Rakennusalan pörssiyhtiöt sijoituskohteina 2000 – 2010 - Case YIT Oyj & Lemminkäinen Oyj

Tässä opinnäytetyössä tutkittiin kahta rakennusalan yritystä piensijoittajan sijoituskohteina aikavälillä 2000 – 2010. Tutkimuksen tarkoituksena oli selvittää, mikä tarkastelun alla olevista yhtiöistä on ollut sijoittajan kannalta riskiin nähden tuottoisin sekä mitkä taustatekijät ovat vaikuttaneet menestykseen. Tuoton mittareina käytimme saatua arvonnousua sekä osinkoa. Riskiä puolestaan tarkastelimme beta-kertoimen ja volatiliteetin avulla. Lisäksi tarkoituksena oli selvittää, millaisella informaatiolla oli ollut selkeä vaikutus pörssikurssin heiluntaan lyhyellä aikavälillä ja olisiko piensijoittajalla ollut mahdollisuus hyödyntää informaatiota. Tutkittavat yritykset olivat YIT Oyj ja Lemminkäinen Oyj. Tutkimuksen teoriaosassa käsittelimme pohjoismaista rakennusalaa, esittelimme tutkimuksen kohteena olevat yhtiöt, paneuduimme pörssisijoittamiseen sekä sijoittajan tunnuslukuihin. Teoriapohja koottiin alaa käsittelevästä kirjallisuudesta, yhtiön julkaisemista vuosikertomuksista, osavuosikatsauksista, koti- ja ulkomaan sijoituskirjallisuudesta sekä alan lehtijulkaisuista. Tutkimuksen empiriaosassa tarkastelimme yhtiöiden pörssikehitystä valittuna ajanjaksona. Mittasimme sijoittajan saamaa tuottoa arvonnousun ja yhtiöiden maksaman osingon kautta. Tarkastelujakson tuotot suhteutimme saman ajanjakson riskiin. Pörssikurssin suurimmille nousuille ja laskuille haimme taustatekijät sähköisistä uutisarkistoista. Tutkimuksen tuloksissa kävimme läpi yhtiöiltä saatuja kokonaistuottoja tarkasteluajanjaksolla. Tutkimuksessa kokonaistuotot suhteutettiin saman aikavälin volatiliteettiin, jolloin saatiin Sharpen luku, joka kuvaa sijoitukselta saatua ylituottoa suhteessa riskiin. Tuloksista voitiin todeta, että YIT:n osake oli ollut vertailukaksikosta tuottoisin ja että sijoittajan ottama suurempi riski oli kannattanut. Tapahtumat, joissa kurssi jatkoi tiettyyn suuntaan uutisen julkistamisen jälkeen, liittyivät voittopuolisesti osavuosikatsausten julkistamisiin. Mitään yhtenäistä seikkaa, jolla sijoittaja pystyisi ennen tulosjulkistusta ennakoimaan, tuleeko kurssilla olemaan positiivista tai negatiivista virettä tuloksen julkistamisen jälkeen, ei tullut ilmi. Mikrotasoiset, eli yrityskohtaiset uutiset olivat hallitsevina tekijöinä tapauksissa, joissa kurssissa havaittiin nousu- tai laskutrendi uutisen julkistamisen jälkeen.The purpose of this thesis project was to examine two construction companies as an object of investment for the period 2000-2010 from the point of view of the small investor. The objective was to determine which of the companies under observation would have been the most profitable in terms of the risk and to decide which factors would have contributed the most to this success. The profit was measured through increases in value and dividends. The risk was observed through the Beta value and volatility. An additional purpose of the research was to find out which kind of information had a clear influence on the share price variation in a short period of time and to clarify whether the small investor would have had a chance to profit out of this information. The companies that were examined were YIT and Lemminkäinen Corporation. The theoretical section of the thesis report contains information about the Nordic construction business, company presentations, stock market investing and investor ratio. The information in this section was drawn from literature concerning the construction industry, company annual reports, the literature on investing and news articles from the industry. In the empirical section of the thesis the stock market trends for both companies were observed for years from 2000 to 2010. Profit was measured through the increase in value and the dividend that the companies paid. Risk was calculated in relation to the profit during the observation period. Reasons were sought for the largest increases and decreases in the share price from electronic sources. In the results of the study the total profit given by the companies was reviewed for the observation period. The total profit was put in proportion with volatility during the same observation period, to produce a Sharpe ratio, which shows the excess returns of investment compared to the risk. In the results it could be seen that YIT’s shares were more productive and the risk that the investor would have taken would have paid off. Those times that the share price followed a certain direction after the release of news, mainly came after the release of the interim report. No common reason was found that would help the investor to predict before the earnings release whether the share price would increase or decrease after the profit for the period of the company was released. Micro-level news, or news concerning the company, was the dominating factor when there was an upward or downward trend after the publication of news

Environmental chemistry in high school textbooks

Työn tarkoituksena oli selvittää, miten ympäristökemiaa käsitellään lukion kemian oppikirjasarjoissa, miten oppikirjasarjat palvelevat ylioppilaskirjoituksiin valmistautumista ja miten oppikirjasarjoja tulisi kehittää. Työssä perehdyttiin Lukion opetussuunnitelman perusteisiin 2003 ja luonnokseen Lukion opetussuunnitelman perusteista 2016. Opetussuunnitelman perusteista keskityttiin etsimään ympäristökemiaan liittyviä määräyksiä. Lukion opetussuunnitelman perusteiden antamien suuntaviivojen perusteella määriteltiin kuusi ympäristökemian aihepiiriä (kestävä kehitys, alkuaineiden kierto, energiantuotanto, veden kemia, ilmakehän kemia sekä ympäristön pilaantuminen ja ympäristönsuojelu), joihin tutkimuksessa keskityttiin. Tutkimus toteutettiin käymällä läpi neljä lukion kemian oppikirjasarjaa: Kemisti, Mooli, Neon ja Reaktio sekä lisäksi ylioppilastutkintokysymykset vuosilta 2008 – 2014. Valittujen ympäristökemian aihepiirien esiintymistä lukion kemian oppikirjasarjoissa tutkittiin selvittämällä oppikirjakohtaisesti kunkin ympäristökemian aihepiirin teoriaan käytetty rivimäärä, aihepiiriin liittyvien tehtävien lukumäärä, esimerkkien lukumäärä, demonstraatioiden ja laboratoriotöiden lukumäärä sekä aihepiiriin liittyvien kuvien ja taulukoiden lukumäärä. Ylioppilastutkintokysymysten osalta tutkittiin sitä, kuinka monta kysymystä vuosina 2008 - 2014 kuhunkin määriteltyyn ympäristökemian aihepiiriin liittyi. Oppikirjasarjojen sisältöä ja ylioppilastutkintokysymyksiä tarkastelemalla arvioitiin ympäristökemian esiintymistä oppikirjoissa ja oppikirjojen kehittämistarpeita. Saatujen tulosten perusteella laadittiin kehittämisehdotuksia, joita voidaan käyttää lukion kemian oppikirjasarjojen päivittämisessä. Jotta lukion kemian oppikirjat vastaisivat mahdollisimman hyvin opetussuunnitelman perusteiden ja ylioppilastutkinnon vaatimuksiin, oppikirjoja päivitettäessä tulisi kiinnittää huomiota seuraavien aihepiirien esiintymiseen oppikirjoissa: fossiilisten polttoaineiden synty, kasvihuoneilmiö, ilmastonmuutos, kestävä kehitys, energian säästäminen, ympäristövaikutusten arviointi, rehevöityminen, vedenkäsittely (talousvesi ja jätevesi), veden hydrologinen kierto ja alkuaineiden kierto

Movimentos e actividade migratória de uma ave pelágica: a alma-negra (Bulweria bulwerii)

Tese de mestrado. Biologia (Biologia da Conservação). Universidade de Lisboa, Faculdade de Ciências, 2014As aves marinhas pertencentes à ordem dos Procellariiformes são predadores abundantes em várias áreas oceânicas um pouco por todo o mundo. Muitas destas espécies, em particular as de pequena dimensão, são predadores nocturnos que desempenham um papel importante em muitas teias tróficas marinhas como consumidores de presas mesopelágicas. No entanto, a ecologia espacial e o comportamento no mar da grande maioria destas espécies permanecem em grande parte desconhecidos. A Alma-negra Bulweria bulwerii é um destes pequenos Procellariiformes, e é extremamente abundante no Arquipélago da Madeira, em particular nas ilhas Desertas e Selvagens. Aproveitando os desenvolvimentos tecnológicos recentes nas técnicas de seguimento de aves (geolocators), estudou-se o comportamento migratório desta espécie, em particular a sua distribuição e actividade no mar, ao longo de dois ciclos anuais (2012/2013 e 2013/2014), na colónia da ilha Selvagem Grande. Após a época de reprodução as Almas-negras migraram para o Atlântico tropical para passar o inverno em águas profundas (profundidade média de 4652 m em 2012/2013; 4359 m em 2013/2014), longe das plataformas continentais, regiões estas que são evitadas pela maioria das aves marinhas migradoras do Atlântico. Estas aves são principalmente activas durante o período nocturno, especialmente nas áreas de invernada. As Almas-negras passaram mais tempo em voo durante a noite (mais de 85%, em média) do que qualquer outra ave marinha estudada até agora. As Almas-negras tenderam também a voar mais em noites de Lua Cheia. O ciclo lunar teve também influência na data de início da migração pós-nupcial, tendo 56% dos indivíduos saído da colónia em noites de Lua Nova. Considerando que uma parte significativa do ciclo anual destas aves é passado nas suas áreas de invernada, as condições nestes locais vão provavelmente afectar as suas taxas de sobrevivência e reprodução. Os resultados deste estudo podem assim contribuir para o aumento do conhecimento da ecologia de aves marinhas pelágicas, muitas das quais ameaçadas de extinção, conhecimento esse que se reveste de particular importância no âmbito da identificação e gestão de áreas marinhas protegidas.Seabirds of the order Procellariiformes are abundant predators in several oceanic areas all over the world. Many of these species, particularly the ones with smaller size, are nocturnal predators that play an important role in many marine trophic webs as consumers of mesopelagic prey. However, the spatial ecology and at-sea behavior of the great majority of these species remain largely unknown. The Bulwer's petrel Bulweria bulwerii is one of these small procellariiformes and it is extremely abundant in the Madeira Archipelago, especially in the Desertas and Selvagens Islands. Taking advantage of the recent technological developments in bird tracking (geolocators), we studied the migratory behaviour of this species, in particular its distribution and activity at sea, along two annual cycles (2012/2013 and 2013/2014), in the colony of Selvagem Grande Island. After the breeding season, Bulwer’s petrel migrated to tropical Atlantic Ocean to overwinter in deep waters (average depth of 4652 m in 2012/2013; 4359 m in 2013/2014), away from the continental shelves, in areas avoided by the majority of other migratory seabirds of the Atlantic. These birds are mainly active at the night time, especially during the wintering period. Bulwer’s petrels have spent more time in flight during the night (> 85% on average) than any other seabird studied so far. Bulwer’s petrels also tend to fly more on full moon nights. The lunar cycle also influenced the date of departure to post-nuptial migration, with 56% of the individuals leaving the colony during new moon. Considering that these birds spend a significant proportion of their annual cycle in their wintering areas, the conditions at these locations will probably affect their survival and reproduction rate. Therefore, the results of this study can contribute to increase the knowledge of the ecology of pelagic seabirds, many of which are at risk of extinction, and be of great importance to in the identification and management of marine protected areas

Revealing the foraging movements and diet of the White-faced Storm Petrel Pelagodroma marina in the NE Atlantic

The White-faced Storm Petrel (WFSP) Pelagodroma marina has a widespread distribution, although virtually nothing is known about their feeding ecology and distributions at-sea. To describe their foraging areas, a total of 77 birds were equipped with 1 g-GPS loggers on Selvagem Grande, Madeira, Portugal (30° 09′ N, 15° 52′ W), during the 2018 and 2019 breeding seasons. We also assessed the diet of WFSP by analysing 17 faecal samples from chicks and 1 regurgitation from an adult using DNA metabarcoding techniques. Additionally, we collected body feathers from ten WFSP chicks to determine mercury concentration. WFSP fed mainly in deep oceanic waters, travelling up to 400 km from the colony, and did not concentrate in any well-defned, population-level foraging hotspots. Some individuals foraged along the edge of the shelf, near the African coast and the Canary Islands, especially during chick rearing. The duration of foraging trips and the total distance travelled, were, on average, 5.1 days and 723 km during the incubation period and 3.0 days and 578 km during chick rearing. The diet of WFSP was dominated by fsh and cephalopods (crustacean prey were not detected), with Myctophidae (FO=71%) representing the main fsh family. WFSP often consume mesopelagic fsh, in line with their preference for deep oceanic waters and with a small diference in at sea behavior (i.e., travel speed) between the diurnal and nocturnal period. The relatively high concentrations of mercury accumulated in body feathers of WFSP chicks (3.45±1.44 mg kg−1 dry weight; range 1.68–6.01 mg kg−1) support the idea that WFSP raise their chicks mostly on mesopelagic prey from deep pelagic areas.CESAM; Fundação para a Ciência e Tecnologia - FCTinfo:eu-repo/semantics/publishedVersio

Characterization of an extinct seabird colony on the island of Santa Luzia (Cabo Verde) and its potential for future recolonizations

Islands worldwide have sufered seabird extinctions after the arrival of humans and the alien species they introduced. On Santa Luzia (Cabo Verde), an uninhabited island of 35 km2 ,the presence of an impressive quantity of petrel bones in coastal dunes suggested the previous existence of an important seabird colony. Yet, these remains had not been identifed and no seabird extinctions have been reported for the island. This paper characterizes the extinct seabird colony of Santa Luzia and discusses the chronology and possible causes of its demise. A total of 130 grid points in a 5 km2 area and 38 supplementary points within and outside the main study area were excavated to collect bone remains. A total of 1318 anatomical elements, identifed as White-faced Storm Petrel Pelagodroma marina eadesorum (85.3% of the minimum number of individuals, MNI), Boyd’s Shearwater Pufnus lherminieri boydi (11.8% MNI) and Cape Verde Storm Petrel Hydrobates jabejabe (2.9% MNI), were found in 18% of the sampling points, within 1.25 km2 . Neither of the two former species currently breeds on Santa Luzia. In addition, two bones of the Cape Verde Shearwater Calonectris edwardsii and Pterodroma sp. were detected in the supplementary points. Radiocarbon dating of White-faced Storm Petrel (n=10) and Boyd’s Shearwater bones (n=13) suggests that the colony probably went extinct during the frst half of the twentieth century. The recent extinction of these species on Santa Luzia might be consequent on the arrival of humans and their domestic animals on the island. We estimate that the extinct seabird populations must have been at least hundreds of thousand strong, far larger than current populations of the same species in Cabo Verde. We suggest that, following feral cat eradication, Santa Luzia has a signifcant potential for seabird restorationFundação para a Ciência e Tecnologia - FCTinfo:eu-repo/semantics/publishedVersio

Molecular detection of Leishmania spp. in dogs and a cat from Doha, Qatar

Research Areas: Parasitology ;Tropical MedicineBackground: Canine and feline leishmanioses are increasingly reported worldwide and represent a threat to both animal and human health. Despite their relevance, data about leishmanioses in companion animals in the east-central part of the Arabian Peninsula are unavailable. Therefore, we investigated the occurrence of Leishmania spp. in dogs and cats from Qatar. Methods: From March 2016 to May 2018, 199 pets (120 dogs and 79 cats) living in Doha or its outskirts were included in this study. From each animal a blood sample was collected and tested for Leishmania spp. by quantitative real-time PCR. Results: Out of the 199 animals, four (2.0%) were positive for Leishmania spp., including three dogs (2.5%) and one cat (1.3%). Conclusions: All positive animals were born in Qatar and had not travelled overseas, suggesting that infection was locally acquired. Considering the occurrence of Leishmania spp. and its potential impact on the health of animals and humans, it is crucial to increase scientific knowledge in order to plan screening and regular prophylaxis against sand fly vectors to reduce the risk of infection.info:eu-repo/semantics/publishedVersio

Antagonistic activity of fungi of Olea europaea L. against Colletotrichum acutatum

Fungi naturally present in olive trees were isolated, identified and tested for their potential to be used as biological agents against C. acutatum, the causal agent of anthracnose, one of the most important olive diseases. Antagonistic activity and effect of their secondary metabolites was evaluated through dual culture growth, agar-diffusion and volatile tests. A total of 14 isolates were identified from olive leaves, 12 belonged to genera Alternaria, Epicoccum, Fusarium, Aspergillus, Anthinium, Chaetomium, Diaporthe, Nigrospora, 1 to family Xylariaceae and 1 was unclassified. The most frequent isolates, composing half of the isolates identified, belonged to genera Alternaria, Fusarium or to species Epicoccum nigrum. All fungal isolates, when grown in dual culture, showed some inhibitory action over the growth of C. acutatum. Maximum inhibition was observed with A. niger (86.3%), N. oryzae (66.7%) and the unclassified endophyte (68.6%). Volatiles tests showed that all fungal isolates produced volatiles that caused similar inhibition rates of C. acutatum growth. Significant differences on C. acutatum growth inhibition were obtained when agar diffusible tests were performed, where only 5 fungal isolates caused C. acutatum growth inhibition: Alternaria sp. isolate 2 (26.8%), the fungus from Xylariaceae family (14.3%), Alternaria sp. isolate 1 (10.7%); Diaporthe sp. (10.7%), Nigrospora oryzae (3.5%). Volatile substances produced by these different isolates were identified through gas chromatography techniques, as phenylethyl alcohol, 4-methylquinazoline, benzothiazole, benzyl alcohol, lilial, galaxolide, among others. These inhibitory volatiles could play a significant role in reduction of C. acutatum expansion in olive and their study as potential biocontrol agents should be further explored. This would be of great interest to meet one of the main concerns of public health that is the excess of chemical fungicides on crop plants.Inalentejo ALENT-07-0324- FEDER-001747, OPERAC¸ ÃO: Gestão Integrada da Protec¸ ão do Olival Alentejano. Contributos para o seu desenvolvimento e implementac¸ ão. Carla Marisa R. Varanda is recipient of a PhD fellowship from Fundac¸ ão para a Ciência e a Tecnologia (FCT), SFRH/BPD/76194/2011, financed by QREN – POPH – Typology 4.1—co-financed by MES national funding and the European Social Fund. This work has been supported by FEDER and National funds, through the Programa Operacional Regional do Alentejo (InAlentejo) Operation ALENT-07-0262-FEDER-001871/Laboratório de Biotecnologia Aplicada e Tecnologias Agro-Ambientais

Attention effects on the processing of task-relevant and task-irrelevant speech sounds and letters

Peer reviewe

INVESTIMENTOS EM TI VERSUS PLANEJAMENTO: UMA AVALIAÇÃO NAS INSTITUIÇÕES DE ENSINO DA AMAZÔNIA LEGAL

O objetivo deste artigo é identificar as instituições de ensino públicas federais da Amazônia Legal brasileira que realizaram planejamento específico para a área de tecnologia da informação (TI). Buscou-se também relacionar o plano definido ou não pelas instituições aos investimentos realizados no ano de 2011. A metodologia utilizada foi baseada em pesquisa documental e descritiva. Este estudo teve como base de pesquisa principal às respostas dos questionários referente ao levantamento o iGovTI de 2012 do Tribunal de Contas da União. Conclui-se neste artigo que as instituições de ensino que publicaram o Plano Diretor de TI foram as que mais investiram em tecnologia da informação no ano de 2011, computando um percentual de 92% do valor gasto por todas as instituições pesquisadas