TAKING ADVANTAGE OF THE LOCAL ADVANTAGE? - Investment value of the analyst local advantage in the Finnish stock market in 2006–2014

An investor can either conduct independent analysis or rely on the analyses of others. Stock analysts provide markets with expectations regarding particular securities. However, analysts have different capabilities and resources, of which investors are seldom cognizant. The local advantage refers to the advantage stemming from cultural or geographical proximity to securities analyzed. The research has confirmed that local agents are generally more accurate or produce excess returns. This thesis tests the investment value of the local advantage regarding Finnish stocks via target price data. The empirical section investigates the local advantage from several aspects. It is discovered that local analysts were more focused on certain sectors generally located close to consumer markets. Market reactions to target price revisions were generally insignificant with the exception to local positive target prices. Both local and foreign target prices were overly optimistic and exhibited signs of herding. Neither group could be identified as a leader or follower of new information. Additionally, foreign price change expectations were more in line with the quantitative models and ideas such as beta or return mean reversion. The locals were more accurate than foreign analysts in 5 out of 9 sectors and vice versa in one. These sectors were somewhat in line with coverage decisions and buttressed the idea of local advantage stemming from proximity to markets, not to headquarters. The accuracy advantage was dependent on sample years and on the measure used. Local analysts ranked magnitudes of price changes more accurately in optimistic and foreign analysts in pessimistic target prices. Directional accuracy of both groups was under 50% and target prices held no linear predictive power. Investment value of target prices were tested by forming mean-variance efficient portfolios. Parallel to differing accuracies in the levels of expectations foreign portfolio performed better when short sales were allowed and local better when disallowed. Both local and non-local portfolios performed worse than a passive index fund, albeit not statistically significantly. This was in line with previously reported low overall accuracy and different accuracy profiles. Refraining from estimating individual stock returns altogether produced statistically significantly higher Sharpe ratios compared to local or foreign portfolios. The proposed method of testing the investment value of target prices of different groups suffered from some inconsistencies. Nevertheless, these results are of interest to investors seeking the advice of security analysts.

Survey of trace element and dietetic fiber composition of “Leblebi” which is a local snack food consumed in Turkey

Abstract In Turkey and several Middle East countries' people consume “leblebi” which is a traditional snack food made from chickpeas (Cicer arietinum L.). Chickpea products are highly nutritive and a cheap food for human consumption and have become an essential part of daily diets in the world. The present study aims to determine the chemical, nutritional and dietary composition of fifty leblebi samples marketed in Turkey. Protein values of the leblebi ranged from 19.4 to 23.9% dehulled and 20.3 to 20.8% for nondehulled leblebi while a value of 19.1% was recorded for chickpeas. Mineral results showed that Potassium (K) was the most abundant element in leblebi ranging from 6514 to 14431 mg/kg. The amount of dietary components neutral detergent fibre (NDF), acid detergent fibre (ADF), acid detergent lignin (ADL) and cellulose did not vary much between the samples analyzed.

Época, local de colheita e armazenamento na qualidade fisiológica da semente de sempre-viva (Syngonanthus elegans (Bong.) Ruhland - Eriocaulaceae)

O objetivo deste trabalho foi avaliar a qualidade fisiológica de sementes da sempre-viva (Syngonanthus elegans (Bong.) Ruhland) colhidas em diferentes épocas e locais e submetidas ao armazenamento. Capítulos de S. elegans foram colhidos em duas áreas de ocorrência natural no Campus II da Universidade Federal dos Vales do Jequitinhonha e Mucuri - UFVJM, em Diamantina, MG, em um Neossolo Quartzarênico Órtico típico (local 1) e Neossolo Quartzarênico Hidromórfico típico (local 2), em cinco épocas (04/07/05, 19/07/05, 22/08/05, 21/09/05 e 20/10/05) e, posteriormente, submetidos a testes para avaliação do vigor e da germinação da semente (Experimento 1). Os capítulos colhidos em 04/07/05 (locais 1 e 2) foram acondicionados em sacos de polietileno transparente e armazenados no Laboratório de Sementes em temperatura ambiente (20º±2ºC) ou em geladeira (5º±2ºC), por zero, quatro, oito e 12 meses. Após esses períodos, as sementes foram novamente avaliadas quanto ao vigor e à germinação (Experimento 2). O delineamento experimental foi o inteiramente casualizado, no esquema fatorial 5x2 (época x local de colheita) para o Experimento 1; e o esquema fatorial 4x2x2 (armazenamento x local de colheita x temperatura de armazenamento) para o Experimento 2, com quatro repetições. A qualidade fisiológica da semente de S. elegans variou em função da época e do local de colheita. Durante o armazenamento, o vigor e a germinação não variaram com o local de colheita e a temperatura de armazenamento. O armazenamento por 12 meses em geladeira ou temperatura ambiente melhorou a qualidade fisiológica da semente.

Efeito do local de coleta nas características de sementes de capim-gordura (Melinis minutiflora P. Beauv.) no Distrito Federal, Brasil

O presente trabalho teve como objetivo avaliar o efeito do local de coleta no índice de esterilidade, na viabilidade e na dormência de sementes de capim-gordura, uma importante gramínea invasora de áreas de proteção ambiental nos cerrados brasileiros. Sementes das cultivares Roxo e Cabelo-de-Negro foram coletadas nas seguintes unidades de conservação do Distrito Federal, Brasil: Parque Nacional de Brasília, Reserva Ecológica do IBGE e Estação Ecológica de Águas Emendadas. Avaliaram-se o percentual de sementes cheias (contendo cariopse), a viabilidade e a dormência dessas sementes. A viabilidade das sementes dessa espécie pode ser adequadamente avaliada mediante o teste de germinação em temperaturas alternadas de 20-30ºC, com substrato umedecido em solução de nitrato de potássio a 0,5% com luz e a dormência a 25ºC, em água e no escuro. Observou-se grande variação na porcentagem de sementes cheias em função do local de coleta, especialmente na cultivar Roxo (17,5% a 36,1%). O local de coleta também afeta a dormência das sementes de ambas cultivares (20% a 80%) e a viabilidade das sementes apenas da cultivar Roxo (80% a 96%). Esses resultados ajudam a explicar o comportamento ecológico de Melinis minutiflora.

Determination of the thermal parameters of high-power batteries by local heat

A new approach to the determination of the thermal parameters of high-power batteries is introduced here. Application of local heat flux measurement with a gradient heat flux sensor (GHFS) allows determination of the cell thermal parameters in di_erent surface points of the cell. The suggested methodology is not cell destructive as it does not require deep discharge of the cell or application of any charge/discharge cycles during measurements of the thermal parameters of the cell. The complete procedure is demonstrated on a high-power Li-ion pouch cell, and it is verified on a sample with well-known thermal parameters. A comparison of the experimental results with conventional thermal characterization methods shows an acceptably low error. The dependence of the cell thermal parameters on state of charge (SoC) and measurement points on the surface was studied by the proposed measurement approach.

A Study of Multicast Performance in IEEE 802.11 Wireless Local Area Networks

Langattomat lähiverkot ovat yleistyneet ja monin paikoin niillä pyritään täysin korvaamaan perinteiset kaapeloidut verkot. Samalla verkoissa välitettävät palvelut monipuolistuvat. Etenkin interaktiivisten sisältöjen ja viiveriippuvaisten palvelujen välittämisessä korostuvat verkolle asettavat vaatimukset suorituskyvystä ja palveluntasosta. Radiotaajuuksilla tapahtuva tiedonsiirto on ongelmallista siirtomedian jaetun luonteen vuoksi. Käytettäessä ympärisäteileviä antenneja jokainen kantomatkan päässä oleva asema kuulee lähetyksen, vaikkei se olisi sille suunnattu. Tämä luo turvallisuusongelman, mutta lisäksi heikentää tehokkuutta, koska nykyisellä antenniteknologialla vain yksi asema kerrallaan voi lähettää häiriöttä kantoalueellaan. Täsmälähetykset yhden lähteen ja useiden kohteiden välillä luovat erillisiä siirtolinkkejä. Olisi luontevampaa luoda yksi lähetysvirta, johon useat vastaanottajat voivat kytkeytyä. Kaistan säästön vastapainona on tarve luoda ja ylläpitää näitä yhteyksiä. Käyttäjien liikkuvuuden ja siirtotien vaihtelevien ominaisuuksien vuoksi langattoman verkon rakenne ja rajat ovat epäselviä. Näihin haasteisiin on vastattava sekä protokolla- että sovellustasolla. Tässä tutkielmassa käydään ensin läpi IEEE 802.11 -standardin mukaisen langattoman verkon perusteet ja sen ominaisuuksiin liittyvät tyypilliset ongelmakohdat. Yleis- ja ryhmälähetyksiä tarkastellaan ensin perinteisessä IEEE 802.3 standardin mukaisessa langallisessa lähiverkossa ja selvitetään, miten vastaavat ominaisuudet toteutuvat IEEE 802.11 standardien mukaisissa langattomissa verkoissa. Käyttötapaustutkimuksissa keskitytään rajatussa ympäristössä tapahtuviin ryhmälähetyksiin. Erityisesti tutkitaan langattomien ryhmälähetysten käyttökelpoisuutta sekä langattoman ympäristön asettamia erityisvaatimuksia.