Market entry order and competitive advantage of the firm

A firm that wishes to launch a new product to the market is faced with a difficult task of deciding what the best moment for the launch is. Timing may also be critical when a firm plans to adopt new processes or intends to head for new markets. The critical question the firm needs to tackle is whether it will try to reach the so-called first-mover advantage by acting earlier than its rivals. The first-mover position may reward the entrant with various opportunities to gain competitive advantage over later movers. However, there are also great risks involved in the early market entry, and sometimes the very first entrant fails even before the followers enter the market. The follower, on the other hand, may be able to free-ride on the earlier entrants' investments and gain from the languished uncertainties that characterize the new markets. According to the current understanding the occurrence of entry order advantages depends not only on the mechanism and attributes in the firm's environment that provide the initial opportunities but also on the firm's ability to capitalize on these advantage opportunities. This study contributes to this discussion by analyzing the linkages between the asset base of the firm, characteristics of the operating environment and the firm's entry timing orientation. To shed light on the relationship between the entry timing strategy and competitive advantage, this study utilizes the concept of entry timing orientation. The rationale for choosing this type of approach arises from the inability of previously employed research tools to reach the underlying factors that result in entry timing advantage. The work consists of an introductory theoretical discussion on entry timing advantages and of four research publication. The empirical findings support the understanding that entry timing advantage is related to the characteristics of the firm's operating environment but may also be related to firm-specific factors. This in turn suggests that some of the traditional ways of detecting and measuring first-mover advantage - which to some extent ignore these dimensions - may be outdated.

The Effect of Load Follow Operation on Fuel Behaviour in Loviisa NPP

Työn tarkoituksena oli analysoida polttoainesauvojen käyttäytymistä Loviisan ydinvoimalaitoksen tehonsäätöajossa. Sähkömarkkinoiden vapautuminen Pohjoismaissa sekä tämän seurauksena vaihteleva sähkön markkinahinta ovat ajaneet sähkötuottajat tilanteeseen, jossa tuotanto aiempaa enemmän mukautuu markkinatilanteeseen. Näin ollen myös Loviisan ydinvoimalaitoksen osallistuminen sähkön tuotannon säätelyyn saattaa tulevaisuudessa olla ajankohtaista. Ennen kuin reaktorin tehonsäätöajoa voidaan alkaa toteuttaa, tulee varmistua siitä, että polttoainesauvassa tehonsäätöjen seurauksena tapahtuvat muutokset eivät aiheuta epäsuotuisia käyttäytymisilmiöitä. Työssä tarkastellaan kahden Loviisan ydinvoimalaitoksen polttoainetoimittajan, British Nuclear Fuels plc:n ja venäläisen TVEL:n ensinippujen polttoainesauvan käyttäytymistä tehonsäätötapauksissa. Työssä tarkastellut tehonsäätötapaukset on pyritty valitsemaan niin, että ne kuvaisivat tulevaisuudessa mahdollisesti toteutettavia tehonsäätöjä. Laskentatapauksien sauvatehohistoriat on generoitu HEXBU-3D sydänsimulaattoriohjelmalla lasketun nelivuotisen perustehohistorian pohjalta lisäämällä säätösauvan aiheuttama reaktoritehon muutos, säätösauvan viereisen polttoainenipun aksiaalitehon muutos sekä säätösauvan rakenteen aiheuttama paikallinen tehopiikki säätösauvan vieressä. Työssä tarkastellaan tehonsäätöjen toteuttamista eri tehotasoille ja vaihtelevilla määrillä tehonsäätösyklejä. Työssä käsitellyt laskentatapaukset on jaoteltu reaktorin ajotavan mukaan seuraavasti: peruskuorma-ajo, viikonloppusäätö ja päiväsäätö. Laskenta suoritettiin ydinpolttoaineen käyttäytymistä kuvaavaa ENIGMA-B 7.3.0 ohjelmaa apuna käyttäen. Laskelmien tulokset osoittavat, että molempien polttoainetoimittajien ensinippujen sauvat kestävät reaktorin tehonsäätöajoa rajoituksetta tarkastelluissa laskentatapauksissa. ENIGMA-ohjelman sisältämät mallit, jotka ennustavat polttoainesauvan suojakuoren vaurioitumistodennäköisyyden jännityskorroosion tai väsymismurtuman kautta, eivät näytä mitään merkkejä vaurioitumisesta. BNFL:n polttoainesauva saavuttaa kuitenkin suurempia väsymismurtumatodennäköisyyden arvoja. Tämä johtuu siitä, että polttoainepelletin ja suojakuoren välinen mekaaninen vuorovaikutus syntyy BNFL:n sauvassa aikaisemmin, joka taas johtaa suurempaan määrään sauvaa rasittavia muodonmuutoksia tehonnostotilanteissa. TVEL:n Zr1%Nb -materiaalista valmistetun suojakuoren käyttäytymistä ei voida kuitenkaan suoraan näiden laskujen perusteella arvioida, sillä ENIGMA-ohjelman mallit perustuvat Zircaloy-suojakuorimateriaaleilla suoritettuihin kokeisiin.

Valta ja esimiestyö osuuskunnassa

Työn tavoitteena on kuvata ja ymmärtää valtaa ja vallankäyttöä esimiehen näkökulmasta. Tarkoituksena on selvittää, miten valta ilmenee esimiestyössä sekä esimiehen ja alaisten välisissä suhteissa. Tutkimus on luonteeltaan laadullinen tutkimus, jonka tutkimusmenetelmänä käytettiin teemahaastattelua. Tutkimusaineisto kerättiin tekemällä kuusi yksilöhaastattelua OP Pohjola ryhmän osuuspankkeihin. Tutkimusta varten haastateltiin kohdeorganisaation esimiehiä. Haastattelujen osia liitettiin tutkimuksen empfriseen osaan. Tutkimuksen perusteella saatiin selkeä kuva esimiestyöstä ja johtamisesta sekä esimiehen vallankäytöstä kohdeorganisaatiossa. Tutkimustulokset osoittavat, että esimiehet näkevät vallan kuuluvan työhönsä. Valtansa avulla esimiehet vievät organisaatiota kohti sen tavoitteita.

Sivistyksestä sivilisaatioon. Kulttuurikäsitys J. V. Snellmanin historiallisessa ajattelussa

From Bildung to Civilisation. Conception of Culture in J. V. Snellman’s Historical Thinking The research explores Johan Vilhelm Snellman’s (1806–1881) conception of culture in the context of his historical thinking. Snellman was a Finnish, Swedish-speaking journalist, teacher and thinker, who held a central position in the Finnish national discourse during the nineteenth century. He has been considered as one of the leading theorists of a Finnish nation, writing widely about the themes such as the advancement of the national education, Finnish language and culture. Snellman is already a widely studied person in Finnish intellectual history, often characterised as a follower of G. W. F. Hegel’s philosophical system. My own research introduces a new kind of approach on Snellman’s texts, emphasising the conceptual level of his thought. With this approach, my aim is to broaden the Finnish research tradition on conceptual history. I consider my study as a cultural history of concepts, belonging also to the field of intellectual history. My focus is on one hand on the close reading of Snellman’s texts and on the other hand on contextualising his texts to the European intellectual tradition of the time. A key concept of Snellman’s theoretical thinking is his concept of bildning, which can be considered as a Swedish counterpart of the German concept of Bildung. The Swedish word incorporated all the main elements of the German concept. It could mean education or the so-called high culture, but most fundamentally it was about the self-formation of the individual. This is also the context in which Snellman’s concept of bildning has often been interpreted. In the study, I use the concept of bildning as a starting point of my research but I broaden my focus on the cognate concepts such as culture (kultur), spirit (anda) and civilisation. The purpose of my study is thus to illustrate how Snellman used and modified these concepts and from these observations to draw a conclusion about the nature of his conception of culture. Snellman was an early Finnish philosopher of history but also interested in the practice of the writing of history. He did not write any historical presentations himself but followed the publications in the field of history and introduced European historical writing to the Finnish, Swedish-speaking reading audience in his newspapers. The primary source material consists of different types of Snellman’s texts, including philosophical writings, lecture material, newspaper articles and private letters. I’m reading Snellman’s texts in the context of other texts produced both by his Finnish predecessors and contemporaries and by Swedish, German and French writers. Snellman’s principal philosophical works, Versuch einer spekulativen Entwicklung der Idee der Persönlichkeit (1841) and Läran om staten (1842), were both written abroad. Both of the works were contributions to contemporary debates on the international level, especially in Germany and Sweden. During the 1840s and 1850s Snellman had two newspapers of his own, Saima and Litteraturblad, which were directed towards the Swedish-speaking educated class. Both of the newspapers were very popular and their circulations were among the largest of their day in Finland. The topics of his articles and reviews covered literature, poetry, philosophy and education as well as issues concerning the economic, industrial and technical development in Finland. In his newspapers Snellman not only brought forth his own ideas but also spread the knowledge of European events and ideas to his readers. He followed very carefully the cultural and political situation in Western Europe. He also followed European magazines and newspapers and was well acquainted with German, French and also English literature – and of course Swedish literature to with which he had the closest ties. In his newspapers Snellman wrote countless number of literary reviews and critics, introducing his readers to European literature. The study consists of three main chapters in which I explore my research question in three different, yet overlapping contexts. In the first of these chapters, I analyse Snellman’n theoretical thinking and his concepts of bildning, kultur, anda and civilisation in the context of earlier cultural discourse in Finland as well as the tradition of German idealistic philosophy and neo-humanism. With the Finnish cultural discourse I refer to the early cultural discussion in Finland, which emerged after the year 1809, when Finland became an autonomous entity of its own as a Grand Duchy of Russia. Scholars of the Academy of Turku opened a discussion on the themes such as the state of national consciousness, the need for national education and the development of the Finnish language as a national language of Finland. Many of these academics were also Snellman’s teachers in the early years of his academic career and Snellman clearly formulated his own ideas in the footsteps of these Finnish predecessors. In his theoretical thinking Snellman was a collectivist; according to him an individual should always be understood in connection with the society, its values and manners, as well as to the traditions of a culture where an individual belongs to. In his philosophy of the human spirit Snellman was in many ways a Hegelian but his notion of education or ‘bildning’ includes also elements that connect him with the wider tradition of German intellectual history, namely the neo-humanist tradition and, at least to some extent, to the terminology of J. G. Herder or J. G. Fichte, for example. In this chapter, I also explore Snellman’s theory of history. In his historical thinking Snellman was an idealist, believing in the historical development of the human spirit (Geist in German language). One can characterise his theory of history by stating that it is a mixture of a Hegelian triumph of the spirit and Herderian emphasis on humanity (Humanität) and the relative nature of ‘Bildung’. For Snellman, the process of ‘bildning’ or ‘Bildung’ is being realised in historical development through the actions of human beings. Snellman believed in the historical development of the human civilization. Still Snellman himself considered that he had abandoned Hegel’s idea about the process of world history. Snellman – rightly or wrongly – criticised Hegel of emphasising the universal end of history (the realisation of the freedom of spirit) at the expense of the historical plurality and the freedom of each historical era. Snellman accused Hegel of neglecting the value and independency of different historical cultures and periods by imposing the abstract norm, the fulfilment of the freedom of spirit, as the ultimate goal of history. The historicist in Snellman believed in the individuality of each historical period; each historical era or culture had values, traditions and modes of thought of its own. This historicist in Snellman could not accept the talk about one measure or the end of history. On the other hand Snellman was also a universalist. He believed that mankind had a common task and that task was the development of ‘Bildung’, freedom or humanity. The second main chapter consists of two parts. In the first part, I explore the Finnish nationalistic discourse from the cultural point of view by analysing the notions such as a nation, national spirit or national language and showing how Snellman formulated his own ideas in a dialogic situation, participating in the Finnish discourse but also reacting to international discussions on the themes of the nation and nationality. For Snellman nationality was to a great extent the collective knowledge and customs or practices of the nation. Snellman stated that nationality is to be considered as a form of ‘bildning’. This could be seen not simply as affection for the fatherland but also for the mental identity of the nation, its ways of thinking, its practices, national language, customs and laws, the history of the nation. The simplest definition of nationality that Snellman gives is that nationality is the social life of the people. In the second part of the chapter I exam Snellman’s historical thinking and his understanding about historical development, interaction between different nations and cultures in the course of history, as well as the question of historical change; how do cultures or civilisations develop and who are the creators of culture? Snellman did not believe in one dominating culture but understood the course of history as a dialogue between different cultures. On the other hand, his views are very Eurocentric – here he follows the ideas of Hegel or for example the French historian François Guizot – for Snellman Europe represented the virtue of pluralism; in Europe one could see the diversity of cultures which, on the other hand, were fundamentally based on a common Christian tradition. In the third main chapter, my focus is on the writing of history, more precisely on Snellman’s ideas on the nature of history as a science and on the proper way of writing historical presentations. Snellman wrote critics on the works of history and introduced his readers to the writing of history especially in France, Sweden and German-speaking area – in some extend also in Britain. Snellman’s collectivistic view becomes evident also in his reviews on historical writing. For Snellman history was not about the actions of the states and their heads, nor about the records of ruling families and battles fought. He repeatedly stressed that history is a discipline that seeks to provide a total view of a phenomenon. A historian should not only collect information on historical events, since this information touches only the surface of a certain epoch or civilisation; he has to understand an epoch as totality. This required an understanding about the major contours in history, connections between civilisations and an awareness of significant turning points in historical development. In addition, it required a holistic understanding about a certain culture or historical era, including also the so-called inner life of a specific nation, a common people and their ways of life. Snellman wrote explicitly about ‘cultural history’ in his texts, referring to this kind of broad understanding of a society. In historical writing Snellman found this kind of broader view from the works of the French historians such as François Guizot and Jules Michelet. In all of these chapters, I elaborate the conceptual dimension of Snellman’s historical thinking. In my study I argue that Snellman not only adopted the German concepts of Bildung or Kultur in his own thinking but also developed the Swedish concepts in a way that include personal and innovative aspects. Snellman’s concept of bildning is not only a translation from ‘Bildung’ but he uses the Swedish concept in a versatile way that includes both the moral aspect of human development and social dimension of a human life. Along with ‘bildning’ Snellman used also the terms ‘kultur’ and ‘civilisation’ when referring to the totality of a certain nation or historical era, including both the so-called high culture (arts, science, religion) and the modes of thought as well as ways of life of the people as a whole. Unlike many of his Finnish contemporaries, Snellman did not use civilisation as a negative concept, lacking the moral essence of German term ‘Bildung’ or ‘Kultur’. Instead, for Snellman civilisation was a neutral term and here he comes close to the French tradition of using the term. In the study I argue that Snellman’s conception of culture in fact includes a synthesis of the German tradition of ‘Bildung’ and the French tradition of ‘civilisation’.

TAKING ADVANTAGE OF THE LOCAL ADVANTAGE? - Investment value of the analyst local advantage in the Finnish stock market in 2006–2014

An investor can either conduct independent analysis or rely on the analyses of others. Stock analysts provide markets with expectations regarding particular securities. However, analysts have different capabilities and resources, of which investors are seldom cognizant. The local advantage refers to the advantage stemming from cultural or geographical proximity to securities analyzed. The research has confirmed that local agents are generally more accurate or produce excess returns. This thesis tests the investment value of the local advantage regarding Finnish stocks via target price data. The empirical section investigates the local advantage from several aspects. It is discovered that local analysts were more focused on certain sectors generally located close to consumer markets. Market reactions to target price revisions were generally insignificant with the exception to local positive target prices. Both local and foreign target prices were overly optimistic and exhibited signs of herding. Neither group could be identified as a leader or follower of new information. Additionally, foreign price change expectations were more in line with the quantitative models and ideas such as beta or return mean reversion. The locals were more accurate than foreign analysts in 5 out of 9 sectors and vice versa in one. These sectors were somewhat in line with coverage decisions and buttressed the idea of local advantage stemming from proximity to markets, not to headquarters. The accuracy advantage was dependent on sample years and on the measure used. Local analysts ranked magnitudes of price changes more accurately in optimistic and foreign analysts in pessimistic target prices. Directional accuracy of both groups was under 50% and target prices held no linear predictive power. Investment value of target prices were tested by forming mean-variance efficient portfolios. Parallel to differing accuracies in the levels of expectations foreign portfolio performed better when short sales were allowed and local better when disallowed. Both local and non-local portfolios performed worse than a passive index fund, albeit not statistically significantly. This was in line with previously reported low overall accuracy and different accuracy profiles. Refraining from estimating individual stock returns altogether produced statistically significantly higher Sharpe ratios compared to local or foreign portfolios. The proposed method of testing the investment value of target prices of different groups suffered from some inconsistencies. Nevertheless, these results are of interest to investors seeking the advice of security analysts.

TAKING ADVANTAGE OF THE LOCAL ADVANTAGE? - Investment value of the analyst local advantage in the Finnish stock market in 2006–2014

An investor can either conduct independent analysis or rely on the analyses of others. Stock analysts provide markets with expectations regarding particular securities. However, analysts have different capabilities and resources, of which investors are seldom cognizant. The local advantage refers to the advantage stemming from cultural or geographical proximity to securities analyzed. The research has confirmed that local agents are generally more accurate or produce excess returns. This thesis tests the investment value of the local advantage regarding Finnish stocks via target price data. The empirical section investigates the local advantage from several aspects. It is discovered that local analysts were more focused on certain sectors generally located close to consumer markets. Market reactions to target price revisions were generally insignificant with the exception to local positive target prices. Both local and foreign target prices were overly optimistic and exhibited signs of herding. Neither group could be identified as a leader or follower of new information. Additionally, foreign price change expectations were more in line with the quantitative models and ideas such as beta or return mean reversion. The locals were more accurate than foreign analysts in 5 out of 9 sectors and vice versa in one. These sectors were somewhat in line with coverage decisions and buttressed the idea of local advantage stemming from proximity to markets, not to headquarters. The accuracy advantage was dependent on sample years and on the measure used. Local analysts ranked magnitudes of price changes more accurately in optimistic and foreign analysts in pessimistic target prices. Directional accuracy of both groups was under 50% and target prices held no linear predictive power. Investment value of target prices were tested by forming mean-variance efficient portfolios. Parallel to differing accuracies in the levels of expectations foreign portfolio performed better when short sales were allowed and local better when disallowed. Both local and non-local portfolios performed worse than a passive index fund, albeit not statistically significantly. This was in line with previously reported low overall accuracy and different accuracy profiles. Refraining from estimating individual stock returns altogether produced statistically significantly higher Sharpe ratios compared to local or foreign portfolios. The proposed method of testing the investment value of target prices of different groups suffered from some inconsistencies. Nevertheless, these results are of interest to investors seeking the advice of security analysts.

Personal branding on social media - The characteristics of strong personal brands in Finland

The purpose of the study is to define the characteristics of strong personal brands on social media in Finland. Personal branding as a phenomenon is no longer limited to celebrities and political leaders. The digital revolution and the change in online behavior have created the need for a deeper investigation of the characteristics of strong personal brands on social media. The work of different academics on personal branding are examined to gain a comprehensive understanding on this research topic that has gone through a revolution during the last decade. Early impression management theory is refined to include elements from more modern literature related to personal branding, brand identity management and social media to create a theoretical framework that simplifies the process of personal brand building on social media. The framework consisting of three phases clarifies the process of modern personal branding. The results of the study are presented in line with three research themes derived from the theoretical framework: the background of the brand, the brand identity management and the social media behavior and activities. Mixed methods are used in the research as means to broaden perception on the subject. The quantitative part of the study defines general characteristics concerning the most follower personal brands in Finland in three social media channels – Facebook, Instagram and Twitter. The other part of the research was conducted by single case study including two Finnish personal brands cases to provide a deeper understanding of personal branding practices of strong social media personal brands. The results of the study show that the most used social media channels differ in terms of the personal brand characteristics and personal branding activities. Due to the characteristics of the channels also the post activities of the personal brands differ quite significantly. It can be also inferred that there is a difference between brands with an existing offline awareness and the brands with no awareness before joining the social media. In order to reduce the gap between the ideal brand image and the current image, the brand should have a clear vision as well as a good understanding of the target group and the value it creates for its target audience. The brand identity needs to be managed by communicating with the target audience authentically in the right channels, with relevant content. The dedication, the target group’s behavior and the ability to create valuable and relevant content determines the right tactics for social media personal branding.