Three Essays on the Volatility of Finnish Stock Returns (summary section only)

First, in Essay 1, we test whether it is possible to forecast Finnish Options Index return volatility by examining the out-of-sample predictive ability of several common volatility models with alternative well-known methods; and find additional evidence for the predictability of volatility and for the superiority of the more complicated models over the simpler ones. Secondly, in Essay 2, the aggregated volatility of stocks listed on the Helsinki Stock Exchange is decomposed into a market, industry-and firm-level component, and it is found that firm-level (i.e., idiosyncratic) volatility has increased in time, is more substantial than the two former, predicts GDP growth, moves countercyclically and as well as the other components is persistent. Thirdly, in Essay 3, we are among the first in the literature to seek for firm-specific determinants of idiosyncratic volatility in a multivariate setting, and find for the cross-section of stocks listed on the Helsinki Stock Exchange that industrial focus, trading volume, and block ownership, are positively associated with idiosyncratic volatility estimates––obtained from both the CAPM and the Fama and French three-factor model with local and international benchmark portfolios––whereas a negative relation holds between firm age as well as size and idiosyncratic volatility.

Sensemaking in the Third Space - Essays on French-Finnish Bicultural Experiences in Organizations and Their Narratives (summary section only)

Research on cross-cultural and intercultural aspects in organizations has been traditionally conducted from an objectivist, functionalist perspective, with culture treated as an independent variable, and often the key explanatory factor. In order to do justice to the ontological relativity of the phenomena studied, more subjectivist research on intercultural interactions, and especially on their relationships with the dynamics of cultural identity construction, is needed. The present research seeks to address this gap by focusing on bicultural interactions in organizations, as they are experienced by the involved individuals. It is argued that such bicultural situations see the emergence of a space of hybridity, which is here called a ‘third space’, and which can be understood as providing ‘occasions for sensemaking’: it is this individual sensemaking that is of particular interest in the empirical narrative study. A first overall aim of the study is to reach an understanding of the dynamics of bicultural interactions in organizations; an understanding not only of the potential for learning and emancipatory sensemaking, but also of the possibility of conflict and alienatory ordering (this is mainly addressed in the theoretical essays 1 and 2). Further, a second overall aim of the study is to analyze the reflexive identity construction of four young French expatriates involved in such bicultural interactions in organizations in Finland, in order to examine the extent to which their expatriation experiences have allowed for an emancipatory opportunity in their cases (in essays 3 and 4). The primary theoretical contribution in this study lies in its new articulation of the dynamics of bicultural interactions in organizations. The ways in which the empirical material is analyzed bring about methodological contributions: since the expatriates’ accounts are bound to be some kind of construction, the analysis is made from angles that point to how the self-narratives construct reality. There are two such angles here: a ‘performative’ one and a ‘spatial’ one. The most important empirical contributions lie in the analysis of, on the one hand, the alternative uses that the young expatriates made of the notion of ‘national culture’ in their self-narratives, and, on the other hand, their ‘narrative practices of the third space’: their politics of escape or stabilization, their exploration of space or search for place, their emancipation from their origin or return to home as only horizon.

The Narrative Turn in the French Novel of the 1970s

The most important French literary movement of the 1950s and 1960s, the nouveau roman, radically questioned the idea of the novel as storytelling, claiming that narratives create a false illusion of the world’s intelligibility. However, in the 1970s storytelling finds its way back into the French novel – a shift that has been characterized as the “return of the narrative”. In my article, I argue that the “narrative turn” in the French novel of the 1970s can be seen as a turn towards a fundamentally hermeneutic view of the narrative mediatedness of our relation to the world. From a hermeneutic perspective, the nouveaux romanciers – insofar as they reject the narrative in order to disclose the discontinuous, fragmentary and chaotic nature of reality – hang onto the positivistic idea that “real” is only that which is independent of human meaning-giving processes. By contrast, the hermeneutists, such as Paul Ricoeur, consider also the human experience of the world to be real, and largely narrative in form. This view is shared by the principal novelists associated with the narrative turn, such as Michel Tournier to whom man is a “mythological animal”. However, after the nouveau roman , narratives have lost their innocence: they no longer appear as “natural” but are conscious of their own narrativity, historicity, and the way they represent only one possible – inevitably ethically and politically charged – perspective into reality. By making storytelling thematic and by telling “counter-stories” that question prevailing models of sense-making, Tournier and other “new storytellers” strive to promote critical reflection on the stories on the basis of which we orient to the world and narrate our lives – both as individuals and as communities.