Finland and the United States, 1917-1919 : early years of mutual relations

Doctoral dissertation, University of Helsinki

Short term behavioural consequences of denied access to environmental facilities in milk

Selostus: Eräiden ympäristövirikkeiden saatavuuden estämisen välittömät vaikutukset tarhaminkin käyttäytymiseen

Pahoittelu ja pari huomiota

Artikkeli on vastine professori Simo Heinisen kirjoitukseen Tieteessä tapahtuu -lehden numerossa 8/2003, joka kritisoi vuonna 2002 ilmestyneen Suomen kulttuurihistorian ensimmäisen osan toimittajia ja teoksen toimitustyötä.

Mutual Fund Performance and the Market Timing Ability - Finnish Evidence

The purpose of this thesis is to examine the performance of Finnish equity funds and their market timing ability. Fund performance is evaluated by using annual returns and various risk-adjusted measures, including Sharpe ratio, DDSR, SKASR, Treynor ratio and Jensen’s alpha, whereas portfolio manager’s timing ability is examined with Treynor-Mazuy model and Henriksson-Merton model. The data is collected from the Finnish fund market during the sample period from January 1997 to February 2010. Results show that Finnish equity funds have been able to outperform the market return on a risk-adjusted basis, but these results are influenced heavily by the exceptionally good performance during the IT-bubble. Market timing models show that fund managers have been, to some degree, able to time the market but not a single fund have been able to possess security selection ability and market timing ability simultaneously.