Share Repurchases, Dividends, and Executive Options

This paper reports empirical results on the determinants of the authorization decision for share repurchases and dividends in Finland. We use a data set with precise data on share repurchases as well as characteristics for the option programs. Contrary to the U.S., we use a data set where 41% of the options are dividend protected, which allows us to separate between the "option funding" and "substitution / managerial wealth" hypothesis for the choice of the distribution method. We find that foreign ownership is the main determinant for share repurchases in Finland and attribute this relationship to tax factors. We also find evidence in support of both the signaling and agency cost hypotheses for cash distributions, especially in the case of share repurchases. Finally, we find a significant difference between companies with and without dividend protected options. When options are dividend protected, the relationship between dividend distributions and the scope of the options program turns to a significantly positive one instead of the negative one documented on U.S. data. This gives some support for the substitution / managerial wealth hypothesis as a determinant for the choice of the distribution method.

Evaluating the regional and distributional impacts of forestry cost-share payments.

XVIII IUFRO World Congress, Ljubljana 1986.

Medicines information sources and services for consumers : A special focus on the Internet and people with depression

The range of consumer health and medicines information sources has diversified along with the increased use of the Internet. This has led to a drive to develop medicines information services and to better incorporate the Internet and e-mail into routine practice in health care and in community pharmacies. To support the development of such services more information is needed about the use of online information by consumers, particularly of those who may be the most likely to use and to benefit from the new sources and modes of medicines communication. This study explored the role and utilization of the Internet-based medicines information and information services in the context of a wider network of information sources accessible to the public in Finland. The overall aim was to gather information to develop better and more accessible sources of information for consumers and services to better meet the needs of consumers. Special focus was on the needs and information behavior among people with depression and using antidepressant medicines. This study applied both qualitative and quantitative methods. Consumer medicines information needs and sources were identified by analyzing the utilization of the University Pharmacy operated national drug information call center (Study I) and surveying Finnish adults (n=2348) use of the different medicines information sources (Study II). The utilization of the Internet as a source of antidepressant information among people with depression was explored by focus group discussions among people with depression and with current or past use of the antidepressant(s) (n=29, Studies III & IV). Pharmacy response to the needs of consumers in term of providing e-mail counseling was assessed by conducting a virtual pseudo customer study among the Finnish community pharmacies (n=161, Study V). Physicians and pharmacists were the primary sources of medicines information. People with mental disorders were more frequent users of telephone- and Internet-based medicines information sources and patient information leaflets than people without mental disorders. These sources were used to complement rather than replace information provided face-to-face by health professionals. People with depression used the Internet to seek facts about antidepressants, to share experiences with peers, and for the curiosity. They described that the access to online drug information was empowering. Some people reported lacking the skills necessary to assess the quality of online information. E-mail medication counseling services provided by community pharmacies were rare and varied in quality. Study results suggest that rather than discouraging the use of the Internet, health professionals should direct patients to use accurate and reliable sources of online medicines information. Health care providers, including community pharmacies should also seek to develop new ways of communicating information about medicines with consumers. This study determined that people with depression and using antidepressants need services enabling interactive communication not only with health care professionals, but also with peers. Further research should be focused on developing medicines information service facilitating communication among different patient and consumer groups.

Text and Intensification of Its Impact in Chishti Samā`

In my master’s thesis I analyse mystical Islamic poetry in ritualistic performance context, samā` , focusing on the poetry used by the Chishti Sufis. The work is based on both literary sources and ethnographic material collected in India. The central textual source is Surūd-i Rūhānī, a compilation of mystical poetry. Textual sources, however, can be understood properly only in relation to the living performance context and therefore I also utilise interviews of Sufis and performers of mystical music and recordings of samā` assemblies along with texts. First part of the thesis concentrates on thematic overview of the poems and the process of selecting a suitable text for performance. The poems are written in three languages, viz. in Persian, Urdu and Hindi. Among the authors are both Sufis and non-Sufis. The poems, mystical and non-mystical alike, share the same poetic images and they acquire a mystical meaning when they are set to qawwali music and performed in samā` assemblies. My work includes several translations of verses not previously translated. Latter part of the thesis analyses the musical idiom of qawwali and the ways in which the impact of text on listeners is intensified in performance. Typically the intensification is accomplished in the level of a single poem through three different techniques: using introductory verses, inserting verses between the verses of the main poem and repeating individual units of text. The former two techniques are tied to creating a mystical state in the listeners while the latter aims at sustaining it. It is customary that a listener enraptured by mystical experience offers a monetary contribution to the performers. Thus, intensification of the text’s impact aims at enabling the listeners to experience mystical states.

Primestoimenno-otnositel'nye konstrukcii v sovremennom russkom jazyke

Relative Constructions with Pronominal Heads in Contemporary Russian Chapter 1 introduces the distinctive syntactic and semantic properties of Russian relative constructions (RCs), which are then divided into two main classes according to the type of the head phrase. The study concentrates on RCs with pronominal heads, which are systematically compared with noun-headed RCs. Chapter 2 clarifies the categorization of pronouns in Russian. The conclusion is that Russian pronouns include only personal, reflexive and wh-pronouns. The remaining words that are traditionally seen as pronouns are actually functional equivalents of determiners. This idea leads to the suggestion that RCs with these determiner-like words as the only constituent of the head phrase are actually headed by zero pronouns. In the other type of RCs with pronominal heads, the head position is occupied by wh-pronouns with clitics expressing different types of indefiniteness and quantification. Comparison of the two types of pronoun-headed RCs shows that the wh-heads and zero-heads share a number of common properties with respect to the grammatical gender, number and person as well as to the semantic distinction between animates and inanimates. The rest of Chapter 2 gives an overview of various uses of wh-pronouns in Russian and an experimental analysis of RCs headed by pronominal adverbs. Chapter 3 discusses fundamental differences between RCs with noun and pronominal heads. One of the main findings is that the choice of the relative pronoun (kto 'who' and chto 'what' versus kotoryj 'which') is motivated by a tendency to reproduce maximally the essential grammatical and semantic properties of the antecedent. Chapter 4 gives a detailed description of the determiner-like words and wh-based heads used in the two types of RCs with pronominal heads. In addition, several issues related to the syntax and semantics of free relatives are discussed. The conclusion is that there is no need to establish a separate category of free relatives in Russian. Chapter 5 discusses the syntax and semantics of correlative and free concessive constructions. They share a number of properties with pronoun-headed RCs and the two are often confused in Russian linguistics. However, a detailed analysis shows that these constructions must be distinguished from RCs. The study combines the methods of functionally-oriented Russian structuralism with some insights from generative syntax.

Deus vult: Images of crusader violence c. 1095-1100.

This study sets out to provide new information about the interaction between abstract religious ideas and actual acts of violence in the early crusading movement. The sources are asked, whether such a concept as religious violence can be sorted out as an independent or distinguishable source of aggression at the moment of actual bloodshed. The analysis concentrates on the practitioners of sacred violence, crusaders and their mental processing of the use of violence, the concept of the violent act, and the set of values and attitudes defining this concept. The scope of the study, the early crusade movement, covers the period from late 1080 s to the crusader conquest of Jerusalem in 15 July 1099. The research has been carried out by contextual reading of relevant sources. Eyewitness reports will be compared with texts that were produced by ecclesiastics in Europe. Critical reading of the texts reveals both connecting ideas and interesting differences between them. The sources share a positive attitude towards crusading, and have principally been written to propagate the crusade institution and find new recruits. The emphasis of the study is on the interpretation of images: the sources are not asked what really happened in chronological order, but what the crusader understanding of the reality was like. Fictional material can be even more crucial for the understanding of the crusading mentality. Crusader sources from around the turn of the twelfth century accept violent encounters with non-Christians on the grounds of external hostility directed towards the Christian community. The enemies of Christendom can be identified with either non-Christians living outside the Christian society (Muslims), non-Christians living within the Christian society (Jews) or Christian heretics. Western Christians are described as both victims and avengers of the surrounding forces of diabolical evil. Although the ideal of universal Christianity and gradual eradication of the non-Christian is present, the practical means of achieving a united Christendom are not discussed. The objective of crusader violence was thus entirely Christian: the punishment of the wicked and the restoration of Christian morals and the divine order. Meanwhile, the means used to achieve these objectives were not. Given the scarcity of written regulations concerning the use of force in bello, perceptions concerning the practical use of violence were drawn from a multitude of notions comprising an adaptable network of secular and ecclesiastical, pre-Christian and Christian traditions. Though essentially ideological and often religious in character, the early crusader concept of the practise of violence was not exclusively rooted in Christian thought. The main conclusion of the study is that there existed a definable crusader ideology of the use of force by 1100. The crusader image of violence involved several levels of thought. Predominantly, violence indicates a means of achieving higher spiritual rewards; eternal salvation and immortal glory.

La música orquestal peruana de 1945 a 2005 : Identidades en la diversidad

Peruvian orchestral music 1945–2005. Identities in diversity Peruvian music for orchestra has not been studied as a whole before, and is hardly known by Peruvian musicians and public. The aim of the thesis is to give a panoramic view of Peruvian orchestral music after 1945, study the particular historical context in which these works were created and how they reflect the search for a musical identity of its own, be it individual, local, national or Latin American. Identity is a construction that changes permanently, and individuals can share many identities at the same time. This is a central issue in multicultural societies as the Peruvian, and music is an important mean for constructing cultural identity. The hypothesis of this research is that orchestral work is a medium for Peruvian composers to express their relationship with traditional and popular musics of the country in different ways, from quotation of melodies to a more abstract appropiation of concepts or suggestive title references. Representative works by selected composers, of different techniques, styles or special reception are chosen and analyzed. Research methodology includes analysis of works with various methods according to their stylistic and technical features, in order to find the particular ways in which composers have approached or expressed diverse identities. The investigation shows that Peruvian orchestral music includes works in the main stylistic trends and using the main compositional techniques of the modernist and postmodern periods. It also shows that the construction and expression of particular identities through the study and use of other Peruvian musical traditions is a constant interest shared by composers of different age and esthetic. In a multicultural society as the Peruvian, characterized by its diversity, different forms of transcultural composition are an important mean of dealing with identity issues in music. This thesis also includes for the first time a list of all orchestral works composed in the country or by Peruvian composers in the period, their composers and genres. KEYWORDS: Peruvian music, contemporary music for orchestra, identity

Aavan meren täällä puolen : Arkkityyppiset piirteet ja amerikkalaisvaikutteet suosituimmissa suomalaisissa molli-iskelmissä

What are the musical features that turn a song into a hit? The aim of this research is to explore the musical features of hit tunes by studying the 224 most popular Finnish evergreens from the 1930s to the 1990s. It is remarkable, that 80-90% of Finnish oldies are in a minor key, though parallel major keys have also been widely employed within single pieces through, for example, modulations. Furthermore, melodies are usually diatonic, staying mostly in the same key. Consequently, chromatically altered tones in the melody and short modulations in the bridge sections become more prominent. I have concentrated in particular on the melodic lines in order to find the most typical melodic formulas from the data. These analyzed melodic formulas play an important role, because they serve as leading phrases and punchlines in songs. Analysis has revealed three major melodic formulas, which most often appear in the melodic lines of hit tunes. All of these formulas share common thematic ground, because they originate from the triadic tonic chord. Because the tonic chord is the most conventional opening chord in the verse parts, it is logical that these formulas occur most often in verses. The strong dominance of these formulas is very much a result of the rhythmic flexibility they possess; for instance, they can be found in every musical style from waltz to foxtrot. Alongside the major formulas lies a miscellaneous group of other tonic-related melodic formulas. One group of melodic formulas consists of melodic quotations. These quotations appear in a different musical context, for instance in a harmonically altered form, and are therefore often difficult to recognize as such. Yet despite the contextual manipulation, the distinctive character of the cited melody usually remains the same. Composers have also made use of certain popular chord-progressions in order to create new but familiar-sounding melodies. The most important individual progression in this case is what is known as a "circle of fifths" and its shortened, prolonged and altered versions. Because that progression is harmonically strong, it is also a contrastive tool used especially in chorus parts and middle sections (AABA). I have also paid attention to ragtime and jazz influences, which can be found in harmony parts and certain melody notes, which extend, suspend or alter the accompaning chords. Other influences from jazz and ragtime in the Finnish evergreen are evident in the use of typical Tin Pan Alley popular song forms. The most important is the AABA form, which dominates over the data along with the verse/chorus-type popular song form. To briefly illustrate the main results, the basic concept of the hit tune can be traced back to Tin Pan Alley songs, whereas the major stylistic aspects, such as minor keys and musical styles, bear influences from Russian, Western European, and Finnish traditions.

War and Revolution in St. Petersburg : Modernist Links in the Poetry of Edith Södergran and Anna Andreevna Akhmatova

Important modernists in their own countries, Anna Akhmatova and Edith Södergran are compared in this dissertation as poets whose poetry reflects the climactic events of the early twentieth century in Finland and Russia. A comparatist, biographical and historical approach is used to uncover the circumstances surrounding these events. First the poets’ early works are reviewed and their contemporaries are mentioned to provide a poetic context. Then a brief review of Finnish and Russian history situates them historically. Next, the rich literary diversity of St. Petersburg’s Silver Age is presented and the work of the poets is viewed in context before their poetry is compared, as the First World War, October Revolution and subsequent Finnish Civil War impact their writing. While biography is not the primary focus, it becomes important as inevitably the writers’ lives are changed by cataclysmic events and the textual analysis of the poems in Swedish, Russian and English shows the impact of war on their poetry. These two poets have not been compared before in a critical review in English and this work contributes to needed work in English. They share certain common modernist traits: attention to the word, an intimate, unconventional voice, and a concern with audience. In addition, they both reject formal traditions while they adopt new forms and use modern, outside influences such as art, architecture and philosophy as subject matter and a lens through which to focus their poetry. While it may seem that Anna Akhmatova was the most socially aware poet, because of the censorship she endured under Stalin, my research has revealed that actually Edith Södergran showed the most social consciousness. Thus, a contrast of the poets’ themes reveals these differences in their approaches. Both poets articulated a vibrant response to war and revolution becoming modernists in the process. In their final works created in the years before their deaths, they reveal the solace they found in nature as well as final mentions of the violent events of their youth. Keywords: St. Petersburg, Modernism, Symbolism, Acmeism, Silver Age, Finland-Swedish literature

Herrana metsässä : Kansatieteellinen tutkimus metsänhoitajuudesta

The aim of the research is to interpret the professional culture of Finnish university-educated foresters in historical perspective. The main material of this research consists of biographical interviews, altogether 226 life stories of Finnish foresters, as well as foresters private photograph collections and articles in forest students' magazines. This study is the first published Ph. D. dissertation of a large oral history project "Forestry Professions in a Changing Society" 1999 2002 collected by The Finnish Forest History Society, the University of Helsinki (Ethnology) and The Finnish Forest Museum Lusto. The forester education was organized in the Evo Forest Institute 1862 1908, at the University of Helsinki since 1908 and additionally at the University of Joensuu since 1982. At first all the vacancies were in the service of the Board of Forestry, but during the 20th century the working opportunities of foresters significantly expanded, even outside the traditional areas of forestry or abroad. At the same time the whole area of Finnish forestry had integrated more versatile values concerning the forests and their use. The male-dominated profession gained its first female members already in the 1920s, and the number of female students rose gradually from the 1970s onwards. In the 1990s almost half of the new forest students were women. The content of both work and education of Finnish forest professionals has faced huge changes during the 19th and 20th centuries. Despite this however, there has been a long-term vision of a firm profession based on joint experiences, shared memories and the common task of foresters in the Finnish forestry. The feeling of togetherness the forester spirit which was created in a tight-knit student group which kept in touch also later as professionals was needed to make the work possible. Through foresters' own attitudes and narratives of themselves, the study is focused on forest professionalism as a cultural process of successive generations of foresters. How have foresters socialized themselves into their profession? How has forest professionalism been maintained? What is the meaning of joint experiences and shared memories in the profession? By studying the manifestations of a culture it is possible to interpret the culture itself. There seems to be an astounding consensus of opinion concerning forest professionalism in the oral, visual and written stories of foresters. Even if all the individuals and some separate groups, such as female foresters and the younger generation of foresters, did not always share the same experiences, the vision of forest professionalism was collectively recognized and often even approved. The shared idea of "a real forest professionalism" is like a model narrative, a point of comparison, which is needed while looking for one s own professional identity.

Certainty or Faith? Arendt's and Merleau-Ponty's Critique of Cartesian Foundationalism

Epistemological foundationalism has for centuries attempted to unify all scientific inquiry into the context of one grand science, the first philosophy. One of the most important tasks of this tradition has been to ground all knowledge on absolutely certain foundations. In this master s thesis I ask the following question: To what extent and under what conditions is it possible to achieve absolute certainty in the sense of the attempts of Cartesian foundationalism? By examining how the 20th century philosophers, Edmund Husserl (1859-1938), Hannah Arendt (1906-1975) and Maurice Merleau-Ponty (1908-1961) interpret the epistemological methodology of René Descartes, I claim that the Cartesian achievement of absolute certainty rests on the implicit presupposition of an epistemologically prior form of faith in the world and trust (pistis) in other conscious beings. I show that knowledge is possible only within the context of a common world that is inhabited by several conscious beings that share a common linguistic system. This threefold element is shown to be the bedrock condition for any kind of philosophical inquiry. The main literature sources for this thesis are The Life of the Mind by Hannah Arendt, Le Visible et l invisible by Maurice Merleau-Ponty, Meditationes de Prima Philosophiae by René Descartes and Erfahrung und Urteil by Edmund Husserl.

Toiminta ja tarkoite : Tutkimus suomen pronominista

The study describes the use and meaning of the Finnish demonstrative pronouns, focus being on the pronoun "tämä" (roughly 'this'). The Finnish demonstrative system is a three way one, the other two demonstratives are "tuo" ('that') and "se" ('it'). The data consisted of 12 half hours of video- and tape-recorded face-to-face and telephone conversations. The method for the study was ethnomethodological conversation analysis (CA); in addition to CA, the theoretical framework consisted of functional linguistics and linguistic anthropology. First, the study dealt with the syntactic distribution of the three demonstratives. The pronouns were analysed according to whether they are before or after the verb, and whether they compose an NP on their own or are determinants of a lexical NP. The study suggested that the form and the placement of the NP presents the referent as continuous/discontinuous or given/new. Givenness of a referent was defined as "identified adequately for the purposes of the on-going action". The so-called dislocated utterances were considered separately. It was found that left-dislocations are used for inserting referents in a particular relation to the on-going activity. Right-dislocations offer a solution for the sometimes competing motivations of newness and continuity: they are used for securing the identifiability of a referent that is implied to be continuous. Second, the study focussed on analysing the meaning of the pronouns according to three dimensions of reference: referential, indexical and relational. It was found that the demonstratives can organize interactional or spatial context. When organizing interactional context, the demonstrative pronouns express the role of identifying the referent in relation to the on-going activity. The pronoun "tämä" expresses that the referent is referentially open and the characterization of the referent is given in the on-going turn. Furthermore, it expresses asymmetry of the indexical ground: it expresses that the participants of a conversation do not share a mutual understanding of the activity at that particular time. In addition, the referent of the pronoun "tämä" is central for understanding the on-going action. Centrality could be understood as the relational feature of the pronoun. However, it is a consequence of the referential and indexical features of "tämä". The pronoun "tuo" also expresses referential openness, but it implies indexical symmetry. The pronoun "se" implies that the referent is known enough, and implies indexical symmetry. When used spatially, the pronouns may refer to a physical space or to a situation. They express or imply that the speaker is inside or outside the referent. The pronoun "tämä" implies inclusion, and the pronoun "tuo" expresses exclusion.

Paranormal, superstitious, magical, and religious beliefs

A lack of conceptual clarity and multivariate studies has impeded research on paranormal, superstitious, and magical beliefs. In this series of studies a new conceptual framework of these beliefs was presented. A general belief in the paranormal was shown to lead to specific paranormal, superstitious, and magical beliefs. The beliefs were defined equally as category mistakes where the core attributes of psychological, physical, and biological phenomena are confused with each other. This definition was supported by an empirical examination: Paranormal believers confused more core knowledge than skeptics. A multivariate study revealed that the best predictors of paranormal beliefs were intuitive thinking and a humanistic world view, while low analytical thinking was a less important predictor. Another study showed that women s greater belief in the paranormal compared to men was partially explained by women s higher intuitive and lower analytical thinking. Additionally, it was shown that university students were originally more skeptical than vocational school students, but university studies did not increase skepticism. The finding that paranormal beliefs mainly arise from an intuitive system, instead of a malfunctioning analytical system, explains why the beliefs do not vanish with the increase of education, scientific knowledge, and rational thinking. Religious and paranormal beliefs share important qualities and generally, they were positively related. The most religious people, however, abandoned paranormal beliefs. Religious people and paranormal believers differed from the skeptics similarly by being more intuitive, having experienced more mystical phenomena, and having peers and parents with more positive attitudes toward the supernatural. Religious people had, however, higher conservation and benevolence values than paranormal believers. The new conceptual framework presented in this series of studies integrates research on paranormal, superstitious, magical, and religious beliefs. Hopefully it will enable researchers to develop more elaborated hypotheses and theoretical statements about paranormal beliefs in the future.

Feeling Better, Performing Better? Holistically-Oriented Top Performance and Well-Being (HOPE) : Performance Enhancement and Its Perceived Impacts on Musicians

Most musicians choose a career in music based on their love of the art and a desire to share it with others. However, being a performing musician is highly demanding. Despite considerable evidence of the great frequency of performance-related problems (e.g. debilitating performance anxiety) among professional musicians or aspiring musicians in the current Western classical music tradition these problems are seldom discussed openly. The existing system offers musicians very little help in learning how to build sustainable performance success into their musical career. This study it is first of its kind in Finland which addresses the issue on larger scale in a systematic way. I devised the HOPE intervention (Holistically-Oriented Top Performance and Well-Being Enhancement), in order to learn how to integrate professional peak performance and a sense of personal well-being into the lives and careers of musicians. Unlike most interventions in previous research, the HOPE intervention is explicitly holistic and aims at enhancing the whole musician, not just alleviating performance anxiety. Earlier research has not in principle focused on musicians´ psychological well-being or on their subjective perceptions. The main purpose of the study is to understand the perceived impacts of the specially devised HOPE intervention on the participants and particularly in four key areas: performing, playing or singing well-being, and overall (performing, playing or singing and well-being combined). Furthermore, it is hoped that a deeper understanding of performers´ development will be gained. The research method is interdisciplinary and mainly qualitative. The primary data consist of a series of linked questionnaires (before and after the intervention) and semi-structured follow-up interviews collected during action research-oriented HOPE intervention courses for music majors in the Sibelius Academy. With the longitudinal group called Hope 1, the core data were collected during a nine month HOPE intervention course and from follow-up interviews conducted six months later in 2003-2004. The core data of Hope 1 (nine participants) are compared with the perceived impacts on fifty-three other participants in the HOPE courses during the period since their inception, 2001-2006. The focus is particularly on participants´ subjective perceptions. Results of the study suggest that the HOPE intervention is beneficial in enhancing overall performance capacity, including music performance, and a personal sense of well-being in a music university setting. The findings indicate that within all key areas significant positive changes take place between the beginning and the end of a HOPE intervention course. The longitudinal data imply that the perceived positive changes are still ongoing six months after the HOPE intervention course is finished. The biggest change takes place within the area of performing and the smallest, in participants´ perception of their playing or singing. The main impacts include reduced feelings of stress and anxiety (an enhanced sense of well-being) as well as increased sense of direction and control in one's life. Since the results of the present research gave no other reason to believe otherwise, it is to be expected that the HOPE intervention and the results of the study can be exploited in other areas of human activity as well, especially where continuous professional top performance is a prerequisite such as in business or sports. Keywords: performance enhancement, professional top performance, subjective well-being, subjective perceptions, holism, coaching, music performance anxiety, studying music, music.