earlier nine-spined stickleback study. The QTL studies also revealed that behaviour and body size/growth were genetically more complex by having more QTL than pelvic traits. However, in many cases, pelvic structure, body size/growth and behaviour were linked to similar map locations indicating possible pleiotropic effects of genes locating in these QTL regions. Many of the gene related markers resided in the QTL area. In the future, studying these possible candidate genes in depth might reveal the underlying mechanism behind the measured traits.

Advances in modelling of mechatronic systems: the toolset FASIM_C++ for the simulation of vehicle dynamics

The increasing complexity of controller systems, applied in modern passenger cars, requires adequate simulation tools. The toolset FASIM_C++, described in the following, uses complex vehicle models in three-dimensional vehicle dynamics simulation. The structure of the implemented dynamic models and the generation of the equations of motion applying the method of kinematic differentials is explained briefly. After a short introduction in methods of event handling, several vehicle models and applications like controller development, roll-over simulation and real-time-simulation are explained. Finally some simulation results are presented.

Modeling of the Fluid-Structure Interaction in Inelastic Piping Systems

In many engineering applications, compliant piping systems conveying liquids are subjected to inelastic deformations due to severe pressure surges such as plastic tubes in modern water supply transmission lines and metallic pipings in nuclear power plants. In these cases the design of such systems may require an adequate modeling of the interactions between the fluid dynamics and the inelastic structural pipe motions. The reliability of the prediction of fluid-pipe behavior depends mainly on the adequacy of the constitutive equations employed in the analysis. In this paper it is proposed a systematic and general approach to consistently incorporate different kinds of inelastic behaviors of the pipe material in a fluid-structure interaction analysis. The main feature of the constitutive equations considered in this work is that a very simple numerical technique can be used for solving the coupled equations describing the dynamics of the fluid and pipe wall. Numerical examples concerning the analysis of polyethylene and stainless steel pipe networks are presented to illustrate the versatility of the proposed approach.

Brand Identity and Image in B2B Factory Automation Context

The goal of this thesis is to study how a solution-oriented business-to-business company can utilize its brand as a strategic asset by using the concepts of brand identity and brand image. The study analyses the intended brand message (identity) contrasting it with the customer perceptions (image) to reveal points of parity and congruence. The study uses a case company as an example and discusses the benefits of brand management as well. Internally, brands can be studied by performing a set of interviews amongst top and middle management. The interviews need to consider the various elements of branding from associations to differentiation and value creation. Customers’ perceptions can be reliably studied via online survey designed to compare the intended brand message with customers’ experiences. From the perspective of industrial management the incentive for brand development lies in both monetary and managerial benefits. In literature the four essential benefits of B2B branding are risk dilution, efficiency of communications, strategic direction and price premiums. As a result, suggestive models for brand identity and image were devised and compared. The Case Company perceives itself as a technically oriented open-integrator, with a strong focus on reliability and customer service. Customers agree with the picture in general, but there are some points of parity as well: they are quite satisfied with the company and perceive it as reliable and providing the promised value. The problematic areas revolve around customer interaction and maintaining the leadership position. The results confirm previous findings in B2B branding theory, where the reliability and credibility of the supplier are in major role. The results also suggest a holistic, corporate approach on branding.

Weed mapping using techniques of precision agriculture

The aim of this study was to identify and map the weed population in a no-tillage area. Geostatistical techniques were used in the mapping in order to assess this information as a tool for the localized application of herbicides. The area of study is 58.08 hectares wide and was sampled in a fixed square grid (which point spaced 50 m, 232 points) using a GPS receiver. In each point the weeds species and population were analyzed in a square with a 0.25 m2 fixed area. The species Ipomoea grandifolia, Gnaphalium spicatum, Richardia spp. and Emilia sonchifolia have presented no spatial dependence. However, the species Conyza spp., C. echinatus and E. indica have shown a spatial correlation. Among the models tested, the spherical model has shown had a better fit for Conyza spp. and Eleusine indica and the Gaussian model for Cenchrus echinatus. The three species have a clumped spatial distribution. The mapping of weeds can be a tool for localized control, making herbicide use more rational, effective and economical.

Adaptive control of Hydraulic Drive

Adaptive control systems are one of the most significant research directions of modern control theory. It is well known that every mechanical appliance’s behavior noticeably depends on environmental changes, functioning-mode parameter changes and changes in technical characteristics of internal functional devices. An adaptive controller involved in control process allows reducing an influence of such changes. In spite of this such type of control methods is applied seldom due to specifics of a controller designing. The work presented in this paper shows the design process of the adaptive controller built by Lyapunov’s function method for the Hydraulic Drive. The calculation needed and the modeling were conducting with MATLAB® software including Simulink® and Symbolic Math Toolbox™ etc. In the work there was applied the Jacobi matrix linearization of the object’s mathematical model and derivation of the suitable reference models based on Newton’s characteristic polynomial. The intelligent adaptive to nonlinearities algorithm for solving Lyapunov’s equation was developed. Developed algorithm works properly but considered plant is not met requirement of functioning with. The results showed confirmation that adaptive systems application significantly increases possibilities in use devices and might be used for correction a system’s behavior dynamics.

Solar Twins and Solar Analogues in Galactic Surveys.

The Sun is a crucial benchmark for how we see the universe. Especially when it comes to the visible range of the spectrum, stars are commonly compared to the Sun, as it is the most thoroughly studied star. In this work I have focussed on two aspects of the Sun and how it is used in modern astronomy. Firstly, I try to answer the question on how similar to the Sun another star can be. Given the limits of observations, we call a solar twin a star that has the same observed parameters as the Sun within its errors. These stars can be used as stand-in suns when doing observations, as normal night-time telescopes are not built to be pointed at the Sun. There have been many searches for these twins and every one of them provided not only information on how close to the Sun another star can be, but also helped us to understand the Sun itself. In my work I have selected _ 300 stars that are both photometrically and spectroscopically close to the Sun and found 22 solar twins, of which 17 were previously unknown and can therefore help the emerging picture on solar twins. In my second research project I have used my full sample of 300 solar analogue stars to check the temperature and metallicity scale of stellar catalogue calibrations. My photometric sample was originally drawn from the Geneva-Copenhagen-Survey (Nordström et al. 2004; Holmberg et al. 2007, 2009) for which two alternative calibrations exist, i.e. GCS-III (Holmberg et al. 2009) and C11 (Casagrande et al. 2011). I used very high resolution spectra of solar analogues, and a new approach to test the two calibrations. I found a zero–point shift of order of +75 K and +0.10 dex in effective temperature and metallicity, respectively, in the GCS-III and therefore favour the C11 calibration, which found similar offsets. I then performed a spectroscopic analysis of the stars to derive effective temperatures and metallicities, and tested that they are well centred around the solar values.

Spontaneous Focusing on Numerosity in the Development of Early Mathematical Skills

The aim of the present set of longitudinal studies was to explore 3-7-year-old children.s Spontaneous FOcusing on Numerosity (SFON) and its relation to early mathematical development. The specific goals were to capture in method and theory the distinct process by which children focus on numerosity as a part of their activities involving exact number recognition, and individual differences in this process that may be informative in the development of more complex number skills. Over the course of conducting the five studies, fifteen novel tasks were progressively developed for the SFON assessments. In the tasks, confounding effects of insufficient number recognition, verbal comprehension, other procedural skills as well as working memory capacity were aimed to be controlled. Furthermore, how children.s individual differences in SFON are related to their development of number sequence, subitizing-based enumeration, object counting and basic arithmetic skills was explored. The effect of social interaction on SFON was tested. Study I captured the first phase of the 3-year longitudinal study with 39 children. It was investigated whether there were differences in 3-year-old children.s tendency to focus on numerosity, and whether these differences were related to the children.s development of cardinality recognition skills from the age of 3 to 4 years. It was found that the two groups of children formed on the basis of their amount of SFON tendency at the age of 3 years differed in their development of recognising and producing small numbers. The children whose SFON tendency was very predominant developed faster in cardinality related skills from the age of 3 to 4 years than the children whose SFON tendency was not as predominant. Thus, children.s development in cardinality recognition skills is related to their SFON tendency. Studies II and III were conducted to investigate, firstly, children.s individual differences in SFON, and, secondly, whether children.s SFON is related to their counting development. Altogether nine tasks were designed for the assessments of spontaneous and guided focusing on numerosity. The longitudinal data of 39 children in Study II from the age of 3.5 to 6 years showed individual differences in SFON at the ages of 4, 5 and 6 years, as well as stability in children.s SFON across tasks used at different ages. The counting skills were assessed at the ages of 3.5, 5 and 6 years. Path analyses indicated a reciprocal tendency in the relationship between SFON and counting development. In Study III, these results on the individual differences in SFON tendency, the stability of SFON across different tasks and the relationship of SFON and mathematical skills were confirmed by a larger-scale cross-sectional study of 183 on average 6.5-year-old children (range 6;0-7;0 years). The significant amount of unique variance that SFON accounted for number sequence elaboration, object counting and basic arithmetic skills stayed statistically significant (partial correlations varying from .27 to .37) when the effects of non-verbal IQ and verbal comprehension were controlled. In addition, to confirm that the SFON tasks assess SFON tendency independently from enumeration skills, guided focusing tasks were used for children who had failed in SFON tasks. It was explored whether these children were able to proceed in similar tasks to SFON tasks once they were guided to focus on number. The results showed that these children.s poor performance in the SFON tasks was not caused by their deficiency in executing the tasks but on lacking focusing on numerosity. The longitudinal Study IV of 39 children aimed at increasing the knowledge of associations between children.s long-term SFON tendency, subitizing-based enumeration and verbal counting skills. Children were tested twice at the age of 4-5 years on their SFON, and once at the age of 5 on their subitizing-based enumeration, number sequence production, as well as on their skills for counting of objects. Results showed considerable stability in SFON tendency measured at different ages, and that there is a positive direct association between SFON and number sequence production. The association between SFON and object counting skills was significantly mediated by subitizing-based enumeration. These results indicate that the associations between the child.s SFON and sub-skills of verbal counting may differ on the basis of how significant a role understanding the cardinal meanings of number words plays in learning these skills. The specific goal of Study V was to investigate whether it is possible to enhance 3-year old children.s SFON tendency, and thus start children.s deliberate practice in early mathematical skills. Participants were 3-year-old children in Finnish day care. The SFON scores and cardinality-related skills of the experimental group of 17 children were compared to the corresponding results of the 17 children in the control group. The results show an experimental effect on SFON tendency and subsequent development in cardinality-related skills during the 6-month period from pretest to delayed posttest in the children with some initial SFON tendency in the experimental group. Social interaction has an effect on children.s SFON tendency. The results of the five studies assert that within a child.s existing mathematical competence, it is possible to distinguish a separate process, which refers to the child.s tendency to spontaneously focus on numerosity. Moreover, there are significant individual differences in children.s SFON at the age of 3-7 years. Moderate stability was found in this tendency across different tasks assessed both at the same and at different ages. Furthermore, SFON tendency is related to the development of early mathematical skills. Educational implications of the findings emphasise, first, the importance of regarding focusing on numerosity as a separate, essential process in the assessments of young children.s mathematical skills. Second, the substantial individual differences in SFON tendency during the childhood years suggest that uncovering and modeling this kind of mathematically meaningful perceiving of the surroundings and tasks could be an efficient tool for promoting young children.s mathematical development, and thus prevent later failures in learning mathematical skills. It is proposed to consider focusing on numerosity as one potential sub-process of activities involving exact number recognition in future studies.

Bitcoinin hajautushyödyt sijoitusportfoliossa

Tässä kandidaatintutkielmassa perehdytään Bitcoiniin sijoituskohteena hajautuksen näkökulmasta. Työssä esitellään Bitcoinin toimintaa ja valuuttakurssiin vaikuttavia tekijöitä sekä perehdytään portfolion hajautuksen teoriaan. Bitcoinin hajautushyötyjä tutkitaan empiirisesti suhteessa viiteen käytettyyn sijoituskohteeseen laskemalla keskinäisiä korrelaatioita, muodostamalla tehokas rintama sekä ratkaisemalla optimaaliset painot Sharpen luvulla mitattuna. Tutkielmassa Bitcoinin ei havaittu korreloivan minkään tutkitun sijoituskohteen kanssa. Bitcoineja sisältävän portfolion tehokkaan rintaman havaittiin puolestaan olevan merkittävästi jyrkempi kuin Bitcoineja sisältämättömän portfolion, joka osoittaa Bitcoineilla saavutettavan hajautushyötyjä. Suurimman mahdollisen Sharpen luvun portfolio saa, kun Bitcoineja sisällytetään siihen 0,51 %. Bitcoineja voi tutkielman tulosten mukaan pitää suositeltavana sijoituskohteena hajautushyötyjä hakeville sijoittajille.

Expression of MMP-2 and MMP-9 in the rat trigeminal ganglion during the development of temporomandibular joint inflammation

Orofacial pain is a prevalent symptom in modern society. Some musculoskeletal orofacial pain is caused by temporomandibular disorders (TMDs). This condition has a multi-factorial etiology, including emotional factors and alteration of the masticator muscle and temporomandibular joints (TMJs). TMJ inflammation is considered to be a cause of pain in patients with TMD. Extracellular proteolytic enzymes, specifically the matrix metalloproteinases (MMPs), have been shown to modulate inflammation and pain. The purpose of this investigation was to determine whether the expression and level of gelatinolytic activity of MMP-2 and MMP-9 in the trigeminal ganglion are altered during different stages of temporomandibular inflammation, as determined by gelatin zymography. This study also evaluated whether mechanical allodynia and orofacial hyperalgesia, induced by the injection of complete Freund's adjuvant into the TMJ capsule, were altered by an MMP inhibitor (doxycycline, DOX). TMJ inflammation was measured by plasma extravasation in the periarticular tissue (Evans blue test) and infiltration of polymorphonuclear neutrophils into the synovial fluid (myeloperoxidase enzyme quantification). MMP expression in the trigeminal ganglion was shown to vary during the phases of the inflammatory process. MMP-9 regulated the early phase and MMP-2 participated in the late phase of this process. Furthermore, increases in plasma extravasation in periarticular tissue and myeloperoxidase activity in the joint tissue, which occurred throughout the inflammation process, were diminished by treatment with DOX, a nonspecific MMP inhibitor. Additionally, the increases of mechanical allodynia and orofacial hyperalgesia were attenuated by the same treatment.

Value creation in project business relationships: Supplier and customer's perspectives

The purpose of this study is to analyze supplier’s value creation ability in project business in order to enhance customer’s business. In addition, the aim is to identify the role of business relationships in value creation and analyze the applicability of key account management in project business. The study considers value from the customer’s point of view. The concepts of value and value creation are widely discussed in marketing literature. Theory emphasizes the importance of value creation and business relationships in business markets. The empirical part of the study is conducted as a case study research. The empirical evidence is collected by interviewing one supplier organization and their three customer organizations. These companies operate in Finnish and global industrial markets. Data is collected through semi-structured interviews and analyzed by using qualitative content analysis. The study identifies several customer value drivers influencing on the value creation, which can be divided into product, service and relationship elements. One of the recognized value drivers is customer-supplier relationship. The findings show that a closer relationship enhances value creation possibilities and the key account management program allows effective managing of business relationships. As managerial implications, suppliers should seek to create continuous and conversational relationships with the key account customers.

Competitive Effects of Non-Controlling Minority Acquisitions – Sufficient to merit further EU merger regulation?

Partial ownership interests are a widespread phenomenon in modern corporate environment. Unless minority shareholding affords the target to exercise control over the target, they do currently not have to be notified to the European Commission under EU merger regime. However, economic research has long suggested that when linking competing or non-horizontally positioned undertakings particularly in industries with few competitors, minority shareholdings even far below the majority of shares or voting rights could lead to higher prices or lower output volumes to the detriment of consumers. The Commission has recognized this issue and proceeded to suggest an extension of the merger regime to catch also certain non-controlling minority acquisitions. Horizontal non-controlling minority shareholdings create a positive correlation between the sales revenues of the partial acquirer and target. Through the equity interest the acquirer will internalise a fraction, proportional to the financial rights attached to the shareholding, of the profit of the target. This will incentivise the acquirer to contribute to increasing the target’s business profits by increasing its own sales price (horizontal unilateral effects). When a minority stake is held in a vertically related or a conglomerate company, the minority acquirer could be allowed to hamper or eliminate the target’s rivals’ access either to inputs (input foreclosure) or customers (customer foreclosure), depending on which level of the supply chain the parties are (vertical unilateral effects). Under certain circumstances minority share acquisitions could also lessen competition because they facilitate collusion between companies active in the market (coordinated effects). Economic theory confirms that non-controlling minority shareholdings may under certain circumstances create anti-competitive effects that are unlikely to be remedies by pro-competitive effects. However, they are likely to be of less significant nature than anticompetitive effects created by full mergers. This derives fore mostly from the fact that a minority share acquirer carries all the costs associated with its unilateral action but will internalise only a fraction of the lost profits. This is likely to limit the acquirer’s incentive to raise price and the profitability of such behavior. Having in mind that the number of potentially problematic cases is expected to be next to negligible, the limited potential competitive effects of non-controlling minority share acquisitions cannot be seen to clearly merit extension of the scope of the EUMR. The system suggested by the Commission is particularly ill-fitted for such purpose given the clear lack of legal certainty and considerable administrative burden associated with it.