Ryssän koulussa : Suomalaiset Venäjän stipendiaatit autonomian aikana 1812-1917

Finnish scholarship students in Russia during the autonomy (1812-1917) During the autonomy in Finland (1809-1917), an attempt to improve the knowledge of the Russian language was made through special language university scholarships. With these scholarships the students could go and study the Russian language and acquire cultural knowledge in Russia. Other member countries on the edges of the Russian Empire, like Poland and the Baltic provinces, did not have similar programs. The first two scholars started their journey in 1812. A system of travel allowances was introduced in 1841. Between the years 1812- 1917 a total of almost 400 students studied in Russia. The studies mainly took place in Moscow. These scholarship students were called the Master s of Moscow ". In this paper, Finnish-Russian relations are studied based on the attitude towards the Russian language and the people who studied it in Finland. Although the attitude towards them was neutral in the beginning, in 1844 there was a strong change. Students of Russian, and especially the scholars, received the stigma of being unreliable and unpatriotic, a stigma they were never able to get rid of. The study of the Russian language was voluntary in Finnish schools between 1863 and 1872. Starting from 1890, however, the study of the Russian language was enforced. In doing so, the Russians attempted to unify the Empire, while the Finns had the illusion that they had their own state. Thus, Russia saw the language as a way to unify the Empire and Finns as an attempt to make them Russians. The purpose of studying in Russia was to improve the student s practical language skills and overall knowledge of the customs and culture of the country. Besides knowing the language, knowledge of Russian culture and customs is essential in understanding Russia and Russians; therefore, the studies of literature, geography and history have been noted in this research. Without knowledge it is difficult to develop understanding. After their studies, almost all of the scholars returned to Finland and did not continue their careers in Russia. They worked mainly as teachers and civil servants, and managed to improve the Finnish people s weak knowledge of Russian and Russia through teaching, translations of literature and newspaper articles. Through these scholars, it is possible to see how the attitudes towards the language have been closely related to the political history between Finland and Russia. The language became the subject of resistance and these attitudes were transferred to its students. In 1917, the study of Russia and the Russian language ended and it was no longer possible to use the acquired knowledge of language and country in independent Finland.

Isänmaamme keisari : Eliitin kansallisen identiteetin murros ja suomalaisen isänmaan rakentuminen autonomian ajan alussa

The emperor of our fatherland The changing national identity of the elite and the construction of the Finnish fatherland at the beginning of the autonomy This study addresses the question of changing national identity of the elite at the beginning of the autonomy (1808 1814) in Finland. Russia had conquered Finland from Sweden, but Finland was not incorporated into the Russian Empire. Instead, it was governed as separately administered area, and Finland retained its own (laws of the realm of Sweden) laws. The inclusion in the Russian Empire compelled the elite of Finland to deliberate their national identity; they had to determine whether they remained Swedes or became Finns or Russians. The elite chose to become Finns, which may seem obvious from the nowadays perspective, but it cannot be taken for granted that the Swedish speaking and noble elite converted their local Finnish identity into a new national identity. The basis of this study is constructive in a sense that identity is not seen as stable and constant. Theoretical background lies on Stuart Hall s writings on national identity, which offer good practical methods to study national identity. According to Hall identity is based mainly on difference , difference to others . In practice this means how elite began to define themselves in contrast to Swedes and Russians. The Finnish national identity was constructed in contrast to Swedes due to the political reasons. In order to avoid Russians suspicions Finns had to diverge from Sweden. Sweden had also gone trough coup d état, which was disliked by the elite of Finland. However, the attitudes of the elite towards Sweden remained somewhat ambiguous. Even if it was politically and rationally thinking wisest to draw away from Sweden, emotionally it was difficult. Russia, on the other hand, had been for centuries the archenemy of the Finns as well as all the Swedes. The fear of the Russians was mainly imaginary. Russians were seen as cruel barbarians who hated and resented Finns. The Finnish national identity was constructed above all in contrast to the Russians, for the difference to Russia was seen as a precondition for the existence of Finland. Respectively, the new position of Finland also required approaching towards Russia, which was in its nature very pragmatic. The elite contrived to get rid off its prejudice against Russians on intellectual level, but not on emotional level. At the beginning of the autonomy the primary loyalty of the elite was directed into the Finnish fatherland and its habitants. This was a radical ideological change, because traditionally the loyalty of the elite had focused on monarch and monarch s realm. However, the role of Alexander I was crucial. According to the elite the emperor had granted them a new fatherland. The former native country (Finland) was seen as a new fatherland instead of Sweden. The loyalty of the elite to the emperor generated from the reciprocal gratitude; Alexander I had treated their native country so mercifully. The elite felt strong personal responsibility for Finland s existence. The elite believed that the future of Finland rested on their shoulders. Alexander I had given them fatherland, but it was in the hands of the elite to construct the Finnish state and national spirit. The study of the Finnish national identity brings forth also that the national identity was constructed by emphasizing Finns civic rights. The civic rights were essential part of the construction of the Finnish national identity, for the difference between Finns and Russians was based on Finns own laws and privileges, which the emperor of the Russia had ensured.

Essays on Risk and Return

Perhaps the most fundamental prediction of financial theory is that the expected returns on financial assets are determined by the amount of risk contained in their payoffs. Assets with a riskier payoff pattern should provide higher expected returns than assets that are otherwise similar but provide payoffs that contain less risk. Financial theory also predicts that not all types of risks should be compensated with higher expected returns. It is well-known that the asset-specific risk can be diversified away, whereas the systematic component of risk that affects all assets remains even in large portfolios. Thus, the asset-specific risk that the investor can easily get rid of by diversification should not lead to higher expected returns, and only the shared movement of individual asset returns – the sensitivity of these assets to a set of systematic risk factors – should matter for asset pricing. It is within this framework that this thesis is situated. The first essay proposes a new systematic risk factor, hypothesized to be correlated with changes in investor risk aversion, which manages to explain a large fraction of the return variation in the cross-section of stock returns. The second and third essays investigate the pricing of asset-specific risk, uncorrelated with commonly used risk factors, in the cross-section of stock returns. The three essays mentioned above use stock market data from the U.S. The fourth essay presents a new total return stock market index for the Finnish stock market beginning from the opening of the Helsinki Stock Exchange in 1912 and ending in 1969 when other total return indices become available. Because a total return stock market index for the period prior to 1970 has not been available before, academics and stock market participants have not known the historical return that stock market investors in Finland could have achieved on their investments. The new stock market index presented in essay 4 makes it possible, for the first time, to calculate the historical average return on the Finnish stock market and to conduct further studies that require long time-series of data.

Monetary Policy, Stock Price Misalignments and Macroeconomic Instability

Perhaps the most fundamental prediction of financial theory is that the expected returns on financial assets are determined by the amount of risk contained in their payoffs. Assets with a riskier payoff pattern should provide higher expected returns than assets that are otherwise similar but provide payoffs that contain less risk. Financial theory also predicts that not all types of risks should be compensated with higher expected returns. It is well-known that the asset-specific risk can be diversified away, whereas the systematic component of risk that affects all assets remains even in large portfolios. Thus, the asset-specific risk that the investor can easily get rid of by diversification should not lead to higher expected returns, and only the shared movement of individual asset returns – the sensitivity of these assets to a set of systematic risk factors – should matter for asset pricing. It is within this framework that this thesis is situated. The first essay proposes a new systematic risk factor, hypothesized to be correlated with changes in investor risk aversion, which manages to explain a large fraction of the return variation in the cross-section of stock returns. The second and third essays investigate the pricing of asset-specific risk, uncorrelated with commonly used risk factors, in the cross-section of stock returns. The three essays mentioned above use stock market data from the U.S. The fourth essay presents a new total return stock market index for the Finnish stock market beginning from the opening of the Helsinki Stock Exchange in 1912 and ending in 1969 when other total return indices become available. Because a total return stock market index for the period prior to 1970 has not been available before, academics and stock market participants have not known the historical return that stock market investors in Finland could have achieved on their investments. The new stock market index presented in essay 4 makes it possible, for the first time, to calculate the historical average return on the Finnish stock market and to conduct further studies that require long time-series of data.