Moisture sorption isotherms of fresh and blanched pumpkin (Cucurbita moschata)

Moisture desorption isotherms of fresh and heat blanched pumpkins (Cucurbita moschata) were determined at three temperatures (30, 50 and 70 °C), using the standard, static-gravimetric method. The GAB, Oswin, BET, Halsey, and Henderson models were tested and, with the exception of the Henderson model, showed satisfactory fits to the experimental data. The GAB model was used to analyze the fitting ability to describe the isotherm type. The shape of the desorption isotherms of fresh and blanched pumpkin at 30 and 50 °C was intermediate to types II and III, and at 70 °C it was of type II for the blanched pumpkin and close to type II for the fresh sample. The influence of blanching on the decrease in equilibrium moisture was very small compared to the fresh samples and it was related to the loss of soluble solids during the pre-treatment. The isosteric heat of sorption measures indicated that a larger amount of heat was required to remove the water from the fresh samples than from the blanched ones.

Physicochemical changes in cubiu fruits (Solanum sessiliflorum Dunal) at different ripening stages

Cubiu shrubs (Solanum sessiliflorum Dunal) have drawn the attention of researchers for their biological versatility (preferential heliophilous or facultative ombrophilous shrubs), their capacity to grow in upland or lowland areas, and the good technological quality of their fruits for the food industry. The aim of this study was to verify physicochemical changes in cubiu fruits during maturation. The fruits were harvested from the experimental station of olericulture of the Instituto Nacional de Pesquisas da Amazônia (INPA), Brazil. The analyses were performed in whole cubiu fruits (peel, pulp, and placenta) at four traditional ripening stages (green, turning, ripe, and fully ripe) for the determination of weight, moisture, total solids, total carotenoids, proteins, lipids, and ash. Cubiu fruits showed large weight variation, with amodal distribution. The ripe stage was critical to maintain moisture, and from that stage on, water loss became evident. The lipids increased steadily over the four ripening stages, maintaining, however, insignificant calorie content. Total carotenoids, proteins, and ash reached the maximum level at the fully ripe stage. With the exception of weight and moisture, all physicochemical changes exhibited the same general behavior, i.e. they increased as the fruits ripened at the four investigated stages.

Physicochemical and microbiological characterization of cassava flower honey samples produced by africanized honeybees

Cassava producers in the region of Marília-São Paulo are integrating their farming activity with beekeeping to diversify their income. The aim of this study was to evaluate the physicochemical and microbiological quality of honey samples produced by Africanized honeybees Apis mellifera from cassava flower in 2008. Analysis were carried out for pH, total soluble solids (TSS), acidity, moisture, reducing and total sugars, apparent sucrose, hydroxymethylfurfural, color, ash, proteins, water insoluble solids, diastasic activity, mineral content, microbiological evaluations, and mineral and hydrocyanic acid (HCN) content. The honey samples showed physicochemical and microbiological characteristics favorable to commercialization, with the exception of apparent sucrose and acidity, which show the need for a narrow focus of attention to the honey maturation degree at the harvest time and more careful monitoring during production and processing. The commercialization of Brazilian cassava honey, still little explored, can be widely spread in the market since the levels of hydrocyanic acid (HCN) showed no consumption risk; in addition the simultaneous production of honey and cassava provides an alternative to family income increase.

Effect of high and low molecular weight glutenin subunits, and subunits of gliadin on physicochemical parameters of different wheat genotypes

Identification of functional properties of wheat flour by specific tests allows genotypes with appropriate characteristics to be selected for specific industrial uses. The objective of wheat breeding programs is to improve the quality of germplasm bank in order to be able to develop wheat with suitable gluten strength and extensibility for bread making. The aim of this study was to evaluate 16 wheat genotypes by correlating both glutenin subunits of high and low molecular weight and gliadin subunits with the physicochemical characteristics of the grain. Protein content, sedimentation volume, sedimentation index, and falling number values were analyzed after the grains were milled. Hectoliter weight and mass of 1000 seeds were also determined. The glutenin and gliadin subunits were separated using polyacrylamide gel in the presence of sodium dodecyl sulfate. The data were evaluated using variance analysis, Pearson's correlation, principal component analysis, and cluster analysis. The IPR 85, IPR Catuara TM, T 091015, and T 091069 genotypes stood out from the others, which indicate their possibly superior grain quality with higher sedimentation volume, higher sedimentation index, and higher mass of 1000 seeds; these genotypes possessed the subunits 1 (Glu-A1), 5 + 10 (Glu-D1), c (Glu-A3), and b (Glu-B3), with exception of T 091069 genotype that possessed the g allele instead of b in the Glu-B3.

TAKING ADVANTAGE OF THE LOCAL ADVANTAGE? - Investment value of the analyst local advantage in the Finnish stock market in 2006–2014

An investor can either conduct independent analysis or rely on the analyses of others. Stock analysts provide markets with expectations regarding particular securities. However, analysts have different capabilities and resources, of which investors are seldom cognizant. The local advantage refers to the advantage stemming from cultural or geographical proximity to securities analyzed. The research has confirmed that local agents are generally more accurate or produce excess returns. This thesis tests the investment value of the local advantage regarding Finnish stocks via target price data. The empirical section investigates the local advantage from several aspects. It is discovered that local analysts were more focused on certain sectors generally located close to consumer markets. Market reactions to target price revisions were generally insignificant with the exception to local positive target prices. Both local and foreign target prices were overly optimistic and exhibited signs of herding. Neither group could be identified as a leader or follower of new information. Additionally, foreign price change expectations were more in line with the quantitative models and ideas such as beta or return mean reversion. The locals were more accurate than foreign analysts in 5 out of 9 sectors and vice versa in one. These sectors were somewhat in line with coverage decisions and buttressed the idea of local advantage stemming from proximity to markets, not to headquarters. The accuracy advantage was dependent on sample years and on the measure used. Local analysts ranked magnitudes of price changes more accurately in optimistic and foreign analysts in pessimistic target prices. Directional accuracy of both groups was under 50% and target prices held no linear predictive power. Investment value of target prices were tested by forming mean-variance efficient portfolios. Parallel to differing accuracies in the levels of expectations foreign portfolio performed better when short sales were allowed and local better when disallowed. Both local and non-local portfolios performed worse than a passive index fund, albeit not statistically significantly. This was in line with previously reported low overall accuracy and different accuracy profiles. Refraining from estimating individual stock returns altogether produced statistically significantly higher Sharpe ratios compared to local or foreign portfolios. The proposed method of testing the investment value of target prices of different groups suffered from some inconsistencies. Nevertheless, these results are of interest to investors seeking the advice of security analysts.

Modeling Energy Futures Returns With Markov Regime Switching Model

Financial time series have a tendency of abruptly changing their behavior and maintain this behavior for several consecutive periods, and commodity futures returns are not an exception. This quality proposes that nonlinear models, as opposed to linear models, can more accurately describe returns and volatility. Markov regime switching models are able to match this behavior and have become a popular way to model financial time series. This study uses Markov regime switching model to describe the behavior of energy futures returns on a commodity level, because studies show that commodity futures are a heterogeneous asset class. The purpose of this thesis is twofold. First, determine how many regimes characterize individual energy commodities’ returns in different return frequencies. Second, study the characteristics of these regimes. We extent the previous studies on the subject in two ways: We allow for the possibility that the number of regimes may exceed two, as well as conduct the research on individual commodities rather than on commodity indices or subgroups of these indices. We use daily, weekly and monthly time series of Brent crude oil, WTI crude oil, natural gas, heating oil and gasoil futures returns over 1994–2014, where available, to carry out the study. We apply the likelihood ratio test to determine the sufficient number of regimes for each commodity and data frequency. Then the time series are modeled with Markov regime switching model to obtain the return distribution characteristics of each regime, as well as the transition probabilities of moving between regimes. The results for the number of regimes suggest that daily energy futures return series consist of three to six regimes, whereas weekly and monthly returns for all energy commodities display only two regimes. When the number of regimes exceeds two, there is a tendency for the time series of energy commodities to form groups of regimes. These groups are usually quite persistent as a whole because probability of a regime switch inside the group is high. However, individual regimes in these groups are not persistent and the process oscillates between these regimes frequently. Regimes that are not part of any group are generally persistent, but show low ergodic probability, i.e. rarely prevail in the market. This study also suggests that energy futures return series characterized with two regimes do not necessarily display persistent bull and bear regimes. In fact, for the majority of time series, bearish regime is considerably less persistent. Rahoituksen aikasarjoilla on taipumus arvaamattomasti muuttaa käyttäytymistään ja jatkaa tätä uutta käyttäytymistä useiden periodien ajan, eivätkä hyödykefutuurien tuotot tee tähän poikkeusta. Tämän ominaisuuden johdosta lineaaristen mallien sijasta epälineaariset mallit pystyvät tarkemmin kuvailemaan esimerkiksi tuottojen jakauman parametreja. Markov regiiminvaihtomallit pystyvät vangitsemaan tämän ominaisuuden ja siksi niistä on tullut suosittuja rahoituksen aikasarjojen mallintamisessa. Tämä tutkimus käyttää Markov regiiminvaihtomallia kuvaamaan yksittäisten energiafutuurien tuottojen käyttäytymistä, sillä tutkimukset osoittavat hyödykefutuurien olevan hyvin heterogeeninen omaisuusluokka. Tutkimuksen tarkoitus on selvittää, kuinka monta regiimiä tarvitaan kuvaamaan energiafutuurien tuottoja eri tuottofrekvensseillä ja mitkä ovat näiden regiimien ominaisuudet. Aiempaa tutkimusta aiheesta laajennetaan määrittämällä regiimien lukumäärä tilastotieteellisen testauksen menetelmin sekä tutkimalla energiafutuureja yksittäin; ei indeksi- tai alaindeksitasolla. Tutkimuksessa käytetään päivä-, viikko- ja kuukausiaikasarjoja Brent-raakaöljyn, WTI-raakaöljyn, maakaasun, lämmitysöljyn ja polttoöljyn tuotoista aikaväliltä 1994–2014, siltä osin kuin aineistoa on saatavilla. Likelihood ratio -testin avulla estimoidaan kaikille aikasarjoille regiimien määrä,jonka jälkeen Markov regiiminvaihtomallia hyödyntäen määritetään yksittäisten regiimientuottojakaumien ominaisuudet sekä regiimien välinen transitiomatriisi. Tulokset regiimien lukumäärän osalta osoittavat, että energiafutuurien päiväkohtaisten tuottojen aikasarjoissa regiimien lukumäärä vaihtelee kolmen ja kuuden välillä. Viikko- ja kuukausituottojen kohdalla kaikkien energiafutuurien prosesseissa regiimien lukumäärä on kaksi. Kun regiimejä on enemmän kuin kaksi, on prosessilla taipumus muodostaa regiimeistä koostuvia ryhmiä. Prosessi pysyy ryhmän sisällä yleensä pitkään, koska todennäköisyys siirtyä ryhmään kuuluvien regiimien välillä on suuri. Yksittäiset regiimit ryhmän sisällä eivät kuitenkaan ole kovin pysyviä. Näin ollen prosessi vaihtelee ryhmän sisäisten regiimien välillä tiuhaan. Regiimit, jotka eivät kuulu ryhmään, ovat yleensä pysyviä, mutta prosessi ajautuu niihin vain harvoin, sillä todennäköisyys siirtyä muista regiimeistä niihin on pieni. Tutkimuksen tulokset osoittavat myös, että prosesseissa, joita ohjaa kaksi regiimiä, nämä regiimit eivät välttämättä ole pysyvät bull- ja bear-markkinatilanteet. Tulokset osoittavat sen sijaan, että bear-markkinatilanne on energiafutuureissa selvästi vähemmän pysyvä.

Urana työllistyminen

Tutkimuksen tarkoituksena on ollut selvittää pitkään työttömänä olleiden ammatinvaihtajien ammatinvaihdon ja työllistymisen etenemistä. Tämän lisäksi tutkimuksessa on tarkasteltu kohderyhmän mielikuvaa ohjaavasta koulutuksesta. Pitkittäistutkimus on toteutettu seurannalla, jonka välietappina on ollut kohderyhmän osallistuminen ohjaavaan koulutukseen. Työvoimapoliittinen ohjaava koulutus edusti erityisesti vaikeasti työllistettäville kohdistettavaa interventiota, jolla pyrittiin puuttumaan työttömyyskierteeseen ja ehkäisemään syrjäytymiskehityksen jatkuminen. Tutkimuksen kohderyhmäksi valitut ihmiset (51) ovat suoranaisessa keskiössä tutkittaessa työelämästä syrjäytymistä. Heikentyneet työelämävalmiudet ja työmarkkinakelpoisuus ovat tehneet heistä vaikeasti työllistettäviä. Heidän valintansa kohderyhmäksi, työhallinnon tekemän kurssiosoituksen kriteereinä olevien pitkäaikaistyöttömyyden sekä epäonnistuneen ammatinvaihdon perusteella, osoittaa heidän olevan erityisen ohjauksen ja tuen tarpeessa. On kuitenkin huomattava, että heidät on valittu kohderyhmäksi paitsi kurssiosoituksen saaneina pitkäaikaistyöttöminä myös ammatinvaihtajina, jotka itse haluavat vaihtaa ammattiaan. Tutkimusaineistona ovat olleet työhallinnon asiakasrekisteritiedot ja seurantatutkimuksen perusteella muodostetuista ryhmistä valittujen neljän tapaushenkilön teemahaastatteluaineistot. Tutkimusaineistoa on käsitelty laadullisesti, koska tutkimus kuuluu laadullisen tutkimuksen piiriin sekä tutkimuksen kohteena olevan ilmiön, tutkimuskysymysten ja -aineistojen että tarkoituksensa perusteella. Tutkimuksessa on kuvattu pitkäaikaistyöttömien henkilöiden ammatinvaihtoa ja työllistymistä. Kuvatuissa tapauksissa ammatinvaihtotarve perustuu suurimmalla osalla terveydellisiin rajoitteisiin, joiden vuoksi aikaisemmassa työssä toimiminen on mahdotonta. Useimmiten vajaakuntoisuus on merkittävästi pitkittänyt heidän työttömyyttään. Tämän vuoksi seurantatutkimuksessa on keskitytty tarkastelemaan ammatinvaihtoprosessin etenemistä. Muun muassa työttömyyttä laajasti tutkineet Aho ja Vähätalo ovat todenneet vajaakuntoisuuden olevan merkittävä työttömyyden pitkittymiseen vaikuttava tekijä. Ahon mukaan vajaakuntoisiksi diagnosoituja on jopa viidennes kroonisesti pitkäaikaistyöttömistä työhallinnon asiakasrekisteriin kirjatuista henkilöistä. Monen tekijän summana pitkään työttömänä olleet henkilöt ovat vaarassa ajautua tilanteeseen, jossa he eivät enää kykene omin avuin löytämään ulospääsyä työttömyydestä Tämän seurantatutkimuksen perusteella vain hyvin harvalla kohderyhmään kuuluvista on ammatinvaihdossa ja työllistymisessä tapahtunut merkittävää edistymistä huolimatta useiden vuosien yrittämisestä. Ammatinvaihdon ja työllistymisen edistymistä on tarkasteltu sen perusteella, miten työelämään ja/tai koulutukseen sijoittumiset tai muut toiminnot ovat edesauttaneet tavoitteen toteutumista. Seurantatutkimuksessa on muodostettu neljä tyyppiryhmää ammatinvaihdon ja työllistymisen etenemisen perusteella. Ryhmät ovat: Ammatinvaihdossa onnistuneet (5), ammatinvaihdossa edistyneet (19), pitkäaikaistyöttömäksi jääneet (12) ja epätarkoituksenmukaisesti sijoittuneet (15). Ammatinvaihdossa onnistuneet ovat toteuttaneet ammatinvaihtonsa siirtymällä suoraan työelämään uudelle alalle, työllistymällä koulutusta vastaavaan työhön uudelleenkoulutuksen jälkeen tai kouluttautumalla uuteen ammattiin työllistymättä. Kuitenkin vain kolme heistä on sijoittunut seurannan päättyessä pysyväisluonteiseen terveydelleen soveltuvaan työhön muiden ollessa edelleen työttömänä. Ammatinvaihdossa edistyneet ovat suurimmaksi osaksi edistyneet ammatinvaihdossaan soveltuvien tukitöiden avulla. Työttömyys on kuitenkin jatkunut valtaosalla ja vain yksi heistä on sijoittuneena työelämään seurannan päättyessä. Tämä sijoittuminen ei ole kuitenkaan edistänyt ammatinvaihtoa. Pitkäaikaistyöttömäksi jääneet ovat olleet yhtäjaksoisesti työttömänä kokoseurantajakson ajan. Epätarkoituksenmukaisesti sijoittuneet ovat enimmäkseen sijoittuneet terveytensä kannalta haitallisiin ja/tai ammatinvaihtosuunnitelmilleen soveltumattomiin sijoitustöihin ja määräaikaisuuksiin. Seurannan päättyessä heovat joko työttömänä tai toimivat ammatinvaihtotavoitteensa kannalta haitallisissa työtehtävissä. Tämä on vahvistanut mielikuvaa, joka usealle heille on muodostunut ohjaavasta koulutuksesta työttömille suunnattuna sanktiona, joka ei edistä työllistymistä. Ohjaavassa koulutuksessa suurin osa heistä on kokenut hyötyneensä työharjoittelujaksosta, joka on antanut käyttökelpoista tietoa ammatinvalintaa varten. Lukuun ottamatta kolmea henkilöä, jotka ovat seurannan päättyessä pysyväisluonteisessa työssä terveydelleen soveltuvassa ammatissa, ovat kaikki muut kohderyhmään kuuluvat edelleen erityisen ohjauksen ja tuen tarpeessa johtuen ammatinvaihdon keskeneräisyydestä ja/tai työttömyyden jatkumisesta. Yhdistävänä tekijänä ammatinvaihdossa onnistuneilla vaikuttaa olleen tulevaisuususkon säilyminen pitkäaikaistyöttömyydessä. Sekä ammatinvaihdossa onnistuneet että edistyneet ovat kokeneet työttömyyteen katkoksia tuoneet työt merkityksellisinä riippumatta siitä, ovatko työtehtävät edistäneet ammatinvaihtoa.

Viljan hintariskiä vastaan suojautuminen Suomessa

Tässä tutkielmassa tarkastellaan viljan hintariskin merkitystä suomalaisen viljanviljelyyn keskittyneen maatalousyrittäjän tulonmuodostukseen ja vertaillaan keinoja, joilla tältä riskiltä voidaan tarvittaessa suojautua. Tutkielman tuloksena voidaan todeta seuraavaa: 1) Tarkasteluajanjaksolla 2000-2014 viljan hinnan volatiliteetti Suomessa on pääosin pysytellyt maltillisella tasolla, muutamaa poikkeusvuotta lukuunottamatta. 2) Suomalaisesta näkökulmasta maailman hyödykepörssien futuureista vain muutama soveltuu hintasuojauksen tehokkaaseen toteuttamiseen. 3) Viljan hintariskin kriittisyys viljelijälle riippuu vahvasti tämän tulonmuodostuksesta, joten on tapauskohtaista voidaanko hintasuojaksen toteutus katsoa tarpeelliseksi. 4) Mahdollisuudet viljan hintasuojauksen toteuttamiseen ovat Suomessa varsin rajalliset verrattuna esimerkiksi edelläkävijään Yhdysvaltoihin.

Methods of overcoming dormancy in Schizolobium amazonicum Huber ex Ducke (Leguminosae - Caesalpinioideae) seeds

Seed dormancy is a frequent phenomenon in tropical species, causing slow and non-uniform germination. To overcome this, treatments such as scarification on abrasive surface and hot water are efficient. The objective of this study was to quantify seed germination with no treatment (Experiment 1) and identify an efficient method of breaking dormancy in Schizolobium amazonicum Huber ex Ducke seeds (Experiment 2). The effects of manual scarification on electric emery, water at 80ºC and 100ºC and manual scarification on wood sandpaper were studied. Seeds were sown either immediately after scarification or after immersion in water for 24h in a sand and sawdust mixture. Germination and hard seed percentages and germination speed were recorded and analyzed in a completely randomized design. Analysis of germination was carried out at six, nine, 12, 15, 18, 21 and 24 days after sowing as a 4x2 factorial design and through regression analysis. Treatment means of the remaining variables were compared by the Tukey test. Seed germination with no treatment started on the 7th day after sowing and reached 90% on the 2310th day (Experiment 1). Significant interaction between treatments to overcome dormancy and time of immersion in water was observed (Experiment 2). In general, immersion in water increased the germination in most evaluations. The regression analyses were significant for all treatments with exception of the control treatment and immersion in water at 80ºC. Germination speed was higher when seeds were scarified on an abrasive surface (emery and sandpaper) and, in these treatments, the germination ranged from 87% to 96%, with no hard seeds. S. amazonicum seeds coats are impermeable to water, which hinders quick and uniform germination. Scarification on electric emery followed by immediate sowing, scarification on sandpaper followed by immediate sowing and sowing after 24h were the most efficient treatments for overcoming dormancy in S. amazonicum seeds.

Os dois métodos e o núcleo duro da teoria econômica

While methodological sciences have no object and are supposed to adopt a hypothetical-deductive method, substantive sciences including economics should use an empirical or historical-deductive method. The great classical economists and Keynes did that and were able to develop open models explaining how equally open economic systems work. Thus, the hard core of relevant economics is formed by the classical microeconomics and the classical theory of capitalist economic growth, and by Keynesian macroeconomics. In contrast, neoclassical economist aiming to build a mathematical science wrongly adopted the hypothetical-deductive method, and came to macroeconomic and growth models that do not have practical use in policymaking. The exception is Marshall's microeconomics that does not provide a model of real economic systems, but is useful to the analysis of markets.

Ciência econômica e modelos de explicação científica: retomando a questão

Economic science and scientific explanation models. Economics was born under the sign of methodological vagueness. The first author who tried to solve the question (John Stuart Mill) asserted that it is a kind of knowledge that uses the abstract (direct deductive) method but also that it is an exception because for all other phenomena in the field of moral science the correct method is the inverse deductive or historical method. On the other side, functionalist explanations that are condemned by the scientific precepts of economics are present in the science since its beginning with Adam Smith. Economics went ahead without worriment about these methodological issues but this indefiniteness has never gone off stage. Since the start of XXI century new facts are emerging. Developments in Psychology are giving a new breath to Friedman's point of view and seem to fortify the mainstream (Rogebert e Nordberg, 2005), whereas unfolding in complexity science promises to throw it down and put in its place another kind of explanation borrowed from Biology (Beinhocker, 2006). All this stimulates to retake the question. We do this here, under a critical vision, taking the taxonomy of scientific explanations framed by modern positivism.

Natural freeze crystallization : purification of aqueous Na2SO4 solutions with cold air

The aim of this thesis was to examine efficiency of freeze crystallization and eutectic freeze crystallization in purification of wastewater by imitating natural freezing. In addition, a mathematic model based on heat transfer to determine ice thickness and ice growth rate was examined. Also, the amount of sodium sulfate crystallized at the eutectic point was under investigation. In literature part, advantages and applications of the freeze crystallization are discussed, and possibility to apply it in Northern hemisphere winter weather conditions is under study. Furthermore, main sources of sodium sulfate from Finnish industries are described. The experiments were carried out in modified chest freezer, where a fan was placed in order to obtain laminar air flow inside. Picolog PT-104 data logger was used to monitor temperature changes in the salt-water solution, and constant temperature was maintained in the crystallizer with Lauda RP 850 thermostat. The impurity of formed ice layer was determined by weighing ice samples after experiment and again after 24 hours drying to full dryness in oven. Volume of salt-water solution was also measured after experiment. The highest purity of formed ice layer was obtained with small temperature difference and with long freezing time. On the other hand, the amount of crystallized sodium sulfate was its greatest with long freezing time and higher temperature difference. The results obtained by the mathematic model and empirical results did not differ significantly in most of the experiments. However, the difference increased when salt-water mixture reached its eutectic point, leading to simultaneous ice and salt crystallization. Eutectic point was reached only with the highest salt concentration with one exception. In these cases, calculated values were in many cases greater than the experimental ones. In winter weather conditions freeze crystallization is cost-effective wastewater treatment method and rather simple. Nonetheless, the efficiency and separation rate are strongly depended on ambient temperature and its changes

TAKING ADVANTAGE OF THE LOCAL ADVANTAGE? - Investment value of the analyst local advantage in the Finnish stock market in 2006–2014

An investor can either conduct independent analysis or rely on the analyses of others. Stock analysts provide markets with expectations regarding particular securities. However, analysts have different capabilities and resources, of which investors are seldom cognizant. The local advantage refers to the advantage stemming from cultural or geographical proximity to securities analyzed. The research has confirmed that local agents are generally more accurate or produce excess returns. This thesis tests the investment value of the local advantage regarding Finnish stocks via target price data. The empirical section investigates the local advantage from several aspects. It is discovered that local analysts were more focused on certain sectors generally located close to consumer markets. Market reactions to target price revisions were generally insignificant with the exception to local positive target prices. Both local and foreign target prices were overly optimistic and exhibited signs of herding. Neither group could be identified as a leader or follower of new information. Additionally, foreign price change expectations were more in line with the quantitative models and ideas such as beta or return mean reversion. The locals were more accurate than foreign analysts in 5 out of 9 sectors and vice versa in one. These sectors were somewhat in line with coverage decisions and buttressed the idea of local advantage stemming from proximity to markets, not to headquarters. The accuracy advantage was dependent on sample years and on the measure used. Local analysts ranked magnitudes of price changes more accurately in optimistic and foreign analysts in pessimistic target prices. Directional accuracy of both groups was under 50% and target prices held no linear predictive power. Investment value of target prices were tested by forming mean-variance efficient portfolios. Parallel to differing accuracies in the levels of expectations foreign portfolio performed better when short sales were allowed and local better when disallowed. Both local and non-local portfolios performed worse than a passive index fund, albeit not statistically significantly. This was in line with previously reported low overall accuracy and different accuracy profiles. Refraining from estimating individual stock returns altogether produced statistically significantly higher Sharpe ratios compared to local or foreign portfolios. The proposed method of testing the investment value of target prices of different groups suffered from some inconsistencies. Nevertheless, these results are of interest to investors seeking the advice of security analysts.

Parental and Successor Liability in EU Competition Law Infringements

Under EU competition law, parent companies may be held jointly and severally liable for the competition law infringements committed by their subsidiaries. The possibility of holding parent companies liable demonstrates a significant exception from the idea of separate legal entities. However, it is not the only deviation developed under EU competition law. In cases, where the legal entity responsible for the anti-competitive conduct has changed its form, liability can be attributed to the new operator, in particular, to its successor. The principles of legal certainty and legitimate expectations are issues that surround the doctrines of parental and successor liability. The aim of this thesis is to present a comprehensive comparative analysis of the parental and successor liability doctrines and to clarify the conditions under which it is possible to attribute liability for the infringements of EU competition law. The main purpose is therefore to demonstrate the problems related to the allocation of liability and to discuss whether these liability principles, established to assure the effective enforcement of the EU competition rules, are good solutions. The research methods used in this thesis are the legal dogmatic approach and the comparative law approach. The former enables the possibility of using the case law and legislation as a framework in which the difficulties concerning the application of parental and successor liability can be discussed while the latter ensures the comparison of the characteristics and judgments. The doctrines of parental and successor liability are both well established, but the application practice has caused several difficulties. These problems derive from, inter alia, the broadness and disjointed developed of the doctrines. There has been much recent case law dealing with these issues and having the potential to open up a considerable risk and to allocate strict liability for parent and successor companies.

Quattuor Evangelia, dits Evangiles de Saint Riquier ou de Centula.

ff. 1-6v : préfaces Plures fuisse (1-3), Novum opus (3-5), Ammonius (5-6) et Sciendum (6r-v); ff. 6v-9v : préface (6v-7) et table des chapitres (7-9v) de l’Evangile selon saint Matthieu; ff. 10-16v : tables des canons; ff. 17-63 : Evangile selon saint Matthieu; ff. 64-66 : préface (64r-v) et table des chapitres (64v-66) de l’Evangile selon saint Marc; ff. 66v-95 : Evangile selon saint Marc; ff. 95-100v : préface (95-96) et table des chapitres (96-100v) de l’Evangile selon saint Luc; ff. 101v-150v : Evangile selon saint Luc; ff. 151-152v : préface (151r-v) et table des chapitres (152r-v) de l’Evangile selon saint Jean; ff. 153v-188v : Evangile selon saint Jean; ff. 189-198v : Capitulare evangeliorum.