Size effect anomaly in the Baltic stock market.

During the COVID-19 pandemic, a surge in activity among non-professional investors reshaped the investment landscape. This period was marked by an increase in emotionally driven decisions and interest in unconventional investment strategies, such as investing based on stock market anomalies. Anomalies like the size effect challenge the efficient market hypothesis by suggesting that certain patterns may persist over time and offer investors an advantage. Anomaly analysis becomes especially relevant during periods of market instability when information is not reflected in prices accurately or promptly. The first chapter of the thesis addresses the issue of stock market anomalies in the Baltic stock markets. It discusses the differences in efficiency between developed and emerging markets, the impact of financial and geopolitical instability, and the significance of anomalies for investors, explaining why their study is important. This chapter lays the theoretical groundwork and justifies the research’s relevance by emphasizing the lack of studies in the Baltic context and the need for further investigation. The second chapter provides an in-depth overview of the theoretical aspects of stock market anomalies. It begins by introducing the efficient market hypothesis, its different forms, and key supporting and opposing arguments. It then explores empirical findings, types of anomalies, and their potential causes. This chapter also discusses investor behavior factors that may contribute to market inefficiency, with a particular focus on the size effect anomaly. The third chapter outlines the research methodology. It describes the selected time period, data sources, the principles of portfolio formation, and the application of the capital asset pricing regression model. It also details how companies were categorized by size, how portfolios were formed, and what statistical methods were used to determine the existence of the anomaly. This section offers a clear picture of the research model and the study process. The fourth chapter presents and analyzes the empirical results. The size effect anomaly in the Baltic stock market was examined over the 2014–2024 period, revealing that the anomaly was not consistent. It was clearly present in the periods of 2014–2017 and 2020–2021. During 2014–2017, small-cap portfolios significantly outperformed both large-cap portfolios and the market index, with a positive and statistically significant alpha. In 2020–2021, although the differences in average returns were not statistically significant, the regression results showed a positive and significant alpha, indicating abnormal returns. However, for the full 2014–2024 period and during 2018–2019 and 2022–2024, the anomaly was not observed – returns were insignificant or lower, and alphas were negative or statistically insignificant. The size effect identified during 2014–2017 and 2020–2021 contradicts the assumptions of the efficient market hypothesis. The anomaly could have resulted from market inefficiencies, information asymmetry or investor behavior. The stable economic climate in 2016–2017 encouraged greater risk tolerance, while post-pandemic recovery in 2020–2021 led investors to focus on smaller companies. While the size effect may offer profit opportunities in smaller markets, investors must be cautious of related risks – higher volatility, limited information, liquidity issues, and the inconsistent manifestation of the anomaly itself

Motives and value of employee ambassadorship.

Employee ambassadorship is becoming an increasingly important part of organisations' communication strategy. Organisations are increasingly encouraging employees to speak on behalf of the organisation, to talk about the organisation's culture, values and experiences both internally and externally. However, the academic literature on ambassadorship programmes tends to study the activities of ambassadors from the perspective of organisational benefits. In contrast, the employee's perspective, motives, needs and personal benefits are more often in the background. Ambassadorship can be an authentic communication tool that allows employees to express pride in the organisation and organisations to use employee experiences as a credible reputational endorsement. This benefits both organisations by providing a credible and human means of reputation building, and the employee with opportunities to fulfil himself, develop his existing competences, be noticed and appreciated. Objective - To uncover the motives and value of employee ambassadorship. The aims: 1. To describe the genesis, concept and characteristics of employee ambassadorship. 2. Identify the motives for becoming an ambassador and the value of ambassadorship for ambassadors. 3. To develop a methodology to study the motives and value of employee ambassadorship. 4. To explore the motives and value of employee ambassadorship. To understand why employees, choose to engage in such activities and what they get in return, this paper conducted a literature review and quantitative research. The theoretical part of the thesis analyses the genesis, the concept, the motives and the value of ambassadorship for employees, drawing on academic sources. Based on the theoretical part of the thesis, five main motives are identified: intrinsic motivation, emotional well-being, friendship at work, social prestige and influence and organisational reputation. The most significant personal values were also identified: professional competence, self-fulfilment, social capital, job satisfaction and desire for recognition. The empirical part of the study involved a quantitative study to find out what motives motivate employees to engage in ambassadorship and what personal values are provided. It also sought to find out how personal values influence motives. The results show that the strongest motivators for employee ambassadorship are intrinsic motivation, emotional well-being and a positive organisational reputation. Employees who feel a sense of professional growth, fulfilment and recognition and appreciation within their organisation are also more likely to engage in ambassadorial programmes. Statistical correlation analysis showed that the personal values gained through ambassadorial activities can act as long-term motivators to support employees' ambassadorial activities. These results allow the formulation and presentation of practical recommendations for employees and organisations seeking to improve the effectiveness and development of employee ambassadorship programmes. They point to the importance of not only creating the conditions for ambassadorship, but also how to better meet the needs of employees in terms of emotional security, competency development opportunities and recognition. The results contribute to a deeper understanding of employee ambassadorship programmes from an employee perspective

Exploration of 1-(2,4-difluorophenyl)-5-oxopyrrolidine-3-carboxylic acid derivatives effect on triple-negative breast, prostate cancer and melanoma cell 2D and 3D cultures /

1-Substituted 5-oxopyrrolidine-3-carboxylic acid and its derivatives play an important role as components of many biologically active molecules. This study describes the synthesis of 1-(2,4-difluorophenyl)-5-oxopyrrolidine-3-carboxylic acid derivatives and their anticancer properties. The target compounds were prepared using 2,4-difluoroniline as a starting material; in this way, derivatives of benzimidazoles, hydrazones and azoles were formed. Investigation of the anticancer activity of all synthesized compounds showed that the hydrazones had the strongest effect on cancer cell lines. Compounds were tested for their cytotoxic effect by the MTT assay in human triple-negative breast cancer MDA-MB-231, prostate adenocarcinoma PPC1, melanoma A375 and human foreskin fibroblasts CRL-4001 after 72 hours of incubation. The impact of the compounds on cancer cell migration was assessed using a 'wound healing assay'. Activity in 3D cultures was determined by evaluating changes in spheroid size and assessing cell viability. Overall, the selected compounds 7b, 9c, 9e, 9f and 10 exhibited greater activity in the A375 cell line and were less active against the MDA-MB-231 cell line. Compounds 9c, 9e and 10 showed relatively higher selectivity for cancer cells over fibroblasts. Hydrazone 9f, bearing N'-(4-methylbenzylidene) moiety, was identifiedasthe most cytotoxic compound in both prostate adenocarcinoma PPC-1 and melanoma A375 cells in monolayer and 3D culture models. Compound 9e, with N'-(4-bromobenzylidene) moiety, exhibited the most pronounced inhibitory effect on cell migration as determined by the 'wound healing' assay

Green synthesis and characterization of silver nanoparticles using Hypericum perforatum l. extracts /

In the present study, the biosynthesis method was used to synthesize silver nanoparticles using extracts of Hypericum Perforatum L. plant in vivo and callus cultures in vitro. In this research, biologically active compounds in the extract functioned as reducing agents, while a silver nitrate solution served as the source of silver. Characterization of the synthesized nanoparticles was carried out using Fourier transform infrared spectroscopy (FTIR) TO identify functional in the reduction and stabilization process, Scanning Electron Microscope (SEM) to determine nanoparticles morphology and size distribution, and X-ray Diffraction (XRD) analysis to confirm the crystalline nature of the AgNPs

Image analysis methods for assessing fibrous microplastic release /

Fibrous microplastics can be released into the environment through fiber breakage due to various factors. Analysis using light microscopes and digital cameras is among the most popular methods for studying fibrous microplastics due to its accessibility. However, manually processing images and assessing fibrous microplastics is highly time-consuming. This study compares different analytical image analysis methods to find the most suitable option for effective fibrous microplastics assessment. To analyze the fibrous microplastics, three types of image analysis methods were applied: manual analysis with ImageJ, semi-automatic analysis with ImageJ’s Analyze Particles plugin, and automatic analysis using AI-based Ilastik software. For the evaluation, a black knitted fabric was used with the following specifications: composition – 95% polyester / 5% elastane; mass per unit area – 224.0 g/m2; thickness – 0.52 mm; course density – 23.0±0.5 cm−1; wale density – 22.0 ± 0.5 cm−1. Three specimens were prepared. Individual washing tests were performed on each specimen. Wastewater was filtrated through filters after each wash. Each filter was photographed using light microscope (Lumenera Infinity) and digital camera (Nikon D5600) with lens (AF-P NIKKOR 18-55mm f/3.5- 5.6G). Results indicated that manual, semi-automatic and automatic methods were similarly effective in assessing non-overlapping microplastics. Images taken with the light microscope provided more accurate results. After training the AI-based software, the automatic method was the least time consuming and manual analysis took the longest. However, neither semi-automatic nor automatic methods were performing effectively on overlapping fibrous microplastics and manual corrections were required to attain more accurate results. These findings suggest that AI-based automatic software can be the most effective and the least time-consuming solution for analyzing fibrous microplastics when they are wellseparated on surfaces, but it needs further development to improve the analysis for overlapping fibrous microplastics

Improved defect sizing in adhesive joints through feature-based data fusion /

The current study focuses on the examination of adhesive-bonded materials, comprising different type of flaws like brass inclusions and delamination, through the application of ultrasound and X-ray non-destructive testing (NDT) techniques. The findings from both ultrasound and X-ray inspection were used to extract unique features, contributing to a more comprehensive understanding of the distinct characteristics demonstrated by each method. Several distinct features like absolute time of flight difference, peak-to-peak amplitude, variation coefficient in time and frequency domain, mean value of amplitude in frequency domain, and absolute energy were extracted from ultrasound testing results. Similarly, features like maximum amplitude, features from accelerated segment test, dilation, watershed segmentation, wiener deconvolution, and morphological gradient extracted from X-ray data underwent fusion. Different fusion techniques were applied to combine these features into a unified data set. A quantitative evaluation was performed for the individual features and their corresponding fused features from the ultrasound and X-ray results. A systematic analysis was conducted to quantify the improvement in defect sizing within the individual features and fused features from both the X-ray and ultrasonic investigations. The minimum absolute error of 0.02 mm was achieved with average fusion of absolute energy at 2nd interface and X-ray dilate features. This research not only delves into the diverse capabilities of ultrasonic and X-ray NDT methods in identifying flaws but also emphasizes the synergistic advantages arising from the integration of their distinct features. The qualitative study of defect estimation using the proposed fusion methods demonstrate that the distinctive fusion approaches significantly highlight the complimentary benefits of ultrasound and X-ray non-destructive testing methods, resulting in a quantifiable improvement in probability of defect detection

Evaluation of QR code geometric parameters and readability under tensile stress /

Modern labels based on QR code could be an attractive solution to provide information about garment origin, composition, repair, maintenance and disassembly through the whole product life cycle, reduce waste and promote sustainable resource use. QR code is cost-effective, easy to implement technology, however it also comes with some limitations. The challenges of label quality related to the durability and readability of the integrated QR code in the fabric may appear over time when the label is subjected to mechanical impacts. Earlier research aimed to evaluate the influence of different technologies (embroidery, sublimation, and heat transfer printing) on the quality and readability of QR code. It has proved that embroidery presents the biggest technical difficulties, but this technology has less limitations for fabric composition, heat sensitivity, etc. while compared with other used technologies. Additionally, embroidery conveys a sense of craftmanship, luxury and can also be as part of products design. This study focusses on changes in the geometrical parameters of the embroidered QR code during tensile tests, considering deformations in both the wales and courses directions of the interlock jersey fabric. The geometric distortion of the QR code is estimated based on image analysis. The readability of QR code depends mostly on the finder, timing and alignment patterns that are created within QR code. Previous study revealed that unmatching value percentage is reliable parameter to evaluate the readability of QR code and analyse geometric distortion of QR image elements. The chosen research and assessment approach may have wider applications, potentially extending to other small embroidered features beyond QR codes

Research of physical and mechanical properties of CO2 cured cementless pavement elements.

The aim of the master's thesis is to create a cement-free carbonized product and determine its physical and mechanical properties as a paving element according to the testing methods for concrete outdoor paving stones specified in the LST EN 1338 standard. 3 tasks were set to achieve the aim of the thesis. The thesis consists of three main parts: literature analysis, research methodology and research results. The literature analysis part describes the CO2 curing technology, accelerated carbonization methods, the influence of binders and materials on carbonization, as well as the physical and mechanical properties of carbonized products, their CO2 gas emissions and the production technology of pressed products. The research methodology part describes the materials used, the composition of the samples, and their production process. The course of the research methods is also described and the formulas used to calculate the results are presented. The research results part describes and analyses the results obtained during the research. First, according to the compressive strength of the samples and the depth of carbonization, the composition that showed the best indicators was selected, which was further improved and studied by the tests described in the research methodology section. The physical and mechanical properties of the most optimal composition were determined and its CO2 gas absorption rate was calculated. The master's thesis is summarized in 7 conclusions. The volume of the thesis is 51 pages, the work contains 35 figures, 5 tables and 48 references