Omnibus accounts to Finnish investors? – An analysis of the costs and benefits that omnibus account structure brings to Finnish account operators and investors

The Finnish Securities Markets are being harmonized to enable better, more reliable and timely settlement of securities. Omnibus accounts are a common practice in the European securities markets. Finland forbids the use of omnibus accounts from its domestic investors. There is a possibility that the omnibus account usage is allowed for Finnish investors in the future. This study aims to build a comprehensive image to Finnish investors and account operators in determining the costs and benefits that the omnibus account structure would have for them. This study uses qualitative research methods. A literature review provides the framework for this study. Different kinds of research articles, regulatory documents, studies performed by European organisations, and Finnish news reportages are used to analyse the costs and benefits of omnibus accounts. The viewpoint is strictly of account operators and investors, and different effects on them are contemplated. The results of the analysis show that there are a number of costs and benefits that investors and account operators must take into consideration regarding omnibus accounts. The costs are related to development of IT-systems so that participants are able to adapt to the new structure and operate according to its needs. Decrease in the holdings’ transparency is a disadvantage of the structure and needs to be assessed precisely to avoid some problems it might bring. Benefits are mostly related to the increased competition in the securities markets as well as to the possible cost reductions of securities settlement. The costs and benefits were analysed according to the study plan of this thesis and as a result, the significance and impact of omnibus accounts to Finnish investors and account operators depends on the competition level and the decisions that all market participants make when determining if the account structure is beneficial for their operations.

A graphic explanation on how a tax on exports neutralizes the Dutch disease without costs to exporters

The adequate way of neutralizing the Dutch disease is the imposition of a variable tax on the export of the commodity that originates the disease. If such tax is equivalent to the "size" of the Dutch disease, it will shifts to the right its supply curve of the commodity in relation to the exchange rate, giving the existing domestic supply and the international demand, the exchange rate will depreciate at the value of the tax, and the equilibrium exchange rate will move from the "current" to the "industrial" equilibrium.

Opportunity Analysis and Category Management as a Base for Effective Indirect Sourcing

Hankintojen johtamisen kirjallisuus korostaa tehokkaan hankinnan olevan käypä keino tehostaa organisaation tulosta kokonaisvaltaisesti. Myös kasvava tietoisuus erityisesti epäsuorista hankintamenetelmistä ja työkaluista toimivat kannustimina tälle tutkimukselle. Tämän Pro Gradu -tutkimuksen päätarkoituksena on rakentaa kokonaisvaltainen ymmärrys epäsuorasta hankinnasta sekä löytää keinoja sen tehostamiseksi. Tutkimuksen tavoitteena on selvittää, miten globaali, monikansal- linen organisaatio voi parantaa kannattavuuttaan epäsuorissa hankinnoissa, sekä mitkä tekijät hankintastrategiassa vaikuttavat siihen. Tutkimus toteutettiin yksittäisenä tapaustutkimuksena suuren globaalin, monikan- sallisen yrityksen työntekijän näkökulmasta, Pääosa datasta pohjautuu vuonna 2015 toteutettuun Opportunity -analyysi projektiin, joka toteutettiin yhteistyössä ulkoisen konsulttifirman kanssa. Osa datasta pohjautuu puolistrukturoituihin haas- tatteluihin organisaation hankintajohtajan kanssa. Datan keruussa hyödynnettiin lisäksi henkilökohtaista havainnointia ja sekundääristä aineistoa organisaatiosta. Tämä Pro Gradu tutkimus on toteutettu kvalitatiivisella otteella, sisältäen joitakin kvantitatiivisia metodin piirteitä.

Improving purchasing process for small purchases at a manufacturing company in chemical industry

This thesis was conducted on assignment by a multinational chemical corporation as a case study. The purpose of this study is to find ways to improve the purchasing process for small purchases at the case company. The improvements looked after are mainly cost and time savings. Purchasing process is the process that starts from the requisition of goods or services and ends when the invoice is paid. In this thesis the purchases with value less than 1000€ are considered to be small. The theoretical framework of the thesis consists of general theoretical view of costs and performance of the purchasing process, different types of purchasing processes and a model for improving purchasing processes. The categorization to small and large purchases is the most important followed by the division between direct and indirect purchases. Also models that provide more strategic perspective for categorization were found to be useful. Auditing and managerial control are important parts of the purchasing process. When considering the transaction costs of purchasing from the costs–benefits perspective large and small purchases should not have the same processes. Purchasing cards, e-procurement and vendor managed inventory are seen as an alternative to the traditional purchasing process. The empirical data collection was done by interviewing the company employees that take part of the purchasing process in their daily work. The interviews had open-ended questions and the answers were coded and analyzed. The results consist of process description and assessment as well as suggestions for potential improvements. At the case company the basic purchasing process was similar to the traditional purchasing process that is entirely done with computers and online. For some categories there was already more sophisticated e-procurement solutions in use. To improve the current e-procurement based solutions elimination of authorization workflow and better information exchange can be seen as potential improvements for most of the case purchases. Purchasing cards and a lightweight form of vendor managed inventory can be seen as potential improvements for some categories. Implementing the changes incurs at least some cost and the benefits might be hard to measure. This thesis has revealed that the small purchases have potential for significant cost and time savings at the case company.

Trends in fish prey capture by common terns following zebra mussel invasion : do terns track fish species abundance? /

The Common Tern (Sterna hirundo) is a ground nesting colonial seabird. Terns rely primarily on small prey fishes which they obtain through plunge diving for their survival as well as the survival of their offspring during the breeding season. The zebra mussel (Dreissena polymorpha) is a small bivalve mollusk that invaded North American waters in the late 1980's. Through its suspension feeding, the zebra mussel has the ability to alter the entire aquatic ecosystem, ultimately leading to a reduction in pelagic organisms including small prey fish. The objective of the study was to determine what (if any) indirect effects the invasion of the zebra mussel has had on fish prey captured by terns. The study took place in two separate two-year periods, 1990-91 and 1995-96 on a concrete breakwall off the north shore of Lake Erie near Port Colborne, Ontario. Daily nest checks revealed clutch initiation dates, egg-laying chronology, hatching success and morphological egg characteristics (length and breadth). Behavioural observations included time each sex spent in attendance with its brood, the frequency of feeding chicks and the prey species composition and size fed to chicks as well as to females (courtship feeding). Egg sizes did not differ between study periods, nor did feeding rates to chicks, suggesting that food was not a limiting resource. Terns spent less time with their broods (more time foraging) in the 1995-96 period. However, they also had significantly larger broods and fledged more offspring. The time of each individual foraging trip decreased, suggesting that fish were easier to obtain in 1995 and 1996. Lastly, kleptoparasitism rates decreased, suggesting that the costs of foraging (time, energy) actually decreased as fewer birds adopted this strategy to compensate for what I assumed to be a lack of available food (fish). The only significant difference between the periods of 1990, 1991 and 1995, 1996 was a change in diet. Terns delivered significantly fewer rainbow smelt and more emerald shiner in 1995 and 1996. However, the average size of fish delivered did not change. Thus, there was little impact on prey captured by Common Terns in Lake Erie since the invasion of the zebra mussel.

Evolutionary Origin and Maintenance of Sociality in the Small Carpenter Bees

Many arthropods exhibit behaviours precursory to social life, including adult longevity, parental care, nest loyalty and mutual tolerance, yet there are few examples of social behaviour in this phylum. The small carpenter bees, genus Ceratina, provide important insights into the early stages of sociality. I described the biology and social behaviour of five facultatively social species which exhibit all of the preadaptations for successful group living, yet present ecological and behavioural characteristics that seemingly disfavour frequent colony formation. These species are socially polymorphic with both / solitary and social nests collected in sympatry. Social colonies consist of two adult females, one contributing both foraging and reproductive effort and the second which remains at the nest as a passive guard. Cooperative nesting provides no overt reproductive benefits over solitary nesting, although brood survival tends to be greater in social colonies. Three main theories explain cooperation among conspecifics: mutual benefit, kin selection and manipulation. Lifetime reproductive success calculations revealed that mutual benefit does not explain social behaviour in this group as social colonies have lower per capita life time reproductive success than solitary nests. Genetic pedigrees constructed from allozyme data indicate that kin selection might contribute to the maintenance of social nesting -, as social colonies consist of full sisters and thus some indirect fitness benefits are inherently bestowed on subordinate females as a result of remaining to help their dominant sister. These data suggest that the origin of sociality in ceratinines has principal costs and the great ecological success of highly eusociallineages occurred well after social origins. Ecological constraints such as resource limitation, unfavourable weather conditions and parasite pressure have long been considered some of the most important selective pressures for the evolution of sociality. I assessed the fitness consequences of these three ecological factors for reproductive success of solitary and social colonies and found that nest sites were not limiting, and the frequency of social nesting was consistent across brood rearing seasons. Local weather varied between seasons but was not correlated with reproductive success. Severe parasitism resulted in low reproductive success and total nest failure in solitary nests. Social colonies had higher reproductive success and were never extirpated by parasites. I suggest that social nesting represents a form of bet-hedging. The high frequency of solitary nests suggests that this is the optimal strategy when parasite pressure is low. However, social colonies have a selective advantage over solitary nesting females during periods of extreme parasite pressure. Finally, the small carpenter bees are recorded from all continents except Antarctica. I constructed the first molecular phylogeny of ceratinine bees based on four gene regions of selected species covering representatives from all continents and ecological regions. Maximum parsimony and Bayesian Inference tree topology and fossil dating support an African origin followed by an Old World invasion and New World radiation. All known Old World ceratinines form social colonies while New World species are largely solitary; thus geography and phylogenetic inertia are likely predictors of social evolution in this genus. This integrative approach not only describes the behaviour of several previously unknown or little-known Ceratina species, bu~ highlights the fact that this is an important, though previously unrecognized, model for studying evolutionary transitions from solitary to social behaviour.

Clipping from a Town Council meeting at which estimates of the costs of Railway Line no. 1 and Line no. 2 were submitted by the office of Port Dalhousie and Thorold Railway

Clipping from a Town Council meeting at which estimates of the costs of Railway Line no. 1 and Line no. 2 were submitted by the office of Port Dalhousie and Thorold Railway. The estimate was submitted by S.D. Woodruff and George Rykert, president. There is also a disclaimer in which Calvin Phelps claims to have resigned as director of the Port Dalhousie and Thorold Railway when he discovered that the company had no intention to adhere to the original plan for building and running the road, Aug. 1854.

Report by Jacob Misner on setting contracts for deepening and clearing ditches and estimates of quantities and costs of marsh drainage

Report by Jacob Misner on setting contracts for deepening and clearing ditches and estimates of quantities and costs of marsh drainage (3 ½ pages, handwritten). This is marked as a copy, July 14, 1855.

List which includes costs, plans and receipts for amounts received between S.D. Woodruff and Boyd and Schurr

List (8 pages, handwritten) which includes costs, plans and receipts for amounts received between S.D. Woodruff and Boyd and Schurr, Dec. 3, 1875.

The Compliance Costs of Taxes on Businesses and Individuals a Review of the Evidence

This Paper Reviews the Literature on the Compliance Costs Incurred by Businesses and Individuals Because of One Or More Taxes. It Presents Both the Main Characteristics, Such As Sample Size, Interview Techniques and So On, and the Key Findings of the Nineteen Studies Reviewed. in General, One Can Conclude That Simpler Taxes Lead to Lower Compliance Costs.

The Macroeconomic Effects of Infrequent Information with Adjustment Costs

In the last decade, the potential macroeconomic effects of intermittent large adjustments in microeconomic decision variables such as prices, investment, consumption of durables or employment – a behavior which may be justified by the presence of kinked adjustment costs – have been studied in models where economic agents continuously observe the optimal level of their decision variable. In this paper, we develop a simple model which introduces infrequent information in a kinked adjustment cost model by assuming that agents do not observe continuously the frictionless optimal level of the control variable. Periodic releases of macroeconomic statistics or dividend announcements are examples of such infrequent information arrivals. We first solve for the optimal individual decision rule, that is found to be both state and time dependent. We then develop an aggregation framework to study the macroeconomic implications of such optimal individual decision rules. Our model has the distinct characteristic that a vast number of agents tend to act together, and more so when uncertainty is large. The average effect of an aggregate shock is inversely related to its size and to aggregate uncertainty. We show that these results differ substantially from the ones obtained with full information adjustment cost models.

Une urbanisation de corps et d'esprit : sécurité, civilisation et rendement dans une favela de Rio de Janeiro

Ce mémoire interroge l’histoire, l’articulation pratique et les effets de ce que l’on appelle actuellement au Brésil «l’urbanisation intégratrice», un type d’intervention étatique dans les favelas (bidonvilles) de Rio de Janeiro. Il s’agit d’une énième tentative de régler le «problème de la favela», consistant en l’urbanisation de son territoire (insertion d’infrastructure publique, consolidation du cadre bâti) et la légalisation de son statut et de ses pratiques (octroi de droits de propriété foncière et insertion de règlementation publique). Officiellement, c’est une manière de mettre fin à l’exclusion dont les populations faveladas sont victimes depuis l’apparition des favelas à Rio. L’analyse est faite à partir de l’étude du PAC-Favelas, un programme du gouvernement fédéral lancé en 2008, et son application dans la favela Rocinha. Il est proposé de considérer l’urbanisation intégratrice en tant que dispositif sécuritaire ou biopolitique, c’est-à-dire en tant qu’appareil de gouvernement de la population locale. À travers le projet, on planifie de formaliser les conduites, d’accroître la circulation des ressources, de transformer les perceptions des résidents, de contenir les excès et les risques associés à la favela et de tendre vers la prise en charge entièrement planifiée – en un mot, d’assurer le passage vers l’intervention permanente. Concrètement, cela revient pour l’État à procéder à une sélection, par des moyens légitimés ou indirects (le plan, la loi, le marché), des individus et des pratiques désormais admissibles sur le territoire. L’espace se raréfie, le contrôle augmente et les prix montent : ne peut demeurer que celui qui a déjà atteint un certain niveau de stabilité, reléguant les plus précaires à devoir progressivement quitter le territoire. Urbaniser la Rocinha, c’est un peu forcer son embourgeoisement en la rendant enfin sécurisée, civilisée et rentable.

Association entre consommation de drogues illicites et symptomatologie dépressive à l’adolescence : une étude longitudinale auprès de jeunes Québécois fréquentant l’école secondaire en milieu défavorisé

L’usage de drogues illicites et la symptomatologie dépressive sont associés, mais la nature de cette association demeure mal comprise. Une clarification des mécanismes en jeu est nécessaire afin de pouvoir intervenir sur la cooccurrence des deux phénomènes, dont les conséquences individuelles et sociales sont lourdes. Ces efforts de clarification débutent à l’adolescence, moment où sont typiquement initiés la consommation de substances et les problèmes affectifs. L’objectif de cette thèse est de contribuer à clarifier la nature des associations entre l’usage de certaines des drogues illicites les plus fréquemment consommées et les symptômes dépressifs chez les adolescents. Les données utilisées proviennent d’une cohorte de l’échantillon longitudinal de la Stratégie d’Intervention Agir Autrement (SIAA) comprenant plus de 3000 jeunes fréquentant des écoles en milieu défavorisé du Québec, qui ont été suivis pendant leur secondaire (2003-2007). Le premier article empirique de la thèse porte sur la relation entre l’usage de cannabis et la symptomatologie dépressive. Cette étude a examiné l’existence d’associations prospectives bidirectionnelles entre les deux phénomènes du début (13-14 ans) à la fin du secondaire (16-17 ans). Les analyses ont considéré des liens directs, mais également des liens indirects via deux facteurs reflétant des appartenances sociales normatives et non normatives : l’attachement à l’école et l’affiliation à des pairs déviants et consommateurs de drogues. Les résultats indiquent que les symptômes dépressifs et l’usage de cannabis peuvent représenter des facteurs de risque mutuels et suggèrent qu’un mécanisme indirect impliquant une érosion des attaches normatives pourrait jouer un rôle dans des cascades développementales reliant les deux manifestations. Le deuxième article empirique visait à déterminer si l’usage de deux drogues de synthèse, le MDMA (ecstasy) et les méth/amphétamines (speed), à 15-16 ans était associé au développement de symptômes dépressifs élevés un an plus tard, en prenant en considération des facteurs confondants potentiels. Tel qu’attendu, les résultats montrent une prédiction de la symptomatologie dépressive par l’usage de MDMA et de méth/amphetamines, particulièrement lorsque cet usage est concomitant. Ces résultats représentent une des premières évidences d’un risque posé par l’usage de drogues de synthèse par rapport au développement de symptômes affectifs chez les jeunes.

Impact of type of drug insurance on adherence, persistence and costs of antidepressant drugs : a Quebec population-based study

Contexte: À date, il existe peu de données sur l’adhésion, la persistance et les coûts associés aux antidépresseurs selon le type d’assurance médicament (privé ou public). Objectif: Comparer selon le régime d’assurance médicament (privé ou public), l'adhésion, la persistance et les coûts des antidépresseurs. Méthodes de recherche: Une étude de cohorte appariée a été réalisée en utilisant des bases de données du Québec. Sujets: Nous avons sélectionné 194 patients assurés par un régime privé et 1923 patients assurés par le régime public de la Régie de l’assurance maladie du Québec (RAMQ) (18-64 ans) qui ont rempli au moins une ordonnance pour un antidépresseur entre décembre 2007 et septembre 2009. Mesures: L’adhésion, mesurée sur une période d’un an, a été estimée en utilisant le proportion of prescribed days covered (PPDC). Un modèle de régression linéaire a été utilisé afin d’estimer la différence moyenne en PPDC entre les patients assurés par un régime privé et ceux assurés par le régime public de la RAMQ. La persistance a été comparé entre ces deux groupes avec un modèle de régression de survie Cox, et le coût mensuel d'antidépresseurs ($ CAN) a été comparé entre ces deux groupes en utilisant un modèle de régression linéaire. Résultats: Le PPDC parmi les patients assurés par un régime privé était de 86,4% (intervalle de confiance (IC) 95%: 83,3%-89,5%) versus 81,3% (IC 95%: 80,1%-82,5%) pour les patients assurés par le régime public de la RAMQ, pour une différence moyenne ajustée de 6,7% (IC 95%: 3,0%-10,4%). La persistance après un an parmi les patients assurés par un régime privé était de 49,5% versus 18,9% pour les patients assurés par le régime public de la RAMQ (p <0,001), et le rapport de risque ajusté était de 0,48 (IC 95%: 0,30-0,76). Comparativement aux patients assurés par le régime public de la RAMQ, les patients ayant une assurance privée ont payé 14,94 $ CAD (95% CI: $12,30-$17,58) de plus par mois en moyenne pour leurs antidépresseurs. Conclusion: Les patients assurés par un régime privé avaient une meilleure adhésion, persistance, mais avaient aussi un plus haut coût pour leurs antidépresseurs que ceux assurés par le régime public de la RAMQ. Cette différence de coûts peut être due aux différentes exigences de paiement en pharmacie entre les deux régimes ainsi qu’aux limites des honoraires des pharmaciens imposés par le régime public.