Dynamic linkages of real estate and stock markets in Finland

Traditionally real estate has been seen as a good diversification tool for a stock portfolio due to the lower return and volatility characteristics of real estate investments. However, the diversification benefits of a multi-asset portfolio depend on how the different asset classes co-move in the short- and long-run. As the asset classes are affected by the same macroeconomic factors, interrelationships limiting the diversification benefits could exist. This master’s thesis aims to identify such dynamic linkages in the Finnish real estate and stock markets. The results are beneficial for portfolio optimization tasks as well as for policy-making. The real estate industry can be divided into direct and securitized markets. In this thesis the direct market is depicted by the Finnish housing market index. The securitized market is proxied by the Finnish all-sectors securitized real estate index and by a European residential Real Estate Investment Trust index. The stock market is depicted by OMX Helsinki Cap index. Several macroeconomic variables are incorporated as well. The methodology of this thesis is based on the Vector Autoregressive (VAR) models. The long-run dynamic linkages are studied with Johansen’s cointegration tests and the short-run interrelationships are examined with Granger-causality tests. In addition, impulse response functions and forecast error variance decomposition analyses are used for robustness checks. The results show that long-run co-movement, or cointegration, did not exist between the housing and stock markets during the sample period. This indicates diversification benefits in the long-run. However, cointegration between the stock and securitized real estate markets was identified. This indicates limited diversification benefits and shows that the listed real estate market in Finland is not matured enough to be considered a separate market from the general stock market. Moreover, while securitized real estate was shown to cointegrate with the housing market in the long-run, the two markets are still too different in their characteristics to be used as substitutes in a multi-asset portfolio. This implies that the capital intensiveness of housing investments cannot be circumvented by investing in securitized real estate.

Inviting the Audience – Interactive, Participatory, and Social Television in Finland

The television and the ways it has invited the audience to take part have been changing during the last decade. Today’s interaction, or rather participation, comes from multiplatform formats, such as TV spectacles that combine TV and web platforms in order to create a wider TV experience. Multiplatform phenomena have spread television consumption and traditional coffee table discussions to several different devices and environments. Television has become a part of the bigger puzzle of interconnected devices that operates on several platforms instead of just one. This thesis examines the Finnish television (2004–2014) through the notion of audience participation and introduces the technical, thematic, and social linkages as three different phases, interactive, participatory, social, and their most characteristic features in terms of audience participation. The aim of the study is also to focus on the idea of a possible change by addressing the possible and subtler variations that have taken place through the concept of digital television. Firstly, Finnish television history has gone through numerous trials, exploring the interactive potential of television formats. Finnish SMS-based iTV had its golden era around 2005, when nearly 50% of the television formats were to some extent interactive. Nowadays, interactive television formats have vanished due to their negative reputation and this important part of recent history is mainly been neglected in the academic scope. The dissertation focuses also on the present situation and the ways television content invites the audience to take part. “TV meets the Internet” is a global expression that characterises digital TV, and the use of the Web combined with television content is also examined. Also the linkages between television and social media are identified. Since television can nowadays be described multifaceted, the research approaches are also versatile. The research is based on qualitative content analysis, media observation, and Internet inquiry. The research material also varies. It consists of primary data: taped iTV formats, website material, and social media traces both from Twitter and Facebook and secondary data: discussion forums, observations from the media and Internet inquiry data. To sum up the results, the iTV phase represented, through its content, a new possibility for audiences to take part in a TV show (through gameful and textual features) in real-time. In participatory phase, the most characteristic features from TV-related content view, is the fact that online platform(s) were used to immerse the audience with additional material and, due to this, to extend the TV watching enjoyment beyond the actual broadcast. During the Social (media) phase, both of these features, real-timeness, and extended enjoyment through additional material, are combined and Facebook & Twitter, for example, are used to immerse people in live events (in real-time) via broadcast-related tweets and extra-material offered on a Facebook page. This thesis fills in the gap in Finnish television research by examining the rapid changes taken place on the field within the last ten years. The main results is that the development of Finnish digital television has been much more diverse and subtle than has been anticipated by following only the news, media, and contemporary discourses on the subject of television. The results will benefit both practitioners and academics by identifying the recent history of Finnish television.

The corporate bias and the molding of prescription practices: the case of hypertension

Drug management of hypertension has been a noticeable example of the influence of the pharmaceutical industry on prescription practices. The worldwide leading brands of blood pressure-lowering agents are angiotensin receptor-blocking agents, although they are considered to be simply substitutes of angiotensin-converting enzyme (ACE) inhibitors. Commercial strategies have been based on the results of clinical trials sponsored by drug companies. Most of them presented distortions in their planning, presentation or interpretation that favored the drugs from the sponsor, i.e., corporate bias. Atenolol, an ineffective blood pressure agent in elderly individuals, was the comparator drug in several trials. In a re-analysis of the INSIGHT trial, deaths appeared to have been counted twice. The LIFE trial appears in the title of more than 120 reproductions of the main and flawed trial, as a massive strategy of scientific marketing. Most guidelines have incorporated the corporate bias from the original studies, and the evidence from better designed studies, such as the ALLHAT trial, have been largely ignored. In trials published recently corporate influences have touched on ethical limits. In the ADVANCE trial, elderly patients with type 2 diabetes and cardiovascular disease or risk factors, allocated to placebo, were not allowed to use diuretic and full doses of an ACE inhibitor, despite the sound evidence of benefit demonstrated in previous trials. As a consequence, they had a 14% higher mortality rate than the participants allocated to the active treatment arm. This reality should be modified immediately, and a greater independence of the academy from the pharmaceutical industry is necessary.

Electrophoretic analisys to detect and quantify additional whey in milk and dairy beverages

Polyacrylamide gel electrophoresis, SDS-PAGE system, was adjusted to detect the presence of additional whey in dairy beverages distributed in a Brazilian Government School Meals Program. Aqueous solutions of samples in 8 M urea were submitted to a polyacrylamide gel gradient (10% to 18%). Gel scans from electrophoresis patterns of previously adulterated milk samples showed that caseins peak areas decreased while peak areas of beta -lactoglobulin plus alpha -lactalbumin increased as the percentage of raw milk powder replaced by whey powder increased. The relative densitometer areas of caseins or beta -lactoglobulin plus alpha -lactalbumin plotted against the percentage of whey added to the raw milk showed a linear correlation coefficient square higher than 0.97. The caseins plot was used to determine the percentage of additional whey in 116 dairy beverages, chocolate or coffee flavor. Considering that the lowest relative caseins concentration found in commercial milk powder samples by the present method was 72%, the dairy beverages containing caseins percentages equal to or higher than this value were considered free of additional whey. Based on this criterion, about 49% of the coffee-flavor dairy beverages and 29% of the chocolate-flavor beverages, among all the samples analyzed were adulterated with whey protein to reach the total protein contents specified on their labels. The present method showed a sensitivity of 5% to additional whey.

Modified broken rice starch as fat substitute in sausages

The demand for low-fat beef products has led the food industry to use fat substitutes such as modified starch. About 14% of broken rice is generated during processing. Nevertheless, this by-product contains high levels of starch; being therefore, great raw material for fat substitution. This study evaluated the applicability of chemically and physically modified broken rice starch as fat substitute in sausages. Extruded and phosphorylated broken rice was used in low-fat sausage formulation. All low-fat sausages presented about 55% reduction in the fat content and around 28% reduction in the total caloric value. Fat replacement with phosphorylated and extruded broken rice starch increased the texture acceptability of low-fat sausages, when compared to low-fat sausages with no modified broken rice. Results suggest that modified broken rice can be used as fat substitute in sausage formulations, yielding lower caloric value products with acceptable sensory characteristics.

Potential of quixaba (Sideroxylon obtusifolium) latex as a milk-clotting agent

There are several obstacles to the use of chymosin in cheese production. Consequently, plant proteases have been studied as possible rennet substitutes, but most of these enzymes are unsuitable for the manufacture of cheese. The aim of this study was to evaluate the potential of latex from Sideroxylon obtusifolium as a source of milk-clotting proteases and to partially characterize the enzyme. The enzyme extract showed high protease and coagulant activities, with an optimal pH of 8.0 and temperature of 55 °C. The enzyme was stable in wide ranges of temperature and pH. Its activity was not affected by any metal ions tested; but was inhibited by phenylmethanesulfonyl fluoride and pepstatin. For the coagulant activity, the optimal concentration of CaCl2 was 10 µmol L- 1. Polyacrylamide gel electrophoresis showed four bands, with molecular weights between 17 and 64 kDa. These results indicate that the enzyme can be applied to the cheese industry.

The effect of acid hydrolysis on the technological functional properties of pinhão (Araucaria brasiliensis) starch

Technological functional properties of native and acid-thinned pinhão (seeds of Araucária angustifolia, Brazilian pine) starches were evaluated and compared to those of native and acid-thinned corn starches. The starches were hydrolyzed (3.2 mol.L-1 HCl, 44 ºC, 6 hours) and evaluated before and after the hydrolysis reaction in terms of formation, melting point and thermo-reversibility of gel starches, retrogradation (in a 30-day period and measurements every three days), paste freezing and thawing stability (after six freezing and thawing cycles), swelling power, and solubility. The results of light transmittance (%) of pastes of native and acid-thinned pinhão starches was higher (lower tendency to retrogradation) than that obtained for corn starches after similar storage period. Native pinhão starch (NPS) presented lower syneresis than native corn starch (NCS) when submitted to freeze-thaw cycles. The acid hydrolysis increased the syneresis of the two native varieties under storage at 5 ºC and after freezing and thawing cycles. The solubility of NPS was lower than that of native corn starch at 25, 50, and 70 ºC. However, for the acid-thinned pinhão starch (APS), this property was significantly higher (p < 0.05) when compared to that of acid-thinned corn starch (ACS). From the results obtained, it can be said that the acid treatment was efficient in producing a potential fat substitute from pinhão starch variety, but this ability must be further investigated.

Application of fats in some food products

Fats and oils are very important raw materials and functional ingredients for several food products such as confectionery, bakery, ice creams, emulsions, and sauces, shortenings, margarines, and other specially tailored products. Formulated products are made with just about every part of chemistry, but they are not simple chemicals. In general, they consist of several, and often many, components. Each of these components has a purpose. Most formulated products have a micro- or nano-structure that is important for their function, but obtaining this structure is often the big challenge. Due to a rise in overweight or obesity, health concerns have increased. This fact has led to the need to the develop products with low fat content, which have become a market trend. In addition, the development of new products using fat substitutes can be a good option for companies that are always trying to reduce costs or substitute trans fat or saturated fat. However, the successful development of these products is still a challenge because fat plays multiple roles in determining the desirable physicochemical and sensory attributes, and because the consumers who want or need to replace these ingredients, seek products with similar characteristics to those of the original product. Important attributes such as smooth, creamy and rich texture; milky and creamy appearance; desirable flavor; and satiating effects are influenced by the droplets of fat, and these characteristics are paramount to the consumer and consequently crucial to the success of the product in the market. Therefore, it is important to identify commercially viable strategies that are capable of removing or reducing fat content of food products without altering their sensory and nutritional characteristics. This paper intended to provide an overview about the role of fat in different food systems such as chocolate, ice cream, bakery products like biscuits, breads, and cakes considering the major trends of the food industry to meet the demands of modern society.

Fat reduction in the formulation of frankfurter sausages using inulin and pectin

The aim of this study was to evaluate the influence of different concentrations of inulin and pectin as fat substitutes on the chemical composition, texture, and sensory acceptance of frankfurter sausages. Six treatments were evaluated to test fat replacement: control (T0); low fat control (T1); low fat with 15% inulin (T2); low fat with 30% inulin (T3); low fat with 7.5% inulin and 7.5% pectin (T4); and low fat with 15% inulin and 15% pectin (T5). The addition of fibers increased the yield (T3 and T5; 98.96%), and the color parameters were slightly reduced (T3). Moisture (61.14%) and ashes (6.96%) of sausages with inulin and pectin were higher (T5), while shear force, hardness, fracturability, gumminess, and chewiness (T3 and T5) were slightly lower than those of the control. The addition of inulin (T2) increased the sensory acceptance of the sausages (5.75). Fat can be replaced with inulin and pectin in frankfurter sausages to produce healthy and functional products.

Effect of the addition of wheat fiber and partial pork back fat on the chemical composition, texture and sensory property of low-fat bologna sausage containing inulin and oat fiber

The objective of this work was to study the effect of adding wheat fiber and partial pork back fat on the quality characteristics of bologna sausage. The compound central rotating design was used with treatments containing fixed levels of inulin (5%) and oat fiber (1%) and variable levels of wheat fiber (0-4%) and pork back fat (0-10%). The pH and protein were similar in all the treatments, the fat was lower than the control treatment and the moisture content was higher than the control treatment (CF) without fibers. The wheat fiber increased the hardness and reduced cohesiveness and scores were given for overall impression. We found that it was possible to prepare low-fat bologna sausage with the addition of 6.58% fiber (5% inulin, 1% oat fiber and 0.58% wheat fiber), whilst retaining good sensory acceptability, thus reducing the pork back fat levels by between 25 and 42.75%.

The feasibility of torrefaction for the co-firing of wood in pulverised-fuel boilers

Torrefaction is the partial pyrolysis of wood characterised by thermal degradation of predominantly hemicellulose under inert atmosphere. Torrefaction can be likened to coffee roasting but with wood in place of beans. This relatively new process concept makes wood more like coal. Torrefaction has attracted interest because it potentially enables higher rates of co-firing in existing pulverised-coal power plants and hence greater net CO2 emission reductions. Academic and entrepreneurial interest in torrefaction has sky rocketed in the last decade. Research output has focused on the many aspects of torrefaction – from detailed chemical changes in feedstock to globally-optimised production and supply scenarios with which to sustain EU emission-cutting directives. However, despite its seemingly simple concept, torrefaction has retained a somewhat mysterious standing. Why hasn’t torrefied pellet production become fully commercialised? The question is one of feasibility. This thesis addresses this question. Herein, the feasibility of torrefaction in co-firing applications is approached from three directions. Firstly, the natural limitations imposed by the structure of wood are assessed. Secondly, the environmental impact of production and use of torrefied fuel is evaluated and thirdly, economic feasibility is assessed based on the state of the art of pellet making. The conclusions reached in these domains are as follows. Modification of wood’s chemical structure is limited by its naturally existing constituents. Consequently, key properties of wood with regards to its potential as a co-firing fuel have a finite range. The most ideal benefits gained from wood torrefaction cannot all be realised simultaneously in a single process or product. Although torrefaction at elevated pressure may enhance some properties of torrefied wood, high-energy torrefaction yields are achieved at the expense of other key properties such as heating value, grindability, equilibrium moisture content and the ability to pelletise torrefied wood. Moreover, pelletisation of even moderately torrefied fuels is challenging and achieving a standard level of pellet durability, as required by international standards, is not trivial. Despite a reduced moisture content, brief exposure of torrefied pellets to water from rainfall or emersion results in a high level of moisture retention. Based on the above findings, torrefied pellets are an optimised product. Assessment of energy and CO2-equivalent emission balance indicates that there is no environmental barrier to production and use of torrefied pellets in co-firing. A long product transport distance, however, is necessary in order for emission benefits to exceed those of conventional pellets. Substantial CO2 emission reductions appear possible with this fuel if laboratory milling results carry over to industrial scales for direct co-firing. From demonstrated state-of-the-art pellet properties, however, the economic feasibility of torrefied pellet production falls short of conventional pellets primarily due to the larger capital investment required for production. If the capital investment for torrefied pellet production can be reduced significantly or if the pellet-making issues can be resolved, the two production processes could be economically comparable. In this scenario, however, transatlantic shipping distances and a dry fuel are likely necessary for production to be viable. Based on demonstrated pellet properties to date, environmental aspects and production economics, it is concluded that torrefied pellets do not warrant investment at this time. However, from the presented results, the course of future research in this field is clear.

Variational Monte Carlo study of core-valence separation schemes for first-row atoms and positive ions /

All-electron partitioning of wave functions into products ^core^vai of core and valence parts in orbital space results in the loss of core-valence antisymmetry, uncorrelation of motion of core and valence electrons, and core-valence overlap. These effects are studied with the variational Monte Carlo method using appropriately designed wave functions for the first-row atoms and positive ions. It is shown that the loss of antisymmetry with respect to interchange of core and valence electrons is a dominant effect which increases rapidly through the row, while the effect of core-valence uncorrelation is generally smaller. Orthogonality of the core and valence parts partially substitutes the exclusion principle and is absolutely necessary for meaningful calculations with partitioned wave functions. Core-valence overlap may lead to nonsensical values of the total energy. It has been found that even relatively crude core-valence partitioned wave functions generally can estimate ionization potentials with better accuracy than that of the traditional, non-partitioned ones, provided that they achieve maximum separation (independence) of core and valence shells accompanied by high internal flexibility of ^core and Wvai- Our best core-valence partitioned wave function of that kind estimates the IP's with an accuracy comparable to the most accurate theoretical determinations in the literature.

Infrared spectroscopy of Mg-doped SrRuO3 thin films /

The reflectance of thin films of magnesium doped SrRu03(Mg-SR0) produced by pulsed laser deposition on SrTiOa (100) substrates has been measured at room temperature between 100 and 7500 cm~^. The films were chosen to have wide range of thickness, stoichiometry and electrical properties. As the films were very thin (less than 300 nm), and some were insulating the reflectance data shows structures due to both the film and the substrate. Hence, the data was analyzed using Kramers-Kronig constrained variational fitting (VDF) method to extract the real optical conductivity of the Mg-SRO films. Although the VDF technique is flexible enough to fit all features of the reflectance spectra, it seems that VDF could not eliminate the substrate's contribution from fllm conductivity results. Also the comparison of the two different programs implementing VDF fltting shows that this technique has a uniqueness problem. The optical properties are discussed in light of the measured structural and transport properties of the fllms which vary with preparation conditions and can be correlated with differences in stoichiometry. This investigation was aimed at checking the VDF technique and also getting answer to the question whether Mg^"*" substitutes in to Ru or Sr site. Analysis of our data suggests that Mg^+ goes to Ru site.

The encounter with the real and post-Soviet trauma : fantasy construction in Russian popular cinema /

This thesis examines the impact of the Soviet Union's collapse on the Russian Symbolic as represented through popular cinema of the post-Soviet period. The disintegration of the USSR in 1991 became one of the most traumatic experiences for many Russian people. The trauma of the collapse of the Soviet Union penetrated the everyday reality of the Russian Symbolic, leaving the traces-symptoms in different cultural fonns like literature, arts, television and cinema. Because popular culture usually reacts very quickly to any social, political and economical shifts in society, it is an excellent barometer for deeper changes in society. Focusing on postSoviet popular cinema, this thesis analyzes the symptoms of cultural and individual trauma occasioned by the momentous changes of the 1990's. This study is grounded in post-analytic theory of Jacques Lacan and its interpretation by Slavoj Zizek, which emphases the traumatic encounter with the Real as a "hard core" of our reality. According to this paradigm, a new chain of signifiers is structured around the traumatic breach in the Symbolic, initiating a process of fantasy construction to deal with consequences of trauma and, thus, to support our Symbolic order. This thesis examines three major fantasy constructions - drinking, traveling to a "happy land" and family reunion and money - in popular films by Alexander Rogozhkin, Yurij Mamin, Georgij Shengelia, Dmitrij Astrakhan, Valerij Todorovskij, Alexej Balabanov, Sergej Bodrov Jr. and Petr Buslov. According to Zizek, enjoyment underlies any fantasy constructions, and that is why after the intrusion of the Real every individual and culture should go through the process of fantasizing about some substitutes which can help to minimize the traumatic effect and which can lead to a partial enjoyment. By analyzing the fantasies about drinking, "happy land", reconstruction of the family bonds and money in Russian popular cinema since 1991, this thesis demonstrates how the traumatic engagement with the Real affected the everyday lives of Russian people, and how individuals tried to fill the gap, the lack, in the post-Soviet Symbolic and "return" the lost feeling of unity and plenitude.

Benefits, challenges, and limitations of fair trade as a social justice movement

This thesis answers some important questions about how Fair Trade is experienced and perceived by some Northern sellers, consumers, activists, advocates, practitioners, and an importer. As it relates to sellers, I focus only on small scale independent businesses (i.e. I do not include large corporate businesses in my interview sample). Fair Trade works to establish a dignified livelihood for many producers in the South. Some of the most important actors in the Fair Trade movement are the people who buy, sell, and/or advocate for Fair Trade in the North. Fair Trade is largely a consumer movement which relies on the purchase of Fair Trade products. Without consumers purchasing Fair Trade products, retailers providing the products for sale, and activists raising awareness of Fair Trade, the movement, as it is presently constituted, would be non-existent. This qualitative research is based on 19 in-depth i.nterviews with nine interviewees involved with Fair Trade in Canada. I focus on benefits, challenges, and limitations of Fair Trade in the context of their involvement with it. I describe and analyze how people become involved with Fair Trade, what motivates them to do so, what they hope to achieve, and the benefits of being involved. I also describe and analyze how people understand and deal with any challenges and limitations associated with their involvement with Fair Trade. I also explore whether involvement with Fair Trade influences how people think about other products that they purchase and, if so, in what ways. I focus mainly on the commodity of coffee, but my discussion is not limited to this single commodity. Interviewees' experiences with and participation in Fair Trade vary in terms of their level of involvement and interest in the broader Fair Trade movement (as opposed to just participating in the market component). This research reveals that while Fair Trade is a small movement, sellers, consumers, and activists have had much success in the advancement of Fair Trade. While challenges have not deterred interviewees from continuing to participate in Fair Trade, analysis and explanation of such challenges provides the opportunity for Fair Trade practitioners to develop effective solutions in an effort to meet the needs of various Fair Trade actors.