The Dynamic Relationship between Finnish Stock Market and Commodities

Since different stock markets have become more integrated during 2000s, investors need new asset classes in order to gain diversification benefits. Commodities have become popular to invest in and thus it is important to examine whether the investors should use commodities as a part for portfolio diversification. This master’s thesis examines the dynamic relationship between Finnish stock market and commodities. The methodology is based on Vector Autoregressive models (VAR). The long-run relationship between Finnish stock market and commodities is examined with Johansen cointegration while short-run relationship is examined with VAR models and Granger causality test. In addition, impulse response test and forecast error variance decomposition are employed to strengthen the results of short-run relationship. The dynamic relationships might change under different market conditions. Thus, the sample period is divided into two sub-samples in order to reveal whether the dynamic relationship varies under different market conditions. The results show that Finnish stock market has stable long-run relationship with industrial metals, indicating that there would not be diversification benefits among the industrial metals. The long-run relationship between Finnish stock market and energy commodities is not as stable as the long-run relationship between Finnish stock market and industrial metals. Long-run relationship was found in the full sample period and first sub-sample which indicate less room for diversification. However, the long-run relationship disappeared in the second sub-sample which indicates diversification benefits. Long-run relationship between Finnish stock market and agricultural commodities was not found in the full sample period which indicates diversification benefits between the variables. However, long-run relationship was found from both sub-samples. The best diversification benefits would be achieved if investor invested in precious metals. No long-run relationship was found from either sample. In the full sample period OMX Helsinki had short-run relationship with most of the energy commodities and industrial metals and the causality was mostly running from equities to commodities. During the first sub period the number of short-run relationships and causality shrunk but during the crisis period the number of short-run relationships and causality increased. The most notable result found was unidirectional causality from gold to OMX Helsinki during the crisis period.

Exploring Relationship between Pakistani Teachers’ Pedagogical Beliefs and ICT Use for Teaching and Learning

Background: The aim of present study is to investigate relationship between Pakistani teachers’ pedagogical beliefs and ICT use for teaching and learning. Previous studies found close relationship between pedagogical beliefs and teaching practices including use of ICT. However, variation in results is also reported and attributed to cultural and contextual differences. Methodology: Quantitative approach was used to study a sample of 231 Pakistani basic education teachers from middle and upper-middle range private schools, mostly from large urban centres. Results: This study confirmed previously study results that constructivist-compatible pedagogical beliefs are significantly related to both traditional and constructivist use of ICT. However, it is also found that traditional-transmission pedagogical beliefs are significantly related to traditional use of ICT – a finding not reported in previous studies. Some amounts of ICT training for pedagogical purpose exhibit significant impact on ICT use, in particular constructivist use of ICT. Similarly age also play a role as younger teachers are more likely to use ICT, however, no significant difference of pedagogical beliefs and ICT use was found between male and female teachers. Recommendation for practice and further investigation are made in chapter 5.