Rahoituksellisen velkaantuneisuuden ja B/P-luvun yhteys sekä niiden tuottojenennustuskyky

Tämän kandidaatintutkielman tarkoituksena oli tutkia rahoituksellisen velkaantuneisuuden vaikutusta yritysten B/P-lukuihin ja keskimääräisiin tuottoihin Suomen osakemarkkinoilla vuosina 1996–2012. Tutkielman perustana oleva ilmiö on B/P-anomalia, jonka mukaan korkean B/P:n osakkeet eli arvo-osakkeet menestyvät osakemarkkinoilla paremmin kuin matalan B/P:n osakkeet eli kasvuosakkeet. Useiden tutkijoiden mielestä arvoanomalioiden syynä on korkeampi systemaattinen riski, jonka yksi komponenteista on rahoituksellinen velkaantuneisuus. Näiden tutkimusten perusteella korkean B/P:n yrityksillä pitäisi olla korkeampi systemaattinen riski ja siten todennäköisesti myös korkeampi rahoituksellinen velkaantuneisuus. Aineistona tutkimuksessa toimi Helsingin pörssin yritykset vuosilta 1996–2012 pois lukien rahoitus- ja vakuutusalan yritykset sekä kiinteistösijoitusyhtiöt. Tulosten perusteella B/P:n sekä rahoituksellisen velkaantuneisuuden välillä oli positiivinen, monotoninen ja tilastollisesti merkitsevä suhde, kun aineiston yritykset olivat jaettu kolmeen portfolioon niiden B/P-lukujen perusteella, mutta yhteyttä ei ollut löydettävissä kuuden portfolion tapauksessa. B/P-anomaliasta oli viitteitä, kun portfolioina käytettiin kolmea B/P-luvun pohjalta muodostettua portfoliota, mutta erot eivät olleet tilastollisesti merkitseviä. Rahoituksellisen velkaantuneisuuden sekä keskimääräisten vuosituottojen väliltä ei ollut löydettävissä tilastollisesti merkitsevää yhteyttä tästä aineistosta.

Pricing of Liquidity Risks in London Stock Exchange

This thesis aims to investigate pricing of liquidity risks in London Stock Exchange. Liquidity Adjusted Capital Asset Pricing Model i.e. LCAPM developed by Acharya and Pedersen (2005) is being applied to test the influence of various liquidity risks on stock returns in London Stock Exchange. The Liquidity Adjusted Capital Asset Pricing model provides a unified framework for the testing of liquidity risks. All the common stocks listed and delisted for the period of 2000 to 2014 are included in the data sample. The study has incorporated three different measures of liquidity – Percent Quoted Spread, Amihud (2002) and Turnover. The reason behind the application of three different liquidity measures is the multi-dimensional nature of liquidity. Firm fixed effects panel regression is applied for the estimation of LCAPM. However, the results are robust according to Fama-Macbeth regressions. The results of the study indicates that liquidity risks in the form of (i) level of liquidity, (ii) commonality in liquidity (iii) flight to liquidity, (iv) depressed wealth effect and market return as well as aggregate liquidity risk are priced at London Stock Exchange. However, the results are sensitive to the choice of liquidity measures.

Geology of the Sand Creek porphyry molybdenum prospect /

The Sand Creek Prospect is located within the eastern exposed margin of the Coast Plutonic Complex. The occurrence is a plug and dyke porphyry molybdenum deposit. The rock types, listed in decreasing age: 1) metamorphlc schists and gneisses; 2) diorite suite rocks - diorite, quartz diorite, tonalite; 3) rocks of andesitic composition; 4) granodiorites, coarse porphyritic granodiorite, quartzfeldspar porphyry, feldspar porphyry; and 5) lamprophyre. Hydrothermal alteration is known to have resulted from emplacement of the hornblende-feldspar porphyry through to the quartz-feldspar porphyry. Molybdenum mineralization is chiefly associated with the quartz-feldspar porphyry. Ore mineralogy is dominated by pyrite with subordinate molybdenite, chalcopyrite, covelline, sphalerite, galena, scheelite, cassiterite and wolframite. Molybdenite exhibits a textural gradation outward from the quartz-feldspar porphyry. That is, disseminated rosettes and rosettes in quartz veins to fine-grained molybdenite in quartz veins and potassic altered fractures to fine-grained molybdenite paint or 6mears in the peripheral zones. The quartz-feldspar porphyry dykes were emplaced in an inhomogeneous stress field. The trend of dykes, faults and shear zones is 0^1° to 063° and dips between 58° NW and 86* SE. Joint Pole distribution reflects this fault orientation. These late deformatior maxima are probably superimposed upon annuli representing diapiric emplacement of the plutons. A model of emplacement involving two magmatic pulses is given in the following sequence: Diorite pulse (i) dioritequartz diorite, (ii) tonalites; granodiorite pulse (iii) hornblende-fildspar microporphyry, hornblende/biotite porphyry, (iv) coarse grained granodiorite, (v) quartz-feldspar porphyry, (vi) feldspar porphyry, and (vii) lamprophyre. The combination of plutonic and coarse porphyritic textures, extensive propylitic overprinting of potassic alteration assemblages suggests that the. prospect represents the lower reaches of a porphyry system.

A case study of a high functioning autistic female in a games setting

This study detennined whether or not a high functioning autistic girl can develop game structure strategies that may allow her to become an active participant in a game or sport environment. This qualitative case study involved the in-depth observation and description of one high functioning autistic student whose experience in a game setting would be studied. The type of case study carried out was a combination of descriptive and evaluative. This experience was investigated through structured, individual programming. Through on-site observation, journal entries, and hands on instruction, I was able to describe what progress the autistic student made in tenns of skill development. The results of the study demonstrated that a high-functioning autistic female has the potential to develop the necessary motor skills to participate in the chosen sport of basketball. The observation results and field notes contributed to a movement profile which described her habits of body. Teaching strategies and frameworks utilized during the study were described and listed. Insights and commentary are further provided. A thorough examination of autism and games programming is provided in the literature review.

Arsenic speciation by ion-exchange chromatography with on- line determination by hydride generation: electronic modification of the D.C. plasma by photon counting

A method using L-cysteine for the determination of arsenous acid (As(III)), arsenic acid (As(V)), monomethylarsonic acid (MMAA), and dimethylarsinic acid (DMAA) by hydride generation was demonstrated. The instrument used was a d.c. plasma atomic emission spectrometer (OCP-AES). Complete recovery was reported for As(III), As(V), and DMAA while 86% recovery was reported for MMAA. Detection limits were determined, as arsenic for the species listed previously, to be 1.2, 0.8, 1.1, and 1.0 ngemL-l, respectively. Precision values, at 50 ngemL-1 arsenic concentration, were f.80/0, 2.50/0, 2.6% and 2.6% relative standard deviation, respectively. The L-cysteine reagent was compared directly with the conventional hydride generation technique which uses a potassium iodide-hydrochloric acid medium. Recoveries using L-cysteine when compared with the conventional method provided the following results: similar recoveries were obtained for As(III), slightly better recoveries were obtained for As(V) and MMAA, and significantly better recoveries for DMAA. In addition, tall and sharp peak shapes were observed for all four species when using L-cysteine. The arsenic speciation method involved separation by ion exchange .. high perfonnance liquid chromatography (HPLC) with on-line hydride generation using the L.. cysteine reagent and measurement byOCP-AES. Total analysis time per sample was 12 min while the time between the start of subsequent runs was approximately 20 min. A binary . gradient elution program, which incorporated the following two eluents: 0.01 and 0.5 mM tri.. sodium citrate both containing 5% methanol (v/v) and both at a pH of approximately 9, was used during the separation by HPLC. Recoveries of the four species which were measured as peak area, and were normalized against As(III), were 880/0, 290/0, and 40% for DMAA, MMAA and As(V), respectively. Resolution factors between adjacent analyte peaks of As(III) and DMAA was 1.1; DMAA and MMAA was 1.3; and MMAA and As(V) was 8.6. During the arsenic speciation study, signals from the d.c. plasma optical system were measured using a new photon-signal integrating device. The_new photon integrator developed and built in this laboratory was based on a previously published design which was further modified to reflect current available hardware. This photon integrator was interfaced to a personal computer through an AID convertor. The .photon integrator has adjustable threshold settings and an adjustable post-gain device.

Niagara Region Municipality Records 1962-1963, 1969-1976, 1980

Niagara Region Municipality Records 1962-1963, 1969-1976, 1980

Drama in education : deconstructing the role of movement in text

The purpose of this study was to conduct a comparative textual analysis on the role of movement in 3 texts in Drama in Education in Canada. As the subject is holistic and encourages creative, active participation, movement was expected to appear, even inadvertently, in both theory and practice. It was hoped that guidelines for the use of movement within Drama in Education would emerge from the texts and that these guidelines would serve as models for others to use. A total of 26 Drama in Education experts in Canada were each asked to list the 10 most important texts in the field. Those who answered were assigned numbers and charted according to age, gender, and geography. An objective colleague helped narrow the group to 16 participants. A frequency count was used, assigning 10 points to the first text on each list, and descending to 1 point for the tenth text listed. Based on the highest number of points calculated, the 5 most frequently used texts were identified. These were compared to ascertain the widest representation ofthe authors' geographic location and gender, as well as differences in theory and practice. The final selection included 3 texts that represented differing approaches in their presentation and discussion of Drama in Education theories and practices. Analysis involved applying 5 levels of commitment to determine if,how, why, when, and with what results movement was explicitly or implicitly addressed in the 3 texts. Analysis resulted in several unexpected surprises around each of the 3 texts. The study also provided suggestions for extending and clarifying the role of movement in teaching and learning in general, as well as for Drama in Education in particular.

Memorial Hall, Chapman College, Orange, California

Memorial Hall, Chapman College, Orange, California. Part of sunken lawn visible in foreground. Constructed in 1922 by Allison & Allison for Orange Union High School. Listed in the National Registry for Historical Buildings.

Amacy Matthews Letters, 1918

The correspondence is dated October 19, 1918 and December 17, 1918. Amacy Matthews was the treasurer for the Township of Crowland. The correspondence is from J.W. [John Wells] Marshall, the county school inspector and relates to payments to be made to each teacher listed in the correspondence. Each letter includes the signature of the teacher acknowledging receipt of the funds. Teachers listed are Orlin McKenney, Edward Farr, Leonard Matthews, Charles Terreberry, Hiram Pratt, William VanAlstine, Grant Jenkinson and Harry Terreberry.

Reeves Hall, Chapman College, Orange, California

Reeves Hall, Chapman College, Orange, California. This historical building (2 floors, 17,862 sq.ft.), completed in 1913 is named in honor of George N. Reeves, president of the university from 1942 to 1956. It is listed in the National Registry for Historical Buildings and houses the Kathleen Muth Reading Center, College of Lifelong Learning, and the School of Education. Originally constructed to serve Orange Union High School, it was designed along with its twin building by Santa Ana architect Frank Eley. Acquired by Chapman College in 1954.

Reeves Hall, Chapman College, Orange, California

Reeves Hall, Chapman College, Orange, California. This historical building (2 floors, 17,862 sq.ft.), completed in 1913 is named in honor of George N. Reeves, president of the university from 1942 to 1956. It is listed in the National Registry for Historical Buildings and houses the Kathleen Muth Reading Center, College of Lifelong Learning, and the School of Education. Originally constructed to serve Orange Union High School, it was designed along with its twin building by Santa Ana architect Frank Eley. Acquired by Chapman College in 1954. Stamped on the back: Taylor Publishing Co. Job Number 30232 - Pict. No. 4 - Page No. 56 - Chapman College - Orange, Calif.

Reeves Hall, Chapman College, Orange, California

Reeves Hall, Chapman College, Orange, California. This historical building (2 floors, 17,862 sq.ft.), completed in 1913 is named in honor of George N. Reeves, president of the university from 1942 to 1956. It is listed in the National Registry for Historical Buildings and houses the Kathleen Muth Reading Center, College of Lifelong Learning, and the School of Education. Originally constructed to serve Orange Union High School, it was designed along with its twin building by Santa Ana architect Frank Eley. Acquired by Chapman College in 1954.

Reeves Hall, Chapman College, Orange, California

Reeves Hall and part of Roosevelt Hall, Chapman College, Orange, California. This historical building (2 floors, 17,862 sq.ft.), completed in 1913 is named in honor of George N. Reeves, president of the university from 1942 to 1956. It is listed in the National Registry for Historical Buildings and houses the Kathleen Muth Reading Center, College of Lifelong Learning, and the School of Education. Originally constructed to serve Orange Union High School, it was designed along with its twin building by Santa Ana architect Frank Eley. Acquired by Chapman College in 1954.

Reeves Hall, Chapman College, Orange, California

Reeves Hall, Chapman College, Orange, California. This historical building (2 floors, 17,862 sq.ft.), completed in 1913 is named in honor of George N. Reeves, president of the university from 1942 to 1956. It is listed in the National Registry for Historical Buildings and houses the Kathleen Muth Reading Center, College of Lifelong Learning, and the School of Education. Originally constructed to serve Orange Union High School, it was designed along with its twin building by Santa Ana architect Frank Eley. Acquired by Chapman College in 1954.

Reeves Hall, Chapman College, Orange, California

Reeves Hall, Chapman College, Orange, California. This historical building (2 floors, 17,862 sq.ft.), completed in 1913 is named in honor of George N. Reeves, president of the university from 1942 to 1956. It is listed in the National Registry for Historical Buildings and houses the Kathleen Muth Reading Center, College of Lifelong Learning, and the School of Education. Originally constructed to serve Orange Union High School, it was designed along with its twin building by Santa Ana architect Frank Eley. Acquired by Chapman College in 1954.