The Use of Data Envelopment Analysis as Equity Portfolio Selection Criterion in the Finnish Stock Market

This thesis examines the application of data envelopment analysis as an equity portfolio selection criterion in the Finnish stock market during period 2001-2011. A sample of publicly traded firms in the Helsinki Stock Exchange is examined in this thesis. The sample covers the majority of the publicly traded firms in the Helsinki Stock Exchange. Data envelopment analysis is used to determine the efficiency of firms using a set of input and output financial parameters. The set of financial parameters consist of asset utilization, liquidity, capital structure, growth, valuation and profitability measures. The firms are divided into artificial industry categories, because of the industry-specific nature of the input and output parameters. Comparable portfolios are formed inside the industry category according to the efficiency scores given by the DEA and the performance of the portfolios is evaluated with several measures. The empirical evidence of this thesis suggests that with certain limitations, data envelopment analysis can successfully be used as portfolio selection criterion in the Finnish stock market when the portfolios are rebalanced at annual frequency according to the efficiency scores given by the data envelopment analysis. However, when the portfolios were rebalanced every two or three years, the results are mixed and inconclusive.

Test-day milk yield as a selection criterion for dairy buffaloes (Bubalus bubalis Artiodactyla, Bovidae)

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Correlation and path analysis as an indirect selection criterion for sunflower achene productivity

The study was conducted in two different locations in South Brazil, in tillage in the 2009/2010 season on eight sunflower hybrids, aiming to determine the path correlations and coefficients between primary and secondary characters on the main variable of achene productivity. The correlations were similar between environments. The characters of the head diameter and mass of a thousand achenes had a significant influence on sunflower productivity. Based on the magnitude of the direct and indirect effects, we highlighted all primary components on the main variable, beside the good determination coefficient and low residual effect. The secondary component, the number of achenes, despite the significant direct effect on productivity, was indirectly influenced by the primary components, making it an undesirable character for selection.

Physical resistance as a criterion in the selection of foraging material by Acromyrmex subterraneus brunneus Forel, 1911 (Hym., Formicidae)

Leaf-cutting ants forage on a wide variety of plant species using the physical and chemical characteristics of the plants as a selection criterion. In order to determine the influence of the physical factor on the selection of foraging material, inert materials such as floral sponge, polystyrene, plastic and clay, which possess different degrees of physical resistance to cutting, were offered simultaneously to five Acromyrmex subterraneus brunneus colonies, and assessed 12 and 24 h after foraging. No substrate selectivity was observed during foraging. Physical resistance was used as a decision criterion for the incorporation or return of the foraged material. This fact suggests the existence of a second time of selection of the foraged material inside the colony during cultivation of the symbiontic fungus.

Carrier selection and management : A case study on Neste Oil Retail

Service provider selection has been said to be a critical factor in the formation of supply chains. Through successful selection companies can attain competitive advantage, cost savings and more flexible operations. Service provider management is the next crucial step in outsourcing process after the selection has been made. Without proper management companies cannot be sure about the level of service they have bought and they may suffer from service provider's opportunistic behavior. In worst case scenario the buyer company may end up in locked-in situation in which it is totally dependent of the service provider. This thesis studies how the case company conducts its carrier selection process along with the criteria related to it. A model for the final selection is also provided. In addition, case company's carrier management procedures are reflected against recommendations from previous researches. The research was conducted as a qualitative case study on the principal company, Neste Oil Retail. A literature review was made on outsourcing, service provider selection and service provider management. On the basis of the literature review, this thesis ended up recommending Analytic hierarchy process as the preferred model for the carrier selection. Furthermore, Agency theory was seen to be a functional framework for carrier management in this study. Empirical part of this thesis was conducted in the case company by interviewing the key persons in the selection process, making observations and going through documentations related to the subject. According to the results from the study, both carrier selection process as well as carrier management were closely in line with suggestions from literature review. Analytic hierarchy process results revealed that the case company considers service quality as the most important criteria with financial situation and price of service following behind with almost identical weights with each other. Equipment and personnel was seen as the least important selection criterion. Regarding carrier management, the study resulted in the conclusion that the company should consider engaging more in carrier development and working towards beneficial and effective relationships. Otherwise, no major changes were recommended for the case company processes.

Testicular traits as selection criteria for young Nellore bulls

The objective of this study was to evaluate the possible use of biometric testicular traits as selection criteria for young Nellore bulls using Bayesian inference to estimate heritability coefficients and genetic correlations. Multitrait analysis was performed including 17,211 records of scrotal circumference obtained during andrological assessment (SCAND) and 15,313 records of testicular volume and shape. In addition, 50,809 records of scrotal circumference at 18 mo (SC18), used as an anchor trait, were analyzed. The (co) variance components and breeding values were estimated by Gibbs sampling using the Gibbs2F90 program under an animal model that included contemporary groups as fixed effects, age of the animal as a linear covariate, and direct additive genetic effects as random effects. Heritabilities of 0.42, 0.43, 0.31, 0.20, 0.04, 0.16, 0.15, and 0.10 were obtained for SC18, SCAND, testicular volume, testicular shape, minor defects, major defects, total defects, and satisfactory andrological evaluation, respectively. The genetic correlations between SC18 and the other traits were 0.84 (SCAND), 0.75 (testicular shape), 0.44 (testicular volume), -0.23 (minor defects), -0.16 (major defects), -0.24 (total defects), and 0.56 (satisfactory andrological evaluation). Genetic correlations of 0.94 and 0.52 were obtained between SCAND and testicular volume and shape, respectively, and of 0.52 between testicular volume and testicular shape. In addition to favorable genetic parameter estimates, SC18 was found to be the most advantageous testicular trait due to its easy measurement before andrological assessment of the animals, even though the utilization of biometric testicular traits as selection criteria was also found to be possible. In conclusion, SC18 and biometric testicular traits can be adopted as a selection criterion to improve the fertility of young Nellore bulls.

Is what you say what you do? Analyzing and comparing the effect of buyer-supplier relationship in the Brazilian and Chinese supplier selection criteria

Choosing properly and efficiently a supplier has been challenging practitioners and academics since 1960’s. Since then, countless studies had been performed and relevant changes in the business scenario were considered such as global sourcing, quality-orientation, just-in-time practices. It is almost consensus that quality should be the selection driver, however, some polemical findings questioned this general agreement. Therefore, one of the objectives of the study was to identify the supplier selection criteria and bring this discussion back again. Moreover, Dickson (1966) suggested existing business relationship as selection criterion, then it was reviewed the importance of business relationship for the company and noted a set of potential negative effects that could rise from it. By considering these side effects of relationship, this research aimed to investigate how the relationship could influence the supplier selection and how its harmful effects could affect the selection process. The impact of this phenomenon was investigated cross-nationally. The research strategy adopted was a controlled experiment via vignette combined with discrete choice analysis. The data collections were performed in China and Brazil. By examining the results, it could be drawn five major findings. First, when purchasers were asked to declare their supplier selection priorities, quality was stated as the most important independently of country and relationship. This result was consistent with diverse studies since 60’s. However, when purchasers were exposed to a multi-criteria trade-off situation, their actual selection priorities deviate from what they had declared. In the actual decision-making without influence of buyer-supplier relationship, Brazilian purchasers focused on price and Chinese buyers prioritized delivery then price. This observation reinforced some controversial prior studies of Verma & Pullman (1998) and Hirakubo & Kublin (1998). Second, through the introduction of the buyer-supplier relationship (operationalized via relational capital) in the supplier selection process, this research extended the existing studies and found that Brazilian buyers still focused on price. The relationship became just another criterion for supplier selection such as quality and delivery. However, from the Chinese sample, the results suggested that quality was totally discarded and the decision was majorly made through price and relationship. The third finding suggested that relational capital could legitimate the quality and sustainability of the supplier and replaces these selection criteria and made the decisional task less complex. Additionally, with the relational capital, the decision-makings were associated to few biases such as availability cognition, commitment, confirmatory and perceived biases. By analyzing the purchasers’ behavior, relational capital inducted buyers of both countries to relax in their purchasing requirements (quality, delivery and sustainability) leading to potential negative effects. In the Brazilian sample, the phenomenon of willing to pay a higher price for a lower quality offer demonstrated to be a potential counterproductive and suboptimal decision. Finally, the last finding was associated to the cultural effect on the buyers’ decisions. From the outcome, it is possible to observe that if a purchaser’s cultural background is more relation-oriented, the more he will tend to use relational capital as a decision heuristic, thus, the purchaser will be more susceptible to the potential relationship’s side effects

Testicular traits as selection criteria for young Nellore bulls

The objective of this study was to evaluate the possible use of biometric testicular traits as selection criteria for young Nellore bulls using Bayesian inference to estimate heritability coefficients and genetic correlations. Multitrait analysis was performed including 17,211 records of scrotal circumference obtained during andrological assessment (SCAND) and 15,313 records of testicular volume and shape. In addition, 50,809 records of scrotal circumference at 18 mo (SC18), used as an anchor trait, were analyzed. The (co) variance components and breeding values were estimated by Gibbs sampling using the Gibbs2F90 program under an animal model that included contemporary groups as fixed effects, age of the animal as a linear covariate, and direct additive genetic effects as random effects. Heritabilities of 0.42, 0.43, 0.31, 0.20, 0.04, 0.16, 0.15, and 0.10 were obtained for SC18, SCAND, testicular volume, testicular shape, minor defects, major defects, total defects, and satisfactory andrological evaluation, respectively. The genetic correlations between SC18 and the other traits were 0.84 (SCAND), 0.75 (testicular shape), 0.44 (testicular volume), -0.23 (minor defects), -0.16 (major defects), -0.24 (total defects), and 0.56 (satisfactory andrological evaluation). Genetic correlations of 0.94 and 0.52 were obtained between SCAND and testicular volume and shape, respectively, and of 0.52 between testicular volume and testicular shape. In addition to favorable genetic parameter estimates, SC18 was found to be the most advantageous testicular trait due to its easy measurement before andrological assessment of the animals, even though the utilization of biometric testicular traits as selection criteria was also found to be possible. In conclusion, SC18 and biometric testicular traits can be adopted as a selection criterion to improve the fertility of young Nellore bulls.

Genetic parameters for an alternative criterion to improve productive longevity of Nellore cows

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Analysis of genetic correlations of hip height with selection indices and mature weight in Nelore cattle

Body size is directly related to the productive and reproductive performance of beef cattle raised under free-range conditions. In an attempt to better plan selection criteria, avoiding extremes in body size, this study estimated the heritabilities and genetic correlations of yearling hip height (YH) and mature hip height (MH) with selection indices obtained at weaning (WI) and yearling (YI) and mature weight (MW). Data from 102,373 Nelore animals born between 1984 and 2010, which belong to 263 farms that participate in genetic evaluation programmes of beef cattle conducted in Brazil and Paraguay, were used. The (co)variance components and genetic parameters were estimated by Bayesian inference in multi-trait analysis using an animal model. The mean heritabilities for YH, MH and MW were 0. 56 ± 0. 06, 0. 47 ± 0. 02 and 0. 42 ± 0. 02, respectively. The genetic correlation of YH with WI (0. 13 ± 0. 01) and YI (0. 11 ± 0. 01) was practically zero, whereas a higher correlation was observed with MW (0. 22 ± 0. 03). Positive genetic correlations of medium magnitude were estimated between MH and WI and YI (0. 23 ± 0. 01 and 0. 43 ± 0. 02, respectively). On the other hand, a high genetic correlation (0. 68 ± 0. 03) was observed between the indicator traits of mature body size (MH and MW). Considering the top 20 % of sire (896 sires) in terms of breeding values for the yearling index, the rank sire correlations between breeding values for MH and MW was 0. 62. In general, the results indicate that selection based on WI and YI should not lead to important changes in YH. However, an undesired correlated response in mature cow height is expected, particularly when selection is performed using YI. Therefore, changes in the body structure of Nelore females can be obtained when MH and MW is used as a selection criterion for cows. © 2012 Institute of Plant Genetics, Polish Academy of Sciences, Poznan.

Body condition score of Nellore beef cows: a heritable measure to improve the selection of reproductive and maternal traits

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Genetic associations between age at first calving and heifer body weight and scrotal circumference in Nelore cattle

P>Age at first calving (AFC) measures the entry of heifers into the beef cattle production system. This trait can be used as a selection criterion for earlier reproductive performance. Using data from Nelore cattle participating in the `Program for Genetic Improvement of the Nelore Breed` (PMGRN-Nelore Brazil), bi-trait analyses were performed using the restricted maximum likelihood method, based on an AFC animal model and the following traits: female body weight adjusted to 365 (BW365) and 450 (BW450) days of age, and male scrotal circumference adjusted to 365 (SC365), 450 (SC450), 550 (SC550) and 730 (SC730) days of age. The heritability estimates for AFC ranged from 0.02 +/- 0.02 to 0.04 +/- 0.02. The estimates of additive direct heritabilities (with standard error) for BW365, BW450, SC365, SC450, SC550 and SC730 were 0.36 +/- 0.07, 0.38 +/- 0.07, 0.48 +/- 0.07, 0.65 +/- 0.07, 0.64 +/- 0.07 and 0.42 +/- 0.07, respectively, and the genetic correlations with AFC were -0.38, -0.33, 0.10, -0.13, -0.13 and 0.06, respectively. In the herds studied, selection for SC365, SC450, SC550 or SC730 should not cause genetic changes in AFC. Selection based on BW365 or BW450 would favor smaller AFC breeding values. However, the low magnitude of direct heritability estimates for AFC in these farms indicates that changes in phenotypical expression depend mostly on non-genetic factors.

Implantación del distintivo de garantía de calidad ambiental en hoteles de 3*, 4* y 5* de Sitges

Este proyecto tiene como objetivo estudiar la viabilidad de la implantación del Distintivo de Garantía de Calidad Ambiental (DGQA) en los hoteles de 3*, 4* y 5* del municipio de Sitges, perteneciente a la comarca del Garraf. El criterio de selección se ha basado en el estado del hotel (abierto o cerrado) en que se encontraba en el momento del estudio. Para conocer la gestión ambiental de los establecimientos hoteleros se llevó a cabo la realización de unas encuestas elaboradas a partir de los criterios requeridos por el DGQA, tanto obligatorios como opcionales. Los resultados obtenidos muestran un elevado cumplimiento de la puntuación obligatoria, así como la totalidad de los criterios opcionales requeridos. No se han detectado diferencias significativas entre las tres categorías hoteleras. Sin embargo, sí que aparecen diferencias entre los ámbitos propuestos por el DGQA, destacando el elevado cumplimiento en integración paisajística, ruidos y vibraciones, y diseño de espacios exteriores. Por el contrario se observa una carencia relevante en los ámbitos de compras y residuos. Finalmente se han propuesto las acciones de mejora necesarias para dicha obtención, obteniendo así un presupuesto aproximado para la consecución del distintivo por cada uno de los hoteles.

Value of PET/CT versus contrast-enhanced CT in identifying chest wall invasion (T3) by NSCLC [B-671]

Purpose: To determine the diagnostic value of 18F-FDG PET/CT versus contrastenhanced CT in identifying chest wall invasion by NSCLC. Methods and Materials: The primary selection criterion was a peripheral tumor of any size with contact to the chest wall. A total of 25 patients with pathologically proven NSCLC satisfied these criteria. Chest wall invasion was interpreted upon PET/CT when a frank costal or intercostal 18F-FDG uptake was identified with or without concomitant morphologic alterations. On the other hand, the existence of periosteal rib reaction/erosion, chest wall thickening or obliteration of the pleural fat layer either separately or combined were considered essential diagnostic criteria for disease extension into the chest wall upon contrast-enhanced CT. The results were correlated with the final histological analysis. Results: Among the studied cohort, 13/25 (52%) patients had chest wall invasion consistent with T3 disease. Both PET/CT and contrast-enhanced CT successfully identified 12/13 (92%) of these patients. The single false-negative result was due to parietal pleural invasion. On the other hand, one false-positive result was encountered by PET/CT in a dyspneic patient; whereas, CT analysis revealed false-positive results in six patients. In these patients, periosteal rib reaction (n = 2) or asymmetric enlargement of adjacent chest wall muscles (n = 1) were identified along with an obliterated pleural fat layer (n = 6). The sensitivity, specificity, and accuracy of PET/CT and contrast-enhanced CT were 92, 91 and 92% versus 92, 50 and 72%. Conclusion: 18F-FDG PET/CT is an accurate diagnostic modality in identifying.

The gendering of excellence through quality criteria: the case of the SNSF Professorships in Switzerland

The Swiss National Science Foundation Professorships Programme is presented as a scientific programme that aims to promote outstanding young scholars to professorial positions. Academic excellence is presented as the main selection criterion. The emphasis put on the research portfolio and on the age of the candidates means that the beneficiaries of these professorships put forward an image of excellence that is more embedded in data-based sciences than in the humanities and social sciences, thus strengthening the domination of a sector scientific activity essentially occupied by men over the sector that has opened up more widely to women. This paper aims to deconstruct the criteria of academic excellence as they appear in this programme and to show that what seem quality criteria are in fact inspired by a specific androcentric model. These biases tend to undermine the gender equality aims of the programme.