Varallisuudenhoito indeksiosuusrahastoilla

Tässä tutkielmassa käsiteltiin varallisuuden hoitoa indeksiosuusrahastoilla (excange-traded fund). Tavoitteena oli selvittää yleisesti indeksiosuusrahastojen ominaisuuksia sekä rakentaa excelissä indeksiosuusrahastoista sijoitussalkku. Kuukausituottoainestona oli iSharesin 31 indeksiosuusrahastoa vuosilta 2006 - 2009. Havaintoja oli yhteensä 1468. Tutkimuksessa havaittiin, että aikavälillä 2006 - 20009 indeksiosuusrahastot seuraavat hyvin vertailuindeksiään, sisältävät keskimäärin markkinoihin nähden vähäisesti riskiä sekä tarjoavat tasaista tuottoa.

Risk Parity: A Modern Tool for Diversification

The purpose of this study is to examine how well risk parity works in terms of risk, return and diversification relative to more traditional minimum variance, 1/N and 60/40 portfolios. Risk parity portfolios were constituted of five risk sources; three common asset classes and two alternative beta investment strategies. The three common asset classes were equities, bonds and commodities, and the alternative beta investment strategies were carry trade and trend following. Risk parity portfolios were constructed using five different risk measures of which four were tail risk measures. The risk measures were standard deviation, Value-at-Risk, Expected Shortfall, modified Value-at-Risk and modified Expected Shortfall. We studied also how sensitive risk parity is to the choice of risk measure. The hypothesis is that risk parity portfolios provide better return with the same amount of risk and are better diversified than the benchmark portfolios. We used two data sets, monthly and weekly data. The monthly data was from the years 1989-2011 and the weekly data was from the years 2000-2011. Empirical studies showed that risk parity portfolios provide better diversification since the diversification is made at the risk level. Risk based portfolios provided superior return compared to the asset based portfolios. Using tail risk measures in risk parity portfolios do not necessarily provide better hedge from tail events than standard deviation.

Energy Efficiency Consideration in Electric Vehicle Transmission

This study is a survey of benefits and drawbacks of embedding a variable gearbox instead of a single reduction gear in electric vehicle powertrain from efficiency point of view. Losses due to a pair of spur gears meshing with involute teeth are modeled on the base of Coulomb’s law and fluid mechanics. The model for a variable gearbox is fulfilled and further employed in a complete vehicle simulation. Simulation model run for a single reduction gear then the results are taken as benchmark for other types of commonly used transmissions. Comparing power consumption, which is obtained from simulation model, shows that the extra load imposed by variable transmission components will shade the benefits of efficient operation of electric motor. The other accomplishment of this study is a combination of modified formulas that led to a new methodology for power loss prediction in gear meshing which is compatible with modern design and manufacturing technology.

Hissien tasonovien palotestauspalveluiden arviointi.

Elevator landing doors are fire tested to measure their fire resistance. The objective of this master’s thesis was to create a method to evaluate the fire tests and the organizations that provide these testing services. The main focus area was in creating accurate evaluation criteria and weighting the criteria. The thesis was formed by first presenting the reader with the literature review of the closest related theories. The theories which were chosen were systematic decision making, supplier selection, and make or buy and outsourcing theories. In the empirical section the created process of evaluating fire testing is presented, with analysis of the current situation of fire testing processes and evaluation methods. Evaluating fire testing services required two types of criteria to be formed, technical criteria to evaluate the technical requirements, and service criteria to evaluate the organization which was offering the testing service. These criteria formed the core for the evaluation process which consisted of five different phases that were developed based on the literature review. The process was tested to create best practices and to make improvement proposals accordingly. Systematical process for evaluating fire testing helps to recognize the most important technical and service related aspects. The created criteria can be also used in future to benchmark and monitor the situation of fire testing. The results of the process can be used when deciding whether to outsource the service or to keep it in-house.

Control of a one-legged robot with energy savings

This paper presents a new strategy to control an one-legged robot aiming to reduce the energy expended by the system. To validate this algorithm, a classic method as benchmark was used. This method has been extensively validated by simulations and experimental prototypes in the literature. For simplicity reasons, the work is restricted to the two dimensional case due to simplicity reasons. This new method is compared to the classic one with respect to performance and energy expended by the system. The model consists on a springy leg, a simple body, and an actuated hinge-type hip. The new control strategy is composed of three parts, considering the hopping height, the forward speed, and the body orientation separately. The method exploits the system passive dynamics, defined as non-forced response of the system. In this case, the model is modified adding a spring to the hip. The method defines a desired leg trajectory close to the passive hip swing movement. Simulation results for both methods are analyzed and compared.

On state and parameter estimation in chaotic systems

State-of-the-art predictions of atmospheric states rely on large-scale numerical models of chaotic systems. This dissertation studies numerical methods for state and parameter estimation in such systems. The motivation comes from weather and climate models and a methodological perspective is adopted. The dissertation comprises three sections: state estimation, parameter estimation and chemical data assimilation with real atmospheric satellite data. In the state estimation part of this dissertation, a new filtering technique based on a combination of ensemble and variational Kalman filtering approaches, is presented, experimented and discussed. This new filter is developed for large-scale Kalman filtering applications. In the parameter estimation part, three different techniques for parameter estimation in chaotic systems are considered. The methods are studied using the parameterized Lorenz 95 system, which is a benchmark model for data assimilation. In addition, a dilemma related to the uniqueness of weather and climate model closure parameters is discussed. In the data-oriented part of this dissertation, data from the Global Ozone Monitoring by Occultation of Stars (GOMOS) satellite instrument are considered and an alternative algorithm to retrieve atmospheric parameters from the measurements is presented. The validation study presents first global comparisons between two unique satellite-borne datasets of vertical profiles of nitrogen trioxide (NO3), retrieved using GOMOS and Stratospheric Aerosol and Gas Experiment III (SAGE III) satellite instruments. The GOMOS NO3 observations are also considered in a chemical state estimation study in order to retrieve stratospheric temperature profiles. The main result of this dissertation is the consideration of likelihood calculations via Kalman filtering outputs. The concept has previously been used together with stochastic differential equations and in time series analysis. In this work, the concept is applied to chaotic dynamical systems and used together with Markov chain Monte Carlo (MCMC) methods for statistical analysis. In particular, this methodology is advocated for use in numerical weather prediction (NWP) and climate model applications. In addition, the concept is shown to be useful in estimating the filter-specific parameters related, e.g., to model error covariance matrix parameters.

Kaupan kasvuvisio 2020

Tämän esiselvityksen tilaajana on Pirkanmaan Ennakointipalvelu (Pirkanmaan ELY-keskuksen ennakointityön kehityshanke). Esiselvityksen johtoryhmässä toimivat seutujohtaja Päivi Nurminen (Tampereen kaupunkiseudun kuntayhtymä), johtaja Riitta Varpe (ELY-keskus), aluejohtaja Jari Alanen (Kesko), toimitusjohtaja Timo Mäki-Ullakko (Pirkanmaan Osuuskauppa), kaupunkikehitysjohtaja Kari Kankaala (Tampereen kaupunki), innovaatiojohtaja Anne-Mari Järvelin (Tredea Oy), maakuntakaavoitusjohtaja Pekka Harstila (Pirkanmaan liitto), yliarkkitehti Leena Stranden (ELY-keskus), sekä projektipäällikkö Jenni Ruokonen (ELY-keskus). Mainitut toimenkuvat ovat esiselvityksen käynnistyksen aikaiset (joulukuu 2010). Esiselvityksen toteutti Tampereen yliopiston johtamiskorkeakoulun Tutkimus- ja koulutuskeskus Synergos, vastuullisina toteuttajina Lasse Mitronen, Timo Rintamäki ja Harri Talonen. Tutkimusapulaisina toimivat Mirka Toivonen ja Annika Peltomaa. Kansainvälisten tutustumiskohteiden osalta asiantuntijana ja kumppanina toimi Finpro Leila-Mari Ryynäsen ja Sissi Silvánin johdolla. Esiselvityksen tavoitteena oli tuottaa taustatietoa ja näkemyksiä kaupan kasvuvision 2020 luomiseksi. Esiselvityksen tarkoituksena oli mm. • tunnistaa keskeisiä kaupan kasvun ja kehittymisen ajureita, mahdollisuuksia ja esteitä Tampereella ja lähialueilla • tuottaa johtopäätöksiä kaupan kehitysedellytyksistä, kaupan osaamisen kehittämisestä ja koulutustarjonnasta sekä • ehdottaa toimenpiteitä tarvittavista kaupan kehitystoimista Tampereen keskustan, esikaupunki- ja lähialueiden ja palveluverkoston kehittämisen sekä kaupan koulutuksen järjestämisen ja osaamisen kehittämisen osalta. Aiempiin raportteihin ja tutkimuksiin pohjaava kirjallisuuskatsaus loi pohjan kaupan kehittymisen ajureiden ja esteiden ymmärtämiselle. Paikallista näkökulmaa tuotiin esiin kahden pirkanmaalaisista kaupan, julkishallinnon, kaavoituksen, koulutuksen ja kiinteistösijoittamisen asiantuntijoista koostuvan paneelin avulla. Kansainvälistä näkökulmaa avattiin benchmark-matkoilla Lontooseen ja Kööpenhaminaan. Tunnistettuja kaupan kehityksen keskeisiä ajureita ja mahdollisuuksia ovat mm. kuluttajatrendit, saavutettavuus, väestökasvu, infrastruktuuri, kaavoitus tulevaisuuden kaupan toimintaedellytysten luojana, matkailun ja kulttuurin synergiat kaupan kehittämiselle, kuluttamisen elämyksellisyyden korostuminen, kuluttamisen pirstaloituminen, lähikaupan ja kysynnän kasvu sekä julkisen ja yksityisen sektorin yhteistyö lähipalvelujen tuottamisessa. Benchmark-esimerkkien perusteella kaupan alueen tarjoomassa pitää olla kiinnostavaa paikallista ja kansainvälistä tarjontaa ja palveluja sekä luontaisia paikkoja ihmisten kohtaamiseen ja elämiseen. Kaupan kehittämisen keskeisimmiksi haasteiksi Pirkanmaalla tunnistettiin selkeän ja vahvan tahtotilan puuttuminen ja nykyisten kehittämishankkeiden sirpaleisuus. Kauppaa kehitetään pääosin eri tahojen irrallisiin intresseihin pohjautuen, kokonaisuuden jäädessä jalkoihin. Esiselvityksen keskeiset johtopäätökset koskevat yhteisen tahtotilan ja kaupan kasvuvision muodostamista tulevaisuuden strategiatyön pohjaksi. Johtopäätöksissä ehdotetaan kaupan neuvottelukunnan perustamista, kaupan tutkimus- ja kehittämisohjelman käynnistämistä sekä suunnitelmien toteuttamisen varmistamista toimenpiteiden ja koordinoinnin vahvalla resursoinnilla. Esiin nousseiden asioiden edistämiseksi esitetään käynnistettäväksi noin vuoden pituinen Kaupan kasvuvisio 2020 -jatkohanke, jonka aikana kootaan kaupan neuvottelukunta, määritellään tarkemmat sisällöt sekä toteuttajatahot kaupan tutkimus- ja kehitysohjelmalle lähivuosiksi, ja tunnistetaan ja varmistetaan ohjelman ja sen osahankkeiden sekä niiden koordinoinnin resurssitarpeet ja -lähteet. Lisäksi esitetään Tampereen yliopistoon perustettavaksi kaupan ja palveluliiketoiminnan professuuri.

Ensuring the efficient utilization of Business Intelligence

In recent years, chief information officers (CIOs) around the world have identified Business Intelligence (BI) as their top priority and as the best way to enhance their enterprises competitiveness. Yet, many enterprises are struggling to realize the business value that BI promises. This discrepancy causes important questions, for example: what are the critical success factors of Business Intelligence and, more importantly, how it can be ensured that a Business Intelligence program enhances enterprises competitiveness. The main objective of the study is to find out how it can be ensured that a BI program meets its goals in providing competitive advantage to an enterprise. The objective is approached with a literature review and a qualitative case study. For the literature review the main objective populates three research questions (RQs); RQ1: What is Business Intelligence and why is it important for modern enterprises? RQ2: What are the critical success factors of Business Intelligence programs? RQ3: How it can be ensured that CSFs are met? The qualitative case study covers the BI program of a Finnish global manufacturer company. The research questions for the case study are as follows; RQ4: What is the current state of the case company’s BI program and what are the key areas for improvement? RQ5: In what ways the case company’s Business Intelligence program could be improved? The case company’s BI program is researched using the following methods; action research, semi-structured interviews, maturity assessment and benchmarking. The literature review shows that Business Intelligence is a technology-based information process that contains a series of systematic activities, which are driven by the specific information needs of decision-makers. The objective of BI is to provide accurate, timely, fact-based information, which enables taking actions that lead to achieving competitive advantage. There are many reasons for the importance of Business Intelligence, two of the most important being; 1) It helps to bridge the gap between an enterprise’s current and its desired performance, and 2) It helps enterprises to be in alignment with key performance indicators meaning it helps an enterprise to align towards its key objectives. The literature review also shows that there are known critical success factors (CSFs) for Business Intelligence programs which have to be met if the above mentioned value is wanted to be achieved, for example; committed management support and sponsorship, business-driven development approach and sustainable data quality. The literature review shows that the most common challenges are related to these CSFs and, more importantly, that overcoming these challenges requires a more comprehensive form of BI, called Enterprise Performance Management (EPM). EPM links measurement to strategy by focusing on what is measured and why. The case study shows that many of the challenges faced in the case company’s BI program are related to the above-mentioned CSFs. The main challenges are; lack of support and sponsorship from business, lack of visibility to overall business performance, lack of rigid BI development process, lack of clear purpose for the BI program and poor data quality. To overcome these challenges the case company should define and design an enterprise metrics framework, make sure that BI development requirements are gathered and prioritized by business, focus on data quality and ownership, and finally define clear goals for the BI program and then support and sponsor these goals.

Julkiset luomu- ja lähiruokahankkeet toimitusketjunäkökulmasta tarkasteltuna

Luomu- ja lähiruokaliiketoiminta on vielä varsin marginaalista Suomessa, mutta alalla on selkeästi kasvupotentiaalia. Sektoria on pyritty kehittämään julkisten, muun muassa EU-rahoitettujen, hankkeiden avulla. Tässä työssä on tutkittu vuosina 2007 – 2013 toteutettuja luomu- ja lähiruokahankkeita toimitusketjunäkökulmasta käsin. Tutkimuksen kohteena ovat olleet hankkeisiin liittyvät toimitusketjun osaamisalueet sekä hankkeiden tavoitteet, kohderyhmät ja tulokset. Bechmarking-mielessä on luotu silmäys Ranskan, Italian ja Itävallan luomu- ja lähiruokaliiketoimintaan. Työn otoksen muodostavat 105 julkista luomu- ja lähiruokahanketta. Työssä muodostettiin teorialähtöisesti kuusi toimitusketjun osaamisaluetta, joiden avulla hankkeita kategorisoitiin ja analysoitiin. Osaamisalueet ovat yhteistyö-/verkosto-osaaminen, logistiikka-/jakeluosaaminen, markkinointi-/myyntiosaaminen, talous-/yrittäjyysosaaminen, tuote-/tuotekehitysosaaminen sekä tuotanto-osaaminen. Tutkittujen hankkeiden yleisin tavoite liittyy yhteistyö- ja verkosto-osaamisen kehittämiseen. Hankkeista voitiin osoittaa neljä erilaista yhteistyön muotoa. Yleisin kohderyhmä on luomu- ja lähiruoan tuottaja. Eurooppalaisissa esimerkeissä korostuvat kuluttajalähtöisyys, järjestäytyneet yhteistyömuodot sekä vähittäiskaupan merkittävä rooli luomu- ja lähiruoan jakelijana.

Tuotelanseerausprosessin kehittäminen

Työn lähtökohtana on vuonna 2009 case-yksikölle luotu stage-gate-malli, jonka ymmärtäminen ja käyttö ei ole ollut toivotulla tasolla. Asenteet ja perehdytys tämän mallin käyttöön ovat aiheuttaneet sen, että osa yksikön henkilöstöstä ei tunnista mallin käyttöä omassa työssään, vaikka sitä käytetään jokaisessa tuotekehitysprojektissa. Työn tavoitteena on kuvata case-yksikön stage-gate-mallin etenemistä selkeämmin, jotta se saataisiin tehokkaammin käyttöön koko henkilöstölle, sekä tutkia ovatko eri toimintojen roolitukset mallin mukaan optimaaliset. Tavoitteena on myös tutkia kuinka tiedon tulisi kulkea toimintojen välillä, jotta se olisi mahdollisimman tehokasta. Työtä varten on kerätty kirjallisuusmateriaalia teorian pohjustamiseksi ja haastateltu 14 yksikön toimihenkilöä nykyisten ongelmakohtien kartoittamiseksi. Lisäksi työhön liittyen tehtiin benchmark-haastattelu mahdollisimman lähellä case-yksikön liiketoimintaa olevasta saman yrityksen yksiköstä. Yksikölle luodun stage-gate-mallin tuntemus oli haastattelujen perusteella suhteellisen heikolla tasolla. Vain noin puolet tunnisti sen jokapäiväisessä työskentelyssään. Ongelmakohtia mallin käyttämiseen liittyen ilmeni paljon ja niistä iso osa kohdistui myyntiin, markkinointiin sekä projektipäällikön toimintaan. Havaittujen ongelmien perusteella yksikön roolituksista tehtiin selventävä kaavio, jotta jokaisen on helpompi hahmottaa prosessia. Lisäksi henkilöstön osallistamiseen ja tiedonjakamiseen annettiin kehitysehdotuksia. Näin ollen koko henkilöstö saadaan ymmärtämään mallin vaiheet ja tärkeimpänä, ymmärtämään oman roolinsa kussakin stage-gate-mallin vaiheessa.

The third transformation of Japan: An institutional narrative on agglomeration economies in abenomics

Objective of the study The aim of this study is to understand the institutional implications in Abenomics in a spatial context, the contemporary economic reform taking place in Japan, which is to finally end over two decades of economic malaise. For theoretical perspective of choice, this study explores a synthesis of institutionalism as the main approach, complemented by economies of agglomeration in spatial economics, or New Economic Geography (NEG). The outcomes include a narrative with implications for future research, as well as possible future implications for the economy of Japan, itself. The narrative seeks to depict the dialogue between public discourse and governmental communication in order to create a picture of how this phenomenon is being socially constructed. This is done by studying the official communications by the Cabinet along with public media commentary on respective topics. The reform is studied with reference to historical socio-cultural, economic evolution of Japan, which in turn, is explored through a literature review. This is to assess the unique institutional characteristics of Japan pertinent to reform. Research method This is a social and exploratory qualitative study – an institutional narrative case study. The methodological approach was kept practical: in addition to literature review, a narrative, thematic content analysis with structural emphasis was used to construct the contemporary narrative based on the Cabinet communication. This was combined with practical analytic tools borrowed from critical discourse analysis, which were utilized to assess the implicit intertextual agenda within sources. Findings What appears to characterize the discourse is status quo bias that comes in multiple forms. The bias is also coded in the institutions surrounding the reform, wherein stakeholders have vested interests in protecting the current state of affairs. This correlates with uncertainty avoidance characteristic to Japan. Japan heeds the international criticism to deregulate on a rhetorical level, but consistent with history, the Cabinet solutions appear increasingly bureaucratic. Hence, the imposed western information-age paradigm of liberal cluster agglomeration seems ill-suited to Japan which lacks risk takers and a felicitous entrepreneur culture. The Japanese, however, possess vast innovative potential ascribed to some institutional practices and traits, but restrained by others. The derived conclusion is to study the successful intrapreneur cases in Japanese institutional setting as a potential benchmark for Japan specific cluster agglomeration, and a solution to its structural problems impeding growth.

Launch communications best practices: Online newspaper paywall context

The goal of the thesis is to identify the best practices of marketing communications in the context of online newspaper paywall launch. Theoretical point of views emphasize the value for the customer as an antecedent for a workable value proposition and marketing communications. Value-based communications contribute to the customer loyalty. The empirical evidence for this benchmark study was collected in seven company interviews. These firms represented several kinds of Finnish newspaper companies which had recently gone through the paywall launch and launch communications process. The results imply that there are multiple factors influencing on launch communications choices. However, recommendations can be drawn based on the common practices. The main managerial results were that the companies should utilize the online newspaper content and usage value as the core of the launch message, target both new and current readers and use multiple online and offline communications channels to reach the target audience. The launch communications message should be started with the emotional appeal, complemented with the more informative message later.

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.

Heterogeneous mass transfer in fluidized beds by computational fluid dynamics

The main objective of this research is to estimate and characterize heterogeneous mass transfer coefficients in bench- and pilot-scale fluidized bed processes by the means of computational fluid dynamics (CFD). A further objective is to benchmark the heterogeneous mass transfer coefficients predicted by fine-grid Eulerian CFD simulations against empirical data presented in the scientific literature. First, a fine-grid two-dimensional Eulerian CFD model with a solid and gas phase has been designed. The model is applied for transient two-dimensional simulations of char combustion in small-scale bubbling and turbulent fluidized beds. The same approach is used to simulate a novel fluidized bed energy conversion process developed for the carbon capture, chemical looping combustion operated with a gaseous fuel. In order to analyze the results of the CFD simulations, two one-dimensional fluidized bed models have been formulated. The single-phase and bubble-emulsion models were applied to derive the average gas-bed and interphase mass transfer coefficients, respectively. In the analysis, the effects of various fluidized bed operation parameters, such as fluidization, velocity, particle and bubble diameter, reactor size, and chemical kinetics, on the heterogeneous mass transfer coefficients in the lower fluidized bed are evaluated extensively. The analysis shows that the fine-grid Eulerian CFD model can predict the heterogeneous mass transfer coefficients quantitatively with acceptable accuracy. Qualitatively, the CFD-based research of fluidized bed process revealed several new scientific results, such as parametrical relationships. The huge variance of seven orders of magnitude within the bed Sherwood numbers presented in the literature could be explained by the change of controlling mechanisms in the overall heterogeneous mass transfer process with the varied process conditions. The research opens new process-specific insights into the reactive fluidized bed processes, such as a strong mass transfer control over heterogeneous reaction rate, a dominance of interphase mass transfer in the fine-particle fluidized beds and a strong chemical kinetic dependence of the average gas-bed mass transfer. The obtained mass transfer coefficients can be applied in fluidized bed models used for various engineering design, reactor scale-up and process research tasks, and they consequently provide an enhanced prediction accuracy of the performance of fluidized bed processes.

pp-Blast: a "pseudo-parallel" Blast

We have developed a software called pp-Blast that uses the publicly available Blast package and PVM (parallel virtual machine) to partition a multi-sequence query across a set of nodes with replicated or shared databases. Benchmark tests show that pp-Blast running in a cluster of 14 PCs outperformed conventional Blast running in large servers. In addition, using pp-Blast and the cluster we were able to map all human cDNAs onto the draft of the human genome in less than 6 days. We propose here that the cost/benefit ratio of pp-Blast makes it appropriate for large-scale sequence analysis. The source code and configuration files for pp-Blast are available at http://www.ludwig.org.br/biocomp/tools/pp-blast.