Exchange rate volatility and the use of foreign currency derivatives: Impact of 2008 global financial crisis

This thesis examines the impact of foreign exchange rate volatility to the extent of use of foreign currency derivatives. Especially the focus is on the impacts of 2008 global financial crisis. The crisis increased risk level in the capital markets greatly. The change in the currency derivatives use is analyzed by comparing means between different periods and in addition, by linear regression that enables to analyze the explanatory power of the model. The research data consists of financial statements figures from fiscal years 2006-2011 published by firms operating in traditional Finnish industrial sectors. Volatilities of the chosen three currency pairs is calculated from the daily fixing rates of ECB. Based on the volatility the sample period is divided into three sub-periods. The results suggest that increased FX market volatility did not increase the use foreign currency derivatives. Furthermore, the increased foreign exchange rate volatility did not increase the power of linear regression model to estimate the use foreign currency derivatives compared to previous studies.

Iran's domestic and foreign policies

Iran has a reputation of being a problematic country. Right now, it is proceeding with its nuclear program despite the opposition of the West and neighboring countries and the massive sanctions inflicted upon it. The country is also struggling with domestic issues. Half of Iran’s population belongs to different ethnic or religious minorities. They have poor rights to express their culture in the country, which is a cause of dissatisfaction among non-Shiite and non-Persian citizens. After the Arab Spring, the situation in Iran is getting more topical than ever. In the Syrian conflict, the Shiite Iran is constantly giving support to al-Assad’s regime. These are all factors that have aggravated the already irritated relations between Iran and the West.

On the effects of new forms of foreign aid

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GIS assessing traditional and modern agricultural land use/land cover change. A case study 1959-2005: Rekijoki, Somero, SW-Finland

Finland’s rural landscape has gone through remarkable changes from the 1950’s, due to agricultural developments. Changed farming practices have influenced especially traditional landscape management, and modifications in the arable land structure and grasslands transitions are notable. The review of the previous studies reveal the importance of the rural landscape composition and structure to species and landscape diversity, whereas including the relevance in presence of the open ditches, size of the field and meadow patches, topology of the natural and agricultural landscape. This land-change study includes applying remote sensed data from two time series and empirical geospatial analysis in Geographic Information Systems (GIS). The aims of this retrospective research is to detect agricultural landscape use and land cover change (LULCC) dynamics and discuss the consequences of agricultural intensification to landscape structure covering from the aspects of landscape ecology. Measurements of LULC are derived directly from pre-processed aerial images by a variety of analytical procedures, including statistical methods and image interpretation. The methodological challenges are confronted in the process of landscape classification and combining change detection approaches with landscape indices. Particular importance is paid on detecting agricultural landscape features at a small scale, demanding comprehensive understanding of such agroecosystems. Topological properties of the classified arable land and valley are determined in order to provide insight and emphasize the aspect the field edges in the agricultural landscape as important habitat. Change detection dynamics are presented with change matrix and additional calculations of gain, loss, swap, net change, change rate and tendencies are made. Transition’s possibility is computed following Markov’s probability model and presented with matrix, as well. Thesis’s spatial aspect is revealed with illustrative maps providing knowledge of location of the classified landscape categories and location of the dynamics of the changes occurred. It was assured that in Rekijoki valley’s landscape, remarkable changes in landscape has occurred. Landscape diversity has been strongly influenced by modern agricultural landscape change, as NP of open ditches has decreased and the MPS of the arable plot has decreased. Overall change in the diversity of the landscape is determined with the decrease of SHDI. Valley landscape considered as traditional land use area has experienced major transitional changes, as meadows class has lost almost one third of the area due to afforestation. Also, remarkable transitions have occurred from forest to meadow and arable land to built area. Boundaries measurement between modern and traditional landscape has indicated noticeable proportional increase in arable land-forest edge type and decrease in arable land-meadow edge type. Probability calculations predict higher future changes for traditional landscape, but also for arable land turning into built area.

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.

Phytosociology in agricultural areas submitted to distinct wintercropping management

Studies related to weed dynamics are essential for agricultural sustainability in tropical soils, as their interference can cause significant yield losses, especially in crops with lower competitive ability. This study aimed to assess the composition of weed communities in the third cropping season in areas submitted to distinct wintercroppings for two consecutive years. Evaluations were made in terms of species composition, level of infestation, and severity of occurrence of each weed species in relation to the others within the same area. The wintercropping management systems were: (1) Brachiaria ruziziensis; (2) corn intercropped with B. ruziziensis; (3) corn and (4) cowpea. Plant communities under these wintercrop systems were evaluated in the third year in terms of relative frequency, relative dominance, relative abundance and importance index for each species. Areas were also compared in terms of species composition by the Sorensen's similarity coefficient. Two years of distinct wintercrop managements were not enough to cause a significant shift in terms of weed composition and severity in a given area. There is also evidence that some weed species are more favored by specific crops, although the causes of this selective behavior are not fully explored in this article. The presence of B. ruziziensis, either alone or intercropped with corn, resulted in lower similarity coefficients when compared to areas where this species was not present. It is suggested that several mechanisms briefly discussed may be involved in the impact of the presence of B. ruziziensis on the weed community.

DETECTION OF GLYPHOSATE-RESISTANT PALMER AMARANTH (Amaranthus palmeri) IN AGRICULTURAL AREAS OF MATO GROSSO, BRAZIL

ABSTRACT The recent introduction of Palmer amaranth (Amaranthus palmeri) in Brazilian agricultural areas may promote several changes on weed management, especially in no-till systems and in glyphosate-resistant crops, since glyphosate-resistant biotypes of A. palmerihave been frequently selected in other countries. Therefore, this research was developed in order to evaluate the glyphosate susceptibility of a Palmer amaranth biotype recently identified in the State of Mato Grosso, Brazil. For this purpose, glyphosate susceptibility of three Amaranthusbiotypes was compared: A.hybridus var. patulus, collected in the State of Rio Grande do Sul - Brazil; A.hybridus var. patulus, collected in the State of São Paulo - Brazil; and A.palmeri, collected in the State of Mato Grosso - Brazil. Dose-response curves were generated for all biotypes, considering eight rates of glyphosate and six replicates. All the experiments were repeated twice. Both A.hybridus biotypes were satisfactorily controlled by glyphosate, demanding rates equal to or lower than 541.15 g a.e. ha-1 for 80% control (LD80). The A.palmeri biotype was not controlled by glyphosate in any of the assessments and required rates greater than 4,500 g a.e. ha-1 to reach LD80, which are economically and environmentally unacceptable. Comparison of the Brazilian A.palmeri biotype to the A. hybridus biotypes, as well as, to the results available in scientific international literature, led to the conclusion that the Brazilian Palmer amaranth biotype is resistant to glyphosate.

Weed Phytosociological and Floristic Survey in Agricultural Areas of Southwestern Goiás Region

The use of the Roundup Ready(r) technology and the cultivation of a second crop influence the floristic composition of weed communities in Brazilian Central-West region cropping systems. This study has aimed to diagnose the dominant weed species in southwestern Goiás in areas of genetically-modified and conventional soybeans, using phytosociological and floristic surveys. Weed sampling was obtained by collecting all the plants present within a 0.5 m hollow frame, randomly thrown 20 times in each of thirty-five agricultural areas in the 2012/2013 harvest. Field survey was carried out in three periods: before desiccation for soybean sowing, before postemergence herbicide in soybean first application and before postemergence herbicide application in late harvest. A total of 525 m2 was inventoried and 3,219 weeds were collected, which included 79 species, 58 genera and 28 families. Families Poaceae, Asteraceae, Euphorbiaceae, Fabaceae, Amaranthaceae, were the most representative in the survey. Species Cenchrus echinatus, Glycine max, Chamaesyce hirta, Commelina benghalensis, and Alternanthera tenella stood out in importance. The RR+millet soybean treatment had the highest number of species (44), while the conventional soybean + sorghum treatment had the lowest number of species (18). The highest number of species was recorded in first sampling period. Treatments conventional soybean + maize and conventional soybean + millet showed higher similarity (70%), while treatments RR soybean + millet and conventional soybean + sorghum showed the least (51%). Species of difficult control were recorded in all cultivation systems analyzed.

Foreign Operation Mode Strategies of Finnish Companies in Russia

The object of this study was to examine foreign operation mode strategies used by Finnish companies in Russia. Thus, it was necessary to understand how Finnish companies have used foreign operation modes and which factors have influenced on their foreign operation mode strategies in Russia. Moreover, the purpose was also to find out that have Finnish companies switched, stretched or combined their foreign operation modes. The study's empirical part was conducted as a semi structured qualitative within-case and cross-case analysis of seven case companies that are selected to represent different industries. There are five Finnish LSEs and two Finnish SMEs as case companies. The results of this study indicated that Finnish companies have mainly used exporting as their initial entry mode to the Russian market. After they had gained understanding and experience of the Russian market, they switched from non-equity and simple foreign operation modes to more challenging and equity demanding foreign operation modes, and established wholly owned operations.

Energy and Dynamics of the solar agricultural robot "SolarSprayer"

The main objective of the present study was to design an agricultural robot, which work is based on the generation of the electricity by the solar panel. To achieve the proper operation of the robot according to the assumed working cycle the detailed design of the main equipment was made. By analysing the possible areas of implementation together with developments, the economic forecast was held. As a result a decision about possibility of such device working in agricultural sector was made and the probable topics of the further study were found out.

Foreign Direct Investment and Shareholder Wealth Gains: Evidence from Finnish FDI in China

In Finnish discourse, “The China Effect” refers to the surge of offshoring activities by Western companies to China during the past couple of decades. Inspired by event studies concerning announcements of foreign direct investment, this thesis investigates the market’s reaction to Finnish companies’ announcement of FDI targeting the People’s Republic of China. Standard event study methodology is applied to 135 announcements related to subsidiaries, joint ventures and acquisitions between 1997 and 2014. The data is checked for contamination by unrelated coinciding events and outliers. A positive average abnormal return is found to take place on the date of the announcement. Additionally, the abnormal returns are found to exist only for projects announced before 2008, and only when the investment project is new, as opposed to investments made to extend previously established projects. Ownership arrangement and the novelty of facilities do not influence the market’s reaction towards the investment announcement.

Genetically Modified Organisms (GMOs) and Agroecology in Agricultural Production in the United States - A Comparative Analysis.

The world’s population is growing at a rapid rate and one of the primary problems of a growing is food supply. To ensure food supply and security, the biggest companies in the agricultural sector of the United States and all over the world have collaborated to produce genetically modified organisms, including crops, that have a tendency to increase yields and are speculated to reduce pesticide use. It’s a technology that is declared to have a multitude of benefits. During the same time period another set of practices has risen to the horizon by the name of agroecology. It spreads across many different sectors such as politics, sociology, environment, health and so on. Moreover, it involves primitive organic techniques that can be applied at farm level to enhance the performance of an ecosystem to effectively decrease the negative effect on environment and health of individuals while producing good quality foods. Since both the processes proclaim sustainable development, a natural question may come in mind that which one seems more favorable? During the course of this study, genetically modified organisms (GMOs) and agroecology are compared within the sphere of social, environmental and health aspects. The results derived upon a comparative analysis of scientific literature tend to prove that GMOs pose a greater threat to the environment, health of individuals and the generalized social balance in the United States compared to agroecological practices. Economic indicators were not included in the study and more studies might be needed in the future to get a broader view on the subject.