Corporate innovation in relation to IPO, enterprise value and R&D expenditures: evidence from Finnish companies gone public

In this paper, I examine the innovation activities of Finnish companies that have conducted an initial public offering during 1988-2012. The study provides novel analysis on innovations in relation to IPO, enterprise value and innovation investment within important Finnish companies. First, using unique innovation data collected by Technical Research Centre of Finland (VTT) and national patent data, I find that going public increases the number of innovations and patents while it affects negatively on the innovation novelty for Finnish market and increases the novelty for international markets. The novelty effect is emphasized within high-tech industry while also patent data supports a transition to international markets. Second, emphasizing the importance of innovations on performance, I find that innovations have a positive effect on enterprise value. Third, regarding the financing of innovations, the findings support a close link between increased R&D expenditures and innovations as well as indicate that more complex innovations tend to receive more public subsidies for development

The Re-engraved Matrix: Bishop v/s Chapter in Nidaros around 1300

Seglstampen T. 1504 i Videnskapsmuseet i Trondheim, funnet i elvesanden i byen, har tilhørt Nidaros domkapitel, og avtrykk er kjent fra 1263â1264 og inntil 1281, i det siste dokumentet er stampen brukt som kontrasegl. Deretter kommer et avtrykk fra en lignende, men ikke identisk, stamp i et dokument fra 1303. Etter 1307 har man igjen tatt i bruk den eldre stampen, men nå har denne fått to roser inngravert. Denne stampen ble brukt helt frem til reformasjonen (da noen kastet den i elven?)ââ¬âââ¬âââ¬âDette er et materielt vitnesbyrd fra en velkjent episode i norsk historie: striden mellom erkebiskop Jørund og hans domkapitel, dokumentert i en rekke diplomer fra perioden 1288â1307. Det handlet om økonomi, om bestemmelsesmyndighet, og om personlige uoverensstemmelser. Paven ble trukket inn, og flere forsoningsmøter ble holdt, uten at det hjalp. Erkebiskopen konfiskerte kannikenes eiendom og kostbarheter, og blant dem kapitlets to seglstamper; vi vet ikke nøyakting når. Men fra seglet som er dokumentert i 1303 kan vi slutte at domkapitlet hadde fått laget seg et ëerstatningsseglû, iallfall for det lille seglet. Fra dokumenter i 1307 kan vi deretter se at man da hadde fått tilbake det gamle seglet, men nå med to roser inngravert â det samme kan vi slutte om kapitlets store segl, selv om dette ikke er dokumentert før 1488: også her er det roser inngravert. Men seglet fra 1303 virker egentlig som et meget bedre og mer ëmoderneû arbeide â hvorfor beholdt man ikke dette, men gikk tilbake til å bruke den gamle stampen? Sier det oss noe om holdninger og ambisjoner? ââ¬âââ¬âââ¬âDet korte tillegget er et forsøk på å datere de to stampene via kunsthistoriske betraktninger; begge har alderdommelige, ëromanskeû, trekk til tross for at de klart tilhører første halvdel av århundret. Det lille seglet er et meget bedre arbeide; mulig er det yngst av de to

Emissions trading : China's practices in a global context

textThis thesis provides an overview of attempts to mitigate climate change through emissions trading systems (ETS) with a focus on China's recent announcement to implement a national ETS. The report begins with a description of climate change and the inherent difficulties of reducing greenhouse gas (GHG) emissions. Popular policy mechanisms that aim to reduce GHG emissions with a goal of mitigating climate change are described, including the United Nations efforts to implement an international ETS through international climate negotiations. The second chapter reports on international, national and regional ETSs, with a focus on a multitude of critical ETS components. The third chapter outlines the theory of linking ETSs, design considerations, benefits, potential barriers and risks of linking. The fourth chapter focuses on air pollution in China and the state’s response to limit pollution through regional pilot ETSs that may transition into a Chinese national ETS based on the pilot programs' results. The conclusion of the thesis focuses on the potential repercussions of the future implementation of China's national ETS. The thesis concludes that China’s selection of an ETS over other policy mechanisms can enhance other nations' confidence in an ETS's ability to reduce emissions without impeding economic growth. The Chinese system can influence future UNFCCC meetings and may facilitate global agreements. The lessons learned from China's ETS has the potential to encourage the development of existing and future ETSs. Asia could become the global center for emissions trading if China considers linking systems with existing and future ETSs.Energy and Earth Resource

Computational photochemistry of heteroaromatic biomolecules : photodynamic therapy and ultrafast relaxation

This thesis focuses on the photochemistry of heteroaromatic biomolecules. These molecular systems have a rich photochemistry and take part in photochemical reactions that have many very topical applications. Small heteroaromatics constitute important biological building blocks and are therefore a fundamental components of living organisms. Even though these compounds absorb light very efficiently, they also have ultrafast relaxation processes available to them. This means that they can remove the absorbed energy very fast and avoid harmfull photoproducts forming, which can lead to cell damage. Larger heteroaromatics have a similarly efficient absorption of electromagnetic light, and are present in compounds that are responsible for the harvesting of energy in nature, for example the chlorophyll molecule in green plants and bacteria. If large heteroaromatics are artificially presented to living cells however, the excess energy absorbed by these systems may also cause cell damage. This destructive force can however be utilised in therapy forms where there is a need to get rid of unwanted cells, such as in anti-cancer therapy. A form of therapy based on this principle is photodynamic therapy. The use of computational chemistry in the investigations of photochemical phenomena has increased following the improvements in the efficiency of computers and algorithms. Modern techniques have now reached a stage where ultrafast relaxation processes can be calculated for small heteroaromatics. As the experimental community has also reached a stage where these compounds can be probed using ultrafast laser experiments, there is a need for computational input to aid in the interpretation of the data of these phenomena. This thesis will present computational results concerning the relaxation dynamics of important small heteroaromatic biomolecules, and discuss them in terms of experimental data collected by collaborative groups. For the development of molecules to be used in photodynamic therapy, a lot of work is needed to ensure safety for use in human beings. With the computational chemistry community now being able to carry out absorption studies for large heteroaromatics, computational structure-absorption relationships can aid the development of this form of therapy. At the limits of modern photochemistry, methods are also appearing that can be used for studies of ultrafast relaxation in larger systems. These computations could contribute hugely to the understanding of the behaviour of these types of systems and aid their development. In a large component of this thesis, new structure-absorption relationships are presented for interesting heteroaromatics with potential for use in photodynamic therapy. One section is also devoted to exploratory work using methods that have not before been used in systems that are larger in size, and presents some promising results as well as current challenges in the field