Essays on pricing of risk and international linkage of Russian stock market

Last two decades have seen a rapid change in the global economic and financial situation; the economic conditions in many small and large underdeveloped countries started to improve and they became recognized as emerging markets. This led to growth in the amounts of global investments in these countries, partly spurred by expectations of higher returns, favorable risk-return opportunities, and better diversification alternatives to global investors. This process, however, has not been without problems and it has emphasized the need for more information on these markets. In particular, the liberalization of financial markets around the world, globalization of trade and companies, recent formation of economic and regional blocks, and the rapid development of underdeveloped countries during the last two decades have brought a major challenge to the financial world and researchers alike. This doctoral dissertation studies one of the largest emerging markets, namely Russia. The motivation why the Russian equity market is worth investigating includes, among other factors, its sheer size, rapid and robust economic growth since the turn of the millennium, future prospect for international investors, and a number of important major financial reforms implemented since the early 1990s. Another interesting feature of the Russian economy, which gives motivation to study Russian market, is Russia’s 1998 financial crisis, considered as one of the worst crisis in recent times, affecting both developed and developing economies. Therefore, special attention has been paid to Russia’s 1998 financial crisis throughout this dissertation. This thesis covers the period from the birth of the modern Russian financial markets to the present day, Special attention is given to the international linkage and the 1998 financial crisis. This study first identifies the risks associated with Russian market and then deals with their pricing issues. Finally some insights about portfolio construction within Russian market are presented. The first research paper of this dissertation considers the linkage of the Russian equity market to the world equity market by examining the international transmission of the Russia’s 1998 financial crisis utilizing the GARCH-BEKK model proposed by Engle and Kroner. Empirical results shows evidence of direct linkage between the Russian equity market and the world market both in regards of returns and volatility. However, the weakness of the linkage suggests that the Russian equity market was only partially integrated into the world market, even though the contagion can be clearly seen during the time of the crisis period. The second and the third paper, co-authored with Mika Vaihekoski, investigate whether global, local and currency risks are priced in the Russian stock market from a US investors’ point of view. Furthermore, the dynamics of these sources of risk are studied, i.e., whether the prices of the global and local risk factors are constant or time-varying over time. We utilize the multivariate GARCH-M framework of De Santis and Gérard (1998). Similar to them we find price of global market risk to be time-varying. Currency risk also found to be priced and highly time varying in the Russian market. Moreover, our results suggest that the Russian market is partially segmented and local risk is also priced in the market. The model also implies that the biggest impact on the US market risk premium is coming from the world risk component whereas the Russian risk premium is on average caused mostly by the local and currency components. The purpose of the fourth paper is to look at the relationship between the stock and the bond market of Russia. The objective is to examine whether the correlations between two classes of assets are time varying by using multivariate conditional volatility models. The Constant Conditional Correlation model by Bollerslev (1990), the Dynamic Conditional Correlation model by Engle (2002), and an asymmetric version of the Dynamic Conditional Correlation model by Cappiello et al. (2006) are used in the analysis. The empirical results do not support the assumption of constant conditional correlation and there was clear evidence of time varying correlations between the Russian stocks and bond market and both asset markets exhibit positive asymmetries. The implications of the results in this dissertation are useful for both companies and international investors who are interested in investing in Russia. Our results give useful insights to those involved in minimising or managing financial risk exposures, such as, portfolio managers, international investors, risk analysts and financial researchers. When portfolio managers aim to optimize the risk-return relationship, the results indicate that at least in the case of Russia, one should account for the local market as well as currency risk when calculating the key inputs for the optimization. In addition, the pricing of exchange rate risk implies that exchange rate exposure is partly non-diversifiable and investors are compensated for bearing the risk. Likewise, international transmission of stock market volatility can profoundly influence corporate capital budgeting decisions, investors’ investment decisions, and other business cycle variables. Finally, the weak integration of the Russian market and low correlations between Russian stock and bond market offers good opportunities to the international investors to diversify their portfolios.

Implementointimetodologia ja projektinhallinta menestyksekkään konsultointitoiminnan tekijöinä Case: ADVOCORP OY

Työn teettäjä yrityksen ADVOCORP Oy:n tavoitteena oli löytää ja nimetä näkökulmia, joihin sen toiminnankehityssuunnitelmassa olisi osattava ottaa kantaa. Suurin osa kuluista syntyy projektityöstä. Pienessä (noin 10 henkilön) yrityksessä korostuu oikeisiin asioihin keskittyminen. Tässä työssä tarkastellaan käytössä olevan projektimetodologian sopivuutta nykyisiin asiakasprojekteihin. Lisäksi laadullisen projektin- ja tiedonhallinnan kautta pyritään tunnistamaan ja nimeämään toiminnankehityskohteita. Tuloksena esitetään ohjeellinen lausunto kehityssuunnitelman tekemiseksi yrityksessä. ADVOCORP Oy:n projektimetodologia perustuu Adaytumin julkaisemaan Planning-projektien läpivientiin suunniteltuun implementointimetodologiaan. Projektimetodologian tarkoitus on tarjota etukäteen suunniteltu malli toimitusprosessien systemaattiseksi läpiviemiseksi. Konsultoinnin ollessa yrityksen toimiala, työssä lähdetään liikkeelle tekijöiden tarkastelusta, joihin onnistunut konsultointityö perustuu. Projektimetodologian kehittämisen ohella työssä tarkennetaan nykyisen metodologiamallin sisältökuvausta ja eri projektivaiheissa toimitettavia asioita.

Sosiaalisen median hyödyntäminen ohjelmistoalan yrityksessä

Tässä työssä tutkittiin sosiaalista mediaa ja sen työvälineitä yritysten näkökannalta. Kirjallisuuden pohjalta selvitettiin sosiaalisen median käsitteitä, nykytilaa ja teknologioita sekä miten niitä voitaisiin parhaiten hyödyntää yrityksissä. Työn tavoitteena oli laatia suositus käyttöönotettavista Web 2.0 –teknologioista toimeksiantajayritykseen MaestroYhtiöihin. Tutkimuksen teoreettisessa osuudessa selvitettiin kirjallisuuden avulla sosiaalisen median nykytilaa yrityskäytössä. Teorian ja toimeksiantajayrityksen kanssa käytyjen keskustelujen perusteella laadittiin ehdotus sosiaalisen median käyttöönotosta kyseisessä yrityksessä. Ehdotuksena oli luoda sosiaalisen median strategia, jossa määritellään Web 2.0 –teknologioiden käyttö yrityksessä sekä sisäisesti että ulkoisesti. Strategiassa tulisi rajata, resursoida ja asettaa tavoitteet MaestroYhtiöiden sosiaalisen median käytölle, yrityksen näkyvyydelle erilaisissa virtuaaliyhteisöissä sekä Web 2.0 –teknologioiden hyödyntämiselle verkkoliiketoiminnassa. Samassa yhteydessä haluttiin päivittää myös asiakasyhteistyön ylläpitoon tarkoitettu Maestro ProForum vastaamaan nykyisiä ja tulevia asiakastarpeita.

Junan matkustajainformaatiojärjestelmän ohjaaminen

Matkustajat pitävät junissa annettavaa informaatiota entistä tärkeämpänä. Tähän haasteeseen pyritään vastaamaan rutiinikuulutusten, kuten asemille tulokuulutusten, automatisoinnilla. Kuulutukset soitetaan ääneen ja esitetään tekstinä näytöillä. Tällöin annettava informaatio on selkeää ja tasalaatuista myös vieraalla kielellä. Junan tiedot, kuten määränpää ja vaunun myyntinumero, esitetään junan ulkoseinällä ovien vierellä junaan nousevia matkustajia varten. Tässä diplomityössä luodaan yleiskatsaus junaväylään liittyviin standardeihin, TCN-standardiin ja UIC-556-määrelehteen. Yleiskatsauksen lisäksi käsitellään tarkemmin matkustajainformaatiojärjestelmään liittyvät osat. Tutustumme myös UIC-176-määrelehteen, joka käsittelee matkustajainformaatiojärjestelmän näyttöjä. Luomme yleiskatsauksen EKE-Elektroniikka Oy:n kehittämään modulaariseen junanhallintajärjestelmään. Työssä suunnitellaan asiakkaan ja standardien vaatimusten pohjalta matkustajainformaatiojärjestelmä, joka on integroitu junanhallintajärjestelmään. Tekstitiedon välittämiseen vaunusta toiseen käytetään WTB-junaväylää. Siinä kommunikoidaan UIC-556-määrelehden mukaisesti, joka mahdollistaa eurooppalaisen yhteensopivuuden. Työn tuloksena on määritelty järjestelmän fyysinen rakenne, ohjelmistorakenne, vaadittavat tietokannat, tiedon syöttäminen järjestelmälle ja junaväylässä käytettävät telegrammit. Erityishaasteena on ratkaistu tilanne, jossa juna jakautuu matkan varrella useampaan suuntaan.

Applying collective intelligence to idea evaluation at the front end of innovation

The study focuses on the front end of innovation process. Due to changes in innovation policies and paradigms customers, users and shopfloor employees are becoming increasingly important sources of knowledge. New methods are needed for processing information and ideas coming from multiple sources more effectively. The aim of this study is to develop an idea evaluation tool suitable for the front end of innovation process and capable of utilizing collective intelligence. The study is carried out as a case study research using constructive research approach. The chosen approach suits well for the purposes of the study. The constructive approach focuses on designing new constructs and testing them in real life applications. In this study a tool for evaluating ideas emerging from the course of everyday work is developed and tested in a case organization. Development of the tool is based on current scientific literature on knowledge creation, innovation management and collective intelligence and it is tested in LUT Lahti School of Innovation. Results are encouraging. The idea evaluation tool manages to improve performance at the front end of innovation process and it is accepted in use in the case organization. This study provides insights on what kind of a tool is required for facilitating collective intelligence at the front end of innovation process.

Market of biomass fuels in Finland : IEA Bioenergy Task 40 and EUBIONET III - Country report of Finland 2009

This study considered the current situation of solid and liquid biomass fuels in Finland. The fact that industry consumes more than half of the total primary energy, widely applied combined heat and power production and a high share of solid biomass fuels in the total energy consumption are specific to the Finnish energy system. Wood is the most important source of bioenergy in Finland, representing 20% of the total energy consumption in 2007. Almost 80% of the woodbased energy is recovered from industrial by-products and residues. As a member of the European Union, Finland has committed itself to the Union’s climate and energy targets, such as reducing its overall emissions of green house gases to at least 20% below 1990 levels by 2020, and increasing the share of renewable energy in the gross final consumption. The renewable energy target approved for Finland is 38%. The present National Climate and Energy Strategy was introduced in November 2008. The strategy covers climate and energy policy measures up to 2020, and in brief thereafter, up to 2050. In recent years, the actual emissions have exceeded the Kyoto commitment and the trend of emissions is on the increase. In 2007, the share of renewable energy in the gross final energy consumption was approximately 25% (360 PJ). Without new energy policy measures, the final consumption of renewable energy would increase to 380 PJ, which would be approximately only 31% of the final energy consumption. In addition, green house gas emissions would exceed the 1990 levels by 20%. Meeting the targets will need the adoption of more active energy policy measures in coming years. The international trade of biomass fuels has a substantial importance for the utilisation of bioenergy in Finland. In 2007, the total international trading of solid and liquid biomass fuels was approximately 77 PJ, of which import was 62 PJ. Most of the import is indirect and takes place within the forest industry’s raw wood imports. In 2007, as much as 21% of wood energy was based on foreign-origin wood. Wood pellets and tall oil form the majority of export streams of biomass fuels. The indirect import of wood fuels peaked in 2006 to 61 PJ. The foreseeable decline in raw wood import to Finland will decrease the indirect import of wood fuels. In 2004– 2007, the direct trade of solid and liquid biomass fuels has been on a moderate growth path. In 2007, the import of palm oil and export of bio-diesel emerged, as a large, 170 000 t/yr biodiesel plant came into operation in Porvoo.

Balancing effluent quality, economic cost and greenhouse gas emissions during the evaluation of (plant-wide) control/operational strategies in WWTPs

The objective of this paper was to show the potential additional insight that result from adding greenhouse gas (GHG) emissions to plant performance evaluation criteria, such as effluent quality (EQI) and operational cost (OCI) indices, when evaluating (plant-wide) control/operational strategies in wastewater treatment plants (WWTPs). The proposed GHG evaluation is based on a set of comprehensive dynamic models that estimate the most significant potential on-site and off-site sources of CO2, CH4 and N2O. The study calculates and discusses the changes in EQI, OCI and the emission of GHGs as a consequence of varying the following four process variables: (i) the set point of aeration control in the activated sludge section; (ii) the removal efficiency of total suspended solids (TSS) in the primary clarifier; (iii) the temperature in the anaerobic digester; and (iv) the control of the flow of anaerobic digester supernatants coming from sludge treatment. Based upon the assumptions built into the model structures, simulation results highlight the potential undesirable effects of increased GHG production when carrying out local energy optimization of the aeration system in the activated sludge section and energy recovery from the AD. Although off-site CO2 emissions may decrease, the effect is counterbalanced by increased N2O emissions, especially since N2O has a 300-fold stronger greenhouse effect than CO2. The reported results emphasize the importance and usefulness of using multiple evaluation criteria to compare and evaluate (plant-wide) control strategies in a WWTP for more informed operational decision making

Improved understanding of drought controls on seasonal variation in Mediterranean forest canopy CO2 and water fluxes through combined in situ measurements and ecosystem modelling

Water stress is a defining characteristic of Mediterranean ecosystems, and is likely to become more severe in the coming decades. Simulation models are key tools for making predictions, but our current understanding of how soil moisture controls ecosystem functioning is not sufficient to adequately constrain parameterisations. Canopy-scale flux data from four forest ecosystems with Mediterranean-type climates were used in order to analyse the physiological controls on carbon and water flues through the year. Significant non-stomatal limitations on photosynthesis were detected, along with lesser changes in the conductance-assimilation relationship. New model parameterisations were derived and implemented in two contrasting modelling approaches. The effectiveness of two models, one a dynamic global vegetation model ('ORCHIDEE'), and the other a forest growth model particularly developed for Mediterranean simulations ('GOTILWA+'), was assessed and modelled canopy responses to seasonal changes in soil moisture were analysed in comparison with in situ flux measurements. In contrast to commonly held assumptions, we find that changing the ratio of conductance to assimilation under natural, seasonally-developing, soil moisture stress is not sufficient to reproduce forest canopy CO2 and water fluxes. However, accurate predictions of both CO2 and water fluxes under all soil moisture levels encountered in the field are obtained if photosynthetic capacity is assumed to vary with soil moisture. This new parameterisation has important consequences for simulated responses of carbon and water fluxes to seasonal soil moisture stress, and should greatly improve our ability to anticipate future impacts of climate changes on the functioning of ecosystems in Mediterranean-type climates.

Gambling in Spain: update on experience, research and policy

AIMS: To describe the current situation of gambling in Spain, sketching its history and discussing the regulations and legislation currently in force within the framework of the European Union (EU), and to review the epidemiology of gambling in Spain, the self-help groups and professional treatments available, and their potential effectiveness. METHODS: A systematic computerized search was performed in three databases (EMBASE, PubMed and PsychINFO, including articles and chapters) and the reference lists from previous reviews to obtain some of the most relevant studies published up to now on the topic of pathologic gambling in Spain. RESULTS: Similar to other EU countries, Spain has a high prevalence of pathologic gambling, focused on specific culturally bounded types of gambling. Expenditure in online gaming has risen significantly in the last few years, prompting the Spanish government to draft new legislation to regulate gaming. CONCLUSIONS: The gaming industry is expected to be one of the fastest growing sectors in Spain in the coming years owing to the rise of new technologies and the development of online gaming

Size distribution of atmospheric particulate ionic species at a coastal site in Portugal

A Berner impactor was used to collect size-differentiated aerosol samples from March to August 2003 in the city of Aveiro, on the Portuguese west coast. The samples were analysed for the main water-soluble ion species. The average concentration of sulphate, nitrate, chloride and ammonium was 6.38, 3.09, 1.67 and 1.27 µg m-3, respectively. The results show that SO4(2-) and NH4+ were consistently present in the fine fraction < 1 µm, which represents, on average, 72 and 89% of their total atmospheric concentrations, respectively. The NO3-particles were concentrated in the coarse size. Chloride presented the characteristic coarse mode for marine aerosols. During some spring/summer events, an ammonium surplus was observed (NH4+/SO4(2-) molar ratios > 2), possibly due to greater availability of ammonia coming from agricultural activities or from the neighbouring chemical industrial complex. During the remaining periods, the aerosol was found to be somewhat acidic and predominantly in the form of ammonium bisulphate (NH4+/SO4(2-) molar ratios = 0.5-1.25). Samples collected under a major or exclusive influence of maritime air masses were essentially constituted by coarse particles with enrichment in sea salt, while for air masses of continental origin the contribution of water-soluble ionic species in the fine mode was more pronounced.

Control d'un sistema de marcatge làser de caixes

Avui en dia, l’alta competitivitat que existeix al mercat, fa que les empreses hagin d’esprémer al màxim les seves possibilitats per no quedar-se enrere. Un dels processos en que aquest fet hi és més present és el productiu. L’empresa JCM Technologies també engloba aquest camp i és en un dels seus processos productius on aquest projecte pren part. L’objectiu d’aquest projecte final de carrera ha estat desenvolupar un sistema per poder marcar caixes mitjançant un làser de CO2 i un automatisme manipulador de caixes. D’aquesta manera aquest procés productiu té una durada molt inferior a l’antic procés, que consistia en enganxar una etiqueta al lloc on ara és marcat pel làser. Per satisfer els objectius, s’ha creat una aplicació de Windows que per mitjà d’una interfície gràfica, permet a l’usuari realitzar els passos necessaris per fer el marcatge. Primerament es recullen les dades procedents de la comanda; seguidament es seleccionen les que s’han de marcar a les caixes i s’envien al làser mitjançant comunicació sèrie; una vegada aquesta inicialització ha finalitzat correctament, s’engega la seqüència de marcatge de les caixes, que en marcarà la quantitat indicada. Aquest procés de marcatge consisteix en supervisar l’estat en que es troben certes senyals, procedents de l’automatisme i del làser, i depenent d’aquestes generar-ne unes altres. Aconseguint així realitzar el procés de marcatge de cada caixa. Com a conclusions cal dir, que els objectius s’han complert, ja que s’ha aconseguit un procés de marcatge ràpid i robust. També s’ha aconseguit que les parts de configuració de l’aplicació, i de les caixes siguin de fàcil manipulació. Per tant, amb l’acompliment dels objectius d’aquest projecte, aconseguim completar el sistema de marcatge, i permetre que les caixes siguin marcades de forma correcta, ràpida i eficient.

Disseny i implementació d'una web administrable i d'una aplicació per dispositius mòbils

En la societat en què vivim cada vegada agafen més importància les pàgines web, ja que és una eina d’informació molt útil i ràpida de consultar. Per això, no s’entén que una activitat empresarial sigui del tipus que sigui, no tingui representació a la xarxa. No és necessari que l’activitat en qüestió hagi de vendre productes a través d’Internet, sinó que simplement aquesta representació pot ajudar a donar a conèixer l’empresa i a ampliar la cartera de clients. De la mateixa manera, els dispositius mòbils també s’estan convertint en una eina important en la societat d’avui en dia i una bona aplicació pot aportar-te un avantatge en moltes de les feines diàries de les persones. D’aquestes idees sorgeix el projecte de fer la web i l’aplicació pel centre de fisioteràpia Fisioripoll. La web serviria per tenir un lloc a la xarxa on donar-se a conèixer i poder captar nous clients, i l’aplicació funcionaria com a eina pel propi centre, seria una espècie d’agenda electrònica per saber les hores que tens reservades els pròxims dies. Per aconseguir un bon funcionament de la web, s’ha demanat que la pàgina sigui administrable en els seus continguts. És a dir, que els propis gestors del centre puguin canviar els texts, les imatges dels diferents apartats i gestionar les reserves dels clients. En canvi, l’aplicació serà només una eina de consulta i no s’hauria de gestionar res. Per tal de dur a terme aquesta web s’ha tingut en compte utilitzar eines de programació de distribució lliure com és el llenguatge PHP, la base de dades MySQL, jQuery, el framework Phonegap per tal de poder construir una web i una aplicació amb cost de programari nul.

Consultoria del procés de logística interna del laboratori d'anàlisis clíniques a l'Hospital General de Vic

Com a resultat de les politiques i estratègies de col·laboració entre la universitat de Vic i de l’hospital i de la voluntat de realitzar activitats formatives conjuntes , s’estableix un línia de treball orientada a l’estudi i anàlisi de la situació logística interna actual del laboratori d’anàlisis clíniques de l’Hospital General de Vic. El treball es centra en el procés intern del laboratori i l’abast de l’estudi es troba limitat a les àrees especifiques d’hematologia i coagulació i bioquí… [+]mica. D’aquestes dues àrees el treball realitza un estudi exhaustiu del seu procés intern, identifica les seves activitats i la seva metodologia de treball amb l’objectiu d’elaborar el Value Stream Map de cadascuna de les àrees. Les àrees de Microbiologia, Banc de Sang i Urgències resten fora d’aquest estudi exhaustiu tot i que són presents en el treball per la inevitable interacció que tenen en la globalitat del procés. El treball es centra bàsicament en els processos automatitzats tot i que els processos que es duen a terme en el laboratori són tant automatitzats com manuals. També es limita al sistema productiu intern del laboratori tot i la interacció que té aquest sistema intern amb altres centres productius del sistema com ara són els centres d’atenció primària, els diversos hospitals i centres d’atenció sociosanitària. El laboratori es troba immers en el moment de l’elaboració d’aquest treball en un situació de canvi i millora del seus processos interns que consisteixen principalment en la substitució de part la maquinària actual que obliguen a la definició d’un nou layout i d’una nova distribució de la producció a cada màquina. A nivell extern també s’estan produint millores en el sistema informàtic de gestió que afecten a part del seu procés. L’objectiu del treball és donar visibilitat total al procés de logística interna actual del laboratori, identificant clarament com són i quina seqüència tenen els processos logístics interns i els mètodes de treball actuals, tant de recursos màquina com recursos persona, per poder identificar sota una perspectiva de generació de valor, aquells punts concrets de la logística interna que poden ser millorats en quant a eficiència i productivitat amb l’objectiu que un cop identificats es puguin emprendre accions i/o projectes de millora. El treball finalitza amb un anàlisis final del procés logística interna des d’una òptica Lean. Per fer-ho, identifica aquelles activitats que no aporten valor al procés o MUDA i les classifica en set categories i es realitzen diverses propostes de millora com són la implantació d’un flux continu , anivellat i basat en un concepte pull , identifica activitats que poden ser estandarditzades i/o simplificades i proposa modificacions en les infraestructures físiques per donar major visibilitat al procés. L’aspecte humà del procés es planteja des d’un punt de vist de metodologia, formació, comunicació i aplicació de les 5S.

Verkkopohjainen palautusjärjestelmä harjoitustöille

Tiedostojen palautus erilaisissa kursseissa yleistyy. Harjoituksia ja harjoitustöitä palautetaan erilaisissa tiedostomuodoissa, yleensä sähköpostin välityksellä. Oppilaat saattavat palauttaa tiedostoja väärin nimettynä tai tiedostotyyppi on väärä, joka hankaloittaa tarkastusta. Oppilas määrän ollessa suuri, tulee palautuksia myös paljon, joka täyttää tarkastajan sähköpostin. Tämän kandidaatintyön tarkoitus on selventää mitkä ohjelmointikielet kävisivät verkkopohjaisen palautusjärjestelmän toteutukseen. Verkkopohjainen palautusjärjestelmä toteutetaan kirjallisuudesta löytyvän materiaalin perusteella.

Graft materials in oral surgery: revision

Oral implantology is a common procedure in dentistry, especially for fully or partially edentulous patients. The implants must be placed in the best location from both the aesthetic and functional point of view. Because of this it is increasingly more frequent to resort to regeneration techniques that use substitutes of the bone itself, in order to be able to insert the implants in the most appropriate location. Material and Methodology: A review was performed on the literature from the last ten years based on the following search limitations: "graft materials', 'allograft', 'xenograft', 'autologous graft" and 'dentistry". Results: 241 works were obtained that after reading their respective summaries, they were reduced to 38, and 9 previous works were included in order to summarize the concepts. Discussion: Autologous grafts are the 'gold standard' of the bone regeneration. They have obvious advantages, but they also have drawbacks. This is why allogeneic and xenogeneic tissues are used. The former because of their clear similarity with the recipient's tissue and the latter due to their wide availability. Given that these grafts also have drawbacks, the industry has developed synthetic materials that have properties similar to those of human bone tissue. However, as of today, the ideal material to substitute human bone has not yet been found. In recent years the tendency has been to combine these synthetic materials with the patient's own bone, which is extracted during drilling in implant placement, with bone marrow aspiration, or with bone morphogenetic proteins. Thus the intention is to equip these substances with the osteogenic capacity. Conclusions: There is currently no ideal graft material, with the exception of those materials that come directly from the patient. We hope that in the coming years we will have products that will allow us to perform rehabilitations with better results and provide a better quality of life for our patients, especially those who have more complex situations to resolve, like the patients that are operated on for head and neck cancer