Winner-Loser Performance and Macroeconomic Effects during three last Economic Crises in Finnish Stock Market

The main purpose of this thesis is to investigate winner-loser performance when financial markets are facing crisis. This is examined through the idea that does the prior loser portfolios outperform the prior winner portfolios during the three major crises: The depression of the 1990s, the IT-Bubble and the Subprime -crisis. Firstly, the winner and loser portfolios superiority is counted by using the cumulative excess returns from the examination period. The portfolios were formed by counting the excess returns and locating them in to the order of superiority. The excess returns are counted by using one year pre-data before the actual examination period. The results of this part did not support the results of De Bondt & Thaler’s (1985) paper. Secondly, it is investigated how the Finnish and the US macroeconomic factors are seen to be affecting the stock market valuation in Finnish Stock Markets during economic crises. This is done to explain better the changes in the successes of the winner-loser performance. The crises included different amount of selected macro factors. Two latest crises involved as well few selected US macro factors. Exclusively the IT-Bubble -crisis had the most statistically significant results with the US factors. Two other crises did not receive statistically significant results. An extra research was produced to study do the US macro factors impact more significantly on Finnish stock exchange after lags. The selected lags were three, six, nine and twelve months. Three and six month lagged US macro factors during the IT-Bubble -crisis improved the results. The extra research did not improve the results of the Subprime -crisis.

VIX as a stock market indicator

The goal of this research was to make an overall sight to VIX and how it can be used as a stock market indicator. Volatility index, often referred as the fear index, measures how much does it cost for investor to protect his/hers S&P 500 position from fluctuations with options. Over the relatively short history of VIX it has succesfull timing coordinator and it has told about the market state adding its own psychological view of the amount of fear and greed.

Determination of the HMX and RDX content in synthesized energetic material by HPLC, FT-MIR, and FT-NIR spectroscopies

A new method has been developed for determining the content of mixtures of octahydro-1,3,5,7-tetranitro-1,3,5,7-tetrazocine (HMX) and hexahydro-1,3,5-trinitro-1,3,5-triazine (RDX), the HMX/RDX ratio, in explosive compositions by Fourier transform infrared spectroscopy (FT-IR), in the regions MIR (mid infrared) and NIR (near infrared) with reference values obtained by chromatographic analysis (HPLC). Plots of relative MIR (A917 / A783) or NIR absorbance values (A4412 / A4317) versus HMX/RDX ratio determined by HPLC analysis revealed good linear relationships.

Fish colonization of artificial reefs in a large Neotropical reservoir: material type and successional changes

Artificial reefs have barely been used in Neotropical reservoirs (about five studies in three reservoirs), despite their potential as a fishery management tool to create new habitats and also to understand fish ecology. We experimentally assessed how reef material (ceramic, concrete, and PVC) and time modulated fish colonization of artificial reefs deployed in Itaipu Reservoir, a large reservoir of the mainstem Parana´ River, Brazil. Fish richness, abundance, and biomass were significantly greater in the reef treatments than at control sites. Among the experimental reefs, ceramic followed by the concrete treatments were the materials most effectively colonized, harboring the majority of the 13 fish species recorded. Although dependent on material type, many of the regularities of ecological successions were also observed in the artificial reefs, including decelerating increases in species richness, abundance, mean individual size, and species loss rates with time and decelerating decreases of species gain and turnover rates. Species composition also varied with material type and time, together with suites of life history traits: more equilibrium species (i.e., fishes of intermediate size that often exhibit parental care and produce fewer but larger offspring) of the Winemiller-Rose model of fish life histories prevailed in later successional stages. Overall, our study suggests that experimental reefs are a promising tool to understand ecological succession of fish assemblages, particularly in tropical ecosystems given their high species richness and low seasonality

Validation and statistical analysis of two high performance liquid chromatography methods for the determination of indinavir sulfate raw material and capsules

Two high performance liquid chromatography (HPLC) methods for the quantitative determination of indinavir sulfate were tested, validated and statistically compared. Assays were carried out using as mobile phases mixtures of dibutylammonium phosphate buffer pH 6.5 and acetonitrile (55:45) at 1 mL/min or citrate buffer pH 5 and acetonitrile (60:40) at 1 mL/min, an octylsilane column (RP-8) and a UV spectrophotometric detector at 260 nm. Both methods showed good sensitivity, linearity, precision and accuracy. The statistical analysis using the t-student test for the determination of indinavir sulfate raw material and capsules indicated no statistically significant difference between the two methods.

Estudo de homogeneidade de lote de material silício metálico candidato a material de referência

From the perspective of the uncertainties in chemical measurements all uncertainty sources should be part of the uncertainty of the reference material. When the primary methods are not available, interlaboratorial comparisons are used as a means of certification. The material to be distributed to the laboratories should have its homogeneity confirmed. The uncertainty due to this factor will be added to the characterization uncertainty. This work presents a homogeneity study of a lot of silicon metal of chemical degree where the uncertainty due to inhomogeneity is obtained using analysis of variance.

Influência do material e volume do porta-amostra na determinação termogravimétrica do teor de cinzas em mel

The results suggest that the two variables studied are significant and that they may be independently optimized. The material of the sample holder interferes with the incineration process only due to the amount of heat transfered. The sample holder volume aids diffusion of the atmosphere to the honey sample, minimizing the foaming effect. According to the results, for the thermogravimetric analysis of ash content in honey, sample holders of platinum or alumina of 150 µL are indicated.

Asymptotic analysis of stock price densities and implied volatilities in mixed stochastic models

In this paper, we obtain sharp asymptotic formulas with error estimates for the Mellin con- volution of functions de ned on (0;1), and use these formulas to characterize the asymptotic behavior of marginal distribution densities of stock price processes in mixed stochastic models. Special examples of mixed models are jump-di usion models and stochastic volatility models with jumps. We apply our general results to the Heston model with double exponential jumps, and make a detailed analysis of the asymptotic behavior of the stock price density, the call option pricing function, and the implied volatility in this model. We also obtain similar results for the Heston model with jumps distributed according to the NIG law.

Análise de fármacos em material biológico: acoplamento microextração em fase sólida "no tubo" e cromatografia líquida de alta eficiência

A new solid phase microextraction (SPME) system, known as in-tube SPME, was recently developed using an open tubular fused-silica capilary column, instead of an SPME fiber, as the SPME device. On-line in-tube SPME is usually used in combination with high performance liquid chromatography. Drugs in biological samples are directly extracted and concentrated in the stationary phase of capillary columns by repeated draw/eject cycles of sample solution, and then directly transferred to the liquid chromatographic column. In-tube SPME is suitable for automation. Automated sample handling procedures not only shorten the total analysis time, but also usually provide better accuracy and precision relative to manual techniques. In-tube SPME has been demonstrated to be a very effective and highly sensitive technique to determine drugs in biological samples for various purposes such as therapeutic drug monitoring, clinical toxicology, bioavailability and pharmacokinetics.

Determinação de manganês em material particulado atmosférico de ambientes de trabalho utilizando eletrodo de diamante dopado com boro e voltametria de onda quadrada com redissolução catódica

A boron-doped diamond electrode is used for determination of Mn(II) in atmospheric particulate matter by square wave cathodic stripping voltammetry. The analytical curve was linear for Mn(II) concentrations between 5.0 and 37.5 µg L-1, with quantification limit of 3.6 µg L-1. The precision was evaluated by the relative standard deviation, with values between 5.1% and 9.3%. The electrode is free of adsorption, minimizing memory effects. Samples collected in the workplace atmosphere of a foundry had Mn(II) concentrations between 0.4 and 4 µg m-3. No significant differences were observed between the proposed method and inductively coupled plasma optical emission spectroscopy.

Kunnossapidon nykytila metsäteollisuuden voimalaitoksissa

Tämän diplomityön tavoitteena oli kartoittaa kunnossapidon nykytilaa metsäteollisuuden voimalaitoksissa. Asiaa selvitettiin kvalitatiivisena tutkimuksena, jossa haastateltiin kunnossapidon vastuuhenkilöitä. Tutkimuksen kohteeksi valittiin kahdeksan erikokoista voimalaitosta, jotka edustivat suurimpia Suomessa toimivia metsäteollisuuden konserneja. Työssä käsiteltiin tiedon ja materiaalin hallintaa, kunnossapidon suunnittelua ja organisointia sekä taloudellisia vaikutuksia. Tulokset on esitetty yleisessä muodossa ilman laitoskohtaista erittelyä. Metsäteollisuus toimii hyvin globaaleilla markkinoilla, joilla kilpailu on kiristynyt viime vuosina. Tehokkuutta on pyritty parantamaan kaikilla sektoreilla ja tämä näkyy muutoksena monilla kunnossapidon osa alueilla. Merkittävä muutos oli kunnossapitotoimintojen eriyttäminen omaksi yhtiöksi, joka oli toteutettu yhtiön strategisena valintana puolella tehtaista. Tutkimuksessa kävi myös ilmi, että henkilökunnan koulutukseen panostamalla tietojärjestelmiä voidaan hyödyntää tehokkaammin. Varastoon sidotun pääoman pienentäminen on merkinnyt materiaalilogistiikan tärkeyden korostumista tavoiteltaessa parempaa käyttövarmuutta. Kun lisäksi teollisuuden investointien määrät ovat viime vuosina laskeneet, on kunnossapidon ja etenkin sen suunnittelun rooli kasvanut.

Non-resorbable glass fibre-reinforced composite with porous surface as bone substitute material: Experimental studies in vitro and in vivo focused on bone-implant interface

The development of load-bearing osseous implant with desired mechanical and surface properties in order to promote incorporation with bone and to eliminate risk of bone resorption and implant failure is a very challenging task. Bone formation and resoption processes depend on the mechanical environment. Certain stress/strain conditions are required to promote new bone growth and to prevent bone mass loss. Conventional metallic implants with high stiffness carry most of the load and the surrounding bone becomes virtually unloaded and inactive. Fibre-reinforced composites offer an interesting alternative to metallic implants, because their mechanical properties can be tailored to be equal to those of bone, by the careful selection of matrix polymer, type of fibres, fibre volume fraction, orientation and length. Successful load transfer at bone-implant interface requires proper fixation between the bone and implant. One promising method to promote fixation is to prepare implants with porous surface. Bone ingrowth into porous surface structure stabilises the system and improves clinical success of the implant. The experimental part of this work was focused on polymethyl methacrylate (PMMA) -based composites with dense load-bearing core and porous surface. Three-dimensionally randomly orientated chopped glass fibres were used to reinforce the composite. A method to fabricate those composites was developed by a solvent treatment technique and some characterisations concerning the functionality of the surface structure were made in vitro and in vivo. Scanning electron microscope observations revealed that the pore size and interconnective porous architecture of the surface layer of the fibre-reinforced composite (FRC) could be optimal for bone ingrowth. Microhardness measurements showed that the solvent treatment did not have an effect on the mechanical properties of the load-bearing core. A push-out test, using dental stone as a bone model material, revealed that short glass fibre-reinforced porous surface layer is strong enough to carry load. Unreacted monomers can cause the chemical necrosis of the tissue, but the levels of leachable resisidual monomers were considerably lower than those found in chemically cured fibre-reinforced dentures and in modified acrylic bone cements. Animal experiments proved that surface porous FRC implant can enhance fixation between bone and FRC. New bone ingrowth into the pores was detected and strong interlocking between bone and the implant was achieved.

The Market Behavior of Emerging Stock Markets in Europe

This study investigates the over and underreaction effects in nine emerging stock markets of Europe. Especially, the possible behavioral aspects behind them are an area of interest. These aspects would link them strongly to behavioral finance. Second, our aim is to provide more evidence of the similar or dissimilar behavior in general among these countries. Third, the possibility to gain abnormal returns from these markets is also under investigation. Data from nine emerging stock market indexes in Europe is gathered from January 1, 1998 to January 1, 2008 to find answers to the stated questions. Studies for the over and underreaction effects are done using a variant of the event study methodology which in this case includes two different calculation methods for the expected returns. Studies are performed using 60 day time intervals. The results between the two different methods used are relatively similar concerning the over and underreaction effects. Another of the methods, however, suggests there to be behavioral aspects behind the effects interpreted. On the other hand, the another method does not support this suggestion. However, a conclusion can be made that the factors driving these countries' behavior are related to their geographical location and to the fact that they are emerging countries.

Composição elementar do material particulado presente no aerossol atmosférico do município de Sete Lagoas, Minas Gerais

The main objective of this study was the identification of sources generating particulate matter in the atmospheric aerosols of Sete Lagoas, Minas Gerais. The measurement of the mineral composition was accomplished by X-ray diffractometry and the elemental concentration by neutron activation analysis. The results showed that Al, Cl, Cu, Fe, K, Mg and Na are the predominant chemical elements in the total suspended particles (TPS). The presence of Na, Ba, Cl, Cu, Eu, Fe and Sm in those particles with aerodynamic diameter smaller than 10 µm (PM10), indicates that soil dust and ceramic and pig iron industries are the main sources of air quality degradation in the region.