Kovenantit yritysrahoituksessa

Tutkielman päätavoitteena on analysoida kovenanttien eli luottosopimusten eritysehtojen soveltuvuutta yritysrahoitukseen rahoittajan ja yrityksen näkökulmasta ja luoda viitekehys kovenanttien käytettävyydelle yritysrahoituksessa yhdistelemällä siihen liittyvien keskeisten käsitteiden merkityksiä. Tutkielman empiirinen osa on rakennettu pääosin haastatteluihin pohjautuen. Tutkimusmetodologia on toiminta-analyyttinen ja haastattelut suoritettiin teemahaastatteluina. Tutkimuksessa todetaan, että kovenantit sopivat isoille- ja keskisuurille yrityksille ja tietyin varauksin pienille yrityksille. Niiden käytölle ei näyttäisi olevan voimassa olevista säännöksistä johtuvia olennaisia esteitä. Sopimuksissa on huomioitava voimassa olevat säännökset ja sopijapuolten luonteenpiirteet. Keskeisiä tekijöitä ja perusteita kovenanttien asettamisessa todettiin olevan ne, että yrityksen toiminta on vakiintunut ja yhteisymmärrys ja arvio liiketoiminnan kehityksestä on molemminpuolista. Ne monipuolistavat yritysten rahoitusmahdollisuuksia ja parantavat rahoituksen saatavuutta. Tuotteistaminen ei ole mielekästä, koska jokainen laina räätälöidään tapauskohtaisesti.

IAS 14 - Segment Reporting; The Requirements and Implementation

The principal aim of this study is to clarify the requirements of segment reporting and compare the requirements with the actual! implementation on different business lines. The empirical part was concluded by interviewing randomly selected companies that are publicly listed on the Helsinki Exchanges. The theoretical part of the study (chapters 2 and 3) will give basic information about shifting to IAS -standards and the requirements of IAS -standards. In order to meet the principal aim, a pre-empiric research was conducted by studying the annual accounts (year 2002) of randomly selected companies that already follow the IAS -standards of reporting. The companies in the pre-empiric research consist of both domestic and foreign companies. The aim of the pre-empiric study was to give a basis for the interview process on the empiric part of the study. The study indicates that implementing segment reporting has not brought any major concerns or problems. This is due to the fact that most companies that were examined - being publicly listed companies - have traditionally had a clear division between their geographical and commercial segments, and also been obliged to give reports according to these segments. In case of changes in corporate structure, shifting on new lines of businesses or downsizing of operations, the problems in reporting according to IAS -standards, may arise. Such changes will also require changes on information systems, providing the essential information for segment reporting. According to this study, most companies choose the commercial segment as their primary segment for reporting. The pre-empiric study indicates, that most of the companies already following the IAS -standards, still have a lot of improvement to do, in order to meet all the IAS requirements.

Brown algal phlorotannins: Improving and applying chemical methods

Phlorotannins are the least studied group of tannins and are found only in brown algae. Hitherto the roles of phlorotannins, e.g. in plant-herbivore interactions, have been studied by quantifying the total contents of the soluble phlorotannins with a variety of methods. Little attention has been given to either quantitative variation in cell-wall-bound and exuded phlorotannins or to qualitative variation in individual compounds. A quantification procedure was developed to measure the amount of cell-wall-bound phlorotannins. The quantification of soluble phlorotannins was adjusted for both large- and small-scale samples and used to estimate the amounts of exuded phlorotannins using bladder wrack (Fucus vesiculosus) as a model species. In addition, separation of individual soluble phlorotannins to produce a phlorotannin profile from the phenolic crude extract was achieved by high-performance liquid chromatography (HPLC). Along with these methodological studies, attention was focused on the factors in the procedure which generated variation in the yield of phlorotannins. The objective was to enhance the efficiency of the sample preparation procedure. To resolve the problem of rapid oxidation of phlorotannins in HPLC analyses, ascorbic acid was added to the extractant. The widely used colourimetric method was found to produce a variation in the yield that was dependent upon the pH and concentration of the sample. Using these developed, adjusted and modified methods, the phenotypic plasticity of phlorotannins was studied with respect to nutrient availability and herbivory. An increase in nutrients decreased the total amount of soluble phlorotannins but did not affect the cell-wall-bound phlorotannins, the exudation of phlorotannins or the phlorotannin profile achieved with HPLC. The presence of the snail Thedoxus fluviatilis on the thallus induced production of soluble phlorotannins, and grazing by the herbivorous isopod Idotea baltica increased the exudation of phlorotannins. To study whether the among-population variations in phlorotannin contents arise from the genetic divergence or from the plastic response of algae, or both, algae from separate populations were reared in a common garden. Genetic variation among local populations was found in both the phlorotannin profile and the content of total phlorotannins. Phlorotannins were also genetically variable within populations. This suggests that local algal populations have diverged in their contents of phlorotannins, and that they may respond to natural selection and evolve both quantitatively and qualitatively.

Cardan Gear Mechanism versus Slider-Crank Mechanism in Pumps and Engines

In machine design we always want to save space, save energy and produce as much power as possible. We can often reduce accelerations, inertial loads and energy consumption by changing construction. In this study the old cardan gear mechanism (hypocycloid mechanism) has been compared with the conventional slider-crank mechanism in air pumps and four-stroke engines. Comprehensive Newtonian dynamics has been derived for the both mechanisms. First the slidercrank and the cardan gear machines have been studied as lossless systems. Then the friction losses have been added to the calculations. The calculation results show that the cardan gear machines can be more efficient than the slider-crank machines. The smooth running, low mass inertia, high pressures and small frictional power losses make the cardan gear machines clearly better than the slider-crank machines. The dynamic tooth loads of the original cardan gear construction do not rise very high when the tooth clearances are kept tight. On the other hand the half-size crank length causes high bearing forces in the cardan gear machines. The friction losses of the cardan gear machines are generally quite small. The mechanical efficiencies are much higher in the cardan gear machines than in the slider-crank machines in normal use. Crankshaft torques and power needs are smaller in the cardan gear air pumps than in the equal slider-crank air pumps. The mean crankshaft torque and the mean output power are higher in the cardan gear four-stroke engines than in the slider-crank four-stroke engines in normal use. The cardan gear mechanism is at its best, when we want to build a pump or an engine with a long connecting rod (≈ 5⋅crank length) and a thin piston (≈ 1.5⋅crank length) rotating at high angular velocity and intermittently high angular acceleration. The cardan gear machines can be designed also as slide constructions without gears. Suitable applications of the cardan gear machines are three-cylinder half-radial engines for motorcycles, sixcylinder radial engines for airplanes and six-cylinder double half-radial engines for sport cars. The applied equations of Newtonian dynamics, comparative calculations, calculation results (tables, curves and surface plots) and recommendations presented in this study hold novelty value and are unpublished before. They have been made and written by the author first time in this study.

Prenatal Risk Factors and Outcomes in Gastroschisis: A Meta-Analysis.

BACKGROUND AND OBJECTIVE: Gastroschisis is a congenital anomaly with increasing incidence, easy prenatal diagnosis and extremely variable postnatal outcomes. Our objective was to systematically review the evidence regarding the association between prenatal ultrasound signs (intraabdominal bowel dilatation [IABD], extraabdominal bowel dilatation, gastric dilatation [GD], bowel wall thickness, polyhydramnios, and small for gestational age) and perinatal outcomes in gastroschisis (bowel atresia, intra uterine death, neonatal death, time to full enteral feeding, length of total parenteral nutrition and length of in hospital stay). METHODS: Medline, Embase, and Cochrane databases were searched electronically. Studies exploring the association between antenatal ultrasound signs and outcomes in gastroschisis were considered suitable for inclusion. Two reviewers independently extracted relevant data regarding study characteristics and pregnancy outcome. All meta-analyses were computed using individual data random-effect logistic regression, with single study as the cluster unit. RESULTS: Twenty-six studies, including 2023 fetuses, were included. We found significant positive associations between IABD and bowel atresia (odds ratio [OR]: 5.48, 95% confidence interval [CI] 3.1-9.8), polyhydramnios and bowel atresia (OR: 3.76, 95% CI 1.7-8.3), and GD and neonatal death (OR: 5.58, 95% CI 1.3-24.1). No other ultrasound sign was significantly related to any other outcome. CONCLUSIONS: IABD, polyhydramnios, and GD can be used to an extent to identify a subgroup of neonates with a prenatal diagnosis of gastroschisis at higher risk to develop postnatal complications. Data are still inconclusive on the predictive ability of several signs combined, and large prospective studies are needed to improve the quality of prenatal counseling and the neonatal care for this condition.

Optical trapping: a review of essential concepts

Optical tweezers are an innovative technique for the non-contact, all-optical manipulation of small material samples, which has extraordinarily expanded and evolved since its inception in the mid-80s of the last century. Nowadays, the potential of optical tweezers has been clearly proven and a wide range of applications both from the physical and biological sciences have solidly emerged, turning the early ideas and techniques into a powerful paradigm for experimentation in the micro- and nanoworld. This review aims at highlighting the fundamental concepts that are essential for a thorough understanding of optical trapping, making emphasis on both its manipulation and measurement capabilities, as well as on the vast array of important biological applications appeared in the last years.

Pienen ohjelmistoyrityksen kansainvälistyminen kumppanien avulla: kumppanien etsintä ja arviointi

Tämän tutkimuksen tavoitteena oli tutkia pienen ohjelmistoyrityksen kansainvälistymistä kumppanien avulla. Tutkimuksessa selvitettiin ohjelmistoyritysten kansainvälistymistä, kumppanien roolia osana kansainvälistymistä, sekä kuinka tarvittavia kumppaneita tulisi etsiä ja arvioida. Tutkielma jakaantuu teoreettiseen ja empiiriseen osaan. Teoreettinen osa keskittyy tarkastelemaan pienen ohjelmistoyrityksen kansainvälistymistä kumppanien avulla sekä kumppanien etsintää ja arviointia. Informaatiota kerättiin kirjallisuuteen ja aikaisempiin tutkimuksiin perehtymällä, sekä teemahaastattelujen avulla. Tutkimuksessa käytettiin apuna laadullisia tutkimusmenetelmiä. Haastatteluista saatu materiaali analysoitiin teoriassa nousseiden teemojen avulla. Tutkimustulokset osoittavat, että pienen ohjelmistoyrityksen kansainvälistyminen on vahvasti riippuvainen resursseja tarjoavasta kumppanista. Pienen yrityksen resurssit eivät riitä kansainvälistymään yksin ja resurssit rajoittavat myös kumppanin etsintää ja arviointia.

Structural and optical properties of InAs/GaAs quantum structures

The goal of the thesis was to study fundamental structural and optical properties of InAs islands and In(Ga)As quantum rings. The research was carried out at the Department of Micro and Nanosciences of Helsinki University of Technology. A good surface quality can be essential for the potential applications in optoelectronic devices. For such device applications it is usually necessary to control size, density and arrangement of the islands. In order to study the dependence of the structural properties of the islands and the quantum rings on growth conditions, atomic force microscope was used. Obtained results reveal that the size and the density of the In(Ga)As quantum rings strongly depend on the growth temperature, the annealing time and the thickness of the partial capping layer. From obtained results it is possible to conclude that to get round shape islands and high density one has to use growth temperature of 500 ̊C. In the case of formation of In(Ga)As quantum rings the effect of mobility anisotropy is observed that so the shape of the rings is not symmetric. To exclude this effect it is preferable to use a higher annealing temperature of 570 ̊C. Optical properties were characterized by PL spectroscopy. PL emission was observed from buried InAs quantum dots and In(Ga)As quantum rings grown with different annealing time and temperature and covered with a various thickness of the partial capping layer.

Osakeyhtiölain muutokset pienen osakeyhtiön toiminnassa

Osakeyhtiölain kokonaisuudistus astui voimaan 1.9.2006. Lain tavoitteeksi asetettiin yhtiöiden toimintaedellytysten hallittu lisääminen velkojain- tai vähemmistöosakkaiden suojaa heikentämättä. Erityisesti pienten yhtiöiden asemaan kiinnitettiin huomiota selventämällä lakia ja keventämällä muotomääräyksiä. Tämän tutkimuksen tavoitteena on selvittää, miten uudistukset vaikuttivat pienen osakeyhtiön toimintaan. Tutkimuksessa käydään läpi niitä osakeyhtiölain säädöksiä, jotka vaikuttavat pienyhtiön toimintaan sekä kirjallisuuden pohjalta että case-yhtiöiden avulla. Case-yhtiöinä tutkimuksessa on kaksi pientä osakeyhtiötä. Tutkimusmenetelmä on kvalitatiivinen ja osin deskriptiivinen tutkimus. Tutkimus osoitti, että osakeyhtiölain uudistuksen kokonaisvaikutus pienissä yhtiössä näkyy muotosäännösten kevenemisenä ja tahdonvaltaisuuden lisääntymisenä. Suurin haaste pienille yhtiöille on lain maksukykyisyysvaatimus varojenjakopäätöstä tehtäessä. Se, missä määrin lain suomia mahII dollisuuksia käytäntöjen keventämiseen yhtiöissä otetaan käyttöön, riippuu täysin yhtiön johdon aktiivisuudesta ja muutosvastarinnan voittamisesta.

Premature Discontinuation of Randomized Trials in Critical and Emergency Care: A Retrospective Cohort Study.

OBJECTIVES: Randomized clinical trials that enroll patients in critical or emergency care (acute care) setting are challenging because of narrow time windows for recruitment and the inability of many patients to provide informed consent. To assess the extent that recruitment challenges lead to randomized clinical trial discontinuation, we compared the discontinuation of acute care and nonacute care randomized clinical trials. DESIGN: Retrospective cohort of 894 randomized clinical trials approved by six institutional review boards in Switzerland, Germany, and Canada between 2000 and 2003. SETTING: Randomized clinical trials involving patients in an acute or nonacute care setting. SUBJECTS AND INTERVENTIONS: We recorded trial characteristics, self-reported trial discontinuation, and self-reported reasons for discontinuation from protocols, corresponding publications, institutional review board files, and a survey of investigators. MEASUREMENTS AND MAIN RESULTS: Of 894 randomized clinical trials, 64 (7%) were acute care randomized clinical trials (29 critical care and 35 emergency care). Compared with the 830 nonacute care randomized clinical trials, acute care randomized clinical trials were more frequently discontinued (28 of 64, 44% vs 221 of 830, 27%; p = 0.004). Slow recruitment was the most frequent reason for discontinuation, both in acute care (13 of 64, 20%) and in nonacute care randomized clinical trials (7 of 64, 11%). Logistic regression analyses suggested the acute care setting as an independent risk factor for randomized clinical trial discontinuation specifically as a result of slow recruitment (odds ratio, 4.00; 95% CI, 1.72-9.31) after adjusting for other established risk factors, including nonindustry sponsorship and small sample size. CONCLUSIONS: Acute care randomized clinical trials are more vulnerable to premature discontinuation than nonacute care randomized clinical trials and have an approximately four-fold higher risk of discontinuation due to slow recruitment. These results highlight the need for strategies to reliably prevent and resolve slow patient recruitment in randomized clinical trials conducted in the critical and emergency care setting.

Protein pocket and ligand shape comparison and its application in virtual screening.

Understanding molecular recognition is one major requirement for drug discovery and design. Physicochemical and shape complementarity between two binding partners is the driving force during complex formation. In this study, the impact of shape within this process is analyzed. Protein binding pockets and co-crystallized ligands are represented by normalized principal moments of inertia ratios (NPRs). The corresponding descriptor space is triangular, with its corners occupied by spherical, discoid, and elongated shapes. An analysis of a selected set of sc-PDB complexes suggests that pockets and bound ligands avoid spherical shapes, which are, however, prevalent in small unoccupied pockets. Furthermore, a direct shape comparison confirms previous studies that on average only one third of a pocket is filled by its bound ligand, supplemented by a 50 % subpocket coverage. In this study, we found that shape complementary is expressed by low pairwise shape distances in NPR space, short distances between the centers-of-mass, and small deviations in the angle between the first principal ellipsoid axes. Furthermore, it is assessed how different binding pocket parameters are related to bioactivity and binding efficiency of the co-crystallized ligand. In addition, the performance of different shape and size parameters of pockets and ligands is evaluated in a virtual screening scenario performed on four representative targets.

The El Masnou Infralittoral sedimentary environment (Barcelona province, NW Mediterranean Sea): morphology and Holocene seismic stratigraphy

A detailed analysis of the morphology and the Holocene seismic and sequence stratigraphy and architecture of the infralittoral sedimentary environment of the El Masnou coast (Catalonia, NW Mediterranean Sea) was carried out using multibeam bathymetry and GeoPulse seismic data. This environment extends down to 26-30 m water depth, and is defined morphologically by two depositional wedges whose seafloor is affected by erosive furrows, slides, fields of large- and small-scale wavy bedforms, and dredging trenches and pits. Erosive terraces are also identified in the transition domain toward the inner continental shelf. The Holocene stratigraphy of the infralittoral environment is defined by two major seismic sequences (lower and upper), each one formed by internal seismic units. The sequences and units are characterised by downlapping surfaces made up of deposits formed by progradation of coastal lithosomes. The stratigraphy and stratal architecture, displaying a retrogradational arrangement with progradational patterns of minor order, were controlled by different sea-level positions. The stratigraphic division represents the coastal response to the last fourth-order transgressive and highstand conditions, modulated by small-scale sea-level oscillations (≈1-2 m) of fith to sixth order. This study also highlights the advantage of an integrated analysis using acoustic/seismic methods for practical assessment of the anthropogenic effects on infralittoral domains based on the association of marine geological observations.

NBAS mutations cause a multisystem disorder involving bone, connective tissue, liver, immune system, and retina.

We report two unrelated patients with a multisystem disease involving liver, eye, immune system, connective tissue, and bone, caused by biallelic mutations in the neuroblastoma amplified sequence (NBAS) gene. Both presented as infants with recurrent episodes triggered by fever with vomiting, dehydration, and elevated transaminases. They had frequent infections, hypogammaglobulinemia, reduced natural killer cells, and the Pelger-Huët anomaly of their granulocytes. Their facial features were similar with a pointed chin and proptosis; loose skin and reduced subcutaneous fat gave them a progeroid appearance. Skeletal features included short stature, slender bones, epiphyseal dysplasia with multiple phalangeal pseudo-epiphyses, and small C1-C2 vertebrae causing cervical instability and myelopathy. Retinal dystrophy and optic atrophy were present in one patient. NBAS is a component of the synthaxin-18 complex and is involved in nonsense-mediated mRNA decay control. Putative loss-of-function mutations in NBAS are already known to cause disease in humans. A specific founder mutation has been associated with short stature, optic nerve atrophy and Pelger-Huët anomaly of granulocytes (SOPH) in the Siberian Yakut population. A more recent report associates NBAS mutations with recurrent acute liver failure in infancy in a group of patients of European descent. Our observations indicate that the phenotypic spectrum of NBAS deficiency is wider than previously known and includes skeletal, hepatic, metabolic, and immunologic aspects. Early recognition of the skeletal phenotype is important for preventive management of cervical instability. © 2015 Wiley Periodicals, Inc.

Thermal Degradation of Small Molecules: A Global Metabolomic Investigation.

Thermal processes are widely used in small molecule chemical analysis and metabolomics for derivatization, vaporization, chromatography, and ionization, especially in gas chromatography mass spectrometry (GC/MS). In this study the effect of heating was examined on a set of 64 small molecule standards and, separately, on human plasma metabolite extracts. The samples, either derivatized or underivatized, were heated at three different temperatures (60, 100, and 250 °C) at different exposure times (30 s, 60 s, and 300 s). All the samples were analyzed by liquid chromatography coupled to electrospray ionization mass spectrometry (LC/MS) and the data processed by XCMS Online ( xcmsonline.scripps.edu ). The results showed that heating at an elevated temperature of 100 °C had an appreciable effect on both the underivatized and derivatized molecules, and heating at 250 °C created substantial changes in the profile. For example, over 40% of the molecular peaks were altered in the plasma metabolite analysis after heating (250 °C, 300s) with a significant formation of degradation and transformation products. The analysis of 64 small molecule standards validated the temperature-induced changes observed on the plasma metabolites, where most of the small molecules degraded at elevated temperatures even after minimal exposure times (30 s). For example, tri- and diorganophosphates (e.g., adenosine triphosphate and adenosine diphosphate) were readily degraded into a mono-organophosphate (e.g., adenosine monophosphate) during heating. Nucleosides and nucleotides (e.g., inosine and inosine monophosphate) were also found to be transformed into purine derivatives (e.g., hypoxanthine). A newly formed transformation product, oleoyl ethyl amide, was identified in both the underivatized and derivatized forms of the plasma extracts and small molecule standard mixture, and was likely generated from oleic acid. Overall these analyses show that small molecules and metabolites undergo significant time-sensitive alterations when exposed to elevated temperatures, especially those conditions that mimic sample preparation and analysis in GC/MS experiments.

Human Capital Composition and Economic Growth at a Regional Level

With this paper we build a two-region model where both innovation and imitation are performed. In particular imitation takes the form of technological spillovers that lagging regions may exploit given certain human capital conditions. We show how the high skill content of each region’s workforce (rather than the average human capital stock) is crucial to determine convergence towards the income level of the leader region and to exploit the technological spillovers coming from the frontier. The same applies to bureaucratic/institutional quality which are conductive to higher growth in the long run. We test successfully our theoretical result over Spanish regions for the period between 1960 and 1997. We exploit system GMM estimators which allow us to correctly deal with endogeneity problems and small sample bias.