CSR Reporting in the Finnish Banking Sector – Status and Recent Development

This thesis reviews the development of CSR reporting in the Finnish banking sector. This was achieved by analyzing the content of specific CSR reports published by three banks during years 2012-2014. The banks selected represent the three largest banks operating in Finland according to their market share, constituting approximately 70 percent of the total perceived market share. The purpose of the analysis is to establish a clear descriptive overview of the status of CSR reporting and how it has thematically developed over the years. The research was conducted with the qualitative content analysis method. By analyzing the contents of the CSR reports it was found that CSR reporting is understood in 3 different themes that reflect the general CSR theory: economic, social and environmental responsibility. The following research focused on analyzing these three core themes separately during years 2012-2014 in order to find specific tendencies in the development of CSR reporting. The results confirm that CSR reporting is developing in the Finnish banking sector. Reporting about economic responsibility is based on core financial performance reporting, and it’s mainly developing in the assessment of the global recession and how the potential fiscal reforms affect to the bank sector’s performance. Economic responsibility is also being understood and reported as a wider concept, including intertwined and shared meanings with the other responsibility reporting themes. The research also suggests that banks value social responsibility reporting increasingly each year. Environmental responsibility reporting is the most standardized form of reporting, however, the reporting development includes the increased use of digitalization as source of lessening the environmental impact.

The effect of hook size on the catch rate and size of the Nile perch Lates niloticus (Linne) fishery in the Napoleon Gulf, Lake Victoria, Uganda

This study was undertaken in Napoleon gulf, Lake Victoria Uganda from July – December 2009. It was conducted in four landing sites; Bukaya (0.41103N, 33.19133E), Bugungu (0.40216N, 33.2028E), Busana (0.39062N, 33.25228E) and Kikondo (0.3995N, 33.21848E) all from Buikwe district (Formerly part of Mukono district). The main aim was to determine the effect of both hook size and bait type on the catch rate (mean weight) and size composition of Nile perch (Lates niloticus) (LINNE) fishery in the Napoleon Gulf, Lake Victoria. The main hook sizes investigated during the experiment were 7, 8, 9, 10, 11 and 12 that were dominantly used in harvesting Nile perch in Napoleon Gulf, Lake Victoria. In this study length, weight and bait type data were collected on site from each boat at that particular fishing spot; since most fishermen in the Napoleon Gulf could sell their fish immediately the catch is caught there and then. The results indicated a total of 873 Nile perch fish samples collected during the study. Statistical tests, descriptive statistics, regression and correlation were all carried out using the Statistical Package for the Social Sciences (SPSS) in addition to Microsoft excel. The bait types in the Gulf ranged from 5-10 cm Total length (TL) haplochromine, 24.5-27 cm TL Mormyrus kannume and 9-24 cm TL Clarias species. The bait types had a significant effect on the catch rate and also on the size composition the fish harvested measured as Total length (ANCOVA F=8.231; P<0.05) despite the fact that bait type had no influence on mean weight of fish captured (ANCOVA F=2.898; P>0.05). Hook sizes used by the fishers had a significant effect on the both the size (TL) composition (ANCOVA F=3.847; P<0.05) and the mean weight (ANCOVA F=4.599; P<0.005) of the Nile perch captured. Investigations indicated hook sizes seven (7) and eight (8) were the ones that harvested the Nile perch above the slot size of 50 cm total length. In general hook sizes indicated to be the main drive in the harvesting of the Nile perch though bait type also contributed toward that. Generally there is need for management to put a law in place on the minimum hook size to be used on the harvesting of the Nile perch and also monitored by the Fisheries Management as a regulatory measure. In addition to that aquaculture should be encouraged to farm the fish for bait at a higher scale in the region in order to avoid depleting the wild stocks already in danger of extinction. Through this kind of venture, both biodiversity conservation and environmental sustainability will be observed in the Lake Victoria basin.

Biostratigraphy and average linear sedimentation rate and accumulation rate of ODP Site 159-959 (Table 1)

Reconstructing the long-term evolution of organic sedimentation in the eastern Equatorial Atlantic (ODP Leg 159) provides information about the history of the climate/ocean system, sediment accumulation, and deposition of hydrocarbon-prone rocks. The recovery of a continuous, 1200 m long sequence at ODP Site 959 covering sediments from Albian (?) to the present day (about 120 Ma) makes this position a key location to study these aspects in a tropical oceanic setting. New high resolution carbon and pyrolysis records identify three main periods of enhanced organic carbon accumulation in the eastern tropical Atlantic, i.e. the late Cretaceous, the Eocene-Oligocene, and the Pliocene-Pleistocene. Formation of Upper Cretaceous black shales off West Africa was closely related to the tectonosedimentary evolution of the semi-isolated Deep Ivorian Basin north of the Côte d'Ivoire-Ghana Transform Margin. Their deposition was confined to certain intervals of the last two Cretaceous anoxic events, the early Turonian OAE2 and the Coniacian-Santonian OAE3. Organic geochemical characteristics of laminated Coniacian-Santonian shales reveal peak organic carbon concentrations of up to 17% and kerogen type I/II organic matter, which qualify them as excellent hydrocarbon source rocks, similar to those reported from other marginal and deep sea basins. A middle to late Eocene high productivity period occurred off equatorial West Africa. Porcellanites deposited during that interval show enhanced total organic carbon (TOC) accumulation and a good hydrocarbon potential associated with oil-prone kerogen. Deposition of these TOC-rich beds was likely related to a reversal in the deep-water circulation in the adjacent Sierra Leone Basin. Accordingly, outflow of old deep waters of Southern Ocean origin from the Sierra Leone Basin into the northern Gulf of Guinea favored upwelling of nutrient-enriched waters and simultaneously enhanced the preservation potential of sedimentary organic matter along the West African continental margin. A pronounced cyclicity in the carbon record of Oligocene-lower Miocene diatomite-chalk interbeds indicates orbital forcing of paleoceanographic conditions in the eastern Equatorial Atlantic since the Oligocene-Miocene transition. A similar control may date back to the early Oligocene but has to be confirmed by further studies. Latest Miocene-early Pliocene organic carbon deposition was closely linked to the evolution of the African trade winds, continental upwelling in the eastern Equatorial Atlantic, ocean chemistry and eustatic sea level fluctuations. Reduction in carbonate carbon preservation associated with enhanced carbon dissolution is recorded in the uppermost Miocene (5.82-5.2 Ma) section and suggests that the latest Miocene carbon record of Site 959 documents the influence of corrosive deep waters which formed in response to the Messinian Salinity Crisis. Furthermore, sea level-related displacement of higher productive areas towards the West African shelf edge is indicated at 5.65, 5.6, 5.55, 5.2, 4.8 Ma. In view of humid conditions in tropical Africa and a strong West African monsoonal system around the Miocene-Pliocene transition, the onset of pronounced TOC cycles at about 5.6 Ma marks the first establishment of upwelling cycles in the northern Gulf of Guinea. An amplification in organic carbon deposition at 3.3 Ma and 2.45 Ma links organic sedimentation in the tropical eastern Equatorial Atlantic to the main steps of northern hemisphere glaciation and testifies to the late Pliocene transition from humid to arid conditions in central and western African climate. Aridification of central Africa around 2.8 Ma is not clearly recorded at Site 959. However, decreased and highly fluctuating carbonate carbon concentrations are observed from 2.85 Ma on that may relate to enhanced terrigenous (eolian) dilution from Africa.

The Influence of Age and Size on Family-Owned Firms’ Financing Decisions: Empirical Evidence Using Panel Data

Based on four samples of Portuguese family-owned firmsdi) 185 young, low-sized family-owned firms; ii) 167 young, high-sized familyowned firms; iii) 301 old, low-sized family-owned firms; and iv) 353 old, high-sized family-owned firms d we show that age and size are fundamental characteristics in family-owned firms’ financing decisions. The multiple empirical evidence obtained allows us to conclude that the financing decisions of young, low-sized family-owned firms are quite close to the assumptions of Pecking Order Theory, whereas those of old, high-sized family-owned firms are quite close to what is forecast by Trade-Off Theory. The lesser information asymmetry associated with greater age, the lesser likelihood of bankruptcy associated with greater size, as well as the lesser concentration of ownership and management consequence of greater age and size, may be especially important in the financing decisions of family-owned firms. In addition, we find that GDP, interest rate and periods of crisis have a greater effect on the debt of young, low-sized family-owned firms than on that of family-owned firms of the remainder research samples.

Influence of Baculovirus anticarsia on the growth rate and survival of some nontarget aquatic organisms.

Recently, microbial pest control agents (MPCAs) have been worldwide used to reduce chemical pesticide use and to diminish the high risk of those compounds in the environment. Among various MPCAs, the nuclear polyhedrosis virus Baculovirus anticarsia is widely used in Brazil in the biological control of the velvet bean caterpillar. Although literature data do not show adverse effects of baculoviruses to nontarget organisms, it is necessary to evaluate their toxicity or patogenicity in order to study th environmental risk of those products and to register the formulations in the Brazilian Environmental Regularory Agency - IBAMA. In the presente work, the influence of a Baculovirus anticarsia formulation was evaluted to measure the consequences in the growth rateof the green algae Selenastrum capricornutum, the duckweed Lemna valdiviana and the microcrustacean Daphnia similis. The survival of the fish Hyphessobrycon scholzei exposed during 28 days was also evaluated. No significative adverse effects (P > 0.05) were observed in the test organisms which were exposed to 1-1000 times the maximum calculated pesticide concentration following a direct application to 15 cm layer of water.

Geodetic strain rate and seismicity rates along the Apennines

Gli Appennini sono una regione tettonicamente attiva che è stata luogo di forti terremoti storici in passato, tra i quali il recente L’Aquila (2009) e le sequenze di Amatrice-Visso-Norcia (2016-2017). Una densità di stazioni GPS sempre maggiore permette di stimare il tasso di deformazione orizzontale con più risoluzione spaziale che in passato. In questa tesi studio la correlazione tra tassi di deformazione geodetica orizzontale e tassi di sismicità negli Appennini, esaminando possibili implicazioni per valutazioni del potenziale sismogenico. Uso un nuovo dataset di velocità GPS analizzando lo stato di deformazione attraverso il calcolo dello strain rate geodetico. Per questo calcolo utilizzo tre algoritmi, tra quelli presenti in letteratura scientifica, e discuto punti di forza e limitazioni di ciascuno. Seleziono poi una mappa di strain rate tra le altre e sviluppo un’analisi seguendo l’approccio di uno studio recente per investigare la relazione tra tassi di sismicità e tassi di deformazione lungo la catena Appenninica. Per farlo, verifico se le ipotesi che sostengono l’approccio sono verificate. Calcolo la sismicità di background a partire da un nuovo catalogo sismico per l’Italia e testo se gli eventi indipendenti seguono un processo di Poisson nel tempo. Infine, divido la regione di studio in aree a diversa deformazione sulla base dei tassi di deformazionee analizzado la distribuzione della sismicità di background in questi eventi e analizzando la relazione tra tassi di deformazione e tassi sismicità. Mostro che vi è una relazione è approssimativamente lineare ma con una dipendenza importante dalla risoluzione della mappa di strain rate. Descrivo poi alcune implicazioni che questa relazione avrebbe su stime di due quantità che concorrono a definire il potenziale sismogenico analizzando quali sono i parametri all’interno dell’approccio che possono influenzare maggiormente dette stime.

Os efeitos das variações das taxas de juro na volatilidade dos mercados bolsistas

Mestrado em Controlo de Gestão e dos Negócios

A estruturação dos determinantes relevantes no processo de decisão do investimento direto estrangeiro em Portugal e em Espanha

Dissertação de Mestrado apresentada ao Instituto de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Contabilidade e Finanças, sob orientação do Dr. Luís Pereira Gomes

Local volatility changes in the black-scholes model

In this paper we address a problem arising in risk management; namely the study of price variations of different contingent claims in the Black-Scholes model due to anticipating future events. The method we propose to use is an extension of the classical Vega index, i.e. the price derivative with respect to the constant volatility, in thesense that we perturb the volatility in different directions. Thisdirectional derivative, which we denote the local Vega index, will serve as the main object in the paper and one of the purposes is to relate it to the classical Vega index. We show that for all contingent claims studied in this paper the local Vega index can be expressed as a weighted average of the perturbation in volatility. In the particular case where the interest rate and the volatility are constant and the perturbation is deterministic, the local Vega index is an average of this perturbation multiplied by the classical Vega index. We also study the well-known goal problem of maximizing the probability of a perfect hedge and show that the speed of convergence is in fact dependent of the local Vega index.

International debt deleveraging

I provide a framework for understanding debt deleveraging in a group of financiallyintegrated countries. During an episode of international deleveraging world consumptiondemand is depressed and the world interest rate is low, reflecting a high propensity to save.If exchange rates are allowed to float, deleveraging countries can depreciate their nominalexchange rate to increase production and mitigate the fall in consumption associatedwith debt reduction. The key insight of the paper is that in a monetary union thischannel of adjustment is shut off, and therefore the falls in consumption demand and inthe world interest rate are amplified. Hence, monetary unions are especially prone tohit the zero lower bound on the nominal interest rate and enter a liquidity trap duringdeleveraging. In a liquidity trap deleveraging gives rise to a union-wide recession, which isparticularly severe in high-debt countries. The model suggests several policy interventionsthat mitigate the negative impact of deleveraging on output in monetary unions.

Merituulivoiman kannattavuus Kokkolan seudun rannikolla

Tässä diplomityössä selvitetään teollisen mittakaavan merituulipuistojen taloudellisia ja osin myös teknisiä rakentamisedellytyksiä Kokkolan seudun rannikolla. Lisäksi työssä tarkastellaan erilaisten tukitoimien vaikutusta tuulivoiman kannattavuuteen sekä selvitetään lyhyesti merituulivoiman hallinnollisia ja oikeudellisia edellytyksiä. Esimerkkikohteina tarkastellaan viittä Kokkolan edustalle suunniteltua merituulipuistoa, joiden tehot ovat 20 – 100 MW ja yksikkökoot 1,8 – 5 MW. Tuulipuistojen tuuliolot on arvioitu läheisten mittauspisteiden tietojen perusteella ja niiden pohjalta on laskettu puistojen energiantuotto. Tuulivoimaloiden huipunkäyttöajoiksi on saatu noin 2400 – 2500 h/a. Puistojen investointikustannukset ovat noin 6 500 –10 200 mk/kW: itse turbiinin lisäksi suurimpia kustannuseriä ovat perustukset ja sähköverkkoliitäntä. Vuosittaisten käyttö- ja kunnossapitokustannusten suuruudeksi on arvioitu noin 3 % investointikustannuksista. Kannattavuustarkastelut on suoritettu 5 % laskentakorolla ja 25 vuoden pitoajalle. Tuotantokustannukset ovat ilman tukia noin 27 – 38 p/kWh. Kun sähkön hintana on 150 mk/MWh, ei taloudellista kannattavuutta voida saavuttaa edes nykyisin käytössä olevan investointi- ja tuotantotuen avulla. Tuulisähköstä saatava mahdollinen ”vihreän sähkön lisä” tai päästökaupan aloittaminen voisivat mahdollistaa tuulivoiman taloudellisen kannattavuuden myös silloin, kun sähkön hintataso on matala. Kannattavuutta voitaisiin parantaa myös tukijärjestelmällä, joka painottaa nykyistä enemmän tuotantoa.

Kuulakekoreaktorin sähköntuotantokustannusten arviointi

Tässä työssä selvitettiin heliumjäähdytteisellä kuulakekoreaktorilla tuotetun sähkön hinnan muodostumista. Saatuja tuloksia vertailtiin hiilidioksidin erotuksen savukaasuista mahdollistavilla laitteilla varustettuihin hiili- ja maakaasuvoimalaitoksiin sekä kevytvesitekniikalla toteutettuun ydinvoimalaan. Työssä käytiin lyhyesti läpi kuulakekoreaktorin tekniikkaa ja mahdollisia sovelluskohteita, joissa voidaan käyttää hyväksi reaktorin jäähdytteen korkeaa lämpötilaa. Kuulakekoreaktorin kustannustietoja arvioitiin eri lähteissä esitettyjen lukujen perusteella. Ominaisinvestointikustannukseksi saatiin 1722 €/kWe. Sähköntuotannon polttoainekustannukseksi laskettiin 5,4 €/MWh ja käyttö- ja kunnossapito-kustannuksina käytettiin 7 €/MWh. Laitoksen sähköntuotantokustannusten laskenta suoritettiin annuiteettimenetelmällä käyttäen 5 % reaalikorkoa ja 40 vuoden taloudellista pitoaikaa sekä 90 % käyttökerrointa. Laskuissa käytettiin vuoden 2002 hintatasoa. Laskelmien perusteella kuulakekoreaktorin sähköntuotantokustannukseksi saatiin 25,1 €/MWh. Tämän todettiin olevan samalla tasolla kuin kevytvesireaktorilla tuotetun sähkön hinta. Hiilidioksidin erotuslaitteilla varustetun hiilivoimalaitoksen sähköntuotantokustannukseksi saatiin 44,0 €/MWh ja maakaasukombivoimalaitoksen 36,3 €/MWh.

Descomposición de la estructura a términos de las tasas de interés de los bonos soberanos de Estados Unidos y Colombia

En el presente documento se descompone la estructura a términos de las tasas de interés de los bonos soberanos de EE.UU. y Colombia. Se utiliza un modelo afín de cuatro factores, donde el primero de ellos corresponde a un factor de pronóstico de los retornos y, los demás, a los tres primeros componentes principales de la matriz de varianza-covarianza de las tasas de interés. Para la descomposición de las tasas de interés de Colombia se utiliza el factor de pronóstico de EE.UU. para capturar efectos de spillovers. Se logra concluir que las tasas en EE.UU. no tienen un efecto sobre el nivel de tasas en Colombia pero sí influyen en los excesos de retorno esperado de los bonos y también existen efectos sobre los factores locales, aunque el factor determinante de la dinámica de las tasas locales es el “nivel”. De la descomposición se obtienen las expectativas de la tasa corta y la prima por vencimiento. En ese sentido, se observa que el valor de la prima por vencimiento y su volatilidad incrementa con el vencimiento y que este valor ha venido disminuyendo en el tiempo.

Discrete time representation of continuous time ARMA processes

This paper derives exact discrete time representations for data generated by a continuous time autoregressive moving average (ARMA) system with mixed stock and flow data. The representations for systems comprised entirely of stocks or of flows are also given. In each case the discrete time representations are shown to be of ARMA form, the orders depending on those of the continuous time system. Three examples and applications are also provided, two of which concern the stationary ARMA(2, 1) model with stock variables (with applications to sunspot data and a short-term interest rate) and one concerning the nonstationary ARMA(2, 1) model with a flow variable (with an application to U.S. nondurable consumers’ expenditure). In all three examples the presence of an MA(1) component in the continuous time system has a dramatic impact on eradicating unaccounted-for serial correlation that is present in the discrete time version of the ARMA(2, 0) specification, even though the form of the discrete time model is ARMA(2, 1) for both models.

The Role of Collateral in Entrepreneurial Finance

Previous research has suggested collateral has the role of sorting entrepreneurs either by observed risk or by private information. In order to test these roles, this paper develops a model which incorporates a signalling process (sorting by observed risk) into the design of an incentivecompatible menu of loan contracts which works as a self-selection mechanism (sorting by private information). It then tests this Sorting by Signalling and Self-Selection Model, using the 1998 US Survey of Small Business Finances. It reports for the first time that: high type entrepreneurs are more likely to pledge collateral and pay a lower interest rate; and entrepreneurs who transfer good signals enjoy better contracts than those transferring bad signals. These findings suggest that the Sorting by Signalling and Self-Selection Model sheds more light on entrepreneurial debt finance than either the sorting-by-observed-risk or the sorting-by-private information paradigms on their own.