Impact of Green Bonds on Firm's Valuation

Among all the previous and current market-based solutions, green bonds have created one of the most potential market to channel funds to various investment projects. The main purpose of this thesis is to investigate whether the green bonds are priced lower than ordinary ones and how this would impact the fundamental value of the company through valuation methods. This thesis is focusing on rather new and interesting subject because green bonds and its markets have been studied since the inception of the first green bond in 2007 and even more widely when volumes have grown rapidly. Prior studies have concluded that the green bonds are priced more cheaply than conventional ones and the market has similar risk compared to the traditional bond market. Even though previous findings indicate different coefficient and level of significant degrees for the results, they are in the line with each other indicating the premium of green bonds can be investigated. This study finds that green bonds are little bit cheaper than conventional bonds with 0,60-0,84% premium in the studied data sample during 2013-2020. Although the green bond issuance is associated with other respective costs such as third-party assessment and certification, these costs do not exceed the available pricing advantage according to the findings. This study also investigates how the achieved premium from green bond issuance will result in cost of debt and therefore impact the valuation of a company by using the traditional DCF valuation model. Results of this thesis indicate that there are clear differences in how the fundamental value of a company grows depending on its capital structure if the cost of debt decreases by the premium of green bonds. According to the CAR tests of a company stock price that issued a green bond, shows that not every time windows have statistically significant abnormal returns, but the shortest time window [−5,5] indicates statistically significant excess returns (4,18%) during the green bond issuance

Inhibition of Thrombin in Cardiac Surgery : experiments in a porcine model

Cardiac surgery involving cardiopulmonary bypass (CPB) induces activation of inflammation and coagulation systems and is associated with ischemia-reperfusion injury (I/R injury)in various organs including the myocardium, lungs, and intestine. I/R injury is manifested as organ dysfunction. Thrombin, the key enzyme of coagulation , plays a cenral role also in inflammation and contributes to regulation of apoptosis as well. The general aim of this thesis was to evaluate the potential of thrombin inhibition in reducing the adverse effects of I/R injury in myocardium, lungs, and intestine associated with the use of CPB and cardiac surgery. Forty five pigs were used for the studies. Two randomized blinded studies were performed. Animals underwent 75 min of normothermic CPB, 60 min of aortic clamping, and 120 min of reperfusion period. Twenty animals received iv. recombinant hirudin, a selective and effective inbitor of thrombin, or placebo. In a similar setting, twenty animals received an iv-bolus (250 IU/kg) of antithrombin (AT) or placebo. An additional group of 5 animals received 500 IU/kg in an open label setting to test dose response. Generation of thrombin (TAT), coagulation status (ACT), and hemodynamics were measured. Intramucosal pH and pCO2 were measured from the luminal surface of ileum using tonometry simultaneusly with arterial gas analysis. In addition, myocardial, lung, and intestinal biopsies were taken to quantitate leukocyte infiltration (MPO), for histological evaluation, and detection of apoptosis (TUNEL, caspase 3). In conclusion, our data suggest that r-hirudin may be an effective inhibitor of reperfusion induced thrombin generation in addition to being a direct inhibitor of preformed thrombin. Overall, the results suggest that inhibition of thrombin, beyond what is needed for efficient anticoagulation by heparin, has beneficial effects on myocardial I/R injury and hemodynamics during cardiac surgery and CPB. We showed that infusion of the thrombin inhibitor r-hirudin during reperfusion was associated with attenuated post ischemia left ventricular dysfunction and decreased systemic vascular resistance. Consequently microvascular flow was improved during ischemia-reperfusion injury. Improved recovery of myocardium during the post-ischemic reperfusion period was associated with significantly less cardiomyocyte apoptosis and with a trend in anti-inflammatory effects. Thus, inhibition of reperfusion induced thrombin may offer beneficial effects by mechanisms other than direct anticoagulant effects. AT, in doses with a significant anticoagulant effect, did not alleviate myocardial I/R injury in terms of myocardial recovery, histological inflammatory changes or post-ischemic troponin T release. Instead, AT attenuated reperfusion induced increase in pulmonary pressure after CPB. Taken the clinical significance of postoperative pulmonary hemodynamics in patients undergoing cardiopulmonary bypass, the potential positive regulatory role of AT and clinical implications needs to be studied further. Inflammatory response in the gut wall proved to be poorly associated with perturbed mucosal perfusion and the animals with the least neutrophil tissue sequestration and I/R related histological alterations tended to have the most progressive mucosal hypoperfusion. Thus, mechanisms of low-flow reperfusion injury during CPB can differ from the mechanisms seen in total ischemia reperfusion injury.Sydänkeuhkoneen käyttö ja kirurginen vamma käynnistävät elimistössä voimakkaan tulehdus- ja hyytymisjärjestelmän aktivaation. Avosydänleikkauksissa sydän pysäytetään ja sen verenkierto estetään toimenpiteen ajaksi. Lisäksi sydänkehkokoneen käytön aikainen poikkeava verenkierto voi johtaa muidenkin elinten kuten suolen ja keuhkojen toimintahäiriöön. Erityisesti elinten verenkierron palautumisvaiheeseen, ns. reperfuusiovaiheesen, liittyy paikallinen nopea tulehdus- ja hyytymismekanismin monimutkainen ja osin yhteensidottu aktivoituminen, jossa trombiinilla näyttäisi olevan keskeinen asema. Trombiinilla tiedetään olevan myös apoptoosia aktivoivia ominaisuuksia. Tämän tutkimussarjan yleistavoitteena oli selvittää voidaanko sydänkirurgiaan ja sydänkeuhkokoneen käyttöön liittyvässä iskemia-reperfuusiotilanteessa sydänlihaksen, keuhkojen ja suoliston toipumista edistää eri mekanismeilla toimivilla trombiinin estäjillä. Sisällyttämällä koeasetelmaan kaksi eri mekanismilla toimivaa trombiininestäjää (hirudiini, antitrombiini) ja mittaamalla samanaikaisesti sekä hyytymismekanismin aktivaatiota että inflammatorista vastetta pyrittiin erittelemään välittyykö mahdollinen toipumista edistävä mekanismi puhtaasti trombiinin eston kautta ja onko antitrombiinin trombiinin estosta erillisellä anti-inflammatorisella vaikutuksella merkitystä. Kyseessä oli avosydänkirurginen koeasetelma sialla, jossa eläin kytkettiin sydänkeuhkokoneeseen. Satunnaistetusti ja sokotetusti 15 min ennen yhden tunnin sydänlihasiskemian loppua sian verenkiertoon annettiin tutkimuslääkettä tai placeboa. Sydämen hemodynaamista toipumista seurattiin kahden tunnin ajan ja samalla mitattiin sekä hyytymisaktivaatiota trombiinin muodostuksen tasolla että inflammatorista vastetta verinäytteistä ja sydän- ja suolibiopsioista. Kahden tunnin reperfuusiovaiheen jälkeen sydänlihaksesta, keuhkoista ja suolesta otettiin koepalat histologista tarkastelua ja apoptoosin määrittämistä varten. Lisäksi suoliston verenkiertoa mitattiin epäsuorasti ohutsuoleen asetetun tonometria katetrin avulla perfuusion aikana ja sen jälkeen. Yhteenvetona osatöiden tuloksista todettiin, että hirudiini estää sekä reperfuusion aikaista trombiinin muodostusta että jo muodostunutta trombiinia, jolla on edullisia vaikutuksia sydänlihaksen toipumiseen iskeemisestä stressistä, systeemiverenkierron vastukseen ja suoliston mikroverenkiertoon. Sydänlihaksen koepaloista mikroskoopilla tehdyssä analyysissä mikrotromboosia ei todettu mutta sydänlihaksen parempaan toipumiseen liittyi hirudiinia saaneilla eläimillä tulehdussolujen vähäisempi määrä ja apoptoosia esiintyi merkittävästi vähemmän kuin kontrolleilla. Johtopäätöksenä oli, että reperfuusion aikaisen trombiinin muodostuksen estolla näyttäsi olevan muitakin edullisia vaikutuksia sydänlihaksen toipumisessa kuin hyytymisjärjestelmän aktivaation esto. Antitrombiinin veren hyytymistä estävä vaikutus tuli selvästi esille mutta antitrombiini ei vähentänyt reperfuusion aikaista trombiinin muodostusta. Antitrombiini ei estänyt sydänlihaksen histologista vauriota ja vaikutus minuuttivolyymiin ja isku-tilavuuteen oli vain lyhytaikaista ja ohimenevää. Sen sijaan antitrombiini näytti merkittävästi estävän reperfuusiovaiheen keuhkovaltimopaineen ja –vastuksen nousua. Suolen seinämän tulehduksellinen vaste ei assosioitunut suolen limakalvon huonontuneeseen verenkiertoon vaan päinvastoin. Tämä löydös oli vastoin aiempia kokeellisilla suolen verenkierron kokonaan estetyillä malleilla tehtyjä havaintoja. Tulos viittaa siihen, että sydänkeuhkokoneen aiheuttama verenkierron low-flow tilanteen reperfuusiovaurion mekanismit ja sen seuraukset suolen seinämässä poikkeavat totaalin iskemia-reperfuusio vaurion mekanismeista

Koti ja painetut taiteilijakirjat 2000-luvun alussa

Opinnäytetyöni "Koti ja painetut taiteilijakirjat 2000-luvun alussa" koostuu produktiosta ja siihen liittyvästä tutkielmasta. Produktioni on kirja nimeltä "Koti". Teos on painettu taiteilijakirja. Se rakentuu piirroksista, jotka yhdessä muodostavat sanattoman, kuvallisen tarina. Koti vie lukijan kuuteentoista asuntoon, joista jokainen on ollut minun kotini. Kirjan kaikki luvut alkavat saapumisella talolle ja päättyvät kodin ikkunasta näkyvään arkiseen maisemaan. "Koti"-kirjan koko on 12,5 x 15,5 cm. Teoksessa on 144 sivua, jotka sisältävät 64 mustavalkoista lyijykynäpiirrosta. Kirja on julkaistu omakustanteena ja siitä on otettu 500 kappaleen offset-painos. Tutkielmaosiossa pyrin selvittämään, mitä ovat taiteilijakirjat sekä miksi painetut taiteilijakirjat ovat olleet suosiossa 2000-luvun ensimmäisellä vuosikymmenellä. Lähestyn aihetta lähdekirjallisuuden, taiteilijakirjojen historian, tekijähaastattelujen ja oman työskentelyni kautta

Phenotypic Plasticity in Response to the Social Environment: Effects of Density and Sex Ratio on Mating Behaviour Following Ecotype Divergence

The ability to express phenotypically plastic responses to environmental cues might be adaptive in changing environments. We studied phenotypic plasticity in mating behaviour as a response to population density and adult sex ratio in a freshwater isopod (Asellus aquaticus). A. aquaticus has recently diverged into two distinct ecotypes, inhabiting different lake habitats (reed Phragmites australis and stonewort Chara tomentosa, respectively). In field surveys, we found that these habitats differ markedly in isopod population densities and adult sex ratios. These spatially and temporally demographic differences are likely to affect mating behaviour. We performed behavioural experiments using animals from both the ancestral ecotype (“reed” isopods) and from the novel ecotype (“stonewort” isopods) population. We found that neither ecotype adjusted their behaviour in response to population density. However, the reed ecotype had a higher intrinsic mating propensity across densities. In contrast to the effects of density, we found ecotype differences in plasticity in response to sex ratio. The stonewort ecotype show pronounced phenotypic plasticity in mating propensity to adult sex ratio, whereas the reed ecotype showed a more canalised behaviour with respect to this demographic factor. We suggest that the lower overall mating propensity and the phenotypic plasticity in response to sex ratio have evolved in the novel stonewort ecotype following invasion of the novel habitat. Plasticity in mating behaviour may in turn have effects on the direction and intensity of sexual selection in the stonewort habitat, which may fuel further ecotype divergence

13-year single-center experience with the treatment of acute type B aortic dissection

Background. Acute type B aortic dissection (TBAD) is catastrophic event associated with significant mortality and lifelong morbidity. The optimal treatment strategy of TBAD is still controversial. Methods. This analysis includes patients treated for TBAD at the Helsinki University Hospital, Finland in 2007-2019. The endpoints were early and late mortality, and intervention of the aorta. Results. There were 205 consecutive TBAD patients, 59 complicated and 146 uncomplicated patients (mean age of 66 +/- 14, females 27.8%). In-hospital and 30-day mortality rates were higher in complicated patients compared with uncomplicated patients with a statistically significant difference (p = 0.035 and p = 0.015, respectively). After a mean follow-up of 4.9 +/- 3.8 years, 36 (25.0%) and 22 (37.9%) TBAD -related adverse events occurred in the uncomplicated and complicated groups, respectively (p = 0.066). Freedom from composite outcome was 83 +/- 3% and 69 +/- 6% at 1 year, 75 +/- 4% and 63 +/- 7% at 5 years, 70 +/- 5% and 59 +/- 7% at 10 years in the uncomplicated group and in the complicated group, respectively (p = 0.052). There were 25 (39.1%) TBAD-related deaths in the overall series and prior aortic aneurysm was the only risk factor for adverse aortic-related events in multivariate analysis (HR 3.46, 95% CI 1.72-6.96, p < 0.001). Conclusion. TBAD is associated with a significant risk of early and late adverse events. Such a risk tends to be lower among patients with uncomplicated dissection, still one fourth of them experience TBAD-related event. Recognition of risk factors in the uncomplicated group who may benefit from early aortic repair would be beneficial.Peer reviewe

Late Outcome after Surgery for Type-A Aortic Dissection

The aim of this study was to evaluate all-cause mortality and aortic reoperations after surgery for Stanford type A aortic dissection (TAAD). We evaluated the late outcome of patients who underwent surgery for acute TAAD from January 2005 to December 2017 at the Helsinki University Hospital, Finland. We studied 309 patients (DeBakey type I TAAD: 89.3%) who underwent repair of TAAD. Aortic root repair was performed in 94 patients (30.4%), hemiarch repair in 264 patients (85.4%) and partial/total aortic arch repair in 32 patients (10.4%). Hospital mortality was 13.6%. At 10 years, all-cause mortality was 34.9%, and the cumulative incidence of aortic reoperation or late aortic-related death was 15.6%, of any aortic reoperation 14.6%, reoperation on the aortic root 6.6%, on the aortic arch, descending thoracic and/or abdominal aorta 8.7%, on the descending thoracic and/or abdominal aorta 6.4%, and on the abdominal aorta 3.8%. At 10 years, cumulative incidence of reoperation on the distal aorta was higher in patients with a diameter of the descending thoracic aorta >= 35 mm at primary surgery (cumulative incidence in the overall series: 13.2% vs. 4.0%, SHR 3.993, 95%CI 1.316-12.120; DeBakey type I aortic dissection: 13.6% vs. 4.5%, SHR 3.610, 95%CI 1.193-10.913; patients with dissected descending thoracic aorta: 15.8% vs. 5.9%, SHR 3.211, 95%CI 1.067-9.664). In conclusion, surgical repair of TAAD limited to the aortic segments involved by the intimal tear was associated with favorable survival and a low rate of aortic reoperations. However, patients with enlarged descending thoracic aorta at primary surgery had higher risk of late reoperation. Half of the distal aortic reinterventions were performed on the abdominal aorta.Peer reviewe

It takes two to stay afloat: interplay of morphology and physiological acclimation ensures long-term floating dispersal of the bladderwrack Fucus vesiculosus (Phaeophyceae, Fucales)

Floating algae can be found in high abundances at mid and high latitudes, their prolonged positive buoyancy allowing long-distance dispersal. However, despite their importance to dispersal and ecological and evolutionary meta-population dynamics, little is known about the buoyancy responses of high latitude algae to the conditions at the sea surface. Indeed, even at 60 degrees N environmental conditions during spring/summer can be challenging, and may cause the demise and sinking of floating algae. The bladderwrack Fucus vesiculosus from the Northern Baltic Sea floats on the sea surface when detached from the benthic substratum. We conducted a field experiment with tethered individuals during their reproductive period to measure variation in floating time and how that is related to morphological traits such as occurrence of vesicles and/or receptacles, and to measure growth and photosynthesis while afloat. Algal individuals with receptacles tended to sink quickly, whereas the longest floating time was evident for individuals carrying vesicles but lacking receptacles. While afloat, all individuals grew in size, showed photosynthetic acclimation to sea surface conditions and had a few invertebrates associated with them. Our results showed that rafts of F. vesiculosus were physiologically viable until their day of sinking and that morphological traits such as the occurrence of vesicles and receptacles modified their floating time. Accordingly, floating algae with a similar morphological set-up, and thus also reproductive phenology, to F. vesiculosus can have a high floating persistence, but, depending on their reproductive structures, they may mostly serve as long-range dispersal vehicles for associated organisms.</p

Low abundance of floating marine debris in the northern Baltic Sea

We determined the spatial and seasonal distribution of Floating Marine Debris (FMD) by visual ship surveys across the northern Baltic Sea between Finland and Sweden. FMD density was comparatively low, and we found the highest debris density close to major port cities. The seasonal variation in debris density was not pronounced although we observed more FMD items during the summer surveys. Plastic bags were the most common identifiable litter items, and we also found other consumer items (plastic bottles and cups). Styrofoam items suggest fishing or aquaculture activities as potential sea-based sources of FMD. These are the first data on FMD density in the Baltic Sea, and they are substantially lower than those reported for other coastal waters, which may be due to (i) lower human population densities, and (ii) higher environmental awareness in the Scandinavian countries.</p

Gene regulatory response to hyposalinity in the brown seaweed Fucus vesiculosus

Background Rockweeds are among the most important foundation species of temperate rocky littoral shores. In the Baltic Sea, the rockweed Fucus vesiculosus is distributed along a decreasing salinity gradient from the North Atlantic entrance to the low-salinity regions in the north-eastern margins, thus, demonstrating a remarkable tolerance to hyposalinity. The underlying mechanisms for this tolerance are still poorly understood. Here, we exposed F. vesiculosus from two range-margin populations to the hyposaline (2.5 PSU - practical salinity unit) conditions that are projected to occur in the region by the end of this century as a result of climate change. We used transcriptome analysis (RNA-seq) to determine the gene expression patterns associated with hyposalinity acclimation, and examined the variation in these patterns between the sampled populations. Results Hyposalinity induced different responses in the two populations: in one, only 26 genes were differentially expressed between salinity treatments, while the other population demonstrated up- or downregulation in 3072 genes. In the latter population, the projected future hyposalinity induced an acute response in terms of antioxidant production. Genes associated with membrane composition and structure were also heavily involved, with the upregulation of fatty acid and actin production, and the downregulation of ion channels and alginate pathways. Changes in gene expression patterns clearly indicated an inhibition of the photosynthetic machinery, with a consequent downregulation of carbohydrate production. Simultaneously, energy consumption increased, as revealed by the upregulation of genes associated with respiration and ATP synthesis. Overall, the genes that demonstrated the largest increase in expression were ribosomal proteins involved in translation pathways. The fixation rate of SNP:s was higher within genes responding to hyposalinity than elsewhere in the transcriptome. Conclusions The high fixation rate in the genes coding for salinity acclimation mechanisms implies strong selection for them. The among-population differentiation that we observed in the transcriptomic response to hyposalinity stress suggests that populations of F. vesiculosus may differ in their tolerance to future desalination, possibly as a result of local adaptation to salinity conditions within the Baltic Sea. These results emphasise the importance of considering interspecific genetic variation when evaluating the consequences of environmental change