IFRS and Asymmetrical Information: Empirical Evidence from the Finnish Stock Markets

Tutkimuksen tavoitteena on selvittää kansainvälisiin tilinpäätösstandardeihin siirtymisen vaikutuksia epäsymmetriseen informaatioon Suomen osake-markkinoilla. Suomalaisten tilinpäätöskäytäntöjen ja kansainvälisten standardien eroja on selvitetty ensin laadullisin menetelmin,jonka jälkeen on tehty asymmetrisen informaation markkinapohjaisiin mittareihinperustuva kvantitatiivinen tutkimus. Yleisiin eroavaisuuksiin liittyvän selvityksen lisäksi on tutkittu erikseen erityisesti standardimuutoksen vaikutusta älylliseen pääomaan liittyvään informaation asymmetriaan. Empiirisessä osiossa älyllisen pääoman epäsuoraksi mitaksi on valittu kehitys- ja tutkimusmenojen suhde taseen loppusummaan. Kuten oletus oli, sekä laadullisen että empiirisen osion tulokset viittaavat siihen, että IFRS:n myötä informaatioympäristö on parantunut. Uudet standardit vaativat laajempaa ja tarkempaa informaation julkaisua liittyen älylliseen pääomaan, mikä ei ole kuitenkaan havaittavissa valituissa mittareissa

Palvelinten siirto virtuaalialustalle

Virtualisoinnin ideana palvelinten tapauksessa on käyttää fyysisen palvelimen resurssit mahdollisimman tehokkaasti hyödyksi ja näin vähentää fyysisten palvelinten lukumäärää. Palvelinten virtualisointi onpaljon keskusteltu aihe ja se on yleistynyt viime vuosina rajusti kaiken kokoisissa yrityksissä. Aiemmin se on ollut käytössä ainoastaan suurissa keskustietokoneissa, mutta nykyisin sitä käytetään yhä kasvavissa määrin tavallisissa x86 - pohjaisissa palvelimissa. Tässä diplomityössätutustutaan palvelinten virtualisointiin ja siihen läheisesti liittyviin asioihin. Työssä pohditaan virtualisoinnin soveltuvuutta erityisesti pienen pk- yrittäjän tietojärjestelmään toimivuuden ja kannattavuuden näkökulmasta. Työssä keskustellaan erikseen ylläpitoon, suorituskykyyn ja kustannuksiin liittyvistä asioista. Virtuaalisen palvelimen suorituskyky ei vielä tällä hetkellä ole fyysisen palvelimen tasolla, mutta suorituskyky on kuitenkin useimpiin tarpeisiin riittävä. Huolellisella suunnittelulla virtualisointi on toimiva ratkaisu, jonka avulla tietojärjestelmästä saadaan helposti hallittava ja toimiva. Päätös virtualisoinnin käyttöönotosta tulee tehdä harkitusti ja sen vaikutuksia tulee pohtia tarkkaan aina tapauskohtaisesti. Kustannussäästöjen tavoittelu ei saa olla ainoa syy virtualisoinnin käyttöönottoon, vaan taustalta tulee löytyä myösmuita tarpeita.

Obesity-related phenotypes are associated to parental longevity in a Swiss population-based study

METHODS. We analyzed data from a population-based sample of 2561 participants (1163 men and 1398 women) aged 55-75 years from the city of Lausanne, Switzerland (CoLaus study). Participants were stratified by the number of parents (0, 1, 2) who survived to 85 years or more. Trend across these strata was assessed using a non-parametric kmean test. The associations of parental age (independent covariate used as a proxy for longevity) with fasting blood glucose, blood pressures, blood lipids, body mass index (BMI), weight, height or liver enzymes (continuous dependent variables) were analyzed using multiple linear regressions. Models were adjusted for age, sex, alcohol consumption, smoking and educational level, and BMI for liver enzymes. RESULTS. For subjects with 0 (N = 1298), 1 (N = 991) and 2 (N = 272) long-lived parents, median BMI (interquartile range) was 25.4 (6.5), 24.9 (6.1) and 23.7 (4.8) kg/m2 in women (P <0.001), and 27.3 (4.8), 27.0 (4.5) and 25.9 (4.9) kg/m2 in men (P = 0.04), respectively; median weight was 66.5 (16.1), 65.0 (16.4) and 63.4 (13.7) kg in women (P = 0.003), and 81.5 (17.0), 81.4 (16.4) and 80.3 (17.1) kg in men (P = 0.36). Median height was 161 (8), 162 (9) and 163 (8) cm in women (P = 0.005) and 173 (9), 174 (9) and 174 (11) cm in men (P = 0.09). The corresponding medians for AST (Aspartate Aminotransferase) were 31 (13), 29 (11) and 28 (10) U/L (P = 0.002), and 28 (17), 27 (14) and 26 (19) U/L for ALT (Alanin Aminotransferase, P = 0.053) in men. In multivariable analyses, greater parental longevity was associated with lower BMI, lower weight and taller stature in women (P < 0.01) and lower AST in men (P = 0.011). No significant associations were observed for the other variables analyzed. Sensitivity analyses restricted to subjects whose parents were dead (N = 1844) led to similar results, with even stronger associations of parental longevity with liver enzymes in men. CONCLUSIONS. In women, increased parental longevity was associated with smaller BMI, attributable to lower weight and taller stature. In men, the association of increased parental longevity with lower liver enzymes, independently of BMI, suggests that parental longevity may be associated with decreased nonalcoholic fatty liver disease.

Transparent and secure remote network storage system using an untrusted server

Työssä kehitettin läpinäkyvä Internet Small Computer Systems Interface-verkkolevyä (iSCSI) käyttävä varmistusjärjestelmä. Verkkolevyn sisältö suojattiin asiakaspään salauskerroksella (dm-crypt). Järjestely mahdollisti sen, että verkkolevylle tallennetut varmuuskopiot pysyivät luottamuksellisina, vaikka levypalvelinta tarjoava taho oli joko epäluotettava tai suorastaan vihamielinen. Järjestelmän hyötykäyttöä varten kehitettiin helppokäyttöinen prototyyppisovellus. Järjestelmän riskit ja haavoittuvuudet käytiin läpi ja analysoitiin. Järjestelmälle tehtiin myös karkea kryptoanalyysi sen teknistenominaisuuksien pohjalta. Suorituskykymittaukset tehtiin sekä salatulle että salaamattomalle iSCSI-liikenteelle. Näistä todettiin, että salauksen vaikutus suorituskykyyn oli häviävän pieni jopa 100 megabittiä sekunnissa siirtävillä verkkonopeuksilla. Lisäksi pohdittiin teknologian muita sovelluskohteita ja tulevia tutkimusalueita.

FTO genetic variants, dietary intake and body mass index: insights from 177,330 individuals.

FTO is the strongest known genetic susceptibility locus for obesity. Experimental studies in animals suggest the potential roles of FTO in regulating food intake. The interactive relation among FTO variants, dietary intake and body mass index (BMI) is complex and results from previous often small-scale studies in humans are highly inconsistent. We performed large-scale analyses based on data from 177,330 adults (154 439 Whites, 5776 African Americans and 17 115 Asians) from 40 studies to examine: (i) the association between the FTO-rs9939609 variant (or a proxy single-nucleotide polymorphism) and total energy and macronutrient intake and (ii) the interaction between the FTO variant and dietary intake on BMI. The minor allele (A-allele) of the FTO-rs9939609 variant was associated with higher BMI in Whites (effect per allele = 0.34 [0.31, 0.37] kg/m(2), P = 1.9 × 10(-105)), and all participants (0.30 [0.30, 0.35] kg/m(2), P = 3.6 × 10(-107)). The BMI-increasing allele of the FTO variant showed a significant association with higher dietary protein intake (effect per allele = 0.08 [0.06, 0.10] %, P = 2.4 × 10(-16)), and relative weak associations with lower total energy intake (-6.4 [-10.1, -2.6] kcal/day, P = 0.001) and lower dietary carbohydrate intake (-0.07 [-0.11, -0.02] %, P = 0.004). The associations with protein (P = 7.5 × 10(-9)) and total energy (P = 0.002) were attenuated but remained significant after adjustment for BMI. We did not find significant interactions between the FTO variant and dietary intake of total energy, protein, carbohydrate or fat on BMI. Our findings suggest a positive association between the BMI-increasing allele of FTO variant and higher dietary protein intake and offer insight into potential link between FTO, dietary protein intake and adiposity.

Determinants of credit default swap spread: evidence from european credit derivatives market

Tämän tutkielman tavoitteena on selvittää, mitkä tekijät vaikuttavat yrityksen ja valtion velkakirjojen väliseen tuottoeroon. Strukturaalisten luottoriskin hinnoittelumallien mukaan luottoriskiin vaikuttavia tekijöitä ovat yrityksen velkaantumisaste, volatiliteetti ja riskitön korkokanta. Tavoitteena on erityisesti tutkia, kuinka hyvin nämä teoreettiset tekijät selittävät tuottoeroja ja onko olemassa muita tärkeitä selittäviä tekijöitä. Luottoriskinvaihtosopimusten noteerauksia käytetään tuottoerojen määrittämiseen. Selittävät tekijät koostuvat sekä yrityskohtaisista että markkinalaajuisista muuttujista. Luottoriskinvaihtosopimusten ja yrityskohtaisten muuttujien data on kerätty yhteensä 50 yritykselle Euroalueen maista. Aineisto koostuu kuukausittaisista havainnoista aikaväliltä 01.01.2003-31.12.2006. Empiiriset tulokset osoittavat, että strukturaalisten mallien mukaiset tekijät selittävät vain pienen osan tuottoeron muutoksista yli ajan. Toisaalta nämä teoreettiset tekijät selittävät huomattavasti paremmin tuottoeron vaihtelua yli poikkileikkauksen. Muut kuin teoreettiset tekijät pystyvät selittämään suuren osan tuottoeron vaihtelusta. Erityisen tärkeäksi tuottoeron selittäväksi tekijäksi osoittautui yleinen riskipreemio velkakirjamarkkinoilla. Tulokset osoittavat, että luottoriskin hinnoittelumalleja on kehitettävä edelleenniin, että ne ottaisivat huomioon yrityskohtaisten tekijöiden lisäksi myös markkinalaajuisia tekijöitä.

Stable carbon isotopes in archaeobotanical remains and palaeoclimate

Es descriu una metodologia recent per a inferir la precipitació en el passat basada en l’anàlisi de la composició isotòpica del carboni (δ13C) en restes arqueobotàniques. Un cop descrita la base fisiològica de la tècnica, s’il·lustra l’aplicabilitat de δ13C mitjançant un exemple referent al NE peninsular. Hom pretén proporcionar una estimació quantitativa de l’evolució de la precipitació estacional (primavera) i anual al llarg dels darrers quatre mil anys basada en δ13C. Les mostres analitzades comprenen carbons (pi blanc) i llavors carbonitzades (blat i ordi), i s’obtenen estimes pluviomètriques superiors en el passat que actualment, amb una tendència gradual cap a condicions progressivament més àrides. No obstant això, aquesta tendència no esdevé uniforme, i es detecten dues fases de major precipitació (1800-900 aC; 300 aC - 300 dC) alternadament amb períodes relativament secs (900-300 aC; 900 dC - present). Dels resultats presentats també es desprèn que la importància relativa de la pluja primaveral en el passat fou variable. Des d’aproximadament el 300 aC en endavant, el període primaveral subministrà una major proporció de pluja anual que actualment. Contràriament, durant el període 1800-800 dC la seva contribució va esdevenir inferior, i va aparèixer una fase transitòria (800-300 aC) que mostra una recuperació sobtada en aportació primaveral. Posteriorment a aquesta fase la sincronia de canvis en δ13C en granes i carbons suggereix l’arribada del clima mediterrani a la regió.

Saccharomyces cerevisiae as a model organism: a comparative study

Background: Model organisms are used for research because they provide a framework on which to develop and optimize methods that facilitate and standardize analysis. Such organisms should be representative of the living beings for which they are to serve as proxy. However, in practice, a model organism is often selected ad hoc, and without considering its representativeness, because a systematic and rational method to include this consideration in the selection process is still lacking. Methodology/Principal Findings: In this work we propose such a method and apply it in a pilot study of strengths and limitations of Saccharomyces cerevisiae as a model organism. The method relies on the functional classification of proteins into different biological pathways and processes and on full proteome comparisons between the putative model organism and other organisms for which we would like to extrapolate results. Here we compare S. cerevisiae to 704 other organisms from various phyla. For each organism, our results identify the pathways and processes for which S. cerevisiae is predicted to be a good model to extrapolate from. We find that animals in general and Homo sapiens in particular are some of the non-fungal organisms for which S. cerevisiae is likely to be a good model in which to study a significant fraction of common biological processes. We validate our approach by correctly predicting which organisms are phenotypically more distant from S. cerevisiae with respect to several different biological processes. Conclusions/Significance: The method we propose could be used to choose appropriate substitute model organisms for the study of biological processes in other species that are harder to study. For example, one could identify appropriate models to study either pathologies in humans or specific biological processes in species with a long development time, such as plants.

Agile Methods in Small Software Projects

Agile software development methods are attempting to provide an answer to the software development industry's need of lighter weight, more agile processes that offer the possibility to react to changes during the software development process. The objective of this thesis is to analyze and experiment the possibility of using agile methods or practices also in small software projects, even in projects containing only one developer. In the practical part of the thesis a small software project was executed with some agile methods and practices that in the theoretical part of the thesis were found possible to be applied to the project. In the project a Bluetooth proxy application that is run in the S60 smartphone platform and PC was developed further to contain some new features. As a result it was found that certain agile practices can be useful even in the very small projects. The selection of the suitable practices depends on the project and the size of the project team.

BDNF promoter I methylation correlates between post-mortem human peripheral and brain tissues.

Several psychiatric disorders have been associated with CpG methylation changes in CG rich promoters of the brain-derived neurotrophic factor (BDNF) mainly by extracting DNA from peripheral blood cells. Whether changes in peripheral DNA methylation can be used as a proxy for brain-specific alterations remains an open question. In this study we aimed to compare DNA methylation levels in BDNF promoter regions in human blood cells, muscle and brain regions using bisulfite-pyrosequencing. We found a significant correlation between the levels of BDNF promoter I methylation measured in quadriceps and vPFC tissues extracted from the same individuals (n = 98, Pearson, r = 0.48, p = 4.5 × 10(-7)). In the hippocampus, BDNF promoter I and IV methylation levels were strongly correlated (Pearson, n = 37, r = 0.74, p = 1.4 × 10(-7)). We found evidence for sex-dependent effect on BDNF promoter methylation levels in the various tissues and blood samples. Taken together, these data indicate a strong intra-individual correlation between peripheral and brain tissue. They also suggest that sex determines methylation patterns in BDNF promoter region across different types of tissue, including muscle, brain, and blood.

Regional determinants of firm entry in a developing country

We analyse the determinants of firm entry in developing countries using Argentina as an illustrative case. Our main finding is that although most of the regional determinants used in previous studies analysing developed countries are also relevant here, there is a need for additional explanatory variables that proxy for the specificities of developing economies (e.g., poverty, informal economy and idle capacity).We also find evidence of a core-periphery pattern in the spatial structure of entry that seems to be mostly driven by differences in agglomeration economies. Since regional policies aiming to attract new firms are largely based on evidence from developed countries, our results raise doubts about the usefulness of such policies when applied to developing economies. JEL classification: R12, R30, C33. Key words: Firm entry, Argentina, count data models.

Functional error modeling for uncertainty quantification in hydrogeology

Approximate models (proxies) can be employed to reduce the computational costs of estimating uncertainty. The price to pay is that the approximations introduced by the proxy model can lead to a biased estimation. To avoid this problem and ensure a reliable uncertainty quantification, we propose to combine functional data analysis and machine learning to build error models that allow us to obtain an accurate prediction of the exact response without solving the exact model for all realizations. We build the relationship between proxy and exact model on a learning set of geostatistical realizations for which both exact and approximate solvers are run. Functional principal components analysis (FPCA) is used to investigate the variability in the two sets of curves and reduce the dimensionality of the problem while maximizing the retained information. Once obtained, the error model can be used to predict the exact response of any realization on the basis of the sole proxy response. This methodology is purpose-oriented as the error model is constructed directly for the quantity of interest, rather than for the state of the system. Also, the dimensionality reduction performed by FPCA allows a diagnostic of the quality of the error model to assess the informativeness of the learning set and the fidelity of the proxy to the exact model. The possibility of obtaining a prediction of the exact response for any newly generated realization suggests that the methodology can be effectively used beyond the context of uncertainty quantification, in particular for Bayesian inference and optimization.

Differential monocular vs. binocular pupil responses from melanopsin-based photoreception in patients with anterior ischemic optic neuropathy.

We examined the effect of anterior ischemic optic neuropathy (AION) on the activity of intrinsically photosensitive retinal ganglion cells (ipRGCs) using the pupil as proxy. Eighteen patients with AION (10 unilateral, 8 bilateral) and 29 age-matched control subjects underwent chromatic pupillometry. Red and blue light stimuli increasing in 0.5 log steps were presented to each eye independently under conditions of dark and light adaptation. The recorded pupil contraction was plotted against stimulus intensity to generate scotopic and photopic response curves for assessment of synaptically-mediated ipRGC activity. Bright blue light stimuli presented monocularly and binocularly were used for melanopsin activation. The post-stimulus pupil size (PSPS) at the 6th second following stimulus offset was the marker of intrinsic ipRGC activity. Finally, questionnaires were administered to assess the influence of ipRGCs on sleep. The pupil response and PSPS to all monocularly-presented light stimuli were impaired in AION eyes, indicating ipRGC dysfunction. To binocular light stimulation, the PSPS of AION patients was similar to that of controls. There was no difference in the sleep habits of the two groups. Thus after ischemic injury to one or both optic nerves, the summated intrinsic ipRGC activity is preserved when both eyes receive adequate light exposure.

A territorial approach to R&D subsidies: Empirical evidence for Catalonian firms

Using a database of 2,263 responses to R&D public calls in Catalonia, during the period 2007–2010, this paper proceeds to analyse the potential interaction of the territorial and policy dimensions with the propensity to apply for, and be awarded, a public R&D subsidy. Controlling for characteristics at the firm and project level, we estimate models using a twostep procedure. In the first step, our results suggest that large firms which export and which belong to high-tech manufactures are more likely to participate in a public R&D call. Furthermore, both urban location and past experience of such calls have a positive effect. Our territorial proxy of information spillovers shows a positive sign, but this is only significant at intra-industry level. Membership of one of the sectors prioritized by the Catalan government, perhaps surprisingly, does not have a significant impact. In the second step, our results show that cooperative projects, SMEs or old firms shows a positive effect on the probability of obtaining a public subsidy. Finally, the cluster policy does not show a clear relationship with the public R&D call, suggesting that cluster policies and R&D subsidies follow different goals. Our results are in line with previous results in the literature, but they highlight the unequal territorial distribution of the firms which apply and the fact that policymakers should interlink the decision criteria for their public call with other policies.

Assessing trends in insured losses from floods in Spain 1971-2008

Economic impacts from floods have been increasing over recent decades, a fact often attributed to a changing climate. On the other hand, there is now a significant body of scientific scholarship all pointing towards increasing concentrations and values of assets as the principle cause of the increasing cost of natural disasters. This holds true for a variety of perils and across different jurisdictions. With this in mind, this paper examines the time history of insured losses from floods in Spain between 1971 and 2008. It as- sesses whether any discernible residual signal remains after adjusting the data for the increase in the number and value of insured assets over this period of time. Data on insured losses from floods were sourced from Consorcio de Com- pensacíon de Seguros (CCS). Although a public institution, CCS compensates homeowners for the damage produced by floods, and thus plays a role similar to that of a private insurance company. Insured losses were adjusted using two proxy measures: first, changes in the total amount of annual surcharges (premiums) paid by customers to CCS, and secondly, changes in the total value of dwellings per year. The adjusted data reveals no significant trend over the period 1971-2008 and serves again to confirm that at this juncture, societal in- fluences remain the prime factors driving insured and economic losses from natural disasters.