Die Eigenschaften der Benennungen und ihr Einfluss auf deren Verwendung am Beispiel der Euro-Währung : Eine quantitative und kontrastive Analyse der Terminologie im Finnischen und im Deutschen

This dissertation deals with the terminology of the Euro currency. Its aims are to determine the characteristics of the designations in a certain LSP and to discover whether the recommendations and rules that have been given to the formation of designations and 'ideal' designations have any influence on the usage of the designations. The characteristics analysed include length of the designation, part of speech, form, formation method, constancy, monosemy, suitability to a concept system and degree of specialty. The study analyses the actual usage of the designations in texts and the implementation of the designations. The study is an adaptation of a terminometric survey and uses concept analysis and quantitative analysis as its basic methods. The frequency of each characteristic is measured in terms of statistics. It is assumed that the 'ideality' of a designation influences its usage, for example that if a designation is short, it is used more than its longer rivals (synonyms). The results are analysed in a corpus consisting of a compilation of different texts concerning the Euro. The corpus is divided according to three features: year (1998-2003), genre (judicial texts, annual reports and brochures) and language (Finnish and German). Each analysis is performed according to each of these features and compared with the others. The results indicate that some of the characteristics of the designations indeed seem to have an influence on the usage of the designations. For example, monosemy and suitability to the concept system often lead to the implementation of the designation having the ideal or certain value in these characteristics in the analysed Finnish material. In German material, an 'ideal' value in the characteristics leads to the implementation of the designations more often than in Finnish. The contrastive study indicates that, for example, suitability to a concept system leads to implementation of a designation in judicial texts more often than in other genres. The recommendations given to an 'ideal' designation are thus often acceptable, but they cannot be generalized for all languages in the same extent.

Dynamics of inflation expectations in the euro area

The present study examines empirically the inflation dynamics of the euro area. The focus of the analysis is on the role of expectations in the inflation process. In six articles we relax rationality assumption and proxy expectations directly using OECD forecasts or Consensus Economics survey data. In the first four articles we estimate alternative Phillips curve specifications and find evidence that inflation cannot instantaneously adjust to changes in expectations. A possible departure of expectations from rationality seems not to be powerful enough to totally explain the persistence of euro area inflation in the New Keynesian framework. When expectations are measured directly, the purely forward-looking New Keynesian Phillips curve is outperformed by the hybrid Phillips curve with an additional lagged inflation term and the New Classical Phillips curve with a lagged expectations term. The results suggest that the euro area inflation process has become more forward-looking in the recent years of low and stable inflation. Moreover, in low inflation countries, the inflation dynamics have been more forward-looking already since the late 1970s. We find evidence of substantial heterogeneity of inflation dynamics across the euro area countries. Real time data analysis suggests that in the euro area real time information matters most in the expectations term in the Phillips curve and that the balance of expectations formation is more forward- than backward-looking. Vector autoregressive (VAR) models of actual inflation, inflation expectations and the output gap are estimated in the last two articles.The VAR analysis indicates that inflation expectations, which are relatively persistent, have a significant effect on output. However,expectations seem to react to changes in both output and actual inflation, especially in the medium term. Overall, this study suggests that expectations play a central role in inflation dynamics, which should be taken into account in conducting monetary policy.

Shooting from the Wild Zone : A Study of the Chicana Art Photographers Laura Aguilar, Celia Álvarez Muñoz, Delilah Montoya, and Kathy Vargas

The dissertation analyzes and elaborates upon the changing map of U.S. ethno-racial formation from the vantage point of North American Studies, multi-disciplinary cultural studies, and the criticism of visual culture. The focus is on four contemporary Mexican American (Chicana) women photographers, whose art production is discussed, on the one hand, in the context of the Euro-American history of photographic genres and, on the other hand, in the context of so-called decolonizing cultural and academic discourses produced by Mexican Americans themselves. The manuscript consists of two parts. Part I outlines the theoretical and methodological domain of the study, positioning it in the interstices of American studies, European postmodern criticism, postcolonial feminist theory, and the theories of visual culture, particularly of art photography. In addition, the main issues and paradigms of Chicano Studies (Mexican American ethnic studies) are introduced. Part II consists of seven essays, each of which discusses rather independently a particular photographic work or a series of photographs, formulating and defending arguments about their meaning, position in the history of photographic genres, and their cultural and socio-political significance. The study closes with a discussion about ethno-racial identity formation and the role of Chicana photography therein - in embodying and reproducing new subjectivities, alternative categories of knowledge, and open ended historical narratives. It is argued that, symbolically, the "Wild Zone" of gendered and race-specific knowledge becomes associated with the body of the mother, a recurrent image in Chicana art works under discussion. Embedded in this image, the construction of an alternative notion of a family thus articulates the parameters of a matrifocal ethno-racial community unified by the proliferation of differences rather than by conformities typical of nationalistic ideologies. While focusing on art photography, the study as a whole simultaneously constructs, from a European vantage point, a "thick" description of Mexican American history, identities, communities, cultural practices, and self-representations about which very little is known in Finland.

Ruumiinkuvia! : Suomalainen performanssi- ja kehotaide 1980- ja1990-luvulla psykoanalyysin valossa

My PhD-thesis Body Images! Psychoanalytical Analysis of Finnish Performance and Body Art in the 1980s and 1990s considers Finnish performance and body art performed mainly by visual artists. In Part I, I chart the historical construction of performance art and its extension since the beginning of the 21st century. There are several wievs of the historical background of performance art. I introduce three different genealogies of performance art. One is Rose-Lee Goldberg s view. She connects performance art with the European avant-garde already at the beginning of the 20th century from futurists and dadaists to Russian avant-garde and the Bauhaus. I prefer to present performance art as contemporary art, which began to take shape in connection with visual arts in the 1950s and 1960s. The focus on the body is apparent in nearly all performance art. Nevertheless, throug the concept of body art I want to empasize the artist s body as the place of art. Body art (as part of performance art) functions as thematic and interpretive concept, which allows me to focus on performances where the questions of body image, narcissism, desire, language and pleasure are incorporated in particular intensive ways. In Part II, I explore the arrival of performance art in Finnish visual arts in the 1980s. I study the new generation s relation to earlier Finnish happenings (1960s) and performative actions in 1970 s. I briefly introduce performance groups of the 1980s art scene and consider their reception in media. The main focus is on the group Jack Helen Brut, in which I see many similarities to the so- called Theatre of Images. The goal of this part II is to provide historical context for the performance analysis that follows. In Part III, I develop the concept of body image which is my main theoretical term. The concept of body image is used according to Lacanian psychoanalytical theory, especially his considerations of mirror stages. My first mapping of body image, which I call imaginary body image, is based on Lacan s famous mirror stage article (1949). According to my reading, body image is narcistic and aggressive. The important concepts here are ego, imaginary, méconnaisance and alienation. In 1953 Lacan began to develop different version on mirror stage, in which he emphasized the primacy of symbolic dimension. It is not image, but language which constructs the foundations of body image. Central concepts in this chater are Other as language, ego-ideal, demand and desire. In the last chapter I connect the third version of the mirror stage to concepts of gaze, phantasy, real, jouissance and object a. In previous chapters I had considered body image in relation to ego. Now I explore it in relation to subject. In my reading the body image is fragile phenomen, which oscillates between yearning for coherence and phantasies of fragmented images. Part IV of the thesis begins with an introduction to the central concepts and debates in performace studies over the last few decades. Important concepts are presence, performativity and theatricality. The main substance of my thesis, however, is the performance analysis, which focuses on works by three Finnish artists and one Finnish group. The first analysis concerns the performance (1992) of Kimmo Schroderus. I discuss the relationship between narcissism and body art and the changes in demands projected on body images of men in recent decades in a Euro-American context. I also explore this performance in relation to the myth of Narcissus, which I reinterpret through Narcissus s aggression against his own body. The group Homo S is the main subject of the next analysis. I discuss the relationship between feminist art and performance art, especially in the United States in the 1960s and 1970s. Homo S is different from this early performance art because of its anarchism, humor and rejection of all ideals. Homo S characterizes its performance Body Body (1983) as liberating vulgar feminism . Sociality and performance of erotic relations between women are central in Body Body. Pia Lindman s performances are the subjects of my third analysis. I study three of her performances: Olen muoto (1993), 17 and in love (1994) and Arranged views (1995). I interpret these performances as efforts to disperse the imaginary and symbolic structures of the body image. She constructs the peculiar object a and phantasy space of her own. In the last analysis I move from questions of image and gaze to a study of language, sound and jouissance. I discuss at a general level the performance of orality and helplesness (Hilflosigkeit) in body art. The central elements in Pentti Otto Koskinen s performances are the ear, listening and receptive gestures and postions. Perseveraatio (1998) can be understood representing as submission to the super-ego s power, which compels one to enjoy. I examine particularly closely the performance Maissi on hyvää ei missään nimessä maissia (1995), which I interpret as the return of a baby s body image to the liminal site of choice: language or jouissance?

The epidemiology of severe Streptococcus pyogenes disease in Europe

Diseases caused by the Lancefield group A streptococcus, Streptococcus pyogenes, are amongst the most challenging to clinicians and public health specialists alike. Although severe infections caused by S. pyogenes are relatively uncommon, affecting around 3 per 100,000 of the population per annum in developed countries, the case fatality is high relative to many other infections. Despite a long scientific tradition of studying their occurrence and characteristics, many aspects of their epidemiology remain poorly understood, and potential control measures undefined. Epidemiological studies can play an important role in identifying host, pathogen and environmental factors associated with risk of disease, manifestation of particular syndromes or poor survival. This can be of value in targeting prevention activities, as well directing further basic research, potentially paving the way for the identification of novel therapeutic targets. The formation of a European network, Strep-EURO, provided an opportunity to explore epidemiological patterns across Europe. Funded by the Fifth Framework Programme of the European Commission s Directorate-General for Research (QLK2.CT.2002.01398), the Strep-EURO network was launched in September 2002. Twelve participants across eleven countries took part, led by the University of Lund in Sweden. Cases were defined as patients with S. pyogenes isolated from a normally sterile site, or non-sterile site in combination with clinical signs of streptococcal toxic shock syndrome (STSS). All participating countries undertook prospective enhanced surveillance between 1st January 2003 and 31st December 2004 to identify cases diagnosed during this period. A standardised surveillance dataset was defined, comprising demographic, clinical and risk factor information collected through a questionnaire. Isolates were collected by the national reference laboratories and characterised according to their M protein using conventional serological and emm gene typing. Descriptive statistics and multivariable analyses were undertaken to compare characteristics of cases between countries and identify factors associated with increased risk of death or development of STSS. Crude and age-adjusted rates of infection were calculated for each country where a catchment population could be defined. The project succeeded in establishing the first European surveillance network for severe S. pyogenes infections, with 5522 cases identified over the two years. Analysis of data gathered in the eleven countries yielded important new information on the epidemiology of severe S. pyogenes infections in Europe during the 2000s. Comprehensive epidemiological data on these infections were obtained for the first time from France, Greece and Romania. Incidence estimates identified a general north-south gradient, from high to low. Remarkably similar age-standardised rates were observed among the three Nordic participants, between 2.2 and 2.3 per 100,000 population. Rates in the UK were higher still, 2.9/100,000, elevated by an upsurge in drug injectors. Rates from these northern countries were reasonably close to those observed in the USA and Australia during this period. In contrast, rates of reports in the more central and southern countries (Czech Republic, Romania, Cyprus and Italy) were substantially lower, 0.3 to 1.5 per 100,000 population, a likely reflection of poorer uptake of microbiological diagnostic methods within these countries. Analysis of project data brought some new insights into risk factors for severe S. pyogenes infection, especially the importance of injecting drug users in the UK, with infections in this group fundamentally reshaping the epidemiology of these infections during this period. Several novel findings arose through this work, including the high degree of congruence in seasonal patterns between countries and the seasonal changes in case fatality rates. Elderly patients, those with compromised immune systems, those who developed STSS and those infected with an emm/M78, emm/M5, emm/M3 or emm/M1 were found to be most likely to die as a result of their infection, whereas those diagnosed with cellulitis, septic arthritis, puerperal sepsis or with non-focal infection were associated with low risk of death, as were infections occurring during October. Analysis of augmented data from the UK found use of NSAIDs to be significantly associated with development of STSS, adding further fuel to the debate surrounding the role of NSAIDs in the development of severe disease. As a largely community-acquired infection, occurring sporadically and diffusely throughout the population, opportunities for control of severe infections caused by S. pyogenes remain limited, primarily involving contact chemoprophylaxis where clusters arise. Analysis of UK Strep-EURO data were used to quantify the risk to household contacts of cases, forming the basis of national guidance on the management of infection. Vaccines currently under development could offer a more effective control programme in future. Surveillance of invasive infections caused by S. pyogenes is of considerable public health importance as a means of identifying long and short-term trends in incidence, allowing the need for, or impact of, public health measures to be evaluated. As a dynamic pathogen co-existing among a dynamic population, new opportunities for exploitation of its human host are likely to arise periodically, and as such continued monitoring remains essential.

Hintakäsitykset funktionaalisista elintarvikkeista ja euron käyttöönoton vaikutus

Työn tavoitteena oli tutkia kuluttajien hintakäsityksiä funktionaalisista elintarvikkeista sekä euron käyttöönoton vaikutuksia niihin. Teoriaosassa tarkasteltiin funktionaalisen elintarvikkeen käsitettä ja sen hintaan liittyviä kysymyksiä erikoistuotteen näkökulmasta sekä kuluttajan hintakäsityksen muodostumisessa tärkeää osaa näyttelevää referenssihintaa ja sen vaikutuksia sekä teoreettista taustaa, erityisesti adaptaatiotasoteoriaa. Lisäksi tarkasteltiin euron mahdollisia vaikutuksia referenssihintaan sekä referenssihinnan roolia kuluttajan hintakäsityksen muodostumisessa. Työn empiirinen osa koostui kahdesta kyselytutkimuksesta, jotka suoritettiin ennen euron käyttöönottoa joulukuussa 2001 ja sen jälkeen huhtikuussa 2002. Ensimmäiseen kyselyyn vastasi 182 ja toiseen 135 vastaajaa. Vastaajat olivat pääkaupunki- sekä Hämeenlinnan seudulta. Tutkimuksen kohteena olevat tuotteet olivat Gefilus®-piimä ja -mehut, ja kohderyhmänä niiden käyttäjät. Tutkimuksen empiirisessä osassa selvitettiin funktionaalisten elintarvikkeiden käyttö- ja ostotottumuksia sekä mielipidettä niiden hintatasosta suhteessa terveysvaikutuksiin ja tavallisiin elintarvikkeisiin. Referenssihintoja tutkimuksen kohteena oleville tuotteille tutkittiin sopivana, korkeimpana ja alhaisimpana hyväksyttävänä hintana.Euron vaikutuksia hintakäsityksiin tutkittiin vastausten eroissa kyselyjen välillä. Euron käyttöönoton aiheuttamia referenssihintojen muutoksia tarkasteltiin hintaherkkyysmittari avulla. Lisäksi tutkittiin euron käyttöönoton aiheuttamia muutoksia ostokäyttäytymisessä. Faktori- ja ryhmittelyanalyyseja käytettiin vastaajien ryhmittelyyn. Funktionaalisia elintarvikkeita pidettiin vastaajien joukossa kalliina suhteessa niiden terveysvaikutuksiin tai tavallisten, ei-funktionaalisten, tuotteiden hintaan. Tutkimuksen kohteena olleiden tuotteiden, Gefilus®-piimän ja -mehujen, hintatasoa pidettiin myös kalliina. Gefilus®-mehujen hintaa pidettiin yleisesti liian kalliina. Euron käyttöönotto aiheutti muutoksia vastaajien referenssihinnoissa. Euron käyttöönoton voitiin havaita vaikuttaneen kuluttajien hintakäsityksiin siten, että hinnat vaikuttivat aikaisempaa halvemmilta. Lisäksi euron käyttöönotto oli vaikeuttanut hintojen arviointia. Lähes kaikki vastaajat olivat sitä mieltä, että euron käyttöönoton jälkeen hinnat olivat nouseet. Euron käyttöönotto oli myös lisännyt pankkikortin käyttöä maksuvälineenä käteisen sijaan. Avainsanat: funktionaalinen elintarvike, terveysvaikutteinen elintarvike, hintakäsitys, referenssihinta, euro

Electron and proton transfer in NADH:ubiquinone oxidoreductase (Complex I) from Escherichia coli

Cells of every living organism on our planet − bacterium, plant or animal − are organized in such a way that despite differences in structure and function they utilize the same metabolic energy represented by electrochemical proton gradient across a membrane. This gradient of protons is generated by the series of membrane bound multisubunit proteins, Complex I, II, III and IV, organized in so-called respiratory or electron transport chain. In the eukaryotic cell it locates in the inner mitochondrial membrane while in the bacterial cell it locates in the cytoplasmic membrane. The function of the respiratory chain is to accept electrons from NADH and ubiquinol and transfer them to oxygen resulting in the formation of water. The free energy released upon these redox reactions is converted by respiratory enzymes into an electrochemical proton gradient, which is used for synthesis of ATP as well as for many other energy dependent processes. This thesis is focused on studies of the first member of the respiratory chain − NADH:ubiquinone oxidoreductase or Complex I. This enzyme has a boot-shape structure with hydrophilic and hydrophobic domains, the former of which has all redox groups of the protein, the flavin and eight to nine iron-sulfur clusters. Complex I serves as a proton pump coupling transfer of two electrons from NADH to ubiquinone to the translocation of four protons across the membrane. So far the mechanism of energy transduction by Complex I is unknown. In the present study we applied a set of different methods to study the electron and proton transfer reactions in Complex I from Escherichia coli. The main achievement was the experiment that showed that the electron transfer through the hydrophilic domain of Complex I is unlikely to be coupled to proton transfer directly or to conformational changes in the protein. In this work for the first time properties of all redox centers of Complex I were characterized in the intact purified bacterial enzyme. We also probed the role of several conserved amino acid residues in the electron transfer of Complex I. Finally, we found that highly conserved amino acid residues in several membrane subunits form a common pattern with a very prominent feature – the presence of a few lysines within the membrane. Based on the experimental data, we suggested a tentative principle which may govern the redox-coupled proton pumping in Complex I.

Koulun kestävän kehityksen työn merkitys kiinteistön jätehuollossa Case: Helsingin peruskoulujen jätekustannukset ja -määrät

Koulujen kestävän kehityksen työllä tarkoitetaan ekologiseen, taloudelliseen, sosiaaliseen ja kulttuuriseen kestävyyteen pohjautuvaa ympäristökasvatusta. Helsingissä peruskoulujen kestävän kehityksen työvälineet (ympäristökartoitukset ja – ohjelmat) ovat perustuneet koulujen ympäristöasioiden suunnitteluun, opetussuunnitelmien toteutumiseen ja ylläpitotoimintoihin, kuten jätehuoltoon. Opetusvirasto käytti vuosina 2005 ja 2009 ympäristötoiminnan arvioinnissa ympäristötasokuvauksia 1-3, joista arvosana 3 kuvaa ympäristöasioissa edistyneintä koulua. Tutkielman tavoitteena on tutkia ympäristötoiminnan tasojen perusteella ryhmiteltyjen peruskoulujen välisiä eroja jätekustannuksissa ja – määrissä (euroa/henkilö ja kg/henkilö) ja löytää mahdollisesti eroihin vaikuttavia tekijöitä. Tutkielman toimeksiantajana on 4V-Välitä, vaikuta, viihdy, voi hyvin – hanke, jonka yhtenä toiminnan osa-alueena on koulujen kestävän kehityksen työ. Tuloksista tullaan johtamaan tietoa Opetusviraston sekä muiden tahojen, kuten HSY:n ja Palmian ympäristötyöhön sekä Kiinteistöviraston Tilakeskuksen hallinnassa olevien koulukiinteistöjen jätehuollon kehittämiseen. Tutkimusaineistoina käytettiin Helsingin peruskoulujen vuoden 2009 jätekustannuksia ja tutkielman yhteydessä kerätyn jäteseurannan tuloksia vuodelta 2010. Jätekustannus- ja jätemääräaineistot yhdistettiin vuoden 2009 ympäristötoiminnan tasoluokitusten perusteella otokseksi (n=64). Lopullinen jätekustannus- ja jätemääräanalyysi tehtiin 29 koulun otoksella, josta oli rajattu pois kiinteistöt, joilla on koulun toiminnan lisäksi muita käyttötarkoituksia. Analyysiin sisällytettiin myös tarkempi tarkastelu koulujen seka- ja biojätejakeiden kustannuksista ja määristä. Tutkimuksen johtopäätöksenä todettiin, että eri ympäristötasoisten peruskoulujen välillä on huomattavia euro- ja kilomääräisiä eroja henkilöä kohden lasketuissa jätekustannuksissa ja –määrissä. Kokonaisjätemäärässä ei ole tapahtunut merkittävää muutosta tarkasteluvuosien välillä, mutta lajittelu näyttäisi kuitenkin tehostuneen. Tulosten perusteella ympäristöasioissa edistyneiden tason 3 koulujen keskimääräiset sekajätemäärät ja -kustannukset olivat pienimmät tasojen 1 ja 2 kouluihin verrattuna. Biojätemäärät ja –kustannukset olivat suurimmat tason 2 kouluissa. Jätekustannuksiin ja – määriin näyttäisivät vaikuttavan jäteastioiden määrien, kokojen ja tyhjennysrytmien optimointi sekä jäteastioiden täyttöasteet. Peruskoulujen tulisi keskittyä kestävän kehityksen työn avulla jätteiden synnyn ehkäisyyn ja vähentämiseen, jotta jätekustannuksetkin vähentyisivät jätehuollon kehittämistoimenpiteiden seurauksena.

A Cointegration Approach to Topics in Empirical Macroeconomics (summary section only)

Mikael Juselius’ doctoral dissertation covers a range of significant issues in modern macroeconomics by empirically testing a number of important theoretical hypotheses. The first essay presents indirect evidence within the framework of the cointegrated VAR model on the elasticity of substitution between capital and labor by using Finnish manufacturing data. Instead of estimating the elasticity of substitution by using the first order conditions, he develops a new approach that utilizes a CES production function in a model with a 3-stage decision process: investment in the long run, wage bargaining in the medium run and price and employment decisions in the short run. He estimates the elasticity of substitution to be below one. The second essay tests the restrictions implied by the core equations of the New Keynesian Model (NKM) in a vector autoregressive model (VAR) by using both Euro area and U.S. data. Both the new Keynesian Phillips curve and the aggregate demand curve are estimated and tested. The restrictions implied by the core equations of the NKM are rejected on both U.S. and Euro area data. These results are important for further research. The third essay is methodologically similar to essay 2, but it concentrates on Finnish macro data by adopting a theoretical framework of an open economy. Juselius’ results suggests that the open economy NKM framework is too stylized to provide an adequate explanation for Finnish inflation. The final essay provides a macroeconometric model of Finnish inflation and associated explanatory variables and it estimates the relative importance of different inflation theories. His main finding is that Finnish inflation is primarily determined by excess demand in the product market and by changes in the long-term interest rate. This study is part of the research agenda carried out by the Research Unit of Economic Structure and Growth (RUESG). The aim of RUESG it to conduct theoretical and empirical research with respect to important issues in industrial economics, real option theory, game theory, organization theory, theory of financial systems as well as to study problems in labor markets, macroeconomics, natural resources, taxation and time series econometrics. RUESG was established at the beginning of 1995 and is one of the National Centers of Excellence in research selected by the Academy of Finland. It is financed jointly by the Academy of Finland, the University of Helsinki, the Yrjö Jahnsson Foundation, Bank of Finland and the Nokia Group. This support is gratefully acknowledged.

Corporate Funding on the European Debt Capital Market

The integrated European debt capital market has undoubtedly broadened the possibilities for companies to access funding from the public and challenged investors to cope with an ever increasing complexity of its market participants. Well into the Euro-era, it is clear that the unified market has created potential for all involved parties, where investment opportunities are able to meet a supply of funds from a broad geographical area now summoned under a single currency. Europe’s traditionally heavy dependency on bank lending as a source of debt capital has thus been easing as corporate residents are able to tap into a deep and liquid capital market to satisfy their funding needs. As national barriers eroded with the inauguration of the Euro and interest rates for the EMU-members converged towards over-all lower yields, a new source of debt capital emerged to the vast majority of corporate residents under the new currency and gave an alternative to the traditionally more maturity-restricted bank debt. With increased sophistication came also an improved knowledge and understanding of the market and its participants. Further, investors became more willing to bear credit risk, which opened the market for firms of ever lower creditworthiness. In the process, the market as a whole saw a change in the profile of issuers, as non-financial firms increasingly sought their funding directly from the bond market. This thesis consists of three separate empirical studies on how corporates fund themselves on the European debt capital markets. The analysis focuses on a firm’s access to and behaviour on the capital market, subsequent the decision to raise capital through the issuance of arm’s length debt on the bond market. The specific areas considered are contributing to our knowledge in the fields of corporate finance and financial markets by considering explicitly firms’ primary market activities within the new market area. The first essay explores how reputation of an issuer affects its debt issuance. Essay two examines the choice of interest rate exposure on newly issued debt and the third and final essay explores pricing anomalies on corporate debt issues.

Kesämökkikäynnin virkistysarvon määrittäminen matkakustannusmenetelmällä

Tämän tutkielman tarkoituksena on määrittää kesämökkikäynnin virkistysarvo. Aihetta ei ole aikaisemmin tutkittu, vaikka kesämökkeily on merkittävä osa suomalaista elämää. Kesämökkikäynnin virkistysarvo tarkoittaa hyötyä, jonka yksilö saa kesämökillä virkistäytymisestä. Virkistäytyminen kesämökillä pitää sisällään kaiken kesämökillä ja sen ympäristössä tapahtuvan harrastamisen ja rentoutumisen. Koska ympäristö on tärkeässä osassa mökillä virkistäytymisessä, tässä tutkielmassa on lisäksi tarkoitus tutkia, kuinka mökkiympäristön ominaisuudet vaikuttavat virkistysarvoon. Tarkasteltavina ympäristön ominaisuuksina ovat virkistäytymisen estävät leväkukinnot ja mökin rannattomuus. Koska mökkeily toisaalta myös kuormittaa ympäristöä, tutkielmassa tutkitaan myös, kuinka sähköistys, ympäristöä kuormittava kesämökin ominaisuus, vaikuttaa virkistysarvoon. Virkistysarvo on markkinaton hyöty, joten sen määrittämiseen on käytettävä jotain markkinattomien hyödykkeiden arvottamismenetelmää. Tässä työssä arvottaminen tapahtuu matkakustannusmenetelmällä, jota käytetään yleisesti ympäristön tarjoamien virkistyspalveluiden taloudelliseen arvottamiseen. Kesämökkikäyntien kysyntää kuvaava matkakustannusmallin ekonometrinen mallintaminen suoritetaan negatiivisella binomimallilla. Tutkielman tulosten mukaan noin neljän päivän pituinen käynti sähköistetyllä kesämökillä, jossa on ranta eivätkä levät häiritse virkistäytymistä, tuottaa 167-205 euron suuruisen virkistyshyödyn. Virkistäytymisen estävät leväkukinnot laskevat arvoa 40 prosentilla ja mökin rannattomuus 45 prosentilla. Käynti sähköistetyllä mökillä tuottaa 3-5 prosenttia korkeamman virkistyshyödyn kuin käynti sähköistämättömällä mökillä. Suomessa kesän aikana tehtävien mökkikäyntien yhteenlaskettu virkistyshyöty on 430-530 miljoonaa, jos mökillä on ranta, jossa levistä ei ole haittaa. Häiritsevät leväkukinnot laskevat yhteenlaskettua virkistyshyötyä 30 miljoonalla ja rannattomuus 10-20 miljoonalla. Sähköistys nostaa yhteenlaskettua virkistyshyötyä 20-30 miljoonalla eurolla.

Monetary policy rules and estimated reaction functions for the European Central Bank

This thesis studies the interest-rate policy of the ECB by estimating monetary policy rules using real-time data and central bank forecasts. The aim of the estimations is to try to characterize a decade of common monetary policy and to look at how different models perform at this task.The estimated rules include: contemporary Taylor rules, forward-looking Taylor rules, nonlinearrules and forecast-based rules. The nonlinear models allow for the possibility of zone-like preferences and an asymmetric response to key variables. The models therefore encompass the most popular sub-group of simple models used for policy analysis as well as the more unusual non-linear approach. In addition to the empirical work, this thesis also contains a more general discussion of monetary policy rules mostly from a New Keynesian perspective. This discussion includes an overview of some notable related studies, optimal policy, policy gradualism and several other related subjects. The regression estimations are performed with either least squares or the generalized method of moments depending on the requirements of the estimations. The estimations use data from both the Euro Area Real-Time Database and the central bank forecasts published in ECB Monthly Bulletins. These data sources represent some of the best data that is available for this kind of analysis. The main results of this thesis are that forward-looking behavior appears highly prevalent, but that standard forward-looking Taylor rules offer only ambivalent results with regard to inflation. Nonlinear models are shown to work, but on the other hand do not have a strong rationale over a simpler linear formulation. However, the forecasts appear to be highly useful in characterizing policy and may offer the most accurate depiction of a predominantly forward-looking central bank. In particular the inflation response appears much stronger while the output response becomes highly forward-looking as well.