The Relationship Between Liquidity, Trading Activity and Return - Studies of the Finnish and Swedish Stock Markets

Liquidity, or how easy an investment is to buy or sell, is becoming increasingly important for financial market participants. The objective of this dissertation is to contribute to the understanding of how liquidity affects financial markets. The first essays analyze the actions taken by underwriters immediately after listing to improve liquidity of IPO stock. To estimate the impact of underwriter activity on the pricing of the IPOs, the order book during the first weeks of trading in the IPO stock is studied. Evidence of stabilization and liquidity enhancing activities by underwriters is found. The second half of the dissertation is concerned with the daily trading of stocks where liquidity may be impacted by policy issues such as changes in taxes or exchange fees and by opening the access to the markets for foreign investors. The desirability of a transaction tax on securities trading is addressed. An increase in transaction tax is found to cause lower prices and higher volatility. In the last essay the objective is to determine if the liquidity of a security has an impact on the return investors require. The results support the notion that returns are negatively correlated to liquidity.

Knowledge Transfer within Western Multinationals' Subsidiary Units in China and Finland - The Impact of Headquarter Control Mechanisms, Subsidiary Location and Social Capital (summary section only)

It is suggested that the ability and practices of how the multinational corporation (MNC) manages knowledge transfer among its geographically dispersed subsidiary units are crucial for the building and development of firm competitive advantage. However, cross-border transfer of valuable organizational knowledge is likely to be problematic and laborious, especially within diversified and differentiated MNCs. Using data collected from 164 western multinational companies’ subsidiary units located in China and Finland, this study aims to investigate cross-border knowledge transfer within the MNC. It explores a number of factors that influence the transfer of knowledge among units in the differentiated MNC. The study consists of five individual papers. Paper 1 investigates a range of organizational mechanisms that may positively influence a subsidiary’s propensity to undertake knowledge transfers to other parts of the corporation. Paper 2 explores the impact of subsidiary location on the motivational dispositions of knowledge receiving units to value and accept knowledge from subsidiaries located in economically less advanced countries. Paper 3 examines the influence of social capital variables on knowledge transfer in dyadic relationships between foreign-owned subsidiaries and their sister and patent units. Paper 4 provides some initial insights into potentially different effects of trust and shared vision in intra-organizational vs. inter-organizational relationships. Using a case study setting, Paper 5 explores means and mechanisms used in transferring human resource management practices to Western MNCs’ business units in China from a cultural perspective. The results of the study show that MNC management through choices regarding organizational controls can encourage and enhance corporate-internal knowledge transfer. It also finds evidence that more knowledge is transferred from subsidiaries located in an industrialized country (e.g., Finland) than subsidiaries located in a developing country (e.g., China). While the study has highlighted the importance of social capital in promoting knowledge transfer, it has also uncovered some new findings that the effect of trust and shared vision may be contingent upon different contexts. Finally, in Paper 5, a number of mechanisms used in transferring selected HRM practices and competences to the Chinese business units have been identified. The findings suggest that cultural differences should be taken into consideration in the choice and use of different transfer mechanisms.

Kritisk-händelse-baserad metodutveckling

Denna artikel diskuterar den metodutveckling inom marknadsföring som baseras på den allmänt och mycket frekvent använda kritisk-händelse metod som grundar sig på Flanagen (1954). Genom att forskningen inom nämnda område alltmer handlar om kundrelationer är det naturligt att även metoder som används anpassas till detta. Det finns emellertid flere frågetecken när man fokuserar på kritiska händelser och kundrelationer. Ett sådant är konsekvensen av den kritiska händelsen. Utan att kartlägga en verklig konsekvens av kritiska händelser som inträffat (verkligt beteende) är det emellertid svårt att utveckla metoder för framtida och kommande beteende. Därför diskuteras dessa frågor här i avsikt att föra utvecklingen mot en applicering av kritisk-händelse metoder i pågående kundrelationer.

Kiinnostusta vai ahdistusta? : Opettajaksi opiskelevien akateemiset tunteet, motivaatio ja opiskelun ongelmat suhteessa hyvinvointiin ja menestykseen aktivoivalla luentokurssilla

Previous studies indicate that positive learning experiences are related to academic achievement as well as to well-being. On the other hand, emotional and motivational problems in studying may pose a risk for both academic achievement and well-being. Thus, emotions and motivation have an increasing role in explaining university students learning and studying. The relations between emotions, motivation, study success and well-being have been less frequently studied. The aim of this study was to investigate what kind of academic emotions, motivational factors and problems in studying students experienced five days before an exam of an activating lecture course, and the relations among these factors as well as their relation to self-study time and study success. Furthermore, the effect of all these factors on well-being, flow experience and academic achievement was examined. The term academic emotion was defined as emotion experienced in academic settings and related to studying. In the present study the theoretical background to motivational factors was based on thinking strategies and attributions, flow experience and task value. Problems in studying were measured in terms of exhaustion, anxiety, stress, lack of interest, lack of self-regulation and procrastination. The data were collected in December 2009 in an activating educational psychology lecture course by using a questionnaire. The participants (n=107) were class and kindergarten teacher students from the University of Helsinki. Most of them were first year students. The course grades were also gathered. Correlations and stepwise regression analysis were carried out to find out the factors that were related to or explained study success. The clusters that presented students´ problems in studying as well as thinking strategies and attributions, were found through hierarchical cluster analysis. K-means cluster analysis was used to form the final groups. One-way analysis of variance, Kruskal-Wallis test and crosstabs were conducted to see whether the students in different clusters varied in terms of study success, academic emotions, task value, flow, and background variables. The results indicated that academic emotions measured five days before the exam explained about 30 % of the variance of the course grade; exhaustion and interest positively, and anxiety negatively. In addition, interest as well as the self-study time best explained study success on the course. The participants were classified into three clusters according to their problems in studying as well as their thinking strategies and attributions: 1) ill-being, 2) carefree, and 3) committed and optimistic students. Ill-being students reported most negative emotions, achieved the worst grades, experienced anxiety rather than flow and were also the youngest. Carefree students, on the other hand, expressed the least negative emotions and spent the least time on self-studying, and like committed students, experienced flow. In addition, committed students reported positive emotions the most often and achieved the best grades on the course. In the future, more in-depth understanding how and why especially young first year students experience their studying hard is needed, because early state of the studies is shown to predict later study success.

Teollisuusjätevesien sadetustyöryhmän loppuraportti

Spray irrigation of industrial waste water.

Traditionally Protected Forests´ Role within Transforming Natural Resource Management Regimes in Taita Hills, Kenya

In Taita Hills, south-eastern Kenya, remnants of indigenous mountain rainforests play a crucial role as water towers and socio-cultural sites. They are pressurized due to poverty, shortage of cultivable land and the fading of traditional knowledge. This study examines the traditional ecological knowledge of Taitas and the ways it may be applied within transforming natural resource management regimes. I have analyzed some justifications for and hindrances to ethnodevelopment and participatory forest management in light of recently renewed Kenyan forest policies. Mixed methods were applied by combining an ethnographic approach with participatory GIS. I learned about traditionally protected forests and their ecological and cultural status through a seek out the expert method and with remote sensing data and tools. My informants were: 107 household interviewees, 257 focus group participants, 73 key informants and 87 common informants in participatory mapping. Religious leaders and state officials shared their knowledge for this study. I have gained a better understanding of the traditionally protected forests and sites through examining their ecological characteristics and relation to social dynamics, by evaluating their strengths and hindrances as sites for conservation of cultural and biological diversity. My results show that, these sites are important components of a complex socio-ecological system, which has symbolical status and sacred and mystical elements within it, that contributes to the connectivity of remnant forests in the agroforestry dominated landscape. Altogether, 255 plant species and 220 uses were recognized by the tradition experts, whereas 161 species with 108 beneficial uses were listed by farmers. Out of the traditionally protected forests studied 47 % were on private land and 23% on community land, leaving 9% within state forest reserves. A paradigm shift in conservation is needed; the conservation area approach is not functional for private lands or areas trusted upon communities. The role of traditionally protected forests in community-based forest management is, however, paradoxal, since communal approaches suggests equal participation of people, whereas management of these sites has traditionally been the duty of solely accredited experts in the village. As modernization has gathered pace such experts have become fewer. Sacredness clearly contributes but, it does not equal conservation. Various social, political and economic arrangements further affect the integrity of traditionally protected forests and sites, control of witchcraft being one of them. My results suggest that the Taita have a rich traditional ecological knowledge base, which should be more determinately integrated into the natural resource management planning processes.

Uusien lääkkeiden markkinoille tulo ja lääkekustannuksiin vaikuttaminen

Lääkekustannukset kasvoivat 2000-luvulla useimmissa teollistuneissa maissa terveydenhuollon kokonaismenoja nopeammin. Lääkkeiden rahoituksesta vastaavat ovatkin etsineet keinoja kustannusten kasvun hillitsemiseksi. Uudet, vanhoja lääkkeitä kalliimmat lääkkeet ovat yksi syy kustannusten kasvuun. Tämän tutkimuksen tarkoitus oli selvittää uusien, avohoidossa käytettävien lääkkeiden käyttöönottoa, hintoja ja kustannuksia sekä analysoida lääkkeen erityiskorvattavuutta edeltävän peruskorvattavuusjakson ja korvauksen rajoittamisen vaikutuksia lääkkeiden kulutukseen ja hoitojen kohdentumiseen. Tutkimusten aineistoina käytettiin muun muassa Lääkelaitoksen ja Kelan tietokantoja ja lääkkeiden tukkumyyntitietoja. Lääkkeiden hintatiedot Euroopan maista kerättiin kyselyllä. Suomen markkinoille tuli vuosina 1996–2005 lähes 300 uutta lääkeainetta. Vuonna 2005 niiden osuus avohoidon lääkemyynnin arvosta oli 38 % ja kulutuksesta 19 %. Avohoidossa uutuuksia tuli erityisesti syöpien, infektioiden ja sydän- ja verisuonisairauksien hoitoon. Osa uutuuksista tarjosi merkittäviä uusia hoitomahdollisuuksia, osan lisähyöty oli vähäinen. Tiukan hintasääntelyn maissa uusien lääkkeiden tukkuhinnat olivat alhaisemmat kuin niissä maissa, joissa ei ollut suoraa sääntelyä. Maan asema tukkuhintojen vertailussa ei kuitenkaan määrittänyt sen asemaa vähittäismyyntihintaisessa vertailussa, sillä apteekkien kate ja verot vaihtelevat maittain. Suomessa uusien lääkkeiden tukkuhinnat olivat eurooppalaista keskitasoa, mutta verolliset vähittäismyyntihinnat keskitasoa korkeammat. Glaukooma-lääkkeillä erityiskorvattavuutta edeltävä peruskorvattavuusjakso hidasti uusien valmisteiden käyttöönottoa. Lääkkeiden tultua erityiskorvattaviksi niiden käyttäjämäärä ja kulutus kasvoivat. Kalleimpien statiinien korvauksen rajoittaminen niille potilaille, joille edullisemmat eivät sovi, lisäsi edullisten statiinien käyttöä. Rajoituksen jälkeen kalleimmat statiinit kanavoituivat sairaammille ja aiemmin muita statiineja käyttäneille. Toimenpiteiden pitkäaikaisvaikutuksista ja terveysvaikutuksista ei ole tietoa.