Finland: the land of a thousand lakes a new holiday resort - [Cover]

Helsinki : The tourist society in Finland 1909 : Hull
Tarkemmat teoskuvat osoitteessa http://urn.fi/URN:NBN:fi-fd2011-pp00001592

Finland as a holiday resort

14 x 23 cm

Finland a new holiday resort

kuv., 13 x 20 cm

Profitability planning of the ski resort project

Objective of this master’s thesis is to create an investment calculation model, which makes it possible to determine if the ski resort business can be profitable. The ultimate goal is to create a description with the help of theoretical knowledge, interviews and investment calculation model, how the operation of ski resort is possible to be profitable and what are the critical success factors for achieving this goal. Thesis is carried out as qualitative research, which is supported by the necessary constructive information utilizing calculations. The client company has provided valuable insights and material for this thesis. Theoretical report examines the steps of developing a business plan, investment components and methods as well as sensitivity analysis. The theoretical part is based on the articles, textbooks, interviews and researches. The empirical part of the thesis is assembled by benchmarking other same size Finnish ski resorts, conducting interviews and using investment calculation model. The empirical part provides comprehensive information about ski resort industry, the future of the project, the business plan and the profitability calculations. As the result of this thesis the investment calculation model, which makes it possible to simulate different scenarios for ski resort project, was formed. The model was used to create a picture in which kind of scenario the ski resort business would be profitable and what are the critical success factors in achieving this aim.

Brandin vahvistaminen matkailualalla

Tutkimuksen tavoitteena on selvittää brandin vahvistamista palvelualalla. Palvelubrandit eivät periaatteellisesti eroa varsinaisten tuotebrandien luomisesta ja vahvistamisesta. Käytännössä kuitenkin palvelubrandien kehittämisessä yrityksen henkilöstön palveluvalmius on keskeisin asiakkaan palvelukokemukseen vaikuttava tekijä. Henkilöstön palvelukykyyn ja –haluun vaikutetaan yrityksen avoimella, suunnitellulla ja tehokkaalla sisäisellä viestinnällä ja markkinoinnilla. Palveluyritykseen tulisi luoda ”asiakasta ilahduttava palvelukulttuuri”. Tutkimusmetodi on kvalitatiivinen ja yritysesimerkkinä on Katinkullan lomakeskus. Tutkimuksessa palvelubrandia tarkastellaan seuraavista neljästä brandiomaisuuden keskeisestä näkökulmasta: brandin tunnettuus, jonka tärkeä tekijä on mainonta. Brandin identiteettiin kuuluvat palvelutuote, sen persoona sekä brandin symboli. Brandin laadun tekijöitä ovat hinnoittelu, palvelupuitteet sekä itse palveluprosessi. Ne luovat asiakkaille odotuksia, joiden täyttyminen näkyy asiakastyytyväisyytenä. Se puolestaan johtaa neljänteen brandiomaisuuden tekijään eli asiakasuskollisuuteen.

Ydinvoiman havainnollistaminen tiedekeskusympäristössä

Diplomityön lähtökohtana on energia-aiheisen tiedekeskuksen suunnitteleminen Etelä-Karjalan alueelle. Tiedekeskuksen tavoitteena on hyödyntää Lappeenrannan teknillisen yliopiston energiaosaamista sekä saada maakuntaan lisää matkailijoita kiinnostavan vierailukohteen myötä. Työssä keskitytään ydinvoiman esilletuomiseen tiedekeskusympäristössä. Siinä esitellään oppimiseen liittyviä menetelmiä sekä niiden soveltamista ydinvoima-aiheisiin tiedekeskusympäristössä. Työtä varten teetettiin kyselytutkimus, jolla kartoitettiin kansalaisten mielenkiintoa energia-aiheista tiedekeskusta kohtaan sekä ennakkotietoja ja -käsityksiä energiantuotannosta. Tutkimuksesta saatuja tuloksia verrattiin aikaisemmin tehtyjen tutkimusten tuloksiin. Lisäksi työssä esitellään pääpiirteissään ajatus suunnitellusta tiedekeskuksesta sisältöineen. Työn yhteydessä ilmeni, että ajatus energia-aiheisesta tiedekeskuksesta on kiinnostava, ja teetetyn kyselytutkimuksen perusteella käsitykset ydinvoimasta ovat osittain ristiriidassa todellisuuden kanssa. Oleelliset kohdat ydinvoiman havainnollistamisessa liittyvät ydinvoiman käytön turvallisuustekijöihin, ydinjätteen loppusijoitukseen sekä ydinvoiman etuihin ja haittoihin muihin energiantuotantotapoihin verrattuna.

Kielikeskuksissa toimivien kieltenopettajien käsityksiä ja kokemuksia massayliopiston luomista haasteista

Challenges of mass university conceived and experienced by university language centre language teachers The massification of the university involved not only an expansion but also a transition from one period to another, from elite higher education to mass higher education. Massification cannot be viewed as expansion and structural change but it has to be viewed in a context of a number of changes involving universities, state, economy, society and culture as well as science, technology, education and research. In the Finnish academic context, massification is often associated with negative development and it may be used as an excuse for poor teaching. The objective of the present study is to find out how the mass context is manifested in the work of university language centre language teachers. The data were collected by means of semi-structured questionnaires from 32 language teachers working at language centres at the universities of Helsinki, Jyväskylä, Tampere and Turku in Finland. Both Finnish and native speakers, 6 male and 26 female teachers, were included. All the teachers in the study had taught more than 10 years. The data were complemented by interviews of four teachers and email data from one teacher. Phenomenographic analysis of the informants’ conceptions enabled a description of their experiences of students at a mass university, conceptions of teaching and learning and of issues related to work health. Some conceptions were consonant with earlier results. The conceptions revealed differences between two teacher groups, teachers of subject-specific language, or language for specific purposes (LSP), and teachers of elementary and advanced language courses (general language teachers). For the first, the conceptions of the investigated teachers provided a picture of the students as a member of a mass university. The students were seen as customers who demanded special services to facilitate their studies or were selective about the contents of the course. The finding that appeared only in the LSP teachers’ data was the unengaged attitude towards language study, which appeared as mere hunt for credits. On the other hand, the students were also seen as language learning individuals, but a clear picture of a truly interested language learner was evident in the data of general language teachers. The teachers’ conceptions of teaching and learning revealed a picture of experienced teachers with a long background of teaching, reflecting experiences from different time periods and influences from their own education and illustrating the increasing problems with organizing individual tutoring due to large, heterogeneous groups. It seemed, however, that in spite of the large student groups, general language teachers were able to support the students’ learning processes and to use learner-centred methods, whereas LSP teachers were frequently compelled to resort to knowledge transmission type of teaching. The conditions of the mass university were clearly manifested in the respondents’ conceptions about work satisfaction: there were a number of factors related to administration, teaching arrangements and the status of the language centres that were likely to add to the teachers’ work stress, whereas traditional characteristics of academic work were viewed as promoting work satisfaction. On the basis of the teachers’ conceptions, it is safe to assume that academic mass context and students’ orientations have an effect on the teacher’s approach to teaching, while there is no unequivocal association between mass university teaching and poor teaching.

“Valley co-creation” – exploring the emergence of a cultural product in an entrepreneur-driven value network: Case study: Black Weekend festival

The interconnected domains are attracting interest from industries and academia, although this phenomenon, called ‘convergence’ is not new. Organizational research has indeed focused on uncovering co-creation for manufacturing and the industrial organization, with limited implications to entrepreneurship. Although convergence has been characterized as a process connecting seemingly disparate disciplines, it is argued that these studies tend to leave the creative industries unnoticed. With the art market boom and new forms of collaboration riding past the institution-focused arts marketing literature, this thesis takes a leap to uncover the processes of entrepreneurship in the emergence of a cultural product. As a symbolic work of synergism itself, the thesis combines organizational theory with literature in natural sciences and arts. Assuming nonlinearity, a framework is created for analysing aesthetic experience in an empirical event where network actors are connected to multiple contexts. As the focal case in study, the empirical analysis performed for a music festival organized in a skiing resort in the French Alps in March. The researcher attends the festival and models its cocreation process by enquiring from an artist, festival organisers, and a festival visitor. The findings contribute to fields of entrepreneurship, aesthetics and marketing mainly. It is found that the network actors engage in intimate and creative interaction where activity patterns are interrupted and cultural elements combined. This process is considered to both create and destruct value, through identity building, legitimisation, learning, and access to larger audiences, and it is considered particularly useful for domains where resources are too restrained for conventional marketing practices. This thesis uncovered the role of artists and informants and posits that particularly through experience design, this type of skilled individual be regarded more often as a research informant. Future research is encouraged to engage in convergence by experimenting with different fields and research designs, and it is suggested that future studies could arrive at different descriptive results.

Eurokriisi ja euroalueen rakenteelliset ongelmat

Maailmanlaajuinen finanssikriisi on vaikuttanut merkittävällä tavalla euroalueen toimintaan ja tuonut esiin ongelmia sen rakenteessa. Tutkielman tavoitteena oli tunnistaa eurokriisiin johtaneita tekijöitä ja euroalueen keskeisiä rakenteellisia ongelmia. Teoriakehys muodostui optimaalisen valuutta-alueen teoriasta, jota täydennettiin velkaantumiseen, pankkikriiseihin ja vaihtotaseiden epätasapainotiloihin liittyvällä teorialla. Tutkimuksessa hyödynnettiin laaja-alaisesti olemassa olevaa teoreettista ja empiiristä kirjallisuutta sekä eri tietokannoista saatavaa makrodataa. Tulokset kertovat rahoitusmarkkinoiden keskeisestä roolista epätasapainotilojen kehittymisessä sekä rahaunionin puutteellisista mukautumismekanismeista. Institutionaalisen rakenteen osalta euroalueen keskeisiä ongelmia ovat olleet tehokkaan pankkivalvonnan puute sekä viime hetken lainoittajan puuttuminen valtionvelkakirjamarkkinoilla.

THE COSTS OF RAISING EQUITY RATIO FOR BANKS Evidence from publicly listed banks operating in Finland

The solvency rate of banks differs from the other corporations. The equity rate of a bank is lower than it is in corporations of other field of business. However, functional banking industry has huge impact on the whole society. The equity rate of a bank needs to be higher because that makes the banking industry more stable as the probability of the banks going under will decrease. If a bank goes belly up, the government will be compensating the deposits since it has granted the bank’s depositors a deposit insurance. This means that the payment comes from the tax payers in the last resort. Economic conversation has long concentrated on the costs of raising equity ratio. It has been a common belief that raising equity ratio also increases the banks’ funding costs in the same phase and these costs will be redistributed to the banks customers as higher service charges. Regardless of the common belief, the actual reaction of the funding costs to the higher equity ratio has been studied only a little in Europe and no study has been constructed in Finland. Before it can be calculated whether the higher stability of the banking industry that is caused by the raise in equity levels compensates the extra costs in funding costs, it must be calculated how much the actual increase in the funding costs is. Currently the banking industry is controlled by complex and heavy regulation. To maintain such a complex system inflicts major costs in itself. This research leans on the Modigliani and Miller theory, which shows that the finance structure of a firm is irrelevant to their funding costs. In addition, this research follows the calculations of Miller, Yang ja Marcheggianon (2012) and Vale (2011) where they calculate the funding costs after the doubling of specific banks’ equity ratios. The Finnish banks studied in this research are Nordea and Danske Bank because they are the two largest banks operating in Finland and they both also have the right company form to able the calculations. To calculate the costs of halving their leverages this study used the Capital Asset Pricing Model. The halving of the leverage of Danske Bank raised its funding costs for 16—257 basis points depending on the method of assessment. For Nordea the increase in funding costs was 11—186 basis points when its leverage was halved. On the behalf of the results found in this study it can be said that the doubling of an equity ratio does not increase the funding costs of a bank one by one. Actually the increase is quite modest. More solvent banks would increase the stability of the banking industry enormously while the increase in funding costs is low. If the costs of bank regulation exceeds the increase in funding costs after the higher equity ratio, it can be thought that this is the better way of stabilizing the banking industry rather than heavy regulation.

Capital structure of Finnish firms – Estimating the effects of firm characteristics on capital structure

One of the most disputable matters in the theory of finance has been the theory of capital structure. The seminal contributions of Modigliani and Miller (1958, 1963) gave rise to a multitude of studies and debates. Since the initial spark, the financial literature has offered two competing theories of financing decision: the trade-off theory and the pecking order theory. The trade-off theory suggests that firms have an optimal capital structure balancing the benefits and costs of debt. The pecking order theory approaches the firm capital structure from information asymmetry perspective and assumes a hierarchy of financing, with firms using first internal funds, followed by debt and as a last resort equity. This thesis analyses the trade-off and pecking order theories and their predictions on a panel data consisting 78 Finnish firms listed on the OMX Helsinki stock exchange. Estimations are performed for the period 2003–2012. The data is collected from Datastream system and consists of financial statement data. A number of capital structure characteristics are identified: firm size, profitability, firm growth opportunities, risk, asset tangibility and taxes, speed of adjustment and financial deficit. A regression analysis is used to examine the effects of the firm characteristics on capitals structure. The regression models were formed based on the relevant theories. The general capital structure model is estimated with fixed effects estimator. Additionally, dynamic models play an important role in several areas of corporate finance, but with the combination of fixed effects and lagged dependent variables the model estimation is more complicated. A dynamic partial adjustment model is estimated using Arellano and Bond (1991) first-differencing generalized method of moments, the ordinary least squares and fixed effects estimators. The results for Finnish listed firms show support for the predictions of profitability, firm size and non-debt tax shields. However, no conclusive support for the pecking-order theory is found. However, the effect of pecking order cannot be fully ignored and it is concluded that instead of being substitutes the trade-off and pecking order theory appear to complement each other. For the partial adjustment model the results show that Finnish listed firms adjust towards their target capital structure with a speed of 29% a year using book debt ratio.

PROTECTING TRADE SECRETS IN LITIGATION - THE IMPACT OF ARTICLE 9 OF THE EU TRADE SECRET DIRECTIVE ESPECIALLY ON FINNISH LAW

In November 2013 the European Commission issued the “Proposal for a Directive on the European Parliament and of the Council on the protection of undisclosed know-how and business information (trade secrets) against their unlawful acquisition, use and disclosure” (referred to as “TSD”). The TSD offers minimum harmonisation and aims at promoting sharing of knowledge, and the exploitation of innovations on the Internal Market. The European Parliament adopted the TSD on April 14, 2016 and the EU Member States will have two years to implement it. The TSD includes a harmonised definition of a trade secret that builds on the definition provided in Article 39 of the TRIPS Agreement. Moreover, it also ensures the freedom of expression and information and the protection of whistle-blowers. Appropriate means of actions and remedies against unlawful acquisition, use and disclosure of trade secrets are also included, such as provisional and pecuniary measures, injunctions and corrective measures or allocation of damages. This study examines the protection of trade secrets in the course of litigation regulated in Article 9 of the TSD. Currently, the protection of trade secrets within the EU is fragmented especially in this regard, which makes companies reluctant to resort to litigation when a trade secret has unlawfully been misappropriated or it is suspected that a trade secret is being misused. The regulations in Article 9 expand only to the hearing in court. Such protection is welcomed and a step in the right direction. However, in my study I have found that in order for the protection to be sufficient there is a need to further establish measures to protect trade secrets during the entire process, from the filing of the claim to the end when the judgement is given. Consequently, I also discuss different measures that could be used to strengthen the protection of trade secrets before the hearing in court, as evidence are gathered.