Reporting Framework: Implementation and Performance Analysis

Fenix on suuri metsäteollisuuden tuotannonohjausjärjestelmä. Fenix-järjestelmän raportointi- ja tulostuspalvelut elävätvaihdekautta. Aikaisemmin käytetyt raportointityökalut ovat vanhentumassa ja neon korvattava uusilla. Uusi raportointialusta, Global Printing System (GPS), onrakennettu StreamServe Business Communication Platformin ympärille. Uuden alustan on tarkoitus hoitaa Fenixin tulostus sekä raportointitehtävät. Työ kuvaa raportointialustan toteutuksen sekä sen tärkeimmät ominaisuudet. Uuden alustan suorituskyvyssä on ollut toivomisen varaa. Etenkin suurien raporttien generoiminen on kestänyt joskus toivottoman pitkään. Työssä analysoidaan raportointialustan suorituskykyä ja etsitään mahdolliset pullonkaulat. Suorituskyvyn heikkouksiin pyritään löytämään ratkaisut ja annetaan ehdotuksia suorituskyvyn parantamiseksi. XML pohjaisena järjestelmänä GPS:n suorituskyvyssä suurta osaaesittää XML:n tehokkuus. GPS sisääntuleva data tulee XML-muodossa ja sisääntulon parsimisen tehokkuus on avaintekijöitä koko GPS:n tehokkuuden kannalta. Suorituskyvyn parantamisessa keskitytäänki vahvasti XML:n tehokkaampaan käyttöön ja esitetään ehdotuksia sen parantamiseksi.

GPS-paikkatiedonliittäminen matkapuhelinpalveluihin

2000-luvun vaihteessa paikkatietoa hyödyntävistä matkapuhelinpalveluista odotettiin muodostuvan eräs merkittävimmistä kilpailuvalteista eri matkapuhelinoperaattoreiden välillä. Kiinnostusta paikkatietoa hyödyntäviin palveluihin lisäsi kaupallisten sovellusten lisäksi Yhdysvaltojen liittovaltioiden liikenneministeriön säätämä laki, joka velvoittaa paikantamaan yleiseen hätänumeroon soitetut puhelut. Erityisesti laite- ja verkkotoimittajat odottivat tämänluovan heille uusia markkinoita. Markkinoille tuli useita kilpailevia menetelmiä, joilla matkapuhelimia voitiin paikantaa. Suurin osa näistä menetelmistä hyödynsi GSM-verkon signalointia paikannuksen tekemiseen. Samaan aikaan kohonnut matkapuhelinten suorituskyky mahdollisti GPS-vastaanottimien integroinnin matkapuhelimiin ja ensimmäiset tällaiset matkapuhelimet ilmestyivät markkinoille. Matkapuhelinten paikantamiseen liittyvä standardointi on melko hajanaista. ETSI on standardoinut joukon erilaisia menetelmiä, joilla matkapuhelin paikkatieto voidaan selvittää. Nämä standardit eivät kuitenkaan määrittele sitä, kuinka paikkatieto siirretään sitä hyödyntävien palveluiden käyttöön. Paikkatiedonsiirtämiseen ja esittämiseen liittyvässä standardoinnissa eri laite- ja ohjelmistovalmistajat ovat tehneet liittoutumia keskenään ja esitelleet keskenään kilpailevia standardeja ja suosituksia. Tälläkään osa-alueella mikään liittoutuma ei ole saavuttanut määräävää markkina-asemaa. Tässä työssä suunniteltiin ja toteutettiin järjestelmä, jonka avulla voidaan paikantaa sellaisia GSM-päätelaitteita, joihin on integroitu GPS-vastaanotin. Toteutettu järjestelmä liitettiin uudeksi paikannusmenetelmäksi solupaikannuksen rinnalle Sonera Pointer paikannusjärjestelmään. Työn aikana testattiin joukko markkinoilla olleita GSM-puhelimia, joihin oli integroitu GPS-vastaanotin. Matkapuhelinten testauksessa erityinen huomio kiinnittyi siihen, kuinka GPS-paikkatieto saadaan siirrettyä matkapuhelimesta verkossa sijaitsevien sovellusten käyttöön. Toteutetun järjestelmän suunnittelussa täkein lähtökohta oli järjestelmän joustavuus. Standardien hajanaisuus ja osittainen puuttuminen aiheuttivat sen, että järjestelmästä oli tehtävä mahdollisimman helposti laajennettava. Toinen merkittävä suunnitteluun vaikuttanut tekijä oli operaattoririippumattomuus, koska Sonera Pointer järjestelmää oli tarkoitus myydä myös muille matkapuhelinoperaattoreille.

Endovascular coiling compared with surgical clipping for the treatment of unruptured middle cerebral artery aneurysms: an update.

OBJECT: In 1999 we reported that 94% of unruptured middle cerebral artery (MCA) aneurysms managed prospectively between 1993 and 1997, according to a protocol favoring endovascular coiling, were best treated by surgical clipping. The goal of the current study was to delineate the most appropriate treatment option for unruptured MCA aneurysms today, considering the technical advances in imaging and in endovascular treatment. METHODS: 35 consecutive patients harboring 40 unruptured MCA aneurysms were treated between 1997 and December 2000. Patients with unruptured cerebral aneurysms are managed prospectively according to the same protocol as reported previously [1]: the primary treatment recommendation is endovascular packing with Guglielmi detachable coils (GDCs). Surgical clipping is recommended after failed attempt at coil placement or in the presence of angioanatomical features that contraindicate that type of endovascular therapy. RESULTS: One unruptured MCA aneurysm was treated by endovascular embolization, 37 unruptured MCA aneurysms were clipped, whereas 2 unruptured MCA aneurysms were trapped with simultaneous extracranial-intracranial revascularization. Postoperative angiography revealed complete exclusion of all aneurysms. Preservation of vascular permeability was demonstrated in all clip-reconstructed aneurysms, despite arterial branches frequently originating from the aneurysmal base. Cerebral revascularization of the distal MCA was successful in the 2 patients with giant aneurysms. None of the patients presented permanent disabling complications from the treatment of the unruptured MCA aneurysm. CONCLUSION: Despite major technical advances in imaging and in endovascular treatment of cerebral aneurysms, surgical clipping still is the most efficient treatment for unruptured MCA aneurysms at the beginning of the new millennium.

Motiivit ja niiden muutos teleoperaattoreiden yrityskaupoissa

Tutkimuksen päätavoite oli tunnistaa tavallisimmat motiivit teleoperaattoreiden yrityskauppojen taustalla sekä motiiveissa mahdollisesti havaittavat muutokset tarkasteluajanjaksolla vuodesta 2000 kesään 2006 asti. Tutkimusmetodologia on case-tutkimus ja casetapauksina analysoitiin Soneran ja Telian fuusiota sekä Elisan toteuttamaa Saunalahden ostoa. Tutkimus perustui aikaisempaan kirjallisuuteen ja varsinkin empiriaosa toimialan yrityskauppoja kuvaaviin lehtiartikkeleihin ja yritysten itsensä yrityskaupan yhteydessä julkaisemaan materiaaliin. Tutkimuksessa ei löydetty uusia motiiveja. Kuitenkin havaittiin, että tarkasteluajanjaksolla tapahtuneet toimialan muutokset vaikuttivat teleoperaattoreiden yrityskauppojen motiiveihin. Vuosituhannen vaihteen imperiuminrakentamiskaupoissatavallisimpia olivat strategiset ja henkilökohtaiset motiivit. Toimialan taloudellisen tilanteen heikennyttyä seurasivat taloudellisten syiden painoarvoa lisänneet selviytymiskaupat. Nyt strategiset syyt ovat nousseet uudelleen taloudellisten syiden rinnalle, kun toimiala etsii uusia mahdollisuuksia lisätuottojen hankkimiseen hintakilpailun kiristämille markkinoilla.

Registro arqueobotánico de Cataluña occidental durante el II y I milenio a.n.e.

Se presenta una síntesis de los resultados obtenidos en los estudios de semillas y frutos realizados durante los últimos años en la Cataluña Occidental (especialmente en el llamado Llano Occidental Catalán) en yacimientos del II y I milenio a.n.e. Entre las plantas cultivadas destacan claramente los cereales, sobre todo la cebada vestida (Hordeum vulgare) y el trigo común/duro (Triticum aestivum/durum), con escasa presencia de leguminosas, siendo las más representadas la lenteja (Lens culinaris) y el guisante (Pisum sativum). Nuevos cultivos como los mijos (Panicum miliaceum y Setaria italica) o el lino (Linum usitatissimum) se detectan ya desde mediados del II milenio, mientras que otros como la avena (Avena sativa) se introducen en época ibérica. Se han recuperado también testimonios de recolección, como las bellotas (Quercus sp.) o la uva silvestre (Vitis vinifera ssp. sylvestris), así como de la vegetación arvense, principalmente el raygrás (Lolium sp.).

L'Origen de l'arquitectura en pedra i l'urbanisme a la Catalunya Occidental

The consolidation of an agricultural economy based in extensive cereals production influenced the development of the typical communities of the plains of western Catalonia during the second millennium BC and the first centuries of the first and differentiated them from the villages of the coast. This paper analyzes the occupation and exploitation pattems of temtories, settlements and specially the development of stone architecture in the Bronze and Iron Age periods. We characterise the process that leads from the first open-air sedentary settlements to the agricultural settlements in early and middle Bronze Age period and the appearance of wellbuilt houses and town planning during the late Bronze Age. We can asses the contribution of the early Urnfield period and link the kind of settlement, the town plan, the architecture and building techniques - which centuries later characterised the Ibero-Ilergeta society - to their origin during the later Urnfield period: systematic exploitation of lands suitable for agriculture (Urgell, Monegros), the phenomenon of concentration-depopulation and the decrease in number of settlements combined with an increase in size.

PPAR-β/δ activation promotes phospholipid transfer protein expression.

The peroxisome proliferator-activated receptor (PPAR)-β/δ has emerged as a promising therapeutic target for treating dyslipidemia, including beneficial effects on HDL cholesterol (HDL-C). In the current study, we determined the effects of the PPAR-β/δ agonist GW0742 on HDL composition and the expression of liver HDL-related genes in mice and cultured human cells. The experiments were carried out in C57BL/6 wild-type, LDL receptor (LDLR)-deficient mice and PPAR-β/δ-deficient mice treated with GW0742 (10mg/kg/day) or a vehicle solution for 14 days. GW0742 upregulated liver phospholipid transfer protein (Pltp) gene expression and increased serum PLTP activity in mice. When given to wild-type mice, GW0742 significantly increased serum HDL-C and HDL phospholipids; GW0742 also raised serum potential to generate preβ-HDL formation. The GW0742-mediated effects on liver Pltp expression and serum enzyme activity were completely abolished in PPAR-β/δ-deficient mice. GW0742 also stimulated PLTP mRNA expression in mouse J774 macrophages, differentiated human THP-1 macrophages and human hepatoma Huh7. Collectively, our findings demonstrate a common transcriptional upregulation by GW0742-activated PPAR-β/δ of Pltp expression in cultured cells and in mouse liver resulting in enhanced serum PLTP activity. Our results also indicate that PPAR-β/δ activation may modulate PLTP-mediated preβ-HDL formation and macrophage cholesterol efflux.

Henkilöstöhallinnosta strategiseen henkilöstövoimavarojen johtamiseen - HRM 2000-luvulla

Tässä tutkielmassa on tarkastelu henkilöstöhallinnon kehittymistä strategiseksi henkilöstövoimavarojen johtamiseksi. Tutkielmassa on tarkasteltu tuota kehitysprosessia kronologisesti edeten, tarkastellen henkilöstöasioiden hoitamisen eri kehitysvaiheita sekä kehittymiseen vaikuttaneita tekijöitä. Tutkielmassa on myös pyritty hahmottelemaan henkilöstöfunktion tulevaisuuden näkymiä. Tutkielman aiheeseen on perehdytty käyttäen apuna aiheesta aiemmin kirjoitettua kirjallisuutta sekä tarkastelemalla siitä tehtyjä tutkimuksia. Tämän prosessin avulla tutkimuksessa on pyritty luomaan käsitys siitä, mitä henkilöstöasioiden hoitamiseen sisältyy ja miten se on kehittynyt. Tutkimuksen ollessa kirjallisuuteen perustuva teoreettinen tarkastelu on aiheen lähestyminen ollut mahdollista vain suhteellisen pinnallisesti. Tällainen teoreettinen tarkastelu antaa kuitenkin hyvän perustan aiheesta kiinnostuneella sekä mahdollisuuden esimerkiksi aiheesta tehtävälle jatkotutkimukselle.

Role of basic calcium phosphate crystals in osteoarthritis

L'arthrose est une maladie dégénérative des articulations due à une dégradation progressive du cartilage. La calcification de l'articulation (essentiellement due à des dépôts de cristaux de phosphate de calcium basique -cristaux BCP-) est une caractéristique de cette maladie. Cependant, le rôle des cristaux BCP reste à déterminer. Nous avons tout d'abord déterminé en utilisant des cultures primaires de chondrocytes que les cristaux de BCP induisaient la production de la cytokine IL-6, via une signalisation intracellulaire implicant les kinase Syk, PI3 et Jak et Stat3. Les cristaux de BCP induisent également la perte de protéoglycanes et l'expression de IL-6 dans des explants de cartlage humain et ces deux effets peuvent être bloqués par un inhibiteur de IL-6, le Tocilizumab. Par ailleurs, nous avons trouvé que l'IL-6 ajouté à des chondrocytes, favorisait la formation de cristax de BCP et augmentait l'expression de gènes impliqués dans le processus de minéralisation : Ank (codant pour un transporteur de pyrophooshate), Annexin5 (codant pour un canal calcique) et Pit-1 (codant pour un transporteur de phoshate). In vivo, les cristaux de BCP injectés dans l'articulation de souris induisent une érosion du cartilage. Dans un modèle murin d'arthrose du genou induit par ménisectomie, nous avons observé la formation progressive de cristaux de BCP. Fait intéressant, la présence de ces cristaux dans l'articulation précédait la destruction du cartilage. Un agent susceptible de bloquer les calcifications tel que le sodium thiosulfate (STS), administré à des souris ménisectomisées, inhibait le dépôt intra-articulaire de ces cristaux ainsi que l'érosion du cartilage. Nous avons identifié ainsi un cercle vicieux dans l'arthrose, les cristaux induisant l'interleukine-6 et l'interleukine-6 induisant la formation de ces cristaux. Nous avons étudié si on pouvait bloquer cette boucle cristaux de BCP-IL6 soit par des agents décalcifiants, soit par des inhibiteurs d'IL-6. In vitro, des anticorps anti IL- 6 ou des inhibiteurs de signalisation, inhibaient significativement IL-6 et la minéralisation induite par IL-6. De même le STS inhibait la formation de ces cristaux et la production de l'IL-6. Tout récemment, nous avons trouvé que des inhibiteurs de la xanthine oxidoréductase étaient aussi capables d'inhiber à la fois la production d'IL-6 et la minéralization des chondrocytes. Finalement, nous avons pu exclure un rôle du système IL-1 dans le modèle d'arthrose induite par ménisectomie, les souris déficientes pour IL-1a/ß, MyD88 et l'inflammasome NLRP3 n'étant pas protégées dans ce modèle d'arthrose. L'ensemble de nos résultats montre que les cristaux BCP sont pathogéniques dans l'arthrose et qu'un inhibiteur de minéralisation tel que le STS ou un inhibiteur de l'interleukine-6 constitueraient des nouvelles thérapies pour l'arthrose. -- Osteoarthritis (OA), the most common degenerative disorder of the joints, results from an imbalance between the breakdown and repair of the cartilage and surrounding articular structures. Joint calcification (essentially due to basic calcium phosphate (BCP) crystal deposition) is a characteristic feature of OA. However, the role of BCP crystal deposition in the pathogenesis of OA remains unclear[1][1]. We first demonstrated that in primary murine chondrocytes exogenous BCP crystals led to IL-6 up-modulation and that BCP crystal signaling pathways involved Syk and PI3 kinases, and also gp130 associated molecules, Jak2 and Stat3. BCP crystals also induced proteoglycan loss and IL-6 expression in human cartilage expiants, (which were significantly reduced by an IL-6 inhibitor). In addition, we found that in chondrocytes exogenous IL-6 promoted calcium-containing crystal formation and up- regulation of genes codifying for proteins involved in the calcification process: the inorganic pyrophosphate transport channel Ank, the calcium channel Annexinö and the sodium/phosphate cotransporter Piti. In vivo, BCP crystals injected into murine knee joints induced cartilage erosion. In the menisectomy model, increasing deposits, identified as BCP crystals, were progressively observed around the joint before cartilage erosion. These deposits strongly correlated with cartilage degradation and IL-6 expression. These results demonstrated that BCP crystals deposition and IL-6 production are mutually reinforcing in the osteoarthritic pathogenic process. We then investigated if we could block the BCP-IL6 loop by either targeting IL-6 production or BCP crystal deposits. Treatment of chondrocytes with anti-IL-6 antibodies or inhibitors of IL-6- signaling pathway significantly inhibited IL-6-induced crystal formation. Similarly, sodium thiosulfate (STS), a well-known systemic calcification inhibitor, decreased crystal deposition as well as HA-induced IL-6 secretion in chondrocytes and, in vivo, it decreased crystal deposits size and cartilage erosion in menisectomized knees. Interestingly, we also found that xanthine-oxidoreductase (XO) inhibitors inhibited both IL-6 production and calcium crystal depositis in chondrocytes. We began to unravel the mechanisms involved in this coordinate modulation of IL-6 and mineralization. STS inhibited Reactive Oxygen Species (ROS) generation and we are currently investigating whether XO represents a major source of ROS in chondrocyte mineralization. Finally, we ruled out that IL-1 activation/signaling plays a role in the murine model of OA induced by menisectomy, as IL-1a/ß, the IL-1 R associated molecule MyD88 and NLRP3 inflammasome deficient mice were not protected in this model of OA. Moreover TLR-1, -2, -4,-6 deficient mice had a phenotype similar to that of wild-type mice. Altogether our results demonstrated a self-amplification loop between BCP crystals deposition and IL-6 production, which represents an aggravating process in OA pathogenesis. As currently prescribed OA drugs are addressing OA symptoms,our results highlight a potential novel treatment strategy whereby inhibitors of calcium- containing crystal formation and IL-6 could be combined to form the basis of a disease modifying treatment and alter the course of OA.

Pregnancy outcome after TNF-α inhibitor therapy during the first trimester: a prospective multicentre cohort study.

AIMS: TNF-α inhibitors are considered relatively safe in pregnancy but experience is still limited. The aim of this study was to evaluate the risk of major birth defects, spontaneous abortion, preterm birth and reduced birth weight after first trimester exposure to TNF-α inhibitors. METHODS: Pregnancy outcomes of women on adalimumab, infliximab, etanercept, certolizumab pegol or golimumab were evaluated in a prospective observational cohort study and compared with outcomes of a non-exposed random sample. The samples were drawn from pregnancies identified by institutes collaborating in the European Network of Teratology Information Services. RESULTS: In total, 495 exposed and 1532 comparison pregnancies were contributed from nine countries. The risk of major birth defects was increased in the exposed (5.0%) compared with the non-exposed group (1.5%; adjusted odds ratio (ORadj ) 2.2, 95% CI 1.0, 4.8). The risk of preterm birth was increased (17.6%; ORadj 1.69, 95% CI 1.1, 2.5), but not the risk of spontaneous abortion (16.2%; adjusted hazard ratio [HRadj ] 1.06, 95% CI 0.7, 1.7). Birth weights adjusted for gestational age and sex were significantly lower in the exposed group compared to the non-exposed cohort (P = 0.02). As a diseased comparison group was not possible to ascertain, the influence of disease and treatment on birth weight and preterm birth could not be differentiated. CONCLUSIONS: TNF-α inhibitors may carry a risk of adverse pregnancy outcome of moderate clinical relevance. Considering the impact of insufficiently controlled autoimmune disease on the mother and the unborn child, TNF-α inhibitors may nevertheless be a treatment option in women with severe disease refractory to established immunomodulatory drugs.

Dynamique du peuplement et activités agro-pastorales durant l’âge du Bronze dans les massifs du haut Champsaur et de l’Argentiérois

Des programmes de recherche pluridisciplinaires sur l’occupation du sol et le pastoralisme de la Préhistoire au Moyen Âge dans le sud du massif alpin sont menés, depuis 1998, sur les massifs du Haut Champsaur, de Freissinières et de l’Argentièrois (Hautes-Alpes). Des dix phases d’occupation et d'activité agropastorale mises en évidence (prospections pédestres et fouilles), entre 1600 et 2700 m d’altitude, trois se distinguent: la fin du Néolithique, l’âge du Bronze et la période médiévale. Au travers des premières données archéologiques et environnementales, cet article présente, depuis le milieu du IIIe millénaire au début du Ier millénaire, les grandes caractéristiques de l’occupation du sol mais aussi l’originalité et l’importance de l’activité humaine dans cette zone alpine. La fin du Néolithique et l’âge du Bronze correspondent à une multiplication des gisements archéologiques marquant de façon évidente une rupture dans la gestion de l'espace montagnard. Les paysages sont largement façonnés par les activités humaines et l’entretien des terres cultivées, des prairies et des alpages, paraît continu. À la lumière des données de terrain, l’une des évolutions qui apparaît sur les sites d’altitude durant cette période concerne l’apparition de structures pastorales bâties entre 2 067 et 2 303 m d’altitude (datation 14C).

Inducible nitric oxide synthase-dependent stimulation of PKGI and phosphorylation of VASP in human embryonic kidney cells.

Inducible nitric oxide synthase (iNOS) production of nitric oxide (NO) has been mostly associated with so-called nitrosative stress or interaction with superoxide anion. However, recent investigations have indicated that, as for the other isoenzymes producing NO, guanylyl cyclase (GC) is a very sensitive target of iNOS activity. To further investigate this less explored signaling, the NO-cyclic guanosine 3'-5'-monophosphate (NO-cGMP)-induced vasodilator-stimulated phosphoprotein (VASP) phosphorylation on serine 239 was investigated in human embryonic kidney 293 cells (HEK cells). First, the expression and activity of alpha2 and beta1 NO-sensitive GC subunits was determined by Western blot analysis, reverse transcription-polymerase chain reaction and NO donors administration. Then, the expression of a functional cGMP-dependent protein kinase I (PKGI) was verified by addition of 8-Br-cGMP followed by determination of phosphorylation of VASP on serine 239. Finally, iNOS activation of this signaling pathway was characterized after transfection of HEK cells with human iNOS cDNA. Altogether our data show that iNOS-derived NO activates endogenous NO-sensitive GC and leads to VASP phosphorylation in HEK cells.

Interleukin-6 and chondrocyte mineralisation act in tandem to promote experimental osteoarthritis.

OBJECTIVES: Basic calcium phosphate (BCP) crystal and interleukin 6 (IL-6) have been implicated in osteoarthritis (OA). We hypothesise that these two factors may be linked in a reciprocal amplification loop which leads to OA. METHODS: Primary murine chondrocytes and human cartilage explants were incubated with hydroxyapatite (HA) crystals, a form of BCP, and the modulation of cytokines and matrix-degrading enzymes assayed. The ability of IL-6 to stimulate chondrocyte calcification was assessed in vitro. The mechanisms underlying the effects of HA on chondrocytes were investigated using chemical inhibitors, and the pathways mediating IL-6-induced calcification characterised by quantifying the expression of genes involved in chondrocyte mineralisation. The role of calcification in vivo was studied in the meniscectomy model of murine OA (MNX), and the link between IL-6 and cartilage degradation investigated by histology. RESULTS: In chondrocytes, BCP crystals stimulated IL-6 secretion, further amplified in an autocrine loop, through signalling pathways involving Syk and PI3 kinases, Jak2 and Stat3 molecules. Exogenous IL-6 promoted calcium-containing crystal formation and upregulation of genes involved in calcification: the pyrophosphate channel Ank, the calcium channel Annexin5 and the sodium/phosphate cotransporter Pit-1. Treatment of chondrocytes with IL-6 inhibitors significantly inhibited IL-6-induced crystal formation. In meniscectomised mice, increasing deposits of BCP crystals were observed around the joint and correlated with cartilage degradation and IL-6 expression. Finally, BCP crystals induced proteoglycan loss and IL-6 expression in human cartilage explants, which were reduced by an IL-6 inhibitor. CONCLUSIONS: BCP crystals and IL-6 form a positive feedback loop leading to OA. Targeting calcium-containing crystal formation and/or IL-6 are promising therapeutic strategies in OA.

Essays on pricing of risk and international linkage of Russian stock market

Last two decades have seen a rapid change in the global economic and financial situation; the economic conditions in many small and large underdeveloped countries started to improve and they became recognized as emerging markets. This led to growth in the amounts of global investments in these countries, partly spurred by expectations of higher returns, favorable risk-return opportunities, and better diversification alternatives to global investors. This process, however, has not been without problems and it has emphasized the need for more information on these markets. In particular, the liberalization of financial markets around the world, globalization of trade and companies, recent formation of economic and regional blocks, and the rapid development of underdeveloped countries during the last two decades have brought a major challenge to the financial world and researchers alike. This doctoral dissertation studies one of the largest emerging markets, namely Russia. The motivation why the Russian equity market is worth investigating includes, among other factors, its sheer size, rapid and robust economic growth since the turn of the millennium, future prospect for international investors, and a number of important major financial reforms implemented since the early 1990s. Another interesting feature of the Russian economy, which gives motivation to study Russian market, is Russia’s 1998 financial crisis, considered as one of the worst crisis in recent times, affecting both developed and developing economies. Therefore, special attention has been paid to Russia’s 1998 financial crisis throughout this dissertation. This thesis covers the period from the birth of the modern Russian financial markets to the present day, Special attention is given to the international linkage and the 1998 financial crisis. This study first identifies the risks associated with Russian market and then deals with their pricing issues. Finally some insights about portfolio construction within Russian market are presented. The first research paper of this dissertation considers the linkage of the Russian equity market to the world equity market by examining the international transmission of the Russia’s 1998 financial crisis utilizing the GARCH-BEKK model proposed by Engle and Kroner. Empirical results shows evidence of direct linkage between the Russian equity market and the world market both in regards of returns and volatility. However, the weakness of the linkage suggests that the Russian equity market was only partially integrated into the world market, even though the contagion can be clearly seen during the time of the crisis period. The second and the third paper, co-authored with Mika Vaihekoski, investigate whether global, local and currency risks are priced in the Russian stock market from a US investors’ point of view. Furthermore, the dynamics of these sources of risk are studied, i.e., whether the prices of the global and local risk factors are constant or time-varying over time. We utilize the multivariate GARCH-M framework of De Santis and Gérard (1998). Similar to them we find price of global market risk to be time-varying. Currency risk also found to be priced and highly time varying in the Russian market. Moreover, our results suggest that the Russian market is partially segmented and local risk is also priced in the market. The model also implies that the biggest impact on the US market risk premium is coming from the world risk component whereas the Russian risk premium is on average caused mostly by the local and currency components. The purpose of the fourth paper is to look at the relationship between the stock and the bond market of Russia. The objective is to examine whether the correlations between two classes of assets are time varying by using multivariate conditional volatility models. The Constant Conditional Correlation model by Bollerslev (1990), the Dynamic Conditional Correlation model by Engle (2002), and an asymmetric version of the Dynamic Conditional Correlation model by Cappiello et al. (2006) are used in the analysis. The empirical results do not support the assumption of constant conditional correlation and there was clear evidence of time varying correlations between the Russian stocks and bond market and both asset markets exhibit positive asymmetries. The implications of the results in this dissertation are useful for both companies and international investors who are interested in investing in Russia. Our results give useful insights to those involved in minimising or managing financial risk exposures, such as, portfolio managers, international investors, risk analysts and financial researchers. When portfolio managers aim to optimize the risk-return relationship, the results indicate that at least in the case of Russia, one should account for the local market as well as currency risk when calculating the key inputs for the optimization. In addition, the pricing of exchange rate risk implies that exchange rate exposure is partly non-diversifiable and investors are compensated for bearing the risk. Likewise, international transmission of stock market volatility can profoundly influence corporate capital budgeting decisions, investors’ investment decisions, and other business cycle variables. Finally, the weak integration of the Russian market and low correlations between Russian stock and bond market offers good opportunities to the international investors to diversify their portfolios.

Óleo da castanha de caju: oportunidades e desafios no contexto do desenvolvimento e sustentabilidade industrial

The new millennium is marked by a growing search for renewable fuels and alternative raw materials from biomass in the petrochemicals industry. However, there are many challenges to overcome regarding technological and human resources aspects. In this scenario, cashew nut oil, which is rich in natural phenols, is considered to be very promising for the development of synthetic and functional products and as a feedstock for production of fine chemicals and a wide variety of new materials.