Liquidity and Asset Pricing in the French Stock Market

This thesis investigates pricing of liquidity in the French stock market. The study covers 835 ordinary shares traded in the period of 1996-2014 on Paris Euronext. The author utilizes the Liquidity-Adjusted Capital Asset Pricing Model (LCAPM) recently developed by Acharya and Pedersen (2005) to test whether liquidity level and risks significantly affect stock returns. Three different liquidity measures – Amihud, FHT, and PQS – are incorporated into the model to find any difference between the results they could provide. It appears that the findings largely depend on the liquidity measure used. In general the results exhibit more evidence for insignificant influence of liquidity level and risks as well as market risk on stock returns. The similar conclusion was reported earlier by Lee (2011) for several regions, including France. This finding of the thesis, however, is not consistent across all the liquidity measures. Nevertheless, the difference in the results between these measures provides new insight to the existing literature on this topic. The Amihud-based findings might indicate that market resiliency is not priced in the French stock market. At the same time the contradicting results from FHT and PQS provide some foundation for the hypothesis that one of two leftover liquidity dimensions – market depth or breadth – could significantly affect stock returns. Therefore, the thesis’ findings suggest a conjecture that different liquidity dimensions have different impacts on stock returns.

Effects of tryptophan depletion on anxiety induced by simulated public speaking

Several lines of evidence point to the participation of serotonin (5HT) in anxiety. Its specific role, however, remains obscure. The objective of the present study was to evaluate the effect of reducing 5HT-neurotransmission through an acute tryptophan depletion on anxiety induced by a simulated public speaking (SPS) test. Two groups of 14-15 subjects were submitted to a 24-h diet with a low or normal content of tryptophan and received an amino acid mixture without (TRY-) or with (TRY+) tryptophan under double-blind conditions. Five hours later they were submitted to the SPS test. The state-trait anxiety inventory (STAI) and the visual analogue mood scale (VAMS) were used to measure subjective anxiety. Both scales showed that SPS induced a significant increase in anxiety. Although no overall difference between groups was found, there was a trend (P = 0.078) to an interaction of group x gender x phases of the SPS, and a separate analysis of each gender showed an increase in anxiety measured by the STAI in females of the TRY- group. The results for the female TRY- group also suggested a greater arousing effect of the SPS test. In conclusion, the tryptophan depletion procedure employed in the present study did not induce a significant general change in subjective anxiety, but tended to induce anxiety in females. This suggests a greater sensitivity of the 5HT system to the effects of the procedure in this gender.

Category fluency test: effects of age, gender and education on total scores, clustering and switching in Brazilian Portuguese-speaking subjects

Verbal fluency tests are used as a measure of executive functions and language, and can also be used to evaluate semantic memory. We analyzed the influence of education, gender and age on scores in a verbal fluency test using the animal category, and on number of categories, clustering and switching. We examined 257 healthy participants (152 females and 105 males) with a mean age of 49.42 years (SD = 15.75) and having a mean educational level of 5.58 (SD = 4.25) years. We asked them to name as many animals as they could. Analysis of variance was performed to determine the effect of demographic variables. No significant effect of gender was observed for any of the measures. However, age seemed to influence the number of category changes, as expected for a sensitive frontal measure, after being controlled for the effect of education. Educational level had a statistically significant effect on all measures, except for clustering. Subject performance (mean number of animals named) according to schooling was: illiterates, 12.1; 1 to 4 years, 12.3; 5 to 8 years, 14.0; 9 to 11 years, 16.7, and more than 11 years, 17.8. We observed a decrease in performance in these five educational groups over time (more items recalled during the first 15 s, followed by a progressive reduction until the fourth interval). We conclude that education had the greatest effect on the category fluency test in this Brazilian sample. Therefore, we must take care in evaluating performance in lower educational subjects.

Validation of the Beck Depression Inventory for a Portuguese-speaking Chinese community in Brazil

The objective of the present study was to investigate the psychometric properties and cross-cultural validity of the Beck Depression Inventory (BDI) among ethnic Chinese living in the city of São Paulo, Brazil. The study was conducted on 208 community individuals. Reliability and discriminant analysis were used to test the psychometric properties and validity of the BDI. Principal component analysis was performed to assess the BDI's factor structure for the total sample and by gender. The mean BDI score was lower (6.74, SD = 5.98) than observed in Western counterparts and showed no gender difference, good internal consistency (Cronbach's alpha 0.82), and high discrimination of depressive symptoms (75-100%). Factor analysis extracted two factors for the total sample and each gender: cognitive-affective dimension and somatic dimension. We conclude that depressive symptoms can be reliably assessed by the BDI in the Brazilian Chinese population, with a validity comparable to that for international studies. Indeed, cultural and measurement biases might have influenced the response of Chinese subjects.

Scientist-friendly policies for non-native English-speaking authors: timely and welcome

That English is the lingua franca of today's science is an indisputable fact. Publication in English in international journals is a pre-requisite for a research paper to gain visibility in academia. However, English proficiency appears to be taken for granted in the scientific community, though this language can be a hurdle for a number of authors, particularly from non-native English-speaking countries. The influence of English proficiency on the publication output of Brazilian authors has never been assessed. We report our preliminary data on the relationship between the English proficiency of 51,223 researchers registered in the CNPq database and their publication output in international journals. We have found that publication rates are higher for those authors with good command of English, particularly written English. Although our research is still underway and our results are preliminary, they suggest that the correlation between written English proficiency and research productivity should not be underestimated. We also present the comments of some Brazilian scientists with high publication records on the relevance of communication skills to the scientific enterprise.

Portfolio as an Indicator of Young Learners’ English Proficiency in Mainstream Language Instruction (EFL) and Bilingual Content Instruction (CLIL)

Tämä soveltavan kielitieteen ja kielitaidon arvioinnin toimintatutkimus tarkasteli kieliportfolion ominaisuuksia ja mahdollisuuksia nuorten oppijoiden englannin kielen arvioinnissa kahdessa eri oppimiskontekstissa: englanti oppiaineena (EFL) ja kaksikielinen sisällönopetus (CLIL). Tutkielman itsenäiset, kahteen eri englannin kielen rekisteriin (arkikieli ja akateeminen kieli) kohdistuneet portfoliokokeilut olivat erillisiä tapaustutkimuksia. Molemmat portfoliot perustuivat väljästi Eurooppalaiseen kielisalkkumalliin, ja ne olivat osa tutkielmantekijän luokkaopetusta ja -toimintaa. EFL -portfoliokokeilu 9-10-vuotiaille kolmasluokkalaisille toteutettiin marraskuun 2011 ja toukokuun 2012 välisenä aikana, kun CLIL -portfoliokokeilu n. 7-9-vuotiallle ensimmäisen ja toisen luokan oppilaille kesti kaksi lukuvuotta 2012–2014. Molemmissa kokeiluissa myös oppilaiden vanhemmat kuuluivat tutkimusjoukkoon, samoin CLIL -portfolion toteutuksessa avustaneet ja opettajanäkökulmaa edustaneet opettajaopiskelijat. Portfoliokokeilun aloitti myös kaksi muuta CLIL -opettajaa, mutta kumpikin kokeilu päättyi alkuvaiheeseensa. Tarkemman tarkastelun kohteina olivat tutkimuksen osallistujien kokemukset ja mielipiteet portfoliokokeiluista. Erityisesti tavoitteena oli selvittää, miten informatiivisena englannin kielitaidon indikaattorina kieliportfoliota pidettiin. Myös kehitysehdotuksia kerättiin. Trianguloitu aineisto koottiin sekä puolistrukturoiduin kyselyin että vapaaehtoisin teemahaastatteluin, jotka äänitettiin. EFL -aineisto koostui 18 oppilaskyselystä, 17 huoltajakyselystä ja 7 oppilashaastattelusta. CLIL -aineistoon sisältyi 19 oppilaskyselyä, 18 huoltajakyselyä, 7 oppilashaastattelua ja yksi opettajaopiskelijoiden (N=3) ryhmähaastattelu. Aineisto analysoitiin pääosin kvalitatiivisin menetelmin temaattisen sisältöanalyysin keinoin, mutta myös laskien frekvenssejä ja prosenttisosuuksia. Osallistujien mielipiteet ja kokemukset olivat hyvin samankaltaiset ja positiiviset kummassakin portfoliokokeilussa. Merkittävä enemmistö sekä oppilaista että huoltajista koki, että portfolion avulla on mahdollista osoittaa englannin kielitaitoa ja sen kehittymistä. Oppilaat kuvailivat portfoliotyötä hauskaksi ja kivaksi, ja heidän mielestään portfoliotehtävien pitäisi olla tarpeeksi haastavia, sisältää taiteellisia ja luovia elementtejä sekä kohdistua tuttuihin, mielenkiintoisiin aiheisiin. He totesivat, että portfolion avulla voi oppia lisää kieltä. Vanhempien mielestä portfolio kertoo koulun vieraiksi jääneistä oppisisällöistä, auttaa ymmärtämään lapsen ajatusmaailmaa ja motivaatiotasoa sekä paljastaa heidän kielitaidostaan uusia ulottuvuuksia. Opettajaopiskelijat havaitsivat, että portfolion avulla voi tutustua oppilaiden kieli- ja kulttuuritaustoihin sekä kartoittaa heidän kielellisiä tarpeitaan. Tämän tutkielman teoreettisen tarkastelun ja tulosten mukaan kieliportfolio tukee erinomaisesti uuden Perusopetuksen Opetussuunnitelman (NCC 2014) tavoitteita ja arvioinnin uudistuspyrkimyksiä sekä lainsäädännön arvioinnille asettamia edellytyksiä. Portfolio on erittäin suositeltava nuorten oppijoiden kielitaidon arviointimenetelmä perinteisten rinnalle.

Designing new learning experiences? : exploring corporate E-learners’ self-regulated learning

The context of this study is corporate e-learning, with an explicit focus on how digital learning design can facilitate self-regulated learning (SRL). The field of e-learning is growing rapidly. An increasing number of corporations use digital technology and elearning for training their work force and customers. E-learning may offer economic benefits, as well as opportunities for interaction and communication that traditional teaching cannot provide. However, the evolving variety of digital learning contexts makes new demands on learners, requiring them to develop strategies to adapt and cope with novel learning tools. This study derives from the need to learn more about learning experiences in digital contexts in order to be able to design these properly for learning. The research question targets how the design of an e-learning course influences participants’ self-regulated learning actions and intentions. SRL involves learners’ ability to exercise agency in their learning. Micro-level SRL processes were targeted by exploring behaviour, cognition, and affect/motivation in relation to the design of the digital context. Two iterations of an e-learning course were tested on two groups of participants (N=17). However, the exploration of SRL extends beyond the educational design research perspective of comparing the effects of the changes to the course designs. The study was conducted in a laboratory with each participant individually. Multiple types of data were collected. However, the results presented in this thesis are based on screen observations (including eye tracking) and video-stimulated recall interviews. These data were integrated in order to achieve a broad perspective on SRL. The most essential change evident in the second course iteration was the addition of feedback during practice and the final test. Without feedback on actions there was an observable difference between those who were instruction-directed and those who were self-directed in manipulating the context and, thus, persisted whenever faced with problems. In the second course iteration, including the feedback, this kind of difference was not found. Feedback provided the tipping point for participants to regulate their learning by identifying their knowledge gaps and to explore the learning context in a targeted manner. Furthermore, the course content was consistently seen from a pragmatic perspective, which influenced the participants’ choice of actions, showing that real life relevance is an important need of corporate learners. This also relates to assessment and the consideration of its purpose in relation to participants’ work situation. The rigidity of the multiple choice questions, focusing on the memorisation of details, influenced the participants to adapt to an approach for surface learning. It also caused frustration in cases where the participants’ epistemic beliefs were incompatible with this kind of assessment style. Triggers of positive and negative emotions could be categorized into four levels: personal factors, instructional design of content, interface design of context, and technical solution. In summary, the key design choices for creating a positive learning experience involve feedback, flexibility, functionality, fun, and freedom. The design of the context impacts regulation of behaviour, cognition, as well as affect and motivation. The learners’ awareness of these areas of regulation in relation to learning in a specific context is their ability for design-based epistemic metareflection. I describe this metareflection as knowing how to manipulate the context behaviourally for maximum learning, being metacognitively aware of one’s learning process, and being aware of how emotions can be regulated to maintain volitional control of the learning situation. Attention needs to be paid to how the design of a digital learning context supports learners’ metareflective development as digital learners. Every digital context has its own affordances and constraints, which influence the possibilities for micro-level SRL processes. Empowering learners in developing their ability for design-based epistemic metareflection is, therefore, essential for building their digital literacy in relation to these affordances and constraints. It was evident that the implementation of e-learning in the workplace is not unproblematic and needs new ways of thinking about learning and how we create learning spaces. Digital contexts bring a new culture of learning that demands attitude change in how we value knowledge, measure it, define who owns it, and who creates it. Based on the results, I argue that digital solutions for corporate learning ought to be built as an integrated system that facilitates socio-cultural connectivism within the corporation. The focus needs to shift from designing static e-learning material to managing networks of social meaning negotiation as part of a holistic corporate learning ecology.

Influence of heat treatment on the sensory and physical characteristics and carbohydrate fractions of french-fried potatoes (Solanum tuberosum L.)

AbstractThe aim of this study was to analyze the impact that heat treatment with salts and freezing processes on the sensory, instrumental, and physico-chemical characteristics of fried potatoes of the Monalisa cultivar. The potatoes were blanched in distilled water (P); sodium chloride solution (B1); calcium chloride solution (B2), and a solution with both of these salts (B3). They were then pre-cooked and frozen for 24 hours and for 30 days. After frying, sensory characteristics were analyzed (color, texture, flavor, oiliness), along with overall preference and instrumental determinations of texture, color, and oil content. Further tests were conducted on the sample with the best results in the sensory analysis (B1), along with sample P as a control, to determine granule microstructure, carbohydrate fractions, glycemic index, and glycemic load. Blanching B3, despite reducing oil absorption and providing less oiliness, obtained lesser overall preference. Freezing for 30 days increased the lightness, except for when sodium chloride was used, which intensified the color yellow. The use of sodium chloride did not interfere with the type of starch granules, nor with the formation of resistant starch; however, longer freezing time reduced the glycemic index and concentrated the dietary fiber content. All samples exhibited low glycemic index and moderate glycemic loads.

English L2 Learners’ Speech – And How the Spoken Language Course Affects Its Lexical Richness

Tässä sivuaineen tutkielmassa tarkasteltiin englannin kielen sanaston kehitystä lukion vieraan kielen syventävän suullisen kurssin aikana. Tutkimuksessa selvitettiin, miten oppilaiden sanastollinen rikkaus muuttuu puhutussa kielessä. Sanastollista rikkautta analysoitiin sanastollisen variaation ja sanastollisen tiheyden mittareilla. Työssä hyödynnettiin pitkittäistutkimusasetelmaa eli verrattiin yhden oppilasryhmän puhetta sekä ennen lukion englannin kielen suullista kurssia että sen jälkeen. Osanottajia oli yhteensä yhdeksän, jotka kaikki olivat lukion toisella vuosikurssilla. Osallistujien tekemät suulliset testit olivat osa Turun yliopiston keräämää tutkimuskäyttöön tarkoitettua materiaalia. Äänitteistä tehdyt transkriptiot muokattiin tätä tutkimusta varten sopiviksi, jonka jälkeen niistä mitattiin sanastollista rikkautta erilaisilla mittareilla. Aineistoa tutkittiin määrällisin menetelmin. Tulokset osoittavat, että keskimääräisesti sekä puheen sanastollinen variaatio että sanastollinen tiheys kehittyivät kurssin aikana hiukan. Toisin sanoen oppilaat käyttivät kurssin jälkeen tehdyssä testissä aavistuksen verran monipuolisempaa sanastoa, ja sisältösanojen osuus kieliopillisiin sanoihin nähden oli hieman suurempi kuin ennen kurssia. Kurssin aikana oppilaiden aktiivisessa sanavarastossa tapahtunut kehitys ei kuitenkaan ollut tilastollisesti merkitsevää. Lisäksi tutkimus osoitti, että osallistujien väliset erot olivat suuria, mutta erot tasoittuivat jonkin verran kurssin jälkeen. Tutkimustulosten perusteella voidaan olettaa englannin kielen suullisen kurssin sekä lisänneen oppilaiden sanastollista rikkautta että tasoittaneen yksilöllisiä eroja, yhdessä monien muiden mahdollisten tekijöiden kanssa. Tutkimusotoksen pienuuden vuoksi tuloksia ei kuitenkaan voida yleistää. Jatkossa olisi mielenkiintoista laajentaa tutkimusnäkökulmaa koskemaan muitakin sanastollisen rikkauden osa-alueita kuten sanastollista sofistikaatiota. Olisi myös mielenkiintoista sisällyttää tutkimukseen oppilaiden passsiivisen sanavaraston mittaaminen ja mahdollisesti tutkia englannin kielen suullisen kurssin vaikutuksia oppilaiden suullisen kielitaidon kehittymiseen laajemminkin kuin vain sanavaraston osalta.