The Use of Data Envelopment Analysis as Equity Portfolio Selection Criterion in the Finnish Stock Market

This thesis examines the application of data envelopment analysis as an equity portfolio selection criterion in the Finnish stock market during period 2001-2011. A sample of publicly traded firms in the Helsinki Stock Exchange is examined in this thesis. The sample covers the majority of the publicly traded firms in the Helsinki Stock Exchange. Data envelopment analysis is used to determine the efficiency of firms using a set of input and output financial parameters. The set of financial parameters consist of asset utilization, liquidity, capital structure, growth, valuation and profitability measures. The firms are divided into artificial industry categories, because of the industry-specific nature of the input and output parameters. Comparable portfolios are formed inside the industry category according to the efficiency scores given by the DEA and the performance of the portfolios is evaluated with several measures. The empirical evidence of this thesis suggests that with certain limitations, data envelopment analysis can successfully be used as portfolio selection criterion in the Finnish stock market when the portfolios are rebalanced at annual frequency according to the efficiency scores given by the data envelopment analysis. However, when the portfolios were rebalanced every two or three years, the results are mixed and inconclusive.

Validation and Selection of Transportation Cost Drivers with Advanced Methods

In today's logistics environment, there is a tremendous need for accurate cost information and cost allocation. Companies searching for the proper solution often come across with activity-based costing (ABC) or one of its variations which utilizes cost drivers to allocate the costs of activities to cost objects. In order to allocate the costs accurately and reliably, the selection of appropriate cost drivers is essential in order to get the benefits of the costing system. The purpose of this study is to validate the transportation cost drivers of a Finnish wholesaler company and ultimately select the best possible driver alternatives for the company. The use of cost driver combinations as an alternative is also studied. The study is conducted as a part of case company's applied ABC-project using the statistical research as the main research method supported by a theoretical, literature based method. The main research tools featured in the study include simple and multiple regression analyses, which together with the literature and observations based practicality analysis forms the basis for the advanced methods. The results suggest that the most appropriate cost driver alternatives are the delivery drops and internal delivery weight. The possibility of using cost driver combinations is not suggested as their use doesn't provide substantially better results while increasing the measurement costs, complexity and load of use at the same time. The use of internal freight cost drivers is also questionable as the results indicate weakening trend in the cost allocation capabilities towards the end of the period. Therefore more research towards internal freight cost drivers should be conducted before taking them in use.

Effect of long-term agricultural management systems on occurrence and composition of weed species

This study aims to assess the composition of weed communities as a function of distinct selection factors, at neighboring areas submitted to distinct soil management and diverse use for sixteen years. Four areas submitted to distinct managements (conventional tillage system; no-till system; integration crop/livestock and continuous livestock) were sampled in relation to the occurrence and severity of weed species by the beginning of the planting season, being estimated the relative abundance, relative frequency and relative dominance of each weed species under each area, as well as the Importance Value Index for each species. Areas were also compared by the Sørensen's similarity coefficient. Areas where pasture and grazing were never present, exhibited a number of seedlings of weed species 250% higher than areas periodically or continuously under grazing, while the area of soil covered by weeds was 87% superior at the conventional tillage system in relation to the average of the other treatments. Grass weeds were the most important at the conventional tillage area while broadleaved weeds where more important at the no-till area, probably due also to herbicide selection factors. Under crop/livestock integration there may be the need to care about controlling seedlings of the forage species inside grain crops in succession.

Host suitability of weeds and forage species to root-knot nematode meloidogyne graminicola as a funcion of irrigation management

The irrigated rice production can be limited by various phytopathogenic agents, including root-knot nematodes (Meloidogyne spp.). Thus, the aim of this research was to check the host suitability of plant species most often found off-season and during rice cultivation, to root-knot nematode Meloidogyne graminicola, under two irrigation managements. Two experiments were conducted in a completely randomized design. In the first experiment seven plant species that occur in an area of rice cultivation, in fallow, off-season were evaluated. For the second experiment nine weed species infesting the irrigated rice culture were tested in rainfed and flooding conditions. The sixteen species, kept individually in pots with sterilized substrate, were inoculated with 5,000 eggs and second stage juveniles (J2) of nematode. BRS 410 IRGA rice plants inoculated with M.graminicola were used as control. Two months after inoculation, the root system of each plant was evaluated for number of galls and nematode reproduction factor. It was verified that the species of off-season of rice cultivation Sida rhombifolia, Raphanus raphanistrum, Spergula arvensis, Lotus corniculatus and Trifolium repens, and, during the cycle of rice cultivation, Aeschynomene denticulata, Leersia hexandra, are immune to nematode. The plant species off-season, Avena strigosa and Lolium multiflorum and of cultivation, Alternanthera philoxeroides, red rice, Echinochloa crusgalli, Cyperus difformis, Cyperus esculentus, Cyperus iria and Fimbristylis miliacea would behave as hosts of M.graminicola, mostly under rainfed conditions.

The Allelopathic Effect of Eucalyptus Leaf Extract on Grass Forage Seed

This study aimed to evaluate the allelopathic effect of various concentrations of an aqueous extract of eucalyptus leaves on Urochloa decumbens and Panicum maximum seeds. The extract was prepared from Eucalyptus urograndis leaves that were milled and mixed with distilled water in a 1:9 milled leaves: water ratio to obtain an extract with a defined concentration of 100%. In addition, dilutions of 50%, 25% and 12.5% were prepared, and a 0% dilution was used as a control. The experiment followed a completely randomized design, with four replicates, each of 50 seeds of U. decumbens and 50 seeds of P. maximum, arranged on filter paper moistened with each concentration of extract in a Gerbox plastic box. The results demonstrated the allelopathic potential of E. urograndis aqueous extracts applied to the seeds of U. decumbens and P. maximum. The 50% and 100% concentrations of leaf extract most strongly inhibited the germination, vigor and seedling growth of U. decumbens and P. maximum. The germination speed index and the root length were the characteristics that were most affected by the potentially allelopathic substances contained in the eucalyptus extracts at all concentrations.

Selection of Grids for Weed Mapping

This study aimed to assess the degree of similarity presented by thematic maps generated by different sampling grids of weed plants in a commercial agricultural area of 7.95 hectares. Monocotyledons and dicotyledons were counted on the 2012/2013 and 2013/2014 harvests, before soybean planting, in the fallow period after wheat harvest, in both years. A regular grid of 10 x 10 m was produced to sample the invasive plants, used as reference, and the counting was done in 1 m² of each sample point, totaling 795 samples in each year, compared to regular grids of 30 and 50 m, generated from the data exclusion of the standard grid. Twenty-two composite soil samples were taken at a depth of 0-20 cm to correlate soil properties with weeds occurrence. For the generation of the thematic maps, the Inverse Distance Weighting (IDW) for interpolation was used; when comparing the maps generated from each grid with the reference map, the kappa coefficient was used to assess the loss of quality of the maps as the number of sample points was reduced. It was observed that the map quality loss was lower in 2013 compared to 2012 when the sampling density of the points was reduced. The 30 x 30 m grids have satisfactorily described the infestation data of the dicotyledons and the 50 x 50 m grids have adequately described the monocotyledon weeds infestation, compared to the standard 10 x 10 m grids.

SELECTION OF HERBICIDES TARGETING THE USE IN CROP SYSTEMS CULTIVATED WITH SHOWY CROTALARIA

ABSTRACT The increase in the area planted with Crotalaria spectabilishas occurred by several factors, highlighting the potential to reduce the nematodes, nitrogen fixation and the high production of biomass. By becoming a species sown as a crop, it is necessary to control the weeds that coexist with showy crotalaria. This change in the use of this crop creates the possibility of this specie becoming a weed. The aim of this study was to assess the potential use of herbicides applied in preemergence and postemergence of C.spectabilisfor different purposes (control of volunteer and selectivity plants). Three experiments were installed in a greenhouse (two with herbicides applied in preemergence - in soils with distinct textural categories; and one experiment with herbicides applied in postemergence). The results of the experiments with herbicides applied in preemergence showed that: amicarbazone, atrazine, diuron, metribuzin, prometryn, fomesafen and sulfentrazone showed effectiveness for control of C.spectabilis in clayey soil. Besides these, flumioxazin and isoxaflutole also showed potential to be used in the control of showy crotalaria in soils with loam texture. In relation to the postemergence herbicides, atrazine, diuron, prometryn, flumioxazin, fomesafen, lactofen, saflufenacil, amonio-glufosinate and glyphosate can be used aiming the chemical control of C.spectabilis. Herbicides chlorimuron-ethyl, diclosulan, imazethapyr, pyrithiobac-sodium, trifloxysulfuron-sodium, clomazone, pendimethalin, S-metolachlor and trifluralin applied in preemergence, and imazethapyr, pyrithiobac-sodium, flumiclorac, bentazon and clethodim applied in postemergence caused low levels of injury to C.spectabilis plants, making necessary the development of new searches to ensure the selectivity of these products.

Carrier selection and management : A case study on Neste Oil Retail

Service provider selection has been said to be a critical factor in the formation of supply chains. Through successful selection companies can attain competitive advantage, cost savings and more flexible operations. Service provider management is the next crucial step in outsourcing process after the selection has been made. Without proper management companies cannot be sure about the level of service they have bought and they may suffer from service provider's opportunistic behavior. In worst case scenario the buyer company may end up in locked-in situation in which it is totally dependent of the service provider. This thesis studies how the case company conducts its carrier selection process along with the criteria related to it. A model for the final selection is also provided. In addition, case company's carrier management procedures are reflected against recommendations from previous researches. The research was conducted as a qualitative case study on the principal company, Neste Oil Retail. A literature review was made on outsourcing, service provider selection and service provider management. On the basis of the literature review, this thesis ended up recommending Analytic hierarchy process as the preferred model for the carrier selection. Furthermore, Agency theory was seen to be a functional framework for carrier management in this study. Empirical part of this thesis was conducted in the case company by interviewing the key persons in the selection process, making observations and going through documentations related to the subject. According to the results from the study, both carrier selection process as well as carrier management were closely in line with suggestions from literature review. Analytic hierarchy process results revealed that the case company considers service quality as the most important criteria with financial situation and price of service following behind with almost identical weights with each other. Equipment and personnel was seen as the least important selection criterion. Regarding carrier management, the study resulted in the conclusion that the company should consider engaging more in carrier development and working towards beneficial and effective relationships. Otherwise, no major changes were recommended for the case company processes.

Combined selection in early generation testing of self-pollinated plants

Seven selection indexes based on the phenotypic value of the individual and the mean performance of its family were assessed for their application in breeding of self-pollinated plants. There is no clear superiority from one index to another although some show one or more negative aspects, such as favoring the selection of a top performing plant from an inferior family in detriment of an excellent plant from a superior family

Using the best linear predictor (BLP) in the selection between and among half-sib progenies of the CMS-39 maize population

Data of corn ear production (kg/ha) of 196 half-sib progenies (HSP) of the maize population CMS-39 obtained from experiments carried out in four environments were used to adapt and assess the BLP method (best linear predictor) in comparison with to the selection among and within half-sib progenies (SAWHSP). The 196 HSP of the CMS-39 population developed by the National Center for Maize and Sorghum Research (CNPMS-EMBRAPA) were related through their pedigree with the recombined progenies of the previous selection cycle. The two methodologies used for the selection of the twenty best half-sib progenies, BLP and SAWHSP, led to similar expected genetic gains. There was a tendency in the BLP methodology to select a greater number of related progenies because of the previous generation (pedigree) than the other method. This implies that greater care with the effective size of the population must be taken with this method. The SAWHSP methodology was efficient in isolating the additive genetic variance component from the phenotypic component. The pedigree system, although unnecessary for the routine use of the SAWHSP methodology, allowed the prediction of an increase in the inbreeding of the population in the long term SAWHSP selection when recombination is simultaneous to creation of new progenies.

Working fluid selection and design of small-scale waste heat recovery systems based on organic Rankine cycles

Demand for the use of energy systems, entailing high efficiency as well as availability to harness renewable energy sources, is a key issue in order to tackling the threat of global warming and saving natural resources. Organic Rankine cycle (ORC) technology has been identified as one of the most promising technologies in recovering low-grade heat sources and in harnessing renewable energy sources that cannot be efficiently utilized by means of more conventional power systems. The ORC is based on the working principle of Rankine process, but an organic working fluid is adopted in the cycle instead of steam. This thesis presents numerical and experimental results of the study on the design of small-scale ORCs. Two main applications were selected for the thesis: waste heat re- covery from small-scale diesel engines concentrating on the utilization of the exhaust gas heat and waste heat recovery in large industrial-scale engine power plants considering the utilization of both the high and low temperature heat sources. The main objective of this work was to identify suitable working fluid candidates and to study the process and turbine design methods that can be applied when power plants based on the use of non-conventional working fluids are considered. The computational work included the use of thermodynamic analysis methods and turbine design methods that were based on the use of highly accurate fluid properties. In addition, the design and loss mechanisms in supersonic ORC turbines were studied by means of computational fluid dynamics. The results indicated that the design of ORC is highly influenced by the selection of the working fluid and cycle operational conditions. The results for the turbine designs in- dicated that the working fluid selection should not be based only on the thermodynamic analysis, but requires also considerations on the turbine design. The turbines tend to be fast rotating, entailing small blade heights at the turbine rotor inlet and highly supersonic flow in the turbine flow passages, especially when power systems with low power outputs are designed. The results indicated that the ORC is a potential solution in utilizing waste heat streams both at high and low temperatures and both in micro and larger scale appli- cations.

Portfolio Selection via Composite Measure Analysis: Evidence from the U.S. Stock Market

The aim of this research is to examine the pricing anomalies existing in the U.S. market during 1986 to 2011. The sample of stocks is divided into decile portfolios based on seven individual valuation ratios (E/P, B/P, S/P, EBIT/EV, EVITDA/EV, D/P, and CE/P) and price momentum to investigate the efficiency of individual valuation ratio and their combinations as portfolio formation criteria. This is the first time in financial literature when CE/P is employed as a constituent of composite value measure. The combinations are based on median scaled composite value measures and TOPSIS method. During the sample period value portfolios significantly outperform both the market portfolio and comparable glamour portfolios. The results show the highest return for the value portfolio that was based on the combination of S/P & CE/P ratios. The outcome of this research will increase the understanding on the suitability of different methodologies for portfolio selection. It will help managers to take advantage of the results of different methodologies in order to gain returns above the market.

Green supplier selection via Multiple Criteria Data Envelopment Analysis

An appropriate supplier selection and its profound effects on increasing the competitive advantage of companies has been widely discussed in supply chain management (SCM) literature. By raising environmental awareness among companies and industries they attach more importance to sustainable and green activities in selection procedures of raw material providers. The current thesis benefits from data envelopment analysis (DEA) technique to evaluate the relative efficiency of suppliers in the presence of carbon dioxide (CO2) emission for green supplier selection. We incorporate the pollution of suppliers as an undesirable output into DEA. However, to do so, two conventional DEA model problems arise: the lack of the discrimination power among decision making units (DMUs) and flexibility of the inputs and outputs weights. To overcome these limitations, we use multiple criteria DEA (MCDEA) as one alternative. By applying MCDEA the number of suppliers which are identified as efficient will be decreased and will lead to a better ranking and selection of the suppliers. Besides, in order to compare the performance of the suppliers with an ideal supplier, a “virtual” best practice supplier is introduced. The presence of the ideal virtual supplier will also increase the discrimination power of the model for a better ranking of the suppliers. Therefore, a new MCDEA model is proposed to simultaneously handle undesirable outputs and virtual DMU. The developed model is applied for green supplier selection problem. A numerical example illustrates the applicability of the proposed model.

Selection of patients for myocardial perfusion scintigraphy based on fuzzy sets theory applied to clinical-epidemiological data and treadmill test results

Coronary artery disease (CAD) is a worldwide leading cause of death. The standard method for evaluating critical partial occlusions is coronary arteriography, a catheterization technique which is invasive, time consuming, and costly. There are noninvasive approaches for the early detection of CAD. The basis for the noninvasive diagnosis of CAD has been laid in a sequential analysis of the risk factors, and the results of the treadmill test and myocardial perfusion scintigraphy (MPS). Many investigators have demonstrated that the diagnostic applications of MPS are appropriate for patients who have an intermediate likelihood of disease. Although this information is useful, it is only partially utilized in clinical practice due to the difficulty to properly classify the patients. Since the seminal work of Lotfi Zadeh, fuzzy logic has been applied in numerous areas. In the present study, we proposed and tested a model to select patients for MPS based on fuzzy sets theory. A group of 1053 patients was used to develop the model and another group of 1045 patients was used to test it. Receiver operating characteristic curves were used to compare the performance of the fuzzy model against expert physician opinions, and showed that the performance of the fuzzy model was equal or superior to that of the physicians. Therefore, we conclude that the fuzzy model could be a useful tool to assist the general practitioner in the selection of patients for MPS.

Service product internationalisation : market selection for new service products in a multinational financial service firm

The significance and impact of services in the modern global economy has become greater and there has been more demand for decades in the academic community of international business for further research into better understanding internationalisation of services. Theories based on the internationalisation of manufacturing firms have been long questioned for their applicability to services. This study aims at contributing to understanding internationalisation of services by examining how market selection decisions are made for new service products within the existing markets of a multinational financial service provider. The study focused on the factors influencing market selection and the study was conducted as a case study on a multinational financial service firm and two of its new service products. Two directors responsible for the development and internationalisation of the case service products were interviewed in guided semi-structured interviews based on themes adopted from the literature review and the outcome theoretical framework. The main empirical findings of the study suggest that the most significant factors influencing the market selection for new service products within a multinational financial service firm’s existing markets are: commitment to the new service products by both the management and the rest of the product related organisation; capability and competence by the local country organisations to adopt new services; market potential which combines market size, market structure and competitive environment; product fit to the market requirements; and enabling partnerships. Based on the empirical findings, this study suggests a framework of factors influencing market selection for new service products, and proposes further research issues and methods to test and extend the findings of this research.