The Fed Model: International Analysis

The Fed model is a widely used market valuation model. It is often used only on market analysis of the S&P 500 index as a shorthand measure for the attractiveness of equity, and as a timing device for allocating funds between equity and bonds. The Fed model assumes a fixed relationship between bond yield and earnings yield. This relationship is often assumed to be true in market valuation. In this paper we test the Fed model from historical perspective on the European markets. The markets of the United States are also includedfor comparison. The purpose of the tests is to determine if the Fed model and the underlying assumptions come true on different markets. The various tests are made on time-series data ranging from the year 1973 to the end of the year 2008. The statistical methods used are regressions analysis, cointegration analysis and Granger causality. The empirical results do not give strong support for the Fed model. The underlying relationships assumed by the Fed model are statistically not valid in most of the markets examined and therefore the model is not valid in valuation purposes generally. The results vary between the different markets which gives reason to suspect the general use of the Fed model in different market conditions and in different markets.

Muovien liimaus

Työ käsittelee muovipäällystettyjen ohutlevyjen liimaamista ja liimaukseen liittyviä hybridimenetelmiä. This thesis included plastic plated sheet metal bonding and hybrid methods.

Kirjallisuutta

Kirjallisuusarvostelu

Työssä oppimisen haasteet

Kirjallisuusarvostelu

Uutta tietoa Porkkalan vuokra-ajasta

Kirjallisuusarvostelu

Kirja-arvostelut

Kirjallisuusarvostelu

Kirjallisuutta

Kirjallisuusarvostelu

Painelaitteen hitsauksen kehittäminen

Työ tehtiin Steris Finn Aqualle, joka oli ottanut tuotantoon uuden autoklaavimallin kevään 2007 aikana. Työn tavoitteena oli kehittää painelaitteen hitsausta vertailemalla kevytmekanisointi, mekanisointi ja robotisointiratkaisuja ja hankkia riittävät tiedot mahdollisen investointipaatoksen tueksi. Tarkastellut kevytmekanisointilaitteet koostuivat kuljetinkiskosta, kuljettimesta ja mahdollisesta railonseurantalaitteesta. Tarkasteltu mekanisointijärjestelmä oli asiakaskohtaisesti räätälöitävä kokonaisuus. Tarkasteltuun hitsausrobottijärjestelmään kuului kappaleenkäsittelylaite sekä etäohjelmointiohjelmisto. Työn teoriaosassa käsiteltiin painelaitelainsäädännön vaikutuksia tuotantoon, ruostumattoman ja haponkestävän teräksen ominaisuuksia hitsauksen kannalta, tuotannossa käytettäviä hitsausprosesseja, hitsauksen mekanisointia ja automatisointia sekä railonseurantaa. Työn käytännön osuudessa käytiin läpi painelaitevalmistuksen nykytila. Painelaitevalmistus jaettiin eri työvaiheisiin ja työvaiheet analysoitiin, millä varmistettiin, että kehitysresurssit suunnataan oikeisiin kohteisiin. Kehitysehdotuksena esitettiin joko railonseurannalla varustetun kevytmekanisointilaitteiston tai etäohjelmoitavan hitsausrobottijärjestelmän hankintaa. Kevytmekanisoinnilla on mahdollista saavuttaa samat edut kuin kalliimmillakin mekanisointilaitteilla ja kevytmekanisoinnin etuna on käyttöönoton helppous ja laitteiston edullisuus. Hitsausrobotin hankintaan liittyy epävarmuustekijöitä, joiden tarkempi selvittäminen on tarpeen, ennen hitsausrobotin hankintapaatosta. Suuremmilla tuotantomäärillä hitsausrobottisolu olisi ollut selkeästi parempi ratkaisu.

A Development and Application of a Three-Dimensional Model for a CFB Gasifier

The developing energy markets and rising energy system costs have sparked the need to find new forms of energy production and increase the self-sufficiency of energy production. One alternative is gasification, whose principles have been known for decades, but it is only recently when the technology has become a true alternative. However, in order to meet the requirements of modern energy production methods, it is necessary to study the phenomenon thoroughly. In order to understand the gasification process better and optimize it from the viewpoint of ecology and energy efficiency, it is necessary to develop effective and reliable modeling tools for gasifiers. The main aims of this work have been to understand gasification as a process and furthermore to develop an existing three-dimensional circulating fluidized bed modeling tool for modeling of gasification. The model is applied to two gasification processes of 12 and 50 MWth. The results of modeling and measurements have been compared and subsequently reviewed. The work was done in co-operation with Lappeenranta University of Technology and Foster Wheeler Energia Oy.

Investigation of Oxygen Cutting Process in Solid-State Welding

The oxygen cutting is a thermal cutting process, in which metal is heated locally up to its ignition temperature and burnt off by oxygen blast. Oxygen cutting can be used to remove upset metal of a hollow bar occurred due to solid-state welding process. The main goal of this research was to establish a connection between oxygen blasts and mass of metal removed and relate findings to production to suggest improvements to the current process. This master´s thesis describes the designing and building of a test rig for oxygen blowing measurements. It also contains all executed tests and test results, which were carried out. There are different cutting parameters which were studied as well as their effect on cutting process. The oxygen cutting process, used in solid-state welding process, can be improved by the test results.

Real-time Musical Pair Improvisation on Mobile Devices

This thesis discusses the design and implementation of a real-time musical pair improvisation scenario for mobile devices. In the scenario transferring musical information over a network connection was required. The suitability of available wireless communication technologies was evaluated and communication was analyzed and designed on multiple layers of TCP/IP protocol stack. Also an application layer protocol was designed and implemented for the scenario. The implementation was integrated into a mobile musical software for children using available software components and libraries although the used platform lead to hardware and software constraints. Software limitations were taken into account in design. The results show that real-time musical improvisation can be implemented with wireless communication and mobile technology. The results also show that link layer had the most significant effect on real-time communication in the scenario.

Development of chemical looping combustion process

Chemical looping combustion (CLC) provides a promising technology to help cut carbon dioxide emissions. CLC is based on separated oxidation and reduction processes. Oxygen carrier, which is made from metal and supporting material, is in continuous recirculation between the air and fuel reactors. The CLC process does not require separation unit for carbon dioxide. The fuel reactor can produce an almost pure carbon dioxide feed which decrease costs of carbon capture and storage (CCS). The CLC method is one of the most promising ones for energy efficient carbon capture. A large amount of literature was examined for this study and from it the most promising methods and designs were chosen. These methods and designs were combined as reactor system design which was then sized during the making of this thesis. Sizing was done with a mathematical model that was further improved during the study.

Internationalization of an SME through FDI as mode of entry - Case Real Estate Company

This study examines international entry of an SME to Brazil using foreign direct investment as a mode of entry. The case company discussed is a small real estate investment company that has operated in Finland and has recently internationalized to Brazil. The work examines how does an SME internationalize, what entry mode is advisable to use and it gives a brief insight of the Brazilian market today.