Essays on the Linkages Between Financial Markets, and Risk Asymmetries (summary section only)

During the last few decades there have been far going financial market deregulation, technical development, advances in information technology, and standardization of legislation between countries. As a result, one can expect that financial markets have grown more interlinked. The proper understanding of the cross-market linkages has implications for investment and risk management, diversification, asset pricing, and regulation. The purpose of this research is to assess the degree of price, return, and volatility linkages between both geographic markets and asset categories within one country, Finland. Another purpose is to analyze risk asymmetries, i.e., the tendency of equity risk to be higher after negative events than after positive events of equal magnitude. The analysis is conducted both with respect to total risk (volatility), and systematic risk (beta). The thesis consists of an introductory part and four essays. The first essay studies to which extent international stock prices comove. The degree of comovements is low, indicating benefits from international diversification. The second essay examines the degree to which the Finnish market is linked to the “world market”. The total risk is divided into two parts, one relating to world factors, and one relating to domestic factors. The impact of world factors has increased over time. After 1993, when foreign investors were allowed to freely invest in Finnish assets, the risk level has been higher than previously. This was also the case during the economic recession in the beginning of the 1990’s. The third essay focuses on the stock, bond, and money markets in Finland. According to a trading model, the degree of volatility linkages should be strong. However, the results contradict this. The linkages are surprisingly weak, even negative. The stock market is the most independent, while the money market is affected by events on the two other markets. The fourth essay concentrates on volatility and beta asymmetries. Contrary to many international studies there are only few cases of risk asymmetries. When they occur, they tend to be driven by the market-wide component rather than the portfolio specific element.

Service Productivity: Toward a Conceptualisation of the Transformation of inputs

The productivity of a process is related to how effectively input resources are transformed into value for customers. For the needs of manufacturers of physical products there are widely used productivity concepts and measurements instruments. However, in service processes the underlying assumptions of these concepts and models do not hold. For example, manufacturing-based productivity models assume that an altered configuration of input resources in the production process does not lead to quality changes in outputs (the constant-quality assumption). However, in a service context changes in the production resources and productions systems do affect the perceived quality of services. Therefore, using manufacturing-oriented productivity models in service contexts are likely to give managers wrong directions for action. Research into the productivity of services is still scarce, because of the lack of viable models. The purpose of the present article is to analyse the requirements for the development of a productivity concept for service operations. Based on the analysis, a service productivity model is developed. According to this model, service productivity is a function of 1) how effectively input resources into the service (production) process are transformed to outputs in the form of services (internal or cost efficiency), 2) how well the quality of the service process and its outcome is perceived (external or revenue efficiency), and 3) how effectively the capacity of the service process is utilised (capacity efficiency). In addition, directions for developing measurement models for service productivity are discussed.

Chlorine-35 nuclear quadrupole resonance study of molecular torsional motion in some chloropyridine-N-oxides and chloroquinoline-N-oxides

Chlorine has been substituted at the 2- and 4-positions in the pyridine and quinoline rings of the corresponding N-oxides and 35Cl n.q.r. spectra have been studied in the temperature range 77–300 K. The change in the n.q.r. frequencies in N-oxides as compared to their parent compounds are interpreted in terms of the conjugative effect and the inductive effect of the N+—O– group. The negative temperature coefficients of the resonance frequencies in chloropyridine-N-oxides have been analysed using the Bayer, Kushida and Brown equations. The calculated torsional frequencies, which are in the range 52–78 cm–1, are found to be only slightly temperature dependent.

Ecology of the swampy relic forests of Kathalekan from central Western Ghats, India

Introduction of agriculture three millennia ago in Peninsular India’s Western Ghats altered substantially ancient tropical forests. Early agricultural communities, nevertheless, strived to attain symbiotic harmony with nature as evident from prevalence of numerous sacred groves, patches of primeval forests sheltering biodiversity and hydrology. Groves enhanced heterogeneity of landscapes involving elements of successional forests and savannas favouring rich wildlife. A 2.25 km2 area of relic forest was studied at Kathalekan in Central Western Ghats. Interspersed with streams studded with Myristica swamps and blended sparingly with shifting cultivation fallows, Kathalekan is a prominent northernmost relic of southern Western Ghat vegetation. Trees like Syzygium travancoricum (Critically Endangered), Myristica magnifica (Endangered) and Gymnacranthera canarica (Vulnerable) and recently reported Semecarpus kathalekanensis, are exclusive to stream/swamp forest (SSF). SSF and non-stream/swamp forest (NSSF) were studied using 18 transects covering 3.6 ha. Dipterocarpaceae, its members seldom transgressing tropical rain forests, dominate SSF (21% of trees) and NSSF (27%). The ancient Myristicaceae ranks high in tree population (19% in SSF and 8% in NSSF). Shannon-Weiner diversity for trees is higher (>3) in six NSSF transects compared to SSF (<3). Higher tree endemism (45%), total endemic tree population (71%) and significantly higher above ground biomass (349 t/ha) cum carbon sequestration potential (131 t/ha) characterizes SSF. Faunal richness is evident from amphibians (35 species - 26 endemics, 11 in IUCN Red List). This study emphasizes the need for bringing to light more of relic forests for their biodiversity, carbon sequestration and hydrology. The lives of marginal farmers and forest tribes can be uplifted through partnership in carbon credits, by involving them in mitigating global climatic change through conservation and restoration of high biomass watershed forests.

Cytotoxic activity of daunomycin and adriamycin encapsulated in immunoliposomes against avian myeloblastosis virus-infected cells

Immunoliposomes were prepared using the antibody raised against the avian myeloblastosis virus envelope glycoprotein, gp80. Adriamycin was encapsulated into immunoliposomes. More drug was delivered into target cells when the drug encapsulated in immunoliposomes was incubated with the cells. The drug encapsulated in immunoliposomes was able to inhibit the RNA synthesis twice more than free drug in the virus-transformed myeloblasts. Pre-treatment of cells with ammonium chloride, reversed the effect of drug encapsulated in immunoliposomes. The drugs encapsulated in immunoliposomes had marginal effect on the RNA synthesis of non-target cells, the yolk sac cells. Colony formation by virus-transformed cells and focus formation by virus-infected yolk sac cells was inhibited significantly by the drug encapsulated in immunoliposomes.

2,4-Lutidine-1-oxide complexes of lanthanide perchlorates

2,4-Lutidine-1-oxide (2,4-LutO) complexes of lanthanide perchlorates of the formulae Ln2(2,4-LutO)13(ClO4)6 (Ln = Pr and Nd) and Ln2(2,4-LutO)15 (ClO4)6 (Ln = La, Tb, Dy, Ho and Yb) have been prepared and characterised by chemical analysis, IR, NMR, conductance and electronic spectral data. Proton NMR data along with the IR data show that the ligand coordinates to the metal ion through the oxygen. Conductance data of the complexes in acetone and nitrobenzene indicate that the perchlorate is not coordinated to the metal ion.

Air Fleet and Facility Planning via Optimal Control Models

A study is presented which is aimed at developing techniques suitable for effective planning and efficient operation of fleets of aircraft typical of the air force of a developing country. An important aspect of fleet management, the problem of resource allocation for achieving prescribed operational effectiveness of the fleet, is considered. For analysis purposes, it is assumed that the planes operate in a single flying-base repair-depot environment. The perennial problem of resource allocation for fleet and facility buildup that faces planners is modeled and solved as an optimal control problem. These models contain two "policy" variables representing investments in aircraft and repair facilities. The feasibility of decentralized control is explored by assuming the two policy variables are under the control of two independent decisionmakers guided by different and not often well coordinated objectives.

PES studies of semiconductor - metal transitions in metal oxides

Semiconductor-Metal transitions in Ti2O3, VO2, V2O3 and Ti3O5 have been investigated employing X-ray and UV Photoelectron spectroscopy. The transitions are accompanied by significant changes in the 3d band of the transition metals as well as some of the core levels.

Interaction of metal ions with 6-oxopurine nucleotides. Part 2. X-Ray structures of ternary nickel(II) complexes with 2'-deoxyguanosine 5'-monophosphate or guanosine 5'-monophosphate

The ternary metal nucleotide complexes [Ni(en)1.3(H2O)1.4(H2O)2][Ni(5?-dGMP)2(en)0.7-(H2O)0.6(H2O)2]·7H2O (1) and [Ni(en)2(H2O)2][Ni(5?-GMP)2(H2O)4]·6H2O (2)(en = ethylenediamine, 5?-dGMP = 2?-deoxyguanosine 5?-monophosphate, 5?-GMP = guanosine 5?-monophosphate) have been prepared and their structures analyzed by X-ray diffraction methods. Both compounds crystallise in the space group C2221 with a= 8.810(1), b= 25.090(4), c= 21.084(1)Å, and Z= 4 for (1) and a= 8.730(1), b= 25.691(4), c= 21.313(5)Å, and Z= 4 for (2). The structures were deduced from the analogous CoIII complexes and refined by full-matrix least-squares methods to final R values of 0.087 and 0.131 for 1 211 and 954 reflections for (1) and (2) respectively. An interesting feature of the deoxyribonucleotide complex (1) is that en is not totally labilized from the metal centre on nucleotide co-ordination, as observed in corresponding ribonucleotide complexes. Apart from extensive intra- and inter-molecular hydrogen bonding, the structures are stabilized by significant intracomplex base�base and base�sugar interactions. The nucleotides in both complexes have an anti base, C(2?)-endo sugar pucker, and gauche�gauche conformation about the C(4?)�C(5?) bond.

Air Fleet and Facility Planning via Optimal Control Models

A study is presented which is aimed at developing techniques suitable for effective planning and efficient operation of fleets of aircraft typical of the air force of a developing country. An important aspect of fleet management, the problem of resource allocation for achieving prescribed operational effectiveness of the fleet, is considered. For analysis purposes, it is assumed that the planes operate in a single flying-base repair-depot environment. The perennial problem of resource allocation for fleet and facility buildup that faces planners is modeled and solved as an optimal control problem. These models contain two "policy" variables representing investments in aircraft and repair facilities. The feasibility of decentralized control is explored by assuming the two policy variables are under the control of two independent decisionmakers guided by different and not often well coordinated objectives.

Oxygen stoichiometry and structure of YBa2Cu3O7−δ and their relation to superconductivity

Thermogravimetric curves of the superconducting samples (0.0 ≤ δ left angle bracket0.5) of YBa2Cu3O7−δ are shown to be characteristically different from those of the non-superconducting samples (δreverse similar, equals0.5–1.0). The variation of Tc (from resistivity measurements) with δ confirms for a change from Image to Image Bands found in bright or dark field electron micrographs are shown to arise for different orientations of the [CuO2]∞ planes, causing oxygen enrichment in the boundaries. A new defect with missing Y-rows is found in the images of Y1−xBa2Cu3O7.

Sequence specificity of Z-DNA formation in oligonucleotides

The sequence specific requirement for B----Z transition in solution was examined in d(CGTGCGCACG), d(CGTACGTACG), d(ACGTACGT) in presence of various Z-inducing factors. Conformational studies show that inspite of the alternating nature of purines and pyrimidines, the aforementioned sequences do not undergo B----Z transition under the influence of NaCl, hexamine cobalt chloride and ethanol. A comparison with the crystal structures of an assorted array of purine and pyrimidine sequences show that the sequence requirement for B----Z transition is much more stringent in solution as compared to the solid state. The disruptive influence of AT base pairs in B to Z transition is discussed.

Circulation and salinity distribution in coastal inlets

The mathematical model developed by Hansen and Rattray based on Pritchard's equations for a coastal-plain estuary has been analysed to study the circulation and salinity distributions in coastal inlets with constant width and depth. Numerical solutions of the basic equations have been obtained without placing any restriction on Rayleigh numbers. A noteworthy contribution of the present analysis is that solutions of equations have been obtained for higher Rayleigh numbers, which was not possible in the earlier model. It is found that the effect of higher Rayleigh numbers is to increase the vertical advection, making the salinities in the upper and lower layers more uniform with a distinct halocline near the mid-depths. Solutions are discussed for some special cases of practical interest.

H-1, C-13, N-15 assignments of the dimeric regulatory subunit (ilvN) of the E. coli AHAS I

Acetohydroxyacid synthase (AHAS) is an enzyme involved in the biosynthesis of the branched chain amino acids viz, valine, leucine and isoleucine. The activity of this enzyme is regulated through feedback inhibition by the end products of the pathway. Here we report the backbone and side-chain assignments of ilvN, the 22 kDa dimeric regulatory subunit of E. coli AHAS isoenzyme I, in the valine bound form. Detailed analysis of the structure of ilvN and its interactions with the catalytic subunit of E. coli AHAS I will help in understanding the mechanism of activation and regulation of the branched chain amino acid biosynthesis.

Toksoplasman esiintyvyys suomalaisissa kissoissa

Toxoplasma gondii on kokkideihin kuuluva alkueläinloinen. Sen pääisäntiä ovat kissaeläimet, joissa tapahtuvan suvullisen lisääntymisen tuloksena tuotetaan ympäristöön ookystia. Väli-isäntiä voivat olla kaikki tasalämpöiset eläimet. Toksoplasma muodostaa isäntien kudoksiin infektiivisiä kudoskystia. Ihminen voi saada tartunnan syömällä kudoskystia tai ookystia, tai sikiö voi infektoitua jo kohdussa istukan kautta. Toxoplasma gondii voi aiheuttaa isäntänsä vakavan sairastumisen ja on siksi maailmanlaajuisesti merkittävä zoonoottinen loinen. Toksoplasman torjunnassa on oleellista tuntea alueen kissojen toksoplasmaseroprevalenssi ja arvioida ympäristön ookystakuormitusta: seropositiivisten kissojen voidaan olettaa joskus erittäneen ookystia. Tässä tutkimuksessa selvitettiin toksoplasman esiintymistä suomalaisissa kissoissa: suoralla agglutinaatiotestillä (ToxoScreen-DA) määritettiin IgG-vasta-aineiden esiintymistä seerumissa sekä vasta-ainetasoja (tiitteri). Flotac® - flotaatiomenetelmällä tutkittiin ookystien esiintymistä ulostenäytteissä. Tutkimuksessa selvitettiin kissojen toksoplasma-vasta-aineiden esiintymiseen vaikuttavia tekijöitä: serologisessa tutkimuksessa oli mukana sekä löytöettä rotukissoja, ja lisäksi tutkittiin kissojen sukupuolen, iän, sekä rotukissoilla lihansyönnin vaikutusta vastaaineiden esiintymiseen seerumissa. Serologisessa tutkimuksessa 398 kissan aineistossa seroprevalenssiksi saatiin 48,2 %. Tutkituista 369 rotukissasta 49,9 % oli seropositiivisia, kun taas 27 tutkitusta löytökissasta seropositiivisia oli 25,9 % (P<0,05). Sukupuolella ei todettu olevan merkitystä kissan seropositiivisuuteen. Aikuiset kissat olivat nuoria kissoja useammin seropositiivisia (53,7 % vs. 23,5 %) (P<0,001), koska kerran tartunnan saaneen kissan seerumista voidaan todeta vasta-aineita, ja vanhemmat kissat ovat nuoria todennäköisemmin ehtineet törmätä loiseen elämänsä aikana ja saada tartunnan. Ruokavalio oli tiedossa 347 rotukissalta, ja näistä 270 (77,8 %) oli joskus saanut raakaa lihaa. Raakaa lihaa saaneista kissoista 151 (55,9 %) oli seropositiivisia; 77 kissasta, jotka eivät olleet saaneet raakaa lihaa sitä vastoin ainoastaan 26 (33,8 %) oli seropositiivisia (P<0,001). Ulostenäytteistä 131 kissan aineistosta 1,5 % eritti toksoplasman kaltaisia ookystia ulosteessaan tutkimushetkellä. Suomessa kissojen ravinnon ja toksoplasmaseropositiivisuuden välistä yhteyttä ei ole aikaisemmin tutkittu. Näiden uusien tulosten valossa olisi toksoplasman torjunnassa erityisen tärkeää kiinnittää huomiota loisen tartuntareitteihin kissan osalta. Kissoja ei tulisi ruokkia raa’alla lihalla: kissalle annettava liha olisi hyvä kuumentaa yli 67ºC:een tai pakastaa alle -12ºC:n lämpötilassa toksoplasmatartunnan ehkäisemiseksi.