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.

Swedish Premium Pension Funds: Attributes and Performance

This study investigates the relationship between fund attributes and performance. The focus is on funds available in the Swedish Premium Pension system (PPM-funds). The aim has been to investigate whether administration fees, manager tenure or past performance are of importance for pension savers when they pick their PPM-funds. The results indicate that high fees are a disadvantage to pension savers investing in bond funds but not to those investing in stock funds. Manager tenure has no relationship with performance. There is evidence of performance persistency in most of the investigated fund categories.

Swedish advertising language in Finland mirrored by the newspaper advertisements of the Stockmanns department store during the 20th century

The advertising business is often said to favour a modern, innovative language use. This is a statement not easily verified. Newspaper ads are in fact the genre of written language that linguists have paid the least attention to. People writing texts for newspaper ads are individuals representing contemporary language use. Advertisements representing different periods therefore diverge not only regarding the change of style and form advertising undergoes over time, but changes in the language itself also reflect the continuous process of alteration in a speech community. Advertisements and marketing material on the whole, are also read by many individuals who otherwise are not accustomed to reading at all. The marketing manager, the copywriter and the Art Director, in other words, produce texts that unconsciously function as language models. Changes are not created by, or urged on by linguistic expertise, but by ordinary users confronting other ordinary users. From a sociolinguistic perspective the widely diffused advertising language is therefore a most influential factor.

Reklamsvenska i Finland speglad genom varuhuset Stockmanns tidningsannonser under det 20e seklet - Swedish Advertising Language in Finland Mirrored by the Newspaper Advertisements of the Stockmanns Department Store during the 20th Century

Reklam sägs använda ett modernt, gärna ett nyskapande språk. Detta är ett påstående som inte så lätt kan verifieras. Tidningsannonsen är troligen den skriftspråksgenre som har fått minst uppmärksamhet av språkforskare. De som skriver texten i en tidningsannons är personer som representerar det samtida språkbruket. Annonser som representerar olika tidsepoker skiljer sig därför från varandra inte bara genom att annonsen förändras i fråga om stil och form. Annonsens språk avspeglar också den språkliga förändringsprocess som kontinuerligt pågår i varje språksamhälle. Annonser, och marknadsföringsmaterial över huvud taget, läses också av många människor som i övrigt läser mycket litet eller kanske inte alls. Marknadsföraren, reklamskribenten (copywriter) och AD:n producerar m.a.o. texter som på ett omedvetet sätt kommer att vara språkmodeller för sina läsare. Förändringar i språket kreeras inte och drivs inte på av språkforskare, utan av vanliga språkbrukare i interaktion med andra språkbrukare. Sett ur ett sociolingvistiskt perspektiv har det vitt spridda reklamspråket därför inflytande på språket i samhället. Syftet med det reklamspråksprojekt som presenteras i föreliggande rapport är att analysera hur och när förändringar i svenskan som uppträder i Sverige dyker upp i annonser som skrivs på svenska i Finland. Reklam på svenska Finland under 1900-talet står i fokus, och tidningsannonser för Stockmanns varuhus i Helsingfors utgör primärmaterialet. Tidningsannonser för varuhuset Nordiska Kompaniet (NK) i Stockholm under motsvarande tid tjänar som jämförelsematerial. I denna rapport presenteras projektets syfte, de uppställda forskningsfrågorna, och resonemanget illustreras med exempel ur projektmaterialet. Rapporten innehåller också en beskrivning av projektets reklamdatabas och basfakta om material och metoder. -

Spontaanin puheen prosodinen jaksottelu

The common focus of the studies brought together in this work is the prosodic segmentation of spontaneous speech. The theoretically most central aspect is the introduction and further development of the IJ-model of intonational chunking. The study consists of a general introduction and five detailed studies that approach prosodic chunking from different perspectives. The data consist of recordings of face-to-face interaction in several spoken varieties of Finnish and Finland Swedish; the methodology is usage-based and qualitative. The term “speech prosody” refers primarily to the melodic and rhythmic characteristics of speech. Both speaking and understanding speech require the ability to segment the flow of speech into suitably sized prosodic chunks. In order to be usage-based, a study of spontaneous speech consequently needs to be based on material that is segmented into prosodic chunks of various sizes. The segmentation is seen to form a hierarchy of chunking. The prosodic models that have so far been developed and employed in Finland have been based on sentences read aloud, which has made it difficult to apply these models in the analysis of spontaneous speech. The prosodic segmentation of spontaneous speech has not previously been studied in detail in Finland. This research focuses mainly on the following three questions: (1) What are the factors that need to be considered when developing a model of prosodic segmentation of speech, so that the model can be employed regardless of the language or dialect under analysis? (2) What are the characteristics of a prosodic chunk, and what are the similarities in the ways chunks of different languages and varieties manifest themselves that will make it possible to analyze different data according to the same criteria? (3) How does the IJ-model of intonational chunking introduced as a solution to question (1) function in practice in the study of different varieties of Finnish and Finland Swedish? The boundaries of the prosodic chunks were manually marked in the material according to context-specific acoustic and auditory criteria. On the basis of the data analyzed, the IJ-model was further elaborated and implemented, thus allowing comparisons between different language varieties. On the basis of the empirical comparisons, a prosodic typology is presented for the dialects of Swedish in Finland. The general contention is that the principles of the IJ-model can readily be used as a methodological tool for prosodic analysis irrespective of language varieties.

Englanniksiko maailmanmaineeseen? : Suomalaisen proosakaunokirjallisuuden kääntäminen englanniksi Isossa-Britanniassa vuosina 1945 2003

This doctoral thesis focuses on the translation of Finnish prose literature into English in the United Kingdom between 1945 and 2003. The subject is approached using translation archaeology, interviews, archival material, detailed text analysis and reception material. The main theoretical framework is Descriptive Translation Studies, and certain sociological theories (Bourdieu s field theory, actor-network theory) are also used. After charting the published translations, two periods of time are selected for closer analysis: an earlier period from 1955 to 1959, involving eight translations, and a later one from 1990 to 2003, with a total of six translations. While these translation numbers may appear low, they are actually rather high in proportion to the total number of 28 one-author literary prose translations published in the UK over the approximately 60 years being studied. The two periods of time, the 1950s and 1990s, are compared in terms of the sociological context of translation activity, the reception of translations and their textual features. The comparisons show that the main changes in translation practice between these two periods are increased completeness (translations in the 1950s group often being shortened by hundreds of pages) and lesser use of indirect translation via an intermediary language (about half of the 1950s translations having been translated via Swedish). Otherwise, translation practices have not changed much: except for large omissions, which are far more frequent in the 1950s, variation within each group is larger than between groups. As to the sociological context, the main changes are an increase in long-term institution-level contacts and an increase in the promotion of foreign translation rights by Finnish publishing houses. This is in contrast to the 1950s when translation rights were mainly sold through personal contacts by individual authors and translators. The reception of translations is difficult to study because of scarce material. However, the 1950s translations were aggressively marketed and therefore obtained far more reviews and reprints than the 1990s translations. Several of the 1950s books, mostly historical novels by Mika Waltari, were mainstream bestsellers at the time, while current translations are frequently made for niche markets. The thesis introduces ample new material on the translation of Finnish prose literature into English in the UK. The results are also relevant to translation from a minority literature into a majority one. As to translation theory, they lead us to question the social nature of translation norms and the assumption of a static target culture. The translations analysed here are located in a very fragmented interculture and gain a stronger position in the Finnish culture than in the British one.

Lost in translation? : Translating allusions in two of Reginald Hill's Dalziel & Pascoe novels

This study examines strategies used to translate various thematic and character delineating allusions in two of Reginald Hill's detective novels, The Wood Beyond and On Beulah Height and their Swedish translations Det mörka arvet and Dalen som dränktes. In this study, thematic allusions and allusions used in character delineation are regarded as intertextual networks. Intertextual networks comprise all the texts that are in one way or another embedded into a text, all the texts referred to in it and even the texts somehow rejected from a text's own canon. Studying allusions as intertextual networks makes it warranted to pay minute attention to even the smallest of details. Seen together, these little details form extensive networks of meaning that readers use to interpret the text. Allusion can be defined as a reference, often covert or indirect, to another text in a way that brings into the text some of the associations of that other text. A text is here understood broadly, hence sources of allusions include all cultural texts from literature and history to cinema and televisions serials. Allusions are culture bound and each culture tends to allude to its own cultural products. The set of transcultural allusions is therefore fairly small. Translation strategies are translatorial ways of solving translation problems. Being culture-bound, allusions are potential translation problems. In order to transmit the thoughts evoked by the allusions in source text readers to the target text readers translators may add guidance to the translated text. Often guidance is not added, which may result in changes in handling of themes or character delineation, clear in the source text but confusing or incomprehensible in the target text. However, norms in target culture may not always allow the translators the possibility to make the text comprehensible. My analyses of translation strategies show that in the two translated novels studied minimum change is a very frequently used strategy. This results in themes and character delineation losing some of the effect they have in the source texts. Perhaps surprisingly, the result is very much the same even where it is possible to discern that the two translators have had differing translation principles. Keywords: allusions, intertextuality, literary translation, translation strategies, norms, crime fiction, Hill, Reginald

Rikollisia sattumalta? : Naisten keskinäistä haureutta koskevat oikeudenkäynnit 1950-luvun Itä-Suomessa

The main focus of the research is on the genealogy of women's same-sex fornication in Finnish criminal law from 1889/1894 to 1971. Why were women included in the concept of same-sex fornication in Finland and why, where, and when was the law put into effect? Which women were tried, how did the trial proceedings evolve, and what kind of effects did the trials have afterwards? Which concepts were used? These questions have been approached through the analysis of the Finnish Penal Code, the criminal law science and four trial proceedings in Eastern Finland during the 1950s. The research draws on the epistemology of the closet and the concept of heteronormativity adapted from queer theories. It is method critical in utilising ethnography, micro history and feminist ethical self-reflection. The research consists of six scientific refereed articles (see appendix) and of a theoretical introduction. The main results of the research are: 1) The genealogy of Finnish decency [Sittlichkeit] can not be researched without oral histories, due to the late modernisation of Finnish society and the legal system, which does not follow the pattern of English, French and German societies. 2) The inclusion of women's same-sex fornication in the Finnish Penal Code is not incomprehensible when compared to the early modern European legislations and court practices. Women have been punished for the sins of Sodom, though not directly under the 1734 Swedish law. 3) Fornication and decency were ambivalent concepts in the 1889/1894 law, and juridical authorities offered controversial interpretations of them during the late 19th and early 20th centuries. 4) A peak in women's convictions occurred in the 1950s, and most of the trial proceedings took place in rural Eastern Finland. Neither the state nor the police were active in prosecuting; instead, the trial proceedings began "by accident". 5) From 1940 to 1960 police training lacked instructions concerning the interrogation of women suspected of same-sex fornication. 6) The figure of the penitent woman was produced in the chiasmic encounter of confession and police interrogation which moulded and was moulded by the epistemological matrix of shame, honour, and decency. Women's speech acts were judicialised as confessions which enabled the disciplinary tampering with the women's bodies. 7) Gender and personality, more than sexuality, or "criminality" defined the status of the convicted women in their village communities after the trials. 8) Relations between police training, sexuality, and decency have not been well researched in Finland. 9) Decriminalisation in 1971 did not mark the end of homophobic legal discourse, even though the 1999 reform of sexual crimes took the form of gender neutral conceptualisation

Modernismens förespråkare : Gösta Stenman och hans konstsalong

This dissertation, based on material from Stenman s vast private archive, examines the role played by Swedish-speaking Finnish art dealer Gösta Stenman (1888-1947) and his art gallery, Stenmans Konstsalong, in the Finnish and Swedish art worlds from 1911 to 1947. This archive is examined here for the first time. The analytical framework used for this empirical study derives from Pierre Bourdieu s sociological theories. An art-sociological approach allows for the inclusion of more mechanisms at work in the art world than are typically embraced in such inquiries. This approach provides a fuller understanding of how Stenman attained his standing and central role in the art world in Finland as well as Sweden; enabling us to appreciate how he came to occupy such a prominent position in current art historical writing. All of these issues constitute new areas of research. Taking his cues from the contemporary art world of Paris, Stenman became the year 1914 a modern art dealer like no other in the Nordic countries. This dissertation represents the first academic investigation into his operations, strategies, and objectives, offering insight into not only the art dealer himself but also the functioning of the art market one of the most vital aspects of the art world. A by-product of this work, is that the modern art market in Finland is portrayed, including essential issues related to its growth and development as well as how it altered the conditions under which art could be produced, exhibited and promoted and what this entailed for the art world at large, artists and patrons alike. This first systematic analysis of the operations of Stenman s Konstsalong offers greater understanding of the art worlds of Sweden and Finland in the early twentieth century. The work also looks at how an agent of the art market could move between the fields of art in Sweden and Finland. The manner in which Stenman promoted individual artists, including his relationships with Tyko Sallinen, Helene Schjerfbeck, Juho Mäkelä, Jalmari Ruokokoski, Siri Derkert, Esther Kjerner, Eva Bagge, and many others, also falls within this purview. Stenman s contract with Sallinen from 1913 stands out as a new phenomenon in Finnish art promotion, whereby an artistic career became established via a far-sighted, strategic promotional program. The case study of Stenman s promotion of Schjerfbeck in Sweden provides evidence of the increasingly advanced nature of Stenman s strategies. The title of the dissertation, The Promoter of Modernism, attempts to convey that Stenman was the consummate modernist, modern in his thoughts, his actions, and his approach to art. Keywords: Gösta Stenman, Stenmans konstsalong, Stenmans dotter, art market, modernism, collecting, Novembergruppen, Helene Schjerfbeck, Tyko Sallinen, Juho Mäkelä, Jalmari Ruokokoski, Wäinö Aaltonen, Siri Derkert, Åke Göransson, Esther Kjerner, Eva Bagge.

Murtuva säätyvalta, kestävä eliitti : Senaattori Lennart Gripenbergin sukupiiri ja sääty-yhteiskunnan muodonmuutos

This study examines the transformation of the society of estates in the Finnish Grand Duchy through the case study of Senator Lennart Gripenberg and his family circle. While national borders and state structures changed, the connections between old ruling elite families remained intact as invisible family networks, ownership relations, economic collaboration and power of military families. These were the cornerstones of trust, which helped to strengthen positions gained in society. Also, these connections often had a central if unperceivable impact on social development and modernization. Broadly speaking, the intergenerational social reproduction made it possible for this network of connections to remain in power and, as an imperceptible factor, also influenced short-term developments in the long run. Decisions which in the short term appeared unproductive, would in the long run produce cumulative immaterial and material capital across generations as long-term investments. Social mobility, then, is a process which clearly takes several generations to become manifest. The study explores long-term strategies of reproducing and transferring the capital accumulated in multinational elite networks. Also, what was the relationship of these strategies to social change? For the representatives of the military estate the nobility and for those men of the highest estates who had benefited from military training, this very education of a technical-military nature was the key to steering, controlling and dealing with the challenges following the industrial breakthrough. The disintegration of the society of estates and the rising educational standards also increased the influence of those professionals previously excluded, which served to intensify competition for positions of power. The family connections highlighted in this study overlapped in many ways, working side by side and in tandem to manage the economic and political life in Finland, Russia and Sweden. The analysis of these ties has opened up a new angle to economic co-operation, for example, as seen in the position of such family networks not only in Finnish, but also Swedish and Russian corporations and in the long historical background of the collaboration. This also highlights in a new way the role of women in transferring the cumulative social capital and as silent business partners. The marriage strategies evident in business life clearly had an impact on the economic life. The collaborative networks which transcended generations, national boundaries and structures also uncover, as far as the elites are concerned, serious problems in comparative studies conducted from purely national premises. As the same influential families and persons in effect held several leading positions in society, the line would blur between public and invisible uses of power. The power networks thus aimed to build monopolies to secure their key positions at the helm. This study therefore examines the roles of Lennart Gripenberg senator, business executive, superintendent of the Department of Industry, factory inspector, and founding member of industrial interest groups as part of the reproduction strategies of the elite. The family and other networks of the powerful leaders of society, distinguished by social, economic and cultural capital, provided a solid backdrop for the so-called old elites in their quest for strategies to reproducing power in a changing world. Crucially, it was easier for the elites to gain expertise to steer the modernization process and thereby secure for the next generation a leading position in society, something that they traditionally, too, had had the greatest interest in.

Sisustaminen on kuin käsialaa : Carin Bryggman ja Lasse Ollinkari sisustusarkkitehdin ammatissa 1940- ja 1950-luvulla

"Interior Design is Like Handwriting." Carin Bryggman and Lasse Ollinkari as Interior Designers in the 1940s and 1950s My dissertation deals with the emergence of the interior designer's profession in Finland with focus on the 1940s and 1950s, the postwar years of reconstruction and modernism, as the historical context. The topic is addressed at both the collective and individual levels. Specific subjects of study are the training of interior designers (also known as interior architects), the association of Finnish interior architects (Sisustusarkkitehdit SIO), the professional field and its public image and two leading designers, Carin Bryggman (1920 1993) and Lasse Ollinkari (1921 1993). Though respected figures within the field, Bryggman and Ollinkari have otherwise remained little known and studied. My study presents a great deal of new empiria. The main materials consist of the documents of related institutions and the archives of Bryggman and Ollinkari, in which drawings and photographs figure prominently. The drawings illustrate in a new way the variety of professional tasks in the field. My results are also based on a large body of interviewed material. The materials are approached from two theoretical perspectives, with gender and margins as core concepts from the perspective of women's studies. The even gender division of Finnish interior designers revealed a difference with regard to neighbouring occupations and other countries. I claim that the division of tasks was not defined by gender. The second theoretical basis is the sociological study of professions. The high professional status achieved by interior designers is shown by the fact that of the many related titles in Finnish and Swedish, such as "furniture draughtsman" or "interior artist", interior architect became the established one, despite opposition from architects. My hypothesis that the professionalization of interior designers took place during the two postwar decades proved to be correct. The profession emerged through specialized education and became established with the founding of its own professional organization. From the outset, the goal was to mark a distinction between professionals of interior and furniture design and other designers and architects. Interior designers became a strong and successful modern professional group, involved in a wide range of projects from objects to interiors. Keywords: interior designers, interior architects, interior art, occupations, gender, professions, interior design, furniture, home, public space, Carin Bryggman, Lasse Ollinkari, the Sisustusarkkitehdit SIO association, 1940s and 1950s, reconstruction, modernism.

Historiebruk kring Nådendal : och den kommemorativa anatomin av klostrets minnesplats

This thesis examines the ruins of the medieval Bridgettine (Birgittan) monastery of Naantali (Vallis Gratiae, f. 1443) in Finland and the transformation of the site into a national heritage and a memory landscape. It was archaeologically surveyed in the 19th century by Professor Sven Gabriel Elmgren (1817 1897). His work was followed by Dr. Reinhold Hausen (1850 1942), who excavated the site in the 1870s. During this time the memories of Saint Bridget (Birgitta) in Sweden were also invented as heritage. Hausen published his results in 1922 thus forming the connection with the next generation of actors involved with the Naantali site: the magnate Amos Anderson (1878 1961), the teacher Julius Finnberg (1877 1955) and the archaeologist Juhani Rinne (1872 1950). They erected commemorative monuments etc. on the Naantali site, thus creating a memory landscape there. For them, the site represented the good homeland in connection with a western-oriented view of the history of Finland. The network of actors was connected to the Swedish researchers and so-called Birgitta Friends, such as state antiquarian Sigurd Curman (1879 1966), but also to the members of the Societas Sanctae Birgittae and the Society for the Embellishment of Pirita, among others. Historical jubilees as manifestations of the use of history were also arranged in Naantali in 1943, 1993 and 2003. It seems as if Naantali is needed in Finnish history from time to time after a period of crisis, i.e. after the Crimean War in the 1850s, the civil war of 1918, during World War II and also after the economic crisis of the early 1990s. In 2003, there was a stronger focus on the international Saint Bridget Jubilee in Sweden and all over Europe. Methodologically, the thesis belongs to the history of ideas, but also to research on the use of history, invented traditions and lieux de mémoire. The material for the work consists of public articles and scholarly texts in books or newspapers and letters produced by the actors and kept in archives in Finland, Sweden and Estonia, in addition to pictures and erected commemorative monuments in situ in the Western Finnish region. Keywords: Nådendal, Naantali monastery, Bridgettines, St. Bridget, use of history, lieux de mémoire, invented traditions, commemorative anatomy, memory landscape, Saint Bridget jubilees , S. G. Elmgren, R. Hausen, A. Anderson, J. Finnberg, J. Rinne, S. Curman, High Church Movement, Pirita, Vadstena.

Edistys ja yhteinen hyvä vapaudenajan ruotsalaisessa poliittisessa kielessä

This dissertation analyses the notions of progress and common good in Swedish political language during the Age of Liberty (1719 1772). The method used is conceptual analysis, but this study is also a contribution to the history of political ideas and political culture, aiming at a broader understanding of how the bounds of political community were conceptualised and represented in eighteenth-century Sweden. The research is based on the official documents of the regime, such as the fundamental laws and the solemn speeches made at the opening and closing of the Diet, on normative or alternative descriptions of society such as history works and economic literature, and on practical political writings by the Diet and its members. The rhetoric of common good and particular interest is thus examined both in its consensual and theoretical contexts and in practical politics. Central political issues addressed include the extent of economic liberties, the question of freedom to print, the meaning of privilege, the position of particular estates or social groups and the economic interests of particular areas or persons. This research shows that the modern Swedish word for progress (framsteg) was still only rarely used in the eighteenth century, while the notion of progress, growth and success existed in a variety of closely related terms and metaphorical expressions. The more traditional concept of common good (allmänna bästa) was used in several variants, some of which explicitly related to utility and interest. The combination of public utility and private interest in political discourse challenged traditional ideals of political morality, where virtue had been the fundament of common good. The progress of society was also presented as being linked to the progress of liberty, knowledge and wealth in a way that can be described as characteristic of the Age of Enlightenment but which also points at the appearance of early liberal thought.