Consignment Stock Concept for Corporation’s Inbound Logistics

Kaupintavaraston käyttäminen yrityksen hankintalogistiikassa vapauttaa varastoihin sitoutuneita pääomia, parantaa palveluastetta ja syventää asiakkaan ja toimittajan välistä yhteistyötä. Tulevaisuudessa menetelmää tullaan käyttämään laajenevassa määrin keinona logistisen kilpailukyvyn ja kustannustehokkuuden parantamisessa.Tämän työn tavoitteena oli selvittää yrityksen hankintalogistiikkaan soveltuvan kaupintavarastontoiminnan vaatimukset ja kehittää konsernin eri toimialoille yhtenäinen konsepti. Selvitys aloitettiin tutkimalla kirjallisuutta ja yrityksen asiakkaalla käytössä olevaa kaupintavarastoratkaisua, jonka jälkeen käytännön ongelmia kartoitettiin pilottiprojektin avulla.Tuloksena saatiin konsepti, jossa on käsitelty kaupintavaraston käyttöönottoa varten tarvittavat erityispiirteet kansainvälisessä kaupankäynnissä. Toimittajien ja toimitusketjujen erilaisista rakenteista johtuen yksityiskohdat on mietittävä jokaisen toimittajan kanssa erikseen.

El show de las stock options

El presente artículo comenta las consecuencias tributarias en Derecho español del uso de stock options.

Web Client for Smart Messaging Exchange

TeliaSoneran älykkään viestintäjärjestelmän kehitysluonnoksella (SME) pilotoidaan prototyyppipalveluita, joiden avulla asiakkaat voivat välittää viestejä matkapuhelimilla sekä tietokoneilla. SME:n peruspalveluita voidaan käyttää SIP-standardin mukaisilla asiakasohjelmilla sekä SME:n omilla WAP- ja WWW-käyttöliittymillä. Käyttäjät voivat nähdä toistensa tilatiedon, muuttaa omaa tilatietoaan sekä lähettää SIP-pikaviestejä, sähköpostiviestejä ja tekstiviestejä. Käyttäjät voivat myös ylläpitää listaa yhteyshenkilöistään, vastaanottaa pikaviestejä ja selata vastaanotettuja viestejä. Diplomityössä käsitellään yleisesti SME-järjestelmän rakennetta ja paneudutaan tutkimaan työssä toteutetun SME:n WWW-asiakasohjelman toteutusta. Diplomityössä käydään läpi projektiin liittyviä standardeja, suosituksia, toteustekniikoita sekä palveluita. Lisäksi tarkastellaan työssä hyödynnettyjä ohjelmointirajapintoja, nykyisiä älypuhelimia sekä niiden Internet-selaimia, jotka rajoittavat WWW-asiakaspalvelun toteutuksessa käytettyjä toteutustekniikkavaihtoehtoja. Lopuksi esitellään toteutettujen ohjelmistojen sisäistä rakennetta ja toimintaa.

Gas exchange, phisiological indexes and ionic accumulation in Annona emarginata (Schltdl.) H. Rainer seedlings in nutrients solution

"Araticum-de-terra-fria" (Annona emarginata (Schltdl.) H. Rainer) has been consider a good alternative in rootstock production for the main commercial Annonaceae species. Although this species develops in different soil and climate conditions, there is no understanding by the physiological responses of this species at different nutritional levels. Thus, the objective of this study was to evaluate the influence of different ionic strengths on development of vegetative species known as "Araticum-de-terra-fria". It was evaluated in seedlings grown in different ionic strengths (25% I, 50% I, 75% I and 100% I) of the complete nutrient solution Hoagland and Arnon (1950) nº 2, for 140 days, the following characteristics: Gas Exchange (CO2 assimilation rate, stomatal conductance, internal CO2 concentration, transpiration rate, water use efficiency, Rubisco carboxylation efficiency); Vegetative growth characteristics (diameter, leaf number, dry matter); Physiological Indexes (leaf area ratio, specific leaf area, relative growth rate, net assimilation rate, leaf weight ratio) and Ionic Accumulation (nutrients leaf analysis). Seedlings grown under 50% I showed the highest values of Leaf CO2 assimilation rate, water use efficiency, carboxylation efficiency, growth, relative growth rate, net assimilation rate and ionic accumulation in the total dry matter. So it is concluded that "Araticum-de-terra-fria" seedlings grown under intermediate nutrient concentrations of complete nutrient solution Hoagland and Arnon (1950) nº 2, explored more adequately their physiological potential that justify their adaptation in different nutritional conditions and allow reducing the amount of mineral nutrition of seedlings production.

Stock flow through a drum screen

Tässä diplomityössä haluttiin mallintaa kuidutusrummun toimintaa Fluent virtausmallinusohjelman avulla. Aikaisempi tieto ja kehitystyö on perustunut kokemukseen ja käytännön kokeisiin. Kehitystyön alkuaikoina on suoritettu muutamia laskelmia koskien rummun tuottoa mutta sen jälkeen ei toimintaa ole laskennallisesti kuvattu. Työn ensimmäinen osa käsittelee yleisesti keräyspaperin käsittelyyn liittyviä laitteita ja menetelmiä. Toimintaperiaatteita on kuvattu yleisellä tasolla ja FibreFlow® rumpu on sitten käsitelty muita laitteita tarkemmin. Työn toinen osa sisältää sitten laboratoriotestit paikallisilta tahteilta hankittujen näytteiden viskositeettien ja tiheyksien määrittämiseksi. Kokeet suoritettiin Kemiantekniikan osastolla Brookfield viskoosimetrillä. Joitain alustavia laskentoja tuotosta suoritettiin aikaisempien tietojen perusteella. Rumpua kun on valmistettu vuodesta 1976, on tietoa kertynyt runsaasti vuosien mittaan. Laskelmia varten valittiin mallinnettavaksi alueeksi vain yksittäinen reikä sihdistä jolle laskettiin massavirta. Käytetyt laadut olivat OCC ja DIP. Myös eri rumpukoot otettiin jossain määrin huomioon.

Application of Neural Network Methods in the Prediction of Stock Markets

The purpose of the research is to define practical profit which can be achieved using neural network methods as a prediction instrument. The thesis investigates the ability of neural networks to forecast future events. This capability is checked on the example of price prediction during intraday trading on stock market. The executed experiments show predictions of average 1, 2, 5 and 10 minutes’ prices based on data of one day and made by two different types of forecasting systems. These systems are based on the recurrent neural networks and back propagation neural nets. The precision of the predictions is controlled by the absolute error and the error of market direction. The economical effectiveness is estimated by a special trading system. In conclusion, the best structures of neural nets are tested with data of 31 days’ interval. The best results of the average percent of profit from one transaction (buying + selling) are 0.06668654, 0.188299453, 0.349854787 and 0.453178626, they were achieved for prediction periods 1, 2, 5 and 10 minutes. The investigation can be interesting for the investors who have access to a fast information channel with a possibility of every-minute data refreshment.

Tunnusluku- ja tuottohistoria-pohjaisten sijoitusstrategioiden toimivuus ja sykliriippuvuus suomalaisilla osakemarkkinoilla

Tutkielman tavoitteena oli analysoida tunnuslukuihin ja tuottohistoriaan perustuvien sijoitusstrategioiden toimivuutta ja sykliriippuvuutta HEX:iin listatuista yrityksistä koostuvalla aineistolla. Tutkitut sijoitusstrategiat perustuivat arvostuskertoimien, betan ja menneiden tuottojen käyttöön analysointivälineinä käytettyjen kvintiiliportfolioiden muodostamiskriteereinä. Kontribuutiota tutkimukseen pyrittiin luomaan tarkastelemalla ensimmäistä kertaa suhdannesyklin vaikutuksia edellä mainittujen sijoitusstrategioiden toimivuuteen tutkimusaineistolla, joka kattoi useita suhdannesyklejä (pisimmillään vuodet 1991 - 2002). Suhdannesyklien käänteiden määrittämiseen käytettiin ostopäälliköiden indeksiä (PMI-indeksi), jonka on todettu toimivan hyvin esimerkiksi pörssikurssien kehitystä ennakoivana indikaattorina. Tulokset osoittivat P/E-, P/B-, EV/EBIT-, EV/EBITDA-, beta- ja momentumanomalioiden esiintyneen myös suomalaisilla osakemarkkinoilla vuosina 1991 – 2002. Tutkimuksessa saatiin näyttöä myös tuottohistoriaan pohjautuvien momentum-strategian ja winner-loser –strategian toimivuudesta. Näistä etenkin jälkimmäinen oli voimakkaasti sykliriippuvaista. Näiden tulosten mukaan suomalaiset osakemarkkinat eivät olisi käytetyillä tarkasteluperiodilla olleet edes heikosti tehokkaat, ts. osakemarkkinoiden keskimääräinen tuottotaso olisi ollut mahdollista ylittää pelkkään kurssihistoriaan perustuvien sijoitusstrategioiden avulla.

Optimal Exchange Rate Policy in a Growing Semi-Open Economy

This paper considers an alternative perspective to China's exchange rate policy. It studies a semi-open economy where the private sector has no access to international capital markets but the central bank has full access. Moreover, it assumes limited financial development generating a large demand for saving instruments by the private sector. The paper analyzes the optimal exchange rate policy by modeling the central bank as a Ramsey planner. Its main result is that in a growth acceleration episode it is optimal to have an initial real depreciation of the currency combined with an accumulation of reserves, which is consistent with the Chinese experience. This depreciation is followed by an appreciation in the long run. The paper also shows that the optimal exchange rate path is close to the one that would result in an economy with full capital mobility and no central bank intervention.

The Spanish Infrastructure Stock, 1844-1935

This paper presents the first estimates of Spanish infrastructure stock and investment for the period 1845-1935. Several sources and techniques have been used in the estimation, and the new series are reasonably reliable to the standards of historical statistics. Two distinct periods may be distinguished in the series: the years before 1895 (characterized by the prominence of railroads) and the period 1895-1935 (when most investment was addressed to other assets). The new series allow a preliminary comparison of the Spanish infrastructure endowment with that of the most advanced countries, showing a gradual process of convergence before 1936.

Stock and Bond Market Integration: Evidence from Russian Financial Markets

Minimizing the risks of an investment portfolio but not in the favour of expected returns is one of the key interests of an investor. Typically, portfolio diversification is achieved using two main strategies: investing in different classes of assets thought to have little or negative correlations or investing in similar classes of assets in multiple markets through international diversification. This study investigates integration of the Russian financial markets in the time period of January 1, 2003 to December 28, 2007 using daily data. The aim is to test the intra-country and cross-country integration of the Russian stock and bond markets between seven countries. Our test methodology for the short-run dynamics testing is the vector autoregressive model (VAR) and for the long-run cointegration testing we use the Johansen cointegration test which is an extension to VAR. The empirical results of this study show that the Russian stock and bond markets are not integrated in the long-run either at intra-country or cross-country level which means that the markets are relatively segmented. The short-run dynamics are also relatively low. This implies a presence of potential gains from diversification.

Continental faunal exchange and the asymmetrical radiation of carnivores.

Lineages arriving on islands may undergo explosive evolutionary radiations owing to the wealth of ecological opportunities. Although studies on insular taxa have improved our understanding of macroevolutionary phenomena, we know little about the macroevolutionary dynamics of continental exchanges. Here we study the evolution of eight Carnivora families that have migrated across the Northern Hemisphere to investigate if continental invasions also result in explosive diversification dynamics. We used a Bayesian approach to estimate speciation and extinction rates from a substantial dataset of fossil occurrences while accounting for the incompleteness of the fossil record. Our analyses revealed a strongly asymmetrical pattern in which North American lineages invading Eurasia underwent explosive radiations, whereas lineages invading North America maintained uniform diversification dynamics. These invasions into Eurasia were characterized by high rates of speciation and extinction. The radiation of the arriving lineages in Eurasia coincide with the decline of established lineages or phases of climate change, suggesting differences in the ecological settings between the continents may be responsible for the disparity in diversification dynamics. These results reveal long-term outcomes of biological invasions and show that the importance of explosive radiations in shaping diversity extends beyond insular systems and have significant impact at continental scales.

Analysis of Earnings, Stock Prices and Bond Yields: The Fed Model Approach

Prediction of the stock market valuation is a common interest to all market participants. Theoretically sound market valuation can be achieved by discounting future earnings of equities to present. Competing valuation models seek to find variables that affect the equity market valuation in a way that the market valuation can be explained and also variables that could be used to predict market valuation. In this paper we test the contemporaneous relationship between stock prices, forward looking earnings and long-term government bond yields. We test this so-called Fed model in a long- and short-term time series analysis. In order to test the dynamics of the relationship, we use the cointegration framework. The data used in this study spans over four decades of various market conditions between 1964-2007, using data from United States. The empirical results of our analysis do not give support for the Fed model. We are able to show that the long-term government bonds do not play statistically significant role in this relationship. The effect of forward earnings yield on the stock market prices is significant and thus we suggest the use of standard valuation ratios when trying to predict the future paths of equity prices. Also, changes in the long-term government bond yields do not have significant short-term impact on stock prices.

Cost-effectivness in a DRG system for two-step exchange of infected total joint arthroplasty

The costs related to the treatment of infected total joint arthroplasties represent an ever groving burden to the society. Different patient-adapted therapeutic options like débridement and retention, 1- or 2-step exchange can be used. If a 2-step exchange is used we have to consider short (2-4 weeks) or long (>4-6 weeks) interval treatment. The Swiss DRG (Diagnose related Groups) determines the reimboursement the hopsital receives for the treatment of an infected total arthroplasty. The review assesses the cost-effectiveness of hospitalisation practices linked to surgical treatment in the two-stage exchange of a prosthetic-joint infection. The aim of this retrospectiv study is to compare the economical impact between a short (2 to 4 weeks) versus a long (6 weeks and above) interval during a two-satge procedure to determine the financial impact. Retrospectiv study of the patients with a two-stage procedure for a hip or knee prosthetic joint infection at CHUV hospital Lausanne (Switzerland) between 2012 and 2013. The review analyses the correlation between the interval length and the length of the hospital stay as well as with the costs and revenues per hospital stay. In average there is a loss of 40′000 Euro per hospitalisation for the treatment of prosthetic joint infection. Revenues never cover all the costs, even with a short interval procedure. This economical loss increases with the length of the hospital stay if a long-term intervall is choosen. The review explores potential for improvement in reimbourement practices and hospitalisation practices in the current Swiss healthcare setting. There should be alternative setups to decrease the burden of medical costs by a) increase the reimboursment for the treatment of infected total joints or by b) splitting the hospital stay with partners (rapid transfer after first operation from center hospital to level 2 hospital and retransfer for second operation to center) in order to increase revenues.

Prosthetic joint infections : A retrospective study on the timing of reimplantation in a two-stage exchange

Different therapeutic options for prosthetic joint infections exist, but surgery remains the key. With a two-stage exchange procedure, a success rate above 90% can be expected. Currently, there is no consensus regarding the optimal duration between explantation and the reimplantation in a two-stage procedure. The aim of this study was to retrospectively compare treatment outcomes between short-interval and long-interval two-stage exchanges. Patients having a two-stage exchange of a hip or knee prosthetic joint infection at Lausanne University Hospital (Switzerland) between 1999 and 2013 were included. The satisfaction of the patient, the function of the articulation and the eradication of infection, were compared between patients having a short (2 to 4 weeks) versus a long (4 weeks and more) interval during a two-stage procedure. Patient satisfaction was defined as good if the patient did not have pain and bad if the patient had pain. Functional outcome was defined good if the patient had a prosthesis in place and could walk, medium if the prosthesis was in place but the patient could not walk, and bad if the prosthesis was no longer in place. Infection outcome was considered good if there had been no re-infection and bad if there had been a re-infection of the prosthesis 145 patients (100 hips, 45 knees) were identified with a median age of 68 years (range 19-103). The median hospital stay was 58 days (range 10-402). The median follow-up was 12.9 months (range 0.5-152). 28 % and 72 % of the patients had a short-interval and long-interval exchange of the prosthesis, respectively. Patient satisfaction, functional outcome and infection outcome for patients having a short versus a long interval are reported in the Table. The patient satisfaction was higher when a long interval was performed whereas the functional and infection outcomes were higher when a short interval was performed. According to this study a short-interval exchange appears preferable to a long interval, especially in the view of treatment effectiveness and functional outcome.