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Do credit rating announcements have informational value?: European evidence

OBJECTIVES OF THE STUDY The main objectives of this thesis are to study how the stock prices of European companies that experience a rating change behave around the announcement day and to what extent the observed abnormal returns can be attributed to the rating announcement itself rather than contaminating information. I will also be studying the effect of sample-selection criteria on the results since the use of uncontaminated samples may lead to underestimating the market response. I will also present additional analysis about factors that affect the market response. DATA AND METHODOLOGY The credit rating data consists of issuer-specific long-term ratings by S&P, Moody´s and Fitch between January 2000 and December 2011 for companies that belong to seven major European indices. Stock market reactions to rating changes are studied by calculating mean cumulative abnormal returns (MCARs) for different time periods inside [-25,+25] day window around the announcement day. I use three different samples, all built using different criteria, to examine the effect of sample-selection criteria on the results. The information content of a rating, controlling for other sources of information, is measured by calculating the difference between CARs of [-4,-2] and [-1,+1] windows. RESULTS When studying the combined samples I find no market response during the announcement period [-1,+1] using the uncontaminated sample. When using the clustering sample there is a statistically significant market reaction to downgrades but not for upgrades. The results of the unconditional sample suggest that the market reacts to both announcements but the reaction to upgrades remains weakly significant. However, when examining the informational content of the announcement itself it seems that downgrades suffer more from contaminating news from other sources of information and the announcement itself explains smaller proportion of the market reaction than in the case of upgrades. The results of my additional analysis suggest that multiple notch actions lead to stronger market reactions than single notch actions and that single notch actions are more heavily anticipated. Also the level of original rating seems to affect the market reaction as companies that are initially rated below investment grade experience stronger market reactions than investment grade companies. When studying each of the seven markets separately the results vary significantly. For example a reaction to downgrades but not to upgrades can be observed when using UK data and vice versa when using Nordic data

The heart and soil of value-based business : emerging circular business network and vernacular accountings

The way individual actors in organisations are involved in local social orders and handle knowledge to manage everyday tasks may take various forms not sanctioned by formal organisational hierarchy, yet with the potential to affect a company’s managerial work and guide the development of formal practices. This qualitative case study deploys the concept of vernacular accountings (Kilfoyle et al., 2013) to an organisation building a business in a circular economy (CE) context. The case illustrates locally self-generated accountings as an inherent part of an organisation’s management system’s development and as tools individuals apply to manage their occupational tasks to cope with a diversity of beliefs and traditions within CE networks. The case organisation is an intermediary of industrial side streams circulation in the agricultural sector, allowing for examination of the role human–nature relationships and local understandings play in developing organisational processes and accounting practices. Moreover, the study illustrates how vernacular accountings may reveal deficiencies in formal officially sanctioned systems and thus contribute to developing management accounting and control practices. In this view, the way individuals interact, participate in vernacular information economies and produce information to justify their decisions may play a key role in understanding management accounting and control in a nonconventional business environment. The study also emphasises the importance of understanding various orientations towards sustainability and nature embraced by participants in CE business networks, suggesting that vernacular accountings may hold the potential to capture this diversity.publishedVersionPeer reviewe

Lämmitysratkaisun luoma asiakasarvo taloyhtiölle

Tämän työn tarkoituksena on selvittää kaukolämmöllä vuosikymmeniä lämminneiden asunto-osakeyhtiöiden osalta sitä, miksi taloyhtiöissä luovutaan kokonaan kaukolämmöstä ja siirrytään maalämpölämmitykseen tai päädytään kaukolämmön ja lämpöpumpun hybridiratkaisuun. Tarkastelu rajattiin taloyhtiöiden päätöksentekijöiden omiin näkemyksiin päätöksentekoperusteista. Miten ajatus lähtee yhtiössä liikkeelle ja miten lopputulokseen päädyttiin? Voidaanko ilmiön takaa tunnistaa muitakin kuin taloudellisia perusteita ja kuinka merkittävinä nämä koetaan? Kaukolämpöä pidettiin siitä luopuneiden asunto-osakeyhtiöiden näkökulmasta hyvänä järjestelmänä, mutta kustannukset olivat ratkaiseva syy luopumiseen. Myös hintamielikuva oli negatiivinen – kaukolämmön hinnan koettiin nousevan jatkuvasti, vaikka tosiasiassa hinnat eivät olisi muuttuneet. Lämmityskustannus on ongelma, johon haastatellut taloyhtiöt hakivat ratkaisua lämmitystavan vaihdosta. Kävi ilmi, että usein kaukolämmöstä pois siirtyminen sisälsi lämmön hankintatavan muutoksen lisäksi lämpöenergian kulutukseen liittyviä toimenpiteitä, kuten tarpeettoman korkeiden sisälämpötilojen pudottamisen tavoitetasolle. Kulutusta pienentäviä toimenpiteitä oltaisiin voitu tehdä ilman lämmitystavan vaihtamistakin, mutta lämpöpumppuinvestoinnin myötä näitä toimenpiteitä motivoi investoinnin takaisinmaksuaikaan sidotun tavoitteen saavuttaminen. Haastatteluissa kävi ilmi, että vaikka rahan kerrottiin ratkaisseen, muitakin syitä on. Tarve erottautua ja mielenkiinto uuteen tekniikkaan olivat selkeästi tällaisia tekijöitä. Kaukolämpö koettiin lämmitystapana vanhanaikaisena ja kehitykseltään pysähtyneenä ratkaisuna, kun taas lämpöpumppujen miellettiin edustavan uutta tekniikkaa ja tulevaisuutta. Monesti kaukolämmöstä luopumista joudutti tarve päättää kiinteistön kaukolämpövaihtimen uusinnasta. Tämä ajankohta on merkittävä kaukolämpöasiakkaana jatkamisen kyseenalaistamisen aiheuttava hetki – joko lähdetään nyt tai investoidaan uusi vaihdin ja jäädään. Päätös siitä, investoidako jatkoon vai lopettaa asiakkuus, laittaa yhtiön punnitsemaan vaihtoehtoja. Hankitaan tietoa, laskelmia ja tarjouksia. Toimenpiteinä toimeksiantajalle suositeltiin kaukolämmön hintakehitysmielikuvan muuttamista sekä kiinteistöjen energiankulutuksen pienentämiseen kehitettäviä ratkaisuja, joilla lämmittämisen kustannuksia voidaan pienentää lämmitystapaa vaihtamatta. Asiakkuuden menettäminen voidaan siis välttää tarjoamalla asiakkaalle tarpeetonta kulutusta pienentäviä palveluita. Perushyödykkeen, kuuman veden, sijaan asiakas tarvitsee ratkaisun perimmäiseen tarpeeseensa – kuinka lämmittää kohtuullisella kustannuksella

Association of Renal Glomerular and Tubular Function With Renal Outcome in Patients With Posterior Urethral Valves

OBJECTIVE To analyze renal glomerular and tubular function and their association in patients operated for posterior urethral valves and to prognosticate the risk for end-stage kidney disease (ESKD) METHODS Sixty-three previously treated patients were evaluated for renal function during 1987-1991. The patients' age at evaluation was 11 years (range 2-24). Glomerular function was assessed by measuring glomerular filtration rate (GFR) and urine albumin excretion. Tubular function was determined by measuring urine concentration capacity and excretion of electrolytes (Na, K, Cl, Ca, P, Mg) and 0-2-microglobulin. Additionally, the prevalence of hypertension and serum parathyroid hormone and aldosterone values were registered. Tubular function was compared with GFR and the risk of developing ESKD before November 2018. RESULTS Twenty of the study patients (32%) had decreased GFR. In addition, 19% had proteinuria and 56% were hypertensive. Those without proteinuria or hypertension had better GFR values (P < .01 for both). There was a significant correlation between GFR and all the tubular function (P < .05) variables (except excretion of chloride) measured. Compared to the patients with favorable renal outcome, the patients (n = 10) who later developed ESKD had significantly (P < .01) lower GFR and reduced urinary excretion of all measured electrolytes except calcium. Consistently, urine 0-2 microglobulin and serum parathyroid hormone and aldosterone values were significantly higher in the patients who developed ESKD (P CONCLUSION Both glomerular and tubular function decline was common and several parameters were likely to predict ESKD in posterior urethral valves patients. UROLOGY (C) 2020 Elsevier Inc.Peer reviewe

Safety risk sources of autonomous mobile machines

Autonomous mobile machines are applied increasingly often in outdoor applications, but only in places, where logistic problems and safety issues are resolvable. Solving safety issues require good hazard identification and risk estimation. The aim of this study is to show which new risks emerge in autonomous mobile machines compared to manual machines. There are new risks, which are valid only in autonomous mobile machines (e.g., related to sensors for situational awareness), and risks, which exist in both machine types, but human presence can make the difference in resolving the situation. Humans can take sophisticated protective measures during an unexpected hazardous situation. Another aim of this work is to give information to designers and assessors to consider risks of their own design. Autonomous mobile machines are complex, and their performance is not always easily predictable. A checklist of risks would help an assessor, but currently, it may be difficult to find a checklist for a specific autonomous mobile machine. The main result of this study is a checklist of new risk sources or hazards of autonomous mobile machines.<br/

Safety analyses on the use of tram doors in GoA1 and GoA4 autonomy levels

Development towards higher grade of automation (GoA) levels has been a global trend in trains and metros, but so far not in trams due to their complex and highly dynamic operating environment. However, currently rail operators are also showing increasing interest on higher automation levels in tram systems to increase their efficiency and safety. Higher GoA levels in a tram system introduces changes in operating principles, new roles for personnel, and new types of safety risks in daily operations. In this report, we present two studies where risk analysis methods were applied in the conceptual level to identify new autonomy related safety risks in tram operations. The goal of this study was to identify and analyse the effects of increasing level of tram autonomy (from GoA1 to GoA4) on the use of automated tram door and its functionalities. The objectives were to identify the different operating situations of the automatic tram door system, analyse the related safety and availability risks, and define the necessary safety measures.The results of the PHA and STPA analyses show that parts of the door systems are already capable for GoA4 tram operations. There are safety systems ensuring that the doors do not open when the tram is in motion, and to detect obstacles between the doors. Solutions to ensure accessibility and safe entry and exit for all passengers must be developed for GoA4 operation considering especially passengers who move slowly, have reduced mobility, use wheelchair or are visually impaired. Managing of abnormal situations and emergencies needs to be carefully considered in GoA4 operation. For example, to ensure that the tram can be evacuated safely if needed, and that management of technical and human disturbances with the door systems could be managed remotely.The door system, however, is only one aspect of the tram operation and other parts are subject to significant changes. Thus, on the path towards automated tram operations, comprehensive safety analyses of all parts of the system and operations are still needed. Systemic methods, such as STPA, can be applied to support these analyses. The results of the analyses can be used to support development of the door systems by focusing the development actions into the areas where the major changes and improvement needs are expected

Safety analyses on the use of tram doors in GoA1 and GoA4 autonomy levels

Development towards higher grade of automation (GoA) levels has been a global trend in trains and metros, but so far not in trams due to their complex and highly dynamic operating environment. However, currently rail operators are also showing increasing interest on higher automation levels in tram systems to increase their efficiency and safety. Higher GoA levels in a tram system introduces changes in operating principles, new roles for personnel, and new types of safety risks in daily operations. In this report, we present two studies where risk analysis methods were applied in the conceptual level to identify new autonomy related safety risks in tram operations. The goal of this study was to identify and analyse the effects of increasing level of tram autonomy (from GoA1 to GoA4) on the use of automated tram door and its functionalities. The objectives were to identify the different operating situations of the automatic tram door system, analyse the related safety and availability risks, and define the necessary safety measures.The results of the PHA and STPA analyses show that parts of the door systems are already capable for GoA4 tram operations. There are safety systems ensuring that the doors do not open when the tram is in motion, and to detect obstacles between the doors. Solutions to ensure accessibility and safe entry and exit for all passengers must be developed for GoA4 operation considering especially passengers who move slowly, have reduced mobility, use wheelchair or are visually impaired. Managing of abnormal situations and emergencies needs to be carefully considered in GoA4 operation. For example, to ensure that the tram can be evacuated safely if needed, and that management of technical and human disturbances with the door systems could be managed remotely.The door system, however, is only one aspect of the tram operation and other parts are subject to significant changes. Thus, on the path towards automated tram operations, comprehensive safety analyses of all parts of the system and operations are still needed. Systemic methods, such as STPA, can be applied to support these analyses. The results of the analyses can be used to support development of the door systems by focusing the development actions into the areas where the major changes and improvement needs are expected

Improving satellite image based forest inventory by using a priori site quality information.

The purpose of this study was to test the benefits of a forest site quality map, when applying satellite image based forest inventory. By combining field sample plot data from national forest inventories with satellite imagery and forest site quality data, it is possible to estimate forest stand characteristics with higher accuracy for smaller areas. The reliability of the estimates was evaluated using the data from a standwise survey for area sizes ranging from 0.06 ha to 300 ha. When the mean volume was estimated, a relative error of 14 per cent was obtained for areas of 50 ha; for areas of 30 ha the corresponding figure was below 20 per cent. The relative gain in interpretation accuracy, when including the forest site quality information, ranged between 1 and 6 per cent. The advantage increased according to the size of the target area. The forest site quality map had the effect of decreasing the relative error in Norway spruce volume estimations, but it did not contribute to Scots pine volume estimation procedure

Det avrinningsområdet för forsarna i ån Karvianjoki Del 1 : I Generalplan för jordbruksområdena II Undersökning av avrnningsområdet i skogsområdena ur vattenskyddsperspektiv

Julkaisun osa I on Maatalousalueiden yleissuunnitelma, joka tehtiin Karvianjoen koskien valuma-alueella kesällä ja syksyllä 2012. Työssä kartoitettiin peltojen suojavyöhyketarvetta ja päivitettiin aikaisemmat suojavyöhykesuositukset sekä etsittiin luonnon monimuotoisuuskohteita, perinnebiotooppeja ja sopivia paikkoja kosteikoille. Suojavyöhyketarvetta vesistöjen varsien pelloilla todettiin olevan yhteensä yli 18 kilometrin matkalla. Lisäksi suojavyöhykkeitä suositellaan yhteensä n. 250 ha:lle tulvapeltoja ja pohjavesialueiden peltoja Suunnitelmaan sisältyy yhteensä 14 kosteikkokohdetta, joista suuri osa on toteutettava kaivamalla. Kosteikoista 12 on sellaisia, jotka voidaan perustaa ei-tuotannollisten investointien tuella. Maatalousalueiden monimuotoisuuskohteita löytyi yhteensä 63 ja perinnebiotooppeja vain 18 kohdetta. Yhteensä niiden ala kattaa reilut 70 ha. Lumokohteisiin kuuluu runsaasti rantojen lehtoisia metsäkaistoja sekä peltoalueiden erilaisia saarekkeita. Yleissuunnitelman tavoitteena on innostaa viljelijöitä vesiensuojelutoimiin sekä vaalimaan maiseman ja luonnon monimuotoisuutta. Toimenpiteiden toteuttaminen on maanomistajille vapaaehtoista. Suunnitelman tietoja voidaan käyttää yksityiskohtaisen suunnittelun tukena haettaessa rahoitusta kohteiden toteuttamiseen. Suunnitelma perustuu kohteiden maastoinventointeihin, jotka kohdistettiin karttatarkastelun sekä eri tahoilta saatujen tietojen perusteella. Kartoituksen tuloksista luotiin myös paikkatietoaineisto. Raportissa kerrotaan asiaan liittyvää perustietoa alueesta sekä kohteiden perustamisesta ja hoidosta. Julkaisun osa II on Metsäalueiden vesiensuojelullinen valuma-aluetarkastelu, joka niinikään toteutettiin Karvianjoen koskien valuma-alueella. Selvityksessä käsitellään yleisesti metsätalouden vesistökuormitusta, vesiensuojelutoimenpiteiden mahdollisuuksia valuma-alueella ja paikkatietomenetelmien hyödyntämistä vesiensuojelukohteiden paikantamisessa. Tarkastelussa esitellään kokeiltu ns. RLGIS-menetelmä ja sen käyttäminen tällä pilottialueella sekä arvioidaan menetelmän tuottamia tuloksia. Loppupäätelmä on, että menetelmää kyllä voidaan käyttää apuvälineenä suunnittelussa ja vesiensuojelutoimenpiteiden kohdentamisessa, mutta maastokartoitusta se ei korvaa. Toki, jos saatavissa on kattavasti tarkkaa korkeusmallia ja maaperäaineistoa, menetelmän käyttökelpoisuus paranee.Del I i publikationen består av en Generalplan för jordbruksområdena, som gjordes på avrinningsområdet för forsarna i ån Karvianjoki sommaren och hösten 2012. I arbetet kartlades behovet av skyddszoner och de tidigare rekommendationerna för skyddszoner uppdaterades. Dessutom söktes objekt med biologisk mångfald, vårdbiotoper och lämpliga platser för våtmarker. Det visade sig finnas ett behov av skyddszon på åkrarna längs vattendragen på en sammanlagd sträcka av över 18 kilometer. Dessutom rekommenderas skyddszoner för sammanlagt 250 ha åkrar med översvämningsrisk och åkrar på grundvattenområden. Planen inbegriper sammanlagt 14 våtmarksobjekt, av vilka en stor del ska anläggas genom grävning. Av våtmarkerna är 12 sådana som kan anläggas med stöd för icke-produktiva investeringar. Sammanlagt 63 mångfaldsobjekt och 18 vårdbiotopobjekt hittades i jordbruksområdena. Deras sammanlagda areal är drygt 70 ha. Till mångfaldsobjekten hör rikligt med lundartade skogsremsor på stränderna och olika plättar på åkerområdena. Syftet med generalplanen är att inspirera jordbrukarna att vidta åtgärder för vattenskyddet och värna om mångfalden i landskapet och naturen. Åtgärderna är frivilliga för markägarna. Uppgifterna i planen kan användas som stöd för en mer detaljerad plan när man söker finansiering för objekten. Planen baserar sig på terränginventeringar av objekten som företogs på basis av en kartundersökning och uppgifter från olika instanser. Av resultaten från kartläggningen skapades också ett material för geografisk information. I rapporten ges basinformation om området samt om anläggande och vård av objekten. Del II av publikationen är en undersökning av avrinningsområdet i skogsområdena ur vattenskyddsperspektiv, som likaså gjordes på avrinningsområdet för forsarna i Karvianjoki. I utredningen behandlas allmänt skogsbrukets belastning på vattendragen, möjligheterna för vattenskyddsåtgärder på avrinningsområdet och utnyttjande av geografiska informationstekniker för att lokalisera vattenskyddsobjekt. I undersökningen presenteras också erfarenheter av den s.k. RLGIS-metoden, hur den använts på det här pilotområdet och en bedömning av de resultat man fått med metoden. Slutsatsen är att metoden nog kan användas som hjälpmedel i planeringen och i hur man ska rikta vattenskyddsåtgärderna, men den ersätter inte terrängkartering. Om man har tillgång till en täckande och noggrann höjdmodell och markdata förbättras metodens användbarhet