Can future systemic financial risks be quantified?: ergodic vs nonergodic stochastic processes

Different axioms underlie efficient market theory and Keynes's liquidity preference theory. Efficient market theory assumes the ergodic axiom. Consequently, today's decision makers can calculate with actuarial precision the future value of all possible outcomes resulting from today's decisions. Since in an efficient market world decision makers "know" their intertemporal budget constraints, decision makers never default on a loan, i.e., systemic defaults, insolvencies, and bankruptcies are impossible. Keynes liquidity preference theory rejects the ergodic axiom. The future is ontologically uncertain. Accordingly systemic defaults and insolvencies can occur but can never be predicted in advance.

Improving business processes in a globally dispersed make-to-order supply chain. Case study on outbound logistics in a Multinational Corporation

The purpose of this thesis is to find out how outbound logistics process can be improved by reducing unnecessary waste in a globally dispersed make-to-order (MTO) supply chain. The research problem was addressed by a multinational corporation that aims to find a solution for reducing unnecessary waste in their outbound logistics process. The focus is on customized products that are delivered via sea transportation. Theoretical framework for improving outbound logistics processes in globally dispersed MTO supply chain was created based on business process management, Porter’s value chain theory, value stream mapping and current reality tree. The empirical research was conducted by using constructive approach due to its ability to research a practical problem and to improve the existing practices. The data was collected from ten semi-structured interviews and three non-participant observations. By analysing the data and applying the theoretical framework, five types of waste were detected in the process that were seen to derive from six root causes. Practical solution was constructed to reduce the waste in the process by combining the existing literature with the ideas raising from empirical data. The results of this thesis suggest that a MNC with a globally dispersed MTO supply chain can improve its outbound logistics process by applying activities that enhance internal and external integration, collaboration and coordination, and increase predictability of the process. This research has practical relevance both for the case company as well as for other MNCs with globally dispersed MTO supply chains that aim to improve their outbound logistics processes. This research contributes to the BPM and CRA research by providing an evidence for their applicability in the new context.

In search of the interrelatedness of innovation and internationalisation processes in entrepreneurial life science companies

This study is motivated by the question how resource scarce innovative entrepreneurial companies seek and leverage global resources. This study takes a resource-seeking perspective a step forward and suggests that resources that enable the entrepreneurial internationalisation are largely accrued from the early stages of entrepreneurial life; that is from the innovation development. Consequently, this study seeks to explain how innovation and internationalisation processes are interrelated in the entrepreneurial internationalisation. This main objective is approached through three research questions, (1) What role do inter-organisational relationships in innovation have in the entrepreneurial internationalisation process? (2) What kind of inward–outward links do inter-organisational relationships create in the resource-seeking-based entrepreneurial internationalisation process? (3) What kind of capability to collaborate forms in the interaction of inter-organisational relationship deployment? The research design is a mixed methods design that consists of quantitative pilot study and qualitative multiple case study of five entrepreneurial life science companies from Finland and Austria. The findings show that innovation and internationalisation processes are tightly interwoven in pre-internationalisation state. The findings also reveal that the more experienced companies are able to take advantage of complexcross-border inter-organisational relationship structures better than the starting companies. However, very minor evidence was found on inward links translating into outward links in the entrepreneurial internationalisation process, despite the expectation to observe more of these links in the data. Combined intangible-tangible resource-seeking was the most preferred to build links between inward–outward internationalisation but also to develop competence to collaborate. By adopting a resource- instead of market-seeking approach, this study illustrated that internationalisation extends to early stages of innovative companies, and that in high-technology companies’ potentially significant cross-border relationships have started to form long before incorporation. Therefore, these observations justified the firmer inclusion of pre-company history in innovative entrepreneurship studies. The study offers a conceptualisation of entrepreneurial internationalisation that is perceived as a process. The main theoretical contributions are in the areas of international entrepreneurship and in the behavioural process studies of entrepreneurial internationalisation and resource-based internationalisation. The inclusion of the innovation-based discussion, namely the innovation process, in the internationalisation process theories has clearly contributed to the understanding of entrepreneurial internationalisation in the context of international entrepreneurship. Innovation development is a central act of entrepreneurial companies, and neglecting innovation process investigation from entrepreneurial internationalisation leaves potentially influential mechanisms unexplored.

Monitoring Directed Energy Deposition Processes in Additive Manufacturing

The purpose of this study is to find out how laser based Directed Energy Deposition processes can benefit from different types of monitoring. DED is a type of additive manufacturing process, where parts are manufactured in layers by using metallic powder or metallic wire. DED processes can be used to manufacture parts that are not possible to manufacture with conventional manufacturing processes, when adding new geometries to existing parts or when wanting to minimize the scrap material that would result from machining the part. The aim of this study is to find out why laser based DED-processes are monitored, how they are monitored and what devices are used for monitoring. This study has been done in the form of a literature review. During the manufacturing process, the DED-process is highly sensitive to different disturbances such as fluctuations in laser absorption, powder feed rate, temperature, humidity or the reflectivity of the melt pool. These fluctuations can cause fluctuations in the size of the melt pool or its temperature. The variations in the size of the melt pool have an effect on the thickness of individual layers, which have a direct impact on the final surface quality and dimensional accuracy of the parts. By collecting data from these fluctuations and adjusting the laser power in real-time, the size of the melt pool and its temperature can be kept within a specified range that leads to significant improvements in the manufacturing quality. The main areas of monitoring can be divided into the monitoring of the powder feed rate, the temperature of the melt pool, the height of the melt pool and the geometry of the melt pool. Monitoring the powder feed rate is important when depositing different material compositions. Monitoring the temperature of the melt pool can give information about the microstructure and mechanical properties of the part. Monitoring the height and the geometry of the melt pool is an important factor in achieving the desired dimensional accuracy of the part. By combining multiple different monitoring devices, the amount of fluctuations that can be controlled will be increased. In addition, by combining additive manufacturing with machining, the benefits of both processes could be utilized.

The tree we heard fall : analyzing the societal processes following focusing events

Fokuserande händelser är plötsliga, ovanliga och för med sig negativa konsekvenser för ett stort antal människor. Det handlar om det vi i vardagligt tal kallar kriser och katastrofer. En intensiv medierapportering i kombination med oroade medborgare gör att kriser och katastrofer är viktiga samhällspåfrestningar som beslutsfattare måste hantera. Syftet med avhandlingen är att öka förståelsen för hur fokuserande händelser påverkar samhälleliga processer. Avhandlingens två övergripande forskningsfrågor tar fasta på jämförelsen av olika typer av fokuserande händelser. För det första, skillnader i hur naturkatastrofer och katastrofer som tillkommit genom mänskligt handlade påverkar samhället, och för det andra, hur händelser med olika stark fokuseringskraft påverkar samhället. Medborgarreaktioner studeras i en experimentell laboratoriestudie, den mediala rapporteringen analyseras genom kvantitativ innehållsanalys av texter och bilder, och på den parlamentariska arenan analyseras riksdagsdebatten genom kvantitativ innehållsanalys. De temaområden som identifieras i den teoretiska referensramen ligger till grund för analysen och tar fasta på de känslor som händelsen ger upphov till, hur händelsen kontextualiseras (framing), skuldbeläggning samt möjliga lösningar som förs fram. Resultatet från studierna visar att skillnader mellan olika typer av händelser syns tydligast hos medborgare, uttryckt genom starkare emotionella reaktioner för händelser med stark fokusering, och på den mediala arenan, genom mer utrymme för dessa händelser. Då kriser och katastrofer med olika stark fokuseringskraft når riksdagen får de däremot ett relativt likadant mottagande. I jämförelsen mellan naturkatastrofer och människoskapade händelser visar resultaten att naturkatastrofer ofta diskuteras som specifika händelser, medan människoskapade händelser placeras i en bredare samhällelig kontext och diskuteras under längre tid. Avhandlingen bidrar till diskussionen om hur våra känslor och vår kognition samspelar i krissituationer. De omedvetna signaler som vår kropp ger oss gällande hur vi ska reagera på en farlig situation kan påverka om vi är rädda, oroliga eller till och med positivt inställda. I ljuset av de tre studierna är det tydligt att de emotionella reaktionerna minskar ju högre upp i den politiska processen vi kommer. Trots att medborgare och medier reagerar starkt är de emotionella reaktionerna på den politiska arenan relativt milda och skuldbeläggningen näst intill icke-existerande.

Microfacies analysis of the lower paleocene beda formation in Western Concession 59 and Block 59F, Sirte Basin, Libya /

The rock sequence of the Tertiary Beda Formation of S. W. concession 59 and 59F block in Sirte Basin of Libya has been subdivided into twelve platformal carbonate microfacies. These microfacies are dominated by muddy carbonates, such as skeletal mudstones, wackestones, and packstones with dolomites and anhydrite. Rock textures, faunal assemblages and sedimentary structures suggest shallow, clear, warm waters and low to moderate energy conditions within the depositional shelf environment. The Beda Formation represents a shallowing-upward sequence typical of lagoonal and tidal flat environments marked at the top by sabkha and brackish-water sediments. Microfossils include benthonic foraminifera, such as miliolids, Nummulites, - oerculina and other smaller benthonics, in addition to dasycladacean algae, ostracods, molluscs, echinoderms, bryozoans and charophytes. Fecal pellets and pelloids, along with the biotic allochems, contributed greatly to the composition of the various microfacies. Dolomite, where present, is finely crystalline and an early replacement product. Anhydrite occurs as nodular, chickenwire and massive textures indicating supratidal sabkha deposition. Compaction, micr it i zat ion , dolomit izat ion , recrystallization, cementation, and dissolution resulted in alteration and obliteration of primary sedimentary structures of the Beda Formation microfacies. The study area is located in the Gerad Trough which developed as a NE-SW trending extensional graben. The Gerad trough was characterized by deep-shallow water conditions throughout the deposition of the Beda Formation sediments. The study area is marked by several horsts and grabens; as a result of extent ional tectonism. The area was tectonically active throughout the Tertiary period. Primary porosity is intergranular and intragranular, and secondary processes are characterized by dissolution, intercrystalline, fracture and fenestral features. Diagenesis, through solution leaching and dolomitization, contributed greatly to porosity development. Reservoir traps of the Beda Formation are characterized by normal fault blocks and the general reservoir characteristics/properties appear to be facies controlled.

A qualitative case study of the processes of peer education in a young adult tobacco control initiative, Leave the Pack Behind

Peer education involves peers offering credible and reliable information about sensitive life issues through the means of an informal peer group setting (Topping & Ehly, 1998). The purpose of this instrumental case study was to examine the processes of peer education through the exploration of two teams within a young adult tobacco control initiative, Leave the Pack Behind (LTPB). This qualitative case study examined two peer education teams over an eight-month period. Interviews, focus groups and observations were conducted with 12 participants across two peer education teams. Findings show the complexities of the processes of peer education including a connection between the stages of change and the changing role of the peer educator across stages of the empowerment process. Peer education teams and factors in the macro environment were also found to impact the process of peer education. This study provides a new definition for the process of peer education: peer education is a fluid process of knowledge exchange in which peer educators adopt different styles of facilitation as people move through stages of empowerment and change. This study contributes to the academic hterature upon the processes of peer education by providing a definition, a model and an overall understanding through an ecological and empowerment framework. The findings from this study suggest peer educators can be further trained to: use specific peer educational approaches that fit with student smoker's stage of change; better understand their position as a peer educator on the LTPB team; understand the reciprocal relationship between the macro environment and the peer education teams having an effect on one another.

The effect of moisture on decomposition processes in the disturbed peatlands of the Wainfleet bog /

The purpose of this study was to determine the effect of increased soil moisture levels on the decomposition processes in a peat-extracted bog. Field experiments, in which soil moisture levels were manipulated, were conducted using 320 microcosms in the Wainfleet Bog from May 2002 to November 2004. Decomposition was measured using litter bags and monitoring the abundance of macro invertebrate decomposers known as Collembola. Litter bags containing wooden toothpicks (n=2240), filter paper (n=480) and Betula pendula leaves (n=40) were buried in the soil and removed at regular time intervals up to one year. The results of the litter bag studies demonstrated a significant reduction of the decomposition of toothpicks (p<0.001), filter paper (p<0.001), and Betula pendula leaves (p

Evolution of an Archean greenstone belt in the Stormy Lake - Kawashegamuk Lake area (stratigraphy, structure and geochemistry) - Western Wabigoon Subprovince, Northwest Ontario /

330 km 2 of the easter-n part of the Archean Manitou Lakes - Stormy Lake metavolcanic - metasedimentary belt have been mapped and sampled. A large number of rocks ~.vere analyzed for the major and trace constituents including the rare-earth elements (REE). The Stormy Lake - Kawashegamuk Lake area may be subdivided into four major lithological groups of supracrustal rocks 1) A north-facing mafic assemblage, consisting of pillowed tholeiitic basalts and gabbro sills characterized by flat REE profiles, is exposed in the south part of the map area and belongs to a 8000 m thick homoclinal assemblage outside the map area. Felsic pyroclastic rocks believed to have been issued from a large central vent conformably overlie the tholeiites. 2) A dominantly epiclastic group facing to the north consists of terrestrial deposits interpreted to be an alluvial fan deposit ; a submarine facies is represented by turbiditic sediments. 3) The northeastern part of the study area consists of volcanic rocks belonging to two mafic - felsic cycles facing to the southuest ; andesitic flows with fractionated REE patterns make up a large part of the upper cycle, whereas the lower cycle has a stronger chemical polarity being represented by tholeiitic flows, with flat REE, which a r e succeeded by dacitic and rhyolitic pyroclasti cs. iii 4) A thick monotonous succession of tholeiitic pillmled basalt f lows and gabbro sills with flat REE represent the youngest supracrustal rocks. TIle entire belt underwent folding, faulting and granitic plutonism during a tectono-thermal event around 2700 Ma ago. Rocks exposed in the map area were subjected to regional greenschist facies metamorphism, but higher metamorphic grades are present near late granitic intrusions. Geochemical studies have been useful in 1) distinguishing the various rock units ; 2) relating volcanic and intrusive rocks 3) studying the significance of chemical changes due to post magmatic processes 4) determining the petrogenesis of the major volcanic rock types. In doing so, two major volcanic suites have been recognized : a) a tholeiitic suite, mostly represented by mafic rocks, was derived from partial melting of upper mantle material depleted in Ti, K and the light REE ; b) a calc-alkalic suite which evolved from partial melting of amphibolite in the lower crust. The more differentiated magma types have been produced by a multistage process involving partial melting and fractional crystallization to yield a continuum of compos i t i ons ranging from basaltic andesite to rhyolite. A model for the development of the eastern part of the Manitou Lakes - Stormy Lake belt has been proposed.

Displaced women professionals: an exploration of perceived learning processes during workplace transition /

This study focused on obtaining a deeper understanding of the perceived learning of female professionals during workplace transition. The women's lived experiences were explored through a feminist interpretive lens (Bloom, 1998). The study also drew upon concepts from adult learning such as barriers and facilitating factors to learning, resistance, transformative learning, and multiple ways of knowing. Five women participated in a 1 -hour interview and a focus group activity. The findings are presented under the 2 broad themes of perceived learning and factors affecting learning. The most common theme of perceived learning was participants' experience of increased self-knowledge. Additionally, while learning was thought of as a struggle, it provided either an opportunity for a reexamination of goals or a reexamination of self. Reflection by participants seemed to follow two orientations and other types of perceived learning included experiential, formal, and informal learning. In the broad theme of factors affecting learning, contradictions and conflict emerged through the examination of participants' multiple subjectivities, and within their naming of many factors as both facilitating factors and barriers to learning. The factors affecting learning themes included personal relationships, professional communities, selfesteem, attitude and emotion, the gendered experience of transition, time, and finances. The final theme explored participants' view of work and their orientations to the future. A proposed model of learning during workplace transition is presented (Figure 1 ) and the findings discussed within this proposed model's framework. Additional developmental theories of women (Josselson, 1987; Levinson & Levinson, 1996), communities of practice theories (Wenger, 1998), and career resilience theories (Pulley, 1995) are discussed within the context of the proposed model. Implications to practice for career counsellors, people going through workplace transition, human resource managers and career coaches were explored. Additionally implications to theory and future areas of research are also discussed.

A comparison of cognitive processes and components of neurological maturation in 3-and-11 year-old children

The relationship between the child's cogni tive development and neurological maturation has been of theoretical interest for many year s. Due to diff iculties such as the lack of sophisticated techniques for measur ing neurolog ical changes and a paucity of normative data, few studies exist that have attempted to correlate the two factors. Recent theory on intellectual development has proposed that neurological maturation may be a factor in the increase of short-term memory storage space. Improved technology has allowed reliable recordings of neurolog ical maturation.. In an attempt to correlate cogni tive development and neurological maturation, this study tested 3-and II-year old children. Fine motor and gross motor short-term memory tests were used to index cogni tive development. Somatosensory evoked potentials elici ted by median nerve stimulation were used to measure the time required for the sensation to pass along the nerve to specific points on the somatosensory pathway. Times were recorded for N14, N20, and P22 interpeak latencies. Maturation of the central nervous system (brain and spinal cord) and the peripheral nervous system (outside the brain and spinal cord) was indi~ated by the recorded times. Signif icant developmental di fferences occurred between 3-and ll-year-olds in memory levels, per ipheral conduction velocity and central conduction times. Linear regression analyses showed that as age increased, memory levels increased and central conduction times decreased. Between the ll-year-old groups, there were no significant differences in central or peripheral nervous system maturation between subjects who achieved a 12 plus score on the digit span test of the WISC-R and those who scored 7 or lower on the same test. Levels achieved on the experimental gross and fine motor short-term memory tests differed significantly within the ll-year-old group.

The utility of sedimentary diatoms as a measure of historical lake ph

As a result of increased acid precipitation, the pH of a large number of Canadian Shield lakes has been falling. Prior to this study there was no documentation available to explain the history of lake acidification for the Algoma area lakes. In order to obtain this information the diatom inferred pH technique was developed in this study. During two field seasons, July 1981 and July 1982, short sediment cores (circa 25-30 cm) were collected from 28 study lakes located north of Lake Superior, District Algoma, Ontario. The surface sediment diatoms (0-1 cm) from each of these lakes were carefully identified, enumerated, and classified in terms of their pH indicator status. The surface sediment diatom analysis indicated that lake pH is one of the most important factors affecting the species composition and relative abundance of diatom populations. Thus diatom assemblages can be sensitive indicators of lake acidification. When Nygaard's index alpha was plotted against observed lake pH, a statistically significant relationship resulted (r=-0.89; p=

Geochemistry and petrogenesis of the McElroy and Larder Lake assemblages, Abitibi Greenstone Belt, Northeastern Ontario

The McElroy and Larder Lake assemblages, located in the southern Abitibi Greenstone Belt are two late Archean metavolcanic sequences having markedly contrasting physical characteristics arid are separated from one another by a regional fault. An assemblage is an informal term which describes stratified volcanic and/or sedimentary rock units built during a specific time period in a similar depositional or volcanic setting and are commonly bounded by faults, unconformities or intrusions. The petrology and petrogenesis of these assemblages have been investigated to determine if a genetic link exists between the two adjacent assemblages. The McElroy assemblage is homoclinal sequence of evolved massive and pillowed fl.ows, which except for the basal unit represents a progressively fractionated volcanic pile. From the base to the top of the assemblage the lithologies include Fe-tholeiitic, dendritic flows; komatiite basaltic, ultramafic flows; Mg-tholeiitic, leucogabbro; Mg-tholeiitic, massive flows and Fe-tholeiitic, pillowed flows. Massive flows range from coarse grained to aphanitic and are commonly plagioclase glomerophyric. The Larder Lake assemblage consists of komatiitic, Mg-rich and Fe-rich tholeiitic basalts, structurally disrupted by folds and faults. Tholeiitic rocks in the Larder Lake assemblage range from aphanitic to coarse grained massive and pillowed flows. Komatiitic flows contain both spinifex and massive textures. Geochemical variability within both assemblages is attributed to different petrogenetic histories. The lithologies of the McElroy assemblage were derived by partial melting of a primitive mantle source followed by various degrees of crystal fractionation. Partial melting of a primitive mantle source generated the ultramafic flows and possibly other flows in the assemblage. Fractionation of ultramafic flows may have also produced the more evolved McElroy lithologies. The highly evolved, basal, dendritic flow may represent the upper unit 3 of a missing volcanic pile in which continued magmatism generated the remaining McElroy lithologies. Alternatively, the dendritic flows may represent a primary lava derived from a low degree (10-15%) partial melt of a primitive mantle source which was followed by continued partial melting to generate the ultramafic flows. The Larder Lake lithologies were derived by partial melting of a komatiitic source followed by gabbroic fractionation. The tectonic environment for both assemblages is interpreted to be an oceanic arc setting. The McElroy assemblage lavas were generated in a mature back arc setting whereas the Larder Lake lithologies were produced during the early stages of komatiitc crust subduction. This setting is consistent with previous models involving plate tectonic processes for the generation of other metavolcanic assemblages in the Abitibi Greenstone Belt.

TIME COURSE OF SIGNALING PROCESSES INVOLVED WITH EXTRACELLULAR OSMOTIC - INDUCED GLUCOSE UPTAKE IN MAMMALIAN SKELETAL MUSCLE

Extracellular hyper-osmotic (HYPER) stress increases glucose uptake to defend cell volume, when compared to iso-osmotic (ISO) conditions in skeletal muscle. The purpose of this study was to determine a time course for changes in common signaling proteins involved in glucose uptake during acute hyper-osmotic stress in isolated mammalian skeletal muscle. Rat extensor digitorum longus (EDL) muscles were excised and incubated in a media formulated to mimic ISO (290 ± 10 mmol/kg) or HYPER (400 ± 10 mmol/kg) extracellular condition (Sigma Media-199). Signaling mechanisms were investigated by determining the phosphorylation states of Akt, AMPK, AS160, cPKC and ERK after 30, 45 and 60 minutes of incubation. AS160 was found to be significantly more phosphorylated in HYPER conditions compared to ISO after 30 minutes (p<0.01). It is speculated that AS160 phosphorylation increases glucose transporter 4 (GLUT4) content at the cell surface thereby facilitating an increase in glucose uptake under hyper-osmotic stress.

Teachers' processes of negotiating meaning of new curriculum

This qualitative study addresses the question of how teachers negotiate meaning of new curriculum to better understand how curriculum is transformed from a theoretical construct to a practical one. Through interviews with 5 teachers, their experiences were examined as they negotiated the process of implementing new curriculum. Three theoretical constructs provided the entry point into the study: epistemology, teacher knowledge, and teacher learning. Using inductive analysis, 4 points or attributes of negotiation emerged: reference, growth, autonomy, and reconciliation. These attributes provided a theoretical framework from which a constructivist conceptualization of teacher learning and teacher knowledge could serve to understand the process of how teachers negotiate meaning of curriculum. Studied and theorized in this way, teacher knowledge and teacher learning are seen to be inextricably linked in a relationship that is dynamically changed by forces of stability and instability. Theorizing the negotiation of meaning from a constructivist epistemology also strengthened the assertion that negotiating meaning is a unique structural process, and that knowledge construction is therefore unique to each knower and subject to experience in a particular time and place. The implications for such a theory are, first, that it questions the legitimacy of privatized teacher practice and, second, that it calls for a renewed conceptualization of collegial network and relationship to strengthen the capacity for negotiating meaning of curricular initiatives. Understanding the relationship of curricular theory and negotiating meaning also has implications for curriculum development. In particular, the study highlights the necessity of professional discretion and the generative process of negotiating meaning.