Stochastic particle models: mean reversion and burgers dynamics. An application to commodity markets

The aim of this study is to propose a stochastic model for commodity markets linked with the Burgers equation from fluid dynamics. We construct a stochastic particles method for commodity markets, in which particles represent market participants. A discontinuity in the model is included through an interacting kernel equal to the Heaviside function and its link with the Burgers equation is given. The Burgers equation and the connection of this model with stochastic differential equations are also studied. Further, based on the law of large numbers, we prove the convergence, for large N, of a system of stochastic differential equations describing the evolution of the prices of N traders to a deterministic partial differential equation of Burgers type. Numerical experiments highlight the success of the new proposal in modeling some commodity markets, and this is confirmed by the ability of the model to reproduce price spikes when their effects occur in a sufficiently long period of time.

Benefits of a low-cost one-phase current distortion detection device in appliance supply in low-voltage residential networks

In this bachelor’s thesis are examined the benefits of current distortion detection device application in customer premises low voltage networks. The purpose of this study was to find out if there are benefits for measuring current distortion in low-voltage residential networks. Concluding into who can benefit from measuring the power quality. The research focuses on benefits based on the standardization in Europe and United States of America. In this research, were also given examples of appliances in which current distortion detection device could be used. Along with possible illustration of user interface for the device. The research was conducted as an analysis of the benefits of current distortion detection device in residential low voltage networks. The research was based on literature review. The study was divided to three sections. The first explain the reasons for benefitting from usage of the device and the second portrays the low-cost device, which could detect one-phase current distortion, in theory. The last section discuss of the benefits of usage of current distortion detection device while focusing on the beneficiaries. Based on the result of this research, there are benefits from usage to the current distortion detection device. The main benefitting party of the current distortion detection device was found to be manufactures, as they are held responsible of limiting the current distortion on behalf of consumers. Manufactures could adjust equipment to respond better to the distortion by having access to on-going current distortion in network. The other benefitting party are system operators, who would better locate distortion issues in low-voltage residential network to start prevention of long-term problems caused by current distortion early on.

Catching up with competitiveness in emerging markets – An analysis of the role of the firm’s technology management strategies

Emerging markets have experienced rapid economic growth, and manufacturing firms have had to face the effects of globalisation. Some of the major emerging economies have been able to create a supportive business environment that fosters innovation, and China is a good example of a country that has been able to increase value-added investments. Conversely, when we look at Russia, another big emerging market, we witness a situation in which domestic firms struggle more with global competitiveness. Innovation has proven to be one of the most essential ingredients for firms aiming to grow and become more competitive. In emerging markets, the business environment sets many constraints for innovation. However, open strategic choices in new product development enable companies in emerging markets to expand their resource base and capability building. Networking and close inter-firm cooperation are essential in this regard. In this dissertation, I argue that technology transfer is one of the key tools for these companies to become internationally networked and to improve their competitiveness. It forces companies to reach outside the company and national borders, which in many cases, is a major challenge for firms in emerging markets. This dissertation focuses on how companies can catch up with competitiveness in emerging markets. The empirical studies included in the dissertation are based on analyses of survey data mainly of firms and their strategies in the Russian manufacturing industry. The dissertation contributes to the current strategic management literature by further investigating technology management strategies in manufacturing firms in emerging markets and the benefits of more open approaches to new product development and innovation.

Animal Spirits in Financial Markets: Agent-Based Model

In this work an agent based model (ABM) was proposed using the main idea from the Jabłonska-Capasso-Morale (JCM) model and maximized greediness concept. Using a multi-agents simulator, the power of the ABM was assessed by using the historical prices of silver metal dating from the 01.03.2000 to 01.03.2013. The model results, analysed in two different situations, with and without maximized greediness, have proven that the ABM is capable of explaining the silver price dynamics even in utmost events. The ABM without maximal greediness explained the prices with more irrationalities whereas the ABM with maximal greediness tracked the price movements with more rational decisions. In the comparison test, the model without maximal greediness stood as the best to capture the silver market dynamics. Therefore, the proposed ABM confirms the suggested reasons for financial crises or markets failure. It reveals that an economic or financial collapse may be stimulated by irrational and rational decisions, yet irrationalities may dominate the market.

International Entrepreneurship in Bottom of the Pyramid Markets – Overcoming institutional constraints

Bottom of the pyramid (BoP) markets are an underserved market of approximately four billion people living on under $5 a day in four regional areas: Africa, Asia, Eastern Europe and Latin America. According to estimations, the BoP market forms a $5 trillion global consumer market. Despite the potential of BoP markets, companies have traditionally focused on serving the markets of developed countries and ignored the large customer group at the bottom of the pyramid. The BoP approach as first developed by Prahalad and Hart in 2002 has focused on multinational corporations (MNCs), which were thought of as the ones who should take responsibility in serving the customers at the bottom of the pyramid. This study challenges this proposition and gives evidence that also smaller international new ventures – entrepreneurial firms that are international from their birth, can be successful in BoP markets. BoP markets are characterized by a number of deficiencies in the institutional environment such as strong reliance on informal sector, lack of infrastructure and lack of skilled labor. The purpose of this study is to increase the understanding of international entrepreneurship in BoP markets by analyzing how international new ventures overcome institutional constraints in BoP markets and how institutional uncertainty can be exploited by solving institutional problems. The main objective is divided into four sub objectives. • To describe the opportunities and challenges BoP markets present • To analyze the internationalization of INVs to BoP markets • To examine what kinds of strategies international entrepreneurs use to overcome institutional constraints • To explore the opportunities institutional uncertainty offers for INVs Qualitative approach was used to conduct this study and multiple-case study was chosen as a research strategy in order to allow cross-case analysis. The empirical data was collected through four interviews with the companies Fuzu, Mifuko, Palmroth Consulting and Sibesonke. The results indicated that understanding of the wider institutional environment improves the survival prospects of INVs in BoP markets and that it is indeed possible to exploit institutional uncertainty by solving institutional problems. The main findings were that first-hand experience of the markets and grassroots levels of information are the best assets in internationalization to BoP markets. This study highlights that international entrepreneurs with limited resources can improve the lives of people at the BoP with their business operations and act as small-scale institutional entrepreneurs contributing to the development of the institutional environment of BoP markets.

Suomen asuntomarkkinoiden kehitys vuosina 2000-2016

Kandidaatintutkielman tarkoituksena on tutkia Suomen asuntomarkkinoiden kehitystä kuluttajamarkkinanäkökulmasta 2000-luvulta alkaen. Tutkimuksen päätavoitteena on selvittää ennalta valittujen tekijöiden avulla, kuinka nämä ovat vaikuttaneet asuntomarkkinoihin. Tekijöiden avulla pystytään selvittämään kysynnän ja tarjonnan vaikutukset asuntomyyntiin. Tutkielman teoreettisen viitekehyksen muodostavat hintakehitys ja 4C-malli. Lisäksi tutkimuksessa on selvitetty talouden heilahteluiden vaikutuksia asuntomarkkinoihin sekä rakennuslupa-asioita ja asuntotuotantoa. Aineistot koostuvat kolmesta eri haastattelusta, joita tukevat aiheeseen liittyvät tilastot ja muu kirjallisuus. Haastatteluiden analyysissä etsitään tärkeimpiä vaikuttajia asuntomarkkinoilla. Tutkimuksessa selviää kaupungistumisen aiheuttaneen suuren muuttoliikenteen kaupunkien lähettyville, minne on alkanut muodostua pienempiä kaupunkikeskuksia. Kuluttajat haluavat asunnon sijaitsevan julkisten liikenneyhteyksien ja palveluiden läheisyydessä. Asuntokoot ovat vuoden 2000 jälkeen pienentyneet, jolloin asuntotuotantoa on jouduttu sopeuttamaan. Asuntolainan koron laskun myötä asuntomyynnin kasvu ei ole ollut toivotulla tasolla. Taloudellisten heilahtelujen myötä kuluttajiin on iskenyt epävarmuus, joka vähentää ihmisten halukkuutta ostaa asuntoja.

Return and volatility linkages between the S&P 500 and emerging stock markets in Eastern Europe

The aim of this thesis is to research mean return spillovers as well as volatility spillovers from the S&P 500 stock index in the USA to selected stock markets in the emerging economies in Eastern Europe between 2002 and 2014. The sample period has been divided into smaller subsamples, which enables taking different market conditions as well as the unification of the World’s capital markets during the financial crisis into account. Bivariate VAR(1) models are used to analyze the mean return spillovers while the volatility linkages are analyzed through the use of bivariate BEKK-GARCH(1,1) models. The results show both constant volatility pooling within the S&P 500 as well as some statistically significant spillovers of both return and volatility from the S&P 500 to the Eastern European emerging stock markets. Moreover, some of the results indicate that the volatility spillovers have increased as time has passed, indicating unification of global stock markets.

Lucius Oille property on St. Paul Street

Undated plan showing the Lucius S. Oille property on St. Paul Street. The plan shows property occupied by the Noble & Neelon Hardware Store.

An impact evaluation of the Ontario ban on smoking in schools and on school property : does the ban on smoking influence high school students' intentions to smoke cigarettes?

The Ontario Tobacco Control Act of 1994 imposed a total ban on smoking in schools, and on school property for every school in the province. The imposition of this policy created problems for school administrators. For instance, students who were smoking on walkways and properties adjacent to school boundaries, clashed with neighbouring property owners who were angry about the resulting damage and disruption. The enforcement of this policy consumes valuable resources at each school; therefore, knowledge about the impact of the policy is important. If effective, this policy has the potential to improve the health of students over their lifetime, by preventing or delaying smoking behaviour. Alternatively, an ineffective policy will continue to create administrative problems for the school and serve no legitimate purpose. Therefore, knowledge about the impact of the smoking ban policy on students' smoking intentions assists policy makers and school administrators in their understanding of the policy's impact within the schools. This research provided an impact evaluation of the ban on smoking in schools and on school property in Ontario. A total of 2069 students, from five high schools, in the Niagara Region, provided complete responses to a survey, designed to test whether smoking intentions were affected by the imposition of the policy. The study used Ajzen's theory of planned behaviour (Ajzen, 1991), specifically, the perceived behavioural control measure, to gain some understanding of students' perceptions of control over smoking imposed by the ban. The findings indicate the policy has the potential to influence students' overall smoking intentions. The ban on smoking policy was found to be a significant predictor of the smoking intentions of high school students. As well, attitude, social norms, and perceptions of control were significant predictors of smoking intentions. Exploratory findings also indicated differences between the control beliefs of students from different high schools, indicating potential differences in the enforcement of the smoking ban between schools. The findings also support the utility of the theory of planned behaviour as a methodology for evaluating the influence of punitive policies. This research study should be continued by utilizing the full theory of planned behaviour, including two phases of data collection and the measurement of actual smoking behaviour.

Multinational drug corporations, intellectual property rights and the Canadian state : a historical and critical analysis

This study critically analyzes the historical role and influence of multinational drug cotpOrations and multinational corporations in general; the u.s. government and the Canadian state in negotiating the global recognition ofIntellectual Property Rights (IPR) under GATT/NAFTA. This process began in 1969 when the Liberal government, in response to high prices for brand-name drugs amended the Patent Act to introduce compulsory licensing by reducing monopoly protection from 20 to seven years. Although the financial position ofthe multinational drug industry was not affected, it campaigned vigorously to change the 1969 legislation. In 1987, the Patent Act was amended to extend protection to 10 years as a condition for free trade talks with the u.s. Nonetheless, the drug industry was not satisfied and accused Canada of providing a bad example to other nations. Therefore, it continued to campaign for global recognition ofIPR laws under GATT. Following the conclusion of the GATTI Trade-Related aspects of Intellectual Property Rights agreement (TRIPS) in 1991, the multinational drug industry and the American government, to the surprise of many, were still not satisfied and sought to implement harsher conditions under NAFTA. The Progressive Conservative government readily agreed without any objections or consideration for the social consequences. As a result, Bill C-91 was introduced. It abandoned compulsory licenses and was made retroactive from December 21, 1991. It is the contention of this thesis that the economic survival of multinational corporations on a global scale depends on the role and functions of the modem state. Similarly, the existence of the state depends on the ideological-political and socioeconomic assistance it gives to multinational corporations on a national and international scale. This dialectical relation of the state and multinational corporations is explored in our theoretical and historical analysis of their role in public policy.

Exact property estimation from diffusion Monte Carlo with minimal stochastic reconfiguration /

Our objective is to develop a diffusion Monte Carlo (DMC) algorithm to estimate the exact expectation values, ($o|^|^o), of multiplicative operators, such as polarizabilities and high-order hyperpolarizabilities, for isolated atoms and molecules. The existing forward-walking pure diffusion Monte Carlo (FW-PDMC) algorithm which attempts this has a serious bias. On the other hand, the DMC algorithm with minimal stochastic reconfiguration provides unbiased estimates of the energies, but the expectation values ($o|^|^) are contaminated by ^, an user specified, approximate wave function, when A does not commute with the Hamiltonian. We modified the latter algorithm to obtain the exact expectation values for these operators, while at the same time eliminating the bias. To compare the efficiency of FW-PDMC and the modified DMC algorithms we calculated simple properties of the H atom, such as various functions of coordinates and polarizabilities. Using three non-exact wave functions, one of moderate quality and the others very crude, in each case the results are within statistical error of the exact values.

A qualitative study of inclusion at a residential summer camp

The purpose of this qualitative case study was to understand the inclusion process at a Project Rainbow affiliated camp. Project Rainbow is a non-profit organization which promotes inclusion into children's camps in Ontario. This study was completed in order to provide stakeholders of the camping industry insight on how inclusive techniques can be implemented in residential camps. The researcher observed one camp's inclusion techniques for six days. The researcher observed three campers with disabilities and the camp staff and campers that interacted with them on a daily basis. While the researcher was at the camp, she interviewed nine staff members. The staff members consisted of the camp director, the inclusion coordinator, four camp counsellors, and three inclusion counsellors. An additional interview was conducted after arriving home from camp with the manager from Project Rainbow. The qualitative analysis program NVivo was used to help organize the analyzed data. The researcher found that in attempting to build a culture of inclusion, two important concepts are necessary. First, mutual leadership involved the camp director and Project Rainbow working together as a team to facilitate the inclusion process. Second, power of supportive relationships focused on inclusion being the responsibility of everyone, teamwork, and creating a welcoming environment. Hints at some potentially serious problems related to staff training, teamwork, and attitudes of non-disabled campers pointed to future research and policies which focus on the Ontario and Canadian Camping Associations' role in inclusion, in addition to camp in this study and Project Rainbow.

Power, resistance and Spanish Residential School

This thesis explores the relationship between exercises of disciplinary power and acts of resistance as they relate to the negotiation of identities at Spanish Residential School between the years of 1878 and 1930. The school itself, originally Wikwemikong Industrial School, was administered by the Jesuits and the Daughters of the Heart of Mary and relocated to Spanish, Ontario in 1913. Various archival and printed sources have been used to reveal methods of disciplinary power that administrators used to reshape the Aboriginal students. However, despite their incessant efforts, the administrators of Spanish Residential School did not succeed in completely reforming their pupils. The documentary record, then, also suggests that students at Spanish Residential School, although confined in a very oppressive institution, creatively used opportunities to alter their circumstances.

Intellectual property rights and the campaign for access to essential medicines : the advocacy role assumed by Médecins Sans Frontières

Non-governmental organizations and transnational networks have been increasingly successful a t gaining influence within issue areas traditionally controlled by the state. In many instances, non-state actors have been instrumental in forcing issues onto the global agenda, have aided in the development or transformation of global regimes, and have participated in securing state compliance for the adoption of new international norms. This paper argues that, consistent with social constructivist theory, ideas are important in influencing state preferences and change may be possible when certain factors are present. I f non-state actors can influence states, it is meaningful to understand how this happens. This paper focuses on a campaign led by Medecins Sans Frontieres that began in the late 1990s to acquire affordable medicines for patients in developing states that could not afford patented drugs. The campaign reached a measure of success in that member states of the World Trade Organization re-negotiated contested terms and meanings within the trade agreement for intellectual property rights and allowed concessions that would benefit lower income states. What factors contributed to the success of the campaign? And what were the most important factors - the issue, the actors or the mechanisms used?

Welland Canal survey of the property of Jacob I. Ball in 1826

A detailed description of land purchased by the Welland Canal Company from Jacob I. Ball for the construction of the first Welland Canal. Noteable features include; line between Ker and Shaver properties, canal, road. Surveyor notes are seen in pencil on the map.