Dynamic linkages of real estate and stock markets in Finland

Traditionally real estate has been seen as a good diversification tool for a stock portfolio due to the lower return and volatility characteristics of real estate investments. However, the diversification benefits of a multi-asset portfolio depend on how the different asset classes co-move in the short- and long-run. As the asset classes are affected by the same macroeconomic factors, interrelationships limiting the diversification benefits could exist. This master’s thesis aims to identify such dynamic linkages in the Finnish real estate and stock markets. The results are beneficial for portfolio optimization tasks as well as for policy-making. The real estate industry can be divided into direct and securitized markets. In this thesis the direct market is depicted by the Finnish housing market index. The securitized market is proxied by the Finnish all-sectors securitized real estate index and by a European residential Real Estate Investment Trust index. The stock market is depicted by OMX Helsinki Cap index. Several macroeconomic variables are incorporated as well. The methodology of this thesis is based on the Vector Autoregressive (VAR) models. The long-run dynamic linkages are studied with Johansen’s cointegration tests and the short-run interrelationships are examined with Granger-causality tests. In addition, impulse response functions and forecast error variance decomposition analyses are used for robustness checks. The results show that long-run co-movement, or cointegration, did not exist between the housing and stock markets during the sample period. This indicates diversification benefits in the long-run. However, cointegration between the stock and securitized real estate markets was identified. This indicates limited diversification benefits and shows that the listed real estate market in Finland is not matured enough to be considered a separate market from the general stock market. Moreover, while securitized real estate was shown to cointegrate with the housing market in the long-run, the two markets are still too different in their characteristics to be used as substitutes in a multi-asset portfolio. This implies that the capital intensiveness of housing investments cannot be circumvented by investing in securitized real estate.

Social class as a factor for the construction of a musician’s identity : The Musician’s social background and identity questionnaire (MSBIQ) – a cross-sectional comparative quantitative online survey research study of music students at two higher education institutions in Finland

There is currently little empirical knowledge regarding the construction of a musician’s identity and social class. With a theoretical framework based on Bourdieu’s (1984) distinction theory, Bronfenbrenner’s (1979) theory of ecological systems, and the identity theories of Erikson (1950; 1968) and Marcia (1966), a survey called the Musician’s Social Background and Identity Questionnaire (MSBIQ) is developed to test three research hypotheses related to the construction of a musician’s identity, social class and ecological systems of development. The MSBIQ is administered to the music students at Sibelius Academy of the University of Arts Helsinki and Helsinki Metropolia University of Applied Sciences, representing the ’highbrow’ and the ’middlebrow’ samples in the field of music education in Finland. Acquired responses (N = 253) are analyzed and compared with quantitative methods including Pearson’s chi-square test, factor analysis and an adjusted analysis of variance (ANOVA). The study revealed that (1) the music students at Sibelius Academy and Metropolia construct their subjective musician’s identity differently, but (2) social class does not affect this identity construction process significantly. In turn, (3) the ecological systems of development, especially the individual’s residential location, do significantly affect the construction of a musician’s identity, as well as the age at which one starts to play one’s first musical instrument. Furthermore, a novel finding related to the structure of a musician’s identity was the tripartite model of musical identity consisting of the three dimensions of a musician’s identity: (I) ’the subjective dimension of a musician’s identity’, (II) ’the occupational dimension of a musician’s identity’ and, (III) ’the conservative-liberal dimension of a musician’s identity’. According to this finding, a musician’s identity is not a uniform, coherent entity, but a structure consisting of different elements continuously working in parallel within different dimensions. The results and limitations related to the study are discussed, as well as the objectives related to future studies using the MSBIQ to research the identity construction and social backgrounds of a musician or other performing artists.

Rekrytointimarkkinointi Y-sukupolvelle, miten tavoitamme parhaat osaajat? Case IBM Finland OY

Pro Gradu- tutkimuksen keskeisin tavoite oli selvittää tehokkaimmat rekrytointimarkkinointikanavat ja tyylit Y-sukupolveen kohdistuen. Y-sukupolvi on isoin ja uusin sukupolvi, joka on siirtymässä työelämään. Tällä hetkellä teoreettinen pohja on vielä ohut liittyen y-sukupolven rekrytointiin ja työnantajamielikuvaan ja tämän tutkimuksen oli tarkoitus selvittää tätä tutkimusaukkoa. Tutkimus toteutettiin kvalitatiivisena case-tutkimuksena. Aineistonkeruutapana oli kysely. Kysely toteutettiin sähköpostilla lähetettävällä kyselyllä IBM Suomen nuorille harjoittelijoille ja työntekijöille. Kysely lähetettiin noin 150:lle työntekijälle. Tutkimustulokset osoittivat, että IBM Suomella ovat perusprosessit ja nykyisten harjoittelijoiden tyytyväisyys hyvällä tasolla. Kuitenkin tutkimuskyselyn kautta saatiin selville osa-alueita, joilla rekrytointimarkkinoinnin tehokkuutta voidaan lisätä ja hyväksikäyttää vieläkin paremmin. Tutkimustulosten perusteella Y-sukupolven arvot ja odotukset erosivat muista sukupolvista oletettua vähemmän.

Environmental Challenges in the Joint Border Area of Norway, Finland and Russia

This report examines the human impact on the subarctic environment of the joint border area of Norway, Finland and Russia. The aim is to present the current state and recent changes that have taken place in the region. The main threat to the environment is the Pechenganikel mining and metallurgical industrial combine in the towns of Nikel and Zapolyarny in the Kola Peninsula. Emissions from this complex include high levels of heavy metals, persistent organic pollutants and sulfur dioxide. Pollution, along with climate change, water level regulation and other anthropogenic effects, has affected the aquatic ecosystems in the joint border area. The main heavy metals in the area are copper and nickel, the highest concentrations of which are measured near the combine. Direct discharge of sewage into the river continues and airborne heavy metal particles are also deposited to areas farther away. Climate changeinduced increase in temperature and precipitation in the Kola Peninsula is evident. Water level regulation with seven hydropower plants in the Pasvik River have changed it into a series of lakes and lake-like reservoirs. This report discusses modelling, which was enabled to estimate the effect of climate change on Lake Inarijärvi and the Pasvik River hydrology, water level fluctuation and ecology and to follow the sulfur dioxide emissions emitted from the Pechenganikel. Effects of pollution on the nature and concentrations of the main pollutants were studied and climate change in the border area and its effects on the ecology were estimated. Also the effects of water level regulation on the ecological status of the aquatic ecosystems were addressed.

Inviting the Audience – Interactive, Participatory, and Social Television in Finland

The television and the ways it has invited the audience to take part have been changing during the last decade. Today’s interaction, or rather participation, comes from multiplatform formats, such as TV spectacles that combine TV and web platforms in order to create a wider TV experience. Multiplatform phenomena have spread television consumption and traditional coffee table discussions to several different devices and environments. Television has become a part of the bigger puzzle of interconnected devices that operates on several platforms instead of just one. This thesis examines the Finnish television (2004–2014) through the notion of audience participation and introduces the technical, thematic, and social linkages as three different phases, interactive, participatory, social, and their most characteristic features in terms of audience participation. The aim of the study is also to focus on the idea of a possible change by addressing the possible and subtler variations that have taken place through the concept of digital television. Firstly, Finnish television history has gone through numerous trials, exploring the interactive potential of television formats. Finnish SMS-based iTV had its golden era around 2005, when nearly 50% of the television formats were to some extent interactive. Nowadays, interactive television formats have vanished due to their negative reputation and this important part of recent history is mainly been neglected in the academic scope. The dissertation focuses also on the present situation and the ways television content invites the audience to take part. “TV meets the Internet” is a global expression that characterises digital TV, and the use of the Web combined with television content is also examined. Also the linkages between television and social media are identified. Since television can nowadays be described multifaceted, the research approaches are also versatile. The research is based on qualitative content analysis, media observation, and Internet inquiry. The research material also varies. It consists of primary data: taped iTV formats, website material, and social media traces both from Twitter and Facebook and secondary data: discussion forums, observations from the media and Internet inquiry data. To sum up the results, the iTV phase represented, through its content, a new possibility for audiences to take part in a TV show (through gameful and textual features) in real-time. In participatory phase, the most characteristic features from TV-related content view, is the fact that online platform(s) were used to immerse the audience with additional material and, due to this, to extend the TV watching enjoyment beyond the actual broadcast. During the Social (media) phase, both of these features, real-timeness, and extended enjoyment through additional material, are combined and Facebook & Twitter, for example, are used to immerse people in live events (in real-time) via broadcast-related tweets and extra-material offered on a Facebook page. This thesis fills in the gap in Finnish television research by examining the rapid changes taken place on the field within the last ten years. The main results is that the development of Finnish digital television has been much more diverse and subtle than has been anticipated by following only the news, media, and contemporary discourses on the subject of television. The results will benefit both practitioners and academics by identifying the recent history of Finnish television.

Wäg-karta öfver Finland Utgifwen af Kongl. Landtmäteri Kontoret 1806.

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Baltic. Gulf of Finland. Sheet VII, Hogland to St. Petersburg / Hydrographic Office.

0-meridiaani: Greenwich.

Finland.

Mittakaavaa ei määritelty.

Charta öfver Heinola höfdingedöme uti stor-furstendömet Finland, efter geometriske och trigonometriske mätningar samt astronomiske observationer under kammar rådet och öfver directeuren Eric af Wetterstedts inseende, författad uti Kongl. landmäterie contoiret. Ritad af C. Beckman.

Oikeassa alakulmassa: Graverad af Fr. Akrel.

Geografisk och historisk karta öfver Finland till skolornes bruk.

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Sektionen F4 af Karta öfver Finland = Suomen yleiskartan lehti F4.

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Sektionen E5 af Karta öfver Finland = Suomen yleiskartan lehti E5.

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Charta öfwer Finland år 1747 / sammandragen och förfärdigad wid Kongl. lantmäteri contoiret til General gouvernearens och Riksrådets högwälborne herr baron von Rosens tienst at förwaras wid gouvernaments residencet ; Suomen maantieteellisen seuran julkaisema jäljennös = Kopian publicerad av Geografiska sällskapet i Finland = Reprint published by the Geographical society of Finland.

Kartta ilmestynyt teoksen A map of Finland from 1747 / description by Sakari Härö liitteenä sarjassa Fennia. Supplementum. 1.

Charta öfwer Storfurstendömet Finland utgifwen på friherre S. G. Hermelins anstalt och omkostnad Sammandragen och författad af C. P. Hällström philos. magister och auscultant i Kongl. Bergs Colleg.

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