Strategic investment appraisal; extended real options approach

Tutkielma keskittyy lisäämään investointiarviointiprosessien rationaalisuutta strategisten investointien arvioinnissa duopoli- / oligopolimarkkinoilla. Tutkielman päätavoitteena on selvittää kuinka peliteorialla laajennettu reaalioptioperusteinen investointien arviointimenetelmä, laajennettu reaalioptiokehikko, voisi mahdollisesti parantaa analyysien tarkkuutta. Tutkimus lähestyy ongelmaa investoinnin ajoituksen sekä todellisten investoinnin arvoattribuuttien riippuvuuksien kautta. Laajennettu reaalioptiokehikko on investointien analysointi- ja johtamistyökalu, joka tarjoaa osittain rajoitetun (sisältää tällä hetkellä ainoastaan parametrisen ja peliteoreettisen epävarmuuden) optimaalisen arvovälin investoinnin todellisesta arvosta. Kehikossa, ROA kartoittaa mahdolliset strategiset hyödyt tunnistamalla investointiinliittyvät eri optiot ja epävarmuudet, peliteoria korostaa ympäristön luomia paineita investointiin liittyvän epävarmuuden hallitsemisessa. Laajennettu reaalioptiokehikko tarjoaa rationaalisemman arvion strategisen investoinnin arvosta, koska se yhdistää johdonmukaisemmin option toteutuksen ja siten myös optioiden aika-arvon, yrityksen todellisiin rajoitettuihin (rajoituksena muiden markkinatoimijoiden toimet) polkuriippuvaisiin kyvykkyyksiin.

Johtajiin kohdistuvat paineet ja vaatimukset

Tutkimuksen tarkoituksena oli kertoa johtajien kokemista paineista ja vaatimuksista. Tutkimuksessa käytiin läpi johtajien nykytilaan vaikuttavia tekijöitä, heidän kokemiaan paineita, ylitöitä sekä paineiden vaikutuksia. Lisäksi tehtiin selkoa kannusteista, jotka motivoivat johtajia töihinsä. Tutkimus oli luonteeltaan kvalitatiivinen ja sen pääasiallinen aineisto koostui kuudesta syvällisestä suomalaisten miesjohtajien teemahaastattelusta. Tutkimuksen tulokset tukivat monilta osin aikaisempaa tutkimusta. Johtajat kokivat kovaa painetta niin sijoittajaomistajien, kuin myös asiakkaiden suunnalta. Myös perheen ja vaativan työn yhteensovittamisessa oli monella johtajalla ollut ongelmia - muun muassa ylipitkien työviikkojen takia. Erilaisista kannusteista merkittävimmiksi tekijäksi nousi työn mielenkiintoisuus ja haastavuus. Vaikka johtajan työ antaa paljon, se myös vaatii tekijältään samalla mitalla.

Institutionaaliset tekijätosuuskunnan johtamisessa ja hallinnoimisessa

Tutkimuksen tarkoituksena on osallistua omistajaohjauksen keskusteluun tuomalla esille institutionaalisen teorian tarjoamia mahdollisuuksia hah-mottaa ilmiötä. Tutkimuksen tavoitteena on ymmärtää ja kuvata sitä institu-tionaalista ympäristöä, jossa tuottaja- ja markkinointiosuuskunnat Suo-messa toimivat, selvittää millaisia vaikutuksia näillä ympäristön tekijöillä on osuuskunnan johtamiseen ja hallinnointiin sekä selvittää koetaanko toimin-taympäristön asettavan osuuskunnan toiminnalle pääomayhtiöistä poik-keavia paineita. Tutkimus on luonteeltaan laadullinen haastattelututkimus. Tutkimuksen empiirinen aineisto kerättiin haastattelemalla kolmea osuustoiminnan asi-antuntijaa sekä kuutta kohdeyritysten ylimmässä luottamusjohdossa ja operatiivisessa johdossa toimivaa henkilöä. Teemamuotoiset haastattelut suoritettiin marraskuun 2005 ja tammikuun 2006 välisenä aikana kohdeyri-tysten toimitiloissa. Tutkimustulokset osoittavat, että institutionaalisilla paineilla on vaikutuksia osuuskuntien omistajaohjaukseen. Osuuskuntien omistajaohjauksella on muista yritysmuodoista poikkeavia ominaispiirteitä erityisesti pääomaan ja johtamiseen liittyvissä institutionaalisissa tekijöissä. Osuuskuntien omista-jaohjauksen järjestelmät ovat toisaalta alttiina isomorfiselle muutokselle,jossa hallinnon rakenteet ja toimintamallit lähenevät erityisesti osakeyhti-öiden soveltamia rakenteita ja toimintamalleja.

Utilite du Remler pour eviter de surtraiter la population dite hypertendue. [Usefulness of the Remler device in avoiding overtreatment of the so-called hypertensive population]

To assess the reliability of the Remler system, a semi-automatic pressure recording device, several blood pressures were measured simultaneously by the conventional auscultatory method and by the Remler in 12 normotensive volunteers. In all situations tested both the Remler and auscultatory blood pressures were very close, thus demonstrating the reliability of this new technique. Ambulatory blood pressure recordings were then obtained with the Remler in 245 untreated patients referred for hypertension by their private physicians. Surprisingly, in close to 60% of them the average of all blood pressures recorded during usual activities was within the normal range. Since cardiovascular complications seem to correlate better with ambulatory than with office blood pressure levels, the Remler system appears particularly useful in recognizing those patients who, although hypertensive in the physician's office, remain normotensive during the day and therefore may not require antihypertensive treatment.

Outcome of unilateral ankle arthrodesis and total ankle replacement in terms of bilateral gait mechanics.

Previous studies assessed the outcome of ankle arthrodesis (AA) and total ankle replacement (TAR) surgeries; however, the extent of postoperative recovery towards bilateral gait mechanics (BGM) is unknown. We evaluated the outcome of the two surgeries at least 2 years post rehabilitation, focusing on BGM. 36 participants, including 12 AA patients, 12 TAR patients, and 12 controls were included. Gait assessment over 50 m distance was performed utilizing pressure insoles and 3D inertial sensors, following which an intraindividual comparison was performed. Most spatiotemporal and kinematic parameters in the TAR group were indicative of good gait symmetry, while the AA group presented significant differences. Plantar pressure symmetry among the AA group was also significantly distorted. Abnormality in biomechanical behavior of the AA unoperated, contralateral foot was observed. In summary, our results indicate an altered BGM in AA patients, whereas a relatively fully recovered BGM is observed in TAR patients, despite the quantitative differences in several parameters when compared to a healthy population. Our study supports a biomechanical assessment and rehabilitation of both operated and unoperated sides after major surgeries for ankle osteoarthrosis.

Development of filter media treatments for liquid filtration

Woven monofilament, multifilament, and spun yarn filter media have long been the standard media in liquid filtration equipment. While the energy for a solid-liquid separation process is determined by the engineering work, it is the interface between the slurry and the equipment - the filter media - that greatly affects the performance characteristics of the unit operation. Those skilled in the art are well aware that a poorly designed filter medium may endanger the whole operation, whereas well-performing filter media can make the operation smooth and economical. As the mineral and pulp producers seek to produce ever finer and more refined fractions of their products, it is becoming increasingly important to be able to dewater slurries with average particle sizes around 1 ¿m using conventional, high-capacity filtration equipment. Furthermore, the surface properties of the media must not allow sticky and adhesive particles to adhere to the media. The aim of this thesis was to test how the dirt-repellency, electrical resistance and highpressure filtration performance of selected woven filter media can be improved by modifying the fabric or yarn with coating, chemical treatment and calendering. The results achieved by chemical surface treatments clearly show that the woven media surface properties can be modified to achieve lower electrical resistance and improved dirt-repellency. The main challenge with the chemical treatments is the abrasion resistance and, while the experimental results indicate that the treatment is sufficiently permanent to resist standard weathering conditions, they may still prove to be inadequately strong in terms of actual use.From the pressure filtration studies in this work, it seems obvious that the conventional woven multifilament fabrics still perform surprisingly well against the coated media in terms of filtrate clarity and cake build-up. Especially in cases where the feed slurry concentration was low and the pressures moderate, the conventional media seemed to outperform the coated media. In the cases where thefeed slurry concentration was high, the tightly woven media performed well against the monofilament reference fabrics, but seemed to do worse than some of the coated media. This result is somewhat surprising in that the high initial specific resistance of the coated media would suggest that the media will blind more easily than the plain woven media. The results indicate, however, that it is actually the woven media that gradually clogs during the coarse of filtration. In conclusion, it seems obvious that there is a pressure limit above which the woven media looses its capacity to keep the solid particles from penetrating the structure. This finding suggests that for extreme pressures the only foreseeable solution is the coated fabrics supported by a strong enough woven fabric to hold thestructure together. Having said that, the high pressure filtration process seems to follow somewhat different laws than the more conventional processes. Based on the results, it may well be that the role of the cloth is most of all to support the cake, and the main performance-determining factor is a long life time. Measuring the pore size distribution with a commercially available porometer gives a fairly accurate picture of the pore size distribution of a fabric, but failsto give insight into which of the pore sizes is the most important in determining the flow through the fabric. Historically air, and sometimes water, permeability measures have been the standard in evaluating media filtration performance including particle retention. Permeability, however, is a function of a multitudeof variables and does not directly allow the estimation of the effective pore size. In this study a new method for estimating the effective pore size and open pore area in a densely woven multifilament fabric was developed. The method combines a simplified equation of the electrical resistance of fabric with the Hagen-Poiseuille flow equation to estimate the effective pore size of a fabric and the total open area of pores. The results are validated by comparison to the measured values of the largest pore size (Bubble point) and the average pore size. The results show good correlation with measured values. However, the measured and estimated values tend to diverge in high weft density fabrics. This phenomenon is thought to be a result of a more tortuous flow path of denser fabrics, and could most probably be cured by using another value for the tortuosity factor.

Washing and Dewatering of Different Starches in Pressure Filters

The main objective of this thesis was togenerate better filtration technologies for effective production of pure starchproducts, and thereby the optimisation of filtration sequences using created models, as well as the synthesis of the theories of different filtration stages, which were suitable for starches. At first, the structure and the characteristics of the different starch grades are introduced and each starch grade is shown to have special characteristics. These are taken as the basis of the understanding of the differences in the behaviour of the different native starch grades and their modifications in pressure filtration. Next, the pressure filtration process is divided into stages, which are filtration, cake washing, compression dewatering and displacement dewatering. Each stage is considered individually in their own chapters. The order of the different suitable combinations of the process stages are studied, as well as the proper durations and pressures of the stages. The principles of the theory of each stageare reviewed, the methods for monitoring the progress of each stage are presented, and finally, the modelling of them is introduced. The experimental results obtained from the different stages of starch filtration tests are given and the suitability of the theories and models to the starch filtration are shown. Finally, the theories and the models are gathered together and shown, that the analysis of the whole starch pressure filtration process can be performed with the software developed.

Modeling of non-isothermalvapor membrane separation with thermodynamic models and generalized mass transfer equations

A rigorous unit operation model is developed for vapor membrane separation. The new model is able to describe temperature, pressure, and concentration dependent permeation as wellreal fluid effects in vapor and gas separation with hydrocarbon selective rubbery polymeric membranes. The permeation through the membrane is described by a separate treatment of sorption and diffusion within the membrane. The chemical engineering thermodynamics is used to describe the equilibrium sorption of vapors and gases in rubbery membranes with equation of state models for polymeric systems. Also a new modification of the UNIFAC model is proposed for this purpose. Various thermodynamic models are extensively compared in order to verify the models' ability to predict and correlate experimental vapor-liquid equilibrium data. The penetrant transport through the selective layer of the membrane is described with the generalized Maxwell-Stefan equations, which are able to account for thebulk flux contribution as well as the diffusive coupling effect. A method is described to compute and correlate binary penetrant¿membrane diffusion coefficients from the experimental permeability coefficients at different temperatures and pressures. A fluid flow model for spiral-wound modules is derived from the conservation equation of mass, momentum, and energy. The conservation equations are presented in a discretized form by using the control volume approach. A combination of the permeation model and the fluid flow model yields the desired rigorous model for vapor membrane separation. The model is implemented into an inhouse process simulator and so vapor membrane separation may be evaluated as an integralpart of a process flowsheet.

Organisaatiokenttä vai paikallisyhteisö: OP-ryhmän strategiat institutionaalisten ja kilpailullisten paineiden ristitulessa

Tässä johtaminen ja organisaatiot -oppialaan kuuluvassa väitöstutkimuksessa selvitetään, miten asiakasomisteisten osuuskuntien johtajat sekä hallintohenkilöt vastaavat organisaatioidensa kohtaamiin institutionaalisiin ja kilpailullisiin paineisiin sekä kuinka he pyrkivät vaikuttamaan organisaatiokenttänsä instituutioihin yritystensä kilpailuaseman parantamiseksi pankkisektorilla. Asiakasomisteisten osuuskuntien päätöksentekoa tarkastellaan kolmen kriittisen tapauksen kautta. Tapauksia analysoidaan hyödyntäen institutionaalista organisaatioteoriaa. Kyseisen teoriapohjan soveltaminen strategisen päätöksenteon tutkimiseksi antaa mahdollisuuden tarkastella asiakasomisteisten osuuskuntien eri toimijoiden ja instituutioiden välistä dialogia aiempaa laajemmin. Pitkittäisaineisto (v. 1939 - 2005) koostuu kaikkiaan 57 haastattelusta sekä laaja-alaisesta historiallisesta arkistomateriaalista. Työn keskeinen kontribuutio on asiakasomisteisten osuuskuntien päätöksenteon kytkeminen institutionaaliseen organisaatioteoriaan, erityisesti legitimiteettiin sekä instituutioihin vaikuttamiseen liittyviin kysymyksiin. Työssä esitetään väite, jonka mukaan pankkisektorilla ryhmänä toimiva asiakasomisteinen osuuskunta hakee legitimiteettiä organisaatiokentän lisäksi paikallisyhteisöstä, mikä tuottaa jännitteen liiketoiminnan harjoittamiseen sekä strategiseen johtamiseen.

Variabilitat espacial de les propietats hidrològiques del sòl i canvis per la transformació del terreny en una vessant a la comarca del Priorat

En els darrers anys s’estan duent a terme transformacions dels sòl en la comarca del Priorat per plantar noves vinyes. Les transformacions realitzades han consistit en volteig d’horitzons i trituració de material, comportant canvis importants en les propietats físiques, químiques i hidrològiques del sòl. S’han identificat i quantificat els canvis, evidenciant alteracions importants en molts paràmetres, com una reducció de la matèria orgànica, capacitat de retenció d’aigua i conductivitat hidràulica, que dificulten l’estabilitat estructural del sòl, augmentant-ne l’escolament superficial i l’erosió, i dificultant el correcte desenvolupament de les plantes.

A Study on Fractionation and Ultrafiltration of Proteins with Characterized Modified and Unmodified Membranes

Membrane filtration has become increasingly attractive in the processing of both foodand biotechnological products. However, the poor selectivity of the membranes and fouling are the critical factors limiting the development of UF systems for the specific fractionation of protein mixtures. This thesis gives an overview on fractionation of proteins from model protein solutions or from biological solutions. An attempt was made to improve the selectivity of the available membranes by modifying the membranes and by exploiting the different electrostatic interactions between the proteins and the membrane pore surfaces. Fractionation and UF behavior of proteins in the model solutions and in the corresponding biological solutions were compared. Characterization of the membranes and protein adsorptionto the membrane were investigated with combined flux and streaming potential studies. It has been shown that fouling of the membranes can be reduced using "self-rejecting" membranes at pH values where electrostatic repulsion is achieved between the membrane and the proteins in solution. This effect is best shown in UF of dilute single protein solutions at low ionic strengths and low pressures. Fractionation of model proteins in single, binary, and ternary solutionshas been carried out. The results have been compared to the results obtained from fractination of biological solutions. It was generally observed that fractination of proteins from biological solutions are more difficult to carry out owingto the presence of non studied protein components with different properties. Itcan be generally concluded that it is easier to enrich the smaller protein in the permeate but it is also possible to enrich the larger protein in the permeateat pH values close to the isoelectric point of the protein. It should be possible to find an optimal flux and modification to effectively improve the fractination of proteins even with very similar molar masses.

Critical flux and fouling in ultrafiltration of proteins

In this thesis different parameters influencing critical flux in protein ultrafiltration and membrane foul-ing were studied. Short reviews of proteins, cross-flow ultrafiltration, flux decline and criticalflux and the basic theory of Partial Least Square analysis (PLS) are given at the beginning. The experiments were mainly performed using dilute solutions of globular proteins, commercial polymeric membranes and laboratory scale apparatuses. Fouling was studied by flux, streaming potential and FTIR-ATR measurements. Critical flux was evaluated by different kinds of stepwise procedures and by both con-stant pressure and constant flux methods. The critical flux was affected by transmembrane pressure, flow velocity, protein concentration, mem-brane hydrophobicity and protein and membrane charges. Generally, the lowest critical fluxes were obtained at the isoelectric points of the protein and the highest in the presence of electrostatic repulsion between the membrane surface and the protein molecules. In the laminar flow regime the critical flux increased with flow velocity, but not any more above this region. An increase in concentration de-creased the critical flux. Hydrophobic membranes showed fouling in all charge conditionsand, furthermore, especially at the beginning of the experiment even at very low transmembrane pressures. Fouling of these membranes was thought to be due to protein adsorption by hydrophobic interactions. The hydrophilic membranes used suffered more from reversible fouling and concentration polarisation than from irreversible foul-ing. They became fouled at higher transmembrane pressures becauseof pore blocking. In this thesis some new aspects on critical flux are presented that are important for ultrafiltration and fractionation of proteins.

Deposición transversal de líquido de las boquillas de doble abanico TTJ60-11004 y TTJ60-11002 en distintas condiciones operacionales

El objetivo de este trabajo fue el de evaluar la deposición transversal de caldo de las boquillas pulverizadoras de doble abanico TTJ60-11004 y TTJ60-11002 en distintas condiciones operacionales. Se utilizaron 5 muestras de cada boquilla pulverizadora siendo considerada cada unidad, una repetición. La distribución de caldo fue evaluada por medio de una mesa de evaluación de distribución construida de acuerdo con la norma ISO 56821. Se evaluó el perfil de distribución individual, la distribución volumétrica simulada de la superposición de los chorros por medio del coeficiente de variación (CV%) de los volúmenes colectados, el caudal y el ángulo de abertura de los chorros. Las condiciones operacionales fueron: presión de trabajo de 200, 300 y 400 Kpa, altura de 30, 40 y 50 cm en relación al blanco y espaciamiento entre boquillas simulados en Software (Microsoft Excel) entre 45 y 100 cm. Las boquillas presentaron perfil individual descontinuo con la mayor deposición de líquido en la región central y reducción del volumen gradual en dirección a las extremidades. El aumento de la presión promovió alargamiento del perfil y de la franja de aplicación. Las boquillas proporcionaron perfil uniforme que dependió del espaciamiento entre las boquillas, con valores menores con reducción en el espaciamiento y en presiones mayores. El caudal y el ángulo del chorro aumentaron con el incremento en la presión.

Neuro-mechanical and metabolic adjustments to the repeated anaerobic sprint test in professional football players.

PURPOSE: This study aimed to determine the neuro-mechanical and metabolic adjustments in the lower limbs induced by the running anaerobic sprint test (the so-called RAST). METHODS: Eight professional football players performed 6 × 35 m sprints interspersed with 10 s of active recovery on artificial turf with their football shoes. Sprinting mechanics (plantar pressure insoles), root mean square activity of the vastus lateralis (VL), rectus femoris (RF), and biceps femoris (BF) muscles (surface electromyography, EMG) and VL muscle oxygenation (near-infrared spectroscopy) were monitored continuously. RESULTS: Sprint time, contact time and total stride duration increased from the first to the last repetition (+17.4, +20.0 and +16.6 %; all P < 0.05), while flight time and stride length remained constant. Stride frequency (-13.9 %; P < 0.001) and vertical stiffness decreased (-27.2 %; P < 0.001) across trials. Root mean square EMG activities of RF and BF (-18.7 and -18.1 %; P < 0.01 and 0.001, respectively), but not VL (-1.2 %; P > 0.05), decreased over sprint repetitions and were correlated with the increase in running time (r = -0.82 and -0.90; both P < 0.05). Together with a better maintenance of RF and BF muscles activation levels over sprint repetitions, players with a better repeated-sprint performance (lower cumulated times) also displayed faster muscle de- (during sprints) and re-oxygenation (during recovery) rates (r = -0.74 and -0.84; P < 0.05 and 0.01, respectively). CONCLUSION: The repeated anaerobic sprint test leads to substantial alterations in stride mechanics and leg-spring behaviour. Our results also strengthen the link between repeated-sprint ability and the change in neuromuscular activation as well as in muscle de- and re-oxygenation rates.