Foreign exchange exposure management in a fuel procurement company operating in the commodity markets

Fluctuating commodity prices, foreign exchange rates and interest rates are causing changes in cash flows, market value and the companies’ profit. Most of the commodities are quoted in US dollar. Companies with non-dollar accounting face a double risk in the form of the commodity price risk and foreign exchange risk. The objective of this Master’s thesis is to find out how companies under commodity should manage foreign exchange exposure. The theoretical literature is based on foreign exchange risk, commodity risk and foreign exchange exposure management. The empirical research is done by using constructive modelling of a case company in the oil industry. The exposure is model with foreign exchange net cash flow and net working capital. First, the factors affecting foreign exchange exposure in case company are analyzed, then a model of foreign exchange exposure is created. Finally, the models are compared and the most suitable method is defined. According to the literature, foreign exchange exposure is the foreign exchange net cash flow. However, the results of the study show that foreign exchange risk can be managed also with net working capital. When the purchases, sales and storage are under foreign exchange risk, the best way to manage foreign exchange exposure is with combined net cash flow and net working capital method. The foreign exchange risk policy of the company defines the appropriate way to manage foreign exchange risk.

Thermal modelling of commercial lithium-ion batteries

The accelerating adoption of electrical technologies in vehicles over the recent years has led to an increase in the research on electrochemical energy storage systems, which are among the key elements in these technologies. The application of electrochemical energy storage systems for instance in hybrid electrical vehicles (HEVs) or hybrid mobile working machines allows tolerating high power peaks, leading to an opportunity to downsize the internal combustion engine and reduce fuel consumption, and therefore, CO2 and other emissions. Further, the application of electrochemical energy storage systems provides an option of kinetic and potential energy recuperation. Presently, the lithium-ion (Li-ion) battery is considered the most suitable electrochemical energy storage type in HEVs and hybrid mobile working machines. However, the intensive operating cycle produces high heat losses in the Li-ion battery, which increase its operating temperature. The Li-ion battery operation at high temperatures accelerates the ageing of the battery, and in the worst case, may lead to a thermal runaway and fire. Therefore, an appropriate Li-ion battery cooling system should be provided for the temperature control in applications such as HEVs and mobile working machines. In this doctoral dissertation, methods are presented to set up a thermal model of a single Li-ion cell and a more complex battery module, which can be used if full information about the battery chemistry is not available. In addition, a non-destructive method is developed for the cell thermal characterization, which allows to measure the thermal parameters at different states of charge and in different points of cell surface. The proposed models and the cell thermal characterization method have been verified by experimental measurements. The minimization of high thermal non-uniformity, which was detected in the pouch cell during its operation with a high C-rate current, was analysed by applying a simplified pouch cell 3D thermal model. In the analysis, heat pipes were incorporated into the pouch cell cooling system, and an optimization algorithm was generated for the estimation of the optimalplacement of heat pipes in the pouch cell cooling system. An analysis of the application of heat pipes to the pouch cell cooling system shows that heat pipes significantly decrease the temperature non-uniformity on the cell surface, and therefore, heat pipes were recommended for the enhancement of the pouch cell cooling system.

Seed quality parameters of three interspecific hybrids of elephant grass x pearl millet

An interspecific hybrid resulting from the crossing of elephant grass (Pennisetum purpureum Schumach) x pearl millet (Pennisetum glaucum (L.) R. Brown) has been developed. This hybrid, however, revealed low phenotypic uniformity and low production of pure seeds. Through recurrent selection, two improved populations were obtained (genotypes Corte and Pastoreio). The aim of this study was assessing seed quality of the three hybrids (genotypes Corte, Pastoreio and Paraiso) by tests of: seed purity; seed germination; accelerated aging test, at 42 ºC; 1,000 seeds weight; drying curves; and sorption and desorption isotherms. Recurrent selection altered the seed size and increased initial quality of population for genotype Pastoreio. Drying curves for the three hybrids have shown similar behavior and reached moisture contents of 2.1%, 1.9%, and 1.8%, respectively, after 63 days. The accelerated aging test showed that hybrid Pastoreio was the most vigorous.

Erikoistilanteiden huomiointi päivittäistavarakaupan myymälätäydennyksessä

Päivittäistavarakauppa toimialana vaatii hektisyytensä, volyymien suurten vaihtelujen ja tuotteiden ominaispiirteiden takia nopeaa reagointikykyä toimitusketjun sopeuttamisessa. Tällöin pienikin tarkkuuden parantaminen myyntiennusteessa voi aiheuttaa merkittäviä positiivisia kerrannaisvaikutuksia koko ketjussa. Tässä diplomityössä tutkittiin kahta teemaa: Säätilan ja vähittäismyynnin välistä korrelaatiota, sekä tuotteen kampanjassa olon aiheuttamaa kannibalisointivaikutusta muiden tuotteiden menekkiin. Tutkimus toteutettiin työn tilaajan kannalta merkittäväksi mielletyillä tavararyhmillä historialliseen myynti –, sää- ja kampanjadataan perustuen. Tutkimuksen tuloksena todettiin lämpötilan olevan yksittäinen merkittävin tuotteiden menekkiin vaikuttava sääparametri. Kampanjan aiheuttaman myynnin kannibalisointivaikutuksen havaittiin olevan merkittävintä saman tuotesegmentin sisällä, erityisesti lyhyissä kampanjoissa. Työssä luotiin toimintamallit molempiin tutkittuihin teemoihin ennusteperusteisen tarvesuunnittelujärjestelmän ennustetarkkuuden parantamisen työkaluiksi.

Internal Changes in International New Ventures During Initial Internationalization: Finnish SMEs Operating in Dynamic High-tech Industries

The purpose of this qualitative research is to study how international new ventures change internally during initial internationalization. Based on the analysis of seven INV firms, a framework illustrating this change process, will be developed. This research will also develop earlier theories, and create a solid combination of existing theories to explain the phenomenon. INV firms internationalize more rapidly and aggressively than traditional MNEs. At the same, external and internal drivers cause changes in INVs culture, resources, capabilities, strategic management, and output decisions inside the company. Organizational learning and resource acquisition through international business networks explain how INVs are able to cope with the dynamic high-technology industry and be able to adapt. Internationalization of INVs proceeds through several phases, which may be gone through rapidly due to the network effects and INVs’ special characteristics. The results of this research revealed that INVs internal change process proceeds through four phases; pre-incorporation phase, product development phase, internationalization and growth phase, and maturation phase. INVs culture, resources, capabilities, strategic management, and outputs change significantly during initial internationalization, and INVs develop from small start-ups into fully established companies.

Determination of the thermal parameters of high-power batteries by local heat

A new approach to the determination of the thermal parameters of high-power batteries is introduced here. Application of local heat flux measurement with a gradient heat flux sensor (GHFS) allows determination of the cell thermal parameters in di_erent surface points of the cell. The suggested methodology is not cell destructive as it does not require deep discharge of the cell or application of any charge/discharge cycles during measurements of the thermal parameters of the cell. The complete procedure is demonstrated on a high-power Li-ion pouch cell, and it is verified on a sample with well-known thermal parameters. A comparison of the experimental results with conventional thermal characterization methods shows an acceptably low error. The dependence of the cell thermal parameters on state of charge (SoC) and measurement points on the surface was studied by the proposed measurement approach.

Co-creating Value For Smart Phone Operating Systems Via Virtual Discussion Forums

In the traditional way, value is created by manufacturer or producer of a product without engaging the customers. So, traditionally value creation is a monopoly in the part of a manufacturer. After gathering all the raw materials the manufacturers are inserting value to a product. And the inserted value is recognized in the time of consuming the product. In the modern time though there is traditional way of value creation but with the increase of more educated, smart, and technically sound customers the idea of value creation has changed. Now, customers are also contributing in value creation as value co-creator even before the product is consumed. This scenario has been encountered in the thesis with the main purpose of how value is cocreated in smart phone operating systems. The purpose is further divided into the following supobjectives: o What is value co-creation in smart phone operating systems? o Who participates in value co-creation in smart phone operating systems? o What are the procedures that are involved in value co-creation in smart phone operating systems? The research was conducted as a qualitative desk study by observing two of the leading smart phone operating system providers. Data has been collected from the official discussion forum of both the operating system providers. Other general concepts relating to the purpose of the study has been encountered through literature review. The research findings reveal that customers and companies both together co-create value of anticipated level when they communicate and interact with each other. However, most of the time customer to customer interactions, dialogues and discussions that come out in the core conversation help the value co-creation. The value co-creation framework sets up the customer at the main focus of value creation theory. By nullifying the inherited notion that companies only create value within its boundary and provide it to their customers in exchange of currencies. Rationally, it has been commenced that the firms are merely compromising value propositions to its customers. But the value has been co-created in a point where offerings are combined and interacted with customers’ capabilities, knowledge, resources and perceptions. This new perspective has radically altered the prospect of firms towards its customers. Typically customers are now taking part in value cocreation as a crucial member.

Evaluation of the Efficiency of Line-Start Permanent-Magnet Machines as a Function of the Operating Temperature

The standard squirrel-cage induction machine has nearly reached its maximum efficiency. In order to further increase the energy efficiency of electrical machines, the use of permanent magnets in combination with the robust design and the line start capability of the induction machine is extensively investigated. Many experimental designs have been suggested in literature, but recently, these line-start permanent-magnet machines (LSPMMs) have become off-the-shelf products available in a power range up to 7.5 kW. The permanent magnet flux density is a function of the operating temperature. Consequently, the temperature will affect almost every electrical quantity of the machine, including current, torque, and efficiency. In this paper, the efficiency of an off-the-shelf 4-kW three-phase LSPMM is evaluated as a function of the temperature by both finite-element modeling and by practical measurements. In order to obtain stator, rotor, and permanent magnet temperatures, lumped thermal modeling is used.

Kr-Ar laser Raman spectrometer for low temperature measurements /

A Czerny Mount double monochromator is used to measure Raman scattered radiation near 90" from a crystalline, Silicon sample. Incident light is provided by a mixed gas Kr-Ar laser, operating at 5145 A. The double monochromator is calibrated to true wavelength by comparison of Kr and Ar emission Une positions (A) to grating position (A) display [1]. The relationship was found to be hnear and can be described by, y = 1.219873a; - 1209.32, (1) where y is true wavelength (A) and xis grating position display (A). The Raman emission spectra are collected via C"*""*" encoded software, which displays a mV signal from a Photodetector and allows stepping control of the gratings via an A/D interface. [2] The software collection parameters, detector temperature and optics are optimised to yield the best quality spectra. The inclusion of a cryostat allows for temperatmre dependent capabihty ranging from 4 K to w 350 K. Silicon Stokes temperatm-e dependent Raman spectra, generally show agreement with Uterature results [3] in their frequency haxdening, FWHM reduction and intensity increase as temperature is reduced. Tests reveal that a re-alignment of the double monochromator is necessary before spectral resolution can approach literature standard. This has not yet been carried out due to time constraints.

Breeding parameters of great cormorants (Phalacrocorax carbo carbo) at mixed species colonies on Prince Edward Island, Canada

Breeding parameters of Great Cormorants (PkaZac/iOCOfiCLX CCUibo dCUtbo) and Double-crested Cormorants (P. CLU/uXuA CMJhLtllb) were examined at two mixed species colonies at Cape Tryon and Durell Point, Prince Edward Island from 1976 to 1978. Differential access to nests at the two colony sites resulted in more complete demographic data for P. CCUibo than for P. CLUJiituA. In 1911j P. CCtfibo was present at both colonies by 21 March, whereas P. auAAJtuA did not return until 1 April and 16 April at Cape Tryon and Durell Point, respectively. Differences in the arrival chronology by individuals of each species and differences in the time of nest site occupation according to age, are suggested as factors influencing the nest site distribution of P. CXUtbo and P. aiVtituA at Cape Tryon. Forty-eight P. dOJtbo chicks banded at the Durell Point colony between 19 74 and 19 76 returned there to nest as two- to four-year olds in 19 77 and 19 78. Unmarked individuals with clutch-starts in April were likely greater than four years old as all marked two to four-year olds (with one possible exception) in 19 77 and 1978 had clutch-starts in May and June. Seasonal variation in the breeding success of P. dOJibo individuals was examined at Durell Point in 1977. Mean clutch-size, hatching success and fledging success exhibited a seasonal decline. Four- and 5-egg clutches represented the majority (75%) of all P. CCUibo clutches at Durell Point in 1977 and had the highest reproductive success (0.48 and 0.43 chicks fledged per egg laid respectively). Smaller clutches produced small broods with significantly higher chick mortality while larger clutches suffered high egg loss prior to clutch completion.

Simultaneous extraction of order parameters and orientational distribution fuctions from 31[superscript]P NMR spectra of magnetically partially oriented phospholipid bilayers

Order parameter profiles extracted from the NMR spectra of model membranes are a valuable source of information about their structure and molecular motions. To al1alyze powder spectra the de-Pake-ing (numerical deconvolution) ~echnique can be used, but it assumes a random (spherical) dist.ribution of orientations in the sample. Multilamellar vesicles are known to deform and orient in the strong magnetic fields of NMR magnets, producing non-spherical orientation distributions. A recently developed technique for simultaneously extracting the anisotropies of the system as well as the orientation distributions is applied to the analysis of partially magnetically oriented 31p NMR spectra of phospholipids. A mixture of synthetic lipids, POPE and POPG, is analyzed to measure distortion of multilamellar vesicles in a magnetic field. In the analysis three models describing the shape of the distorted vesicles are examined. Ellipsoids of rotation with a semiaxis ratio of about 1.14 are found to provide a good approximation of the shape of the distorted vesicles. This is in reasonable agreement with published experimental work. All three models yield clearly non-spherical orientational distributions, as well as a precise measure of the anisotropy of the chemical shift. Noise in the experimental data prevented the analysis from concluding which of the three models is the best approximation. A discretization scheme for finding stability in the algorithm is outlined

Registered Nurses' Perceptions about Facilitators and Barriers to Maternal Skin to Skin Contact in the Operating Room

Abstract It is recommended that all new mothers experience skin-to-skin contact (SSC) with their newborns immediately after birth. However, SSC is not commonly practiced after cesarean deliveries. To understand facilitators and barriers regarding SSC in the operating room (OR), a descriptive online and paper survey was conducted with 68 Registered Nurses from four hospitals in Ontario. The theory of planned behavior framed the study. Nurses had positive attitudes, and believed most health care team members supported SSC in the OR, but were uncertain about their control over the behavior. Nurses who had practiced the behavior in the past had more positive attitudinal and normative beliefs, and perceived some barriers as less difficult. Attitude and past behavior were the only significant multivariate predictors of intention to practice SSC in the future. Results suggest that shifting attitude and supporting more experience with the practice may increase nurses’ implementation of SSC in the OR.

Asymmetric Smiles, Leverage Effects and Structural Parameters.

In this paper, we characterize the asymmetries of the smile through multiple leverage effects in a stochastic dynamic asset pricing framework. The dependence between price movements and future volatility is introduced through a set of latent state variables. These latent variables can capture not only the volatility risk and the interest rate risk which potentially affect option prices, but also any kind of correlation risk and jump risk. The standard financial leverage effect is produced by a cross-correlation effect between the state variables which enter into the stochastic volatility process of the stock price and the stock price process itself. However, we provide a more general framework where asymmetric implied volatility curves result from any source of instantaneous correlation between the state variables and either the return on the stock or the stochastic discount factor. In order to draw the shapes of the implied volatility curves generated by a model with latent variables, we specify an equilibrium-based stochastic discount factor with time non-separable preferences. When we calibrate this model to empirically reasonable values of the parameters, we are able to reproduce the various types of implied volatility curves inferred from option market data.

Confidence Regions for Calibrated Parameters in Computable General Equilibrium Models

We consider the problem of accessing the uncertainty of calibrated parameters in computable general equilibrium (CGE) models through the construction of confidence sets (or intervals) for these parameters. We study two different setups under which this can be done.