Effects of stock splits on stock returns: An event study of Finnish companies

Tämän kandidaatintyön tavoitteena on tutkia osakkeen nimellisarvon jakamisen vaikutusta osakkeen markkina-arvoon Suomessa vuosina 1996-2007. Ilmiötä tarkastellaan tapahtumatutkimusmenetelmän avulla ja lopullinen tutkittavien osakesplittien määrä on 38. Tutkimuksessa ei löydetty epänormaaleja tuottoja splittien julkistushetkellä, joten tämän aineiston mukaan sijoittajat eivät pitäneet sitä johdolta tulevana positiivisena signaalina. Sitä vastoin tutkimuksessa löydettiin positiivinen kurssimuutos niiden osakkeiden kohdalla, jolloin pörssiyhtiö ilmoitti splitin ohella myös osingonjaostaan.

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.

Predicting Market Crashes: An Examination of the Performance of Macroeconomic Indicators and Technical Analysis

The purpose of this study is to examine macroeconomic indicators‟ and technical analysis‟ ability to signal market crashes. Indicators examined were Yield Spread, The Purchasing Managers Index and the Consumer Confidence Index. Technical Analysis indicators were moving average, Moving Average Convergence-Divergence and Relative Strength Index. We studied if commonly used macroeconomic indicators can be used as a warning system for a stock market crashes as well. The hypothesis is that the signals of recession can be used as signals of stock market crash and that way a basis for a hedging strategy. The data is collected from the U.S. markets from the years 1983-2010. Empirical studies show that macroeconomic indicators have been able to explain the future GDP development in the U.S. in research period and they were statistically significant. A hedging strategy that combined the signals of yield spread and Consumer Confidence Index gave most useful results as a basis of a hedging strategy in selected time period. It was able to outperform buy-and-hold strategy as well as all of the technical indicator based hedging strategies.

Enhanced Vegetation Index (EVI) na análise da dinâmica da vegetação da reserva biológica de Sooretama, ES

Técnicas de análises de séries temporais são utilizadas para caracterizar o comportamento de fenômenos naturais no domínio do tempo. Neste artigo, segundo a metodologia proposta por Box et al. (1994), 125 observações do Enhanced Vegetation Index (EVI) foram analisadas. Os valores modelados correspondem às variações temporais ocorridas no dossel florestal da reserva biológica de Sooretama, localizada ao Norte do Estado do Espírito Santo, no Município de Linhares. Os resultados indicaram que a metodologia foi adequada. Os resíduos do modelo ajustado são não correlacionados com distribuição normal, média zero e variância s². Com o menor valor do Critério de Informação de Akaike (AIC) -570,51, o modelo ajustado foi o Sazonal Auto-Regressivo Integrado de Médias Móveis (1,0,1)(1,0,1)12.

Added Value of Combining Value and Momentum Indicators in the Swiss Stock Market

The purpose of the thesis is to examine the added value of combining value and momentum indicators in the Swiss stock exchange. Value indicators employed are P/E, EV/EBITDA, P/CF, P/B ja P/S. Momentum indicators examined are 52-week high, acceleration rate, 12-month past return and 6-month past return. The thesis examines whether the composite value measures based on the above mentioned ratios can add value and whether the inclusion of momentum can further improve the risk return profile of the value portfolios. The data is gathered from the Swiss equity market during the sample period from May 2001 to May 2011. Previous studies have shown that composite value measures can somewhat add value to the value portfolio strategy. Similarly, recent academic literature have found evidence that momentum works well as a timing indicator for time to entry to value stocks. This study indicates that the added value of composite value measures exists. It also shows that momentum combined to acceleration rate can significantly improve the risk adjusted performance of value-only portfolios.

DYNAMICS OF LEAF FALL FROM RIPARIAN VEGETATION AND THE ACCUMULATION IN BENTHIC STOCK IN NEOTROPICAL STREAMS1

ABSTRACT Considering the importance of the riparian vegetation leaves as an energetic source to first order streams, the aim of the present study was to evaluate the leaf biomass contribution to the system and its temporal dynamics. With this purpose, monthly samples from July 2008 to June 2009 were collected using four sampling devices installed in three streams, in order to collect the vertical, lateral and terrestrial loads, and the benthic stock. We tested the following hypothesis: (1) leaf biomass input is higher after hydric stress periods; and (2) benthic stock biomass increase with higher loads from vertical and lateral entrances. Leaves represented 71.9% (on average) of all sampled allochthonous matter, with seasonal significant variation along the studied year. Peaks of leaf input were registered in September-October, after an increase in rainfall, and also in January, after a decrease in rainfall. Leaf input was higher in the lateral load.

SOIL ORGANIC CARBON, CARBON STOCK AND THEIR RELATIONSHIPS TO PHYSICAL ATTRIBUTES UNDER FOREST SOILS IN CENTRAL AMAZONIA

ABSTRACT The soil carbon under Amazonian forests has an important roles in global changing, making information on the soil content and depths of these stocks are considerable interest in efforts to quantify soil carbon emissions to the atmosphere.This study quantified the content and soil organic carbon stock under primary forest up to 2 m depth, at different topographic positions, at Cuieiras Biological Reserve, Manaus/ ZF2, km 34, in the Central Amazon, evaluating the soil attributes that may influence the permanence of soil carbon. Soil samples were collected along a transect of 850 m on topographic gradient Oxisol (plateau), Ultisol (slope) and Spodosol (valley). The stocks of soil carbon were obtained by multiplying the carbon content, soil bulk density and trickiness of soil layers. The watershed was delimited by using STRM and IKONOS images and the carbon contend obtained in the transects was extrapolated as a way to evaluate the potential for carbon stocks in an area of 2678.68 ha. The total SOC was greater in Oxisol followed by Spodosol and Ultisol. It was found direct correlations between the SOC and soil physical attributes. Among the clay soils (Oxisol and Ultisol), the largest stocks of carbon were observed in Oxisol at both the transect (90 to 175.5 Mg C ha-1) as the level of watershed (100.2 to 195.2 Mg C ha-1). The carbon stocks under sandy soil (Spodosol) was greater to clay soils along the transect (160-241 Mg C ha-1) and near them in the Watershed (96.90 to 146.01 Mg C ha-1).

Spatial variability of air dry bulb temperature and black globe humidity index in a broiler house during the heating phase

The air dry-bulb temperature (t db),as well as the black globe humidity index (BGHI), exert great influence on the development of broiler chickens during their heating phase. Therefore, the aim of this study was to analyze the structure and the magnitude of the t db and BGHI spatial variability, using geostatistics tools such as semivariogram analysis and also producing kriging maps. The experiment was conducted in the west mesoregion of the states of Minas Gerais in 2010, in a commercial broiler house with heating system consisting of two furnaces that heat the air indirectly, in the firsts 14 days of the birds' life. The data were registered at intervals of five minutes in the period from 8 a.m. to 10 a.m. The variables were evaluated by variograms fitted by residual maximum likelihood (REML) testing the Spherical and Exponential models. Kriging maps were generated based on the best model used to fit the variogram. It was possible to characterize the variability of the t db and BGHI, which allowed observing the spatial dependence by using geostatistics techniques. In addition, the use of geostatistics and distribution maps made possible to identify problems in the heating system in regions inside the broiler house that may harm the development of chicks.

Identification of croplands of winter cereals in Rio Grande do Sul state, Brazil, through unsupervised classification of normalized difference vegetation index images

This study aimed to propose methods to identify croplands cultivated with winter cereals in the northern region of Rio Grande do Sul State, Brazil. Thus, temporal profiles of Normalized Difference Vegetation Index (NDVI) from MODIS sensor, from April to December of the 2000 to 2008, were analyzed. Firstly, crop masks were elaborated by subtracting the minimum NDVI image (April to May) from the maximum NDVI image (June to October). Then, an unsupervised classification of NDVI images was carried out (Isodata), considering the crop mask areas. According to the results, crop masks allowed the identification of pixels with greatest green biomass variation. This variation might be associated or not with winter cereals areas established to grain production. The unsupervised classification generated classes in which NDVI temporal profiles were associated with water bodies, pastures, winter cereals for grain production and for soil cover. Temporal NDVI profiles of the class winter cereals for grain production were in agree with crop patterns in the region (developmental stage, management standard and sowing dates). Therefore, unsupervised classification based on crop masks allows distinguishing and monitoring winter cereal crops, which were similar in terms of morphology and phenology.

Natural shading and productivity index of broiler chickens

The appropriate use of natural resources in the design of broiler houses provides a reduction in farming operating costs and optimization of production conditions. Therefore, the natural shading around the broiler house can be an alternative for improving internal conditions of comfort. This study verified the efficiency of natural shading in the broiler productivity index (PI) in East-West oriented commercial housings. The PI of 32 commercial broiler houses in five flocks divided throughout a year was compared. The sheds had the same management, density and the same structural features, except from tree shading: on the North face; on the South face; on both faces and without shading. It was observed that broiler house in East-West direction with shading on the South face had higher productivity index compared to houses with shading only on the North face or on both sides, between autumn and spring. For the summer period, sheds without shading showed productivity indexes superior to others.