Kvantitatiivisen osakepisteytysmallin testaaminen Euroopan markkinoilla

Tutkielman tavoitteena on testata kvantitatiivisen osakepisteytysmallin tehokkuutta Euroopan osakemarkkinoilla. Osakepisteytysmalli järjestää osakkeet paremmuusjärjestykseen yrityskohtaisten tunnuslukujen avulla. Pisteytysmallin suositusten mukaan luodaan testisalkku ajanjaksolta 2002 2007. Testisalkun tuottoa mitataan pääomahyödykkeiden hinnoittelumallin sekä Faman ja Frenchin kolmen faktorin mallin avulla. Testisalkkua testataan markkina arvopainoisena sekä tasapainoisena. Tasapainoisessa salkussa jokaista osaketta painotetaan yhtäläisesti. Testisalkun rinnalle luodaan lisäksi vertailusalkku satunnaisista osakkeista. Tasapainotettu testisalkku tuotti tarkasteluajanjaksolla tilastollisesti merkitsevää markkinariskikorjattua ylituottoa 0,7 prosenttia kuukaudessa. Kolmen faktorin mallin avulla laskettu ylituotto ei ollut merkitsevä. Yrityskokofaktori sekä markkinatuotto näyttivät selittävän vahvasti testisalkun tuottoja. Yrityskoon vaikutus näkyi myös markkina arvopainotetussa salkussa, jonka tuotto ei päihittänyt markkinatuottoa. Vertailusalkku ei tuottanut tilastollisesti merkitsevää ylituottoa.

Size-induced diffuse behavior in Pb0.89La0.11Zr0.40Ti0.60O3 nanocrystalline ferroelectric ceramics

The Pb1-xLaxZryTi1-yO3 system is a perovskite ABO(3) structured material which presents ferroelectric properties and has been used as capacitors, actuators, transducers and electro-optic devices. In this paper, we describe the synthesis and the characterization of Pb0.89La0.11Zr0.40Ti0.60O3 (PLZT11) nanostructured material. The precursor polymeric method and the spark plasma sintering technique were respectively used to prepare ceramic samples. In order to compare the effect of grain size, microcrystalline PLZT11 ceramic samples were also prepared. PLZT11 samples were characterized by X-ray diffraction technique which results show a reduction on the degree of tetragonality as the average grain size decreases. Moreover, the grain size decrease to a nanometer range induces a diffuse behavior on the dielectric permittivity curves as a function of the temperature and a reduction on the dielectric permittivity magnitude. Furthermore, the large number of grain boundaries due to the nanometer size gives rise to a dielectric anomaly. (C) 2012 Elsevier Masson SAS. All rights reserved.

(Table 1.4) Ratios of petrogenic components in glassy and crystalline basalts from the north part of the Bougault anomaly, Mid-Atlantic Ridge 15°N

Structure and composition of sub-surface bottom sediments from the southwest Barents Sea have been under study. The study has revealed heterogeneity of sediment structure resulted from temporal irregularity and variability of sedimentation processes. The study of the heavy minerals from 0.1-0.01 mm grain size fraction has shown prevalence of green hornblende, epidote, garnet, and ilmenite in all types of sediments; these minerals are the basis of terrigenous-mineralogical province. At the same time in different areas local terrigenous-mineralogical associations have been identified. Clay mineral composition of in the sediments was quite uniform: biotite, chlorite, hydromica, smectite. Despite this, a number of features indicating initial stages of clay mineral transformation has been identified. Differences in material composition and structure of the studied sediments are associated with rapid change in paleogeographic situation on the land - ice cover melting on the Kola Peninsula and subsequent Holocene climatic situation.

(Table 1.5) Contents of some volatile components in glassy MORB from the north part of the Bougault anomaly, Mid-Atlantic Ridge 15°N

Structure and composition of sub-surface bottom sediments from the southwest Barents Sea have been under study. The study has revealed heterogeneity of sediment structure resulted from temporal irregularity and variability of sedimentation processes. The study of the heavy minerals from 0.1-0.01 mm grain size fraction has shown prevalence of green hornblende, epidote, garnet, and ilmenite in all types of sediments; these minerals are the basis of terrigenous-mineralogical province. At the same time in different areas local terrigenous-mineralogical associations have been identified. Clay mineral composition of in the sediments was quite uniform: biotite, chlorite, hydromica, smectite. Despite this, a number of features indicating initial stages of clay mineral transformation has been identified. Differences in material composition and structure of the studied sediments are associated with rapid change in paleogeographic situation on the land - ice cover melting on the Kola Peninsula and subsequent Holocene climatic situation.

Density and biomass of two copepod size fractions and various species obtained during Almirante Irizar cruises to the Drake Passage and Scotia Sea (2000-2003)

The relative importance of small forms of copepods has been historically underestimated by the traditional use of 200-300-µm mesh nets. This work quantified the distribution and abundance of copepods, considering two size fractions (<300 µm and >300 µm), in superficial waters (9 m deep) of the Drake Passage and contributed to the knowledge of their interannual fluctuations among three summers. Four types of nauplii and eleven species of copepods at copepodite and adult stages were identified, with abundance values of up to 13 ind/L and 28,300 µg C/m**3. The <300-µm fraction, composed of Oithona similis, small cyclopoids and nauplii, dominated the copepod communities in the 3 years; it accounted for more than 77% of the total number and for between 40 and 63% of the total biomass. Changes in density and biomass values among the three cruises differed according to copepod size fraction and water mass; the >300-µm fraction showed no changes among the 3 years, both in Antarctic (density and biomass) and in Subantarctic waters (density), whereas the <300-µm fraction showed higher (density and biomass) values in 2001 both in Subantarctic and in Antarctic waters. Sea surface temperature and its anomaly accounted for the largest proportion of variability in copepod density and biomass, particularly for the <300-µm fraction.

Magnetic anomaly map of the Weddell Sea Region, Antarctic (Scale 1:2 500 000)

This paper describes a 1 : 2 500 000 scale aeromagnetic anomaly map produced by the joint efforts of VNIIOkeangeologia, Polar Marine Geological Research Expedition (PMGRE) and the Alfred Wegener Institute for Polar and Marine Research (AWl) for the Weddell Sea region covering 1 850 000 km' of West Antarctica. Extensive regional magnetic survey flights with line-spacing of about 20 km and 5 km were carried out by the PMGRE between 1977 and 1989. In course of these investigations the PMGRE flew 9 surveys with flight-line spacing of 20 km and 6 surveys with flight-line spacing of 5 km mainly over the mountain areas of southern Palmer Land, western Dronning Maud Land, Coats Land and Pensacola Mountains, over the Ronne lee Shelf and the Filchner Ice Shelf and the central part of the Weddell Sea. More than 215 000 line-kilometers of total field aeromagnetic data have been acquired by using an Ilyushin Il-14 ski-equipped aircraft. Survey operations were centered on the field base stations Druzhnaya-1, -2, and -3, from which the majority of the Weddell Sea region network was completed. The composite map of the Weddell Sea region is prepared in colour, showing magnetic anomaly contours at intervals of 50-100 nT with supplemental contours at an interval of 25 nT in low gradient areas, on a polar stereographic projection. The compiled colour magnetic anomaly map of the Weddell Sea region demonstrates that features of large areal extent, such as geologic provinces, fold-belts, ancient eratonic fragments and other regional structural features can be readily delineated. The map allows a comparison of regional magnetic features with similar-scale geological structures on geological and geophysical maps. It also provides a database for the future production of the ''Digital Magnetic Anomaly Map of Antarctica'' in the framework of the Scientific Committee on Antarctic Research/International Association of Geomagnetism and Aeronomy (SCAR/IAGA) compilation.

Grain size, mineral and chemical compositions of modern deposits fron the northern Caspian Sea and the Volga River delta

Comprehensive investigations revealed that modern deposits in the northern Caspian Sea involve terrigenous sands and aleurites with admixture of detritus and intact bivalve shells, including coquina. Generally, these deposits overlay dark grayish viscous clays. Similar geological situation occurs in the Volga River delta; however, local deposits are much poorer in biogenic constituents. Illite prevails among clay minerals. In coarse aleurite fraction (0.100-0.050 mm) heavy transparent minerals are represented mostly by epidotes, while light minerals - mostly by quartz and feldspars. Sedimentary material in the Volga River delta is far from completely differentiated into fractions due to abundant terrigenous inflows. Comparatively better grading of sediments from the northern Caspian Sea is due to additional factors such as bottom currents and storms. When passing from the Volga River delta to the northern Caspian Sea, sediments are enriched in rare earth elements (except Eu), Ca, Au, Ni, Se, Ag, As, and Sr, but depleted in Na, Rb, Cs, K, Ba, Fe, Cr, Co, Sc, Br, Zr, ??, U, and Th. Concentrations of Zn remain almost unchanged. Sedimentation rates and types of recent deposits in the northern Caspian Sea are governed mainly by abundant runoff of the Volga River.

(Table 1.15) Composition of glassy basalts from the north part of the Bougault anomaly, Mid-Atlantic Ridge 15°N

Structure and composition of sub-surface bottom sediments from the southwest Barents Sea have been under study. The study has revealed heterogeneity of sediment structure resulted from temporal irregularity and variability of sedimentation processes. The study of the heavy minerals from 0.1-0.01 mm grain size fraction has shown prevalence of green hornblende, epidote, garnet, and ilmenite in all types of sediments; these minerals are the basis of terrigenous-mineralogical province. At the same time in different areas local terrigenous-mineralogical associations have been identified. Clay mineral composition of in the sediments was quite uniform: biotite, chlorite, hydromica, smectite. Despite this, a number of features indicating initial stages of clay mineral transformation has been identified. Differences in material composition and structure of the studied sediments are associated with rapid change in paleogeographic situation on the land - ice cover melting on the Kola Peninsula and subsequent Holocene climatic situation.

Seawater carbonate chemistry, calcification and shell size of hard clam Mercenaria mercenaria during experiments, 2011

Increasing atmospheric carbon dioxide threatens to decrease pH in the world's oceans. Coastal and estuarine calcifying organisms of significant ecological and economical importance are at risk; however, several biogeochemical processes drive pH in these habitats. In particular, coastal and estuarine sediments are frequently undersaturated with respect to calcium carbonate due to high rates of organic matter remineralization, even when overlying waters are saturated. As a result, the post-larval stages of infaunal marine bivalves must be able to deposit new shell material in conditions that are corrosive to shell. We measured calcification rates on the hard clam, Mercenaria spp.,in 5 post-larval size classes (0.39, 0.56, 0.78, 0.98, and 2.90 mm shell height) using the alkalinity anomaly method. Acidity of experimental water was controlled by bubbling with air-CO2 blends to obtain pH values of 8.02, 7.64, and 7.41, corresponding to pCO2 values of 424, 1120, and 1950 µatm. These pH values are typical of those found in many near-shore terrigenous marine sediments. Our results show that calcification rate decreased with lower pH in all 5 size classes measured. We also found a significant effect of size on calcification rate, with the smaller post-larval sizes unable to overcome dissolution pressure. Increased calcification rate with size allowed the larger sizes to overcome dissolution pressure and deposit new shell material under corrosive conditions. Size dependency of pH effects on calcification is likely due to organogenesis and developmental shifts in shell mineralogy occurring through the post-larval stage. Furthermore, we found significantly different calcification rates between the 2 sources of hard clams we used for these experiments, most likely due to genotypic differences. Our findings confirm the susceptibility of the early life stages of this important bivalve to decreasing pH and reveal mechanisms behind the increased mortality in post-larval juvenile hard clams related to dissolution pressure, that has been found in previous studies.

Reference Values For High-density Lipoprotein Particle Size And Volume By Dynamic Light Scattering In A Brazilian Population Sample And Their Relationships With Metabolic Parameters.

Current data indicate that the size of high-density lipoprotein (HDL) may be considered an important marker for cardiovascular disease risk. We established reference values of mean HDL size and volume in an asymptomatic representative Brazilian population sample (n=590) and their associations with metabolic parameters by gender. Size and volume were determined in HDL isolated from plasma by polyethyleneglycol precipitation of apoB-containing lipoproteins and measured using the dynamic light scattering (DLS) technique. Although the gender and age distributions agreed with other studies, the mean HDL size reference value was slightly lower than in some other populations. Both HDL size and volume were influenced by gender and varied according to age. HDL size was associated with age and HDL-C (total population); non- white ethnicity and CETP inversely (females); HDL-C and PLTP mass (males). On the other hand, HDL volume was determined only by HDL-C (total population and in both genders) and by PLTP mass (males). The reference values for mean HDL size and volume using the DLS technique were established in an asymptomatic and representative Brazilian population sample, as well as their related metabolic factors. HDL-C was a major determinant of HDL size and volume, which were differently modulated in females and in males.

Is size structure a good measure of future trends of plant populations? an empirical approach using five woody species from the Cerrado (Brazilian savanna)

Size distributions in woody plant populations have been used to assess their regeneration status, assuming that size structures with reverse-J shapes represent stable populations. We present an empirical approach of this issue using five woody species from the Cerrado. Considering count data for all plants of these five species over a 12-year period, we analyzed size distribution by: a) plotting frequency distributions and their adjustment to the negative exponential curve and b) calculating the Gini coefficient. To look for a relationship between size structure and future trends, we considered the size structures from the first census year. We analyzed changes in number over time and performed a simple population viability analysis, which gives the mean population growth rate, its variance and the probability of extinction in a given time period. Frequency distributions and the Gini coefficient were not able to predict future trends in population numbers. We recommend that managers should not use measures of size structure as a basis for management decisions without applying more appropriate demographic studies.