The Banking Crisis, Banking Policy Regimes and the Value of a Bank

This paper studies the value of a bank under different banking policy regimes. As banks run into financial distress, authorities in different countries have used different approaches to deal with the crisis. The Nordic countries provide examples of different policy approaches. The results show that the uncertainty over the banking policy regime and changes in this uncertainty can have a major impact on the value dynamics of bank shares. The model produces moral hazard problems both before and after public sector intervention. On the other hand, bank support can increase the original shareholders' incentive to inject new capital into the bank. The model also implies that the government may have an incentive to cheat the bank's shareholders in order to ensure more capital injections from them.banking crisis; banking policy regime; bank support

Uncertainty and stepwise investment

We analyze the optimal investment strategy of a firm that can complete a project either in one stage at a single freely chosen time point or in incremental steps at distinct time points. The presence of economies of scale gives rise to the following trade-off: lumpy investment has a lower total cost, but stepwise investment gives more flexibility by letting the firm choose the timing individually for each stage. Our main question is how uncertainty in market development affects this trade-off. The answer is unambiguous and in contrast with a conventional real-options intuition: higher uncertainty makes the single-stage investment more attractive relative to the more flexible stepwise investment strategy

Ympäristösuunnitelma Satakunnan Autotalo Oy:lle

Tämän opinnäytetyön tarkoituksena oli tuottaa ympäristösuunnitelma Satakunnan Autotalo Oy:lle. Ympäristösuunnitelma tehtiin Autoalan Keskusliiton ympäristöohjelmaa ja sen sisältämiä kaavakkeita apuna käyttäen. Opinnäytetyön teoreettisessa osassa on käyty läpi ympäristösuunnitelman tekoa teoriassa. Ympäristösuunnitelman laatiminen on pyritty käymään läpi kohta kohdalta oikeassa järjestyksessä. Työn käytännön toteutuksessa kartoitettiin Autoalan Keskusliiton ympäristöohjelman edellyttämät toiminnot ja niissä mahdollisesti syntyvät jätteet ja niiden määrät. Työn alkuvaiheessa oltiin ensin haluttomia siirtymään lajitteluun mutta harjoittelun myötä se onnistuu jo hyvin. Myös jätteiden seurattavuus on parantunut. Kustannussäästöjä on kertynyt sekajätteen ja pahvien tyhjennyskertojen harventumisesta ja kemikaalikartoituksen myötä vastaavien tuotteiden vähentyessä. Ympäristösuunnitelma on osoittanut jo tarpeellisuutensa.The purpose of this thesis was to produce an environment plan to Satakunnan Autotalo. Environment plan consists of the Cartrade Centralunion environmentprogram and its forms. The theoretical part of this thesis presents how to make an environment plan in theory. Writing of environmentplan is trying to get through little by little in right order. In the actual research part of the work the map operations supposed by the Cartrade Centralunion environmentprogram were analysed and recorded. Also the toxic waste amounts of each map operations were reported. In the beginning of this thesis there were unwillingness among the workers for sorting waste, nowadays with practice it succeeds well. Also waste handling has developed for the better. Declined depletes of mixed and cardboard waste containers as well as chemical mapping have already reduced expenses. Environment plan has already shown its usefulness

On investment, uncertainty, and strategic interaction with applications in energy markets

The thesis presents dynamic models on investment under uncertainty with the focus on strategic interaction and energy market applications. The uncertainty is modelled using stochastic processes as state variables. The specific questions analyzed include the effect of technological and revenue related uncertainties on the optimal timing of investment, the irreversibility in the choice between alternative investment projects with different degrees of uncertainty, and the effect of strategic interaction on the initiating of discrete investment projects, on the abandonment of a project, and on incremental capacity investments. The main methodological feature is the incorporation of game theoretic concepts in the theory of investment. It is argued that such an approach is often desirable in terms of real applications, because many industries are characterized by both uncertainty and strategic interaction between the firms. Besides extending the theory of investment, this line of work may be seen as an extension of the theory of industrial organization towards the direction that views market stability as one of the factors explaining rational behaviour of the firms.reviewe

Input price risk and optimal timing of energy investment: choice between fossil- and biofuels

We consider energy investment, when a choice has to be made between fossil fuel and biomass fired production technologies. A dynamic model is presented to illustrate the effect of the different degrees of input price uncertainty on the choice of technology and the timing of the investment. It is shown that when the choice of technology is irreversible, it may be optimal to postpone the investment even if it would otherwise be optimal to invest in one or both of the plant types. We provide a numerical example based on cost estimates of two different power plant types.irreversible investment; price uncertainty; biomass; real options

Uncertainty and energy saving investments

Energy costs are notoriously uncertain but what is the effect of this on energysaving investments? We find that real-option frictions imply a novel equilibrium response to increasing but uncertain energy costs: early investments are cautious but ultimately real-option frictions endogenously vanish, and the activity affected by higher energy costs fully recovers. We use electricity market data for counterfactual analysis of the real-option mark-ups and policy experiments. Uncertainty alone implies that the early compensation to new technologies exceeds entry costs by multiple factors, and that uncertainty-reducing subsidies to green energy can benefit the consumer side at the expense of the old capital rents, even in the absence of externalities from energy use.Academy of Finland, Nordic Energy Research Program, and Yrj¨o Jahnsson Foundatio

Myopiakontrolli : systemaattinen kirjallisuuskatsaus

Opinnäytetyön tarkoituksena on luoda ensimmäinen suomenkielinen katsaus myopiakontrollista. Myopian yleisyyden lisääntyminen on globaali ilmiö ja sen estämiseen on havahduttu useissa maissa, sillä myopian on todettu olevan riskitekijä monille silmäsairauksille. Lisäksi myopiasta aiheutuu taloudellisia ja sosiaalisia seurauksia. Myopian kasvun hidastaminen on ajankohtainen ja maailmanlaajuinen aihe, josta on tehty ulkomailla useita tutkimuksia. Myopiakontrollilla tarkoitetaan myopian kasvun hidastamista eri silmä- ja piilolasiratkaisujen tai lääkeaineiden avulla. Suomessa myopiakontrolli on kuitenkin käsitteenä vielä melko vieras, minkä vuoksi tämän opinnäytetyön tarkoituksena on tarjota uusinta tutkimustietoa aiheesta. Opinnäytetyö antaa tietoa myös myopiakontrollin tehokkuudesta ja sen hyödynnettävyydestä optikon työssä. Opinnäytetyö toteutettiin systemaattisena kirjallisuuskatsauksena, ja siinä vastataan seuraaviin tutkimuskysymyksiin: “Mitä eri keinoja optikoilla tiedetään olevan myopian kasvun hidastamiseksi?” ja “Mitä eri hoitokeinojen tehokkuudesta tiedetään?” Opinnäytetyö koostuu teoriaosuudesta ja systemaattisesta kirjallisuuskatsauksesta tuloksineen. Systemaattisen haun alkuperäistutkimukset on esitetty taulukon muodossa ja keskeiset tulokset on eritelty sisällönanalyysin avulla. Lisäksi tuotettiin opinnäytetyön työelämän yhteistyökumppanille asiakaslähtöinen esite myopiakontrollista. Kirjallisuuskatsauksen alkuperäistutkimukset käsittelivät Suomessa optikoille sallittuja myopiakontrollikeinoja eli silmälasi- ja piilolasiratkaisuja. Alkuperäistutkimuksia valikoitui katsaukseen yhteensä 17 ja tutkimuksista yhdeksän käsitteli ortokeratologiaa, viisi muita piilolasiratkaisuja ja kolme silmälasiratkaisuja. Kaikissa tutkimuksissa myopian määrän kasvun syyksi todettiin silmän aksiaalisen pituuden kasvu. Perifeerisen verkkokalvon hyperopia nousi tutkimuksissa esiin vahvimpana mahdollisena myopisoitumiseen johtavana tekijänä. Systemaattisen kirjallisuuskatsauksen alkuperäistutkimusten perusteella silmälasiratkaisut ja piilolasiratkaisut ovat oikein käytettynä turvallisia ja tehokkaita myopiakontrollikeinoja. Myopiakontrollikeinojen tehokkuus vaihtelee yksilöiden välillä, minkä on ehdotettu johtuvan erilaisista myopisoitumisen syistä. Asiakkaan ohjeistaminen ja seurantakäyntien järjestäminen on ensiarvoisen tärkeää, jotta myopiakontrollikeino toimisi toivotulla tavalla. Myopiakontrolli vaatii asiakkaalta pitkäaikaista sitoutumista ja motivaatiota.The aim of this Bachelor’s thesis is to create the first survey about myopia control in Finnish. The progressive growth of myopia is the focus of attention and concern around the world. According to recent studies there is a link between myopia and severe ocular pathologies and in addition, myopia has economic and social consequences. It is necessary to take action to control the progression of myopia. Multiple studies show that slowing down myopia progression has become a global challenge and that there are several ways to perform myopia control which can be done for example with progressive and executive lenses, multifocal and specially designed soft contact lenses and orthokeratology lenses. However, the topic is quite unknown in Finland and therefore the purpose of this thesis is to combine the current knowledge of myopia control into a review, as well as provide information about how opticians can use it in their work. This thesis is a systematic review and it provides answers to the questions: “What different means do opticians have in controlling myopia?” and “How efficient are the different means to control myopia?” The thesis consists of definitions of myopia and myopia control, the systematic review and the results of the systematic review. The summary of the results is presented in a table and the essential results are specified with content analysis. Furthermore, a brochure was produced for the working life partner of the thesis. The original studies for the review are about means of myopia control, which are allowed for opticians in Finland. The outcome of the systematic review was 17 original studies, which are the following: orthokeratology (9), contact lenses (5) and multifocal and executive lenses (3). According to the studies the cause for the progression of myopia is axial elongation and the leading cause for myopization is the peripheral hyperopic defocus. The studies in the systematic review show that the contact lens solutions and spectacle solutions are safe and efficient means for myopia control. The efficiency of different means of myopia control varies between individuals, which is suggested to be caused by different reasons behind myopization. In order for a mean of myopia control to work as it should, it is very important to give good instructions to the client and arrange follow-up visits in the beginning of the control period. Myopia control requires long-term commitment and strong motivation from the client as well