Adnominal Person in the Morphological System of Erzya : Adnominaalinen persoona ersän kielen morfologisessa järjestelmässä

This dissertation is a synchronic description of adnominal person in the highly synthetic morphological system of Erzya as attested in extensive Erzya-language written-text corpora consisting of nearly 140 publications with over 4.5 million words and over 285,000 unique lexical items. Insight for this description have been obtained from several source grammars in German, Russian, Erzya, Finnish, Estonian and Hungarian, as well as bounteous discussions in the understanding of the language with native speakers and grammarians 1993 2010. Introductory information includes the discussion of the status of Erzya as a lan- guage, the enumeration of phonemes generally used in the transliteration of texts and an in-depth description of adnominal morphology. The reader is then made aware of typological and Erzya-specifc work in the study of adnominal-type person. Methods of description draw upon the prerequisite information required in the development of a two-level morphological analyzer, as can be obtained in the typological description of allomorphic variation in the target language. Indication of original author or dialect background is considered important in the attestation of linguistic phenomena, such that variation might be plotted for a synchronic description of the language. The phonological description includes the establishment of a 6-vowel, 29-consonant phoneme system for use in the transliteration of annotated texts, i.e. two phonemes more than are generally recognized, and numerous rules governing allophonic variation in the language. Erzya adnominal morphology is demonstrated to have a three-way split in stem types and a three-layer system of non-derivative affixation. The adnominal-affixation layers are broken into (a) declension (the categories of case, number and deictic marking); (b) nominal conjugation (non-verb grammatical and oblique-case items can be conjugated), and (c) clitic marking. Each layer is given statistical detail with regard to concatenability. Finally, individual subsections are dedicated to the matters of: possessive declension compatibility in the distinction of sublexica; genitive and dative-case paradigmatic defectivity in the possessive declension, where it is demonstrated to be parametrically diverse, and secondary declension, a proposed typology modifiers without nouns , as compatible with adnominal person.

Every method counts

In this study we explore the concurrent, combined use of three research methods, statistical corpus analysis and two psycholinguistic experiments (a forced-choice and an acceptability rating task), using verbal synonymy in Finnish as a case in point. In addition to supporting conclusions from earlier studies concerning the relationships between corpus-based and ex- perimental data (e. g., Featherston 2005), we show that each method adds to our understanding of the studied phenomenon, in a way which could not be achieved through any single method by itself. Most importantly, whereas relative rareness in a corpus is associated with dispreference in selection, such infrequency does not categorically always entail substantially lower acceptability. Furthermore, we show that forced-choice and acceptability rating tasks pertain to distinct linguistic processes, with category-wise in- commensurable scales of measurement, and should therefore be merged with caution, if at all.

Captured by conventions : On objectivity and factuality in international news agency discourse

The thesis explores the discourse of two global news agencies, the Associated Press (AP) and Reuters, which together with the French AFP are generally regarded as the world s leading news distributors. A glance at the guidelines given by AP and Reuters to their journalists shows that these two news agencies make a lot of effort to strive for objectivity the well-known journalistic ideal, which, however, is an almost indefinable concept. In journalism textbooks definitions of objectivity often contain various components: detachment, nonpartisanship, facticity, balance, etc. AP and Reuters, too, in their guidelines, present several other ideals besides objectivity , viz., reliability, accuracy, balance, freedom from bias, precise sourcing, reporting the truth, and so on. Other central concepts connected to objectivity are neutrality and impartiality. However, objectivity is, undoubtedly, the term that is most often mentioned when the ethics of journalism is discussed, acting as a kind of umbrella term for several related journalistic ideals. It can even encompass the other concept that is relevant for this study, that of factuality. These two intertwined concepts are extremely complex; paradoxically, it is easier to show evidence of the lack of objectivity or factuality than of their existence. I argue that when journalists conform to the deep-rooted conventions of objective news reporting, facts may be blurred, and the language becomes vague and ambiguous. As global distributors of news, AP and Reuters have had an influential role in creating and reinforcing conventions of (at least English-language) news writing. These conventions can be seen to work at various levels of news reporting: the ideological (e.g., defining what is regarded as newsworthy, or who is responsible), structural (e.g., the well-known inverted pyramid model), and stylistic (e.g., presupposing that in hard news reports, the journalist s voice should be backgrounded). On the basis of my case studies, I have found four central conventions to be worthy of closer examination: the conventional structure of news reports, the importance of newsworthiness, the tactics of impersonalisation which tends to blur news actors responsibility, and the routines of presenting emotions. My linguistic analyses draw mainly on M.A.K. Halliday s Systemic Functional Grammar, on notions of transitivity, ergativity, nominalisation and grammatical metaphor. The Appraisal framework, too, has provided useful tools for my analyses. The thesis includes six case studies dealing with the following topics: metaphors in political reporting, terrorism discourse, terrorism fears, emotions more generally, unnamed sources as rhetorical constructs, and responsibility in the convention of attribution.

Down, You Vagabond of a Heart! : Romance and Created Personas in the Journals of L. M. Montgomery

Kanadalainen kirjailija L. M. (Ludy Maud) Montgomery (1874-1942) tunnetaan parhaiten lasten ja nuorten kirjallisuudestaan, erityisesti Anne of Green Gables -romaanistaan (suom. Annan nuoruusvuodet). Graduni tutkii kuitenkin Montgomeryn vähemmän tunnettua omaelämäkerrallista tuotantoa, hänen päiväkirjojaan, jotka on julkaistu viidessä osassa (1985-2004). Keskityn romanssin kuvaukseen Montgomeryn päiväkirjojen ensimmäisessä osassa ja tutkin, millaisia tekstuaalisia persoonia (personas) kertoja luo autobiografisessa prosessissa. Tähän narratiiviseen prosessiin vaikuttavat erityisesti päiväkirjan yleisö tai lukijat (audience), samoin kuin fiktiiviset esikuvat ja fiktiivisesti kirjoittaminen (fictionalisation) sekä kysymys päiväkirjan kertovasta ja kerrotusta minästä (narrated and narrating I). Romanssi on pääosassa Montgomeryn päiväkirjojen ensimmäisessä julkaistussa osassa, joka kuvaa hänen teini- ja varhaisaikuisuusvuosiaan. Väitän, että vaikka päiväkirjateksti saattaa vaikuttaa rehelliseltä ja todenmukaiselta kuvaukselta elämästä, varsinkin Montgomeryn tapauksessa kyseessä on silti läpikotaisin editoitu ja muokattu teksti, jota päiväkirjan tekijä hallitsee rautaisella otteella ja joka käyttää hyväkseen fiktiivisiä keinoja. Aineistonani käytän sekä Montgomeryn julkaistuja että julkaisemattomia päiväkirjoja, joita säilytetään University of Guelphin arkistoissa, Kanadan Ontariossa. Päiväkirjat ovat moneen kertaan sekä Montgomeryn että julkaistujen päiväkirjojen editoijien muokkaamia, joten niiden tutkiminen lähilukemalla (close-reading) ja eri versioita vertaillen on erityisen tärkeää. Teorian osalta keskityn lähinnä Pohjois-Amerikassa kirjoitettuun autobiografia- ja (naisten) päiväkirjatutkimukseen. Väitän gradussani, että Montgomeryn kuvaus heteroseksuaalisesta romanssista välttää tarjoamasta lukijalle romanssijuonen tyypillistä katharsista. Montgomeryn romanttiset persoonat ovat yllättävän epäromanttisia ja ristiriidassa keskenään. Romantiikan traditiolle tyypillistä kieltä ja personifikaatiota käytetään joko korostetun liioitellusti tai humoristisesti ja parodioiden.

European Union and the developing nations' external debt : EU-15's debt policy, 1960–2008

This Master's Thesis defines the debt policy of the current European Union Member States towards the developing nations. Since no official policy for debt exists in the EU, it is defined to include debt practices (loans and debt relief in development cooperation) and debt within the EU development policy framework. This study (1) describes how the issue of external debt appears in the development policy framework, (2) compares EU Member States' given loans and debt relief to grants for the developing nations (1960s to the 2000s), and (3) measures the current orientation in ODA of each EU Member State between grant aid and loan aid using the Grant-Loan Index (GLI). Theoretical aspects include reasons for selecting between loans (Bouchet 1987) and grants (Odedokun 2004, O'Brien and Williams 2007), policy context of the EU (Van Reisen 2007) and the meaning of external debt in the set-up between the North and the South. In terms of history, the events and impact of the colonial period (where loans have originated) are overviewed and compared in light of today's policies. Development assistance statistics are derived from the OECD DAC statistics portal and EU development policy framework documents from the EU portal. Methodologically, the structure of this study is from policy analysis (Barrien 1999, Hill 2008, Berndtson 2008), but it has been modified to fit the needs of studying a non-official policy. EU Member States are divided into three groups by Carbone (2007a), the Big-3, Northern and Southern donors, based on common development assistance characteristics. The Grant-Loan Index is used to compare Carbone's model, which measures quality of aid, to the GLI measuring the structure of aid. Results indicate that EU- 15 countries (active in debt practices) differ in terms of timing, stability and equality of debt practices in the long-term (1960s to the 2000s). In terms of current practices, (2000-2008), it is noted that there lies a disparity between the actual practices and the way in which external debt is represented in the development policy framework, although debt practices form a relevant portion of total ODA practices for many EU-15 Member States, the issue itself plays a minor role in development policy documents. Carbone’s group division applies well to the Grant – Loan Index’s results, indicating that countries with similar development policy behaviour have similarities in debt policy behaviour, with one exception: Greece. On the basis of this study, it is concluded that EU development policy framework content in terms of external debt and debt practices are not congruent. The understanding of this disparity between the policy outline and differences in long-term practices is relevant in both, reaching the UN’s Millennium Development Goals, and in the actual process of developing development aid.

Wie sollten pragmatische Phraseologismen lexikografisch dargestellt werden? : Modell eines Wörterbuchartikels für pragmatische Phraseologismen in einem deutsch-finnischen Spezialwörterbuch in elektronischer Darstellungsform

Pro gradu -tutkielmassani käsittelen pragmaattisia fraseologismeja ja sitä, kuinka ne pitäisi esittää elektronisessa saksa suomi-erikoissanakirjassa. Tutkielman tavoite on hahmotella sanakirja-artikkelin malli. Sanakirja on semasiologis-onomasiologinen, ts. käyttäjä voi etsiä siitä sekä tiettyä ilmaisua että tiettyä kommunikaatiotilannetta. Sanakirjan pääasiallinen kohderyhmä ovat kääntäjät, mutta se soveltuu myös kielenopiskelijoiden ja muiden saksan kielen kanssa tekemisissä olevien käyttöön. Tutkielman teoriaosuudessa käsittelen fraseologiaa, pragmaattisia fraseologismeja, niiden erityispiirteitä ja kääntämistä sekä työn kannalta merkityksellisiä leksikografian käsitteitä, sanakirjatyyppejä ja sanakirjojen rakenteita. Lisäksi esittelen elektronisten sanakirjojen ominaisuuksia. Onhan melko varmaa, että niiden käyttö yleistyy entisestään tulevaisuudessa mm. niiden helppo- ja nopeakäyttöisyyden vuoksi. Omassa kappaleessaan käsittelen pragmaattisia fraseologismeja leksikografisesta näkökulmasta ja nostan esille niiden esittämiseen liittyviä ongelmia, joista annan olemassa oleviin yksi- ja kaksikielisiin sanakirjoihin perustuvia esimerkkejä. Lopuksi hahmottelen parannusehdotuksiin perustuvan sanakirja-artikkelin teoreettisen mallin ja havainnollistan sitä kolmella esimerkkiartikkelilla. Fraseologian piiriin lukeutuvat pragmaattiset fraseologismit ovat suhteellisen uusi tutkimuskohde. Kontrastiivisia tutkimuksia kieliparissa saksa suomi on erittäin vähän, ja pragmaattisten fraseologismien kääntämistä ei myöskään ole juuri tutkittu. Pragmaattiset fraseologismit jaetaan yleensä kahteen ryhmään: rutiini-ilmaisuihin ja keskustelukiteytymiin. Rutiini-ilmaisut ovat tilannesidoksisia, kiteytyneitä ja pääsääntöisesti lauseenveroisia ilmaisuja, jotka toistuvat arkipäiväisissä kommunikaatiotilanteissa. Ne ovat syntaktisesti ja semanttisesti heterogeenisia, ja niiden funktiot ovat moninaisia: Rutiini-ilmaisuihin kuuluu monia kohteliaisuussanontoja, kuten tervehdyksiä ja toivotuksia, mutta myös hämmästystä, pelkoa, iloa, torjuntaa ym. ilmaisevia fraseologismeja. Keskustelukiteytymät sen sijaan ovat ei-idiomaattisia, esiintyvät epäitsenäisinä, ts. vain lausumaan upotettuina, eivätkä ne ole tilannesidoksisia. Keskustelukiteytymillä on monia kommunikatiivisia tehtäviä, kuten puheen jäsennys, puhekumppanin huomion kohdentaminen tai epävarmuuden ilmaiseminen. Ne ovat yleensä polyfunktionaalisia ja niitä voi usein varioida paljonkin. Kieltä käyttävien on hallittava sekä rutiini-ilmaisujen että keskustelukiteytymien käyttö kommunikaation sujuvuuden takaamiseksi ja kulttuuristen yhteentörmäysten välttämiseksi. Pragmaattisten fraseologismien esittäminen sanakirjoissa on monien tutkijoiden mukaan yhä nykyäänkin osin puutteellista. Perinteisen leksikografian metodit eivät riitä kuvaamaan pragmaattisia fraseologismeja riittävän tarkasti. Parannettavaa on sekä mikro- että makrostruktuurissa, ts. sanakirja-artikkeleissa, hakusanojen valinnassa ja järjestyksessä sekä siinä, minkä hakusanan alta ilmaisu on löydettävissä. Lisäksi ongelmia on sanakirjojen alku- ja lopputeksteissä ja hakusanojen välisissä viittaussuhteissa. Perehdyn tutkielmassani erityisesti mikrostruktuurien ongelmakohtiin. Löytämistäni esimerkeistä käy ilmi, että pragmaattisia fraseologismeja ei yleensä ole varustettu vastaavalla merkinnällä, ne on sijoitettu sanakirja-artikkeliin epäsystemaattisesti ja epäloogisesti eikä rutiini-ilmaisuja ja keskustelukiteytymiä ole erotettu toisistaan. Ilmaisusta ei aina ole annettu sitä muotoa, jossa se todellisuudessa toteutuu, mikä esim. hankaloittaa kielenoppijan mahdollisuutta oppia aktiivisesti käyttämään ilmaisua. Myös syntaktis-semanttiset tiedot ovat ajoittain liian niukkoja, samoin kuin pragmaattis-kommunikatiiviset tiedot, mikä on erittäin vakava puute. Pragmaattisten fraseologismien käyttöä on mahdotonta kuvailla ilman kyseisiä tietoja. Hahmottelemassani sanakirja-artikkelin mallissa jokainen ilmaisu on löydettävissä oman hakusanansa alta. Kääntäjiä ajatellen ilmaisulle annetaan mahdollisimman monia ekvivalentteja ja myös tietoa niistä. Artikkelissa selitetään tarkoin, mitä ilmaisu tarkoittaa ja miten sitä käytetään. Ilmaisun tyylistä, konnotaatioista, tekstispesifisyydestä, ajallisesta ja alueellisesta jakautuneisuudesta ja kommunikatiivisesta funktiosta annetaan yksityiskohtaisia tietoja. Linkeistä on mahdollisuus päästä katsomaan synonyymisten tai samaan tilanteeseen liittyvien ilmaisujen sanakirja-artikkeleita. Ilmaisuille annetaan esimerkkejä, jotka ovat peräisin sekä sanakirjoista ja autenttisista teksteistä että fiktiivisistä dialogeista ja niiden käännöksistä. Pragmaattisten fraseologismien kääntäminen on hankalaa monesta syystä, mm. siksi, että ne ovat kieli- ja kulttuurisidonnaisia ja polyfunktionaalisia. Kääntäjällä on oltava erittäin hyvän kielitaidon ja kulttuuritietämyksen lisäksi tietoa myös sekä lähde- että kohdekielen fraseologiasta. Pragmaattisten fraseologismien erikoissanakirja helpottaisi kääntäjien työtä merkittävästi.

Describing syntax with star-free regular expressions

Koskenniemen Äärellistilaisen leikkauskieliopin (FSIG) lauseopilliset rajoitteet ovat loogisesti vähemmän kompleksisia kuin mihin niissä käytetty formalismi vittaisi. Osoittautuukin että vaikka Voutilaisen (1994) englannin kielelle laatima FSIG-kuvaus käyttää useita säännöllisten lausekkeiden laajennuksia, kieliopin kuvaus kokonaisuutenaan palautuu äärelliseen yhdistelmään unionia, komplementtia ja peräkkäinasettelua. Tämä on oleellinen parannus ENGFSIG:n descriptiiviseen kompleksisuuteen. Tulos avaa ovia FSIG-kuvauksen loogisten ominaisuuksien syvemmälle analyysille ja FSIG kuvausten mahdolliselle optimoinnillle. Todistus sisältää uuden kaavan, joka kääntää Koskenniemien rajoiteoperaation ilman markkerimerkkejä.

Modern Societal Impulses and their Nordic Manifestations : On Emancipation and Constraint in Societal Development

The 1980s and the early 1990s have proved to be an important turning point in the history of the Nordic welfare states. After this breaking point, the Nordic social order has been built upon a new foundation. This study shows that the new order is mainly built upon new hierarchies and control mechanisms that have been developed consistently through economic and labour market policy measures. During the post-war period Nordic welfare states to an increasing extent created equality of opportunity and scope for agency among people. Public social services were available for all and the tax-benefit system maintained a level income distribution. During this golden era of Nordic welfare state, the scope for agency was, however, limited by social structures. Public institutions and law tended to categorize people according to their life circumstances ascribing them a predefined role. In the 1980s and 1990s this collectivist social order began to mature and it became subject to political renegotiation. Signs of a new social order in the Nordic countries have included the liberation of the financial markets, the privatizing of public functions and redefining the role of the public sector. It is now possible to reassess the ideological foundations of this new order. As a contrast to widely used political rhetoric, the foundation of the new order has not been the ideas of individual freedom or choice. Instead, the most important aim appears to have been to control and direct people to act in accordance with the rules of the market. The various levels of government and the social security system have been redirected to serve this goal. Instead of being a mechanism for redistributing income, the Nordic social security system has been geared towards creating new hierarchies on the Nordic labour markets. During the past decades, conditions for receiving income support and unemployment benefit have been tightened in all Nordic countries. As a consequence, people have been forced to accept deteriorating terms and conditions on the labour market. Country-specific variations exist, however: in sum Sweden has been most conservative, Denmark most innovative and Finland most radical in reforming labour market policy. The new hierarchies on the labour market have co-incided with slow or non-existent growth of real wages and with a strong growth of the share of capital income. Slow growth of real wages has kept inflation low and thus secured the value of capital. Societal development has thus progressed from equality of opportunity during the age of the welfare states towards a hierarchical social order where the majority of people face increasing constraints and where a fortunate minority enjoys prosperity and security.

Two bracketing schemes for the Penn Treebank

The trees in the Penn Treebank have a standard representation that involves complete balanced bracketing. In this article, an alternative for this standard representation of the tree bank is proposed. The proposed representation for the trees is loss-less, but it reduces the total number of brackets by 28%. This is possible by omitting the redundant pairs of special brackets that encode initial and final embedding, using a technique proposed by Krauwer and des Tombe (1981). In terms of the paired brackets, the maximum nesting depth in sentences decreases by 78%. The 99.9% coverage is achieved with only five non-top levels of paired brackets. The observed shallowness of the reduced bracketing suggests that finite-state based methods for parsing and searching could be a feasible option for tree bank processing.

Wood-inhabiting Basidiomycetes in the Caucasus Region : Systematics and Biogeography

The Caucasus region is a hotspot of biodiversity and is one of the few areas in the Northern Hemisphere which harbor Pleistocene glacial refugia. The region encompasses Armenia, Azerbaijan, Georgia, the southernmost European Russia, NE Turkey, and northern Iran. The study on fungal composition of the Caucasus region and its connection and possible contribution to the present mycota of Europe has largely escaped empirical scrutiny. Using taxonomic surveys, phylogenetic reconstruction methods, haplotype analysis, and similarity tests, this study has aimed to, 1) summarize the knowledge on the occurrence of corticioids and polypores in the Caucasus region, 2) resolve the phylogenetic relationships of selected, resupinate wood-inhabiting basidiomycetes for which the Caucasus region is currently the mere, or one of the noteworthy areas of distribution, and, 3) assess the similarity of Caucasian corticioid fungi to those of Europe and important areas in the Northern Hemisphere, and to examine the significance of the Caucasus region as a glacial refugium for these fungi. This study provides the first catalogue of corticioids and polypores (635 species) occurring in the Caucasus region. The phylogeny and systematics of the Caucasian resupinate taxa in focus has been resolved and the usefulness of some morphological characters has been re-evaluated. In this context, four new genera and two new species were described and five new combinations were proposed, two of which were supplemented with modern descriptions. The species composition of corticioids in the Caucasus region is found to be distinctly more similar to Europe and North America than to East Asia and India. The highest molecular diversity and within population pairwise distance for Peniophorella praetermissa has been detected in the Caucasus and East Asia, with the isolates of the latter area being highly divergent from the European ones. This, and the assignment of root haplotype to the Caucasian isolates in a haplotype network for Phlebia tuberucalta and P. livida, call attention to the role of the Caucasus region in shaping the current mycota of Europe.

Linguistic grammars with very low complexity

We have presented an overview of the FSIG approach and related FSIG gram- mars to issues of very low complexity and parsing strategy. We ended up with serious optimism according to which most FSIG grammars could be decom- posed in a reasonable way and then processed efficiently.

Two bracketing schemes for the Penn Treebank

The trees in the Penn Treebank have a standard representation that involves complete balanced bracketing. In this article, an alternative for this standard representation of the tree bank is proposed. The proposed representation for the trees is loss-less, but it reduces the total number of brackets by 28%. This is possible by omitting the redundant pairs of special brackets that encode initial and final embedding, using a technique proposed by Krauwer and des Tombe (1981). In terms of the paired brackets, the maximum nesting depth in sentences decreases by 78%. The 99.9% coverage is achieved with only five non-top levels of paired brackets. The observed shallowness of the reduced bracketing suggests that finite-state based methods for parsing and searching could be a feasible option for tree bank processing.

Zur lexikographischen Darstellung der Adjektivsyntax in neueren einsprachigen Wörtbüchern des Deutschen

The main objects of the investigation were the syntactic functions of adjectives. The reason for the interest in these functions are the different modes of use, in which an adjective can occur. All together an adjective can take three different modes of use: attributive (e. g. a fast car), predicative (e. g. the car is fast) and adverbial (e. g. the car drives fast). Since an adjective cannot always take every function, some dictionaries (esp. learner s dictionaries) deliver information within the lexical entry about any restrictions. The purpose of the research consisted of a comparison in relation to the lexical entries of adjectives, which were investigated within four selected monolingual German-speaking dictionaries. The comparison of the syntactical data of adjectives were done to work out the differences and the common characteristics of the lexical entries concerning the different modes of use and to analyse respective to assess them. In the foreground, however, were the differences of the syntactical information. Concerning those differences it had to be worked out, which entry is the grammatically right one respective if one entry is in fact wrong. To find that out an empirical analysis was needed, which based on the question in which way an adjective is used within a context as far as there are no conforming data within the dictionaries. The delivery of the correctness and the homogeneity of lexical entries of German-speaking dictionaries are very important to support people who are learning the German language and to ensure the user friendliness of dictionaries. Throughout the investigations it became clear that in almost half of the cases (over 40 %) syntactical information of adjectives differ from each other within the dictionaries. These differences make it for non-native speakers of course very difficult to understand the correct usage of an adjective. Thus the main aim of the doctoral thesis was it to deliver and to demonstrate the clear syntactical usage of a certain amount of adjectives.

Modelling and Forecasting Property Rents and Returns (summary section only)

Recently, focus of real estate investment has expanded from the building-specific level to the aggregate portfolio level. The portfolio perspective requires investment analysis for real estate which is comparable with that of other asset classes, such as stocks and bonds. Thus, despite its distinctive features, such as heterogeneity, high unit value, illiquidity and the use of valuations to measure performance, real estate should not be considered in isolation. This means that techniques which are widely used for other assets classes can also be applied to real estate. An important part of investment strategies which support decisions on multi-asset portfolios is identifying the fundamentals of movements in property rents and returns, and predicting them on the basis of these fundamentals. The main objective of this thesis is to find the key drivers and the best methods for modelling and forecasting property rents and returns in markets which have experienced structural changes. The Finnish property market, which is a small European market with structural changes and limited property data, is used as a case study. The findings in the thesis show that is it possible to use modern econometric tools for modelling and forecasting property markets. The thesis consists of an introduction part and four essays. Essays 1 and 3 model Helsinki office rents and returns, and assess the suitability of alternative techniques for forecasting these series. Simple time series techniques are able to account for structural changes in the way markets operate, and thus provide the best forecasting tool. Theory-based econometric models, in particular error correction models, which are constrained by long-run information, are better for explaining past movements in rents and returns than for predicting their future movements. Essay 2 proceeds by examining the key drivers of rent movements for several property types in a number of Finnish property markets. The essay shows that commercial rents in local markets can be modelled using national macroeconomic variables and a panel approach. Finally, Essay 4 investigates whether forecasting models can be improved by accounting for asymmetric responses of office returns to the business cycle. The essay finds that the forecast performance of time series models can be improved by introducing asymmetries, and the improvement is sufficient to justify the extra computational time and effort associated with the application of these techniques.

Corporate Governance in European Banks: Essays on Bank Ownership

Banks are important as they have a central role in the financial system, where funds are channelled either through financial intermediaries, such as banks, or through financial markets, hence promoting growth in any economy. Recently, we have been reminded of the drawbacks of the central role of banks. The current financial crisis, which started out as a sub-prime mortgage crisis in the US, has become a global financial crisis with substantial impact on the real economy in many countries. Some of the roots to the current financial crisis can be sought in the changing role of banks and in bank corporate governance. Moreover, the substantial revitalising measures taken have been justified by the central role of banks. Not only are banks important, they are also very special. The fact that banks are regulated in conjunction with greater opacity, make bank corporate governance different from corporate governance in non-bank companies. Surprisingly little is, however, known about bank corporate governance, in particularly, in a European setting. Hence, the objective of this doctoral thesis is to provide new insights in this research area by examining banks from 37 different European countries. Each of the three essays included in the doctoral thesis examines a particular aspect of bank corporate governance. In the first essay the interaction between the regulatory environment a bank operates in and its ownership structure is explored. Indicators of the severity of the moral hazard problem induced by the deposit insurance system and implicit too-big-to-fail government guarantee, particular features of deposit insurance systems as well as legal protection of shareholders, legal origin of a country and level of integration to the European community are used in the analysis. The empirical findings confirm previous findings on the link between legal protection of shareholders and ownership structure. Moreover, they show that differences in deposit insurance system features can explain some of the differences in ownership structure across European banks. In the second essay the impact of management and board ownership on the profitability of banks with different strategy is examined. The empirical findings suggest that the efficiency of these two particular corporate governance mechanisms varies with the characteristics of the agency problem faced by the bank. More specifically, management ownership is important in opaque non-traditional banks, whereas board ownership is important in traditional banks, where deposit insurance reduces the monitoring incentives of outsiders. The higher profitability does, however, go together with higher risk. In the third essay the profitability and risk of commercial, savings and cooperative banks are compared. The empirical findings suggest that distinct operational and ownership characteristics rather than only the mere fact that a bank is a commercial, savings or cooperative bank explain the profitability and risk differences. The main insight from the three essays is that a number of different aspects should be addressed simultaneously in order to give the complexity of bank corporate governance justice.