The Effect of Dividend Yield to Stocks’ Performance on Bullish and Bearish Finnish Stock Market

This study examines the relationship between dividend yield and stock return over bullish and bearish Finnish stock market by testing for alpha and beta shifts across bull and bear markets. In addition, this study examines if various factors, such as a standard deviation of dividends, firm size and profitability have an effect on the size, of the firms’ dividends and systematic risk of the stocks. We divide stocks into five portfolios on the basis of their past average dividend yields and investigate if the highest yielding portfolios outperform the lowest yielding portfolios during the different market conditions. As a result, high yielding stocks were most stable during the examination period and offered downside protection on bear markets. However, a strategy of forming portfolios with past dividend yields led to negative alphas even in bull markets. Standard deviation of dividends, firm size and profitability were found to have no effect on the size of dividends and systematic risk of the stocks.

Impact of irrigation on yield and energy balance of the production of oil and cake of two sunflower varieties

The energy balance for the production of sunflower oil and cake was carried out during the agricultural and industrial stage phase, where it was considered a cold extraction by hydraulic pressing, with the plant location in a rural area with a radius of 30km range. Data on productivity was used in two varieties of sunflower (Helio 358 and Aguará 04) grown in different seasons (2007/2008, 2008/2009), under different irrigation levels. Data showed that irrigation resulted in an increase in productivity of both varieties, and the best response was observed for Aguará 04 variety. Moreover, the increased intensity of irrigation negatively affected the energy balance, reducing the ratio between energy produced and energy used in the production chain. The most significant inputs in the energy intake were fertilizer followed by diesel oil, when irrigation was not used for. When the irrigation technique was used, the most significant inputs, in order of representativeness, were: energy, fertilizer and equipment.

Concentration of injetion solution and its effects on soil and on yield of fertirrigated banana cv. Terra Maranhão

The Fertigation is the combined application of water and nutrients to a crop. It can be adapted to all types of agricultural crops. The objective of this study was to evaluate the effect of urea concentration in irrigation water on electrical conductivity of the soil solution and saturation extract along the first cycle of banana cv. Terra Maranhão. The experiment followed a completely randomized design with six treatments and ten replications. Treatments regarded for using three urea concentrations (1.0; 2.5 and 4.0 g L-1) in irrigation water applied by two micro irrigation systems (microsprinkler and drip). Results showed that there was a linear elevation of electrical conductivity of saturation extract and soil solution with the increase on concentration of urea in the injection solution. Urea should be used under concentrations up to 2.5 g L-1 in irrigation water without causing increase on electric conductivity of soil solution and saturation extract, considering 1.1 dS m-1 as the tolerated value for the crop. Nitrate in the soil solution increased significantly with the increase of urea concentration in the injection solution. The maximum concentration of nitrate in the soil occurred for 4,0 g L-1 concentration of the injection solution.

Coverage mobilization in the sowing line and its influence on temperature and water content and on maize emergence

Straw on sowing line modifies seed germination environment regarding temperature and water content. Given these considerations, the aim of this study was to evaluate different mechanisms for coverage mobilization on the sowing line and their effect on germination environment of maize seeds, mainly in relation to the dynamics of straw in the seedbed, water content and soil temperature. Treatments consisted on the combination of two mechanisms at front of furrow opener, composed of cutting disc and row cleaners, with three mechanisms behind the seed furrower for returning the soil, consisting of three covering mechanisms, commercial and prototype models. It was found that straw presence on the surface of sowing line contributed to germination of maize seeds, maintenance of temperature and soil water content. The cutting disc treatment, associated with prototype, introduced percentages of water content near the ones in bottom layer, and this soil water content was 29.7% with 93.75% of straw coverage and deeper seeding depth, granting better conditions for seed germination. However, the straw coverage removal on soil by the row cleaners and its low sowing depth caused water loss in the lines resulting in great reduction of the emergence speed index in maize seedlings.

Distribution pattern, surface tension and contact angle of herbicides associated to adjuvants on spraying and control of Ipomoea hederifolia under rainfall incidence

ABSTRACTScarlet Morning Glory is considered to be an infesting weed that affects several crops and causes serious damage. The application of chemical herbicides, which is the primary control method, requires a broad knowledge of the various characteristics of the solution and application technology for a more efficient phytosanitary treatment. Therefore this study aimed to characterize the effect of rainfall incidence on the control of Ipomoea hederifolia, considering droplet size, surface tension, contact angle of droplets formed by herbicides liquid on vegetal and artificial surfaces, associated to adjuvants and the volumetric distribution profile of the spray jet. The addition of the adjuvants to the herbicide spraying liquid improved the application quality, as it influenced the angle formed by the spray by broadening the deposition band of the spray nozzle and thus the possible distance between the nozzles on spray boom and due the changes at droplet size, which contribute to a safety application. The rainfall occurrence affected negatively the weed control with the different spraying liquids and also the dry matter weight, suggesting that the phytosanitary product applied was washed off.

Printed low-voltage organic transistors on plastics and paper

The main advantage of organic electronics over the more widespread inorganic counterparts lies not in the electrical performance, but rather in the solution processability that opens up for low-cost flexible electronics (e.g. displays, sensors and smart tags) fabricated by using printing techniques. Replacing the commonly used laboratory-scale fabrication techniques with mass-printing techniques is, however, truly challenging, especially when low-voltage operation is required. In this thesis it is, nevertheless, demonstrated that low-voltage organic transistors can be fully printed with a similar performance to that of transistors made by laboratory scale techniques. The use of an ion-modulated type of organic field effect transistor (OFET) not only enabled low-voltage operation and printability, but was also found to result in low sensitivity to the surface roughness of the substrate. This allows not only the use of low-cost plastic substrates, but even the use of paper as a substrate. However, while absorption into the porous paper surface is advantageous in a graphical printing process, by reducing the spreading and the coffee-stain effect and by improving the adhesion, it provides great challenges when applying thin electrically active layers. In spite of these difficulties we were able to demonstrate the first low-voltage OFET to be fabricated on paper. We have also shown that low-cost incandescent lamps can be used for sintering printed metal-nanoparticles, and that the process was especially suitable on paper and compatible with a roll-to-roll manufacturing process.

Essays on Business and Leadership Ethics

As this is a dissertation, an academic thesis, it is important to define the objectives of my research, even if ex post facto, explicitly: - To define, develop and study the concept of business and leadership ethics. - To empirically study the phenomena associated with business and leadership from an ethical perspective. - To create a new framework for the development of responsible business. - To create an “acid test” for my body of works, i.e. a test and an evaluation on how well my research and ideas hold up under academic philosophical reflection. The utilitarian reasoning had the most support when the actors justified their actions regarding economic benefit. (=instrumental good). Duty and benefit were often mixed up in people’s speech. Their meaning contents were blurred and the argumentation lines created by the actors were broken. This can be interpreted in a way that supports Frankena’s mixed deontological philosophy as a frame of reference. Deontologica reasoning was used e.g. in describing the personnel management processes of a company. Virtue ethics is a favourable starting point for studying management and leadership ethics. All the actors studied could name virtues for their operations, towards which to aspire to. They also named professional practices already in use that they considered to be virtuous. Finally, I wish to state that normative ethics is an important branch of philosophical ethics, if also very important in applied ethics especially. From the normative standpoint, the results of this dissertation want to lead nations, communities and individuals towards the virtues of democratic leadership and sustainable economic development.

Influence of distal ileum exclusion on hepatic and renal functions in presence of extrahepatic cholestasis

OBJECTIVE: To verify whether the ileal exclusion interferes with liver and kidney functional changes secondary to extrahepatic cholestasis.METHODS: We studied 24 rats, divided into three groups with eight individuals each: Group 1 (control), Group 2 (ligation of the hepatic duct combined with internal biliary drainage), and Group 3 (bile duct ligation combined with internal biliary drainage and exclusion of the terminal ileum). Animals in Group 1 (control) underwent sham laparotomy. The animals of groups 2 and 3 underwent ligation and section of the hepatic duct and were kept in cholestasis for four weeks. Next, they underwent an internal biliary bypass. In Group 3, besides the biliary-enteric bypass, we associated the exclusion of the last ten centimeters of the terminal ileum and carried out an ileocolic anastomosis. After four weeks of monitoring, blood was collected from all animals of the three groups for liver and kidney biochemical evaluation (albumin, ALT, AST, direct and indirect bilirubin, alkaline phosphatase, cGT, creatinine and urea).RESULTS: there were increased values of ALT, AST, direct bilirubin, cGT, creatinine and urea in rats from Group 3 (p < 0.05).CONCLUSION: ileal exclusion worsened liver and kidney functions in the murine model of extrahepatic cholestasis, being disadvantageous as therapeutic procedure for cholestatic disorders.

Impact of bariatric surgery on depression and anxiety symptons, bulimic behaviors and quality of life

OBJECTIVE: To assess psychiatric symptoms, substance use, quality of life and eating behavior of patients undergoing bariatric surgery before and after the procedure.METHODS: We conducted a prospective longitudinal study of 32 women undergoing bariatric surgery. To obtain data, the patients answered specific, self-administered questionnaires.RESULTS: We observed a reduction in depressive and anxious symptoms and also in bulimic behavior, as well as an improved quality of life in the physical, psychological and environmental domains. There was also a decrease in use of antidepressants and appetite suppressants, but the surgery was not a cessation factor in smoking and / or alcoholism.CONCLUSION: a decrease in psychiatric symptoms was observed after bariatric surgery, as well as the reduction in the use of psychoactive substances. In addition, there was an improvement in quality of life after surgical treatment of obesity.

Impact of Roux-en-Y gastric bypass on lipid and inflammatory profiles

Objective: To evaluate the behavior of acute phase proteins and lipid profile in patients undergoing Roux-en-Y gastric bypass. Methods : We conducted a prospective study, consisting of three moments: M1 - preoperative (24 hours before surgery); M2 - 30 days after surgery; and M3 - 180 days after surgery. We carried measured height and BMI, as well as determined the concentrations of acute phase proteins (C-reactive protein (CRP), albumin and Alpha-1-acid glycoprotein) and total cholesterol, LDL-c, HDL-c and triacylglycerol. Results : participants comprised 25 individuals, with a mean age of 39.28 ± 8.07, 72% female. At all times of the study there was statistically significant difference as for weight loss and BMI. We found a significant decrease in CRP concentrations between the moments M1 and M3 (p = 0.041) and between M2 and M3 (p = 0.018). There was decrease in Alpha-1-GA concentrations between M1 and M2 (p = 0.023) and between M1 and M3 (p = 0.028). The albumin values increased, but did not differ between times. Total cholesterol and triacylglycerol decreased significantly ay all times. LDL-c concentrations decreased and differed between M1 and M2 (p = 0.001) and between M1 and M3 (p = 0.001). HDL-c values increased, however only differing between M1 and M2 (p = 0.050). Conclusion : Roux-en-Y gastric bypass promoted a decrease in plasma concentrations of CRP and Alpha-1-acid glycoprotein, improving lipid and inflammatory profiles.