The determination of EONIA rate: The impact of the financial crisis and the effects of the changes in the monetary policy implementation framework

EONIA is a market based overnight interest rate, whose role as the starting point of the yield curve makes it critical from the perspective of the implementation of European Central Bank´s common monetary policy in the euro area. The financial crisis that started in 2007 had a large impact on the determination mechanism of this interest rate, which is considered as the central bank´s operational target. This thesis examines the monetary policy implementation framework of the European Central Bank and changes made to it. Furthermore, we discuss the development of the recent turmoil in the money market. EONIA rate is modelled by means of a regression equation using variables related to liquidity conditions, refinancing need, auction results and calendar effects. Conditional volatility is captured by an EGARCH model, and autocorrelation is taken into account by employing an autoregressive structure. The results highlight how the tensions in the initial stage of the market turmoil were successfully countered by ECB´s liquidity policy. The subsequent response of EONIA to liquidity conditions under the full allotment liquidity provision procedure adopted after the demise of Lehman Brothers is also established. A clear distinction in the behavior of the interest rate between the sub-periods was evident. In the light of the results obtained, some of the challenges posed by the exit-strategy implementation will be addressed.

The Role of Cytochrome P450 3A Inducers and Inhibitors in the Metabolism and the Effects of Oxycodone

Oxycodone is an opioid used in the treatment of moderate or severe pain. It is principally metabolized in the liver by cytochrome P450 3A (CYP3A) enzymes whereas approximately 10% is metabolized by CYP2D6. Little is known about the interactions between oxycodone and other drugs, herbals and nutritional substances. In this work the effects of CYP3A inducers rifampicin and St. John’s wort and CYP3A inhibitors voriconazole, grapefruit juice, ritonavir and lopinavir/ritonavir were investigated on the pharmacokinetics and pharmacodynamics of oxycodone. All studies were randomized, balanced, placebo-controlled crossover clinical studies in healthy volunteers. The plasma concentrations of oxycodone and its metabolites were determined for 48 hours and pharmacodynamic parameters were recorded for 12 hours in each study. Pharmacokinetic parameters were calculated by noncompartmental methods. Rifampicin decreased the plasma concentrations, analgesic effects, and oral bioavailability of oral oxycodone. St. John’s wort reduced the concentrations of oxycodone and diminished the self-reported drug effect. Voriconazole increased the exposure to oral oxycodone by 3.6-fold whereas grapefruit juice, which inhibits predominantly the intestinal CYP3A, elevated the mean concentrations of oxycodone by 1.7-fold. Ritonavir and lopinavir/ritonavir increased the mean AUC of oxycodone by 3.0- and 2.6-fold, respectively, and prolonged its elimination half-life. In spite of increased oxycodone plasma concentrations during concomitant administration of CYP3A inhibitors, the analgesic effects were not increased. These studies show that the induction or inhibition of CYP3A alters the pharmacokinetics and pharmacologic effects of oxycodone. The exposure to oxycodone decreased after induction and increased after inhibition of CYP3A. As a conclusion, the clinicians should avoid concomitant administration of CYP3A inducers or inhibitors and oral oxycodone. If this is not possible, they should be prepared to interactions leading to impaired analgesia after CYP3A inducers or increased adverse effects after CYP3A inhibitors and oral oxycodone.

Making Sense of Shared Leadership. A case study of leadership processes and practices without formal leadership structure in the team context

Leadership is essential for the effectiveness of the teams and organizations they are part of. The challenges facing organizations today require an exhaustive review of the strategic role of leadership. In this context, it is necessary to explore new types of leadership capable of providing an effective response to new needs. The presentday situations, characterized by complexity and ambiguity, make it difficult for an external leader to perform all leadership functions successfully. Likewise, knowledge-based work requires providing professional groups with sufficient autonomy to perform leadership functions. This study focuses on shared leadership in the team context. Shared leadership is seen as an emergent team property resulting from the distribution of leadership influence across multiple team members. Shared leadership entails sharing power and influence broadly among the team members rather than centralizing it in the hands of a single individual who acts in the clear role of a leader. By identifying the team itself as a key source of influence, this study points to the relational nature of leadership as a social construct where leadership is seen as social process of relating processes that are co-constructed by several team members. Based on recent theoretical developments concerned with relational, practice-based and constructionist approaches to the study of leadership processes, this thesis proposes the study of leadership interactions, working processes and practices to focus on the construction of direction, alignment and commitment. During the research process, critical events, activities, working processes and practices of a case team have been examined and analyzed with the grounded theory –approach in the terms of shared leadership. There are a variety of components to this complex process and a multitude of factors that may influence the development of shared leadership. The study suggests that the development process of shared leadership is a common sense -making process and consists of four overlapping dimensions (individual, social, structural, and developmental) to work with as a team. For shared leadership to emerge, the members of the team must offer leadership services, and the team as a whole must be willing to rely on leadership by multiple team members. For these individual and collective behaviors to occur, the team members must believe that offering influence to and accepting it from fellow team members are welcome and constructive actions. Leadership emerges when people with differing world views use dialogue and collaborative learning to create spaces where a shared common purpose can be achieved while a diversity of perspectives is preserved and valued. This study also suggests that this process can be supported by different kinds of meaning-making and process tools. Leadership, then, does not reside in a person or in a role, but in the social system. The built framework integrates the different dimensions of shared leadership and describes their relationships. This way, the findings of this study can be seen as a contribution to the understanding of what constitutes essential aspects of shared leadership in the team context that can be of theoretical value in terms of advancing the adoption and development process of shared leadership. In the real world, teams and organizations can create conditions to foster and facilitate the process. We should encourage leaders and team members to approach leadership as a collective effort that the team can be prepared for, so that the response is rapid and efficient.

Music digitalization and its effects on the Finnish music industry stakeholders

For the past two decades the music digitalization has been considered the most significant phenomenon in the music industry as the physical sales have been decreasing rapidly. The advancement of the digital technology and the internet have facilitated the digitalization in the music industry and affected all stages of the music value chain, namely music creation, distribution and consumption. The newly created consumer culture has led to the establishment of novel business models such as music subscriptions and à-la-carte downloads websites and live streaming. The dynamic digital environment has presented the music industry stakeholders with the challenge to adapt to the requirements of the constantly changing modern consumers’ needs and demands. The purpose of this study was to identify how music digitalization can influence change in the Finnish music industry value chain; i.e. how digitalization affects the music industry stakeholders, their functions and inter-relatedness and how the stakeholders are able to react to the changes in the industry. The study was conducted as a qualitative research based entirely on primary data in the form of semi-structured interviews with experts from different units of the Finnish music industry value chain. Since the study offers assessment of diverse viewpoints on the value chain, it further provides an integrated picture of the Finnish music industry current situation and its competitive environment. The results suggest that the music industry is currently in a turbulent stage of experimentation with new business models and digital innovations. However, at this point it is impossible to determine which business model will be approved by the consumers in the longer run. Nevertheless, the study confirmed the claim that consumption of music in its digital form is to become dominant over the traditional physical copies sales in the nearest future. As a result the music industry is becoming more user-oriented; that is the focus is shifting from music production towards artist branding and management and visibility to the audience. Furthermore, the music industry is undergoing the process of integration with other industries such as media, social networks, internet services providers and mobile phone manufacturers in order to better fulfill the consumers’ needs. The previously underrated live music and merchandising are also increasing their significance for the revenues in the stagnant music markets. Therefore, the music industry is developing at present towards becoming an integrated entertainment industry deeply penetrating every point of modern people’s leisure activities.

Russia’s WTO membership and its effects on global wood sourcing

The aim of the thesis was to find the effects of World Trade Organization and economic integration on the wood sourcing process from Russia to Finland and to the European Union. Also, the fo reign direct investments to Russian forest industry are studied within the WTO and Economic integration framework. Qualitative interviews were carried out as primary data (total of 5 interviews). Research studies and articles regarding the same subject were used as secondary data. Results show that companies may increase their volumes of imported timber from Russia due to the reduction of custom tariffs. Russian companies are becoming more productive, but there are still several problems with legislation, infrastructure, availability and harvesting profitability in some areas. These suggest that sourcing process may not be profitable in the future. The Russian forest industry sector will not gain significant foreign direct investments in the recent years because of the infrastructure and overall atmosphere of investments. Forest industry is not seen as profitable enough. The demand for cellulose and paper in Russia is not increasing fast enough and the cost inflation is cutting the profits made from producing in Russia.

Microstructural and environmental effects on the mechanical properties of porous particle-polymer composites

Papper kan anses vara ett av de mest använda materialen i det dagliga livet. Tidskrifter, tidningar, böcker och diverse förpackningar är några exempel på pappersbaserade produkter. Papperets egenskaper måste anpassas till användningsändamålet. En tidskrift kräver t.ex. hög ljushet, opacitet och en slät yta hos papperet, medan dessa egenskaper är mindre viktiga för en dagstidning. Allt tryckpapper behöver vissa mekaniska egenskaper för att tåla vidarebearbetning såsom kalandrering, tryckning och vikning. Man kan bestryka papper för att förbättra dess optiska egenskaper och tryckbarhetsegenskaper. Vid bestrykning appliceras en dispersion av mineralpigment och polymerbindemedel som ett tunt lager på papperets yta. Bestrykningsskiktet kan ses som ett komplext, poröst kompositmaterial som även bidrar till papperets mekaniska egenskaper och dess processerbarhet i diverse konverteringsoperationer. Kravet på framställning av förmånligt papper med tillräckliga styrkeegenskaper ställer allt högre krav på optimeringen av pappersbestrykningsskiktets egenskaper och produktionskostnader. Målet med detta arbete var att förstå sambandet mellan pigmentbestrykningsskiktets mikrostruktur och dess makroskopiska, mekaniska egenskaper. Resultaten visar att adhesionen i gränsytan mellan pigment och bindemedel är kritisk för bestrykningsskiktets förmåga att bära mekanisk belastning. Polära vätskor är vanliga i tryckfärger och kan, eftersom de påverkar syra/bas-interaktionerna mellan pigment och latexbindemedel, försvaga denna adhesion. Resultaten tyder på att ytstyrkan hos bestruket papper kan höjas genom användning av bifunktionella dispergeringsmedel för mineralpigment. Detta medför inbesparingar i pappersproduktionen eftersom mängden bindemedel, den dyraste komponenten i bestrykningsskiktet, kan minskas.

Knowledge, processes and relationships in organizational change: Understanding how to facilitate management of intellectual capital in diverse organization structures and cultures.

This study examined relationships of organizational dependencies, change management and developed intellectual knowledge resources, in different intellectual capital based development programs on ICT-sector. Study was carried out in a research context, where high degree of external organizational contingencies existed and lots of changes in several development programs had taken place in the last years. From a scientific perspective the main contribution was that evidence between relationships of organizational dependencies, change model portfolio and developed knowledge resources could be suggested. From managerial perspective the primary implication was that in situations where sustainable competitive advantage is pursued by means of increasing knowledge based productivity of labor, firms should seek to pursue organizational settings where external dependencies have minimal amount of effect.

Nordic banks’ entry into the Russian market: motives, processes and challenges

The importance of services in the global economy has grown steadily in the past decades and the growth of services sector’s direct investments has been increasing. Nowadays, all companies are influenced by the much changing global environment and the financial services companies are no exception. The internationalization of financial services companies is an expanding and accelerating phenomenon which has various motivations. The overall aim of this thesis is to shed light on the market entry processes of the Nordic financial services companies when they have entered the Russian market. In this study, the factors affecting Nordic banks’ market entry to Russia are presented in order to better understand what have been the main motives for market entry, what kind of processes the banks have used and what kind of challenges they have faced along the way. A case study approach was used in conducting the empirical research and it aims at investigating a specific case: Nordic banks’ entry into the Russian market. The empirical research was carried out by conducting qualitative interviews for employees involved in entry processes of the case banks. These interviews aimed at examining the Nordic banks’ motives for entering the Russian financial market. This includes reflections on the reasons why the studied banks have decided to enter Russia and what have been the motives behind these decisions. Also, the market entry processes the banks have used when they have entered the Russian market were investigated. The findings allowed comparing the related theories and different market entry modes the case banks have used. Furthermore, the market-related challenges faced by the case banks were mapped and described. In addition, the main factors related to the entry processes of the studied banks were identified and key elements of successful market entry were mapped. The findings suggest that the main motivator for banks have been to follow their customers and hence, increase the revenues and add the value to the shareholders; consequently, being a win-win-win situation to all the related parties. It was also discovered that the banks market entry processes have had resemblances but the banks have taken different paths to get where they are nowadays. As the Russian market environment differs from the one in Nordic countries, also challenges were faced by the case banks. However, the internal challenges were considered more troublesome than the external ones. As the foreign market entry process is complex as well as time and resources consuming, it is vital to understand the specifics of the target market, organizational capabilities and individuals enabling a successful entry process.

E-thesis repository – processes and data

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

Novel word learning ability in chronic post-stroke aphasia : variability and modality effects

Novel word learning has been rarely studied in people with aphasia (PWA), although it can provide a relatively pure measure of their learning potential, and thereby contribute to the development of effective aphasia treatment methods. The main aim of the present thesis was to explore the capacity of PWA for associative learning of word–referent pairings and cognitive-linguistic factors related to it. More specifically, the thesis examined learning and long-term maintenance of the learned pairings, the role of lexical-semantic abilities in learning as well as acquisition of phonological versus semantic information in associative novel word learning. Furthermore, the effect of modality on associative novel word learning and the neural underpinnings of successful learning were explored. The learning experiments utilized the Ancient Farming Equipment (AFE) paradigm that employs drawings of unfamiliar referents and their unfamiliar names. Case studies of Finnishand English-speaking people with chronic aphasia (n = 6) were conducted in the investigation. The learning results of PWA were compared to those of healthy control participants, and active production of the novel words and their semantic definitions was used as learning outcome measures. PWA learned novel word–novel referent pairings, but the variation between individuals was very wide, from more modest outcomes (Studies I–II) up to levels on a par with healthy individuals (Studies III–IV). In incidental learning of semantic definitions, none of the PWA reached the performance level of the healthy control participants. Some PWA maintained part of the learning outcomes up to months post-training, and one individual showed full maintenance of the novel words at six months post-training (Study IV). Intact lexical-semantic processing skills promoted learning in PWA (Studies I–II) but poor phonological short-term memory capacities did not rule out novel word learning. In two PWA with successful learning and long-term maintenance of novel word–novel referent pairings, learning relied on orthographic input while auditory input led to significantly inferior learning outcomes (Studies III–IV). In one of these individuals, this previously undetected modalityspecific learning ability was successfully translated into training with familiar but inaccessible everyday words (Study IV). Functional magnetic resonance imaging revealed that this individual had a disconnected dorsal speech processing pathway in the left hemisphere, but a right-hemispheric neural network mediated successful novel word learning via reading. Finally, the results of Study III suggested that the cognitive-linguistic profile may not always predict the optimal learning channel for an individual with aphasia. Small-scale learning probes seem therefore useful in revealing functional learning channels in post-stroke aphasia.