Omnibus accounts to Finnish investors? – An analysis of the costs and benefits that omnibus account structure brings to Finnish account operators and investors

The Finnish Securities Markets are being harmonized to enable better, more reliable and timely settlement of securities. Omnibus accounts are a common practice in the European securities markets. Finland forbids the use of omnibus accounts from its domestic investors. There is a possibility that the omnibus account usage is allowed for Finnish investors in the future. This study aims to build a comprehensive image to Finnish investors and account operators in determining the costs and benefits that the omnibus account structure would have for them. This study uses qualitative research methods. A literature review provides the framework for this study. Different kinds of research articles, regulatory documents, studies performed by European organisations, and Finnish news reportages are used to analyse the costs and benefits of omnibus accounts. The viewpoint is strictly of account operators and investors, and different effects on them are contemplated. The results of the analysis show that there are a number of costs and benefits that investors and account operators must take into consideration regarding omnibus accounts. The costs are related to development of IT-systems so that participants are able to adapt to the new structure and operate according to its needs. Decrease in the holdings’ transparency is a disadvantage of the structure and needs to be assessed precisely to avoid some problems it might bring. Benefits are mostly related to the increased competition in the securities markets as well as to the possible cost reductions of securities settlement. The costs and benefits were analysed according to the study plan of this thesis and as a result, the significance and impact of omnibus accounts to Finnish investors and account operators depends on the competition level and the decisions that all market participants make when determining if the account structure is beneficial for their operations.

University students’ regulation of learning and text processing – examples from medical and teacher education

The general aim of the thesis was to study university students’ learning from the perspective of regulation of learning and text processing. The data were collected from the two academic disciplines of medical and teacher education, which share the features of highly scheduled study, a multidisciplinary character, a complex relationship between theory and practice and a professional nature. Contemporary information society poses new challenges for learning, as it is not possible to learn all the information needed in a profession during a study programme. Therefore, it is increasingly important to learn how to think and learn independently, how to recognise gaps in and update one’s knowledge and how to deal with the huge amount of constantly changing information. In other words, it is critical to regulate one’s learning and to process text effectively. The thesis comprises five sub-studies that employed cross-sectional, longitudinal and experimental designs and multiple methods, from surveys to eye tracking. Study I examined the connections between students’ study orientations and the ways they regulate their learning. In total, 410 second-, fourth- and sixth-year medical students from two Finnish medical schools participated in the study by completing a questionnaire measuring both general study orientations and regulation strategies. The students were generally deeply oriented towards their studies. However, they regulated their studying externally. Several interesting and theoretically reasonable connections between the variables were found. For instance, self-regulation was positively correlated with deep orientation and achievement orientation and was negatively correlated with non-commitment. However, external regulation was likewise positively correlated with deep orientation and achievement orientation but also with surface orientation and systematic orientation. It is argued that external regulation might function as an effective coping strategy in the cognitively loaded medical curriculum. Study II focused on medical students’ regulation of learning and their conceptions of the learning environment in an innovative medical course where traditional lectures were combined wth problem-based learning (PBL) group work. First-year medical and dental students (N = 153) completed a questionnaire assessing their regulation strategies of learning and views about the PBL group work. The results indicated that external regulation and self-regulation of the learning content were the most typical regulation strategies among the participants. In line with previous studies, self-regulation wasconnected with study success. Strictly organised PBL sessions were not considered as useful as lectures, although the students’ views of the teacher/tutor and the group were mainly positive. Therefore, developers of teaching methods are challenged to think of new solutions that facilitate reflection of one’s learning and that improve the development of self-regulation. In Study III, a person-centred approach to studying regulation strategies was employed, in contrast to the traditional variable-centred approach used in Study I and Study II. The aim of Study III was to identify different regulation strategy profiles among medical students (N = 162) across time and to examine to what extent these profiles predict study success in preclinical studies. Four regulation strategy profiles were identified, and connections with study success were found. Students with the lowest self-regulation and with an increasing lack of regulation performed worse than the other groups. As the person-centred approach enables us to individualise students with diverse regulation patterns, it could be used in supporting student learning and in facilitating the early diagnosis of learning difficulties. In Study IV, 91 student teachers participated in a pre-test/post-test design where they answered open-ended questions about a complex science concept both before and after reading either a traditional, expository science text or a refutational text that prompted the reader to change his/her beliefs according to scientific beliefs about the phenomenon. The student teachers completed a questionnaire concerning their regulation and processing strategies. The results showed that the students’ understanding improved after text reading intervention and that refutational text promoted understanding better than the traditional text. Additionally, regulation and processing strategies were found to be connected with understanding the science phenomenon. A weak trend showed that weaker learners would benefit more from the refutational text. It seems that learners with effective learning strategies are able to pick out the relevant content regardless of the text type, whereas weaker learners might benefit from refutational parts that contrast the most typical misconceptions with scientific views. The purpose of Study V was to use eye tracking to determine how third-year medical studets (n = 39) and internal medicine residents (n = 13) read and solve patient case texts. The results revealed differences between medical students and residents in processing patient case texts; compared to the students, the residents were more accurate in their diagnoses and processed the texts significantly faster and with a lower number of fixations. Different reading patterns were also found. The observed differences between medical students and residents in processing patient case texts could be used in medical education to model expert reasoning and to teach how a good medical text should be constructed. The main findings of the thesis indicate that even among very selected student populations, such as high-achieving medical students or student teachers, there seems to be a lot of variation in regulation strategies of learning and text processing. As these learning strategies are related to successful studying, students enter educational programmes with rather different chances of managing and achieving success. Further, the ways of engaging in learning seldom centre on a single strategy or approach; rather, students seem to combine several strategies to a certain degree. Sometimes, it can be a matter of perspective of which way of learning can be considered best; therefore, the reality of studying in higher education is often more complicated than the simplistic view of self-regulation as a good quality and external regulation as a harmful quality. The beginning of university studies may be stressful for many, as the gap between high school and university studies is huge and those strategies that were adequate during high school might not work as well in higher education. Therefore, it is important to map students’ learning strategies and to encourage them to engage in using high-quality learning strategies from the beginning. Instead of separate courses on learning skills, the integration of these skills into course contents should be considered. Furthermore, learning complex scientific phenomena could be facilitated by paying attention to high-quality learning materials and texts and other support from the learning environment also in the university. Eye tracking seems to have great potential in evaluating performance and growing diagnostic expertise in text processing, although more research using texts as stimulus is needed. Both medical and teacher education programmes and the professions themselves are challenging in terms of their multidisciplinary nature and increasing amounts of information and therefore require good lifelong learning skills during the study period and later in work life.

From gold money to fictitious money

ABSTRACT In the nineteenth century, money appear primarily as gold. In the twenty-first century, it appears as strictly fiduciary money. It is known that Marx said very clearly that the golden money was the effective basis of the monetary and credit system. Had the historical development finally shown that his theory of value and money would be false? Marxists have struggled continually with this problem. This paper tries to show that exist a simple and good answer to this crucial question. It comes just developing a little the dialectics of commodities and money found on Marx's Capital.

A Comparison of B2C E-Commerce in Finland, Germany and United Kingdom

E-Commerce is not a new phenomenon, but strictly speaking, it has breakthrough during the past 15 years. E-commerce is adopted differently across European countries, even though almost all of them are considered to be advanced industrialized nations. These notions are made at the same time as E-Commerce markets grow year by year. Countries seem to evolve at a different pace. At the same time, customers get more and more experienced with the Internet and perceive online marketplace more critically. Also, companies have their important role in the development of E-Commerce. E-Commerce research has been conducted on three levels of analysis: individual, company, and country. In this thesis, the primary focus is on the differences between B2C retail E-Commerce in Finland, Germany, and the United Kingdom. The research is conducted with an exploratory method by collecting data from secondary sources. The research suggests that there are no significant differences between delivery methods in Finland, Germany, and the United Kingdom. When it comes to payment methods, the results suggests that there is a statistically significant difference between Germany and United Kingdom.

The neo-liberal state and the crisis of public service broadcasting in the Anglo-American democracies /

The NeO'liberal State and the Crisis ofPublic Service Broadcasting in the Anglo-American Democracies The purpose ofthis analysis ofthe present condition ofpublic service broadcasting in the Anglo- American democracies was to investigate whether such media can still be regarded as the primarypublic spherefor a dialogue between each nation 's civil society and the State. The motivationfor this thesis was based on a presumption that such fora for public discussion on the central issues of each society have become viewed as less relevant bypoliticians andpolicy-makers and thepublics they were intended to serve in the Anglo-American democracies over thepast two decades. It is speculated that this is the case because ofa beliefthat the post-war consensus between the respective States andpublics that led to the construction of the Keynesian Welfare State and the notion ofpublic service broadcasting has been displaced by an individualistic, neo-liberal, laissez-faire ideology. In other words, broadcasting as a consumer-oriented, commercial commodity has superseded concerns pertaining to the importance ofthe public interest. The methodology employed in this thesis is a comparative analysisfrom a criticalpolitical economy perspective. It was considered appropriate to focus on the United Kingdom, Australia, Canada and the\ United States because they comprise the four largest Anglo-American nations with democratic political systems andprimarily market economies. Justificationfor this particular sample is reinforced by thefact that case study countries also share a common socio-political and economic tradition. The evidence assembledfor this thesis consisted almost exclusively ofexisting literature on the subjects ofpublic service broadcasting, global economic andpolitical integration, and the ascendance ofthe 'free-market ' ethos in Western democracies since the late mid- to late-1970s. In essence, this thesis could be considered as a reinterpretation ofthe existing literature relevant to these issues. Several important common features werefound among the political, economic and broadcasting systems of the four case study nations. It is proposed that the prevalence of the neo-liberal world view throughout the political and policy environments of the four countries has undermined the stability and credibility of each nation 's national public service broadcasting organization, although with varying intensity and effect,. Deregulation ofeach nation 's broadcasting system and the supremacy ofthe notion of 'consumer sovereignty' have marginalized the view of broadcasting on any basis other than strictly economic criteria in thefour case study countries. This thesis concludes that,for a reconstruction ofa trulyparticipatory anddemocraticpublicsphere to be realized in the present as well as thefuture, a reassessment ofthe conventional concept ofthe 'public sphere ' is necessary. Therefore, it is recommended that thefocus ofpolicy-makers in each Anglo-American democracy be redirectedfrom that which conceived ofan all-encompassing, large, state-ownedand operated public broadcasting service toward a view which considers alternativeforms ofpublic communication, such as local community and ethnic broadcasting operations, that are likely to be more responsive to the needs of the increasingly diverse and heterogeneous populations that comprise the modem Anglo-American democracies. The traditional conception of public broadcasters must change in accordance with its contemporary environment if the fundamental principles of the public sphere and public service broadcasting are to be realized.

Synechococcus sp. PCC 7002 CpcB lyase null mutations alter phycocyanin chromophore function and, consequently, affect the redistribution of excitation energy via the light state transition /

Phycobilisomes are the major light harvesting complexes for cyanobacteria and phycocyanin is the primary phycobiliprotein of the phycobilisome rod. The phycocyanobilin lyases responsible for chromophorylating the phycocyanin p subunit (CpcB) have been recently identified in the cyanobacterium Synechococcus sp. PCC 7002. Surprisingly, mutants missing the CpcB lyases were nevertheless capable of producing pigmented phycocyanin. 10K absorbance measurements revealed that the energy states of the p phycocyanin chromophores were only subtly shifted; however, 77K steady state fluorescence emission spectroscopy showed excitation energy transfer involving the targeted chromophores to be highly disrupted. Such evidence suggests that phycobilin orientation within the binding domain is specifically modified. We hypothesized that alternate, less specific lyases are able to act on the p binding sites. A phycocyanin linker-polypeptide deficient mutant was similarly characterized. The light state transition, a short term adaptation of the photosynthetic light harvesting apparatus resulting in the redistribution of excitation energy among the photo systems, was shown to be dominated by the reallocation of phycocyanin-absorbed excitation energy. Treatment with a high M phosphate buffer effectively prevented the redistribution of both chlorophyll a- and phycobilisome- absorbed excitation energy, suggesting that the two effects are not strictly independent. The mutant strains required a larger redistribution of excitation energy between light states, perhaps to compensate for their loss in phycobilisome antenna function.

Solute effects on the production and decay of primary species in the flash photolysis of indole

Maximum production rates ofs and decay kinetics for the hydrated electron, the indolyl neutral radical and the indole triplet state have been obtained in the microsecond, broadband (X > 260 nm) flash photolysis of helium-saturated, neutral aqueous solutions of indole, in the absence and in the presence of the solutes NaBr, BaCl2*2H20 and CdSCV Fluorescence spectra and fluorescence lifetimes have also been obtained in the absence and in the presence of the above solutes, The hydrated electron is produced monophotonically and biphotonically at an apparent maximum rate which is increased by BaCl2*2H20 and decreased by NaBr and CdSOif. The neutral indolyl radical may be produced monophotonically and biphotonically or strictly monophotonically at an apparent maximum rate which is increased by NaBr and CdSO^ and is unaffected by BaCl2*2H20. The indole triplet state is produced monophotonically at a maximum rate which is increased by all solutes. The hydrated electron decays by pseudo first order processes, the neutral indolyl radical decays by second order recombination and the indole triplet state decays by combined first and second order processes. Hydrated electrons are shown to react with H , H2O, indole, Na and Cd"*""1"". No evidence has been found for the reaction of hydrated electrons with Ba . The specific rate of second order neutral indolyl radical recombination is unaffected by NaBr and BaCl2*2H20, and is increased by CdSO^. Specific rates for both first and second order triplet state decay processes are increased by all solutes. While NaBr greatly reduced the fluorescence lifetime and emission band intensity, BaCl2*2H20 and CdSO^ had no effect on these parameters. It is suggested that in solute-free solutions and in those containing BaCl2*2H20 and CdSO^, direct excitation occurs to CTTS states as well as to first excited singlet states. It is further suggested that in solutions containing NaBr, direct excitation to first excited singlet states predominates. This difference serves to explain increased indole triplet state production (by ISC from CTTS states) and unchanged fluorescence lifetimes and emission band intensities in the presence of BaCl2*2H20 and CdSOt^., and increased indole triplet state production (by ISC from S^ states) and decreased fluorescence lifetime and emission band intensity in the presence of NaBr. Evidence is presented for (a) very rapid (tx ^ 1 us) processes involving reactions of the hydrated electron with Na and Cd which compete with the reformation of indole by hydrated electron-indole radical cation recombination, and (b) first and second order indole triplet decay processes involving the conversion of first excited triplet states to vibrationally excited ground singlet states.

Spelling performance of third grade students : a comparison of whole-language-plus-strategy instruction, strategy instruction only, and the whole language approach

This study investigated three methods for teaching children how to spell. Third grade students were divided into three conditions for a one-week training period consisting of 15- to 20-minute lessons. One of the two experimental conditions used a whole language approach along with explicit strategy instruction. The second condition used strategy instruction within a traditional setting. The control used strictly a whole language approach to le~ing hO\\l to spell. The spelling perfonnance of all three conditions improved after the one-week training period. However, students in the strategy instruction groups did significantly better on the study "'7ords than the whole language only group. The students in whole-Ianguage-plusstrateg)! instruction outperformed both other groups. Significantly better spelling perfonnance was observed even at the nine-week posttest. This study frrst supported the hypothesis that children can make significantly greater improven1ents in their spelling when explicitly taught how to use spelling strategies. Secondl)', this study indicated that whole language provided a relevant context for the study words, clearly giving the students in the whole-Ianguage-plus-strategy condition an additional advantage.

A framework for understanding the factors that influence spectators' recall and recognition of embedded sponsorship stimuli

Now, more than ever, sponsors of athletic events demand to see evidence of a commercial return, such as enhanced brand awareness, for their investment of cash or non-cash resources (Lough et aI., 2000). The most common way to measure the impact of perimeter signage (Le., any billboard or sign that displays a company's brand name and/or logo and which surrounds the playing area) on spectators' awareness of event sponsors has been through the use of brand name recall and recognition tests (Shilbury & Berriman, 1996). Recall testing requires spectators to list all of the sponsors they can remember seeing at, for example, an athletic event, strictly from memory and without any help (Cuneen & Hannan, 1993). With recognition testing, spectators are required to identify sponsors from a prepared list which include "dummy" brand names (i.e., sponsors that are present in the list but which do not actually sponsor the event). In order to determine whether sponsors' brand awareness objectives are being met, it is important for sport and recreation marketers to understand what influences a spectator's ability to remember (Le., recall and/or recognize) the brand names of companies who advertise on perimeter signage. The purpose this study was to examine the factors that influence spectators' recall and recognition of embedded sponsorship stimuli (i.e., company brand names on perimeter signage surrounding the play area) at a Canadian University's men's basketball game and football game. These factors included the number of games spectators attended over the course of the season (i.e., repeated exposure to sponsorship stimuli), spectators' level of involvement with the event, and spectators' level of involvement with the advertisements (i.e., perimeter signage). This study also examined the differences between recall and recognition as a means of measuring spectators' awareness of sponsors, and attempted to determine if there are sport differences in spectators' recall and recognition of perimeter signage. Upon leaving the football stadium or gymnasium, spectators were approached, at random, by trained research assistants located at each exit and asked to complete a brief survey questionnaire. Respondents completed the survey on-site. A total of 358 completed surveys were collected from spectators who attended the football (N = 277) and basketball (N = 81) games. The data suggest that football and basketball respondents recognized more sponsors' brand names than they recalled. In addition, football respondents who were highly involved with the event (i.e., those individuals who viewed attending the events as fun, interesting and exciting) attended more games over the course of the season and had significantly higher brand name recognition of sponsors who advertised on perimeter signage than those individuals with low involvement with the athletic event. Football respondents who were highly involved with the sponsors' advertisements (i.e., those individuals who viewed sponsors' perimeter signage as appealing, valuable and important) had significantly higher brand name recall of event sponsors than those individuals with low involvement with these sponsors' advertisements. Repeated exposure to perimeter signage did not have a significant influence on football or basketball respondents' recall or recognition of sponsors. Finally, the data revealed that football respondents had significantly higher recall of sponsors' brand names than basketball respondents. Conversely, basketball respondents had significantly higher recognition of sponsors' brand names than did football respondents.

Developing a numerical inverse-theory-based extraction of orientation-dependent relaxation rates from partially- relaxed spectra

Second-rank tensor interactions, such as quadrupolar interactions between the spin- 1 deuterium nuclei and the electric field gradients created by chemical bonds, are affected by rapid random molecular motions that modulate the orientation of the molecule with respect to the external magnetic field. In biological and model membrane systems, where a distribution of dynamically averaged anisotropies (quadrupolar splittings, chemical shift anisotropies, etc.) is present and where, in addition, various parts of the sample may undergo a partial magnetic alignment, the numerical analysis of the resulting Nuclear Magnetic Resonance (NMR) spectra is a mathematically ill-posed problem. However, numerical methods (de-Pakeing, Tikhonov regularization) exist that allow for a simultaneous determination of both the anisotropy and orientational distributions. An additional complication arises when relaxation is taken into account. This work presents a method of obtaining the orientation dependence of the relaxation rates that can be used for the analysis of the molecular motions on a broad range of time scales. An arbitrary set of exponential decay rates is described by a three-term truncated Legendre polynomial expansion in the orientation dependence, as appropriate for a second-rank tensor interaction, and a linear approximation to the individual decay rates is made. Thus a severe numerical instability caused by the presence of noise in the experimental data is avoided. At the same time, enough flexibility in the inversion algorithm is retained to achieve a meaningful mapping from raw experimental data to a set of intermediate, model-free

Elucidation of a mechanism of cell lysis by chorhexidine : a biophysical approach

Chlorhexidine is an effective antiseptic used widely in disinfecting products (hand soap), oral products (mouthwash), and is known to have potential applications in the textile industry. Chlorhexidine has been studied extensively through a biological and biochemical lens, showing evidence that it attacks the semipermeable membrane in bacterial cells. Although extremely lethal to bacterial cells, the present understanding of the exact mode of action of chlorhexidine is incomplete. A biophysical approach has been taken to investigate the potential location of chlorhexidine in the lipid bilayer. Deuterium nuclear magnetic resonance was used to characterize the molecular arrangement of mixed phospholipid/drug formulations. Powder spectra were analyzed using the de-Pake-ing technique, a method capable of extracting both the orientation distribution and the anisotropy distribution functions simultaneously. The results from samples of protonated phospholipids mixed with deuterium-labelled chlorhexidine are compared to those from samples of deuterated phospholipids and protonated chlorhexidine to determine its location in the lipid bilayer. A series of neutron scattering experiments were also conducted to study the biophysical interaction of chlorhexidine with a model phospholipid membrane of DMPC, a common saturated lipid found in bacterial cell membranes. The results found the hexamethylene linker to be located at the depth of the glycerol/phosphate region of the lipid bilayer. As drug concentration was increased in samples, a dramatic decrease in bilayer thickness was observed. Differential scanning calorimetry experiments have revealed a depression of the DMPC bilayer gel-to-lamellar phase transition temperature with an increasing drug concentration. The enthalpy of the transition remained the same for all drug concentrations, indicating a strictly drug/headgroup interaction, thus supporting the proposed location of chlorhexidine. In combination, these results lead to the hypothesis that the drug is folded approximately in half on its hexamethylene linker, with the hydrophobic linker at the depth of the glycerol/phosphate region of the lipid bilayer and the hydrophilic chlorophenyl groups located at the lipid headgroup. This arrangement seems to suggest that the drug molecule acts as a wedge to disrupt the bilayer. In vivo, this should make the cell membrane leaky, which is in agreement with a wide range of bacteriological observations.

Square Root Finding In Graphs

Abstract: Root and root finding are concepts familiar to most branches of mathematics. In graph theory, H is a square root of G and G is the square of H if two vertices x,y have an edge in G if and only if x,y are of distance at most two in H. Graph square is a basic operation with a number of results about its properties in the literature. We study the characterization and recognition problems of graph powers. There are algorithmic and computational approaches to answer the decision problem of whether a given graph is a certain power of any graph. There are polynomial time algorithms to solve this problem for square of graphs with girth at least six while the NP-completeness is proven for square of graphs with girth at most four. The girth-parameterized problem of root fining has been open in the case of square of graphs with girth five. We settle the conjecture that recognition of square of graphs with girth 5 is NP-complete. This result is providing the complete dichotomy theorem for square root finding problem.

Prime Rational Functions and Integral Polynomials

Let f(x) be a complex rational function. In this work, we study conditions under which f(x) cannot be written as the composition of two rational functions which are not units under the operation of function composition. In this case, we say that f(x) is prime. We give sufficient conditions for complex rational functions to be prime in terms of their degrees and their critical values, and we derive some conditions for the case of complex polynomials. We consider also the divisibility of integral polynomials, and we present a generalization of a theorem of Nieto. We show that if f(x) and g(x) are integral polynomials such that the content of g divides the content of f and g(n) divides f(n) for an integer n whose absolute value is larger than a certain bound, then g(x) divides f(x) in Z[x]. In addition, given an integral polynomial f(x), we provide a method to determine if f is irreducible over Z, and if not, find one of its divisors in Z[x].

The Confederate Air Corps Certificate, 1958

A certificate from The Confederate Air Corps that reads, "To all who shall see these presents, greeting: Know yes, that in recognition of his having manifested an unusually high regard for black-eyed peas, turnip greens, hog jowl, sow belly, pot likkers, grits, chittlins, and good old corn squeezins, Dorothy Rungeling is, as of this date, hereby appointed to the rank of Colonel in the Confederate Air Corps. This officer will, by virtue of this appointment, therefore, be obliged to carefully and diligently discharge the duties of the office to which appointed by doing and performing all manner of things thereunto belonging. As evidence of his good faith in accepting this commission, the officer named herein will continue to praise the glories of the Deep South, consume a true gentleman's share of the fares mentioned above, pay respectful homage to our lovely Southern Belles, save his Confederate money, harass the carpetbaggers, and always remember that damnyankee is one word. As Secretary of this Corps, I strictly charge and require all officers of the air militia of the South to render such obedience and courtesies as are due an Officer of this distinguished rank and honored position. Done at the City of Montgomery, Alabama, the Cradle of the Confederacy, this Seventh day of July in the year One Thousand Nine Hundred and Fifty Eight." It is stamped with the name Thadeus P. Throckmorton - Secretary, Confederate Air Corps.

Effects of Cerebral Blood Flow and PETCO2 on Cognitive Function During Passive Heat Stress

This thesis tested whether cognitive performance during passive heat stress may be affected by changes in cerebrovascular variables as opposed to strictly thermally-induced changes. A pharmacological reduction in cerebral blood flow (CBF) using indomethacin along with a hypocapnia-induced CBF reduction during passive heat stress (Tre ~1.5°C above baseline) were used to investigate any cerebrovascular-mediated changes in cognitive performance. Repeated measures analysis of variance indicated that One-Touch Stockings of Cambridge (OTS) performance was not affected by a significant reduction in CBF during passive heat stress. More specifically, OTS accuracy measures did not change as a result of either a reduction in CBF or increasing passive heat stress. However, it was found that OTS response time indices improved with increasing passive heat stress independent of CBF changes. In conclusion, a significant reduction in CBF does not cause additional changes in performance of an executive functioning task during severe passive heat stress.