Valamo a short handbook for travellers

kuv., 13 x 21 cm

Pricing anomalies in the Finnish stock market

The aim of this thesis is to examine whether the pricing anomalies exists in the Finnish stock markets by comparing the performance of quantile portfolios that are formed on the basis of either individual valuation ratios, composite value measures or combined value and momentum indicators. All the research papers included in the thesis show evidence of value anomalies in the Finnish stock markets. In the first paper, the sample of stocks over the 1991-2006 period is divided into quintile portfolios based on four individual valuation ratios (i.e., E/P, EBITDA/EV, B/P, and S/P) and three hybrids of them (i.e. composite value measures). The results show the superiority of composite value measures as selection criterion for value stocks, particularly when EBITDA/EV is employed as earnings multiple. The main focus of the second paper is on the impact of the holding period length on performance of value strategies. As an extension to the first paper, two more individual ratios (i.e. CF/P and D/P) are included in the comparative analysis. The sample of stocks over 1993- 2008 period is divided into tercile portfolios based on six individual valuation ratios and three hybrids of them. The use of either dividend yield criterion or one of three composite value measures being examined results in best value portfolio performance according to all performance metrics used. Parallel to the findings of many international studies, our results from performance comparisons indicate that for the sample data employed, the yearly reformation of portfolios is not necessarily optimal in order to maximally gain from the value premium. Instead, the value investor may extend his holding period up to 5 years without any decrease in long-term portfolio performance. The same holds also for the results of the third paper that examines the applicability of data envelopment analysis (DEA) method in discriminating the undervalued stocks from overvalued ones. The fourth paper examines the added value of combining price momentum with various value strategies. Taking account of the price momentum improves the performance of value portfolios in most cases. The performance improvement is greatest for value portfolios that are formed on the basis of the 3-composite value measure which consists of D/P, B/P and EBITDA/EV ratios. The risk-adjusted performance can be enhanced further by following 130/30 long-short strategy in which the long position of value winner stocks is leveraged by 30 percentages while simultaneously selling short glamour loser stocks by the same amount. Average return of the long-short position proved to be more than double stock market average coupled with the volatility decrease. The fifth paper offers a new approach to combine value and momentum indicators into a single portfolio-formation criterion using different variants of DEA models. The results throughout the 1994-2010 sample period shows that the top-tercile portfolios outperform both the market portfolio and the corresponding bottom-tercile portfolios. In addition, the middle-tercile portfolios also outperform the comparable bottom-tercile portfolios when DEA models are used as a basis for stock classification criteria. To my knowledge, such strong performance differences have not been reported in earlier peer-reviewed studies that have employed the comparable quantile approach of dividing stocks into portfolios. Consistently with the previous literature, the division of the full sample period into bullish and bearish periods reveals that the top-quantile DEA portfolios lose far less of their value during the bearish conditions than do the corresponding bottom portfolios. The sixth paper extends the sample period employed in the fourth paper by one year (i.e. 1993- 2009) covering also the first years of the recent financial crisis. It contributes to the fourth paper by examining the impact of the stock market conditions on the main results. Consistently with the fifth paper, value portfolios lose much less of their value during bearish conditions than do stocks on average. The inclusion of a momentum criterion somewhat adds value to an investor during bullish conditions, but this added value turns to negative during bearish conditions. During bear market periods some of the value loser portfolios perform even better than their value winner counterparts. Furthermore, the results show that the recent financial crisis has reduced the added value of using combinations of momentum and value indicators as portfolio formation criteria. However, since the stock markets have historically been bullish more often than bearish, the combination of the value and momentum criteria has paid off to the investor despite the fact that its added value during bearish periods is negative, on an average.

A short description of the route Kajana—Waala—Uleåborg

kuv., 14 x 22 cm

Adaptação sociocultural do short personal experiences questionnaire (SPEQ) no Brasil

OBJETIVO: traduzir e adaptar culturalmente o Short Personal Experiences Questionnaire (SPEQ) para a língua portuguesa, no Brasil, em mulheres climatéricas. MÉTODOS: a versão original do questionário, em inglês, proveniente da Universidade de Melbourne (Austrália), inicialmente foi traduzida para a língua portuguesa e retraduzida ao inglês. Procedeu-se, então, à adaptação sociocultural do vocabulário e da construção linguística para melhor compreensão. O questionário foi então aplicado para pré-teste em 50 mulheres, em etapas sucessivas, até que não houvesse mais dúvidas. A versão final do instrumento adaptado foi utilizada em estudo de base populacional, autorrespondido anonimamente por 378 mulheres pesquisadas, entre 40 e 65 anos e com 11 anos ou mais de escolaridade, nascidas no Brasil. Foi aplicada uma análise de confiabilidade (consistência interna, pelo alfa de Cronbach), uma análise de validade do construto (correlação de pares de itens que compõem o SPEQ e cada um destes com os quatro fatores obtidos e com o escore total), e uma análise de validade de critério (correlação entre os quatro fatores obtidos com o escore de classificação geral da vida sexual). RESULTADOS: cento e oitenta mulheres responderam a todas as perguntas do SPEQ e foram incluídas na análise. A consistência interna (alfa de Cronbach) para os nove itens do SPEQ situou-se entre 0,55 e 0,77 e o alfa geral foi 0,68. Na análise de validade do construto, a maioria dos coeficientes de correlação se mostrou significativo (valores p<0,005). A análise de validade de critério mostrou coeficientes de correlação significativos em sua maior parte. CONCLUSÕES: a versão em português do instrumento SPEQ, após processo de adaptação, mostrou-se útil e adequada para levantar informações relativas à função sexual e dispareunia em mulheres brasileiras entre 40 e 65 anos e com 11 anos ou mais de escolaridade.

Associação entre o escore do International Consultation on Incontinence Questionaire: Urinary Incontinence/Short Form e a Avaliação Urodinâmica em mulheres com incontinência urinária

OBJETIVO: Avaliar a correlação entre o International Consultation on Incontinence Questionnaire - Urinary Incontinence/Short Form (ICIQ-UI/SF) e a Avaliação Urodinâmica (AU) em mulheres com incontinência urinária (IU). MÉTODOS: Foram analisados retrospectivamente dados clínicos, AU e escore do ICIQ-UI/SF de 358 mulheres com IU atendidas em clínica privada. O teste de correlação entre ICIQ-UI/SF e os parâmetros urodinâmicos foi o teste de Spearman. Foi utilizada a curva ROC, com os valores de sensibilidade e especificidade dos escores do ICIQ-UI/SF apresentados pelas pacientes, para identificar o valor do questionário que determinasse a presença da alteração urodinâmica estudada. Para o cálculo do valor p foi utilizado o teste do c² ou exato de Fisher. O nível de significância foi de 5% e o software utilizado para análise foi o SAS versão 9.2. RESULTADOS: As pacientes com IU aos Esforços segundo a AU - IUE urodinâmica - representaram 67,3% do total; aquelas com IUE na AU e Hiperatividade Detrusora (HD) - IUM urodinâmica - 16,2%, e as pacientes com HD isolada - HD - 7,3% do total. As pacientes com AU normal representaram 9,2% do total da amostra. Houve associação significativa entre escore ³14 no ICIQ-UI/SF e as pacientes com IUE urodinâmica e IUM urodinâmica. Pacientes com Pressão de Perda ao Esforço (PPE) £90 cmH2O apresentaram escore ao ICIQ-UI/SF³15. O teste de Spearman mostrou correlação inversa fraca entre o escore e a PPE, porém não mostrou correlação entre esse escore e a Capacidade Cistométrica Máxima (CCM) ou com o volume vesical no primeiro desejo miccional. CONCLUSÃO: Houve associação entre o escore do ICIQ-UI/SF e IUE urodinâmica (isolada ou associada à HD); porém não houve associação com a HD isolada. Quanto menor o valor da PPE, maior o escore total do ICIQ-UI/SF. O ICIQ-UI/SF não foi capaz de discriminar o tipo de IU na população estudada.

Short-term changes in handgrip strength, body composition, and lymphedema induced by breast cancer surgery

PURPOSE: This study investigated short-term changes in body composition, handgrip strength, and presence of lymphedema in women who underwent breast cancer surgery.METHODS: Ninety-five women participated in a cross-sectional study, divided into two groups: Control (n=46), with healthy women, and Experimental (n=49), with women six months after breast cancer surgery . The Experimental Group was subdivided into right total mastectomy (RTM, n=15), left total mastectomy (LTM, n=11), right quadrant (RQ, n=13), and left quadrant (LQ, n=10). It was also redistributed among women with presence (n=10) or absence (n=39) of lymphedema. Presence of lymphedema, handgrip strength, and body composition were assessed.RESULTS: Trunk lean mass and handgrip strength were decreased in the Experimental Group. Total lean mass was increased in the LTM compared to RTM or LQ. Left handgrip strength in LTM was decreased compared to RTM and RQ and in LQ compared to RTM and RQ. Finally, total lean mass, trunk fat mass, trunk lean mass, right and left arm lean mass were increased in women with lymphedema.CONCLUSIONS: Breast cancer survivors have changes in their body composition and in handgrip strength six months after surgery; however, the interaction between the type of surgery and its impact is unclear. Furthermore, women who developed lymphedema in this period showed more significant changes in the body composition, but they were not enough to cause impairment in handgrip strength.

Cysteine addition on short-term cooled boar semen preservation and its relationship with swine field fertility

Artificial insemination is routinely used in the swine industry to reduce the costs of production through to increase the efficiency of the refrigerated boar semen process. The objective of this study was to evaluate the effect of different levels of cysteine (CYS) added to the Beltsville Thawing Solution (BTS) extender semen during cooling for up to 72 hours. Ejaculated from three boars were collected with the gloved-hand technique and semen aliquots were diluted in BTS as follow: BTS only (BTS), BTS + 0.1mM cysteine (CYS0.1), BTS + 0.5mM cysteine (CYS0.5), BTS + 1.0mM cysteine (CYS1.0), BTS + 2.5mM cysteine (CYS2.5), BTS + 5.0mM cysteine (CYS5.0), BTS + 10.0mM cysteine (CYS10.0), and BTS + 20.0mM cysteine (CYS20.0). Evaluation of sperm integrity were analyzed using 0.5mg/ml propidium iodide (plasma membrane), 100µg/ml isothiocynate-conjugated Pisum sativun agglutinin (acrosomal membrane) and 153µM 5,5',6,6'-tetrachloro-1,1',3,3'-tetraethylbenzimidazolyl carbocyanine iodide (mitochondria potential) after semen dilution at specific times (0, 24, 48 and 72 hours). Additionally, we also evaluated the effects of 5.0 mM CYS addition in the BTS extender on the maintenance of sperm quality and their influence on fertility in the swine production. After artificial insemination, animals were evaluated based on the estrous return and the number of piglet's born. Cysteine at concentrations of 10.0 and 20.0mM resulted in more pronounced reductions even at the time zero. Semen viability decreased to levels below 10% at these high levels of CYS in the first 24 hour of storage at 17ºC. At the end of the storage time, less than 65% of sperm cells had intact plasma membrane in all groups. The sperm viability decreased significantly when the semen was added at high concentrations of CYS (time "0"; CYS10.0 and CYS20.0; p<0.05), when compared to the other CYS concentrations. The BTS (10.20±0.39) treated group showed a lower rate of estrus return when compared to other (BTSCYS; 86.05±039), and it showed also the highest total number of piglets borne per treatment (12.71±3.38 vs. 9.00±3.38, respectively). In conclusion, the addition of CYS in the BTS semen extender did not maintain spermatic viability of boar cooled spermatozoa and it results in a higher percentage of return to estrus and lower number of piglets borne.

"We Are Neither Visionaries Nor Utopian Dreamers" : Willi Münzenberg, the League against Imperialism, and the Comintern, 1925-1933

On 10 February 1927, the "First International Congress against Imperialism and Colonialism" in Brussels marked the establishment of the anti-imperialist organisation, the League against Imperialism and for National Independence (LAI, 1927-37). The complex preparations for the congress were though initiated already in 1925 by Willi Münzenberg, a German communist and General Secretary of the communist mass organisation, Internationale Arbeiterhilfe (IAH, 1921-35), together with the Communist International (Comintern, 1919-43). Berlin was the centre for the LAI and its International Secretariat (1927-33), a city serving the intentions of the communists to find colonial émigré activists in the Weimar capital, acting as representatives for the anti-colonial movement in Europe after the Great War. With the ascendancy to power of the Nazi Party (NSDAP) on 30 January 1933, the LAI reached an abrupt, but nonetheless, expected end in Berlin. This doctoral thesis examines the role, pu rpose and functions of a sympathising communist organization (LAI): to act as an intermediary for the Comintern to the colonies. The analysis evaluates the structure and activities of the LAI, and by doing so, establish a complex understanding on one of the most influential communist organisations during the interwar period, which, despite its short existence, assumed a nostalgic reference and historical bond for anti-colonial movements during the transition from colonialism to post-colonialism after the Second World War, e.g. the Afro-Asian Conference in Bandung, Indonesia in 1955. Fredrik Petersson’s study, based on archives in Moscow, Berlin, Amsterdam, London, and Stockholm, uncovers why the Comintern established and supported the LAI and its anti-imperialist agenda, disclosing a complicated undertaking, characterised by conflict and the internal struggle for power, involving structural constraints and individual ambitions defined by communist ideology and strategy.

Actively crafting customer value or merely representing a solution? Linking value-based selling to salesperson performance

Value-based selling is a salesperson behavioral mode which concentrates on generating superior customer value. Although service dominant logic emphasizes customer value as a central tenet for achieving strategic objectives, sales management literature has predominantly circumvented the subject matter of customer value. The purpose of this thesis is to demonstrate the distinctiveness and positive sales performance outcomes of value-based selling. Additionally, performance outcomes of value-based selling are contrasted with other key sales behaviors, selling skills and motivational orientations. As a part of this thesis, large-scale survey of 730 respondents was collected. The survey was tailored for the needs of a value-based selling research group led by Ph.D. Harri Terho. The research group used convenience sampling to select the salespeople of 25 medium- and large-scale companies in Finland which currently either practice value-based selling or consider developing these activities. This thesis contains three key findings: value-based selling is established as a distinct sales behavior, it relates directly and positively to salesperson performance and it explains the link between customer-oriented selling and salesperson performance. Value-based selling relates to salesperson performance especially in the following GICS-sectors: energy, industrials and materials. However, relationship selling relates to performance strongest in the energy sector and adaptive selling in industrials sector. In sum, it is evident that actively crafting customer value is a successful sales behavior in many business-to-business marketing environments while other sales behaviors, excluding customer-oriented selling, still uphold their significance.

From Persephone to Pan: D. H. Lawrence's mythopoeic vision of the integrated personality with special emphasis on the short fiction and other writings in the early nineteen twenties

This doctoral thesis was published in printed form in 1987. It was digitized from paper copy in 2013. Unfortunately on some pages the digitizaion process has not been complete, i.e there are some minor typographic erros on some pages.

The theory of constraints in manufacturing

In this paper, a systematic and quantitative view is presented for the application of the theory of constraints in manufacturing. This is done employing the operational research technique of mathematical programming. The potential of the theory of constraints in automated manufacturing is demonstrated.

Cesarean section - short term maternal complications related to the mode of delivery

Cesarean section (CS) is the most common major surgery performed on women worldwide. CS can save the life of the mother or the fetus, but is associated with the typical complications of any major surgery: hemorrhage, infection, venous thromboembolism and complications of anesthesia, sometimes leading to maternal death. Recently there have been several reports from well resourced countries on increased severe maternal morbidity and even mortality. Increased rates of CS, obesity and older mothers may explain this rise. The aim of this thesis is to study the rates and risk factors of short term maternal complications associated with CS. Also, we compared maternal morbidity by mode of delivery and over time. The complication rates were assessed in a prospective study involving 2496 CS performed in the 12 largest delivery units in Finland in 2005. The rates of severe complications were studied by mode of delivery in a register-based study comparing national cohorts in 1997 and 2002. The impact of several risk factors on severe maternal morbidity by mode of delivery was studied in a register-based study of all singleton deliveries in 2007-2011. In the prospective study, 27% of the women who underwent CS had one or more intraoperative or postoperative complications during their hospital stay, and 10% had a severe complication. In the register-based study the incidence of life-threatening maternal complications was 7.6 in 1000 deliveries. The incidence was lowest for vaginal delivery (VD), followed by instrumental VD and elective CS, and highest in emergency CS. An attempt of VD, including the risks associated with emergency CS, seems to be the safest mode of delivery, even for most high-risk women.