Oligarchs, political regime changes, and firm valuation

This paper examines the impact of a regime shift on the valuation of politically powerful oligarch firms. Focusing on the Yeltsin-Putin regime shift in Russia, we find that the valuations of outside shareholders claims are significantly higher under the Putin regime than under the Yeltsin regime after controlling for industry and time effects. The findings suggest that the increasing cost of extracting private benefits outweigh the reduction in the value of political connections following the political regime change. The results are also consistent with changes in the risk of state expropriation. Our results show that effects driven by the political regime change complement the traditional view stating that increased ownership concentration improved the performance of Russian oligarch firms.

A DISCURSIVE PERSPECTIVE ON LEGITIMATION STRATEGIES IN MULTINATIONAL CORPORATIONS

Few studies have examined legitimation in multinational corporations from a discursive perspective. To complement the existing institutional literature, we adopt a critical discourse analysis perspective that allows us to examine the microlevel processes of discursive legitimation. We provide an example of a media text— dealing with a production unit shutdown—to demonstrate how this perspective elucidates the various textual strategies used to legitimate multinational corporations’ actions and their controversial consequences.

Essays on the Determinants of International Portfolio Investments

Investors significantly overweight domestic assets in their portfolios. This behavior which is commonly called “home bias” contradicts the prescriptions of portfolio theory. This thesis explores potential reasons for the “home bias” by examining the characteristics of the investing and the target countries and features of the interaction between them. A common theme of the four essays is a focus on the importance of information about foreign markets in explaining the share of these markets in investors’ portfolios. The results indicate that the size of the equity ownership in another country strongly relates to the distance to the financial capital of that country, and to trade in goods with and direct investments (FDI) to that country. The first essay empirically investigates the relationship between trade in real goods and portfolio investments. Overall, the evidence indicates a substantial role for trade in reducing the information cost relating to portfolio investments. The second essay examines the implications of the launch of the European Monetary Union (EMU) on international portfolio investments. The evidence on the allocation of Finnish international portfolio investments is more consistent with an information-based than a diversification motive explanation. The third essay employs new data for a large number of countries and further explores the role of trade on international portfolio investments. The results indicate that trade provides important information especially on firms in countries in which the corporate governance structure and the information environment of firms generate less reliable information. The fourth essay examines the relationship between direct investments (FDI) and portfolio investments. In contrast to the predications of portfolio theory, it provides evidence that FDI is a complement rather than a substitute for portfolio investments.

Assessment of In-House Natural Product and Synthetic Compound Libraries Based on In vitro Inhibition of Cholinesterases

The first line medication for mild to moderate Alzheimer s disease (AD) is based on cholinesterase inhibitors which prolong the effect of the neurotransmitter acetylcholine in cholinergic nerve synapses which relieves the symptoms of the disease. Implications of cholinesterases involvement in disease modifying processes has increased interest in this research area. The drug discovery and development process is a long and expensive process that takes on average 13.5 years and costs approximately 0.9 billion US dollars. Drug attritions in the clinical phases are common due to several reasons, e.g., poor bioavailability of compounds leading to low efficacy or toxic effects. Thus, improvements in the early drug discovery process are needed to create highly potent non-toxic compounds with predicted drug-like properties. Nature has been a good source for the discovery of new medicines accounting for around half of the new drugs approved to market during the last three decades. These compounds are direct isolates from the nature, their synthetic derivatives or natural mimics. Synthetic chemistry is an alternative way to produce compounds for drug discovery purposes. Both sources have pros and cons. The screening of new bioactive compounds in vitro is based on assaying compound libraries against targets. Assay set-up has to be adapted and validated for each screen to produce high quality data. Depending on the size of the library, miniaturization and automation are often requirements to reduce solvent and compound amounts and fasten the process. In this contribution, natural extract, natural pure compound and synthetic compound libraries were assessed as sources for new bioactive compounds. The libraries were screened primarily for acetylcholinesterase inhibitory effect and secondarily for butyrylcholinesterase inhibitory effect. To be able to screen the libraries, two assays were evaluated as screening tools and adapted to be compatible with special features of each library. The assays were validated to create high quality data. Cholinesterase inhibitors with various potencies and selectivity were found in natural product and synthetic compound libraries which indicates that the two sources complement each other. It is acknowledged that natural compounds differ structurally from compounds in synthetic compound libraries which further support the view of complementation especially if a high diversity of structures is the criterion for selection of compounds in a library.

Length-independent voltage fluctuations in small conductors

The mean-squared voltage fluctuation of a disordered conductor of lengthL smaller than the phase coherence lengthL ϕ, is independent of the distance between the probes. We obtain this result using the voltage additivity and the known results for the conductance fluctuation. Our results complement the recent theoretical and experimental findings.

Confirmation of pauling's theory that vitamin C improves immunity to infection

It is pointed out that the complement Clq, associated with the immune response system, has a part containing about 80 residues with a collagen-like sequence, with Gly at every third location and having also a number of Hyp and Hyl residues in locations before Gly, and that it takes the triple-helical conformation characteristic of collagen. As with collagen biosynthesis, ascorbic acid is therefore expected to be required for its production. Also, collagen itself, in the extracellular matrix, is connected with the fibroblast surface protein (FSP), whose absence leads to cell proliferation, and whose addition leads to suppression of malignancy in tissue culture. All these show the great importance of vitamin C for resistance to diseases, and even to cancer, as has been widely advocated by Pauling.

Classification of Protein Kinases on the Basis of Both Kinase and Non-Kinase Regions

Background: Protein phosphorylation is a generic way to regulate signal transduction pathways in all kingdoms of life. In many organisms, it is achieved by the large family of Ser/Thr/Tyr protein kinases which are traditionally classified into groups and subfamilies on the basis of the amino acid sequence of their catalytic domains. Many protein kinases are multidomain in nature but the diversity of the accessory domains and their organization are usually not taken into account while classifying kinases into groups or subfamilies. Methodology: Here, we present an approach which considers amino acid sequences of complete gene products, in order to suggest refinements in sets of pre-classified sequences. The strategy is based on alignment-free similarity scores and iterative Area Under the Curve (AUC) computation. Similarity scores are computed by detecting common patterns between two sequences and scoring them using a substitution matrix, with a consistent normalization scheme. This allows us to handle full-length sequences, and implicitly takes into account domain diversity and domain shuffling. We quantitatively validate our approach on a subset of 212 human protein kinases. We then employ it on the complete repertoire of human protein kinases and suggest few qualitative refinements in the subfamily assignment stored in the KinG database, which is based on catalytic domains only. Based on our new measure, we delineate 37 cases of potential hybrid kinases: sequences for which classical classification based entirely on catalytic domains is inconsistent with the full-length similarity scores computed here, which implicitly consider multi-domain nature and regions outside the catalytic kinase domain. We also provide some examples of hybrid kinases of the protozoan parasite Entamoeba histolytica. Conclusions: The implicit consideration of multi-domain architectures is a valuable inclusion to complement other classification schemes. The proposed algorithm may also be employed to classify other families of enzymes with multidomain architecture.

Sanailua, kynäilyä, intoilua ja epäilyä : Oppilaiden kirjoitustaito ja sen arvioiminen alkuopetuksessa

Objectives. In primary education the pupils form a basis for their writing skills. By assessing pupils writing skills the teacher gathers information about the development of their skills and notices possible learning disabilities. The assessment of writing skills requires both knowledge of different evaluation methods and the phonological system in Finnish language. The purpose of this study is to analyze the pupils writing skills and different assessment methods that help the teacher in writing evaluation. The pupils writing skills are viewed from spelling, composing and writing motivation s point of view. Methods. The research material consists of dictation exercises, written stories and writing motivation self-assessments of 19 pupils. Dictation exercises measured the spelling skills of pupils and they were written in the spring of the first grade and the autumn of the second grade. Dictation exercises were analyzed with two different methods: mistake analysis and word-structure analysis. Information of pupils spelling skills development was gathered by comparing their performance in autumn s dictation exercise to spring s dictation. Composing skills were measured with stories that the pupils wrote. Both the stories and the writing motivation s self-assessment were made in the autumn of the second grade. Composing skills were analyzed according to assessment criteria formed for this study. Results. The spelling skill of most of the pupils had developed from the first grade s spring to the second grade s autumn. The spelling skills of half of the pupils (N=9) had improved significantly. The composing skills of the pupils varied largely. Strongest part of the pupils composing skill was following instructions and the weakest part was the use of versatile vocabulary and clause structures. The girls outdid the boys in all segments of their composing skills. For most pupils their spelling skill reflected their composing skill: good spellers were also good story writers. The relation between writing motivation and general writing skill was not this simple: some pupils (N=5) writing motivation was much higher than what would have been expected based on their writing skills.

We Are All Georgians: The Neoconservative Narrative on the Russia-Georgia War

In this thesis I examine the U.S. foreign policy discussion that followed the war between Russia and Georgia in August 2008. In the politically charged setting that preceded the presidential elections, the subject of the debate was not only Washington's response to the crisis in the Caucasus but, more generally, the direction of U.S. foreign policy after the presidency of George W. Bush. As of November 2010, the reasons for and consequences of the Russia-Georgia war continue to be contested. My thesis demonstrates that there were already a number of different stories about the conflict immediately after the outbreak of hostilities. I want to argue that among these stories one can discern a “neoconservative narrative” that described the war as a confrontation between the East and the West and considered it as a test for Washington’s global leadership. I draw on the theory of securitization, particularly on a framework introduced by Holger Stritzel. Accordingly, I consider statements about the conflict as “threat texts” and analyze these based on the existing discursive context, the performative force of the threat texts and the positional power of the actors presenting them. My thesis suggests that a notion of narrativity can complement Stritzel’s securitization framework and take it further. Threat texts are established as narratives by attaching causal connections, meaning and actorship to the discourse. By focusing on this process I want to shed light on the relationship between the text and the context, capture the time dimension of a speech act articulation and help to explain how some interpretations of the conflict are privileged and others marginalized. I develop the theoretical discussion through an empirical analysis of the neoconservative narrative. Drawing on Stritzel’s framework, I argue that the internal logic of the narrative which was presented as self-evident can be analyzed in its historicity. Asking what was perceived to be at stake in the conflict, how the narrative was formed and what purposes it served also reveals the possibility for alternative explanations. My main source material consists of transcripts of think tank seminars organized in Washington, D.C. in August 2008. In addition, I resort to the foreign policy discussion in the mainstream media.

Therapeutic change in interaction

A process of change within a single case of cognitive-constructivist therapy is analyzed by means of conversation analysis (CA). The focus is on a process of change in the sequences of interaction, which consist of the therapist’s conclusion and the patient’s response to it. In the conclusions, the therapist investigates and challenges the patient’s tendency to transform her feelings of disappointment and anger into self-blame. Over the course of the therapy, the patient’s responses to these conclusions are recast: from the patient first rejecting the conclusion, to then being ambivalent, and finally to agreeing with the therapist. On the basis of this case study, we suggest that an analysis that focuses on sequences of talk that are interactionally similar offers a sensitive method to investigate the manifestation of therapeutic change. It is suggested that this line of research can complement assimilation analysis and other methods of analyzing changes in a client’s talk.

Patents, Ethics and Stem Cell Research : The Case of hESC Innovation in Australia, Europe and the United States

Embryonic stem cells offer potentially a ground-breaking insight into health and diseases and are said to offer hope in discovering cures for many ailments unimaginable few years ago. Human embryonic stem cells are undifferentiated, immature cells that possess an amazing ability to develop into almost any body cell such as heart muscle, bone, nerve and blood cells and possibly even organs in due course. This remarkable feature, enabling embryonic stem cells to proliferate indefinitely in vitro (in a test tube), has branded them as a so-called miracle cure . Their potential use in clinical applications provides hope to many sufferers of debilitating and fatal medical conditions. However, the emergence of stem cell research has resulted in intense debates about its promises and dangers. On the one hand, advocates hail its potential, ranging from alleviating and even curing fatal and debilitating diseases such as Parkinson s, diabetes, heart ailments and so forth. On the other hand, opponents decry its dangers, drawing attention to the inherent risks of human embryo destruction, cloning for research purposes and reproductive cloning eventually. Lately, however, the policy battles surrounding human embryonic stem cell innovation have shifted from being a controversial research to scuffles within intellectual property rights. In fact, the ability to obtain patents represents a pivotal factor in the economic success or failure of this new biotechnology. Although, stem cell patents tend to more or less satisfy the standard patentability requirements, they also raise serious ethical and moral questions about the meaning of the exclusions on ethical or moral grounds as found in European and to an extent American and Australian patent laws. At present there is a sort of a calamity over human embryonic stem cell patents in Europe and to an extent in Australia and the United States. This in turn has created a sense of urgency to engage all relevant parties in the discourse on how best to approach patenting of this new form of scientific innovation. In essence, this should become a highly favoured patenting priority. To the contrary, stem cell innovation and its reliance on patent protection risk turmoil, uncertainty, confusion and even a halt on not only stem cell research but also further emerging biotechnology research and development. The patent system is premised upon the fundamental principle of balance which ought to ensure that the temporary monopoly awarded to the inventor equals that of the social benefit provided by the disclosure of the invention. Ensuring and maintaining this balance within the patent system when patenting human embryonic stem cells is of crucial contemporary relevance. Yet, the patenting of human embryonic stem cells raises some fundamental moral, social and legal questions. Overall, the present approach of patenting human embryonic stem cell related inventions is unsatisfactory and ineffective. This draws attention to a specific question which provides for a conceptual framework for this work. That question is the following: how can the investigated patent offices successfully deal with patentability of human embryonic stem cells? This in turn points at the thorny issue of application of the morality clause in this field. In particular, the interpretation of the exclusions on ethical or moral grounds as found in Australian, American and European legislative and judicial precedents. The Thesis seeks to compare laws and legal practices surrounding patentability of human embryonic stem cells in Australia and the United States with that of Europe. By using Europe as the primary case study for lessons and guidance, the central goal of the Thesis then becomes the determination of the type of solutions available to Europe with prospects to apply such to Australia and the United States. The Dissertation purports to define the ethical implications that arise with patenting human embryonic stem cells and intends to offer resolutions to the key ethical dilemmas surrounding patentability of human embryonic stem cells and other morally controversial biotechnology inventions. In particular, the Thesis goal is to propose a functional framework that may be used as a benchmark for an informed discussion on the solution to resolving ethical and legal tensions that come with patentability of human embryonic stem cells in Australian, American and European patent worlds. Key research questions that arise from these objectives and which continuously thread throughout the monograph are: 1. How do common law countries such as Australia and the United States approach and deal with patentability of human embryonic stem cells in their jurisdictions? These practices are then compared to the situation in Europe as represented by the United Kingdom (first two chapters), the Court of Justice of the European Union and the European Patent Office decisions (Chapter 3 onwards) in order to obtain a full picture of the present patenting procedures on the European soil. 2. How are ethical and moral considerations taken into account at patent offices investigated when assessing patentability of human embryonic stem cell related inventions? In order to assess this part, the Thesis evaluates how ethical issues that arise with patent applications are dealt with by: a) Legislative history of the modern patent system from its inception in 15th Century England to present day patent laws. b) Australian, American and European patent offices presently and in the past, including other relevant legal precedents on the subject matter. c) Normative ethical theories. d) The notion of human dignity used as the lowest common denominator for the interpretation of the European morality clause. 3. Given the existence of the morality clause in form of Article 6(1) of the Directive 98/44/EC of the European Parliament and of the Council of 6 July 1998 on the legal protection of biotechnological inventions which corresponds to Article 53(a) European Patent Convention, a special emphasis is put on Europe as a guiding principle for Australia and the United States. Any room for improvement of the European morality clause and Europe s current manner of evaluating ethical tensions surrounding human embryonic stem cell inventions is examined. 4. A summary of options (as represented by Australia, the United States and Europe) available as a basis for the optimal examination procedure of human embryonic stem cell inventions is depicted, whereas the best of such alternatives is deduced in order to create a benchmark framework. This framework is then utilised on and promoted as a tool to assist Europe (as represented by the European Patent Office) in examining human embryonic stem cell patent applications. This method suggests a possibility of implementing an institution solution. 5. Ultimately, a question of whether such reformed European patent system can be used as a founding stone for a potential patent reform in Australia and the United States when examining human embryonic stem cells or other morally controversial inventions is surveyed. The author wishes to emphasise that the guiding thought while carrying out this work is to convey the significance of identifying, analysing and clarifying the ethical tensions surrounding patenting human embryonic stem cells and ultimately present a solution that adequately assesses patentability of human embryonic stem cell inventions and related biotechnologies. In answering the key questions above, the Thesis strives to contribute to the broader stem cell debate about how and to which extent ethical and social positions should be integrated into the patenting procedure in pluralistic and morally divided democracies of Europe and subsequently Australia and the United States.

”Ihanan överi ja juhlallinen jakku olisi kyllä kiva lisä vaatekaappiin” – tutkimus kuluttamisesta ja professionalisoitumisesta elämäntyyliblogeissa

Tarkastelen tutkimuksessani muotibloggaajien kulutuspuhetta. Tutkimuksen tarkoituksena on selvittää, millaista kuluttajuutta muotiblogeissa ilmaistaan ja millainen kehityskaari muotiblogeissa on tapahtunut vuodesta 2007 tämän tutkimuksen tekemiseen asti tutkimusaineiston sekä tekemieni havaintojen perusteella. Tutkimus on toteutettu laadullisia tutkimusmenetelmiä käyttämällä. Olen kerännyt aineistoni kymmenestä naisten kirjoittamasta muotiblogista kahtena eri ajanjaksona vuonna 2009. Lisäksi tutkimuksessa on sekä etnografisen että netnografisen havainnoinnin piirteitä. Aineiston analysoinnin apuna olen käyttänyt teemoittelua sekä tyypittelyä. Tutkimuksesta selvisi, että muotibloggaajien näkeminen identiteettiään etsivänä liittyy oman tyylin etsimiseen ja erottautumisen haluun. Perinteinen näkemys kuluttajasta valitsijana ja passiivisena markkinoilla toimijana on väistymässä, sillä muotibloggaajat näyttäytyvät tutkimuksessa aktiivisina toimijoina ja tuottajina. Muotibloggaajat hakevat myös jatkuvasti uusia kulutuselämyksiä ja kommunikoivat toistensa kanssa välittämällä merkityksiä kuluttamisensa kautta. Muotibloggaajien kulutuspuheet näyttäytyvät tutkimuksessa ekonomistisen kulutuseetoksen ja perinteisen suomalaisen kulutuspuheen mukaisesti järkevinä. Säästäväisyyttä pidetään hyveellisenä ja tuotteiden hinnat vaikuttavat ostopäätösten tekemiseen. Muotibloggaajat osaavat kuitenkin kontrolloidusti nauttia kuluttamisesta. Kulutuspuheet noudattavat myös ekologis-eettisen kulutuseetoksen perinnettä, mikä ilmenee fanaattisuuden välttämisenä sekä perinteisten että sosiaalisen median kirpputorien suosimisena. Lisäksi muotibloggaajien kulutuspuheet käyvät ilmi sosiaalisena pakkona, sillä muotiblogin pitäminen mielenkiintoisena vaatii jatkuvaa himoa uusia kulutustuotteita kohtaan. Tutkimuksen perusteella muotiblogeissa korostuu yhteisöllisyys ja kuluttaminen on hyvin naisellista. Tutkimusaineistosta sekä havainnoista tekemieni päätelmien mukaan muotiblogit ovat muuttumassa elämäntyyliblogeiksi, sillä niissä kerrotaan yhä enemmän myös muista kuin kuluttamiseen liittyvistä aiheista. Samalla muotibloggaajat ovat kehittymässä tavallisesta kuluttajasta kohti asiantuntijuutta eli professionalisoitumassa. Professionalisoitumisen myötä muotibloggaajat toimivat uuden ajan kuluttajavalistajina ja muotiblogeissa syntyy uusia sanoja ja merkityksiä. Lisäksi muotibloggaajille on kehittynyt sellaisia tietoja ja taitoja, joita voi myydä. Muotibloggaajista onkin tulossa muodin ammattilaisia, joille maksetaan tulevaisuudessa bloggaamisesta myös palkkaa.

Una gramática descriptiva del chabacano de Ternate

This dissertation is a descriptive grammar of Ternate Chabacano, a Spanish-lexifier Creole spoken by 3.000 people in the town of Ternate, Philippines. The dissertation offers an analysis of the phonological, morphological, and syntactic system of the language. It includes an overview of the historical background, the current situation of the speech community and a collection of annotated texts. Ternate Chabacano shares many characteristics with its main adstrate language Tagalog as well as the dialectal varieties of Spanish. At present, English also exerts an influence, nevertheless mainly affecting its lexicon. The description offered is based on fieldwork conducted in Ternate. Spoken language collected through thematic interviews forms the main type of the material analysed. Information regarding the informants and text types is included in the examples. Ternate Chabacano has a five-vowel system and 17 consonant phonemes. The morphology of the language is largely isolating. Clitics are used extensively for expressing adverbial relations. The verbal system is based on the preverbal markers that express the category of tense, modality and aspect, among which aspect is the main dimension. Complex predicates and verbal chains are used in order to further distinguish aspect and modality, as well as changes of voice and valency. Intransitive verbs express motion, states, and reflexive actions, even though the majority of verbs can occur in both intransitive and transitive clauses. Ternate Chabacano is a nominative-accusative type language but the typological configuration of the Philippine languages influences the marking of its constituents. A case in point is constituted by the nominal determination system. The basic constituent order in a clause is VSO. Equative and attibutive clauses are formed by juxtaposition while the locative clauses feature a copula. Indefinite terms are expressed through existential constructions. The negation of existential clauses differs from standard negation but both are intensified in the same way. In spoken discourse, tag-questions are common. Pragmatic elements and social formulas reflect largely the corresponding Tagalog expressions. Coordination and subordination occur typically without overt markers but a variety of markers exists for expressing different relations, especially those made explicit by adverbial clauses. Verbal chains form a continuum from serial verbs to complementation and ultimately to coordination.

On some results of A. E. Livingston and coefficient problems for concave univalent functions

We consider functions that map the open unit disc conformally onto the complement of a bounded convex set. We call these functions concave univalent functions. In 1994, Livingston presented a characterization for these functions. In this paper, we observe that there is a minor flaw with this characterization. We obtain certain sharp estimates and the exact set of variability involving Laurent and Taylor coefficients for concave functions. We also present the exact set of variability of the linear combination of certain successive Taylor coefficients of concave functions.

Cohésion modale et subordination : Le conditionnel et le jussif finnois au miroir de la valeur sémantique et discursive du subjonctif français

Modal cohesion and subordination. The Finnish conditional and jussive moods in comparison to the French subjunctive This study examines verb moods in subordinate clauses in French and Finnish. The first part of the analysis deals with the syntax and semantics of the French subjunctive, mood occurring mostly in subordinate positions. The second part investigates Finnish verb moods. Although subordinate positions in Finnish grammar have no special finite verb form, certain uses of Finnish verb moods have been compared to those of subjunctives and conjunctives in other languages. The present study focuses on the subordinate uses of the Finnish conditional and jussive (i.e. the third person singular and plural of the imperative mood). The third part of the analysis discusses the functions of subordinate moods in contexts beyond complex sentences. The data used for the analysis include 1834 complex sentences gathered from newspapers, online discussion groups and blog texts, as well as audio-recorded interviews and conversations. The data thus consist of both written and oral texts as well as standard and non-standard variants. The analysis shows that the French subjunctive codes theoretical modality. The subjunctive does not determine the temporal and modal meaning of the event, but displays the event as virtual. In a complex sentence, the main clause determines the temporal and modal space within which the event coded by the subjunctive clause is interpreted. The subjunctive explicitly indicates that the space constructed in the main clause extends its scope over the subordinate clause. The subjunctive can therefore serve as a means for creating modal cohesion in the discourse. The Finnish conditional shares the function of making explicit the modal link between the components of a complex construction with the French subjunctive, but the two moods differ in their semantics. The conditional codes future time and can therefore occur only in non-factual or counterfactual contexts, whereas the event expressed by French subjunctive clauses can also be interpreted as realized. Such is the case when, for instance, generic and habitual meaning is involved. The Finnish jussive mood is used in a relatively limited number of subordinate clause types, but in these contexts its modal meaning is strikingly close to that of the French subjunctive. The permissive meaning, typical of the jussive in main clause positions, is modified in complex sentences so that it entails inter-clausal relation, namely concession. Like the French subjunctive, the jussive codes theoretical modal meaning with no implication of the truth value of the proposition. Finally, the analysis shows that verb moods mark modal cohesion, not only on the syntagmatic level (namely in complexe sentences), but also on the paradigmatic axis of discourse in order to create semantic links over entire segments of talk. In this study, the subjunctive thus appears, not as an empty category without function, as it is sometimes described, but as an open form that conveys the temporal and modal meanings emerging from the context.