Causality and Contagion in EMU Sovereign Debt Markets

This paper contributes to the literature by applying the Granger causality approach and endogenous breakpoint test to offer an operational definition of contagion to examine European Economic and Monetary Union (EMU) countries public debt behaviour. A database of yields on 10-year government bonds issued by 11 EMU countries covering fourteen years of monetary union is used. The main results suggest that the 41 new causality patterns, which appeared for the first time in the crisis period, and the intensification of causality recorded in 70% of the cases, provide clear evidence of contagion in the aftermath of the current euro debt crisis.

Análisis arqueomorfológico y dinámica territorial en el Vallés Oriental (Barcelona) de la Protohistoria s. VI-V a.C.) a la alta Edad Media (s. IX-X)

La investigación sobre el paisaje en zonas urbanas o periurbanas implica importantes limitaciones metodológicas. En el presente estudio, el trabajo se centra en un llano pre-litoral próximo a la ciudad de Barcelona, el Vallès Oriental, profundamente urbanizado en las últimas dos décadas, hecho que condiciona la recuperación de nuevos datos arqueológicos y la implementación de programas de prospección arqueológica. Asimismo, la particular topografía que presenta el llano, caracterizado por unos relieves suaves, ha obligado a adaptar la metodología del análisis arqueomorfológico a este contexto geográfico. El artículo presenta los resultados del análisis arqueomorfológico realizado, que han sido cruzados con la documentación histórica y arqueológica para caracterizar —desde una perspectiva diacrónica— la red viaria, la estructuración territorial y la evolución del poblamiento de esta área y, finalmente, determinar las dinámicas del paisaje en época romana. La investigación sobre la morfología del territorio se ha llevado a cabo a partir de un intenso trabajo de fotointerpretación y análisis de la cartografía histórica en entorno SIG, especialmente útil en un paisaje marcado por las importantes trasformaciones del medio rural. Igualmente, los datos generados en los últimos años por la investigación arqueológica han sido revisados de forma detallada, a fin de contribuir a la planificación de las prospecciones arqueológicas y arqueomorfológicas desarrolladas.

Optimization of the procedure for removing iron deposits on ceramic filter media

In this thesis, cleaning of ceramic filter media was studied. Mechanisms of fouling and dissolution of iron compounds, as well as methods for cleaning ceramic membranes fouled by iron deposits were studied in the literature part. Cleaning agents and different methods were closer examined in the experimental part of the thesis. Pyrite is found in the geologic strata. It is oxidized to form ferrous ions Fe(II) and ferric ions Fe(III). Fe(III) is further oxidized in the hydrolysis to form ferric hydroxide. Hematite and goethite, for instance, are naturally occurring iron oxidesand hydroxides. In contact with filter media, they can cause severe fouling, which common cleaning techniques competent enough to remove. Mechanisms for the dissolution of iron oxides include the ligand-promoted pathway and the proton-promoted pathway. The dissolution can also be reductive or non-reductive. The most efficient mechanism is the ligand-promoted reductive mechanism that comprises two stages: the induction period and the autocatalytic dissolution.Reducing agents(such as hydroquinone and hydroxylamine hydrochloride), chelating agents (such as EDTA) and organic acids are used for the removal of iron compounds. Oxalic acid is the most effective known cleaning agent for iron deposits. Since formulations are often more effective than organic acids, reducing agents or chelating agents alone, the citrate¿bicarbonate¿dithionite system among others is well studied in the literature. The cleaning is also enhanced with ultrasound and backpulsing.In the experimental part, oxalic acid and nitric acid were studied alone andin combinations. Also citric acid and ascorbic acid among other chemicals were tested. Soaking experiments, experiments with ultrasound and experiments for alternative methods to apply the cleaning solution on the filter samples were carried out. Permeability and ISO Brightness measurements were performed to examine the influence of the cleaning methods on the samples. Inductively coupled plasma optical emission spectroscopy (ICP-OES) analysis of the solutions was carried out to determine the dissolved metals.

Growth strategies of international companies in the emerging markets of South-East Europe

Työn tarkoituksena oli tutkia niitä tekijöitä jotka ovat vaikuttaneet kansainvälisten yritysten myynnin kasvuun Romaniassa, Bulgariassa, Serbiassa ja Sloveniassa. Tutkimusta varten haastateltiin neljää kansainvälisen yrityksen edustajaa sekä 16 kansainvälisen kaupan ammattilaista. Työn akateemisena viitekehyksenä käytettiin keskeisiä kansainvälisen liiketoiminnan teorioita sekä myynnin strategista viitekehystä. Johtopäätöksenä katsotaan, että menestyvillä yrityksillä on selvä kansainvälistymis-strategia, kansainvälinen organisaatio, konsultoiva myyntityyli ja resursseja investoida koulutukseen. Tarkastelun alla olevista maista etenkin Romaniasta ja Bulgarista löytyy liiketoiminta potentiaalia. Tutkimuksen johtopäätökset perustuvat laadullisiin ja määrällisiin tutkimusmenetelmiin ja ne on tarkoitettu palvemaan Tikkurila Oy:tä. Tutkimustuloksia on myös mahdollista soveltaa laajemmin samanlaisessa tutkimusympäristössä, kunhan tutkittavan liiketoimintaympäristön erityispiirteet ovat otetttu huomioon

Weak Form Tests of Efficient Market Hypothesis: Evidence from CEE-Countries and Russian Stock Markets

Tämän tutkielman tavoitteena on selvittää Venäjän, Slovakian, Tsekin, Romanian, Bulgarian, Unkarin ja Puolan osakemarkkinoiden heikkojen ehtojen tehokkuutta. Tämä tutkielma on kvantitatiivinen tutkimus ja päiväkohtaiset indeksin sulkemisarvot kerättiin Datastreamin tietokannasta. Data kerättiin pörssien ensimmäisestä kaupankäyntipäivästä aina vuoden 2006 elokuun loppuun saakka. Analysoinnin tehostamiseksi dataa tutkittiin koko aineistolla, sekä kahdella aliperiodilla. Osakemarkkinoiden tehokkuutta on testattu neljällä tilastollisella metodilla, mukaan lukien autokorrelaatiotesti ja epäparametrinen runs-testi. Tavoitteena on myös selvittääesiintyykö kyseisillä markkinoilla viikonpäiväanomalia. Viikonpäiväanomalian esiintymistä tutkitaan käyttämällä pienimmän neliösumman menetelmää (OLS). Viikonpäiväanomalia on löydettävissä kaikilta edellä mainituilta osakemarkkinoilta paitsi Tsekin markkinoilta. Merkittävää, positiivista tai negatiivista autokorrelaatiota, on löydettävissä kaikilta osakemarkkinoilta, myös Ljung-Box testi osoittaa kaikkien markkinoiden tehottomuutta täydellä periodilla. Osakemarkkinoiden satunnaiskulku hylätään runs-testin perusteella kaikilta muilta paitsi Slovakian osakemarkkinoilla, ainakin tarkastellessa koko aineistoa tai ensimmäistä aliperiodia. Aineisto ei myöskään ole normaalijakautunut minkään indeksin tai aikajakson kohdalla. Nämä havainnot osoittavat, että kyseessä olevat markkinat eivät ole heikkojen ehtojen mukaan tehokkaita

Web Presence Building and Performance Measuring in Business-to-Business Markets

Tutkimuksen tavoite oli selvittää yrityksen web toiminnan rakentamisen vaiheita sekä menestyksen mittaamista. Rakennusprosessia tutkittiin viisiportaisen askelmallin avulla. Mallin askeleet ovat; arviointi, strategian muotoilu, suunnitelma, pohjapiirros ja toteutus. Arviointi- ja toteutusvaiheiden täydentämiseksi sekä erityisesti myös internet toiminnan onnistumisen mittaamisen avuksi internet toiminnan hyödyt (CRM,kommunikointi-, myynti-, ja jakelukanava hyödyt markkinoinnin kannalta) käsiteltiin. Toiminnan menestyksen arvioinnin avuksi esiteltiin myös porrasmalli internet toimintaan. Porrasmalli määrittelee kauppakulissi-, dynaaminen-, transaktio- ja e-businessportaat. Tutkimuksessa löydettiin menestystekijöitä internet toimintojen menestykselle. Nämä tekijät ovat laadukas sisältö, kiinnostavuus, viihdyttävyys, informatiivisuus, ajankohtaisuus, personoitavuus, luottamus, interaktiivisuus, käytettävyys, kätevyys, lojaalisuus, suoriutuminen, responssiivisuus ja käyttäjätiedon kerääminen. Mittarit jaettiin tutkimuksessa aktiivisuus-, käyttäytymis- ja muunnosmittareihin. Lisäksi muita mittareita ja menestysindikaattoreita esiteltiin. Nämä menestyksen elementit ja mittarit koottiin yhteen uudessa internet toimintojen menestyksenarviointimallissa. Tutkielman empiirisessä osuudessa,esitettyjä teorioita peilattiin ABB:n (ABB:n sisällä erityisesti ABB Stotz-Kontakt) web toimintaan. Apuna olivat dokumenttianalyysi sekä haastattelut. Empiirinen osa havainnollisti teoriat käytännössä ja toi ilmi mahdollisuuden teorioiden laajentamiseen. Internet toimintojen rakentamismallia voidaan käyttää myös web toimintojen kehittämiseen ja porrasmalli sopii myös nykyisten internet toimintojen arvioimiseen. Mittareiden soveltaminen käytännössä toi kuitenkin ilmi tarpeen niiden kehittämiseen ja aiheen lisätutkimukseen. Niiden tulisi olla myös aiempaatiiviimmin liitetty kokonaisvaltaisen liiketoiminnan menestyksen mittaamiseen.

Proyecto para la unificación de la red de media tensión de la ciudad de Lleida

El projecte, proposa el canvi de 11 a 25 Kv de la xarxa de mitja tensió de la ciutat de Lleida, amb l'objectiu d'unificar sistemes, avançar cap a una convergència d'unificació de tensions, homogeneïtzar l'explotació, eliminar equips obsolets, reducció d'estocs, etc.

Solid and liquid biofuels markets in Finland - a study on international biofuels trade

This study considered the current situation of solid and liquid biofuels markets and international biofuels trade in Finland and identified the challenges ofthe emerging international biofuels markets for Finland. The fact that industryconsumes more than half of the total primary energy, widely applied combined heat and power production (CHP) and a high share of biofuels in the total energy consumption are specific to the Finnish energy system. One third of the electricity is generated in CHP plants. As much as 27% of the total energy consumption ismet by using wood and peat, which makes Finland the leading country in the use of biofuels. Finland has made a commitment to maintain greenhouse gas emissions at the 1990 level at the highest during the period 2008-2012. The Finnish energypolicy aims to achieve the target, and a variety of measures are taken to promote the use of renewable energy sources and especially wood fuels. In this study, the wooden raw material streams of the forest industry were included the international biofuels trade in addition to biomass streams that are traded for energy production. In 2004, as much as 45% of the raw wood importedinto Finland ended up in energy production. The total international trading of biofuels was evaluated at 72 PJ, of which the majority, 58 PJ, was raw wood. About 22% of wood based energy in Finland originated from imported raw wood. Tall oil and wood pellets composed the largest export streams of biofuels. The annual turnover of international biofuels trade was estimated at about ¤ 90 million fordirect trade and at about ¤ 190 million for indirect trade. The forest industryas the biggest user of wood, and the producer and user of wood fuels has a central position in biomass and biofuels markets in Finland. Lately, the international aspects of Finnish biofuels markets have been emphasised as the import of rawwood and the export of wood pellets have increased. Expanding the use of biofuels in the road transportation sector would increase the international streams ofbiofuels in Finland. In coming years, the international trading of biomass for energy purposes can be expected to continue growing.

Development of filter media treatments for liquid filtration

Woven monofilament, multifilament, and spun yarn filter media have long been the standard media in liquid filtration equipment. While the energy for a solid-liquid separation process is determined by the engineering work, it is the interface between the slurry and the equipment - the filter media - that greatly affects the performance characteristics of the unit operation. Those skilled in the art are well aware that a poorly designed filter medium may endanger the whole operation, whereas well-performing filter media can make the operation smooth and economical. As the mineral and pulp producers seek to produce ever finer and more refined fractions of their products, it is becoming increasingly important to be able to dewater slurries with average particle sizes around 1 ¿m using conventional, high-capacity filtration equipment. Furthermore, the surface properties of the media must not allow sticky and adhesive particles to adhere to the media. The aim of this thesis was to test how the dirt-repellency, electrical resistance and highpressure filtration performance of selected woven filter media can be improved by modifying the fabric or yarn with coating, chemical treatment and calendering. The results achieved by chemical surface treatments clearly show that the woven media surface properties can be modified to achieve lower electrical resistance and improved dirt-repellency. The main challenge with the chemical treatments is the abrasion resistance and, while the experimental results indicate that the treatment is sufficiently permanent to resist standard weathering conditions, they may still prove to be inadequately strong in terms of actual use.From the pressure filtration studies in this work, it seems obvious that the conventional woven multifilament fabrics still perform surprisingly well against the coated media in terms of filtrate clarity and cake build-up. Especially in cases where the feed slurry concentration was low and the pressures moderate, the conventional media seemed to outperform the coated media. In the cases where thefeed slurry concentration was high, the tightly woven media performed well against the monofilament reference fabrics, but seemed to do worse than some of the coated media. This result is somewhat surprising in that the high initial specific resistance of the coated media would suggest that the media will blind more easily than the plain woven media. The results indicate, however, that it is actually the woven media that gradually clogs during the coarse of filtration. In conclusion, it seems obvious that there is a pressure limit above which the woven media looses its capacity to keep the solid particles from penetrating the structure. This finding suggests that for extreme pressures the only foreseeable solution is the coated fabrics supported by a strong enough woven fabric to hold thestructure together. Having said that, the high pressure filtration process seems to follow somewhat different laws than the more conventional processes. Based on the results, it may well be that the role of the cloth is most of all to support the cake, and the main performance-determining factor is a long life time. Measuring the pore size distribution with a commercially available porometer gives a fairly accurate picture of the pore size distribution of a fabric, but failsto give insight into which of the pore sizes is the most important in determining the flow through the fabric. Historically air, and sometimes water, permeability measures have been the standard in evaluating media filtration performance including particle retention. Permeability, however, is a function of a multitudeof variables and does not directly allow the estimation of the effective pore size. In this study a new method for estimating the effective pore size and open pore area in a densely woven multifilament fabric was developed. The method combines a simplified equation of the electrical resistance of fabric with the Hagen-Poiseuille flow equation to estimate the effective pore size of a fabric and the total open area of pores. The results are validated by comparison to the measured values of the largest pore size (Bubble point) and the average pore size. The results show good correlation with measured values. However, the measured and estimated values tend to diverge in high weft density fabrics. This phenomenon is thought to be a result of a more tortuous flow path of denser fabrics, and could most probably be cured by using another value for the tortuosity factor.

Relación entre variables de personalidad e interés por temas morbosos y sexuales en los mass media: réplica del estudio de Zuckerman y Litle en una muestra española

Este trabajo pretende replicar con muestras españolas un estudio americano diseñado para evaluar las relaciones entre el rasgo Búsquesa de Sensaciones, Extraversión, Neuroticismo y Psicoticismo, con el interés por la contemplación o lectura de sucesos violentos, morbosos y sexuales en los medios de comunicación (o reales). El estudio se realizó a partir de inventarios autoinformados de curiosidad morbosa, cuestionarios de personalidad y autopuntuaciones de asistencia a películas pornográficas y de terror. Los resultados obtenidos informan de una relación positiva entre las escalas de Búsqueda de Sensaciones (EBS) y las escalas de Curiosidad Morbosa (CTM-CTS). Ello sugiere como hipótesis que los altos buscadores de sensaciones podrían estar interesados en estímulos que aumentan la actividad del sistema central de catecolaminas. Para ello se parte de hallazgos experimentales previos que apuntan que películas morbosas de terror o sexuales aumentan los niveles de las catecolaminas periféricas.