Effect of genotype, finishing system, and sex on physiochemical characteristics of goat meat

Seventy-eight kids of both sexes and five genotypes were used: Alpine, ½ Boer + ½ Alpine (½ BA), ¾ Boer + ¼ Alpine, ½ Anglo-nubian + ½ Alpine and "tricross" (½ Anglo-nubian + ¼ Boer + ¼ Alpine) with initial average weight of 14.1 ± 2.5. The objective was to evaluate the effect of genotype, finishing system, and sex on the physiochemical characteristics of goat meat. Finishing systems were: ST1 - kid + dam in pasture and ST2 - weaned kid and feedlot. Kids in ST1 were kept in an area with Panicum maximum cv. Tanzania, and after grazing, water and mineral salt/mix were fed ad libitum to the animals. The animals in ST2 were confined in collective pens distributed according to genotypes and received diet with 16% CP and 73% TDN. The values of pH, a* (red content), Cooking Loss (CL), and Ether Extract (EE) percentage were influenced by genotype. Values for red content (a*) and L* (brightness), CL and percentages of moisture, protein, EE, and ash were influenced by the finishing system. Longissimus dorsi muscle from animals ½ BA exhibited better physiochemical characteristics. For greater tenderness and higher percentages of fat, consumers should choose female kid goat meat.

Sex Quartetter för 2 Violiner, Alt och Violoncello. Op. 1.

Erik Tulindberg (1761–1814) on maamme ensimmäisiä nimeltä tunnettuja taidesäveltäjiä. Hänen sävellyskäsikirjoituksensa hautautuivat sukuarkistojen kätköihin yli sadaksi vuodeksi, eikä tänä aikana tiedetty säveltäjästä mitään. Vuonna 1925 kirjastonhoitaja Arne Jörgensen löysi Kansalliskirjaston yksityisestä vanhojen nuottien kokoelmasta kolme käsin kirjoitettua nuottivihkoa, joiden todettiin sisältävän Tulindbergin ensiviulun, alttoviulun ja sellon äänet kuuteen jousikvartettoon. Toisen viulun stemmat puuttuvat. Tarkkaa sävellysvuotta kvartetoissa ei ole merkittynä, mutta on arveltu että ne sijoittuisivat 1780-luvulle.

PERFORMANCE ANALYSIS OF A TACTICAL ASSET ALLOCATION – Evidence from the Black–Litterman model based fixed income portfolio

Over time the demand for quantitative portfolio management has increased among financial institutions but there is still a lack of practical tools. In 2008 EDHEC Risk and Asset Management Research Centre conducted a survey of European investment practices. It revealed that the majority of asset or fund management companies, pension funds and institutional investors do not use more sophisticated models to compensate the flaws of the Markowitz mean-variance portfolio optimization. Furthermore, tactical asset allocation managers employ a variety of methods to estimate return and risk of assets, but also need sophisticated portfolio management models to outperform their benchmarks. Recent development in portfolio management suggests that new innovations are slowly gaining ground, but still need to be studied carefully. This thesis tries to provide a practical tactical asset allocation (TAA) application to the Black–Litterman (B–L) approach and unbiased evaluation of B–L models’ qualities. Mean-variance framework, issues related to asset allocation decisions and return forecasting are examined carefully to uncover issues effecting active portfolio management. European fixed income data is employed in an empirical study that tries to reveal whether a B–L model based TAA portfolio is able outperform its strategic benchmark. The tactical asset allocation utilizes Vector Autoregressive (VAR) model to create return forecasts from lagged values of asset classes as well as economic variables. Sample data (31.12.1999–31.12.2012) is divided into two. In-sample data is used for calibrating a strategic portfolio and the out-of-sample period is for testing the tactical portfolio against the strategic benchmark. Results show that B–L model based tactical asset allocation outperforms the benchmark portfolio in terms of risk-adjusted return and mean excess return. The VAR-model is able to pick up the change in investor sentiment and the B–L model adjusts portfolio weights in a controlled manner. TAA portfolio shows promise especially in moderately shifting allocation to more risky assets while market is turning bullish, but without overweighting investments with high beta. Based on findings in thesis, Black–Litterman model offers a good platform for active asset managers to quantify their views on investments and implement their strategies. B–L model shows potential and offers interesting research avenues. However, success of tactical asset allocation is still highly dependent on the quality of input estimates.

Economic capital allocation

For my Licentiate thesis, I conducted research on risk measures. Continuing with this research, I now focus on capital allocation. In the proportional capital allocation principle, the choice of risk measure plays a very important part. In the chapters Introduction and Basic concepts, we introduce three definitions of economic capital, discuss the purpose of capital allocation, give different viewpoints of capital allocation and present an overview of relevant literature. Risk measures are defined and the concept of coherent risk measure is introduced. Examples of important risk measures are given, e. g., Value at Risk (VaR), Tail Value at Risk (TVaR). We also discuss the implications of dependence and review some important distributions. In the following chapter on Capital allocation we introduce different principles for allocating capital. We prefer to work with the proportional allocation method. In the following chapter, Capital allocation based on tails, we focus on insurance business lines with heavy-tailed loss distribution. To emphasize capital allocation based on tails, we define the following risk measures: Conditional Expectation, Upper Tail Covariance and Tail Covariance Premium Adjusted (TCPA). In the final chapter, called Illustrative case study, we simulate two sets of data with five insurance business lines using Normal copulas and Cauchy copulas. The proportional capital allocation is calculated using TCPA as risk measure. It is compared with the result when VaR is used as risk measure and with covariance capital allocation. In this thesis, it is emphasized that no single allocation principle is perfect for all purposes. When focusing on the tail of losses, the allocation based on TCPA is a good one, since TCPA in a sense includes features of TVaR and Tail covariance.

Sueciae magnae, totius orbis regni antiquissimi, hodierna in sex principales suas partes, Gothiam nempe, Sueciam propriam sive stricté sumptam, Nordlandiam, Finniam, Ingriam, Livoniam, earundemque subdivisionum, ac adiacentium insularum geographica distinctio

Nimeke ylämarginaalissa.

historiae ecclesiasticae gentis Anglorum libri quinque : authore Beda, Presbytero ; praemittitur epitaphium discipulorum sex sancti Gregorii, Papae.

Colbertinus

historiae Longobardorum libri sex : initio et ad calcem occurrunt folia aliquot loco suo mota ; authoris nomen non comparet, is autem est Paulus Diaconus.

Faurianus

1.° Petri Pauli Vergerii, Justinopolitani, liber de politia Venetorum, eorumque legibus ac moribus, urbis situ, naturaque regionis. — 2.° Ejusdem liber de situ veteris Romae. — 3.° Anonymi chronica Italica. — 4.° Historiae ecclesiasticae omnium temporum libri sex : authore anonymo. — 5.° Sexti Rufi, viri Consularis, historiae Romanae breviarium. — 6.° Benevenuti de Rambaldis, Imolensis, liber augustalis de vitis Caesarum.

Faurianus

sancti Gregorii Turonensis historiae Francorum libri novem : primus liber integer, secundi sex priora capitula et alia passim desiderantur : ad calcem libri noni subjicitur Fredegarii chronicon ab anno quo desierat Gregorius, deductum ad annum 656. quod quidem à variis authoribus productum fuit ad annum 741. porrò chronicon Fredegarii cum additamentis, decimus Gregorii Turonensis liber in hoc codice inscribitur.

Colbertinus

rerum Sicanicarum libri sex : authore Francisco Maurolyco, Abbate Messanensi ; exemplar autographum.

Colbertinus

1.° L. Annaei Senecae libri duo de clementia, ad Neronem. — 2.° Ejusdem epistolarum libri viginti duo. — 3.° Ejusdem liber de remediis fortuitorum, ad Gallionem. — 4.° Ejusdem liber de septem liberalibus artibus. — 5.° Ejusdem, sive potiùs, Martini Dumiensis liber de quatuor virtutibus. — 6.° Declamationum libri decem. — 7.° L. Annaei Senecae libri sex de quaestionibus naturalibus. — 8.° Proverbia, sive Senecae, Publii Syri et aliorum sententiae. — 9.° Liber de moribus. — 10.° Senecae de beneficiis libri septem. — 11.° Ejusdem libri duo de providentia. — 12.° Ejusdem liber de beata vita, ad Gallionem. — 13.° Ejusdem liber de tranquillitate animi, ad Serenum. — 14.° Ejusdem liber de brevitate vitae, ad Paulinum. — 15.° Ejusdem de ira libri tres, ad Novatum. — 16.° Ejusdem liber de consolatione ad Martiam. — 17.° Ejusdem liber de consolatione ad Helviam matrem. — 18.° Pauli et Senecae epistolae mutuae supposititiae.

Colbertinus, antea Jacobi Augusti Thuani

1.° L. Annaei Senecae de quaestionibus naturalibus libri septem. — 2.° Fragmentum Adelardi, Bathensis, de quibusdam quaestionibus naturalibus. — 3.° Collatio Alexandri Magni et Dyndimi, Regis Brachmannorum, de philosophia, facta per litteras. — 4.° Senecae libri septem de beneficiis. — 5.° Ejusdem, sive potiùs, Martini Dumiensis liber de quatuor virtutibus. — 6.° Senecae liber de remediis fortuitorum. — 7.° Liber de verborum copia, qui Senecae tribuitur. — 8.° Ejusdem de clementia libri duo. — 9.° Pauli et Senecae epistolae mutuae supposititiae. — 10.° Senecae, Publii Syri et aliorum sententiae. — 11.° Senecae epistolae ad Lucilium centum viginti et sex.

Colbertinus, antea Jacobi Augusti Thuani