Can tourism be sustainable? : service experiences from tourism destinations in Europe

The tourism industry is growing rapidly, and thus there is an urgent need to developing sustainable tourism. The research objective of the thesis is to explore and discuss the concept of sustainability within the tourism industry from a marketing point of view, focusing on the perspective of tourist producers’. The thesis consists of four studies, each of which contains different perspectives to support this overall objective. The first study deals with how a hotel can achieve economic sustainability by creating a high level of customer service delivery using a refined GAP-model. The second study examines how tourist producers at mass tourism destinations work with sustainable tourism as a strategic marketing tool in their tourism product development. The third study addresses economic sustainability at the macro level by estimating the tourism demand for Sweden and Norway in five different countries. In the fourth study, the concept of sustainable mass tourism is developed and analyzed from a conceptual standpoint. Study 1 and study 3 concentrate on economic sustainability from a micro and national perspective. The main contribution of Study 1 is the refined GAP-model, which can be seen as a theoretical contribution to the service marketing research. Study 3 shows that exchange rate trends strongly affect tourists’ choice of destination. Study 2 examines sustainable mass tourism as a strategic marketing tool at the destination level. The conclusions of Study 2 contribute to the findings of Study 4 and consider the tourist producers approach to sustainable tourism. One of the contributions of Study 4 is that the concept of sustainable tourism should be divided into three separate parts; economic sustainability, social sustainability and environmental sustainability.

Insiders´ views as a predictor of stock performance : can insider trading be used to predict stock performance on the United States stock market?

This thesis studies the possibility of using information on insiders’ transactions to forecast future stock returns after the implementation of Sarbanes Oxley Act in July 2003. Insider transactions between July 2003 and August 2009 are analysed with regression tests to identify the relationships between insiders’ transactions and future stock returns. This analysis is complemented with rudimentary bootstrapping procedures to verify the robustness of the findings. The underlying assumption of the thesis is that insiders constantly receive pieces of information that indicate future performance of the company. They may not be allowed to trade on large and tangible pieces of information but they can trade on accumulation of smaller, intangible pieces of information. Based on the analysis in the thesis insiders’ profits were found not to differ from the returns from broad stock index. However, their individual transactions were found to be linked to future stock returns. The initial model was found to be unstable but some of the predictive power could be sacrificed to achieve greater stability. Even after sacrificing some predictive power the relationship was significant enough to allow external investors to achieve abnormal profits after transaction costs and taxes. The thesis does not go into great detail about timing of transactions. Delay in publishing insiders’ transactions is not taken into account in the calculations and the closed windows are not studied in detail. The potential effects of these phenomena are looked into and they do not cause great changes in the findings. Additionally the remuneration policy of an insider or a company is not taken into account even though it most likely affects the trading patterns of insiders. Even with the limitations the findings offer promising opportunities for investors to improve their investment processes by incorporating additional information from insiders’ transaction into their decisions. The findings also raise questions on how insider trading should be regulated. Insiders achieve greater returns than other investors based on superior information. On the other hand, more efficient information transfer could warrant more lenient regulation. The fact that insiders’ returns are dominated by the large investment stake they maintain all the time in their own companies also speaks for more leniency. As Sarbanes Oxley Act considerably modified the insider trading landscape, this analysis provides information that has not been available before. The thesis also constitutes a thorough analysis of insider trading phenomenon which has previously been somewhat separated into several studies.

Office File Formats – What’s to be Done?

Poster at Open Repositories 2014, Helsinki, Finland, June 9-13, 2014

Integration of biofuel production. How pyrolysis and torrefaction can be integrated

The main goal of this work is to clarify the idea of two thermochemical conversion processes of biomass - pyrolysis and torrefaction and to identify possible ways how and where exactly these processes can be integrated. Integration into CHP power plant process was chosen as one of the most promising ways. Multiple product development was determined by means of this integration concept. The analysis of the possible pros and cons was made based on some experimental data collected from the previous studies related to the topic of my work. In addition, one real integrated case was represented in the last part of the work. Finally, to highlight the main idea brief summarizing was done.

THE ROLE OF CULTURAL AWARENESS IN BUILDING CHINESE HEALTH FOOD BRANDS Using Netnography in Searching Cultural Arguments to Be Used for Marketing Health Foods in China

Despite the complexity of the Chinese culture consumer product businesses should apply them in building brands for Chinese markets. There are reasons to believe that cultural values and attitudes affect the buying behavior of Chinese consumers. Companies that wish to create brands in China should therefore be aware of the prevailing cultural values and consumer attitudes. This thesis will examine which values and attitudes mostly affect Chinese consumers of health food products. The study will be done by conducting a netnography. Because netnography is actually a collection methods rather than a single method, other auxiliary methods will also be applied. These methods are emotion, language and sentiment analysis (ELS analysis). Emotion analysis will be conducted because cultural values are mostly built on emotional basis. Sentiment analysis will assist in recognizing the key factors that help to locate values and attitudes. Because the netnography will be conducted in Chinese web forums by a non-native researcher, linguistic aspects should also be analyzed in parallel with emotions and sentiment analysis. The study shows that the Chinese consumers of health food products put much importance on functional, analytical and collectivistic attitudes as well as social and psychological values. Of all the twelve cultural values defined, the role of family rose above all. Also perseverance, frugality, guanxi and harmony were highly presented. The attitudes were found by recognizing certain attitude factors. Of all the factors, health foods’ functional benefits and aesthetic content together with consumers’ value consciousness surpassed other factors. Besides these results that can be applied by foreign health food companies willing to enter Chinese consumer markets, also academia can benefit this new approach for conducting ethnographies online.

”The Best is Yet to Be” – Ensimmäisen maailmansodan perustelu ja tarkoitus pastori William Edward Sellersin teoksissa (1915, 1917)

Tutkielma tarkastelee millä tavoin pastori William Edward Sellers perustelee ensimmäistä maailmansotaa kahdessa sodan aikana julkaisemassa teoksessaan. Sellersin tekstit selventävät Britannian nonkomformististen kirkkojen kantaa sotaan. Lisäksi ne toimivat esimerkkinä siitä minkälaisten teemojen ympärillä keskustelua käytiin sodan ajan Britannian kotirintamalla. Tutkielma perustuu Sellersin teoksiin With our Fighting Men (1915) ja With our Heroes in Khaki (1917). Sellersin teokset ovat monin tavoin konventionaalisia käsitellessään sotaa ja sen tapahtumia, hänen teoksistaan on kuitenkin löydettävissä selkeä tarkoitus. Sellersin teosten sanoma on, että sota oli traaginen tapahtuma, jolla oli tärkeä tarkoitus. Sota oli Jumalan tahto ja kristillisen maailman puolustamista. Sodan perustelu ja tarkoituksellisuus nivoutuvat Sellersillä muutoksen ajatukseen. Hänen mukaansa sodassa keskeistä oli sotilaiden laajamittainen kristillinen herääminen ja sen seuraukset. Sota loi uudenlaisia ”oikeita” ja parempia kristittyjä ja uudisti myös kristinuskoa ekumenian kautta. Sodassa tapahtuvat muutokset olivat Sellersin mukaan edellytys sodan voittamiselle, mutta myös tie uuteen maailmaan. Miehen ja uskon uudistuminen oli tärkeää ja tulisi Sellersin mukaan muokkaamaan sodan kautta koko Britannian yhteiskuntaa. Sota oli osa Jumalan suunnitelmaa ja keino Britannian uskonnolliseen uudistumiseen. Sodassa kaatuneet sotilaat olivat välttämätön uhraus tämän uuden maailman puolesta. Tutkielmassa tulee esille, kuinka Sellersin tekstit perustelevat sotaa luoden sille uskonnollisia, fatalistisia ja apokalyptisiä merkityksiä. Tutkielma vahvistaa väitettä konservatiivisten kristillisten tahojen patrioottisesta tematiikasta ja nonkomformistien toiveista laajan uskonnollisen heräämisen suhteen. Se toimii esimerkkinä siitä, millä tavoin konservatiiviset kristilliset tahot toivoivat sodan tuovan muutoksen modernisoituvaan ja maallistuvaan Britanniaan.