Time-Varying Benefits of International Diversification for Finnish Investor: Country-Specific Strategy Concentrating on Emerging Markets

The main objective of this study is to investigate whether the Finnish investors’ country-specific strategy concentrating on emerging markets provides diversification benefits. We also analyze whether the benefits of international diversification has been diminished after periods of high volatility caused by different market crisis. The objective is investigated with three methods: Correlation coefficients, rolling correlations added with OLS trend-lines and Box’s M statistic. All the empirical tests are analyzed and calculated with logarithmic returns of weekly time series data from Friday closing values between January 1995 and December 2007. The number of weekly observations is 678. The data type is total return indices of different countries. Data is collected from DataStream and provided by Datastream Financial. Countries investigated are Finland, Argentina, Brazil, Chile, China, India, Mexico, Poland, Russia, South Africa, South Korea, Thailand and Turkey. The current data is quoted both in U.S. Dollars and local currencies. The empirical results of this thesis show that the correlation coefficients are time-varying across Finland and 12 emerging market countries. Although the correlations have risen from 1995 to 2007, there can be found sub-periods where the correlation has declined from earlier period. The results also indicate that a Finnish investor constructing a portfolio of emerging market countries cannot rely on the correlation coefficients estimated from historical data because of the instability of correlation matrices.

IEA Bioenergy Task 40 “Sustainable International Bioenergy Trade: Securing supply and demand” Country report of Finland 2008

This study considered the current situation of biofuels markets in Finland. The fact that industry consumes more than half of the total primary energy, widely applied combined heat and power production and a high share of solid biomass fuels in the total energy consumption are specific to the Finnish energy system. Wood is the most important source of bioenergy in Finland, representing 21% of the total energy consumption in 2006. Almost 80% of the wood-based energy is recovered from industrial by-products and residues. Finland has commitment itself to maintaining its greenhouse gas emissions at the 1990 level, at the highest, during the period 2008–2012. The energy and climate policy carried out in recent years has been based on the National Energy and Climate introduced in 2005. The Finnish energy policy aims to achieve the target, and a variety of measures are taken to promote the use of renewable energy sources and especially wood fuels. In 2007, the government started to prepare a new long-term (up to the year 2050) climate and energy strategy that will meet EU’s new targets for the reduction of green house gas emissions and the promotion of renewable energy sources. The new strategy will be introduced during 2008. The international biofuels trade has a substantial importance for the utilisation of bioenergy in Finland. In 2006, the total international trading of solid and liquid biofuels was approximately 64 PJ of which import was 61 PJ. Most of the import is indirect and takes place within the forest industry’s raw wood imports. In 2006, as much as 24% of wood energy was based on foreignorigin wood. Wood pellets and tall oil form the majority of export streams of biofuels. The indirect import of wood fuels increased almost 10% in 2004–2006, while the direct trade of solid and liquid biofuels has been almost constant.

Market of biomass fuels in Finland : IEA Bioenergy Task 40 and EUBIONET III - Country report of Finland 2009

This study considered the current situation of solid and liquid biomass fuels in Finland. The fact that industry consumes more than half of the total primary energy, widely applied combined heat and power production and a high share of solid biomass fuels in the total energy consumption are specific to the Finnish energy system. Wood is the most important source of bioenergy in Finland, representing 20% of the total energy consumption in 2007. Almost 80% of the woodbased energy is recovered from industrial by-products and residues. As a member of the European Union, Finland has committed itself to the Union’s climate and energy targets, such as reducing its overall emissions of green house gases to at least 20% below 1990 levels by 2020, and increasing the share of renewable energy in the gross final consumption. The renewable energy target approved for Finland is 38%. The present National Climate and Energy Strategy was introduced in November 2008. The strategy covers climate and energy policy measures up to 2020, and in brief thereafter, up to 2050. In recent years, the actual emissions have exceeded the Kyoto commitment and the trend of emissions is on the increase. In 2007, the share of renewable energy in the gross final energy consumption was approximately 25% (360 PJ). Without new energy policy measures, the final consumption of renewable energy would increase to 380 PJ, which would be approximately only 31% of the final energy consumption. In addition, green house gas emissions would exceed the 1990 levels by 20%. Meeting the targets will need the adoption of more active energy policy measures in coming years. The international trade of biomass fuels has a substantial importance for the utilisation of bioenergy in Finland. In 2007, the total international trading of solid and liquid biomass fuels was approximately 77 PJ, of which import was 62 PJ. Most of the import is indirect and takes place within the forest industry’s raw wood imports. In 2007, as much as 21% of wood energy was based on foreign-origin wood. Wood pellets and tall oil form the majority of export streams of biomass fuels. The indirect import of wood fuels peaked in 2006 to 61 PJ. The foreseeable decline in raw wood import to Finland will decrease the indirect import of wood fuels. In 2004– 2007, the direct trade of solid and liquid biomass fuels has been on a moderate growth path. In 2007, the import of palm oil and export of bio-diesel emerged, as a large, 170 000 t/yr biodiesel plant came into operation in Porvoo.

Models in country scale carbon accounting of forest soils

Selective papers of the workshop on "Development of models and forest soil surveys for monitoring of soil carbon", Koli, Finland, April 5-9 2006.

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.

Knowledge Management in China and in Finland- A cross country comparison

Nowadays, knowledge management (KM) is important for the success of individuals, organizations, and countries. While comparative study approach of knowledge management is a good way to enlarge peoples‘ understandings of KM, how these processes and practices are different across countries is an interesting research topic. The goal of this study is to conduct a cross-country KM comparison between China and Finland. More specifically, the current status of Chinese and Finnish KM will be studied, and then comparisons will be made in three dimensions: knowledge processes, knowledge management practices, and performance and perceptions of KM. A cross-country KM survey was conducted through a well-designed questionnaire. At the end of the study, current Chinese and Finnish KM findings are presented respectively, and a comparison of KM between the two countries is done. From the comparison, it was found that China and Finland have statistically significant differences in several knowledge processes and KM practices. Some detailed information from the comparison is also illustrated. This research partly filled the theoretical gap in understanding contemporary Chinese KM. The KM comparison between China and Finland provides useful information to KM researchers and practitioners.

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.

The history of Lapland : containing a geographical description, and a natural history of that country; with an account of the inhabitants, their original, religion, customs, habits, marriages, conjurations, employments, &c. Written by John Scheffer, ... Translated from the last edition in Latin, and illustrated with many curious copper-cutts. To which are added, the travels of the King of Sweden's mathematicians into Lapland: the history of Livonia, and the wars there: also a journey into Lapland, Finland, &c. Written by Dr. Olof Rudbeck in the year 1701

Added engraved title page: The history of Lapland.

Effects of Country of Origin on Consumer Product Evaluations: Finnish clothing products in the minds of Russian tourists

Companies operating in today’s highly internationalized markets consider product differentiation the key priority in pursue to attain a constant competitive advantage in challenging global environment (Baker and Ballington 2002, 158). The main driver affecting companies’ differentiation actions was described as early as 1912 by one of the marketing pioneers A. W. Shaw (1912, 710) as meeting human wants more accurate than the competition, and thus increasing customers’ perceived value and satisfaction. Dickson and Ginter (1987, 2) point out in their study based on earlier research by Chamberlin (1965) and Porter (1976) that differentiation can be based on either tangible characteristics of a product such as design or intangible characteristics such as a brand name and country of origin (hereafter referred to as COO). The concept of COO and its impact on consumers’ evaluation of a product as an extrinsic product cue has been one of the most noteworthy topics in international marketing, having been voluminously examined by over 780 authors in more than 750 academic publications in the past 40 years (Papadopoulos and Heslop 2002, 294). Many of these studies accentuate the significant effect the COO has on consumers’ product attribute evaluations. People routinely associate country images with products and services in order to judge and categorize them based on perceived quality and risk levels; thereby COO can influence the likelihood of a purchase (Peterson and Jolibert 1995, 883-884; Verlegh and Steenkamp 1999, 523). Based on the vast research related to COO in the field of international business, it is widely recognized that the country associated with a product can act in a similar way as the name of a brand and even become a part of product’s total image. Thereby depending on customer’s values and perceptions, the product-country image can either increase or decrease perceived value.

A multibody dynamic model of the cross-country ski-skating technique

The objective of this thesis is the development of a multibody dynamic model matching the observed movements of the lower limb of a skier performing the skating technique in cross-country style. During the construction of this model, the formulation of the equation of motion was made using the Euler - Lagrange approach with multipliers applied to a multibody system in three dimensions. The description of the lower limb of the skate skier and the ski was completed by employing three bodies, one representing the ski, and two representing the natural movements of the leg of the skier. The resultant system has 13 joint constraints due to the interconnection of the bodies, and four prescribed kinematic constraints to account for the movements of the leg, leaving the amount of degrees of freedom equal to one. The push-off force exerted by the skate skier was taken directly from measurements made on-site in the ski tunnel at the Vuokatti facilities (Finland) and was input into the model as a continuous function. Then, the resultant velocities and movement of the ski, center of mass of the skier, and variation of the skating angle were studied to understand the response of the model to the variation of important parameters of the skate technique. This allowed a comparison of the model results with the real movement of the skier. Further developments can be made to this model to better approximate the results to the real movement of the leg. One can achieve this by changing the constraints to include the behavior of the real leg joints and muscle actuation. As mentioned in the introduction of this thesis, a multibody dynamic model can be used to provide relevant information to ski designers and to obtain optimized results of the given variables, which athletes can use to improve their performance.

Candace Bushnellin Trading Up Edith Whartonin romaanin The Custom of the Country uudelleenkirjoituksena

Candace Bushnellin (1958–) vuonna 2003 julkaistu romaani Trading Up kuvaa nuoren naispäähenkilön määrätietoista pyrkimystä rikkauteen, maineeseen ja New Yorkin suihkuseurapiireihin. Se on uudelleenkirjoitus Edith Whartonin romaanista The Custom of the Country (1913). Wharton (1862–1937) käsitteli tuotannossaan New Yorkin vanhaa yläluokkaa ja kuvasi usein liikettä yhteiskuntaluokassa ylös tai alas. 1990-luvulta alkaen Bushnell on käsitellyt teoksissaan samankaltaisia aiheita, joskin oman aikansa kontekstissa. Hän on itse todennut Whartonin teosten olevan merkittäviä esikuvia omalle tuotannolleen. Pro gradu -tutkielmassani tarkastelen Bushnellin romaania Trading Up Whartonin The Custom of the Country -teoksen uudelleenkirjoituksena. Analysoimalla teoksia rinnakkain selvitän, millaisia keinoja Bushnell käyttää uudelleenkirjoituksessaan ja mikä merkitys Whartonin romaanin uudelleenkirjoituksella on. Tutkimusnäkökulmani on feministinen, ja keskityn valtasuhteisiin liittyviin kysymyksiin. Tarkastelen etenkin yhteiskuntaluokkaan, sukupuoleen ja seksuaalisuuteen liittyviä valtasuhteita ja sitä, miten valtasuhteet Bushnellin uudelleenkirjoituksessa eroavat Whartonin romaanissa esiintyvistä. Tarkastelen tutkimiani romaaneja myös genren näkökulmasta, Trading Up -romaania osana chick lit -genreä ja The Custom of the Country -teosta taparomaanina. Chick lit on 1990- luvulla syntynyt viihteellinen naisten kirjallisuuden genre, joka kuvaa nuoria naisia ja käsittelee esimerkiksi ihmissuhteita ja perheeseen, työelämään tai ulkonäköön liittyviä kysymyksiä. Kulutuskulttuuri ja uusliberalistinen yksilöllisyys kuuluvat chick lit -genreen. Se on kytketty myös postfeminismiin: chick litissä feminismistä joko vaietaan, tai se esitetään pikemminkin yksittäisten naisten elämäntapavalintoina kuin poliittisena liikkeenä. Bushnellin lisäksi myös muut chick lit -kirjailijat ovat teoksissaan viitanneet taparomaaneihin. Tutkielmassani totean Bushnellin uudelleenkirjoittavan The Custom of the Country -romaania paikoitellen hyvin suoraan. Vaikka teosten ajallisen etäisyyden ja yhteiskunnallisten muutosten takia esimerkiksi yhteiskuntaluokkaan liittyvissä valtasuhteissa on tapahtunut muutoksia, esitetään monet asiat muuttumattomina. Etenkin sukupuolen kuvaus ja sukupuoltenväliset valtasuhteet näyttäytyvät samankaltaisina kummassakin teoksessa. Postfeminismissä ja uusliberalismissa yksilön mahdollisuutta tehdä valintoja korostetaan. Bushnellin romaanin naishenkilöhahmoilla pitäisi olla enemmän valinnan mahdollisuuksia kuin Whartonin sankarittarilla, mutta näiden tekemät ratkaisut ovat lopulta hyvin samankaltaisia. Vaikka Trading Up toistaa Whartonin teoksen tarinaa melko tarkasti, ei siitä välity Whartonin romaanissa merkittävää yhteiskuntakriittisyyttä.