A performance analysis of conventional and fundamental exchange traded funds: ETFs and their risk-return characteristics in relation to building institutional investor’s passive portfolio

An exchange traded fund (ETF) is a financial instrument that tracks some predetermined index. Since their initial establishment in 1993, ETFs have grown in importance in the field of passive investing. The main reason for the growth of the ETF industry is that ETFs combine benefits of stock investing and mutual fund investing. Although ETFs resemble mutual funds in many ways, also many differences occur. In addition, ETFs not only differ from mutual funds but also differ among each other. ETFs can be divided into two categories, i.e. market capitalisation ETFs and fundamental (or strategic) ETFs, and further into subcategories depending on their fundament basis. ETFs are a useful tool for diversification especially for a long-term investor. Although the economic importance of ETFs has risen drastically during the past 25 years, the differences and risk-return characteristics of fundamental ETFs have yet been rather unstudied area. In effect, no previous research on market capitalisation and fundamental ETFs was found during the research process. For its part, this thesis seeks to fill this research gap. The studied data consist of 50 market capitalisation ETFs and 50 fundamental ETFs. The fundaments, on which the indices that the fundamental ETFs track, were not limited nor segregated into subsections. The two types of ETFs were studied at an aggregate level as two different research groups. The dataset ranges from June 2006 to December 2014 with 103 monthly observations. The data was gathered using Bloomberg Terminal. The analysis was conducted as an econometric performance analysis. In addition to other econometric measures, the methods that were used in the performance analysis included modified Value-at-Risk, modified Sharpe ratio and Treynor ratio. The results supported the hypothesis that passive market capitalisation ETFs outperform active fundamental ETFs in terms of risk-adjusted returns, though the difference is rather small. Nevertheless, when taking into account the higher overall trading costs of the fundamental ETFs, the underperformance gap widens. According to the research results, market capitalisation ETFs are a recommendable diversification instrument for a long-term investor. In addition to better risk-adjusted returns, passive ETFs are more transparent and the bases of their underlying indices are simpler than those of fundamental ETFs. ETFs are still a young financial innovation and hence data is scarcely available. On future research, it would be valuable to research the differences in risk-adjusted returns also between the subsections of fundamental ETFs.

The role of nuclear and other conventional power plants in the flexible energy system

This thesis reviews the role of nuclear and conventional power plants in the future energy system. The review is done by utilizing freely accesible publications in addition to generating load duration and ramping curves for Nordic energy system. As the aim of the future energy system is to reduce GHG-emissions and avoid further global warming, the need for flexible power generation increases with the increased share of intermittent renewables. The goal of this thesis is to offer extensive understanding of possibilities and restrictions that nuclear power and conventional power plants have regarding flexible and sustainable generation. As a conclusion, nuclear power is the only technology that is able to provide large scale GHG-free power output variations with good ramping values. Most of the currently operating plants are able to take part in load following as the requirement to do so is already required to be included in the plant design. Load duration and ramping curves produced prove that nuclear power is able to cover most of the annual generation variation and ramping needs in the Nordic energy system. From the conventional power generation methods, only biomass combustion can be considered GHG-free because biomass is considered carbon neutral. CFB combusted biomass has good load follow capabilities in good ramping and turndown ratios. All the other conventional power generation technologies generate GHG-emissions and therefore the use of these technologies should be reduced.

Effect of storage period on isoflavone content and physiological quality of conventional and transgenic soybean seeds

The objective in this research was to evaluate the isoflavone content and the physiological quality of seed from conventional and transgenic soybean cultivars before and after 180 days of storage. Twenty one soybean cultivars: CD 202, CD 206, CD 208, CD 213RR, CD 214RR, CD 215, CD 216, CD 217, CD 218, CD 221, BRS 184, BRS 185, BRS 214, BRS 244RR, BRS 245RR, BRS 246RR, BRS 255, BRS 257, BRS 258, BRS 261 and BRS 262, grown in the 2005/2006 crop season, were assayed. The seeds were packed in Kraft paper bags and stored at room temperature under laboratory conditions. Seeds were evaluated with respect to their germination and vigor (first germination count, accelerated aging and tetrazolium test) and their total isoflavone contents and respective aglycon forms (daidzein, genistein and glycitein),glycosides (daidzine, genistine and glycitine) and malonyl conjugates. A completely randomized block design with six replications with the treatments set out within a subplot scheme (21 cultivars x 2 storage periods) was used. The F-test was used to compare means between storage periods and the Scott-Knott test to compare cultivars for each storage period, both with a 95% probability. It was concluded that isoflavone contents differ between cultivars and show a distinct behavior throughout storage.

Näin opetan lisäävää valmistusta ja 3D-tulostusta: Pohdintoja uuden teknologian opetuksesta ja koulutuksesta

Additive manufacturing (shortened as AM), or more commonly 3D printing, consists of wide variety of different modern manufacturing technologies. AM is based on direct printing of a digital 3D model to a final product which is fabricated adding material layer by layer. This is from where term additive manufacturing has its origin. It is not only material what is added, but it is also value, properties etc. which are added. AM enables production of different and even better products compared to conventional manufacturing technologies. An estimation of potential of additive manufacturing can be gathered by considering the potential of laser cutting, which is one of the most widely used modern manufacturing technologies. This technique has been used over 40 years, and whole market around this technology is at the moment c. four billion euros and yearly growth is around 10 %. One factor affecting this success of laser cutting is that laser cutting enables radical improvements to products made of flat sheet. AM and 3D printing will do the same for three dimensional parts. Laser devices, which are at the moment used in 3D printing, are globally at the moment only around 1% of all laser devices used in any fabrication technology, so even with a cautious estimate the potential growth of at least 100 % is coming in next few years. Role of education is very important, when this kind of modern technology is industrially implemented. When both generation entering to work life and also generation who has been a while in work life understands new technology, its potential and limitations, this is the point when also product design can be rethought Potential of product design is driving force for wide use of additive manufacturing and 3D printing. Utilization of additive manufacturing and 3D printing is also opportunity for Finland and Finnish industry. This technology can save Finnish manufacturing industry. This technique has stron potential, as Finland has traditionally strong industrial know-how and good ICT knowledge.

"Our aim is to challenge this conventional wisdom". Luokkatutkimuksen keskusteluja Sosiologia-lehdessä ja British Journal of Sociologyssa 1970–2010

Tutkielmani aiheena on sosiologisen luokkatutkimuksen erot ja vaiheet Suomessa ja Iso-Britanniassa neljän vuosikymmenen aikana. Keskeinen tutkimuskysymykseni on, minkälaisia muutoksia suomalaisessa ja brittiläisessä luokkatutkimuskeskustelussa on tapahtunut vuosina 1970–2010, ja miten maiden sisäiset painotukset sosiologisessa luokkatutkimuksessa eroavat toisistaan. Empiirinen tutkimusaineisto koostuu suomalaisen Sosiologian ja brittiläisen British Journal of Sociologyn vuosina 1970–2010 julkaistuista luokkatutkimusartikkeleista. Tarkastelen aineistoani ja sen diskursseja luokasta Foucault'n tiedonarkeologista tutkimusotetta soveltaen. Historian keskeisyys kyseisessä lähestymistavassa sopii tämän tutkimuksen historialliseen tutkimusasetelmaan. Tiedonarkeologinen näkökulma erottuu diskurssianalyysin perinteistä siten, että se ei ole kiinnostunut esimerkiksi kirjoittajien positioinnista erilaisiin valta-asemiin, vaan teksteistä sekä niiden suhteista toisiinsa ja historialliseen tekstien jatkumoon. Haasteelliseksi tutkimukselle osoittautui mm. luokkatutkimuksen rajaaminen foucault'laisittain niin, että saataisiin tutkittavien diskurssien kokonaisuus ja suhteet esiin mahdollisimman hyvin. Diskurssien muutosten ohella olen myös tarkastellut luokkatutkimuksen artikkelimäärien prosentuaalista osuutta kaikista tutkimusartikkeleista vuosittain. Tuloksissa näkyy joitakin eroja maiden välillä, mutta osaksi myös samankaltaisia kehityskulkuja. Muutoksia näkyy esimerkiksi keskustelujen luokkateoreettisissa painotuksissa ja puheessa luokan selitysvoimasta.

Luomu- ja lähiruoan pakkaaminen : pakkausten vaatimukset ja tulevaisuuden trendit eteläsuomalaisten elintarvikeketjun toimijoiden näkökulmasta

Luomu- ja lähiruoan kysyntä Suomessa on kasvussa mutta niiden markkinoiden kasvua hidastavat muun muassa logistiset ja markkinoinnilliset haasteet. Yksi keino näiden haasteiden ylittämiseen on luomu- ja lähiruoan pakkausten kehittäminen. Tämän diplomityön tarkoituksena on kartoittaa luomu- ja lähiruoan pakkausten ja pakkaamisen nykyisiä vaatimuksia ja tulevaisuuden trendejä elintarvikeketjun toimijoiden näkökulmasta. Tavoitteena on tuottaa uutta tietoa hyödynnettäväksi pakkauskehityksessä. Tutkimuksen teoreettisessa osassa kartoitetaan luomu- ja lähiruokamarkkinoita Suomessa ja Euroopassa, elintarvikeketjua ja sen toimijoiden rooleja sekä pakkausten tehtäviä ja elementtejä. Tutkimusmenetelmänä on käytetty laadullista haastattelututkimusta ja tutkimuksen empiiristä osuutta varten haastateltiin 18 elintarvikeketjun toimijaa Etelä-Suomen alueelta. Elintarvikeketjun toimijoiden tärkeimmät vaatimukset luomu- ja lähiruoan pakkauksille liittyvät tuotteiden suojaamiseen ja säilyttämiseen sekä pakkausten erottumiseen tavanomaisen ruoan pakkauksista. Vaatimukset ovat hyvin pitkälti samoja eri toimijaryhmien kesken. Tulevaisuudessa luomu- ja lähiruoan pakkaukset ovat toimijoiden näkemyksen mukaan entistä erottuvampia, ekologisempia sekä tarkemmin asiakkaan ja tuotteen tarpeiden mukaan mietittyjä. Lisäksi pakkauksiin tullaan laittamaan aktiivisia ja älykkäitä ominaisuuksia, vaikka osa toimijoista näkeekin ne tarpeettomina.

Product recall process development for exported nonfood consumer products

The purpose of this research is to examine the different opportunities that companies operating on international level has for conducting a product recall. The main subject of the research is strategic decision-making of recall and product recall process. The theoretical framework, core of the research, is based on research questions. The research is performed as qualitative case study and the material has been collected by combining results of previous studies and by observing the case company. Different opportunities for conducting a recall are examined in the empirical part of this study. As a result, different product recall models have been created, which all require deep cooperation between different entities of the supply chain.

Screening of power to gas projects

The purpose of this thesis was the screening of power to gas projects worldwide and reviewing the technologies used and applications for the end products. This study focuses solely on technical solutions and feasibility, economical profitability is excluded. With power grids having larger penetrations of intermittent sources such as solar and wind power, the demand and production cannot be balanced in conventional methods. Technologies for storing electric power in times of surplus production are needed, and the concept called power to gas is a solution for this problem. A total of 57 projects mostly located in Europe were reviewed by going through publications, presentations and project web pages. Hydrogen is the more popular end product over methane. Power to gas is a viable concept when power production from intermittent sources needs to be smoothed and time shifted, when carbon free fuels are produced for vehicles and when chemical industry needs carbon neutral raw materials.

The Pricing of Customized Industrial Products

The main objective of this study was to examine the pricing of customized industrial products in international markets, and to understand what pricing decision making consists of. Another purpose of the study was to identify the main factors that affect the pricing decisions of industrial companies, as well as the different pricing strategies industrial companies may choose when pricing customized products. The research was conducted as a qualitative single case study, and a Finnish industrial company specializing in indoor environment solutions, Halton Marine Oy, was used as the case company in the study. The primary data was collected through semi-structured theme interviews with the key management personnel of the company, and the results were discussed and analyzed in the light of the existing literature. The results of this study indicate that the pricing of customized industrial products consists of several dimensions, and is influenced by a large variety of factors that are both internal and external to the firm. In addition, it was found that the choice of a pricing strategy is largely dependent on the chosen segment, the product category, and the stage in the product life cycle. The results also suggest that customizing companies should consider using the value-based pricing orientation, since customization is closely linked to customer value.

The identification, distribution and persistence of oxamyl and its degradation products in planted corn seed, seedling root and soil from oxamyl-treated corn seeds

A simple method was developed for treating corn seeds with oxamyl. It involved soaking the seeds to ensure oxamyl uptake, centrifugation to draw off excess solution, and drying under a stream of air to prevent the formation of fungus. The seeds were found to have an even distribution of oxamyl. Seeds remained fungus-free even 12 months after treatment. The highest nonphytotoxic treatment level was obtained by using a 4.00 mg/mL oxamyl solution. Extraction methods for the determination of oxamyl (methyl-N'N'-dimethyl-N-[(methylcarbamoyl)oxy]-l-thiooxamimidate), its oxime (methyl-N',N'-dimethyl-N-hydroxy-1-thiooxamimidate), and DMCF (N,N-dimethyl-1-cyanoformanade) in seed" root, and soil were developed. Seeds were processed by homogenizing, then shaking in methanol. Significantly more oxamyl was extracted from hydrated seeds as opposed to dry seeds. Soils were extracted by tumbling in methanol; recoveries range~ from 86 - 87% for oxamyl. Root was extracted to 93% efficiency for oxamyl by homogenizing the tissue in methanol. NucharAttaclay column cleanup afforded suitable extracts for analysis by RP-HPLC on a C18 column and UV detection at 254 nm. In the degradation study, oxamyl was found to dissipate from the seed down into the soil. It was also detected in the root. Oxime was detected in both the seed and soil, but not in the root. DMCF was detected in small amounts only in the seed.

A G. C./M. S. study of the reaction and decomposition products of pentafluorophenyl-grignard and lithium reagents

Decomposition and side reactions of, and the synthetic use of, pentafluorophenylmagnesium bromide and pentafluorophenyllithium have been investigated using G,C9/M.S, techniques• Their reactions with reagents such as CgF^X (X - H, F, CI, Br, 1), C6F4X2 (X - H, CI)f C6F3C13, C6H6. (CgX5)3P (X = H, F), (C6X5)3P=0 (X = H, F), (CgX5)Si (CH3)3 (X = H, F) and (CH0K SiCl , n = 1,2, in ether or ether/n-hexane were studied• In addition to the principal reaction of synthetic use, namely the replacement of a halogen by a pentafluorophenyl group, two types of side reactions were observed* These were (i) intermolecular loss of LiF via a nucleophilic substitution, and (ii) intramolecular loss of LiF, followed by the addition of either inorganic salts such as lithium or magnesium halides, or organometal compounds such as organolithium or organo-Grigaard* G.C«/M.S. techniques were routinely employed to study complicated reaction mixtures. Although mass spectrometry alone has disadvantages for the identification of isomers, deduction of the most probable pathway often helps overcome this problem.

Investigations in flow injection analysis (FIA): conventional FIA determination of chloride in water; sequential injection (SI)-FIA determination of mercury in water

Flow injection analysis (FIA) was applied to the determination of both chloride ion and mercury in water. Conventional FIA was employed for the chloride study. Investigations of the Fe3 +/Hg(SCN)2/CI-,450 nm spectrophotometric system for chloride determination led to the discovery of an absorbance in the 250-260 nm region when Hg(SCN)2 and CI- are combined in solution, in the absence of iron(III). Employing an in-house FIA system, absorbance observed at 254 nm exhibited a linear relation from essentially 0 - 2000 Jlg ml- 1 injected chloride. This linear range spanning three orders of magnitude is superior to the Fe3+/Hg(SCN)2/CI- system currently employed by laboratories worldwide. The detection limit obtainable with the proposed method was determin~d to be 0.16 Jlg ml- 1 and the relative standard deviation was determined to be 3.5 % over the concentration range of 0-200 Jig ml- 1. Other halogen ions were found to interfere with chloride determination at 254 nm whereas cations did not interfere. This system was successfully applied to the determination of chloride ion in laboratory water. Sequential injection (SI)-FIA was employed for mercury determination in water with the PSA Galahad mercury amalgamation, and Merlin mercury fluorescence detection systems. Initial mercury in air determinations involved injections of mercury saturated air directly into the Galahad whereas mercury in water determinations involved solution delivery via peristaltic pump to a gas/liquid separator, after reduction by stannous chloride. A series of changes were made to the internal hardware and valving systems of the Galahad mercury preconcentrator. Sequential injection solution delivery replaced the continuous peristaltic pump system and computer control was implemented to control and integrate all aspects of solution delivery, sample preconcentration and signal processing. Detection limits currently obtainable with this system are 0.1 ng ml-1 HgO.

Synthesis, Catalysis and Stoichiometric Reactivity of Mo Imido Complexes

The syntheses, catalytic reactivity and mechanistic investigations of novel Mo(IV) and Mo(VI) imido systems is presented. Attempts at preparing mixed bis(imido) Mo(IV) complexes of the type (RN)(R′N)Mo(PMe3)n (n = 2 or 3) derived from the mono(imido) complexes (RN)Mo(PMe3)3(X)2 (R = tBu (1) or Ar (2); X = Cl2 or HCl, Ar=2,6-iPr2C6H3) are also described. The addition of lithiated silylamides to 1 or 2 results in the unexpected formation of the C-H activated cyclometallated complexes (RN)Mo(PMe3)2(η2-CH2PMe2)(X) (R = Ar, X = H (3); R = tBu, X = Cl (4)). Complexes 3 and 4 were used in the activation of R′E-H bonds (E = Si, B, C, O, P; R′ = alkyl or aryl), which typically give products of addition across the M-C bond of the type (RN)Mo(PMe3)3(ER′)(X) (4). In the case of 2,6-dimethylphenol, subsequent heating of 4 (R = Ar, R′ = 2,6-Me2C6H3, E = O) to 50 °C results in C-H activation to give the cyclometallated complex (ArN)Mo(PMe3)3(κ2-O,C-OPh(Me)CH2) (5). An alternative approach was developed in synthesizing the mixed imido complex (ArN)(tBuN)Mo(PMe3)(η2-C2H4) (6) through EtMgBr reduction of (ArN)(tBuN)MoCl2(DME) in the presence of PMe3. Complex 6 reacts with various hydro- and chlorosilanes to give β-agostic silylamido complexes and in one case, when Me2SiHCl is the silane, leads to the silanimine complex (tBuN)Mo(η2-SiMe2-NAr)(Et)(η2-C2H4) (7). Mechanistic studies on the formation of the Mo(VI) tris(silyl) complex (tBuN)Mo(SiHPh)(H){(μ-NtBu)(SiHPh)}(PMe3)2 (8) were done from the addition of three equivalents of PhSiH3 to (tBuN)Mo(PMe3)(η2-C2H4), resulting in identification of β- and γ-agostic SiH…Mo intermediates. The reactivity of complex 8 towards ethylene and nitriles was studied. In both cases coupling of unsaturated substrates with the Mo-Si bond of the metalacycle was observed. In the case of nitriles, insertion into the 4-membered disilaazamolybdacycle results in complexes of the type (tBuN)Mo{(κ2-Si,C-SiHPh-NtBu-SiHPh-N=C(R)}(PMe3)2. Catalytic hydrosilylation of carbonyls mediated by the β-agostic silylamido complex (ArN)2Mo(η3-NtBu-SiMe2-H)(H) (9) was investigated. Stoichiometric reactions with organic substrates showed that catalysis with 9 does not proceed via the conventional insertion of substrate into the Mo-H bond.

Photograph - Dorothy Rungeling with Airplane sponsored by Thompson Products, 1952

A photograph of Dorothy Rungeling in front of her airplane sponsored by Thompson Products in the 1952 All Women's International Air Race from St. Augustine, Florida to Welland, Ontario.

On Stackelberg Equilibria with Differentiated Products: the Critical Role of the Strategy Space.

Nous Considerons Dans Cet Article un Modele de Duopole Avec Produits Differencies; Nous Montrons Que le Caractere Substituts Vs Complements de Ces Produits Est un Facteur Important Dans la Determination du Mode de Concurrence Strategique (Cournot-Bertrand, Nash Mixte, Stackelberg; En Prix Ou Quantites) Que L'on Est Susceptible D'observer. Si les Produits Sont Substituts (Complements), la Concurrence Sera du Type Cournot (Bertrand) Plutot Que du Type Nash Mixte a Moins Qu'une Firme Puisse Affirmer Son Leadership et Forcer une Concurrence a la Stackelberg Mais Quel Soit le Role Tenu Par une Firme, Il Sera Preferable Pour Elle Que la Concurrence S'exprime En Quantite (Prix). Par Ailleurs, la Concurrence a la Bertrand Est Toujours la Meilleure du Point de Vue des Consommateurs et du Point de Vue de L'efficacite Sociale, et Ce, Que les Produits Soient Susbtituts Ou Complements.