Short-Horizon Asymmetric Mean-Reversion and Overreactions: Evidence from the Nordic Stock Markets

This paper examines the asymmetric behavior of conditional mean and variance. Short-horizon mean-reversion behavior in mean is modeled with an asymmetric nonlinear autoregressive model, and the variance is modeled with an Exponential GARCH in Mean model. The results of the empirical investigation of the Nordic stock markets indicates that negative returns revert faster to positive returns when positive returns generally persist longer. Asymmetry in both mean and variance can be seen on all included markets and are fairly similar. Volatility rises following negative returns more than following positive returns which is an indication of overreactions. Negative returns lead to increased variance and positive returns leads even to decreased variance.

Kaveriporukasta liiketoiminnaksi : Tuotannon häiriöt ja organisaation oppiminen nopeasti muuttuvassa yrityksessä

In the 1990 s the companies utilizing and producing new information technology, especially so-called new media, were also expected to be forerunners in new forms of work and organization. Researchers anticipated that new, more creative forms of work and the changing content of working life were about to replace old industrial and standardized ways of working. However, research on actual companies in the IT sector revealed a situation where only minor changes to existing organizational forms were seen .Many of the independent companies faced great difficulties trying to survive the rapid changes in the products and production forms in the emerging field. Most of the research on the new media field has been conducted as surveys, and an understanding of the actual everyday work process has remained thin. My research is a longitudinal study of the early phases of one new media company in Finland. The study is an analysis of the challenges the company faced in a rapidly changing business field and the attempts to overcome these challenges. The two main analyses in the study focus on the developmental phases of the company and the disturbances in the production process. Based on these analyses, I study changes and learning at work using the methodological framework of developmental work research. Developmental work research is a Finnish variant of the cultural-historical activity theory applied to the study of learning and transformations at work. The data was gathered over a three-year period of ethnographic fieldwork. I documented the production processes and everyday life in the company as a participant observer. I interviewed key persons, video and audio-taped meetings, followed e-mail correspondence and collected various documents, such as agreements and memos. I developed a systematic method for analyzing the disturbances in the production process by combining the various data sources. The systematic analysis of the disturbances depicted a very complex and only partly managed production process. The production process had a long duration, and no single actor had an understanding of it as a whole. Most of the disturbances had to do with the customer relationships. The nature of the disturbances was latent; they were recognized but not addressed. In the particular production processes that I analyzed, the ending life span of a particular product, a CD-ROM, became obvious. This finding can be interpreted in relation to the developmental phase of the production and the transformation of the field as a whole. Based on the analysis of the developmental phases and the disturbances, I formulate a hypothesis of the contradictions and developmental potentials of the activity studied. The conclusions of the study challenge the existing understanding of how to conceptualize and study organizational learning in production work. Most theories of organizational learning do not address qualitative changes in production nor historical challenges of organizational learning itself. My study opens up a new horizon in understanding organizational learning in a rapidly changing field where a learning culture based on craft or mass production work is insufficient. There is a need for anticipatory and proactive organizational learning. Proactive learning is needed to anticipate the changes in production type, and the life cycles of products.

Phosphorus retention in forest soils and the functioning of buffer zones used in forestry

Phosphorus (P) retention properties of soils typical for boreal forest, i.e. podzolic soil and peat soils, vary significantly, but the range of this variation has not been sufficiently documented. To assess the usefulness of buffer zones used in forestry in removing P from the discharge by chemical sorption in soil, and to estimate the risk of P leaching after forestry operations, more data is needed on soil P retention properties. P retention properties of soils were studied at clear-cut areas, unharvested buffer zones adjoining the clear-cut and at peatland buffer zone areas. Desorption-sorption isotherms were determined for the humus layer, the mineral soil horizons E, B and C of the Podzol profile and for the surface layer peat (0-15 cm) and the subsurface layer peat (15-30 cm). The efficiency of buffer zones in retaining P was studied at six peatland buffer zone areas by adding P-containing solute in the inflow. A tracer study was conducted at one of the buffer zone areas to determine the allocation of the added P in soil and vegetation. Measured sorption or desorption rather than parameter values of fitted sorption equations described P desorption and sorption behaviour in soil. The highest P retention efficiency was in the B horizon and consequently, if contact occurred or was established between the soluble P in the water and the soil B horizon, the risk of P leaching was low. Humus layer was completely incapable of retaining P after clear-cutting. In the buffer zones, the decrease in P retention properties in the humus layer and the low amount of P sorbed by it indicated that the importance of the layer in the functioning of buffer zones is low. The peatland buffer zone areas were efficient in retaining soluble P from inflow. P sorption properties of the peat soil at the buffer zone areas varied largely but the contribution of P sorption in the peat was particularly important during high flow in spring, when the vegetation was not fully developed. Factors contributing to efficient P retention were large buffer size and low hydrological load whereas high hydrological load combined with the formation of preferential flow paths, especially during early spring or late autumn was disadvantageous. However, small buffer zone areas, too, may be efficient in reducing P load.

Spirituality of Finnish peacekeepers

The previous academic research on Finnish peacekeeping has clarified the operative and historical aspects of Finnish peacekeeping lacking the view of an individual who does the actual peacekeeping work. This research is based on the underlying theoretical assumption of human beings possessing different kinds of talents and intelligences creating a holistic entity. In this broad perspective spirituality was explored as an umbrella concept, as a holistic ability or talent, that can be explored as the deepest aspect of defining what it means to be human. The theoretical framework incorporated the concept of an intelligence, which is defined in Gardner's theory of multiple intelligences as the ability to solve problems, or to create products, that are valued within one or more cultural settings (Gardner, 1993, x). The viability of this theory was studied in the sample of Finnish peacekeepers. Spirituality in the theoretical and conceptual horizon was viewed as an extension of Gardner's theory of intelligences as one potential Gardnerian intelligence candidate. In addition to Gardner's theory, spirituality was explored as sensitivity which includes capacities such as sensing awareness, sensing mystery and sensing value (Hay, 1998). Also the practical aspects of spirituality were taken in account as shown in our everyday lives giving us the direction and influencing our social responsibilities and concerns (Bradford, 1995). Spirituality was explored also involving the element of the peacekeepers' community, the element of personal moral orientations and in the domain of religion and coping. The purpose of this research aimed in two dimensions. First, the aim was to outline the intelligence profile and the spiritual sensitivity profile of peacekeepers. Second, the aim was to understand qualitatively the nature of peacekeepers' spirituality The research interests were studied with different kinds of peacekeepers. Applying the mixed methods approach the research was conducted in two phases: first the former SFOR peacekeepers (N=6) were interviewed and the data was analysed. Inspired by the primary findings of these interviews, the data for the case-study of one peacekeeper was collected in co-operation with one former SFOR peacekeeper (N=1). In the second phase the data was collected from KFOR peacekeepers through the quantitative MI-Survey and the spiritual sensitivity survey (N=195). The quantitative method was used to outline the intelligence profile and the spiritual sensitivity profile of peacekeepers (N=195). In the mixed methods approach this method highlighted the general overview of intelligence traits and spiritual sensitivity of peacekeepers. In the mixed methods approach the qualitative method including interviews (N=6) and a case-study of one peacekeeper (N=1) increased subjective, qualitative information of spirituality of peacekeepers. The intelligence profile of peacekeepers highlighted the bodily-kinesthetic and interpersonal dimensions as the practical and social aspects of peacekeepers. Strong inter-item dependencies in the intrapersonal intelligence profile meant that peacekeepers possess a self-reflection and self-knowledge component and they reflect on deep psychological and philosophical issues. Regarding the spiritual sensitivity, peacekeepers found awareness-sensing, mystery-sensing, value-sensing and community-sensing important. The community-sensing emphasised a strong will to advance peace and to help people who are in need: things that are close to the heart of the peacekeepers. These results depicted practicality, being socially capable, and reflecting one's inner world as essential to peacekeepers. Moreover, spirituality as peacekeepers' moral endeavour became clearer because the sub-model of their community-sensing described morally charged destinations: advancing peace and helping people in need. In the qualitative findings peacekeepers articulated justice orientation and rule-following characterising the nature of peacekeepers' moral attitude and moral call (Kohlberg, 1969). An ethic of care (Gilligan, 1982) describes mainly female moral orientation, but the findings revealed that an ethic of care is also an important agent supporting strongly male peacekeepers in their aim to carry out qualitatively good peacekeeping work. The moral endeavour was voiced, when the role of religion in coping meant the assessment of the a way of life, a way of conduct, a way of being truthful to one's own values in confusing surroundings. The practical level of spiritual and religious contemplation was voiced as morally charged inner motivation to fulfil one's duties and at the same time to cope with various peacekeeping challenges. The results of different data sets were combined and interpreted as the moral endeavour, which characterises peacekeepers' spirituality. As the combining result, the perspective of peacekeepers' spirituality is considered moral or at least morally charged.

Multiple Perspectives on Networks: Conceptual Development, Application and Integration in an Entrepreneurial Context

Multiple Perspectives on Networks: Conceptual Development, Application and Integration in an Entrepreneurial Context. The purpose of this thesis is to enhance cross-fertilization between three different approaches to network research. The business network approach may contribute in terms of how relationships are created, developed and how tie content changes within ties, not only between them. The social network approach adds to the discussion by offering concepts of structural change on a network level. The network approach in entrepreneurship contributes by emphasizing network content, governance and structure as a way of understanding and capturing networks. This is discussed in the conceptual articles, Articles 2 and 3. The ultimate purpose of this thesis is to develop a theoretical and empirical understanding of network development processes. This is fulfilled by presenting a theoretical framework, which offers multiple views on process as a developmental outcome. The framework implies that change ought to be captured both within and among relationships over time in the firm as well as in the network. Consequently, changes in structure and interaction taking place simultaneously need to be included when doing research on network development. The connection between micro and macro levels is also stressed. Therefore, the entrepreneur or firm level needs to be implemented together with the network level. The surrounding environment impacts firm and network development and vice versa and hence needs to be integrated. Further, it is necessary to view network development not only as a way forward but to include both progression and regression as inevitable parts of the process. Finally, both stability and change should be taken into account as part of network development. Empirical results in Article 1 show support for a positive impact of networks on SME internationalization. Article 4 compares networks of novice, serial and portfolio entrepreneurs but the empirical results show little support for differences in the networks by type of entrepreneur. The results demonstrate that network interaction and structure is not directly impacted by type of entrepreneur involved. It indicates instead that network structure and interaction is more impacted by the development phase of the firm. This in turn is in line with the theoretical implications, stating that the development of the network and the firm impacts each other, as they co-evolve.

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

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

Idänkaupan loppu - Suomen ja Neuvostoliiton välinen erityinen kauppasuhde ja Suomen kauppapolitiikan odotushorisontti sen purkautuessa 1988–1991

Suomen kylmän sodan aikaisesta kaupankäynnistä sosialististen maiden kanssa poliittisesti ja taloudellisesti merkittävintä oli kahdenvälinen kauppasuhde Neuvostoliiton kanssa. Tässä tutkielmassa määrittelen idänkaupan Suomen ja Neuvostoliiton väliseksi erityissuhteeksi, jota luonnehti käsitys molempien toisilleen myöntämästä erityisasemasta, kaupan tason poliittinen merkitys, jatkuvuuden korostaminen sekä clearing-järjestelmä. Neuvostoliiton hajotessa vuonna 1991 myös idänkauppa loppui. Tässä tutkielmassa argumentoin kuitenkin, ettei idänkaupan loppuminen ollut suoranaisesti seurausta Neuvostoliiton hajoamisesta. Kehityskulut, jotka johtivat idänkaupan loppumiseen, olivat murtaneet perustan kahdenvälisen kaupan erityissuhteelta jo ennen kuin Neuvostoliitto lopetti olemassaolonsa. Tarkastelen kaupan erityissuhteen purkautumista vuosina 1988–1991. Keskeisiä tapahtumia idänkaupan loppuvaiheessa oli clearing-järjestelmän uudistaminen vuonna 1988, viimeisen clearingpohjaisen runkosopimuksen allekirjoittaminen 1989, clearing-järjestelmän lopettaminen vuonna 1990 sekä Neuvostoliiton hajoaminen 1991. Keskityn kauppapolitiikan valmistelutason toimintaan. Tärkeimmän lähdeaineiston muodostavat ulkoministeriön kauppapoliittisen osaston ja Suomen Pankin idänkaupan osaston arkistoaineisto. Tutkimuskysymys on kaksiosainen. Ensinnäkin tutkin Suomen kauppapolitiikan toimijoiden näkemyksiä idänkaupan tulevaisuudesta. Käsittelen sitä, miltä idänkaupan tulevaisuus näytti silloin, kun se oli loppumassa. Vaikka idänkaupan loppuminen näyttää jälkikäteen suoraviivaiselta, se ei ollut sitä tapahtumahetkellä. Käytän apunani Reinhart Koselleckin käsitteitä odotushorisontista (horizon of expectations) ja kokemusavaruudesta (space of experience). Toiseksi pyrin piirtämään kuvan siitä idänkaupasta, joka loppui. Tarkastelen idänkauppaa sille ominaisten piirteiden kautta selvittääkseni, mitkä idänkaupan ominaisuudet vaikuttivat sen loppumiseen. Tutkielman perusteella Suomen ja Neuvostoliiton välinen kauppasuhteen erityisyyden purkaantuminen johtui ensisijaisesti muutoksista Neuvostoliitossa, mutta myös Suomen ja kansainvälisen ympäristön poliittisilla ja taloudellisilla muutoksilla oli merkitystä. Idänkaupan järjestelmä loppui, koska se ei sopeutunut muuttuvaan maailmaan. Idänkaupan ilmiöön liittyneiden vahvojen epämuodollisten instituutioiden ansiota oli, että erityissuhde jatkui niin pitkään.

Inventory Routing - A Strategic Management Accounting Perspective

This dissertation develops a strategic management accounting perspective of inventory routing. The thesis studies the drivers of cost efficiency gains by identifying the role of the underlying cost structure, demand, information sharing, forecasting accuracy, service levels, vehicle fleet, planning horizon and other strategic factors as well as the interaction effects among these factors with respect to performance outcomes. The task is to enhance the knowledge of the strategic situations that favor the implementation of inventory routing systems, understanding cause-and-effect relationships, linkages and gaining a holistic view of the value proposition of inventory routing. The thesis applies an exploratory case study design, which is based on normative quantitative empirical research using optimization, simulation and factor analysis. Data and results are drawn from a real world application to cash supply chains. The first research paper shows that performance gains require a common cost component and cannot be explained by simple linear or affine cost structures. Inventory management and distribution decisions become separable in the absence of a set-dependent cost structure, and neither economies of scope nor coordination problems are present in this case. The second research paper analyzes whether information sharing improves the overall forecasting accuracy. Analysis suggests that the potential for information sharing is limited to coordination of replenishments and that central information do not yield more accurate forecasts based on joint forecasting. The third research paper develops a novel formulation of the stochastic inventory routing model that accounts for minimal service levels and forecasting accuracy. The developed model allows studying the interaction of minimal service levels and forecasting accuracy with the underlying cost structure in inventory routing. Interestingly, results show that the factors minimal service level and forecasting accuracy are not statistically significant, and subsequently not relevant for the strategic decision problem to introduce inventory routing, or in other words, to effectively internalize inventory management and distribution decisions at the supplier. Consequently the main contribution of this thesis is the result that cost benefits of inventory routing are derived from the joint decision model that accounts for the underlying set-dependent cost structure rather than the level of information sharing. This result suggests that the value of information sharing of demand and inventory data is likely to be overstated in prior literature. In other words, cost benefits of inventory routing are primarily determined by the cost structure (i.e. level of fixed costs and transportation costs) rather than the level of information sharing, joint forecasting, forecasting accuracy or service levels.

Analysis of forest soil chemistry and hydrology with a dynamic model ACIDIC.

In this study we analyze how the ion concentrations in forest soil solution are determined by hydrological and biogeochemical processes. A dynamic model ACIDIC was developed, including processes common to dynamic soil acidification models. The model treats up to eight interacting layers and simulates soil hydrology, transpiration, root water and nutrient uptake, cation exchange, dissolution and reactions of Al hydroxides in solution, and the formation of carbonic acid and its dissociation products. It includes also a possibility to a simultaneous use of preferential and matrix flow paths, enabling the throughfall water to enter the deeper soil layers in macropores without first reacting with the upper layers. Three different combinations of routing the throughfall water via macro- and micropores through the soil profile is presented. The large vertical gradient in the observed total charge was simulated succesfully. According to the simulations, gradient is mostly caused by differences in the intensity of water uptake, sulfate adsorption and organic anion retention at the various depths. The temporal variations in Ca and Mg concentrations were simulated fairly well in all soil layers. For H+, Al and K there were much more variation in the observed than in the simulated concentrations. Flow in macropores is a possible explanation for the apparent disequilibrium of the cation exchange for H+ and K, as the solution H+ and K concentrations have great vertical gradients in soil. The amount of exchangeable H+ increased in the O and E horizons and decreased in the Bs1 and Bs2 horizons, the net change in whole soil profile being a decrease. A large part of the decrease of the exchangeable H+ in the illuvial B horizon was caused by sulfate adsorption. The model produces soil water amounts and solution ion concentrations which are comparable to the measured values, and it can be used in both hydrological and chemical studies of soils.

The Liminality of Cosmopolitanism from the Global South – Transnational Activists in Costa Rica between Colonial Legacies and Decolonial Attitudes

The Master’s thesis examines whether and how decolonial cosmopolitanism is empirically traceable in the attitudes and practices of Costa Rican activists working in transnational advocacy organizations. Decolonial cosmopolitanism is defined as a form of cosmopolitanism from below that aims to propose ways of imagining – and putting into practice – a truly globe-encompassing civic community not based on relations of domination but on horizontal dialogue. This concept has been developed by and shares its basic presumptions with the theory on coloniality that the modernity/coloniality/decoloniality research group is putting forward. It is analyzed whether and how the workings of coloniality as underlying ontological assumption of decolonial cosmopolitanism and broadly subsumable under the three logics of race, capitalism, and knowledge, are traceable in intermediate postcolonial transnational advocacy in Costa Rica. The method of analysis chosen to approach these questions is content analysis, which is used for the analysis of qualitative semi-structured in-depth interviews with Costa Rican activists working in advocacy organizations with transnational ties. Costa Rica was chosen as it – while unquestionably a Latin American postcolonial country and thus within the geo-political context in which the concept was developed – introduces a complex setting of socio-cultural and political factors that put the explanatory potential of the concept to the test. The research group applies the term ‘coloniality’ to describe how the social, political, economic, and epistemic relations developed during the colonization of the Americas order global relations and sustain Western domination still today through what is called the logic of coloniality. It also takes these processes as point of departure for imagining how counter-hegemonic contestations can be achieved through the linking of local struggles to a global community that is based on pluriversality. The issues that have been chosen as most relevant expressions of the logic of coloniality in the context of Costa Rican transnational advocacy and that are thus empirically scrutinized are national identity as ‘white’ exceptional nation with gender equality (racism), the neoliberalization of advocacy in the Global South (capitalism), and finally Eurocentrism, but also transnational civil society networks as first step in decolonizing civic activism (epistemic domination). The findings of this thesis show that the various ways in which activists adopt practices and outlooks stemming from the center in order to empower themselves and their constituencies, but also how their particular geo-political position affects their work, cannot be reduced to one single logic of coloniality. Nonetheless, the aspects of race, gender, capitalism and epistemic hegemony do undeniably affect activist cosmopolitan attitudes and transnational practices. While the premisses on which the concept of decolonial cosmopolitanism is based suffer from some analytical drawbacks, its importance is seen in its ability to take as point of departure the concrete spaces in which situated social relations develop. It thus allows for perceiving the increasing interconnectedness between different levels of social and political organizing as contributing to cosmopolitan visions combining local situatedness with global community as normative horizon that have not only influenced academic debate, but also political projects.

Analysing local algorithms in location-aware quasi-unit-disk graphs

A local algorithm with local horizon r is a distributed algorithm that runs in r synchronous communication rounds; here r is a constant that does not depend on the size of the network. As a consequence, the output of a node in a local algorithm only depends on the input within r hops from the node. We give tight bounds on the local horizon for a class of local algorithms for combinatorial problems on unit-disk graphs (UDGs). Most of our bounds are due to a refined analysis of existing approaches, while others are obtained by suggesting new algorithms. The algorithms we consider are based on network decompositions guided by a rectangular tiling of the plane. The algorithms are applied to matching, independent set, graph colouring, vertex cover, and dominating set. We also study local algorithms on quasi-UDGs, which are a popular generalisation of UDGs, aimed at more realistic modelling of communication between the network nodes. Analysing the local algorithms on quasi-UDGs allows one to assume that the nodes know their coordinates only approximately, up to an additive error. Despite the localisation error, the quality of the solution to problems on quasi-UDGs remains the same as for the case of UDGs with perfect location awareness. We analyse the increase in the local horizon that comes along with moving from UDGs to quasi-UDGs.