Osakeperusteinen palkitseminen: maksuttoman osakkeen hyödyntäminen kannustinjärjestelmissä

Tutkielman tavoitteena on selvittää osakeyhtiön palkitsemisjärjestelmiin liittyviä kysymyksiä päämies–agenttisuhteiden ja osakeyhtiöoikeudellisten periaatteiden kautta. Tutkielmassa selvitetään, kuinka maksuttomia osakkeita voidaan hyödyntää julkisen osakeyhtiön palkitsemisjärjestelmissä ja mitä haasteita ja mahdollisuuksia niiden käyttöön liittyy. Tutkimusmetodi työssä on lainopillinen ja aihetta lähestytään luontevasti kauppatieteellisen ja oikeustieteellisen näkökulman yhdistävän oikeustaloustieteen kautta. Ensisijaisena aineistona tutkielmassa käytetään voimassaolevaa lainsäädäntöä valmisteluaineistoineen ja näkökulmaa syvennetään aiemmin voimassa olleen lainsäädännön tarkastelulla. Toissijaisena aineistona tutkielmassa käytetään sekä eri asiantuntijoiden oikeudellista kirjallisuutta että palkitsemisen asiantuntijoiden laatimaa kirjallisuutta Suomesta ja muista länsimaista. Teoreettista työtä on syvennetty asiantuntijahaastattelulla ja yhtiöiden sijoittajatiedosta saatavalla informaatiolla. Merkittävin osakeyhtiön johdon ja yhtiön välisen suhteen tehokkuutta alentava seikka on päämies–agenttisuhteen valvontaongelma. Tämä liittyy päämies - agenttisuhteeseen, joka ilmenee negatiivisesti yhtiön ja yhtiön johdon intressien ristiriitatilanteissa. Valvontaongelma voi aiheuttaa ylimääräisiä transaktiokustannuksia ja tämä näkyy yhtiön toiminnan tehokkuuden laskemisena. Päämies–agenttisuhteen ratkaisuna lainsäädäntö ja erilaiset valvonnan keinot ovat tehottomia ja nykyisen yhtiöoikeudellisen ajattelun vastaisia. Tehokkaimmin valvontaongelma saadaan ratkaistua erilaisin kannustimin tapahtuvalla johdon ohjauksella. Osakesidonnainen palkitseminen on suosituin johdon ja yhtiön intressien yhdistämisen keino. Osakesidonnainen palkitseminen on parhaimmillaan eri osapuolien näkökulmasta sitouttavaa ja kannustavaa mutta osakepalkitsemisen käyttöön liittyy myös riskejä. Eräs keskeisistä yhtiöoikeudellisista periaatteista on yhdenvertaisuus, jota saatetaan loukata eri palkitsemisjärjestelmiä käytettäessä. Varojen jakoon ja järjestelmien rahoitukseen liittyy niin ikään riskejä, jotka saattavat vaarantaa järjestelmän onnistumisen. Liian avokätiset palkkiojärjestelmät taas saattavat aiheuttaa yhtiön eri sidosryhmien piirissä tyytymättömyyttä joka taas alentaa järjestelmän tehokkuutta. Yhtiön johto vastaa yhtiön strategian toteutumisesta ja linjaa Corporate Governance käytännön mukaisesti johdon palkitsemisen tavat. Yhtiön johto on kuitenkin päätöksistään vastuussa yhtiön residuaalioikeuden omaaville päämiehille, eli osakkeenomistajille. Vaikka yhtiön johto vastaa viime kädessä yhtiön toiminnasta, sen on huomioitava toiminnassaan yhtiön toiminnan tarkoitus ja sitä kautta yksittäisen osakkeenomistajan etu. Vaikka osakeyhtiössä toteutettaisiin enemmistöomistajan valitsemaa toimintalinjaa, osakeyhtiön yhdenvertaisuusperiaate korostaa juuri vähemmistöosakkeenomistajan asemaa. Johdon fidusiaaristen velvoitteiden voidaankin nähdä korostuvan johdon suhteessa vähemmistöosakkeenomistajaan. Tämä on huomioitava myös palkitsemisjärjestelmissä. Johdon palkitsemisjärjestelmien suunnittelussa ja toteutuksessa on suunnattava keskeinen huomio sen tavoitteiden toteutumiseen, eli yksittäisen osakkeenomistajan omistuksen arvon kasvattamiseen pidemmällä aikavälillä, pitäen huolta osakeyhtiön kantavista periaatteista.

LUDOLITERACY Informe sobre la alfabetización mediática en el juego digital. Experiencias en Europa

El informe que a continuación presentamos recoge 18 experiencias, proyectos, actividades,investigaciones o políticas más significativas que se realizan en Europa relacionadas con la alfabetización mediática en el contexto de los videojuegos (ludoliteracy). La ludoliteracy tiene como finalidad potenciar las capacidades y competencias analíticas, reflexivas y creativas alrededor del juego digital. Se trata, en conjunto, de propuestas que permiten al ciudadano (joven o adulto, profesional o usuario) y a la sociedad en general ser más conscientes de nuestros propios placeres, tener capacidad crítica y competencia creativa en el campo específico de los juegos digitales.El objetivo final del informe es ofrecer recomendaciones en un campo socialmente controvertido y económicamente situado a la cabeza de las industrias culturales pero institucionalmente emplazado en los márgenes de las políticas educativas estatales y europeas.

Anàlisi de la usabilitat web del Departament d'Ensenyament de la Generalitat de Catalunya

En el present treball farem un anàlisis complet de la usabilitat del lloc web del Departament d'Ensenyament de la Generalitat de Catalunya, tant des de el punt de vista heurístic com de l'ús en entorn real. Identificarem els punts forts i dèbils i, finalment, farem una proposta breu de millora i treball futur. Volem d'aquesta manera millorar l'experiència del ciutadà amb la institució i la qualitat de la seva relació.

Immunomodulation of allergic immune response during specific immunotherapy

Atopic, IgE-mediated allergies are one of the major public health problems in Finland and other Western countries. These diseases are characterized by type 2 T helper (Th2) cell predominated immune responses (interleukin-4 (IL-4), IL-5) against ubiquitous environmental allergens. Despite of adequate pharmacological treatment, more than 20% of the patients with allergic rhinitis develop asthma. Allergen specific immunotherapy (SIT) is the only treatment currently available to affect to the natural course of allergic diseases. This treatment involves repeated administration of allergens to the patients either via sublingual route (sublingual immunotherapy, SLIT) or by subcutaneous injections (subcutaneous immunotherapy, SCIT). Successful treatment with SCIT or SLIT has been shown to provide long-term remission in symptoms, and prevent disease progression to asthma, but the immunological mechanisms behind these beneficial effects are not yet completely understood. Increased knowledge of such mechanisms could not only help to improve SIT efficacy, but also provide tools to monitor the development of clinical response to SIT in individual patients, and possibly also, predict the ultimate therapeutic outcome. The aim of this work was to clarify the immunological mechanisms associated with SIT by investigating the specific allergen-induced immune responses in peripheral blood mononuclear cells (PBMC) of allergic rhinitis patients during the course of SLIT and SCIT. The results of this work demonstrate that both therapies induced increases in the protective, Th2-balancing Th1 type immune responses in PBMC, e.g. by up-regulating signaling lymphocytic activation molecule (SLAM) and interferon gamma (IFN-γ) expression, and augmented tolerogenic T regulatory (Treg) cell type responses against the specific allergens, e.g. by increasing IL-10 or Forkhead box P3 (FOXP3) expression. The induction of allergen-specific Th1 and Treg type responses during SLIT were dependent on the treatment dose, favoring high allergen dose SLIT. During SCIT, the early decrease in Th2 type cytokine production - in particular of IL-4 mRNA and IL-4/IFN-γ expression ratio - was associated with the development of good therapeutic outcome. Conversely, increases in both Th2 (IL-5) and Th1 (IFN-γ, SLAM) type responses and IL-10 mRNA production were seen in the patients with less effective outcome. In addition, increase in Th17 type cytokine (IL-17) mRNA production was found in the PBMC of patients with less effective outcome during both SLIT and SCIT. These data strengthen the current hypothesis that immunomodulation of allergen-specific immune responses from the prevailing Th2-biased responses towards a more Th1 type, and induction of tolerogenic Treg cells producing IL-10 represent the two key mechanisms behind the beneficial effects of SIT. The data also give novel insight into the mechanisms why SIT may fail to be effective in some patients by demonstrating a positive correlation between the proinflammatory IL-17 responses, Th2 type IL-5 production and clinical symptoms. Taken together, these data indicate that the analysis of Th1, Th2, Treg ja Th17-associated immune markers such as IL-10, SLAM, IL-4, IL-5 and IL-17 could provide tools to monitor the development of clinical response to SIT, and thereby, predict the ultimate clinical outcome already in the early course of the treatment.

Inativação por oxidação fotocatalítica de Escherichia coli e Pseudomonas sp.

This study presents the bactericidal activity of titanium dioxide photocatalysis, using as model Escherichia coli and Pseudomonas sp. cells. It was observed that the process efficiency is related to initial cell concentration, light intensity, UV irradiation exposure time, TiO2 concentration increase. The ultimate removal efficiency was above 99.9%.

Alternative Techniques of Neural Signal Processing in Neuroengineering

Neural signal processing is a discipline within neuroengineering. This interdisciplinary approach combines principles from machine learning, signal processing theory, and computational neuroscience applied to problems in basic and clinical neuroscience. The ultimate goal of neuroengineering is a technological revolution, where machines would interact in real time with the brain. Machines and brains could interface, enabling normal function in cases of injury or disease, brain monitoring, and/or medical rehabilitation of brain disorders. Much current research in neuroengineering is focused on understanding the coding and processing of information in the sensory and motor systems, quantifying how this processing is altered in the pathological state, and how it can be manipulated through interactions with artificial devices including brain–computer interfaces and neuroprosthetics.

Henkilöstöresurssien optimointi ja hallinta sataman operaattoriyhtiössä

Työn tavoitteena on selvittää erilaisten työaikamallien ja henkilöstön määrän vaikutuksia Finnsteven henkilöstökustannuksiin ja ylitöiden määrään. Selvitystyö toteutetaan simuloimalla vaihtoehtoisia työaikamalleja ja henkilöstömääriä tilastollisten menetelmien avulla. Työn toisena tavoitteena on ehdottaa yritykselle toimintatapaa suorittaa lopullinen henkilöstöresurssien optimointi. Työn teoriaosuudessa esitellään aluksi yritystä ja sen toimintaympäristöä. Tämän jälkeen tarkastellaan nykyisen TE-sopimuksen mahdollistamia työaikamalleja. Seuraavaksi perustellaan käytettävät tilastolliset menetelmät ja tiedonkeruumenetelmät. Edetessään työ syventyy tarkastelemaan yrityksen tekemän työn kohdentumista aikatyöhön ja ylityöhön sekä viikonpäiville että työvuoroille. Lopuksi kuvataan työn optimoinnissa käytetty logiikka, analysoidaan saatuja tuloksia ja esitellään optimointityökalun toteutussuunnitelma. Diplomityössä tehdyn selvityksen mukaan satamatyössä tehdään nykyisellään erittäin paljon ylitöitä. Siten työaikamallien optimointi on perusteltua. Optimoinnilla saavutettavat potentiaaliset kustannussäästöt ovat erittäin huomattavia. Lopullinen optimointi on haastava tehtävä, jota henkilöstöhallinto ei pysty ratkaisemaan pelkkään kokemukseensa luottaen. Tuotannonsuunnittelun avuksi tarvitaan täten työkalu, joka palvelee paitsi mallien luontia, toimii suunnittelun apuna jatkossakin.

A Micromechanics-Based Damage Model for [± θ / 90n ]s Composite Laminates

A new damage model based on a micromechanical analysis of cracked [± θ / 90n ]s laminates subjected to multiaxial loads is proposed. The model predicts the onset and accumulation of transverse matrix cracks in uniformly stressed laminates, the effect of matrix cracks on the stiffness of the laminate, as well as the ultimate failure of the laminate. The model also accounts for the effect of the ply thickness on the ply strength. Predictions relating the elastic properties of several laminates and multiaxial loads are presented

Calculation of the critical crack size for cold form rectangular hollow section tube (CRHS) under bending load at -40º C temperature

To predict the capacity of the structure or the point which is followed by instability, calculation of the critical crack size is important. Structures usually contain several cracks but not necessarily all of these cracks lead to failure or reach the critical size. So, defining the harmful cracks or the crack size which is the most leading one to failure provides criteria for structure’s capacity at elevated temperature. The scope of this thesis was to calculate fracture parameters like stress intensity factor, the J integral and plastic and ultimate capacity of the structure to estimate critical crack size for this specific structure. Several three dimensional (3D) simulations using finite element method by Ansys program and boundary element method by Frank 3D program were carried out to calculate fracture parameters and results with the aid of laboratory tests (loaddisplacement curve, the J resistance curve and yield or ultimate stress) leaded to extract critical size of the crack. Two types of the fracture which is usually affected by temperature, Elastic and Elasti-Plastic fractures were simulated by performing several linear elastic and nonlinear elastic analyses. Geometry details of the weldment; flank angle and toe radius were also studied independently to estimate the location of crack initiation and simulate stress field in early stages of crack extension in structure. In this work also overview of the structure’s capacity in room temperature (20 ºC) was studied. Comparison of the results in different temperature (20 ºC and -40 ºC) provides a threshold of the structure’s behavior within the defined range.

Altered nitrogen balance and decreased urea excretion in male rats fed cafeteria diet are related to arginine availability

Hyperlipidic diets limit glucose oxidation and favor amino acid preservation, hampering the elimination of excess dietary nitrogen and the catabolic utilization of amino acids.We analyzed whether reduced urea excretion was a consequence of higherNO ; (nitrite,nitrate, and other derivatives) availability caused by increased nitric oxide production in metabolic syndrome. Rats fed a cafeteria diet for 30 days had a higher intake and accumulation of amino acid nitrogen and lower urea excretion.There were no differences in plasma nitrate or nitrite. NO and creatinine excretion accounted for only a small part of total nitrogen excretion. Rats fed a cafeteria diet had higher plasma levels of glutamine, serine, threonine, glycine, and ornithinewhen comparedwith controls,whereas arginine was lower. Liver carbamoyl-phosphate synthetase I activity was higher in cafeteria diet-fed rats, but arginase I was lower. The high carbamoyl-phosphate synthetase activity and ornithine levels suggest activation of the urea cycle in cafeteria diet-fed rats, but low arginine levels point to a block in the urea cycle between ornithine and arginine, thereby preventing the elimination of excess nitrogen as urea. The ultimate consequence of this paradoxical block in the urea cycle seems to be the limitation of arginine production and/or availability.

Characterizing Propionibacterium freudenreichii ssp. shermanii JS and Lactobacillus rhamnosus LC705 as a new probiotic combination: basic properties of JS and pilot in vivo assessment of the combination

Characterizing Propionibacterium freudenreichii ssp. shermanii JS and Lactobacillus rhamnosus LC705 as a new probiotic combination: basic properties of JS and pilot in vivo assessment of the combination Each candidate probiotic strain has to have the documentation for the proper identification with current molecular tools, for the biological properties, for the safety aspects and for the health benefits in human trials if the intention is to apply the strain as health promoting culture in the commercial applications. No generalization based on species properties of an existing probiotic are valid for any novel strain, as strain specific differences appear e.g. in the resistance to GI tract conditions and in health promoting benefits (Madsen, 2006). The strain evaluation based on individual strain specific probiotic characteristics is therefore the first key action for the selection of the new probiotic candidate. The ultimate goal in the selection of the probiotic strain is to provide adequate amounts of active, living cells for the application and to guarantee that the cells are physiologically strong enough to survive and be biologically active in the adverse environmental conditions in the product and in GI tract of the host. The in vivo intervention studies are expensive and time consuming; therefore it is not rational to test all the possible candidates in vivo. Thus, the proper in vitro studies are helping to eliminate strains which are unlikely to perform well in vivo. The aims of this study were to characterize the strains of Propionibacterium freudenreichii ssp. shermanii JS and Lactobacillus rhamnosus LC705, both used for decades as cheese starter cultures, for their technological and possible probiotic functionality applied in a combined culture. The in vitro studies of Propionibacterium freudenreichii ssp. shermanii JS focused on the monitoring of the viability rates during the acid and bile treatments and on the safety aspects such as antibiotic susceptibility and adhesion. The studies with the combination of the strains JS and LC705 administered in fruit juices monitored the survival of the strains JS and LC705 during the GI transit and their effect on gut wellbeing properties measured as relief of constipation. In addition, safety parameters such as side effects and some peripheral immune parameters were assessed. Separately, the combination of P. freudenreichii ssp. shermanii JS and Lactobacillus rhamnosus LC705 was evaluated from the technological point of view as a bioprotective culture in fermented foods and wheat bread applications. In this study, the role ofP. freudenreichii ssp. shermanii JS as a candidate probiotic culture alone and in a combination with L. rhamnosus LC705 was demonstrated. Both strains were transiently recovered in high numbers in fecal samples of healthy adults during the consumption period. The good survival through the GI transit was proven for both strains with a recovery rate from 70 to 80% for the JS strain and from 40 to 60% for the LC705 strain from the daily dose of 10 log10 CFU. The good survival was shown from the consumption of fruit juices which do not provide similar matrix protection for the cells as milk based products. The strain JS did not pose

Sales and Operations Planning Implementation

The master’s thesis focused on implementing a sales and operations planning process. The main objectives were to create planning methods and tools for the implementation. The ultimate goal of the process, beyond this master’s thesis, is to balance the supply of products with customer demand, with optimized profitability. The theoretical part focused on giving a thorough view on the sales and operations planning process. The basis for a monthly planning cycle was identified. Methods, tools, and metrics for demand forecasting and operations planning were also introduced. Based on the theoretical part, a method for forecasting, a forecast spreadsheet, and a forecast accuracy metric were designed. A spreadsheet tool and methods were also designed for the monthly planning of production volumes, capacity, and inventory. The implementation progress was reviewed for two product families for three months. The sales and operations planning process was able to successfully identify a demand peak for the product families. Suggestions for the future of sales and operations planning were also made.

La promoción del pensamiento crítico en el Aprendizaje Basado en Problemas (ABP). Un análisis a partir de los instrumentos de medición

[spa] La literatura científica sobre el Aprendizaje Basado en Problemas (ABP) ha dedicado una atención creciente a la cuestión del pensamiento crítico a lo largo de las dos últimas décadas. Los trabajos de investigación que se han llevado a cabo en los distintos contextos disciplinares de la educación superior presentan definiciones e instrumentos de medición del pensamiento crítico dispares. El presente artículo parte de dicha apreciación y trata de revisar sistemáticamente los mencionados trabajos con un doble objetivo: por un lado, esbozar una clasificación de los instrumentos de medición del pensamiento crítico de estudiantes de ABP y, por el otro, mostrar una panorámica de las evidencias hasta ahora obtenidas; todo ello con la finalidad de animar a profesores, estudiosos y autoridades académicas a seguir avanzando en esta línea de investigación. [eng] Critical thinking has received growing attention from scientific literature on Problem-Based Learning (PBL)during the last two decades. The research carried out in different disciplinary contexts of higher education presents disparate definitions and measuring instruments of critical thinking. This article aims to review systematically the mentioned literature with a dual purpose: on the one hand, to outline a classification of instruments measuring PBL students' critical thinking, on the other, to show an overview of the evidence so far obtained; all of this with the ultimate purpose of encouraging teachers, scholars and academical authorities to proceed further in this line of research.

Doenças tropicais negligenciadas: uma nova era de desafios e oportunidades

In an article recently published in Química Nova, entitled "Chemistry Without Borders" ("Química Sem Fronteiras") [Pinto, A. C.; Zucco, C.; Galembeck, F.; Andrade, J. B.; Vieira, P. C. Quim. Nova 2012, 35, 2092], the authors highlighted the important aspects of science and technology with special emphasis on the field of Chemistry and its contributions toward a more prosperous Brazil of future. As a second step in that direction, this article extends the discussion of a key issue for the country in the framework of the chemistry community through the so called position papers in strategic areas. This document is a part of the contribution of the Brazilian Chemical Society to the World Science Forum to be held in Rio de Janeiro in November 2013. In this context, the present paper provides a brief discussion on neglected tropical diseases (NTDs) with emphasis on the current challenges and opportunities towards the development and evolution of the field. NTDs leads to illness, long-term disability or death, and has severe social, economic and psychological consequences for millions of men, women, and children worldwide. In most cases, the available treatments are inadequate and extremely limited in terms of efficacy and safety, leading to an urgent demand for new drugs. In addition to the traditional challenges involved in any drug discovery process, it is widely recognized that there is an innovation gap and a lack of investment for research and development (R&D) in the area of NTDs. In the last few decades, methods toward combating, eradication, prevention, and treatment of NTDs have been repeatedly emphasized in the major international agendas. Developments in these strategies and alliances have continued to have an essential impact, particularly in the area of drug discovery, both in Brazil and globally and should be encouraged and supported. Several examples of international activities dedicated to the reduction of the devastating global impact of NTDs can be provided. Despite the beneficial developments in the past 30 years, NTDs continue to devastate poor communities in remote and vulnerable areas, in large part, due to market failures and public policies. Recent studies have shown that among 756 new drugs approved between 2000 and 2011, only four new chemical entities (NCEs) were identified for the treatment of malaria, while none were developed against NTDs or tuberculosis. Furthermore, only 1.4% of approximately 150,000 clinical trials were registered for neglected diseases, with a smaller number of trials for NCEs. Establishment and strengthening of global strategies involving the triad "government-academia-industry" is fundamental to the success in R&D of new drugs for NTDs. National and international public-private initiatives that aim to create, encourage, and invest in R&D projects have been implemented and therefore are of utmost importance to successfully integrate Brazil into this new paradigm. It is essential to lay the foundation for mechanisms that will intensify investments in infrastructure, training, and qualification of personnel with an ultimate strategic vision that foresees continuity. Our research group has made significant contributions to the development of this field with the goal of forging new frontiers while tackling both current and future challenges that include indispensable elements such as innovation and integration.

Quality management of outsourcing welded structure: case China

For any international companies who wish to enter the Chinese market, quality is base on the fundamental. The companies are coming to realize the importance of quality gradually, thus companies have been put the quality problems on the agenda. The competitiveness of companies comes from quality. Quality is the key to success, and it can decide that the companies can be accepted or eliminated by the market. Due to the obvious benefits, the demand of the method of how to achieve high quality of product keeps growing. During achieving the high quality process, the main troubles come from the impact between Eastern and Western culture. Chinese culture which is different with Western one have lasted as long as five thousand years. Such a culture deeply rooted in the hearts of Chinese people, and effected generation after generation of Chinese people's working style and ways of thinking. This thesis determines how to find a good fit point between Eastern and Western culture. Doing right thing by the right way. The nature of improving quality is improving management level in fact. "How to manage, who should be managed", the thesis explains the basic and best option to achieve those. It describes three-dimension-style management to monitoring the working process. This kind of management style can inspect production process from horizontal and vertical direction. In this management way, it defines effective evaluation system to every subcontractor, and makes the companies to achieve the ultimate goal - satisfy quality. Because of the importance of human factor, the thesis determines the range of training of the inspector and welder due to the current situation of China. The results show that in order to reach reliable training effective evaluation, not only the quality of the human but also the ultimate goal of product quality.