Pientalojen ilmalämpöpumput sähköverkossa

Työssä tutkitaan ilmalämpöpumppujen kokonaisvaltaista vaikutusta sähköverkkoon. Tarkastelu aloitetaan lämpöpumppujen toiminnasta ja rakenteesta, josta jatketaan laitteen käytettävyyteen ja muiden lämmitysmenetelmien vertailuun. Sähköisten ominaisuuksien tarkastelussa pohditaan ilmalämpöpumppujen vaikutusta suomalaiseen sähköverkkoon muun muassa yleissähkötekniikan, taloudellisuuden ja energiatehokkuuden sekä häiriöiden kannalta. Tämä tutkielma rajoittuu pientaloihin, ja niihin asennettuihin ilma-ilmalämpöpumppuihin. Työn loppupäätelmänä on, että ilmalämpöpumppujen käytöstä ei juuri aiheudu vaikutuksia suomalaiseen sähköverkkoon. Suurimmat ilmalämpöpumppujen käytöstä syntyvät seuraukset kohdistuvat sähköverkkoyhtiöihin, joihin ilmalämpöpumput aiheuttavat taloudellisia menetyksiä. Suuret ja tulevaisuudessa kasvavat ilmalämpöpumppumäärät aiheuttavat sähköntuotantoon lisätehontarvetta huippukuorman aikaan. Toisaalta välitehoalueella tehontarve sekä energiankulutus pienenevät. Sähköverkoissa ei ole toistaiseksi havaittu ilmalämpöpumpuista johtuvia häiriöitä.

Essays on pricing of risk and international linkage of Russian stock market

Last two decades have seen a rapid change in the global economic and financial situation; the economic conditions in many small and large underdeveloped countries started to improve and they became recognized as emerging markets. This led to growth in the amounts of global investments in these countries, partly spurred by expectations of higher returns, favorable risk-return opportunities, and better diversification alternatives to global investors. This process, however, has not been without problems and it has emphasized the need for more information on these markets. In particular, the liberalization of financial markets around the world, globalization of trade and companies, recent formation of economic and regional blocks, and the rapid development of underdeveloped countries during the last two decades have brought a major challenge to the financial world and researchers alike. This doctoral dissertation studies one of the largest emerging markets, namely Russia. The motivation why the Russian equity market is worth investigating includes, among other factors, its sheer size, rapid and robust economic growth since the turn of the millennium, future prospect for international investors, and a number of important major financial reforms implemented since the early 1990s. Another interesting feature of the Russian economy, which gives motivation to study Russian market, is Russia’s 1998 financial crisis, considered as one of the worst crisis in recent times, affecting both developed and developing economies. Therefore, special attention has been paid to Russia’s 1998 financial crisis throughout this dissertation. This thesis covers the period from the birth of the modern Russian financial markets to the present day, Special attention is given to the international linkage and the 1998 financial crisis. This study first identifies the risks associated with Russian market and then deals with their pricing issues. Finally some insights about portfolio construction within Russian market are presented. The first research paper of this dissertation considers the linkage of the Russian equity market to the world equity market by examining the international transmission of the Russia’s 1998 financial crisis utilizing the GARCH-BEKK model proposed by Engle and Kroner. Empirical results shows evidence of direct linkage between the Russian equity market and the world market both in regards of returns and volatility. However, the weakness of the linkage suggests that the Russian equity market was only partially integrated into the world market, even though the contagion can be clearly seen during the time of the crisis period. The second and the third paper, co-authored with Mika Vaihekoski, investigate whether global, local and currency risks are priced in the Russian stock market from a US investors’ point of view. Furthermore, the dynamics of these sources of risk are studied, i.e., whether the prices of the global and local risk factors are constant or time-varying over time. We utilize the multivariate GARCH-M framework of De Santis and Gérard (1998). Similar to them we find price of global market risk to be time-varying. Currency risk also found to be priced and highly time varying in the Russian market. Moreover, our results suggest that the Russian market is partially segmented and local risk is also priced in the market. The model also implies that the biggest impact on the US market risk premium is coming from the world risk component whereas the Russian risk premium is on average caused mostly by the local and currency components. The purpose of the fourth paper is to look at the relationship between the stock and the bond market of Russia. The objective is to examine whether the correlations between two classes of assets are time varying by using multivariate conditional volatility models. The Constant Conditional Correlation model by Bollerslev (1990), the Dynamic Conditional Correlation model by Engle (2002), and an asymmetric version of the Dynamic Conditional Correlation model by Cappiello et al. (2006) are used in the analysis. The empirical results do not support the assumption of constant conditional correlation and there was clear evidence of time varying correlations between the Russian stocks and bond market and both asset markets exhibit positive asymmetries. The implications of the results in this dissertation are useful for both companies and international investors who are interested in investing in Russia. Our results give useful insights to those involved in minimising or managing financial risk exposures, such as, portfolio managers, international investors, risk analysts and financial researchers. When portfolio managers aim to optimize the risk-return relationship, the results indicate that at least in the case of Russia, one should account for the local market as well as currency risk when calculating the key inputs for the optimization. In addition, the pricing of exchange rate risk implies that exchange rate exposure is partly non-diversifiable and investors are compensated for bearing the risk. Likewise, international transmission of stock market volatility can profoundly influence corporate capital budgeting decisions, investors’ investment decisions, and other business cycle variables. Finally, the weak integration of the Russian market and low correlations between Russian stock and bond market offers good opportunities to the international investors to diversify their portfolios.

Construction and validation of a scoring system for the selection of high-quality data in a Spanish population primary care database (SIDIAP)

Background Computerised databases of primary care clinical records are widely used for epidemiological research. In Catalonia, the InformationSystem for the Development of Research in Primary Care (SIDIAP) aims to promote the development of research based on high-quality validated data from primary care electronic medical records. Objective The purpose of this study is to create and validate a scoring system (Registry Quality Score, RQS) that will enable all primary care practices (PCPs) to be selected as providers of researchusable data based on the completeness of their registers. Methods Diseases that were likely to be representative of common diagnoses seen in primary care were selected for RQS calculations. The observed/ expected cases ratio was calculated for each disease. Once we had obtained an estimated value for this ratio for each of the selected conditions we added up the ratios calculated for each condition to obtain a final RQS. Rate comparisons between observed and published prevalences of diseases not included in the RQS calculations (atrial fibrillation, diabetes, obesity, schizophrenia, stroke, urinary incontinenceand Crohn’s disease) were used to set the RQS cutoff which will enable researchers to select PCPs with research-usable data. Results Apart from Crohn’s disease, all prevalences were the same as those published from the RQS fourth quintile (60th percentile) onwards. This RQS cut-off provided a total population of 1 936 443 (39.6% of the total SIDIAP population). Conclusions SIDIAP is highly representative of the population of Catalonia in terms of geographical, age and sex distributions. We report the usefulness of rate comparison as a valid method to establish research-usable data within primary care electronic medical records

Competitive flexibility in systems supplier companies in mechanical engineering industry

Systems suppliers are focal actors in mechanical engineering supply chains, in between general contractors and component suppliers. This research concentrates on the systems suppliers’ competitive flexibility, as a competitive advantage that the systems supplier gains from independence from the competitive forces of the market. The aim is to study the roles that power, dependence relations, social capital, and interorganizational learning have on the competitive flexibility. Research on this particular theme is scarce thus far. The research method applied here is the inductive multiple case study. Interviews from four case companies were used as main source of the qualitative data. The literature review presents previous literature on subcontracting, supply chain flexibility, supply chain relationships, social capital and interorganizational learning. The result of this study are seven propositions and consequently a model on the effects that the dominance of sales of few customers, power of competitors, significance of the manufactured system in the end product, professionalism in procurement and the significance of brand products in the business have on the competitive flexibility. These relationships are moderated by either social capital or interorganizational learning. The main results obtained from this study revolve around social capital and interorganizational learning, which have beneficial effects on systems suppliers’ competitive flexibility, by moderating the effects of other constructs of the model. Further research on this topic should include quantitative research to provide the extent to which the results can be reliably generalized. Also each construct of the model gives possible focus for more thorough research.

Competitors' Financial Performance Monitoring Model

The objective of the thesis was to develop a competitors’ financial performance monitoring model for management reporting. The research consisted of the selections of the comparison group and the performance meters as well as the actual creation of the model. A brief analysis of the current situation was also made. The aim of the results was to improve the financial reporting quality in the case organization by adding external business environment observation to the management reports. The comparison group for the case company was selected to include five companies that were all involved in power equipment engineering and project type business. The most limiting factor related to the comparison group selection was the availability of quarterly financial reporting. The most suitable performance meters were defined to be the developments of revenue, order backlog and EBITDA. These meters should be monitored systematically on quarterly basis and reported to the company management in a brief and informative way. The monitoring model was based on spreadsheet construction with key characteristics being usability, flexibility and simplicity. The model acts as a centered storage for financial competitor information as well as a reporting tool. The current market situation is strongly affected by the economic boom in the recent years and future challenges can be clearly seen in declining order backlogs. The case company has succeeded well related to its comparison group during the observation period since its business volume and profitability have developed in the best way.

Change of Electricity Distribution Industry: Drivers and Opening Business Opportunities

As a result of the recent regulatory amendments and other development trends in the electricity distribution business, the sector is currently witnessing radical restructuring that will eventually impact the business logics of the sector. This report represents upcoming changes in the electricity distribution industry and concentrates on the factors that are expected to be the most fundamental ones. Electricity network companies nowadays struggle with legislative and regulatory requirements that focus on both the operational efficiency and the reliability of electricity distribution networks. The forces that have an impact on the distribution network companies can be put into three main categories that define the transformation at a general level. Those are: (1) a requirement for a more functional marketplace for energy, (2) environmental aspects (combating climate change etc.), and (3) a strongly emphasized requirement for the security of energy supply. The first point arises from the legislators’ attempt to increase competition in electricity retail markets, the second one concerns both environmental protection and human safety issues, and the third one indicates societies’ reduced willingness to accept interruptions in electricity supply. In the future, regulation of electricity distribution business may lower the threshold for building more weather-resistant networks, which in turn means increased underground cabling. This development pattern is reinforced by tightening safety and environmental regulations that ultimately make the overhead lines expensive to build and maintain. The changes will require new approaches particularly in network planning, construction, and maintenance. The concept for planning, constructing, and maintaining cable networks is necessary because the interdependencies between network operations are strong, in other words, the nature of the operation requires a linkage to other operations.

Plan de seguridad y salud para el suministro y montaje del Parque Eólico Rancho Viejo en el T.M. de Medina-Sidonia (Cádiz)

No hace más de 3 años se podía leer en las revistas especializadas que España había pasado a ocupar el tercer puesto en el ranking mundial por potencia eólica instalada. La industria eólica española a su vez ha pasado a ocupar el tercer puesto en la fabricación e instalación de aerogeneradores, con una cuota de mercado del 13%, siendo así un sector con gran capacidad de exportación. Por otra parte, tras diez años de promulgación de la Ley 31/95, de 8 de noviembre, de Prevención de Riesgos Laborales, y después su desarrollo reglamentario, es un hecho incontestable que, pese a todo, y a los ingentes esfuerzos realizados por los distintos actores implicados en la prevención de riesgos laborales (Estado, Comunidades Autónomas, Agentes Sociales, Entidades especializadas, etcetera), existe un sector como el de la construcción que, constituyendo uno de los ejes del crecimiento económico de nuestro país, está sometido a unos riesgos especiales y continúa registrando una siniestralidad laboral muy notoria por sus cifras y gravedad. La legislación de prevención, los manuales sobre las distintas disciplinas preventivas, los libros especializados, los expertos... han abordado ya, con mayor o menor acierto, muchas de las cuestiones generales y específicas que afectan a la seguridad y salud: la evaluación de riesgos, las medidas higiénicas, los equipos de trabajo y equipos de protección individual, la planificación, la formación, los servicios de prevención , los sistemas de gestión de la prevención, las auditorías ... forman parte de los contenidos que se han ido creando en torno a este tema. No obstante, resulta de gran interés la elaboración de un estudio de Seguridad y Salud, en el que partiendo de un desarrollo técnico concreto, pero sobre todo integral, es decir, que comprenda todas las fases para el suministrp e instalación de aerogeneradores para un parque eólico, vayamos desgranando cada uno de los puntos desarrollados en su construcción. Entre las conclusiones más destacadas de este trabajo, se encuentra la definición de las condiciones relativas a la prevención de accidentes y enfermedades laborales durante la ejecución de los trabajos de suministro e instalación de un parque eólico y la gestión de su prevención, las características de las instalaciones preceptivas para higiene y bienestar de los trabajadores, así como directrices básicas mínimas, que deben reflejarse y desarrollarse en el Plan de Seguridad y Salud que las empresas contratistas deberán presentar para su aprobación por el director de obra, antes del comienzo de los trabajos, de forma que sea posible la disminución de accidentes laborales así como evitar las posibles sanciones administrativas y/o penales.

Aplicatiu per gestionar la informació administrativa, tècnica i comptable per una empresa constructora

Les tendencies del mercat actual i futur obliguen a les empreses a ser cada vegada més competitives. Tota empresa que desitgi competir en el mercat actual ha de considerar la informació com un dels seus principals actius. Per aquesta raó, és necessari que l’empresa disposi dels sistemes d’informació adequats per ser gestionada. En les pimes ( petites i mitjanes empreses ), i en la majoria dels casos, la seva informació es troba repartida en diversos aplicatius informàtifcs. Això comporta principalment una duplicitat de dades, costos de manteniment i possibles errades en la informació. Dins del sector de les pimes, es troben empreses contructores d’un volum petit o mig, les quals enmagatzemen molta informació tècnica i de planificació per desemvolupar els seus projectes. Aquesta necessitat els hi suposa, tenir un aplicatiu eficient per la gestió i seguiment de la producció de les seves tasques i per altra banda l’aplicatiu necessari com qualsevol pime a nivell administratiu i comptable. L’objectiu principal d’aquest treball és generar un aplicatiu que integri la informació administrativa, comptable i tècnica per una empresa constructora. Amb l’assoliment d’aquest objectiu l’empresa constructora guanya temps en l’entrada i accés a les dades, evita la seva duplicitat i redueix el seu manteniment. En resum, redueix els costos de l’empresa i augmenta la seva seguretat en la informació. Un el mercat, existeixen aplicatius anomenats ERP ( Enterprise resource planning o sistemes de planificació de recursos ) els quals la seva gran virtud es la integració de les dades. Aprofitant aquests aplicatius i seleccionant-ne el més adequat, s’ha generat la part de gestió i planificació necessària per l’empresa constructora integrant-la i personalitzant-la en els processos existents de l’aplicació ( comptabilitat, ventes, compres, recursos humans, magatzems, etc… ) Entre les conclusions més rellevants obtingudes en aquest treball, voldriem destacar la millora i reducció d’entrada, accés i manteniment de la informació, l’històric que proporciona l’eina i per tan la millora de la gestío i planificació de l’empresa.

Hitsaustuotannon kehittäminen ja valmistusystävällinen suunnittelu

Työssä tarkastellaan hitsauksen tuotekehityksen suunnittelun toteuttamista ja hitsauksen kehittämistä konepajalla. Yritykset tietävät omat valmistustekniset ongelmansa, mutta kehittämisen aloittaminen on monesti hankalaa tai sitä ei edes aloiteta. Pienimmillä yrityksillä ei usein ole mahdollisuuksia eikä osaamista uusien tuotantomenetelmien ja tuotteiden kehittämiseen. Työssä annetaan neuvoja miten alentaa kehittämistyön aloituskynnystä ja auttaa suunnittelutehtävän jäsentelyssä. Tuotteen suunnittelu on vaativa tehtävä, koska siinä lyödään lukkoon tuotteen toimivuus ja suurin osa kustannuksista. Suunnittelijoiden on tiedettävä eri valmistusmenetelmistä ja valmistusystävällisestä suunnittelusta, jotta he voisivat huomioida valmistettavuus- ja kokoonpanonäkökohdat. Hyvässä hitsatussa tuotteessa on mahdollisimman vähän hitsiä, käytetty modulointia ja standardointia sekä käytetty hitsausta korvaavia menetelmiä. Työssä on esitelty valmistusystävälliseen suunnitteluun kehitelty "Design For Welding" -malli, jossa käydään läpi hitsatun rakenteen erityispiirteet suunnittelun kannalta. Valmistusystävällisen suunnittelun tarkoituksena on vähentää tilauskohtaista suunnittelua, hitsausta, hitsauksen jälkeistä käsittelyä ja koneistusta.

The construction of infant and primary school teachers’ identity during their initial professional development and first years of work (Identidoc). Summary, main results and contributions

Educators who are currently beginning their professional career at any level of the educationalsystem and who will likely have to work during the next thirty to forty years will be takingpart in the education of individuals who, with the permission of prophets and doomsayers,will live part of their lives in the 22nd century. That long but simple statement causes a bit ofvertigo as well as a good amount of reflection on the part of we educators who were trainedin the 20th century, are working in the 21st century, and are responsible for preparing peopleto build a tomorrow that is already today (Millán and Sancho, 1995). This is the starting pointof our research groups’ interest in exploring how men and women who have graduated fromteacher education programs with specializations in infant and primary education learn to beteachers, and how they establish and position themselves as teachers during their university studies and the first years of their professional life...

The construction of infant and primary school teachers’ identity during their initial professional development and first years of work (Identidoc). Summary, main results and contributions

Educators who are currently beginning their professional career at any level of the educationalsystem and who will likely have to work during the next thirty to forty years will be takingpart in the education of individuals who, with the permission of prophets and doomsayers,will live part of their lives in the 22nd century. That long but simple statement causes a bit ofvertigo as well as a good amount of reflection on the part of we educators who were trainedin the 20th century, are working in the 21st century, and are responsible for preparing peopleto build a tomorrow that is already today (Millán and Sancho, 1995). This is the starting pointof our research groups’ interest in exploring how men and women who have graduated fromteacher education programs with specializations in infant and primary education learn to beteachers, and how they establish and position themselves as teachers during their university studies and the first years of their professional life...

The construction of infant and primary school teachers’ identity during their initial professional development and first years of work (Identidoc). Summary, main results and contributions

Educators who are currently beginning their professional career at any level of the educationalsystem and who will likely have to work during the next thirty to forty years will be takingpart in the education of individuals who, with the permission of prophets and doomsayers,will live part of their lives in the 22nd century. That long but simple statement causes a bit ofvertigo as well as a good amount of reflection on the part of we educators who were trainedin the 20th century, are working in the 21st century, and are responsible for preparing peopleto build a tomorrow that is already today (Millán and Sancho, 1995). This is the starting pointof our research groups’ interest in exploring how men and women who have graduated fromteacher education programs with specializations in infant and primary education learn to beteachers, and how they establish and position themselves as teachers during their university studies and the first years of their professional life...

The construction of infant and primary school teachers’ identity during their initial professional development and first years of work (Identidoc). Summary, main results and contributions

Educators who are currently beginning their professional career at any level of the educationalsystem and who will likely have to work during the next thirty to forty years will be takingpart in the education of individuals who, with the permission of prophets and doomsayers,will live part of their lives in the 22nd century. That long but simple statement causes a bit ofvertigo as well as a good amount of reflection on the part of we educators who were trainedin the 20th century, are working in the 21st century, and are responsible for preparing peopleto build a tomorrow that is already today (Millán and Sancho, 1995). This is the starting pointof our research groups’ interest in exploring how men and women who have graduated fromteacher education programs with specializations in infant and primary education learn to beteachers, and how they establish and position themselves as teachers during their university studies and the first years of their professional life...