Essays in equilibrium asset pricing

Introduction This dissertation consists of three essays in equilibrium asset pricing. The first chapter studies the asset pricing implications of a general equilibrium model in which real investment is reversible at a cost. Firms face higher costs in contracting than in expanding their capital stock and decide to invest when their productive capital is scarce relative to the overall capital of the economy. Positive shocks to the capital of the firm increase the size of the firm and reduce the value of growth options. As a result, the firm is burdened with more unproductive capital and its value lowers with respect to the accumulated capital. The optimal consumption policy alters the optimal allocation of resources and affects firm's value, generating mean-reverting dynamics for the M/B ratios. The model (1) captures convergence of price-to-book ratios -negative for growth stocks and positive for value stocks - (firm migration), (2) generates deviations from the classic CAPM in line with the cross-sectional variation in expected stock returns and (3) generates a non-monotone relationship between Tobin's q and conditional volatility consistent with the empirical evidence. The second chapter proposes a standard portfolio-choice problem with transaction costs and mean reversion in expected returns. In the presence of transactions costs, no matter how small, arbitrage activity does not necessarily render equal all riskless rates of return. When two such rates follow stochastic processes, it is not optimal immediately to arbitrage out any discrepancy that arises between them. The reason is that immediate arbitrage would induce a definite expenditure of transactions costs whereas, without arbitrage intervention, there exists some, perhaps sufficient, probability that these two interest rates will come back together without any costs having been incurred. Hence, one can surmise that at equilibrium the financial market will permit the coexistence of two riskless rates that are not equal to each other. For analogous reasons, randomly fluctuating expected rates of return on risky assets will be allowed to differ even after correction for risk, leading to important violations of the Capital Asset Pricing Model. The combination of randomness in expected rates of return and proportional transactions costs is a serious blow to existing frictionless pricing models. Finally, in the last chapter I propose a two-countries two-goods general equilibrium economy with uncertainty about the fundamentals' growth rates to study the joint behavior of equity volatilities and correlation at the business cycle frequency. I assume that dividend growth rates jump from one state to other, while countries' switches are possibly correlated. The model is solved in closed-form and the analytical expressions for stock prices are reported. When calibrated to the empirical data of United States and United Kingdom, the results show that, given the existing degree of synchronization across these business cycles, the model captures quite well the historical patterns of stock return volatilities. Moreover, I can explain the time behavior of the correlation, but exclusively under the assumption of a global business cycle.

The role of neutrophils upon leishmania major infection

Les neutrophiles constituent la première ligne de défense contre un grand nombre de pathogènes. Après infection avec Leishmania major, les neutrophiles migrent rapidement et massivement au site d'infection par le parasite. Les neutrophiles sont d'importants acteurs dans l'orchestration de la réponse anti-Leishmania, via la sécrétion de nombreuses cytokines, chimiokines et composés stockés dans leurs granules. De plus, les neutrophiles interagissent avec les cellules présentatrices d'antigènes, telles que les cellules dendritiques et en conséquences contribuent au développement de la réponse adaptative. A ce jour, l'impact des neutrophiles sur 1'activation des cellules dendritiques et les possibles conséquences de l'interaction neutrophiles avec ces dernières sur l'évolution de la maladie suite à l'infection avec L. major reste peu connu. Ainsi, nous avons dans un premier temps investigué l'influence des neutrophiles sur 1'activation des cellules dendritiques in vitro. Suite à cela, nous avons analysé le rôle des neutrophiles sur 1'activation des cellules dendritiques présentes au site d'infection et dans les ganglions drainants in vivo, après inoculation intra-dermale de L. major dans le pavillon auriculaire de souris de souche C57BL/6 et BALB/c, ainsi que les conséquences de la déplétion des neutrophiles sur l'évolution de la maladie. Nous avons pu démontrer que les neutrophiles ont un impact négatif sur l'activation des cellules dendritiques exposées à L. major in vitro, via des mécanismes impliquant la sécrétion de Prostaglandines par les neutrophiles et la séquestration des parasites. La déplétion des neutrophiles dans les souris BALB/c durant les premiers jours après infection avec L. major dans le derme de l'oreille résulte en une augmentation de l'expression de marqueurs d'activation des cellules dendritiques présentes dans les ganglions drainants, mais pas au site d'infection. De plus, les souris BALB/c transitoirement déplétées en neutrophiles développent des lésions significativement plus petites, une réponse de type Th2 diminuée et une charge parasitaire plus faible au site d'infection que les souris non déplétées. La déplétion des neutrophiles dans les souris C57BL/6 n'a pas d'influence détectable sur l'activation des cellules dendritiques que ce soit au niveau des ganglions drainants ou au site d'infection. La progression de la lésion et la charge parasitaire ne sont pas affectées par la déplétion des neutrophiles, malgré le développement d'une réponse Th2 diminuée par rapport aux souris non déplétées. En résumé, dans les premières heures après infection, les neutrophiles ont un effet négatif sur l'activation des cellules dendritiques et sur la réponse anti-Leishmania dans les souris BALB/c tandis que leur rôle paraît moins important dans les souris C57BL/6. Ces résultats peuvent avoir d'importantes implications en terme de développement de nouveaux vaccins contre Leishmania. - Neutrophils constitute the first line of defense against a variety of pathogens. Following Leihmania major infection neutrophils migrate rapidly and massively to the site of parasite inoculation. They are important players in the orchestration of the anti-leishmania response through the release of a plethora of cytokines, chemokines and granular components. In addition, neutrophils interact with antigen-presenting cells such as dendritic cells (DCs) and thereby contribute to the development of the adaptive immune response. However, the impact of neutrophils on the activation of DCs and possible consequences on disease progression following L. major infection are poorly understood. Therefore, we first investigated the influence of neutrophils on DC activation in vitro. Next we analyzed the role of neutrophils on the activation of DCs present at the site of infection and in the draining lymph node (dLN) following inoculation of L. major in the ear pinna of C57BL/6 and BALB/c mice and analyzed the consequences of early neutrophil depletion on disease progression. We could demonstrate that neutrophils had a negative impact on the activation of DCs exposed to L. major in vitro through mechanisms involving neutrophil-derived prostaglandins and sequestration of parasites. In BALB/c mice, depletion of neutrophils during the first days of infection with L. major in the ear dermis increased the expression of activation markers on dLN DCs but not on DCs present at the site of infection. In addition, BALB/c mice transiently depleted of neutrophils developed significantly smaller lesions, a decreased Th2 immune response and harbored fewer parasites at the site of infection compared to non-depleted littermates. In C57BL/6, mice early depletion of neutrophils had no detectable impact on the activation of DCs both at the site of infection and in the dLN following L. major inoculation. Furthermore, depletion of neutrophils had no major effect on lesion evolution and parasite loads despite the development of a decreased Th2 immune response compared to non- depleted littermates. In summary, at the onset of infection, neutrophils are detrimental for DC activation and the anti-leishmania response in BALB/c mice while their role appears to be less important in C57BL/6 mice. These findings could have important implications for the design of new vaccination strategies.

Fish passage assessment at the most downstream barrier of the Ebro River (NE Iberian Peninsula)

Fish passage at artificial barriers is necessary for the conservation of healthy fish stocks. The first barrier that migratory fish encounter when ascending the Ebro River is the Xerta Weir, where a pool-type fishway was constructed in 2008. From 2007 to 2010, boat electrofishing surveys were conducted in the Ebro River downstream of the Xerta Weir to assess the potential pool of species that could use the fishway. Nine native and 12 exotic species were captured, the latter comprising 62 % of the relative abundance and 70 % of the biomass. A combination of video recording, electrofishing and trapping was used to assess the effectiveness of the fishway in facilitating the passage of fish. Eight species were detected using the fishway, of which five were native (Liza ramada, Anguilla anguilla, Barbus graellsii, Gobio lozanoi and Salaria fluviatilis) and three exotic (Alburnus alburnus, Cyprinus carpio and Rutilus rutilus). Only L. ramada used the fishway in substantial numbers. The rate of fish passage was the highest from June to August and decreased afterwards. The effectiveness of the fishway might be lowered by areas of turbulence within the fishway and by distraction flows from a nearby hydropower station

Leverage and beliefs: Personal experience and risk taking in margin lending

What determines risk-bearing capacity and the amount of leverage in financial markets? Thispaper uses unique micro-data on collateralized lending contracts during a period of financialdistress to address this question. An investor syndicate speculating in English stocks wentbankrupt in 1772. Using hand-collected information from Dutch notarial archives, we examinechanges in lenders' behavior following exposure to potential (but not actual) losses. Before thedistress episode, financiers that lent to the ill-fated syndicate were indistinguishable from therest. Afterwards, they behaved differently: they lent with much higher haircuts. Only lendersexposed to the failed syndicate altered their behavior. The differential change is remarkable sincethe distress was public knowledge, and because none of the lenders suffered actual losses ? allfinanciers were repaid in full. Interest rates were also unaffected; the market balanced solelythrough changes in collateral requirements. Our findings are consistent with a heterogeneousbeliefs-interpretation of leverage. They also suggest that individual experience can modify thelevel of leverage in a market quickly.

Métodos indiretos de estimação da cobertura de dossel em povoamentos de clone de eucalipto

O objetivo deste trabalho foi avaliar o potencial de uso de fotografias digitais na estimação do índice de cobertura de dossel (ICD), em substituição ao índice de área foliar (IAF). Fotografias digitais de 640x480 e de 1.280x960 pixels foram processadas por meio dos aplicativos Erdas, Gap Light Analyzer e Sidelook. O IAF, estimado com o LAI-2000, e as fotografias digitais foram obtidos aos 81 e 93 meses de idade, em povoamento de clone de eucalipto submetido à desrama e ao desbaste. Foram observadas correlações significativas entre IAF e ICD, e as fotografias com maiores dimensões permitiram maior diferenciação entre céu e dossel. O ICD, obtido pela classificação das fotografias com o aplicativo Sidelook, apresentou correlação mais elevada com o IAF, em relação ao obtido com o Erdas e o Gap Light Analyzer. Esses resultados indicam que fotografias digitais podem ser utilizadas para estimar o ICD de povoamentos florestais.

Modulation du métabolisme du glucose astrocytaire par les cytokines pro-inflammatoires et le peptide beta-amyloïde. A la recherche d'une composante gliale aux processus neurodégénératifs

Résumé large public: Une altération localisée du métabolisme du glucose, le substrat énergétique préférentiellement utilisé dans le cerveau, est un trait caractéristique précoce de la maladie d'Alzheimer (MA). Il est maintenant largement admis que le beta-amyloïde, la neuroinflammation et le stress oxydatif participent au développement de la MA. Cependant les mécanismes cellulaires de la pathogenèse restent à identifier. Le métabolisme cérébral a ceci de remarquable qu'il repose sur la coopération entre deux types cellulaires, ainsi les astrocytes et les neurones constituent une unité métabolique. Les astrocytes sont notamment responsables de fournir aux neurones des substrats énergétiques, ainsi que des précurseurs du glutathion pour la défense contre le stress oxydatif. Ces fonctions astrocytaires sont essentielles au bon fonctionnement et à la survie neuronale; par conséquent, une altération de ces fonctions astrocytaires pourrait participer au développement de certaines maladies cérébrales. Le but de ce travail est, dans un premier temps, d'explorer les effets de médiateurs de la neuroinflammation (les cytokines pro-inflammatoires) et du peptide beta-amyloïde sur le métabolisme des astrocytes corticaux, en se focalisant sur les éléments en lien avec le métabolisme énergétique et le stress oxydatif. Puis, dans un second temps, de caractériser les conséquences pour les neurones des modifications du métabolisme astrocytaire induites par ces substances. Les résultats obtenus ici montrent que les cytokines pro-inflammatoires et le beta-amyloïde induisent une profonde altération du métabolisme astrocytaire, selon deux profils distincts. Les cytokines pro-inflammatoires, particulièrement en combinaison, agissent comme « découpleurs » du métabolisme énergétique du glucose, en diminuant l'apport potentiel de substrats énergétiques aux neurones. En plus de son effet propre, le peptide beta-amyloïde potentialise les effets des cytokines pro-inflammatoires. Or, dans le cerveau de patients atteints de la MA, les astrocytes sont exposés simultanément à ces deux types de substances. Les deux types de substances ont un effet ambivalent en termes de stress oxydatif. Ils induisent à la fois une augmentation de la libération de glutathion (potentiellement protecteur pour les neurones voisins) et la production d'espèces réactives de l'oxygène (potentiellement toxiques). Etant donné l'importance de la coopération entre astrocytes et neurones, ces modulations du métabolisme astrocytaire pourraient donc avoir un retentissement majeur sur les cellules environnantes, et en particulier sur la fonction et la survie neuronale. Résumé Les astrocytes et les neurones constituent une unité métabolique. Les astrocytes sont notamment responsables de fournir aux neurones des substrats énergétiques, tels que le lactate, ainsi que des précurseurs du glutathion pour la défense contre le stress oxydatif. Une altération localisée du métabolisme du glucose, le substrat énergétique préférentiellement utilisé dans le cerveau, est un trait caractéristique, précoce, de la maladie d'Alzheimer (MA). Il est maintenant largement admis que le beta-amyloïde, la neuroinflammation et le stress oxydatif participent au développement de la MA. Cependant, les mécanismes cellulaires de la pathogenèse restent à identifier. Le but de ce travail est d'explorer les effets des cytokines pro-inflammatoires (Il-1 ß et TNFα) et du beta-amyloïde (Aß) sur le métabolisme du glucose des astrocytes corticaux en culture primaire ainsi que de caractériser les conséquences, pour la viabilité des neurones voisins, des modifications du métabolisme astrocytaire induites par ces substances. Les résultats obtenus montrent que les cytokines pro-inflammatoires et le beta-amyloïde induisent une profonde altération du métabolisme astrocytaire, selon deux profils distincts. Les cytokines pro-inflammatoires, particulièrement en combinaison, agissent comme « découpleurs » du métabolisme glycolytique astrocytaire. Après 48 heures, le traitement avec TNFα et Il-lß cause une augmentation de la capture de glucose et de son métabolisme dans la voie des pentoses phosphates et dans le cycle de Krebs. A l'inverse, il cause une diminution de la libération de lactate et des stocks cellulaires de glycogène. En combinaison avec les cytokines tel qu'in vivo dans les cerveaux de patients atteints de MA, le peptide betaamyloïde potentialise les effets décrits ci-dessus. Isolément, le Aß cause une augmentation coordonnée de la capture de glucose et de toutes les voies de son métabolisme (libération de lactate, glycogenèse, voie des pentoses phosphate et cycle de Krebs). Les traitements altèrent peu les taux de glutathion intracellulaires, par contre ils augmentent massivement la libération de glutathion dans le milieu extracellulaire. A l'inverse, les deux types de traitements augmentent la production intracellulaire d'espèces réactives de l'oxygène (ROS). De plus, les cytokines pro-inflammatoires en combinaison augmentent massivement la production des ROS dans l'espace extracellulaire. Afin de caractériser l'impact de ces altérations métaboliques sur la viabilité des neurones environnants, un modèle de co-culture et des milieux conditionnés astrocytaires ont été utilisés. Les résultats montrent qu'en l'absence d'une source exogène d'antioxydants, la présence d'astrocytes favorise la viabilité neuronale ainsi que leur défense contre le stress oxydatif. Cette propriété n'est cependant pas modulée par les différents traitements. D'autre part, la présence d'astrocytes, et non de milieu conditionné, protège les neurones contre l'excitotoxicité due au glutamate. Les astrocytes prétraités (aussi bien avec le beta-amyloïde qu'avec les cytokines pro-inflammatoires) perdent cette propriété. Cet élément suggère que la perturbation du métabolisme astrocytaire causé par les cytokines pro-inflammatoires ou le beta-amyloïde pourrait participer à l'atteinte de la viabilité neuronale associée à certaines pathologies neurodégénératives.

Of flies, mice and men: a systematic approach to understanding the early life origins of chronic lung disease.

Despite intensive research efforts, the aetiology of the majority of chronic lung diseases (CLD) in both, children and adults, remains elusive. Current therapeutic options are limited, providing only symptomatic relief, rather than treating the underlying condition, or preventing its development in the first place. Thus, there is a strong and unmet clinical need for the development of both, novel effective therapies and preventative strategies for CLD. Many studies suggest that modifications of prenatal and/or early postnatal lung development will have important implications for future lung function and risk of CLD throughout life. This view represents a fundamental change of current pathophysiological concepts and treatment paradigms, and holds the potential to develop novel preventative and/or therapeutic strategies. However, for the successful development of such approaches, key questions, such as a clear understanding of underlying mechanisms of impaired lung development, the identification and validation of relevant preclinical models to facilitate translational research, and the development of concepts for correction of aberrant development, all need to be solved. Accordingly, a European Science Foundation Exploratory Workshop was held where clinical, translational and basic research scientists from different disciplines met to discuss potential mechanisms of developmental origins of CLD, and to identify major knowledge gaps in order to delineate a roadmap for future integrative research.

Dynamic Modelling of Material Flows and Sustainable Resource Use: Case Studies in Regional Metabolism and Space Life Support Systems

Sustainable resource use is one of the most important environmental issues of our times. It is closely related to discussions on the 'peaking' of various natural resources serving as energy sources, agricultural nutrients, or metals indispensable in high-technology applications. Although the peaking theory remains controversial, it is commonly recognized that a more sustainable use of resources would alleviate negative environmental impacts related to resource use. In this thesis, sustainable resource use is analysed from a practical standpoint, through several different case studies. Four of these case studies relate to resource metabolism in the Canton of Geneva in Switzerland: the aim was to model the evolution of chosen resource stocks and flows in the coming decades. The studied resources were copper (a bulk metal), phosphorus (a vital agricultural nutrient), and wood (a renewable resource). In addition, the case of lithium (a critical metal) was analysed briefly in a qualitative manner and in an electric mobility perspective. In addition to the Geneva case studies, this thesis includes a case study on the sustainability of space life support systems. Space life support systems are systems whose aim is to provide the crew of a spacecraft with the necessary metabolic consumables over the course of a mission. Sustainability was again analysed from a resource use perspective. In this case study, the functioning of two different types of life support systems, ARES and BIORAT, were evaluated and compared; these systems represent, respectively, physico-chemical and biological life support systems. Space life support systems could in fact be used as a kind of 'laboratory of sustainability' given that they represent closed and relatively simple systems compared to complex and open terrestrial systems such as the Canton of Geneva. The chosen analysis method used in the Geneva case studies was dynamic material flow analysis: dynamic material flow models were constructed for the resources copper, phosphorus, and wood. Besides a baseline scenario, various alternative scenarios (notably involving increased recycling) were also examined. In the case of space life support systems, the methodology of material flow analysis was also employed, but as the data available on the dynamic behaviour of the systems was insufficient, only static simulations could be performed. The results of the case studies in the Canton of Geneva show the following: were resource use to follow population growth, resource consumption would be multiplied by nearly 1.2 by 2030 and by 1.5 by 2080. A complete transition to electric mobility would be expected to only slightly (+5%) increase the copper consumption per capita while the lithium demand in cars would increase 350 fold. For example, phosphorus imports could be decreased by recycling sewage sludge or human urine; however, the health and environmental impacts of these options have yet to be studied. Increasing the wood production in the Canton would not significantly decrease the dependence on wood imports as the Canton's production represents only 5% of total consumption. In the comparison of space life support systems ARES and BIORAT, BIORAT outperforms ARES in resource use but not in energy use. However, as the systems are dimensioned very differently, it remains questionable whether they can be compared outright. In conclusion, the use of dynamic material flow analysis can provide useful information for policy makers and strategic decision-making; however, uncertainty in reference data greatly influences the precision of the results. Space life support systems constitute an extreme case of resource-using systems; nevertheless, it is not clear how their example could be of immediate use to terrestrial systems.

1199-000 Soil Nutrient Mass Balance Study

Key Points: • Iowa’s exceptional agricultural productivity is dependent upon nutrient‐rich soils with high carbon and nitrogen stocks. • Soil carbon and nitrogen stocks in Iowa corn‐soybean rotations are at significant risk of long‐term decline. • Soil carbon and nitrogen stocks are a function of crop residue inputs. • Nutrient input levels that do not maximize crop yield and residue production are likely to reduce soil carbon and nitrogen stocks. • If soil carbon and nitrogen stocks decline, water quality improvements become more difficult. • Soil carbon and nitrogen balances are extremely difficult to measure, but positive balances are essential to the future of Iowa agriculture. Recommended Actions: • Accurate measurement of soil carbon and nitrogen balances is exceptionally difficult, but can be accomplished with sufficient investment and long‐term planning. • The ideal approach will include a combination of measurements from farms and experimental networks that manipulate nutrient inputs. • With proper planning and cooperation, Iowa State University and the Iowa Department of Agriculture and Land Stewardship can address the concerns raised in this report regarding the future of Iowa’s soil resource and agricultural productivity.

Resilient housing : a new resource-oriented approach

The institutional regimes framework has previously been applied to the institutional conditions that support or hinder the sustainability of housing stocks. This resource-based approach identifies the actors across different sectors that have an interest in housing, how they use housing, the mechanisms affecting their use (public policy, use rights, contracts, etc.) and the effects of their uses on the sustainability of housing within the context of the built environment. The potential of the institutional regimes framework is explored for its suitability to the many considerations of housing resilience. By identifying all the goods and services offered by the resource 'housing stock', researchers and decision-makers could improve the resilience of housing by better accounting for the ecosystem services used by housing, decreasing the vulnerability of housing to disturbances, and maximizing recovery and reorganization following a disturbance. The institutional regimes framework is found to be a promising tool for addressing housing resilience. Further questions are raised for translating this conceptual framework into a practical application underpinned with empirical data.

Soil organic matter in fire-affected pastures and in an Araucaria forest in South-Brazilian Leptosols

The objective of this work was to evaluate the distribution pattern and composition of soil organic matter (SOM) and its physical pools of Leptosols periodically affected by fire over the last 100 years in South Brazil. Soil samples at 0-5, 5-10, and 10-15 cm depths were collected from the following environments: native pasture without burning in the last year and grazed with 0.5 livestock per hectare per year (1NB); native pasture without burning in the last 23 years and grazed with 2.0 livestock per hectare per year (23NB); and an Araucaria forest (AF). Physical fractionation was performed with the 0-5 and 5-10 cm soil layers. Soil C and N stocks were determined in the three depths and in the physical pools, and organic matter was characterized by infrared spectroscopy and thermogravimetry. The largest C stocks in all depths and physical pools were found under the AF. The 23NB environment showed the lowest soil C and N stocks at the 5-15 cm depth, which was related to the end of burning and to the higher grazing intensity. The SOM of the occluded light fraction showed a greater chemical recalcitrance in 1NB than in 23NB. Annual pasture burning does not affect soil C stocks up to 15 cm of depth.

Tectonomagmatic evolution of Western Amazonia: Geochemical characterization and zircon U-Pb geochronologic constraints from the Peruvian Eastern Cordilleran granitoids

The results of a coupled, in situ laser ablation-inductively coupled plasma-mass spectrometry (LA-ICP-MS) U-Pb study on zircon and geochemical characterization of the Eastern Cordilleran intrusives of Peru reveal 1.15 Ga of intermittent magmatism along central Western Amazonia, the Earth's oldest active open continental margin. The eastern Peruvian batholiths are volumetrically dominated by plutonism related to the assembly and breakup of Pangea during the Paleozoic-Mesozoic transition. A Carboniferous-Permian (340-285 Ma) continental arc is identified along the regional orogenic strike from the Ecuadorian border (6 degrees S) to the inferred inboard extension of the Arequipa-Antofalla terrane in southern Peru (14 degrees S). Widespread crustal extension and thinning, which affected western Gondwana throughout the Permian and Triassic resulted in the intrusion of the late- to post-tectonic La Merced-San Ramon-type anatectites dated between 275 and 220 Ma, while the emplacement of the southern Cordillera de Carabaya peraluminous granitoids in the Late Triassic to Early Jurassic (220-190 Ma) represents, temporally and regionally, a separate tectonomagmatic event likely related to resuturing of the Arequipa-Antofalla block. Volcano-plutonic complexes and stocks associated with the onset of the present Andean cycle define a compositionally bimodal alkaline suite and cluster between 180 and 170 Ma. A volumetrically minor intrusive pulse of Oligocene age (ca. 30 Ma) is detected near the southwestern Cordilleran border with the Altiplano. Both post-Gondwanide (30-170 Ma), and Precambrian plutonism (691-1123 Ma) are restricted to isolated occurrences spatially comprising less than 15% of the Eastern Cordillera intrusives. Only one remnant of a Late Ordovician intrusive belt is recognized in the Cuzco batholith (446.5 +/- 9.7 Ma) indicating that the Famatinian arc system previously identified in Peru along the north-central Eastern Cordillera and the coastal Arequipa-Antofalla terrane also existed inboard of this parautochthonous crustal fragment. Hitherto unknown occurrences of late Mesoproterozoic and middle Neoproterozoic granitoids from the south-central cordilleran segment define magmatic events at 691 +/- 13 Ma, 751 +/- 8 Ma, 985 +/- 14 Ma, and 1071-1123 +/- 23 Ma that are broadly coeval with the Braziliano and Grenville-Sunsas orogenies, respectively. Our data suggest the existence of a continuous orogenic belt in excess of 3500 km along Western Amazonia during the formation of Rodinia, its ``early'' fragmentation prior to 690 Ma, and support a model of reaccretion of the Paracas-Arequipa-Antofalla terrane to western Gondwana in the Early Ordovician with subsequent detachment of the Paracas segment in form of the Mexican Oaxaquia microcontinent in Middle Ordovician. A tectonomagmatic model involving slab detachment, followed by underplating of cratonic margin by asthenospheric mantle is proposed for the genesis of the volumetrically dominant Late Paleozoic to early Mesozoic Peruvian Cordilleran batholiths.

Tulologistiikan optimointi

Diplomityön tavoite jaettiin kahteen osaan, joista ensimmäinen oli laskentamallin rakentaminen tulologistiikkaan. Tavoitteen toinen osa muodostui optimaalisen ratkaisuehdotuksen tekemisestä työn tilaajana olevan yrityksen eräälle tuoteperheelle rakennettua laskentamallia hyödyntäen. Työn teoriaosuudessa esiteltiin keskeisiä tekijöitä, joilla on vaikutusta toimitusketjun sekä tulologistiikan hallintaan. Lisäksi teorian ja esimerkkilaskelmien avulla esiteltiin rakennetun laskentamallin kannalta keskeistä toimitusketjun varastojen laskentaa. Työn tuloksina esiteltiin rakennettua laskentamallia sekä yrityksen kahdelle valmistuspaikalle laskentamallilla tehtyjen tulologististen laskelmien keskeisiä tuloksia. Laskelmien yksityiskohtaiset tulokset eivät ole sisällytetty työhön. Tuoteperheen optimaaliset ratkaisuehdotukset valmistuspaikoittain muodostettiin laskelmien analysoinnin pohjalta.

Kuparituotetehtaan tuoterakenteen ja logistisen tehokkuuden kehittäminen

Tässä tutkimuksessa on keskitytty tutkimaan kuparituotetehtaan tuoterakennetta ja tilausten kohdistumispisteitä sekä esittämäänparannusehdotuksia näiden suhteen. Valssaamon prosessivarasto on kokenut huomattavan pienennyksen ja tavoitteena on, että tästä huolimatta tuotantoa pystyttäisiin ohjaamaan vähemmin resurssein, materiaalipulasta kärsimättä ja nopeammin läpimenoajoin. Lisäksi työssä esitetään muita tuotantoprosessiin liittyviä kehitysehdotuksia, jotka tukevat tuotannon virtaviivaistamista ja varastosaldojen vähentämistä. Teoriaosuudessa selitetään Lean-tuotannon toimivuuttavalssaamon kaltaisessa toimintaympäristössä. Teoriaosuudessa on käsitelty Lean-tuotannon lisäksi myös Agile- ja Leagile-teorioita, koska myös näiden teorioidenyhteensopivuus valssaamon tuotantoon on merkittävä. Empiirisessä osassa on kuvattu tuotantoprosessin ja tuoterakenteen nykytila sekä esitetty kehitysehdotuksianäiden kehittämiseen esiteltyjen teorioiden pohjalta. Tutkimuksen perusteella esitetään muutoksia tämänhetkiseen tuoterakenteeseen, koska nykyisen kaltainen tuoterakenne on jäänyt osittain turhaksi varastojen siirryttyä tuotannon alkupäähän. Lisäksi ehdotetaan kuumavalssaussuunnitelmasta luopumista ja kuumavalssaimen ohjaussyklin lyhentämistä vuorokauden mittaiseksi, sekä esitetään, miten tuotantoon tulisi välittää nykyistä tarkempaa tietoa tilauksien valmistumisajankohdista.

Oppimistehtaan toimintamallin kehittäminen

Educaworks Oy on toiminut viisi vuotta oppimistehtaana, jonka omistajia ovat olleet yritykset ja oppilaitokset. Yrityksen pääasiallisia työntekijöitä ovat tähän mennessä olleet ammattiopiston työssäoppijat ja parina viimeisenä vuotena on yrityksellä ollut palkkalistoillaan omia työntekijöitä. Tässä työssä luotiin vaihtoehtoja Educaworks Oy:n tulevalle toiminnalle lähtien siitä, että tämä nykyinen toimintamalli on tullut tiensä päähän ja tarvitaan uusi malli toiminnan jatkamiselle.Työssä haettiin hyviä käytäntöjä Suomesta benchmarkingin avulla. Näiden mallienvahvuuksia hyödyntämällä pystyttiin kehittämään vaihtoehto Educaworks Oy:n tulevalle toiminnalle. Tämä malli, oppimistehdas osana osaamiskeskittymää, valittiin toteutettavaksi kolmesta eri vaihtoehdosta, joista kaksi muuta olivat oppimistehdas yrityksenä ja oppimistehdas osana koulutusorganisaatiota. Valitussa vaihtoehdossa hyödynnetään Savonia-ammattikorkeakoulun suunnitteilla olevaa EducaTech Center-hanketta, jossa on tarkoitus luoda Iisalmeen teknologiateollisuuden osaamiskeskittymä seuraavan EU-kauden 2007-2013 aikana. Valitussa mallissa Educaworks Oy hyödyntää tulevassa toiminnassaan tämän osaamiskeskittymän uutta kone- ja laitekantaa sekä tekee yhteistyötä keskittymän tutkimus- ja tuotekehityshenkilökunnan kanssa. Yritykset pääsevät parhaiten osallisiksi Educa Tech Center osaamiskeskittymän tuottamista palveluista hankkimalla Educaworks Oy:n osakkeita ja pääsemällä täten keskittymän ytimeen sen tuotannollisen toimijan, Educaworks Oy:n, avulla. Educaworks Oy toimii tässä keskittymässä komponenttitoimittajan roolissa ollen malli komponenttitoimittajasta muillealueella oleville vastaaville verkostoissa toimiville yrityksille. Educaworks Oy:n toiminnan toisena periaatteena tulee olemaan työssäoppiminen. Työssäoppiminen on tänä päivänä osa ammatillista koulutusta ja sen merkityskorostuu yhä enemmän, koska oppilaat tulevat opiskelemaan tänä päivänä monesti lähtökohdista, joissa heillä ei ole ollut mahdollisuutta harjoittaa käytännön taitojaan ennen ammatillisten opiskelujen aloittamista. Työpaikoilla ei ole vielä kovin hyvää valmiutta toteuttaa sitä opetushallituksen tavoitetta, että oppilaatoppisivat työssäoppimisjaksoilla uusia asioita ohjatusti. Työpaikoilta puuttuu työssäoppimisen ohjaajat ja oppilaiden tekemät harjoitteet ovat liian monta kertaa ammatillisesti kovin vaatimattomia jäysteenpoisto- tai kappaleenvaihtotöitä koneistuksesta puhuttaessa. Tässä työssä luodaan mallia oppilaiden ohjatulle työssäoppimiselle tehtyjen tieteellisten tutkimusten pohjalta. Tavoitteena on, että Educaworks Oy:ssä pystyttäisiin jatkossa kouluttamaan myös muiden alueen teknologiateollisuuden yritysten työntekijöitä toimimaan työssäoppimisen ohjaajina.