Testing the Random Walk Hypothesis on the Baltic Stock Markets

The purpose of the thesis is to analyze whether the returns of general stock market indices of Estonia, Latvia and Lithuania follow the random walk hypothesis (RWH), and in addition, whether they are consistent with the weak-form efficiency criterion. Also the existence of the day-of-the-week anomaly is examined in the same regional markets. The data consists of daily closing quotes of the OMX Tallinn, Riga and Vilnius total return indices for the sample period from January 3, 2000 to August 28, 2009. Moreover, the full sample period is also divided into two sub-periods. The RWH is tested by applying three quantitative methods (i.e. the Augmented Dickey-Fuller unit root test, serial correlation test and non-parametric runs test). Ordinary Least Squares (OLS) regression with dummy variables is employed to detect the day-of-the-week anomalies. The random walk hypothesis (RWH) is rejected in the Estonian and Lithuanian stock markets. The Latvian stock market exhibits more efficient behaviour, although some evidence of inefficiency is also found, mostly during the first sub-period from 2000 to 2004. Day-of-the-week anomalies are detected on every stock market examined, though no longer during the later sub-period.

Web Application Performance Testing

Web application performance testing is an emerging and important field of software engineering. As web applications become more commonplace and complex, the need for performance testing will only increase. This paper discusses common concepts, practices and tools that lie at the heart of web application performance testing. A pragmatic, hands-on approach is assumed where applicable; real-life examples of test tooling, execution and analysis are presented right next to the underpinning theory. At the client-side, web application performance is primarily driven by the amount of data transmitted over the wire. At the server-side, selection of programming language and platform, implementation complexity and configuration are the primary contributors to web application performance. Web application performance testing is an activity that requires delicate coordination between project stakeholders, developers, system administrators and testers in order to produce reliable and useful results. Proper test definition, execution, reporting and repeatable test results are of utmost importance. Open-source performance analysis tools such as Apache JMeter, Firebug and YSlow can be used to realise effective web application performance tests. A sample case study using these tools is presented in this paper. The sample application was found to perform poorly even under the moderate load incurred by the sample tests.

Multi-component quantitation of loratadine, pseudoephedrine and paracetamol in plasma and pharmaceutical formulations with liquid chromatography-tandem mass spectrometry utilizing a monolithic column

The purpose of this study was to develop a rapid, simple and sensitive quantitation method for pseudoephedrine (PSE), paracetamol (PAR) and loratadine (LOR) in plasma and pharmaceuticals using liquid chromatography-tandem mass spectrometry with a monolithic column. Separation was achieved using a gradient composition of methanol-0.1% formic acid at a flow rate of 1.0 mL min-1. Mass spectral transitions were recorded in SRM mode. System validation was evaluated for precision, specificity and linearity. Limit of detection for pseudoephedrine, paracetamol, and loratadine were determined to be 3.14, 1.86 and 1.44 ng mL-1, respectively, allowing easy determination in plasma with % recovery of 93.12 to 101.56%.

Identification of the major fungitoxic component of cinnamon bark oil

The study was done to identify the most active fungitoxic component of cinnamon bark (Cinnamomum zeylanicum) oil that can be used as a marker for standardization of cinnamon extract or oil based natural preservative of stored seeds. Aspergillus flavus and A. ruber were used as test fungi. The hexane extracted crude oil and the hydro-distilled essential oil from cinnamon bark had complete growth inhibition concentration (CGIC) of 300 and 100 µl/l, respectively. Both oils produced three fractions on preparative thin layer silica-gel chromatography plates. The fraction-2 of either oil was the largest and most active, with CGIC of 200 µl/l, but the fungitoxicity was also retained in the other two fractions. The fraction-1 and 3 of the crude oil reduced growth of both the fungal species by 65%, and those of distilled oil by 45% at 200 µl/l. The CGIC of these fractions from both the sources was above 500 µl/l. The gas chromatography and mass spectrometry (GC-MS) of the fraction-2 of the hexane extract revealed that it contained 61% cinnamaldehyde, 29% cinnamic acid, and two minor unidentified compounds in the proportion of 4% and 6%. The GC-MS of the fraction-2 of the distilled oil revealed that it contained 99.1% cinnamaldehyde and 0.9% of an unidentified compound. The CGIC of synthetic cinnamaldehyde was 300 µl/l and that of cinnamic acid above 500 µl/l. The 1:1 mixture of cinnamaldehyde and cinnamic acid had CGIC of 500 µl/l. The data revealed that cinnamaldehyde was the major fungitoxic component of hexane extract and the distilled essential oil of cinnamon bark, while other components have additive or synergistic effects on total fungitoxicity. It is suggested that the natural seed preservative based on cinnamon oil can be standardized against cinnamaldehyde.

Planning and ramping up a new SW Testing site

During recent years, mobile phone markets have changed significantly. Asian markets have become vital for the manufacturers with their millions of end users and multiple major mobile network operators. This has resulted in software development as global companies have research and development sites running in multiple locations, including Asia. The reasons behind this are not only in reducing labor costs but also in capitalizing on the local knowledge and knowhow. A ramp-up site has multiple effects in the software development and software release activities. This thesis focuses on representing the importance of software testing as part of software development process and highlighting issues that need to be considered during ramp-up activities. In addition this work tries to emphasize the importance of communication between parties and information gathering prior to setting up the ramp-up site. The output of this thesis was successful software testing site ramp-up within the set time limits. The quality of software testing work was assured and the ramp-up -project requirements were achieved.

A Survey and Classification of Software Testing Tools

Software testing is one of the essential parts in software engineering process. The objective of the study was to describe software testing tools and the corresponding use. The thesis contains examples of software testing tools usage. The study was conducted as a literature study, with focus on current software testing practices and quality assurance standards. In the paper a tool classifier was employed, and testing tools presented in study were classified according to it. We found that it is difficult to distinguish current available tools by certain testing activities as many of them contain functionality that exceeds scopes of a single testing type.

Stress testing practices in risk management - Empirical evidence from the Finnish banking and insurance sectors

The main purpose of this study was to analyze how stress tests are used in risk management in the Finnish banking and insurance sectors. In order to enhance understanding of the topic, stress testing was explored in the context of corporate governance and regulato-ry implications of Basel II and Solvency II on stress testing were examined. In addition, the effects of the global financial crisis on stress testing were mapped and the differences in stress testing practices between the banking and insurance sector were discussed. The research method was qualitative case study and it was conducted by interviewing risk managers from ten institutions and a representative from FIN-FSA. Findings pointed out that stress testing practices vary significantly between different institutions. Interesting observations were made in terms of stress testing practices in the banking and insurance sectors. The increasing importance and use of stress tests were recognized as a result of the financial crisis. Stress testing was even considered more like art than science given the amount of challenges it involves. In general, improvements in stress tests were suggested, with an emphasis on stress concentration between different types of risks.

Visualization of communication system testing logs

During the past decades testing has matured from ad-hoc activity into being an integral part of the development process. The benefits of testing are obvious for modern communication systems, which operate in heterogeneous environments amongst devices from various manufacturers. The increased demand for testing also creates demand for tools and technologies that support and automate testing activities. This thesis discusses applicability of visualization techniques in the result analysis part of the testing process. Particularly, the primary focus of this work is visualization of test execution logs produced by a TTCN-3 test system. TTCN-3 is an internationally standardized test specification and implementation language. The TTCN-3 standard suite includes specification of a test logging interface and a graphical presentation format, but no immediate relationship between them. This thesis presents a technique for mapping the log events to the graphical presentation format along with a concrete implementation, which is integrated with the Eclipse Platform and the OpenTTCN Tester toolchain. Results of this work indicate that for majority of the log events, a visual representation may be derived from the TTCN-3 standard suite. The remaining events were analysed and three categories relevant in either log analysis or implementation of the visualization tool were identified: events indicating insertion of something into the incoming queue of a port, events indicating a mismatch and events describing the control flow during the execution. Applicability of the results is limited into the domain of TTCN-3, but the developed mapping and the implementation may be utilized with any TTCN-3 tool that is able to produce the execution log in the standardized XML format.

A proposal for a repertoire of software testing methods

Nowadays software testing and quality assurance have a great value in software development process. Software testing does not mean a concrete discipline, it is the process of validation and verification that starts from the idea of future product and finishes at the end of product’s maintenance. The importance of software testing methods and tools that can be applied on different testing phases is highly stressed in industry. The initial objectives for this thesis were to provide a sufficient literature review on different testing phases and for each of the phases define the method that can be effectively used for improving software’s quality. Software testing phases, chosen for study are: unit testing, integration testing, functional testing, system testing, acceptance testing and usability testing. The research showed that there are many software testing methods that can be applied at different phases and in the most of the cases the choice of the method should be done depending on software type and its specification. In the thesis the problem, concerned to each of the phases was identified; the method that can help in eliminating this problem was suggested and particularly described.

BimTwin - Two component continuous process hygiene concept

The aim of this study was to examine suitability of BimTwin cleaning concept in card board machine to control microbiological activity and describe microbiological balance of the machine. In a review of literature is examined microbe and spore caused problems in paper industry. Biggest problems are deposits, which decrease runnability and cause quality errors. In this chapter is also introduced most common oxidizing biocides used in paper industry and described ATP assay as a microbiological monitoring method. In an experimental part are included BimTwin mill trial results, chemical condition monitoring methods and microbiological balance in a card board machine. In a second part are examined possibilities to effect hygiene of card board by chemical treatment of the surface size and coating. Result showed that BimTwin concept is suitable for card board machine as a cleaning concept, when chemical dosing is fitted right. For proper dosing and secure tolerable hygiene level, chemical and microbiological monitoring is significant. Determining of the microbiological balance would have need more sampling. According to acquired results, broke turned out to be the biggest microbe source. Sizing and coating experiments showed that it is possible to improve hygiene of card board by chemically treated surface size and coating color.

Stress testing and risk evaluation of new capacity payment algorithm proposed by Market Council

In the Russian Wholesale Market, electricity and capacity are traded separately. Capacity is a special good, the sale of which obliges suppliers to keep their generating equipment ready to produce the quantity of electricity indicated by the System Operator. The purpose of the formation of capacity trading was the maintenance of reliable and uninterrupted delivery of electricity in the wholesale market. The price of capacity reflects constant investments in construction, modernization and maintenance of power plants. So, the capacity sale creates favorable conditions to attract investments in the energy sector because it guarantees the investor that his investments will be returned.

Lasikuitupinnoitteiden ja vinyyliesterihartsien yhteensopivuuden tutkiminen

Diplomityössä on haettu tietoa lasikuitupinnoitteiden ja vinyyliesterihartsien yhteensopivuudesta ja sen testaamisesta. Lujitemuovikomposiitissa hartsi sitoo materiaalit yhteen ja antaa rakenteelle kemiallisen kestävyyden, sitkeyden ja välittää kuormitukset kuitujen kannettaviksi. Vaadittavan lujuuden rakenteelle antaa lasikuitu. Se päällystetään valmistusvaiheessa pinnoiteaineella, sizingilla. Sillä on ratkaiseva merkitys hartsin ja lasikuidun väliin syntyvän rajapinnan muodostumisessa kovettumisprosessin aikana. Käytännössä rajapinnan toimivuutta ja materiaalien yhteensopivuutta tutkitaan makromekaanisilla lujuustesteillä. Menetelmät perustuvat rajapinnan leikkaus¬lujuuden määrittämiseen, mutta myös murtumamekanismeihin perustuvia testi¬menetelmiä käytetään. Mikrotason menetelmät, jotka perustuvat yksittäisen kuidun ja käytetyn hartsin välisen adheesion mittaamiseen ovat yleistyneet, mutta niistä saatujen tulosten ei ole vielä todettu riittävästi korreloivan makro¬mekaanisten lujuustestien kanssa. Työssä tutkittiin kahta eri makromekaanista testimenetelmää. Testeissä havaittiin eroja valittujen lasikuitupinnoitteiden ja vinyyliesterihartsien välillä. Hauras hartsi oli herkempi lasikuitupinnoitteen kemialle. Kun yhteensopivuus vinyyli-esterihartsin ja lasikuitupinnoitteen välillä oli huono, saatiin sekä poikittaisessa vetolujuustestissä että Mode I murtumissitkeystestissä heikko tulos. Pyyhkäisy¬elektronimikroskoopilla suoritettu mikrotason analyysi murtopinnasta vahvisti saatuja tuloksia ja se osoittautui toimivaksi menetelmäksi kuvantamaan ilmiöitä, jotka vaikuttavat yhteensopivuuteen vinyyliesterihartsin ja pinnoitetun lasikuidun välillä.

Teknisen analyysin hyödynnettävyys hyödykefutuurimarkkinoilla

Tutkielman tavoitteena on tarkastella teknisen analyysin hyödynnettävyyttä hyödykefutuurimarkkinoilla. Tutkielmassa pyritään selvittämään, onko teknisen analyysin eri menetelmien mukaan ajoitetuilla hyödykefutuurien osto- ja myyntitoimeksiannoilla mahdollista ylittää toisaalta passiivisen indeksisijoittamisen ja toisaalta osta ja pidä -strategian tuottotaso sekä työssä analysoimaan saatujen tulosten syitä. Tutkimusaineisto sisältää 25 eri hyödykkeen futuuriaikasarjat vuosilta 2000 - 2010. Historiallisiin kurssitietoihin pohjautuen muodostettiin seitsemän sijoitusstrategiaa ja yhteensä 21 eri menetelmävariaatiota, joiden suoriutumista tutkittiin yksittäisten hyödykefutuurien osalta sekä hyödykefutuuriportfolioina. Tulokset osoittivat, että tekniseen analyysiin perustuvilla hyödykefutuuri-strategioilla on ollut mahdollista saavuttaa merkittävää hajautushyötyä. Lisäksi aktiivisten kaupankäynti¬strategioiden tuotot ylittivät sekä passiivis-ten markkinaindeksien että osta ja pidä -strategian tuottotason. Strategioi-den kannattavuuden havaittiin korreloivan positiivisesti ja tilastollisesti merkitsevästi tutkimuksessa analysoitujen tuottoaikasarjojen autokorreloituneisuusasteen kanssa, mutta käänteisesti ja merkitsevästi eri menetelmävariaatioiden synnyttämien kaupankäynti¬signaalien määrän kanssa.

EDTA- and DTPA-functionalized silica gel and chitosan adsorbents for the removal of heavy metals from aqueous solutions

Adsorbents functionalized with chelating agents are effective in removal of heavy metals from aqueous solutions. Important properties of such adsorbents are high binding affinity as well as regenerability. In this study, aminopolycarboxylic acid, EDTA and DTPA, were immobilized on the surface of silica gel, chitosan, and their hybrid materials to achieve chelating adsorbents for heavy metals such as Co(II), Ni(II), Cd(II), and Pb(II). New knowledge about the adsorption properties of EDTA- and DTPA-functionalizedadsorbents was obtained. Experimental work showed the effectiveness, regenerability, and stability of the studied adsorbents. Both advantages and disadvantages of the adsorbents were evaluated. For example, the EDTA-functionalized chitosan-silica hybrid materials combined the benefits of the silica gel and chitosan while at the same time diminishing their observed drawbacks. Modeling of adsorption kinetics and isotherms is an important step in design process. Therefore, several kinetic and isotherm models were introduced and applied in this work. Important aspects such as effect of error function, data range, initial guess values, and linearization were discussed and investigated. The selection of the most suitable model was conducted by comparing the experimental and simulated data as well as evaluating the correspondence between the theory behind the model and properties of the adsorbent. In addition, modeling of two-component data was conducted using various extended isotherms. Modeling results for both one- and twocomponent systems supported each other. Finally, application testing of EDTA- and DTPA-functionalized adsorbents was conducted. The most important result was the applicability of DTPA-functionalized silica gel and chitosan in the capturing of Co(II) from its aqueous EDTA-chelate. Moreover, these adsorbents were efficient in various solution matrices. In addition, separation of Ni(II) from Co(II) and Ni(II) and Pb(II) from Co(II) and Cd(II) was observed in two- and multimetal systems. Lastly, prior to their analysis, EDTA- and DTPA-functionalized silica gels were successfully used to preconcentrate metal ions from both pure and salty waters