Osinkosuhteen, osinkotuoton ja omavaraisuusasteen sijoitusstrateginen hyödynnettävyys Suomen osakemarkkinoilla

Tutkielman tavoitteena on selvittää osinkosuhteen, osinkotuoton ja omavaraisuusasteen vaikutus osakkeesta saatavaan kokonaistuottoon Suomenosakemarkkinoilla vuosina 2002–2013. Muuttujien kausaliteettisuhde kokonaistuottoon selvitetään regressioanalyysilla. Portfolioanalyysin avulla tutkitaan valittujen tunnuslukujen toimivuutta sijoitusstrategiana. Tutkimuksessa muodostetaan myös osinkosuhteen ja osinkotuoton yhdistelmänä tunnusluku, jolla pyritään maksimoimaan sijoittajan saama tuotto. Empiiriset tulokset osoittivat, että sijoittaja pystyy saavuttamaan ylituottoja hyödyntämällä edellä mainittuja tunnuslukuja osakevalinnassa. Osinkotuoton ja osakkeen kokonaistuoton välillä havaittiin positiivinen lineaarinen korrelaatio. Portfolioanalyysin perusteella sekä omavaraisuusasteen että osinkosuhteen osalta vaikutus sijoittajan saamaan riskisuhteutettuun kokonaistuottoon on ei-lineaarinen. Valittuja tunnuslukuja ja menetelmiä hyödyntäen sijoittaja saa parhaimman riskisuhteutetun tuoton valitsemalla sijoitussalkkuunsa osakkeita, joiden osinkosuhteen arvo sijoittuu toiseksi ylimpään kvartiiliin sekä osakkeita, joiden osinkotuotto on korkea ja omavaraisuusaste on samanaikaisesti alhainen.

Toward including the effect of manufacturing processes in the pre-estimated losses of the switched reluctance motor

The estimation of losses plays a key role in the process of building any electrical machine. How to estimate those losses while designing any machine; by obtaining the characteristic of the electrical steel from the catalogue and calculate the losses. However, this way is inaccurate since the electrical steel performs several manufacturing processes during the process of building any machine, which affects directly the magnetic property of the electrical steel and accordingly the characteristic of the electrical steel will be affected. That means the B–H curve of the steel that was obtained from the catalogue will be changed. Moreover, during loading and rotating the machine, some important changes occur to the B–H characteristic of the electrical steel such as the stress on the laminated iron. Accordingly, the pre-estimated losses are completely far from the actual losses because they were estimated based on the data of the electrical steel obtained from the catalogue. So in order to estimate the losses precisely significant factors of the manufacturing processes must be included. The paper introduces the systematic estimation of the losses including the effect of one of the manufacturing factors. Similarly, any other manufacturing factor can be included in the pre-designed losses estimations.

Modeling a Network of Heat Exchangers

This research work addresses the problem of building a mathematical model for the given system of heat exchangers and to determine the temperatures, pressures and velocities at the intermediate positions. Such model could be used in nding an optimal design for such a superstructure. To limit the size and computing time a reduced network model was used. The method can be generalized to larger network structures. A mathematical model which includes a system of non-linear equations has been built and solved according to the Newton-Raphson algorithm. The results obtained by the proposed mathematical model were compared with the results obtained by the Paterson approximation and Chen's Approximation. Results of this research work in collaboration with a current ongoing research at the department will optimize the valve positions and hence, minimize the pumping cost and maximize the heat transfer of the system of heat exchangers.

Spectral and symbolic analysis of the effect of gender and postural change on cardiac autonomic modulation in healthy elderly subjects

The objective of this study was to use linear and non-linear methods to investigate cardiac autonomic modulation in healthy elderly men and women in response to a postural change from the supine to the standing position. Fourteen men (66.1 ± 3.5 years) and 10 women (65.3 ± 3.3 years) were evaluated. Beat-to-beat heart rate was recorded in the supine and standing positions. Heart rate variability was studied by spectral analysis, including both low (LFnu-cardiac sympathetic modulation (CSM) indicator) and high (HFnu-cardiac vagal modulation (CVM) indicator) frequencies in normalized units as well as the low frequency/high frequency (LF/HF) ratio. Symbolic analysis was performed using the following indexes: 0V% (CSM indicator), 1V% (CSM and CVM indicators), 2LV% (predominantly CVM indicator) and 2ULV% (CVM indicator). Shannon entropy was also calculated. Men presented higher LFnu and LF/HF ratio and lower HFnu and 1V% symbolic index (57.56, 4.14, 40.53, 45.96, respectively) than women (24.60, 0.45, 72.47, 52.69, respectively) in the supine position. Shannon entropy was higher among men (3.53) than among women (3.33) in the standing position, and also increased according to postural change in men (3.25; 3.53). During postural change, the LFnu (24.60; 49.85) and LF/HF ratio (0.45; 1.72) increased, with a concomitant decrease in HFnu (72.47; 47.56) and 2LV% (14.10; 6.95) in women. Women presented increased CSM in response to postural change and had higher CVM and lower CSM than men in the supine position. In conclusion, women in the age range studied presented a more appropriate response to a postural change than men, suggesting that cardiac autonomic modulation may be better preserved in women than in men.

Cardiac autonomic modulation during progressive upper limb exercise by patients with coronary artery disease

The purpose of this study was to investigate the behavior of heart rate (HR) and HR variability (HRV) during different loads of resistance exercise (incline bench press) in patients with coronary artery disease (CAD) and healthy sedentary controls. Ten healthy men (65 ± 1.2 years, control group, CG) and 10 men with clinically stable CAD (66 ± 2.4 years, CADG) were recruited. A discontinuous progressive protocol was applied with an initial load of 10% of the maximum load achieved in the 1RM (1 repetition maximum) with increases of 10% until 30% 1RM was reached, which was followed by subsequent increases of 5% 1RM until exhaustion. HRV was analyzed by linear and non-linear methods. There was a significant reduction in rMSSD (CG: 20 ± 2 to 11 ± 3 ms; CADG: 19 ± 3 to 9 ± 1 ms) and SD1 indexes (CG: 14 ± 2 to 8 ± 1 ms; CADG: 14 ± 2 to 7 ± 1 ms). An increase in HR (CG: 69 ± 5 to 90 ± 5 bpm; CADG: 62 ± 4 to 75 ± 4 bpm) and in systolic blood pressure (CG: 124 ± 3 to 138 ± 3 mmHg; CADG: 122 ± 6 to 126 ± 9 bpm) were observed (P < 0.05) when comparing pre-effort rest and 40% 1RM in both groups. Furthermore, an increase in RMSM index was also observed (CG: 28 ± 3 to 45 ± 9 ms; CADG: 22 ± 2 to 79 ± 33 ms), with higher values in CADG. We conclude that loads up to 30% 1RM during incline bench press result in depressed vagal modulation in both groups, although only stable CAD patients presented sympathetic overactivity at 20% 1RM upper limb exercise.

Spectrally Tuned Lanthanide Photoluminescence for Point-of-Care Testing

Point-of-care (POC) –diagnostics is a field with rapidly growing market share. As these applications become more widely used, there is an increasing pressure to improve their performance to match the one of a central laboratory tests. Lanthanide luminescence has been widely utilized in diagnostics because of the numerous advantages gained by the utilization of time-resolved or anti-Stokes detection. So far the use of lanthanide labels in POC has been scarce due to limitations set by the instrumentation required for their detection and the shortcomings, e.g. low brightness, of these labels. Along with the advances in the research of lanthanide luminescence, and in the field of semiconductors, these materials are becoming a feasible alternative for the signal generation also in the future POC assays. The aim of this thesis was to explore ways of utilizing time-resolved detection or anti-Stokes detection in POC applications. The long-lived fluorescence for the time-resolved measurement can be produced with lanthanide chelates. The ultraviolet (UV) excitation required by these chelates is cumbersome to produce with POC compatible fluorescence readers. In this thesis the use of a novel light-harvesting ligand was studied. This molecule can be used to excite Eu(III)-ions at wavelengths extending up to visible part of the spectrum. An enhancement solution based on this ligand showed a good performance in a proof-of-concept -bioaffinity assay and produced a bright signal upon 365 nm excitation thanks to the high molar absorptivity of the chelate. These features are crucial when developing miniaturized readers for the time-resolved detection of fluorescence. Upconverting phosphors (UCPs) were studied as an internal light source in glucose-sensing dry chemistry test strips and ways of utilizing their various emission wavelengths and near-infrared excitation were explored. The use of nanosized NaYF :Yb3+,Tm3+-particles enabled the replacement of an external UV-light source with a NIR-laser and gave an additional degree of freedom in the optical setup of the detector instrument. The new method enabled a blood glucose measurement with results comparable to a current standard method of measuring reflectance. Microsized visible emitting UCPs were used in a similar manner, but with a broad absorbing indicator compound filtering the excitation and emission wavelengths of the UCP. This approach resulted in a novel way of benefitting from the non-linear relationship between the excitation power and emission intensity of the UCPs, and enabled the amplification of the signal response from the indicator dye.

Optimizing the Performance of a Heat Exchanger Network

This research is the continuation and a joint work with a master thesis that has been done in this department recently by Hemamali Chathurangani Yashika Jayathunga. The mathematical system of the equations in the designed Heat Exchanger Network synthesis has been extended by adding a number of equipment; such as heat exchangers, mixers and dividers. The solutions of the system is obtained and the optimal setting of the valves (Each divider contains a valve) is calculated by introducing grid-based optimization. Finding the best position of the valves will lead to maximization of the transferred heat in the hot stream and minimization of the pressure drop in the cold stream. The aim of the following thesis will be achieved by practicing the cost optimization to model an optimized network.

Os efeitos da política educacional no crescimento econômico: teoria e estimativas dinâmicas em painel de dados

In this paper, we develop a theoretical model that considers a non-linear relationship between growth and level of education (human capital). Our econometric estimates demonstrated the causality running from human capital to GDP per capita with U inverted shape. The level of education (human capital) that generates the maximum growth rate lies around 4.5 years. The foremost implication of this result is that States with level of education below this range should have as priority educational policies.

Modelling the exothermic heat and the demand of cooling in paper and pulp industry biological wastewater treatment

This master thesis presents a study on the requisite cooling of an activated sludge process in paper and pulp industry. The energy consumption of paper and pulp industry and it’s wastewater treatment plant in particular is relatively high. It is therefore useful to understand the wastewater treatment process of such industries. The activated sludge process is a biological mechanism which degrades carbonaceous compounds that are present in waste. The modified activated sludge model constructed here aims to imitate the bio-kinetics of an activated sludge process. However, due to the complicated non-linear behavior of the biological process, modelling this system is laborious and intriguing. We attempt to find a system solution first using steady-state modelling of Activated Sludge Model number 1 (ASM1), approached by Euler’s method and an ordinary differential equation solver. Furthermore, an enthalpy study of paper and pulp industry’s vital pollutants was carried out and applied to revise the temperature shift over a period of time to formulate the operation of cooling water. This finding will lead to a forecast of the plant process execution in a cost-effective manner and management of effluent efficiency. The final stage of the thesis was achieved by optimizing the steady state of ASM1.

The regulation of oat coleoptile phosphoenolpyruvate carboxylase and malic enzyme by Hâ ½ and metabolites : kinetic evidence for and against a cytosolic pH-stat

Phosphoenolpyruvate carboxylase (PEPC) and malic enzyme activities in soluble protein extracts of Avena coleoptiles were investigated to determine whether their kinetics were consistent with a role in cytosol pH regulation. Malic enzyme activity was specific for NADP+ and Mn2+. Maximal labelled product formation from [14C]-substrates required the presence of all coenzymes, cofactors and substrates. Plots of rate versus malate concentration, and linear transformations there- 2 of, indicated typical Michaelis-Menten kinetics at non-saturating malate levels and substrate inhibition at higher malate levels. pH increases between 6.5 and 7.25 increased near-optimal activity, decreased the degree of substrate inhibition and the Kmapp(Mn2+) but did not affect the Vmax or Kmapp(malate). Transformed data of PEPC activity demonstrated non-linear plots indicative of non-Michaelian kinetics. pH increases between 7.0 and 7.6 increased the Vmax and decreased the Km app (Mg2+) but did not affect the Kmapp(PEP). Various carboxylic acids and phosphorylated sugars inhibited PEPC and malic enzyme activities, and these effects decreased with pH increases. Metabolite inhibited malic enzyme activity was non-competitive and resulted mainly from Mn2+ chelation. In contrast, metabolite inhibited PEPC activity was unique for each compound tested, being variously dependent on the PEP concentration and the pH employed. These results indicate that fluctuations in pH and metabolite levels affect PEPC and malic enzyme activities similarly and that 3 the in vitro properties of PEPC are consistent with its proposed role in a pH-stat, whereas the in vitro properties of the malic enzyme cannot be interpreted in terms of a role in pH regulation.

The relationship between socioeconomic status, schools and bone health among adolescent females in Southern Ontario

We studied the association between socioeconomic status (SES), school attended and bone health measured by bone speed of sound (SOS) among adolescent females in Canada. 412 participants from six randomly selected schools in Southern Ontario were examined. Bone SOS was measured by quantitative ultrasound. Participant’s school and aggregate area-based census-derived (AABCD) SES were evaluated as predictors. Mean participant age was 15.7 (SD 1.0) years. Average median family income was $68,162 (SD $19,366). Median family income was non-linearly associated with bone SOS and restricted cubic splines described the relationship. Univariate regression, accounting for clustering of participants in schools, revealed a significant non-linear association between AABCD-median family income and non-dominant tibial SOS (LRT p = 0.031). Multivariable regression revealed school to have a significant impact (LRT p = 0.0001). High schools had a strong influence on the bone health of female students and this effect overrode the effect of SES.

The Effects of Magnetic Dilution and Applied Pressure on Several Frustrated Spinels

The effects of magnetic dilution and applied pressure on frustrated spinels GeNi2O4, GeCo2O4, and NiAl2O4 are reported. Dilution was achieved by substitution of Mg2+ in place of magnetically active Co2+ and Ni2+ ions. Large values of the percolation thresholds were found in GeNi(2-x)MgxO4. Specifically, pc1 = 0.74 and pc2 = 0.65 in the sub-networks associated with the triangular and kagome planes, respectively. This anomalous behaviour may be explained by the kagome and triangular planes behaving as coupled networks, also know as a network of networks. In simulations of coupled lattices that form a network of networks, similar anomalous percolation threshold values have been found. In addition, at dilution levels above x=0.30, there is a T^2 dependency in the magnetic heat capacity which may indicate two dimensional spin glass behaviour. Applied pressures in the range of 0 GPa to 1.2 GPa yield a slight decrease in ordering temperature for both the kagome and triangular planes. In GeCo(2-x)MgxO4, the long range magnetic order is more robust with a percolation threshold of pc=0.448. Similar to diluted nickel germanate, at low temperatures, a T^2 magnetic heat capacity contribution is present which indicates a shift from a 3D ordered state to a 2D spin glass state in the presence of increased dilution. Dynamic magnetic susceptibility data indicate a change from canonical spin glass to a cluster glass behaviour. In addition, there is a non-linear increase in ordering temperature with applied pressure in the range P = 0 to 1.0 GPa. A spin glass ground state was observed in Ni(1-x)MgxAl2O4 for (x=0 to 0.375). Analysis of dynamic magnetic susceptibility data yield a characteristic time of tau* = 1.0x10^(-13) s, which is indicative of canonical spin glass behaviour. This is further corroborated by the linear behaviour of the magnetic specific heat contribution. However, the increasing frequency dependence of the freezing temperature suggests a trend towards spin cluster glass formation.

Simulation-Based Finite-and Large-sample Inference Methods in Multivariate Regressions and Seemingly Unrelated Regressions

In the context of multivariate regression (MLR) and seemingly unrelated regressions (SURE) models, it is well known that commonly employed asymptotic test criteria are seriously biased towards overrejection. in this paper, we propose finite-and large-sample likelihood-based test procedures for possibly non-linear hypotheses on the coefficients of MLR and SURE systems.

Nonlinear Monetary Policy Rules: Some New Evidence for the U.S.

This paper derives optimal monetary policy rules in setups where certainty equivalence does not hold because either central bank preferences are not quadratic, and/or the aggregate supply relation is nonlinear. Analytical results show that these features lead to sign and size asymmetries, and nonlinearities in the policy rule. Reduced-form estimates indicate that US monetary policy can be characterized by a nonlinear policy rule after 1983, but not before 1979. This finding is consistent with the view that the Fed's inflation preferences during the Volcker-Greenspan regime differ considerably from the ones during the Burns-Miller regime.

Pantoprazole intraveineux aux soins intensifs pédiatriques: un modèle de pharmacocinétique de population

Objectifs : Définir les paramètres pharmacocinétiques du pantoprazole intraveineux en soins intensifs pédiatriques et déterminer l’influence qu’exercent sur ceux-ci les facteurs démographiques, le syndrome de réponse inflammatoire systémique (SRIS), la dysfonction hépatique et l’administration d’un inhibiteur du cytochrome (CYP) 2C19. Méthode : Cent cinquante-six concentrations plasmatiques de pantoprazole provenant d’une population de 20 patients (âgés de 10 jours à 16.4 ans) à risque ou atteints d’une hémorragie gastroduodénale de stress, ayant reçu des doses quotidiennes de pantoprazole de 19.9 à 140.6 mg/1.73m2, ont été analysées selon les méthodes non compartimentale et de modélisation non linéaire à effets mixtes. Résultats : Une clairance médiane (CL) de 0.14 L/h/kg, un volume apparent de distribution de 0.20 L/kg et une demi-vie d’élimination de 1.7 h ont été déterminés via l’approche non compartimentale. Le modèle populationnel à deux compartiments avec une infusion d’ordre zéro et une élimination d’ordre un représentait fidèlement la cinétique du pantoprazole. Le poids, le SRIS, la dysfonction hépatique et l’administration d’un inhibiteur du CYP2C19 constituaient les covariables significatives rendant compte de 75 % de la variabilité interindividuelle observée pour la CL. Seul le poids influençait significativement le volume central de distribution (Vc). Selon les estimations du modèle final, un enfant de cinq ans pesant 20 kg avait une CL de 5.28 L/h et un Vc de 2.22 L. La CL du pantoprazole augmentait selon l’âge et le poids tandis qu’elle diminuait respectivement de 62.3%, 65.8% et 50.5% en présence d’un SRIS, d’un inhibiteur du CYP2C19 ou d’une dysfonction hépatique. Conclusion : Ces résultats permettront de guider les cliniciens dans le choix d’une dose de charge et dans l’ajustement des posologies du pantoprazole en soins intensifs pédiatriques dépendamment de facteurs fréquemment rencontrés dans cette population.