Weed mapping using techniques of precision agriculture

The aim of this study was to identify and map the weed population in a no-tillage area. Geostatistical techniques were used in the mapping in order to assess this information as a tool for the localized application of herbicides. The area of study is 58.08 hectares wide and was sampled in a fixed square grid (which point spaced 50 m, 232 points) using a GPS receiver. In each point the weeds species and population were analyzed in a square with a 0.25 m2 fixed area. The species Ipomoea grandifolia, Gnaphalium spicatum, Richardia spp. and Emilia sonchifolia have presented no spatial dependence. However, the species Conyza spp., C. echinatus and E. indica have shown a spatial correlation. Among the models tested, the spherical model has shown had a better fit for Conyza spp. and Eleusine indica and the Gaussian model for Cenchrus echinatus. The three species have a clumped spatial distribution. The mapping of weeds can be a tool for localized control, making herbicide use more rational, effective and economical.

The Effect of Risk-Based Factors on the Value Premium: The Finnish Evidence

This thesis examines the effect of operating leverage and financial leverage on the value premium in the Finnish stock markets 2002-2012. The purpose of the thesis is to examine whether operating leverage and financial leverage affect firm`s BE/ME and stock returns. The accounting data has been collected from Amadeus database and market-based data from the Datastream database. Sample used in this thesis covers years from 1998 to 2012. This thesis confirms the findings of previous research of tight connection between operating leverage and BE/ME and reinforces the findings of previous research that relation between financial leverage and BE/ME is not robust. In turn, relation between operating leverage, BE/ME and stock returns is not clearly perceived during the 2002-2012 period in the Finnish stock markets.

Repository and its place at the University of Pardubice

Poster at Open Repositories 2014, Helsinki, Finland, June 9-13, 2014

Irtoamispäivän kurssilaskusuhteet, epänormaalit tuotot sekä epänormaalit kaupankäyntivolyymit vuosina 2005-2013

Tutkielman tavoitteena on tutkia osingon irtoamispäivän tapahtumia OMX Helsinki 25:n yrityksillä vuosina 2005–2013. Vallitsevan käsityksen mukaan osakkeen hinta laskee irtoamispäivänä osingon verran +/- markkinoiden yleisestä hintamuutoksesta johtuva nousu/lasku. Käsitystä on pyritty murtamaan vuosien saatossa neljän eri teorian avulla, jotka ovat veroasiakaskuntateoria, lyhytaikaisen vaihdon hypoteesi, dynaaminen malli sekä mikrorakenneteoria. Osingon irtoamispäivää tarkastellaan kolmen eri tutkimuksen avulla ja saatuja tuloksia verrataan teoriaan sekä aikaisempiin löydöksiin. Tutkimusosuudet ovat kurssilaskusuhteet, epänormaalit tuotot sekä epänormaalit kaupankäyntivolyymit. Kurssilaskusuhdetta tarkastellaan vertaamalla cum-päivän ja irtoamispäivän osakkeiden hintojen erotusta maksetun osingon määrään. Epänormaaleja tuottoja ja epänormaaleja kaupankäyntivolyymejä tarkastellaan tapahtumatutkimus-menetelmällä viisi päivää ennen ja viisi päivää jälkeen osingon irtoamisen. Kurssilaskusuhteet olivat eri tavoilla laskettuina 77 – 94 %. Irtoamispäivän ympärillä oli havaittavissa 1,5 %:n negatiivisia epänormaaleja tuottoja. Epänormaalit kaupankäyntivolyymit kasvoivat tasaisesti lähestyttäessä irtoamispäivää ja olivat voimakkaimmillaan irtoamispäivänä. Irtoamispäivän jälkeen kaupankäyntivolyymit palautuivat hiljalleen normaalille tasolle. Tulokset vastaavat aikaisempia löydöksiä kurssilaskusuhteita ja epänormaaleja volyymejä tarkasteltaessa, mutta eroavat epänormaaleissa tuotoissa.

Stock Market reaction to the CSR announcements of American fast food companies

The purpose of this study is to examine whether Corporate Social Responsibility (CSR) announcements of the three biggest American fast food companies (McDonald’s, YUM! Brands and Wendy’s) have any effect on their stock returns as well as on the returns of the industry index (Dow Jones Restaurants and Bars). The time period under consideration starts on 1st of May 2001 and ends on 17th of October 2013. The stock market reaction is tested with an event study utilizing CAPM. The research employs the daily stock returns of the companies, the index and the benchmarks (NASDAQ and NYSE). The test of combined announcements did not reveal any significant effect on the index and McDonald’s. However the stock returns of Wendy’s and YUM! Brands reacted negatively. Moreover, the company level analyses showed that to their own CSR releases McDonald’s stock returns respond positively, YUM! Brands reacts negatively and Wendy’s does not have any reaction. Plus, it was found that the competitors of the announcing company tend to react negatively to all the events. Furthermore, the division of the events into sustainability categories showed statistically significant negative reaction from the Index, McDonald’s and YUM! Brands towards social announcements. At the same time only the index was positively affected by to the economic and environmental CSR news releases.

Hedge-rahastojen menestyksen pysyvyys ja suhteellinen suoriutuminen sijoittajan näkökulmasta

The purpose of the thesis is to examine the long-term performance persistence and relative performance of hedge funds during bear and bull market periods. Performance metrics applied for fund rankings are raw return, Sharpe ratio, mean variance ratio and strategy distinctiveness index calculated of the original and clustered data correspondingly. Four different length combinations for selection and holding periods are employed. The persistence is examined using decile and quartile portfolio formatting approach and on the basis of Sharpe ratio and SKASR as performance metrics. The relative performance persistence is examined by comparing hedge portfolio returns during varying stock market conditions. The data is gathered from a private database covering 10,789 hedge funds and time horizon is set from January 1990 to December 2012. The results of this thesis suggest that long-term performance persistence of the hedge funds exists. The degree of persistence also depends on the performance metrics employed and length combination of selection and holding periods. The best results of performance persistence were obtained in the decile portfolio analysis on the basis of Sharpe ratio rankings for combination of 12-month selection period and the holding period of equal length. The results also suggest that the best performance persistence occurs in the Event Driven and Multi strategies. Dummy regression analysis shows that a relationship between hedge funds and stock market returns exists. Based on the results, Dedicated Short Bias, Global Macro, Managed Futures and Other strategies perform well during bear market periods. The results also indicate that the Market Neutral strategy is not absolutely market neutral and the Event Driven strategy has the best performance among all hedge strategies.

Liquidity and Asset Pricing in the French Stock Market

This thesis investigates pricing of liquidity in the French stock market. The study covers 835 ordinary shares traded in the period of 1996-2014 on Paris Euronext. The author utilizes the Liquidity-Adjusted Capital Asset Pricing Model (LCAPM) recently developed by Acharya and Pedersen (2005) to test whether liquidity level and risks significantly affect stock returns. Three different liquidity measures – Amihud, FHT, and PQS – are incorporated into the model to find any difference between the results they could provide. It appears that the findings largely depend on the liquidity measure used. In general the results exhibit more evidence for insignificant influence of liquidity level and risks as well as market risk on stock returns. The similar conclusion was reported earlier by Lee (2011) for several regions, including France. This finding of the thesis, however, is not consistent across all the liquidity measures. Nevertheless, the difference in the results between these measures provides new insight to the existing literature on this topic. The Amihud-based findings might indicate that market resiliency is not priced in the French stock market. At the same time the contradicting results from FHT and PQS provide some foundation for the hypothesis that one of two leftover liquidity dimensions – market depth or breadth – could significantly affect stock returns. Therefore, the thesis’ findings suggest a conjecture that different liquidity dimensions have different impacts on stock returns.

Isothermal seed germination of Adenanthera pavonina

This work reports aspects of seed germination at different temperatures of Adenanthera pavonina L., a woody Southeast Asian Leguminosae. Germination was studied by measuring the final percentages, the rate, the rate variance and the synchronisation of the individual seeds calculated by the minimal informational entropy of frequencies distribution of seed germination. Overlapping the germinability range with the range for the highest values of germination rates and the minimal informational entropy of frequencies distribution of seed germination, we found that the best temperature for the germination of A. pavonina seeds is 35 ºC. The slope µ of the Arrhenius plot of the germination rates is positive for T < 35 ºC and negative for T > 35 ºC. The activation enthalpies, estimated from closely-spaced points, shows that |ΔH-| < 12 Cal mol-1 occur for temperatures in the range between 25 ºC and 40 ºC. The ecological implication of these results are that this species may germinate very fast in tropical areas during the summer season. This may be an advantage to the establishment of this species under the climatic conditions in those areas.

Potential of twenty exotic germplasms to improve Brazilian maize architecture

Temperate and temperate x tropical germplasms were introduced into the maize breeding of the Department of Genetics (ESALQ-USP). Twenty populations designated as P-1 to P-20 and a check population were evaluated in a randomized complete block design with two replications at Piracicaba, SP, Brazil. Plots were 2.0 m long, spaced 1.0 m apart, with 10 plants per plot after thinning. The following traits were evaluated: PH, plant height; EH, ear height; TB, tassel branch number; KW, 100 kernels weight; EL, ear length; ED, ear diameter; KR, kernels per row, and RN, number of rows of kernels. The means of the exotic populations showed a variation in performance for all traits. The population means were greater than check means for KW, EL, and KR. Populations P-9, P-10, P-12, and P-13 showed low relative ear placement values (EH/PH index), indicating that these materials could contribute to lower ear placement in local populations. P-1 and P-9 showed a high potential to reduce TB. The phenotypic correlation coefficients among populations were positive for most combinations, except for RN with PH, EH, TB, and KW. Predictions of 19 composite means were obtained for all traits.

Long-term habituation (LTH) in the crab Chasmagnathus: a model for behavioral and mechanistic studies of memory

A decade of studies on long-term habituation (LTH) in the crab Chasmagnathus is reviewed. Upon sudden presentation of a passing object overhead, the crab reacts with an escape response that habituates promptly and for at least five days. LTH proved to be an instance of associative memory and showed context, stimulus frequency and circadian phase specificity. A strong training protocol (STP) (³15 trials, intertrial interval (ITI) of 171 s) invariably yielded LTH, while a weak training protocol (WTP) (£10 trials, ITI = 171 s) invariably failed. STP was used with a presumably amnestic agent and WTP with a presumably hypermnestic agent. Remarkably, systemic administration of low doses was effective, which is likely to be due to the lack of an endothelial blood-brain barrier. LTH was blocked by inhibitors of protein and RNA synthesis, enhanced by protein kinase A (PKA) activators and reduced by PKA inhibitors, facilitated by angiotensin II and IV and disrupted by saralasin. The presence of angiotensins and related compounds in the crab brain was demonstrated. Diverse results suggest that LTH includes two components: an initial memory produced by spaced training and mainly expressed at an initial phase of testing, and a retraining memory produced by massed training and expressed at a later phase of testing (retraining). The initial memory would be associative, context specific and sensitive to cycloheximide, while the retraining memory would be nonassociative, context independent and insensitive to cycloheximide

Neuroethologic differences in sleep deprivation induced by the single- and multiple-platform methods

It has been proposed that the multiple-platform method (MP) for desynchronized sleep (DS) deprivation eliminates the stress induced by social isolation and by the restriction of locomotion in the single-platform (SP) method. MP, however, induces a higher increase in plasma corticosterone and ACTH levels than SP. Since deprivation is of heuristic value to identify the functional role of this state of sleep, the objective of the present study was to determine the behavioral differences exhibited by rats during sleep deprivation induced by these two methods. All behavioral patterns exhibited by a group of 7 albino male Wistar rats submitted to 4 days of sleep deprivation by the MP method (15 platforms, spaced 150 mm apart) and by 7 other rats submitted to sleep deprivation by the SP method were recorded in order to elaborate an ethogram. The behavioral patterns were quantitated in 10 replications by naive observers using other groups of 7 rats each submitted to the same deprivation schedule. Each quantification session lasted 35 min and the behavioral patterns presented by each rat over a period of 5 min were counted. The results obtained were: a) rats submitted to the MP method changed platforms at a mean rate of 2.62 ± 1.17 platforms h-1 animal-1; b) the number of episodes of noninteractive waking patterns for the MP animals was significantly higher than that for SP animals (1077 vs 768); c) additional episodes of waking patterns (26.9 ± 18.9 episodes/session) were promoted by social interaction in MP animals; d) the cumulative number of sleep episodes observed in the MP test (311) was significantly lower (chi-square test, 1 d.f., P<0.05) than that observed in the SP test (534); e) rats submitted to the MP test did not show the well-known increase in ambulatory activity observed after the end of the SP test; f) comparison of 6 MP and 6 SP rats showed a significantly shorter latency to the onset of DS in MP rats (7.8 ± 4.3 and 29.0 ± 25.0 min, respectively; Student t-test, P<0.05). We conclude that the social interaction occurring in the MP test generates additional stress since it increases the time of forced wakefulness and reduces the time of rest promoted by synchronized sleep.

Tunnuslukuperusteisten sijoitusstrategioiden menestys Suomen osakemarkkinoilla finanssikriisin aikana

Tämän tutkielman tavoitteena on selvittää ja analysoida tunnuslukuihin perustuvien sijoitusstrategioiden tuottoja voimakkailla lasku- ja nousumarkkinoilla finanssikriisin aikana. Säilyttääkö arvostrategian alhaisten tunnuslukujen portfolio arvonsa laskukausilla parhaiten tai tuottaako kasvustrategia vahvalla nousukaudella parhaan tuoton? Miten yhtiöiden taloudellinen asema vaikuttaa tuottoihin jyrkillä laskukausilla ja nousukaudella? Tutkimusaineistona ovat julkisesti noteeratut Helsingin pörssin yhtiöt aikavälillä 13.7.2007 - 4.10.2011. Ajanjaksoon mahtuu kaksi laskukautta ja nousukausi. Yhtiöt on jaettu tunnuslukujen arvostuksen mukaan viiteen portfolioon. Tutkittavat tunnusluvut ovat P/E-luku, P/B-luku, EV/Ebit-luku, oman pääoman tuotto, omavaraisuusaste, current ratio ja Grahamin luku. Tulosten perusteella arvostrategia menestyi hyvin nousukaudella niin P/E-luvun kuin P/B-luvun kategorian tuotoissa, mutta ei erottunut edukseen laskukausilla. Huomattavaa oli myös korkean omavaraisuuden yhtiöiden voimakas defensiivisyys molemmilla laskukausilla. Toisaalta ne olivat myös nousukaudella vähätuottoisia.

Osinkosuhteen, osinkotuoton ja omavaraisuusasteen sijoitusstrateginen hyödynnettävyys Suomen osakemarkkinoilla

Tutkielman tavoitteena on selvittää osinkosuhteen, osinkotuoton ja omavaraisuusasteen vaikutus osakkeesta saatavaan kokonaistuottoon Suomenosakemarkkinoilla vuosina 2002–2013. Muuttujien kausaliteettisuhde kokonaistuottoon selvitetään regressioanalyysilla. Portfolioanalyysin avulla tutkitaan valittujen tunnuslukujen toimivuutta sijoitusstrategiana. Tutkimuksessa muodostetaan myös osinkosuhteen ja osinkotuoton yhdistelmänä tunnusluku, jolla pyritään maksimoimaan sijoittajan saama tuotto. Empiiriset tulokset osoittivat, että sijoittaja pystyy saavuttamaan ylituottoja hyödyntämällä edellä mainittuja tunnuslukuja osakevalinnassa. Osinkotuoton ja osakkeen kokonaistuoton välillä havaittiin positiivinen lineaarinen korrelaatio. Portfolioanalyysin perusteella sekä omavaraisuusasteen että osinkosuhteen osalta vaikutus sijoittajan saamaan riskisuhteutettuun kokonaistuottoon on ei-lineaarinen. Valittuja tunnuslukuja ja menetelmiä hyödyntäen sijoittaja saa parhaimman riskisuhteutetun tuoton valitsemalla sijoitussalkkuunsa osakkeita, joiden osinkosuhteen arvo sijoittuu toiseksi ylimpään kvartiiliin sekä osakkeita, joiden osinkotuotto on korkea ja omavaraisuusaste on samanaikaisesti alhainen.

Portfolio Selection via Composite Measure Analysis: Evidence from the U.S. Stock Market

The aim of this research is to examine the pricing anomalies existing in the U.S. market during 1986 to 2011. The sample of stocks is divided into decile portfolios based on seven individual valuation ratios (E/P, B/P, S/P, EBIT/EV, EVITDA/EV, D/P, and CE/P) and price momentum to investigate the efficiency of individual valuation ratio and their combinations as portfolio formation criteria. This is the first time in financial literature when CE/P is employed as a constituent of composite value measure. The combinations are based on median scaled composite value measures and TOPSIS method. During the sample period value portfolios significantly outperform both the market portfolio and comparable glamour portfolios. The results show the highest return for the value portfolio that was based on the combination of S/P & CE/P ratios. The outcome of this research will increase the understanding on the suitability of different methodologies for portfolio selection. It will help managers to take advantage of the results of different methodologies in order to gain returns above the market.

A comparative study of aging of the elastic fiber system of the diaphragm and the rectus abdominis muscles in rats

In the present study the age-related changes of the striated muscle elastic fiber system were investigated in the diaphragm and rectus abdominis muscles of 1-, 4-, 8- and 18-month-old rats. The activation patterns of these muscles differ in that the diaphragm is regularly mobilized tens of times every minute during the entire life of the animal whereas the rectus abdominis, although mobilized in respiration, is much less and more irregularly activated. The elastic fibers were stained by the Verhoeff technique for mature elastic fibers. Weigert stain was used to stain mature and elaunin elastic fibers, and Weigert-oxone to stain mature, elaunin and oxytalan elastic fibers. The density of mature and elaunin elastic fibers showed a progressive increase with age, whereas the amount of oxytalan elastic fibers decreased in both diaphragm and rectus abdominis muscles and their muscular fascias. These age-related quantitative and structural changes of the elastic fiber system may reduce the viscoelastic properties of the diaphragm and rectus abdominis muscles, which may compromise the transmission of tensile muscle strength to the tendons and may affect maximum total strength.