Prognosis of after spot volumes at the Scandinavian electricity market

The Thesis is dedicated to development of an operative tool to support decision making in after spot trading on the Nordic electricity market. The basics of the Nordic electricity market, trading mechanisms on the spot and after spot markets are presented in the Thesis. Mathematical equations that describe electricity balance condition in the power system are offered. The main driving factors that impact deviation of actual electricity balance from the scheduled one (object) in the power system have been explored and mathematically defined. The behavioral model of the object and principal trends in change of state of the object under an impact of the driving factors are determined with the help of regression analysis made in Microsoft Office Excel. The behavioral model gives an indication for the total regulation volume (Elbas trades volume, volume of regulation market, balance power) for a certain hour that serves as the base input in estimating prices on the after spot markets. Proposals for development of methodologies of forecasting the after spot electricity prices are offered.

The Market Behavior of Emerging Stock Markets in Europe

This study investigates the over and underreaction effects in nine emerging stock markets of Europe. Especially, the possible behavioral aspects behind them are an area of interest. These aspects would link them strongly to behavioral finance. Second, our aim is to provide more evidence of the similar or dissimilar behavior in general among these countries. Third, the possibility to gain abnormal returns from these markets is also under investigation. Data from nine emerging stock market indexes in Europe is gathered from January 1, 1998 to January 1, 2008 to find answers to the stated questions. Studies for the over and underreaction effects are done using a variant of the event study methodology which in this case includes two different calculation methods for the expected returns. Studies are performed using 60 day time intervals. The results between the two different methods used are relatively similar concerning the over and underreaction effects. Another of the methods, however, suggests there to be behavioral aspects behind the effects interpreted. On the other hand, the another method does not support this suggestion. However, a conclusion can be made that the factors driving these countries' behavior are related to their geographical location and to the fact that they are emerging countries.

Production Cycle Optimization: Defining the Market Potential for a New Planning Tool

An optimization tool has been developed to help companies to optimize their production cycles and thus improve their overall supply chain management processes. The application combines the functionality that traditional APS (Advanced Planning System) and ARP (Automatic Replenishment Program) systems provide into one optimization run. A qualitative study was organized to investigate opportunities to expand the product’s market base. Twelve personal interviews were conducted and the results were collected in industry specific production planning analyses. Five process industries were analyzed to identify the product’s suitability to each industry sector and the most important product development areas. Based on the research the paper and the plastic film industries remain the most potential industry sectors at this point. To be successful in other industry sectors some product enhancements would be required, including capabilities to optimize multiple sequential and parallel production cycles, handle sequencing of complex finishing operations and to include master planning capabilities to support overall supply chain optimization. In product sales and marketing processes the key to success is to find and reach the people who are involved directly with the problems that the optimization tool can help to solve.

Analysis of Patterns in Electricity Spot Market Time Series

Due to its non-storability, electricity must be produced at the same time that it is consumed, as a result prices are determined on an hourly basis and thus analysis becomes more challenging. Moreover, the seasonal fluctuations in demand and supply lead to a seasonal behavior of electricity spot prices. The purpose of this thesis is to seek and remove all causal effects from electricity spot prices and remain with pure prices for modeling purposes. To achieve this we use Qlucore Omics Explorer (QOE) for the visualization and the exploration of the data set and Time Series Decomposition method to estimate and extract the deterministic components from the series. To obtain the target series we use regression based on the background variables (water reservoir and temperature). The result obtained is three price series (for Sweden, Norway and System prices) with no apparent pattern.

Country Risk and Market Reactions to Earnings Announcements: Evidence from Finnish Stock Markets

The objective of this thesis is to examine the market reaction around earnings announcements in Finnish stock markets. The aim is to find out whether the extreme market conditions during the financial crisis are reflected in stock prices as a stronger reaction. In addition to this, the purpose is to investigate how extensively Finnish listed companies report the country segmentation of revenues in their interim reports and whether the country risk is having a significant impact on perceived market reaction. The sample covers all companies listed in Helsinki stock exchange at 1.1.2010 and these companies’ interim reports from the first quarter of 2008 to last quarter of 2009. Final sample consists of 81 companies and 630 firm-quarter observations. The data sample has been divided in two parts, of which country risk sample contains 17 companies and 127 observations and comparison sample covers 66 companies and 503 observations. Research methodologies applied in this thesis are event study and cross-sectional regression analysis. Empirical results indicate that the market reaction occurs mainly during the announcement day and is slightly stronger in case of positive earnings surprises than the reactions observed in previous studies. In case of negative earnings surprises no significant differences can be observed. In case of country risk sample and negative earnings surprise market reaction is negative already in advance of the disclosure contrary to comparison sample. In case of positive surprise no differences can be observed. Country risk variable developed during this study seems to explain only minor part of the market reaction.

Ancillary services market and potential profit for generators in Russia

Reformation of electricity markets has initiated creation of ancillary services markets all over the world. The Russian electricity market reform is in transition period, that is why the problem of ancillary services market has just arisen. Since the model of market rules was created, ancillary services market became a topical question for generating companies. This master’s thesis is focused on the describing the possible ancillary services around the world and in Russia specifically. Moreover, the physical interpretation of ancillary services is defined. In addition, possibility of generation company to participate in the ancillary services market was considered. Calculations were made for primary frequency regulation service, where necessary level of price bids and payback period were evaluated.

Stress testing and risk evaluation of new capacity payment algorithm proposed by Market Council

In the Russian Wholesale Market, electricity and capacity are traded separately. Capacity is a special good, the sale of which obliges suppliers to keep their generating equipment ready to produce the quantity of electricity indicated by the System Operator. The purpose of the formation of capacity trading was the maintenance of reliable and uninterrupted delivery of electricity in the wholesale market. The price of capacity reflects constant investments in construction, modernization and maintenance of power plants. So, the capacity sale creates favorable conditions to attract investments in the energy sector because it guarantees the investor that his investments will be returned.

Christina Rossetti's "Goblin market" : Milton revised or revived?

The present study examines Christina Rossetti's (1830-94) best-known poem "Goblin Market" (1859) as a response to John Milton's (1608-74) Paradise Lost (1667) and Paradise Regained (1674). Rossetti's poem relates to Milton's twin epics with a surprising degree of complexity, something that the thesis demonstrates through a large number of hitherto unexplored textual parallels. In its recontextualisation of Rossetti's poetry, this study balances interpretative strategies evolved by feminism with more historicist readings. SinceGilbert and Gubar's landmark feminist work of 1979, it has become something of a critical commonplace that Milton was a figure of patriarchal oppression whom women writers have challenged through revision. As a consequence, intertextual Rossetti studies have tended to emphasise such a revisionist element in her achievement. But if we place "Goblin Market" within the larger context of Rossetti's thoughts on religion and poetry throughout her writing, and if we de-emphasise the dichotomy between Rossetti and her male precursor, alternative patterns of reading begin to emerge. This thesis argues that Rossetti's aim was not only to revise Milton but also to revive him. It develops this point in several ways: first, by introducing the subject and theoretically arguing that literary allusiveness is not necessarily a matter of oedipal or feminist envy only (Chapter One); second, by determining the nature and extent of Rossetti's Miltonic allusions in terms of theme, imagery and language (Chapter Two);and third, by examining their function in terms of argument (Chapters Three andFour). I n an age of increasing religious doubt, Rossetti's poetry provided a subtle challenge not so much to Milton as to the emerging scepticism and aestheticism in Victorian society and its art-world, and not least to the secular tendencies of the second generation of Pre-Raphaelites, including Dante Gabriel Rossetti. Christina Rossetti was ahead of her time (and perhaps ours) in seeing the feminist potential in both John Milton and the Christian message. In the soul's relation to Christ, gender does not matter. What matters is the individual's quest for salvation, a quest in which poetry is a sacramental act, with a transformative, unifying function. Rossetti's poems both depict and constitute such a quest for union with God, on the assumption that God's word offers a pathway that is open to men as well as women.

A long way to the rainbow country : understanding the foreign market expansion process of Finnish corporations into the Republic of South Africa between 1999 and 2005

De afrikanska ekonomierna växer med nära fyra procent per år och detta är en god indikation på kontinentens växande betydelse. Under kalla kriget hade afrikanska regeringar haft ett begränsat utrymme för opportunistisk köpslående, och därmed även en marginal att positionera sig strategiskt. Alltför ofta uppmuntrade och beskyddade stormakterna diktatorer och små lokala eliter som främst ville berika sig själv. I och med att globaliseringen tog fart och USA allt mera kom att dominera globalt, började en ny era i fråga om förändringar. Trots dessa förändringar på den globala arenan, har Afrika som kontinent hamnat i bakgrunden och jämfört med andra utvecklingsländer har Afrika attraherat ett fåtal utländska investeringar. Fortfarande, speciellt i Norden, finns det lite kunskap om hur utländska företag expanderar sin affärsverksamhet på den afrikanska kontinenten. Det råder brist på empiriska undersökningar om vilken inverkan afrikanska institutionella förändringar och lokala affärsmiljöer har på internationaliseringen och på de utländska företagens affärsutvecklingsstrategier på den afrikanska kontinenten. Med denna avhandling vill jag lyfta fram ett exempel på ett land (Sydafrika), som har lyckat dra nytta av de förändringar som 1990-talet förde med sig. I denna avhandling har jag intervjuat olika personer i ledande positioner inom olika finländska företag i Finland och i Sydafrika. Avhandlingen skapar en referensram för att öka förståelse och fördjupa analys av hur en kombination av olika interna och externa resurser ökar företagens konkurrenskraft och på det sättet bidrar till en framgångsrik affärsutveckling i Afrika. De politiska och sociala aktörerna samt aktörerna inom affärslivet besitter resurser som ambitiösa företag kan dra nytta av i sin strävan att erövra de nya framgångsrika marknaderna i Afrika. Gradvis ökar finländska företag sina insatser på den afrikanska kontinenten i strävan att skapa mervärde för sina kunder. Den värdeskapande processen gör att parterna måste närma sig varandra utgående från sina egna strategiska målsättningar. Hittills har finländska företag varit intresserad att sälja till Afrika men inte intresserad att köpa därifrån. Förutom de praktiska råden till olika företag, föreslår avhandlingen hur den finska staten och den sydafrikanska staten kunde agera tillsammans för att främja ömsesidigt handelsutbyte.

Esimiehen ydinkompetenssit tuloksen ja työtyytyväisyyden selittäjänä – Case S-market

Työn tarkoituksena on kehittää suorittavalle esimiestasolle työkalu, millä voidaan mitata esimiehen kompetensseja. S-market esimiehen ydinosaamiset työssä jakautuvat kahteen kokonaisuuteen vuorovaikutus- ja ketjuyksikön johtamiseen. Työn tavoitteena on myös tarkastella millä esimiehen ydinosaamisella on merkitystä työtyytyväisyyteen ja yrityksen tulokseen. Tutkimus on kvantitatiivinen ja sen aineisto on verkkokyselylomakkeen avulla kerätystä 129 vastauksesta. Verkkokyselylomakkeen väittämät ovat rakennettu esimiestyön kompetensseista, jotka pohjautuvat tutkielman teoriaan. Verkkokyselyn, työtyytyväisyyden ja tuloksen lukuarvot on analysoitu tilastollisella tulostenkäsittelyohjelmalla, SPSS:llä. Työtyytyväisyystulokset ovat koottu tutkimukseen osallistuneen viidentoista S-marketin työtyytyväisyystutkimuksen tuloksista vuodelta 2008. Tuloksen mittareina tutkielmassa on käytetty samojen S-markettien työtehokkuutta ja toimintakateprosenttia vuodelta 2008. Työn tulokset vahvistivat sen, että esimiestyöllä on suora syy-seuraussuhde työtyytyväisyyteen ja tuloksellisuuteen. Tutkimustuloksien perusteella esimieskäyttämisen vaikutus työtyytyväisyyden kokemiseen on vahva. Hyvällä vuorovaikutusjohtamisella tuloksien perusteella oli vaikutusta työtyytyväisyyteen. Tuloksista kävi ilmi, että työtyytyväisyyteen esimiehen kompetensseista eniten vaikuttivat yksilöllinen huomiointi, tavoitteisiin kannustaminen ja motivointi sekä asiakaslähtöisyys. Tuloksen mittareihin eniten vaikutti tulos- ja tavoitejohtaminen. Tuloksellisuuteen vaikuttavat tutkimuksen mukaan esimiehen jämäkkä ja vaativa tavoitteisiin ohjaava toiminta sekä päätöksenteko ja organisointikyky. Tarkempien ja täsmällisimpien S-market esimiehen kompetenssien löytämiseksi kehitysehdotuksena tutkielmassa on laajemman tutkimusaineiston käsittely neljän faktorin avulla.

Market entry patterns of Finnish SMEs entering China

In 2011 China became the world’s second largest economy overtaking Japan. With its rapidly growing middle class buying diverse goods from consumption products to sophisticated technology and luxury products, it is also the fastest growing export market in the world. The purpose of this study is to examine what types of market entry modes Finnish SMEs use in China, which factors affect on their decisions and whether they have switched or combined the strategies after entering China. The goal is to understand the relevance of the entry mode choice related to the internationalization process and to evaluate how well it suits the Chinese business environment. The empirical part of the study is a semi structured qualitative analysis of six case companies that represent different industry fields. The cases were selected based on the recent literature about the Finnish industry fields China is interested in to gain knowledge and expertise from. Companies included in the study are an architect office, two pharmaceutical development companies, an ICT company, a plastic mechanics company and a clean tech company. The results of this study indicated that the market entry patterns of Finnish SMEs in China differ from each other based on the factors related to company’s background, mode concerns and Chinese market influences.

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.