Valdeltagande i Finland : rationalitet eller socialt tryck?

Abstract: Electoral participation in Finland: rationality or social pressure?

Aikuiskoulutukseen osallistumattomuus on myös rationaalista

Summary: Non-participation in adult education is also a rationality

Corporate Layoff Announcements and Shareholder Value: Empirical Evidence from Finland

Tutkimuksen tavoitteena on tutkia lyhyen aikavälin markkinareaktiota suomalaisten pörssiyhtiöiden irtisanomisilmoituksiin. Lisäksi tutkitaan poikkileikkausmenetelmän avulla, vaikuttavatko erilaiset yrityskohtaiset tekijät siihen miten osakemarkkinat suhtautuvat irtisanomisiin. Kolmantena tutkimuksen kohteena ovat maakohtaiset irtisanomisiin liittyvät tekijät sekä kuinka ekstensiivistä on yritysten tiedottaminen irtisanomisista. Aineisto sisältää 83 julkisesti annettua irtisanomistiedotetta viiden vuodenaikaväliltä (kesäkuu 2000 - kesäkuu 2005). Osakemarkkinoiden keskimääräistä reaktiota sekä kehitettyjä alihypoteeseja tutkittiin hyödyntämällä tapahtumatutkimusmetodia. Empiiriset tulokset osoittavat, että sijoittajat näkevät irtisanomisetkeskimääräisesti negatiivisina uutisina yhtiöiden markkina-arvon kannalta. Irtisanomisilmoituksia edeltävä markkinareaktio on negatiivinen tukien aiempia tutkimustuloksia Yhdysvaltojen ja Iso-Britannian markkinoilta. Erona aikaisempiin tutkimuksiin on kuitenkin se, että negatiivinen markkinareaktio on täysin hinnoiteltu jo ilmoitusta edeltävänä aikana. Tukea löytyi myös kaikille yrityskohtaisillealihypoteeseille, jotka selittävät sijoittajien reaktiota irtisanomisilmoituksiin: koko pääoman tuotto, suhdannesykli, corporate governance sekä yrityksen ja johdon maine.

Strategic investment appraisal; extended real options approach

Tutkielma keskittyy lisäämään investointiarviointiprosessien rationaalisuutta strategisten investointien arvioinnissa duopoli- / oligopolimarkkinoilla. Tutkielman päätavoitteena on selvittää kuinka peliteorialla laajennettu reaalioptioperusteinen investointien arviointimenetelmä, laajennettu reaalioptiokehikko, voisi mahdollisesti parantaa analyysien tarkkuutta. Tutkimus lähestyy ongelmaa investoinnin ajoituksen sekä todellisten investoinnin arvoattribuuttien riippuvuuksien kautta. Laajennettu reaalioptiokehikko on investointien analysointi- ja johtamistyökalu, joka tarjoaa osittain rajoitetun (sisältää tällä hetkellä ainoastaan parametrisen ja peliteoreettisen epävarmuuden) optimaalisen arvovälin investoinnin todellisesta arvosta. Kehikossa, ROA kartoittaa mahdolliset strategiset hyödyt tunnistamalla investointiinliittyvät eri optiot ja epävarmuudet, peliteoria korostaa ympäristön luomia paineita investointiin liittyvän epävarmuuden hallitsemisessa. Laajennettu reaalioptiokehikko tarjoaa rationaalisemman arvion strategisen investoinnin arvosta, koska se yhdistää johdonmukaisemmin option toteutuksen ja siten myös optioiden aika-arvon, yrityksen todellisiin rajoitettuihin (rajoituksena muiden markkinatoimijoiden toimet) polkuriippuvaisiin kyvykkyyksiin.

Coping with Technology: A Study on Economic Methodology and Strategic Management of Technology

There is a broad consensus among economists that technologicalchange has been a major contributor to the productivity growth and, hence, to the growth of the material welfare in western industrialized countries at least over the last century. Paradoxically, this issue has not been the focal point of theoretical economics. At the same time, we have witnessed the rise of the importance of technological issues at the strategic management level of business firms. Interestingly, the research has not accurately responded to this challenge either. The tension between the overwhelming empirical evidence of the importance of technology and its relative omission in the research offers a challenging target for a methodological endeavor. This study deals with the question of how different theories cope with technology and explain technological change. The focusis at the firm level and the analysis concentrates on metatheoretical issues, except for the last two chapters, which examine the problems of strategic management of technology. Here the aim is to build a new evolutionary-based theoreticalframework to analyze innovation processes at the firm level. The study consistsof ten chapters. Chapter 1 poses the research problem and contrasts the two basic approaches, neoclassical and evolutionary, to be analyzed. Chapter 2 introduces the methodological framework which is based on the methodology of isolation. Methodological and ontoogical commitments of the rival approaches are revealed and basic questions concerning their ways of theorizing are elaborated. Chapters 3-6 deal with the so-called substantive isolative criteria. The aim is to examine how different approaches cope with such critical issues as inherent uncertainty and complexity of innovative activities (cognitive isolations, chapter 3), theboundedness of rationality of innovating agents (behavioral isolations, chapter4), the multidimensional nature of technology (chapter 5), and governance costsrelated to technology (chapter 6). Chapters 7 and 8 put all these things together and look at the explanatory structures used by the neoclassical and evolutionary approaches in the light of substantive isolations. The last two cpahters of the study utilize the methodological framework and tools to appraise different economics-based candidates in the context of strategic management of technology. The aim is to analyze how different approaches answer the fundamental question: How can firms gain competitive advantages through innovations and how can the rents appropriated from successful innovations be sustained? The last chapter introduces a new evolutionary-based technology management framework. Also the largely omitted issues of entrepreneurship are examined.

Mass transfer and particleinteractions in granular systems and suspension flows

The purpose of this study was to investigate some important features of granular flows and suspension flows by computational simulation methods. Granular materials have been considered as an independent state ofmatter because of their complex behaviors. They sometimes behave like a solid, sometimes like a fluid, and sometimes can contain both phases in equilibrium. The computer simulation of dense shear granular flows of monodisperse, spherical particles shows that the collisional model of contacts yields the coexistence of solid and fluid phases while the frictional model represents a uniform flow of fluid phase. However, a comparison between the stress signals from the simulations and experiments revealed that the collisional model would result a proper match with the experimental evidences. Although the effect of gravity is found to beimportant in sedimentation of solid part, the stick-slip behavior associated with the collisional model looks more similar to that of experiments. The mathematical formulations based on the kinetic theory have been derived for the moderatesolid volume fractions with the assumption of the homogeneity of flow. In orderto make some simulations which can provide such an ideal flow, the simulation of unbounded granular shear flows was performed. Therefore, the homogeneous flow properties could be achieved in the moderate solid volume fractions. A new algorithm, namely the nonequilibrium approach was introduced to show the features of self-diffusion in the granular flows. Using this algorithm a one way flow can beextracted from the entire flow, which not only provides a straightforward calculation of self-diffusion coefficient but also can qualitatively determine the deviation of self-diffusion from the linear law at some regions nearby the wall inbounded flows. Anyhow, the average lateral self-diffusion coefficient, which was calculated by the aforementioned method, showed a desirable agreement with thepredictions of kinetic theory formulation. In the continuation of computer simulation of shear granular flows, some numerical and theoretical investigations were carried out on mass transfer and particle interactions in particulate flows. In this context, the boundary element method and its combination with the spectral method using the special capabilities of wavelets have been introduced as theefficient numerical methods to solve the governing equations of mass transfer in particulate flows. A theoretical formulation of fluid dispersivity in suspension flows revealed that the fluid dispersivity depends upon the fluid properties and particle parameters as well as the fluid-particle and particle-particle interactions.

Moment Operators of Observables in Quantum Mechanics, with Applications to Quantization and Homodyne Detection

The questions studied in this thesis are centered around the moment operators of a quantum observable, the latter being represented by a normalized positive operator measure. The moment operators of an observable are physically relevant, in the sense that these operators give, as averages, the moments of the outcome statistics for the measurement of the observable. The main questions under consideration in this work arise from the fact that, unlike a projection valued observable of the von Neumann formulation, a general positive operator measure cannot be characterized by its first moment operator. The possibility of characterizing certain observables by also involving higher moment operators is investigated and utilized in three different cases: a characterization of projection valued measures among all the observables is given, a quantization scheme for unbounded classical variables using translation covariant phase space operator measures is presented, and, finally, a mathematically rigorous description is obtained for the measurements of rotated quadratures and phase space observables via the high amplitude limit in the balanced homodyne and eight-port homodyne detectors, respectively. In addition, the structure of the covariant phase space operator measures, which is essential for the above quantization, is analyzed in detail in the context of a (not necessarily unimodular) locally compact group as the phase space.

Organisaation päätöksenteko ja tiedon rooli. Case: UPM-Kymmene Oyj, Kaukas

Tutkielman tavoitteena on selvittää, mihin päätöksenteko perustuu teollisuusyrityksessä. Tutkimuksessa kartoitettiin kohdeorganisaation päätöksentekijöiden näkemyksiä toimintaympäristöstään, itsestään päätöksentekijöinä ja päätöksenteosta sekä tiedosta ja sen käytöstä. Lisäksi sivutaan päätöksenteon sosiaalista luonnetta. Empiirisen tutkimuksen kohdeyksikkönä on UPM-Kymmene Oyj, Kaukas Lappeenrannassa. Tutkimus on toteutettu esimiestasolle suunnattuna lomakekyselynä lokakuussa 2003. Päätöksistä yleisimpiä olivat operatiivisen tason päätökset; taktisen ja strategisen tason päätöksiä tehtiin vähemmän. Päätöstilanteista useimmin kohdattuja olivat puolijäsentyneet ja jäsentyneet tilanteet, kun taas jäsentymättömät päätöstilanteet olivat harvinaisempia. Päätöksentekoprosesseista yleisimmin käytetty oli kirjallisuudessa taktiseen päätöstasoon ja puolijäsentyneisiin päätöstilanteisiin liitetty rajoitetun rationaalisuuden malliin perustuva vaiheittainen malli. Kirjallisuudessa strategiseen päätöksentekotasoon ja jäsentymättömiin päätöstilanteisiin liitetyn ns. iteratiivisesti vaiheittaisen mallin todettiin soveltuvan myös tämänkaltaiseen päätöksentekoon. Esimiehet pitivät toimintaympäristöään teollisuusyrityksessä pääasiallisesti orgaanisena. Tällaisessa ympäristössä vaikutussuhteet ja keinot ohjata ympäristöä perustuvat pitkälti vuorovaikutteisuuteen. Päätöksentekijöiden johtamistyylin todettiin olevan pikemminkin demokraattinen kuin autoritäärinen, mikä tukee edellä mainittuja tuloksia. Tiedon lähteistä päätöksenteon kannalta tärkeimpinä ja luotettavimpina koettiin henkilökohtaiset lähteet. Sisäiset lähteet nähtiin ulkoisia tärkeämpinä ja luotettavampina niin henkilökohtaisten, tekstimuotoisten kuin online-lähteidenkin osalta. Esimiesten todettiin hyödyntävän tosiasiatietoa, kokemusta ja intuitiota eri tavoin erilaisissa päätöstilanteissa, joten myös tehokkaat keinot tukea päätöksentekoa vaihtelevat päätöstyypeittäin. Tutkimuksen tulokset perustuvat kohderyhmän kyselylomakkeella kerättyihin mielipiteisiin. Käytetystä menetelmästä johtuen mielipiteiden taustatekijät ja todellinen toiminta organisaatiossa jäävät vielä avoimiksi. Tutkimustulosten syventäminen ja vahvistaminen sekä lisätiedon saaminen organisaation päätöksenteon todellisuudesta edellyttäisi empiiristä havainnointia tai vähintäänkin haastatteluja.

Conservation Laws in Cellular Automata

Conservation laws in physics are numerical invariants of the dynamics of a system. In cellular automata (CA), a similar concept has already been defined and studied. To each local pattern of cell states a real value is associated, interpreted as the “energy” (or “mass”, or . . . ) of that pattern.The overall “energy” of a configuration is simply the sum of the energy of the local patterns appearing on different positions in the configuration. We have a conservation law for that energy, if the total energy of each configuration remains constant during the evolution of the CA. For a given conservation law, it is desirable to find microscopic explanations for the dynamics of the conserved energy in terms of flows of energy from one region toward another. Often, it happens that the energy values are from non-negative integers, and are interpreted as the number of “particles” distributed on a configuration. In such cases, it is conjectured that one can always provide a microscopic explanation for the conservation laws by prescribing rules for the local movement of the particles. The onedimensional case has already been solved by Fuk´s and Pivato. We extend this to two-dimensional cellular automata with radius-0,5 neighborhood on the square lattice. We then consider conservation laws in which the energy values are chosen from a commutative group or semigroup. In this case, the class of all conservation laws for a CA form a partially ordered hierarchy. We study the structure of this hierarchy and prove some basic facts about it. Although the local properties of this hierarchy (at least in the group-valued case) are tractable, its global properties turn out to be algorithmically inaccessible. In particular, we prove that it is undecidable whether this hierarchy is trivial (i.e., if the CA has any non-trivial conservation law at all) or unbounded. We point out some interconnections between the structure of this hierarchy and the dynamical properties of the CA. We show that positively expansive CA do not have non-trivial conservation laws. We also investigate a curious relationship between conservation laws and invariant Gibbs measures in reversible and surjective CA. Gibbs measures are known to coincide with the equilibrium states of a lattice system defined in terms of a Hamiltonian. For reversible cellular automata, each conserved quantity may play the role of a Hamiltonian, and provides a Gibbs measure (or a set of Gibbs measures, in case of phase multiplicity) that is invariant. Conversely, every invariant Gibbs measure provides a conservation law for the CA. For surjective CA, the former statement also follows (in a slightly different form) from the variational characterization of the Gibbs measures. For one-dimensional surjective CA, we show that each invariant Gibbs measure provides a conservation law. We also prove that surjective CA almost surely preserve the average information content per cell with respect to any probability measure.

Methods for assessing the sustainability of integrated municipal waste management and

The general striving to bring down the number of municipal landfills and to increase the reuse and recycling of waste-derived materials across the EU supports the debates concerning the feasibility and rationality of waste management systems. Substantial decrease in the volume and mass of landfill-disposed waste flows can be achieved by directing suitable waste fractions to energy recovery. Global fossil energy supplies are becoming more and more valuable and expensive energy sources for the mankind, and efforts to save fossil fuels have been made. Waste-derived fuels offer one potential partial solution to two different problems. First, waste that cannot be feasibly re-used or recycled is utilized in the energy conversion process according to EU’s Waste Hierarchy. Second, fossil fuels can be saved for other purposes than energy, mainly as transport fuels. This thesis presents the principles of assessing the most sustainable system solution for an integrated municipal waste management and energy system. The assessment process includes: · formation of a SISMan (Simple Integrated System Management) model of an integrated system including mass, energy and financial flows, and · formation of a MEFLO (Mass, Energy, Financial, Legislational, Other decisionsupport data) decision matrix according to the selected decision criteria, including essential and optional decision criteria. The methods are described and theoretical examples of the utilization of the methods are presented in the thesis. The assessment process involves the selection of different system alternatives (process alternatives for treatment of different waste fractions) and comparison between the alternatives. The first of the two novelty values of the utilization of the presented methods is the perspective selected for the formation of the SISMan model. Normally waste management and energy systems are operated separately according to the targets and principles set for each system. In the thesis the waste management and energy supply systems are considered as one larger integrated system with one primary target of serving the customers, i.e. citizens, as efficiently as possible in the spirit of sustainable development, including the following requirements: · reasonable overall costs, including waste management costs and energy costs; · minimum environmental burdens caused by the integrated waste management and energy system, taking into account the requirement above; and · social acceptance of the selected waste treatment and energy production methods. The integrated waste management and energy system is described by forming a SISMan model including three different flows of the system: energy, mass and financial flows. By defining the three types of flows for an integrated system, the selected factor results needed in the decision-making process of the selection of waste management treatment processes for different waste fractions can be calculated. The model and its results form a transparent description of the integrated system under discussion. The MEFLO decision matrix has been formed from the results of the SISMan model, combined with additional data, including e.g. environmental restrictions and regional aspects. System alternatives which do not meet the requirements set by legislation can be deleted from the comparisons before any closer numerical considerations. The second novelty value of this thesis is the three-level ranking method for combining the factor results of the MEFLO decision matrix. As a result of the MEFLO decision matrix, a transparent ranking of different system alternatives, including selection of treatment processes for different waste fractions, is achieved. SISMan and MEFLO are methods meant to be utilized in municipal decision-making processes concerning waste management and energy supply as simple, transparent and easyto- understand tools. The methods can be utilized in the assessment of existing systems, and particularly in the planning processes of future regional integrated systems. The principles of SISMan and MEFLO can be utilized also in other environments, where synergies of integrating two (or more) systems can be obtained. The SISMan flow model and the MEFLO decision matrix can be formed with or without any applicable commercial or free-of-charge tool/software. SISMan and MEFLO are not bound to any libraries or data-bases including process information, such as different emission data libraries utilized in life cycle assessments.