The Effect of Dividend Yield to Stocks’ Performance on Bullish and Bearish Finnish Stock Market

This study examines the relationship between dividend yield and stock return over bullish and bearish Finnish stock market by testing for alpha and beta shifts across bull and bear markets. In addition, this study examines if various factors, such as a standard deviation of dividends, firm size and profitability have an effect on the size, of the firms’ dividends and systematic risk of the stocks. We divide stocks into five portfolios on the basis of their past average dividend yields and investigate if the highest yielding portfolios outperform the lowest yielding portfolios during the different market conditions. As a result, high yielding stocks were most stable during the examination period and offered downside protection on bear markets. However, a strategy of forming portfolios with past dividend yields led to negative alphas even in bull markets. Standard deviation of dividends, firm size and profitability were found to have no effect on the size of dividends and systematic risk of the stocks.

Theorica Pantegni . Transcription of the Helsinki manuscript (Codex EÖ.II.14)

The Theorica Pantegni is a medieval medical textbook written in Latin. The author was Constantine the African (Constantinus Africanus), a monk of Tunisian origin. He compiled the work in the latter half of the eleventh century at the Benedictine monastery of Monte Cassino in Italy. - Manuscript Eö.II.14, containing the Theorica Pantegni published here, belongs today to the National Library of Finland. It can be dated to the third quarter of the twelfth century, which makes it one of the earliest surviving exemplars of the Theorica Pantegni: over seventy manuscripts of the work survive, of which about fifteen can be dated to the twelfth century. Manuscript Eö.II.14 is written in black ink on 210 parchment leaves (recto and verso), amounting to 420 pages, in pre-Gothic script. - The present text is a transcription of Ms Eö.II.14. The goal is to provide the reader with an accessible text that is faithful to the original.

Theorica Pantegni . Facsimile of the Helsinki manuscript (Codex EÖ.II.14)

The Theorica Pantegni is a medieval medical textbook written in Latin. The author was Constantine the African (Constantinus Africanus), a monk of Tunisian origin. He compiled the work in the latter half of the eleventh century at the Benedictine monastery of Monte Cassino in Italy. - Manuscript Eö.II.14, containing the Theorica Pantegni published here, belongs today to the National Library of Finland. It can be dated to the third quarter of the twelfth century, which makes it one of the earliest surviving exemplars of the Theorica Pantegni: over seventy manuscripts of the work survive, of which about fifteen can be dated to the twelfth century. Manuscript Eö.II.14 is written in black ink on 210 parchment leaves (recto and verso), amounting to 420 pages, in pre-Gothic script.

Theorica Pantegni . Facsimile and Transcription of the Helsinki manuscript (Codex EÖ.II.14)

The Theorica Pantegni is a medieval medical textbook written in Latin. The author was Constantine the African (Constantinus Africanus), a monk of Tunisian origin. He compiled the work in the latter half of the eleventh century at the Benedictine monastery of Monte Cassino in Italy. - Manuscript Eö.II.14, containing the Theorica Pantegni published here, belongs today to the National Library of Finland. It can be dated to the third quarter of the twelfth century, which makes it one of the earliest surviving exemplars of the Theorica Pantegni: over seventy manuscripts of the work survive, of which about fifteen can be dated to the twelfth century. Manuscript Eö.II.14 is written in black ink on 210 parchment leaves (recto and verso), amounting to 420 pages, in pre-Gothic script. - The present text is a transcription of Ms Eö.II.14. The goal is to provide the reader with an accessible text that is faithful to the original.

Cargo Traffic on the Helsinki-Tallinn Route

The twin-city model has found to increase economical activity and well-being. The similar economical, social and cultural background of Finland and Estonia as well as the EU integration give good preconditions to create a twin-city of Helsinki and Tallinn. The relatively long distance between Helsinki and Tallinn is challenging. Therefore, good transport infrastructure and functioning connections are required to form a twin-city of Helsinki and Tallinn. The connections between these cities can be considered also in broader perspective than only from the viewpoint of the twin-city concept. New markets areas have been emerged in Europe due to collapse of planned economy and integration of Europe. Also the transport routes to the markets are changing. The Hel-sinki-Tallinn sea route can be considered as a fast route to the new markets in the Cen-tral and Eastern Europe. The Helsinki-Tallinn sea route is also a potential route to the Western European markets. This study provides an analysis of transport and cargo flows between Finland and Esto-nia for regional and local planners. The main purpose of the study is to clarify the pre-sent situation of the seaborne cargo flows on the Helsinki-Tallinn route and how the cargo flows will develop in the future. The study focuses on the following thematic enti-ties: the Finnish and Estonian seaborne transport system and cargo flows, the structure and volume of the cargo flows on the Helsinki-Tallinn route, the hinterland cargo flows on the Helsinki-Tallinn route and the transport methods used on the Helsinki-Tallinn route. The study was carried out as a desk research, a statistical analysis and an inter-view study during the spring–autumn 2011. The study reveals that during the period 2002–2010 the volume of the seaborne cargo traffic between Finland and Estonia has increased significantly while the trend of the trade volume between Finland and Estonia has remained nearly constant. This indicates that the route via Estonia is increasingly used in the Finnish foreign trade. Because the ports of Helsinki and Tallinn are the main ports in the cargo traffic between Finland and Estonia, the role of the Helsinki-Tallinn route as a sea leg in the hinterland connections of Finland has increased. The growth of the cargo volume on the Helsinki-Tallinn route was estimated to continue on the annual level of 10 % during the next couple of years. In the long run the growth of the cargo volumes depends on the economical and indus-trial development of the former Eastern European countries. If the IMO’s sulphur regu-lations will come in force, the Helsinki-Tallinn route will become one of the main routes also to the Western European markets, besides of the route via Sweden. The study also shows that the fast and reliable connections year round on the Helsinki-Tallinn route have made it possible for service and logistics companies to reconsider their logistics strategies in a new way in the both side of the Gulf of Finland. Anyway, the ropax concept is seen as the only economical profitable solution on the Helsinki-Tallinn route because cargo and passenger traffic are supporting each other. The trucks (vehicle combinations) will remain the main mode of transport on the Helsinki-Tallinn route because general cargo is the main commodity on the route. IMO’s sulphur regula-tions and the changes in the structure of the Finnish industry may create prerequisites for rail road transport in the hinterland connections of Finland. The twin-city model has found to increase economical activity and well-being. The similar economical, social and cultural background of Finland and Estonia as well as the EU integration give good preconditions to create a twin-city of Helsinki and Tallinn. The relatively long distance between Helsinki and Tallinn is challenging. Therefore, good transport infrastructure and functioning connections are required to form a twin-city of Helsinki and Tallinn. The connections between these cities can be considered also in broader perspective than only from the viewpoint of the twin-city concept. New markets areas have been emerged in Europe due to collapse of planned economy and integration of Europe. Also the transport routes to the markets are changing. The Hel-sinki-Tallinn sea route can be considered as a fast route to the new markets in the Cen-tral and Eastern Europe. The Helsinki-Tallinn sea route is also a potential route to the Western European markets. This study provides an analysis of transport and cargo flows between Finland and Esto-nia for regional and local planners. The main purpose of the study is to clarify the pre-sent situation of the seaborne cargo flows on the Helsinki-Tallinn route and how the cargo flows will develop in the future. The study focuses on the following thematic enti-ties: the Finnish and Estonian seaborne transport system and cargo flows, the structure and volume of the cargo flows on the Helsinki-Tallinn route, the hinterland cargo flows on the Helsinki-Tallinn route and the transport methods used on the Helsinki-Tallinn route. The study was carried out as a desk research, a statistical analysis and an inter-view study during the spring–autumn 2011. The study reveals that during the period 2002–2010 the volume of the seaborne cargo traffic between Finland and Estonia has increased significantly while the trend of the trade volume between Finland and Estonia has remained nearly constant. This indicates that the route via Estonia is increasingly used in the Finnish foreign trade. Because the ports of Helsinki and Tallinn are the main ports in the cargo traffic between Finland and Estonia, the role of the Helsinki-Tallinn route as a sea leg in the hinterland connections of Finland has increased. The growth of the cargo volume on the Helsinki-Tallinn route was estimated to continue on the annual level of 10 % during the next couple of years. In the long run the growth of the cargo volumes depends on the economical and indus-trial development of the former Eastern European countries. If the IMO’s sulphur regu-lations will come in force, the Helsinki-Tallinn route will become one of the main routes also to the Western European markets, besides of the route via Sweden. The study also shows that the fast and reliable connections year round on the Helsinki-Tallinn route have made it possible for service and logistics companies to reconsider their logistics strategies in a new way in the both side of the Gulf of Finland. Anyway, the ropax concept is seen as the only economical profitable solution on the Helsinki-Tallinn route because cargo and passenger traffic are supporting each other. The trucks (vehicle combinations) will remain the main mode of transport on the Helsinki-Tallinn route because general cargo is the main commodity on the route. IMO’s sulphur regula-tions and the changes in the structure of the Finnish industry may create prerequisites for rail road transport in the hinterland connections of Finland.

Added Value of Combining Value and Momentum Indicators in the Swiss Stock Market

The purpose of the thesis is to examine the added value of combining value and momentum indicators in the Swiss stock exchange. Value indicators employed are P/E, EV/EBITDA, P/CF, P/B ja P/S. Momentum indicators examined are 52-week high, acceleration rate, 12-month past return and 6-month past return. The thesis examines whether the composite value measures based on the above mentioned ratios can add value and whether the inclusion of momentum can further improve the risk return profile of the value portfolios. The data is gathered from the Swiss equity market during the sample period from May 2001 to May 2011. Previous studies have shown that composite value measures can somewhat add value to the value portfolio strategy. Similarly, recent academic literature have found evidence that momentum works well as a timing indicator for time to entry to value stocks. This study indicates that the added value of composite value measures exists. It also shows that momentum combined to acceleration rate can significantly improve the risk adjusted performance of value-only portfolios.

Kirja-arvostelu : eurooppalainen kirja nuorkarjan terveydenhuollosta

Kirjallisuusarvostelu

"Riikka Kuoppala, Fanni Niemi-Junkola, Pekka Niskanen" Galleria Forum Box, Helsinki 2011

Kuvataidenäyttely Galleria Forum Boxissa Helsingissä Riikka Kuoppalan, Pekka Niskasen kanssa. Videoteokset Yksi ja monta (One and Many) ja Nitan King (Nita´s King), 2010

Stock Repurchase Authorizations - Finnish Companies

The aim of this study is to examine the abnormal market reaction caused by share repurchase authorizations. We study this abnormal reaction from five different angles. First four concentrate on average abnormal returns while the fifth concentrates on cumulative abnormal return. Data consists of 508 share repurchase authorization from Finnish stock market. Event study methodology is used to examine the stock price reaction and regression analysis is used to find correlation between actual buybacks and abnormal returns. The empirical results show that markets do usually react positively to share repurchase authorizations. There are some differences depending which of the five angles the abnormal returns are being examined. Statistically we can confirm that some authorization give positive reaction while others do not. Also we didn’t find a statistically significant positive correlation between actual buybacks and abnormal returns.

Performance Comparison of Behavioral Finance -based Investment Strategies in the Finnish Stock Market 1996-2010

In this thesis traditional investment strategies (value and growth) are compared to modern investment strategies (momentum, contrarian and GARP) in terms of risk, performance and cumulative returns. Strategies are compared during time period reaching from 1996 to 2010 in the Finnish stock market. Used data includes all listed main list stocks, dividends and is adjusted in case of splits, and mergers and acquisitions. Strategies are tested using different holding periods (6, 12 and 36 months) and data is divided into tercile portfolios based on different ranking criteria. Contrarian and growth strategies are the only strategies with improved cumulative returns when longer holding periods are used. Momentum (52-week high price1) and GARP strategies based on short holding period have the best performance and contrarian and growth strategies the worst. Momentum strategies (52-week high price) along with short holding period contrarian strategies (52-week low price2) have the lowest risk. Strategies with the highest risk are both growth strategies and two momentum strategies (52-week low price). The empirical results support the efficiency of momentum, GARP and value strategies. The least efficient strategies are contrarian and growth strategies in terms of risk, performance and cumulative returns. Most strategies outperform the market portfolio in all three measures. 1 Stock ranking criterion (current price/52-week highest price) 2 Stock ranking criterion (current price/52-week lowest price)