Essays on pricing of risk and international linkage of Russian stock market

Last two decades have seen a rapid change in the global economic and financial situation; the economic conditions in many small and large underdeveloped countries started to improve and they became recognized as emerging markets. This led to growth in the amounts of global investments in these countries, partly spurred by expectations of higher returns, favorable risk-return opportunities, and better diversification alternatives to global investors. This process, however, has not been without problems and it has emphasized the need for more information on these markets. In particular, the liberalization of financial markets around the world, globalization of trade and companies, recent formation of economic and regional blocks, and the rapid development of underdeveloped countries during the last two decades have brought a major challenge to the financial world and researchers alike. This doctoral dissertation studies one of the largest emerging markets, namely Russia. The motivation why the Russian equity market is worth investigating includes, among other factors, its sheer size, rapid and robust economic growth since the turn of the millennium, future prospect for international investors, and a number of important major financial reforms implemented since the early 1990s. Another interesting feature of the Russian economy, which gives motivation to study Russian market, is Russia’s 1998 financial crisis, considered as one of the worst crisis in recent times, affecting both developed and developing economies. Therefore, special attention has been paid to Russia’s 1998 financial crisis throughout this dissertation. This thesis covers the period from the birth of the modern Russian financial markets to the present day, Special attention is given to the international linkage and the 1998 financial crisis. This study first identifies the risks associated with Russian market and then deals with their pricing issues. Finally some insights about portfolio construction within Russian market are presented. The first research paper of this dissertation considers the linkage of the Russian equity market to the world equity market by examining the international transmission of the Russia’s 1998 financial crisis utilizing the GARCH-BEKK model proposed by Engle and Kroner. Empirical results shows evidence of direct linkage between the Russian equity market and the world market both in regards of returns and volatility. However, the weakness of the linkage suggests that the Russian equity market was only partially integrated into the world market, even though the contagion can be clearly seen during the time of the crisis period. The second and the third paper, co-authored with Mika Vaihekoski, investigate whether global, local and currency risks are priced in the Russian stock market from a US investors’ point of view. Furthermore, the dynamics of these sources of risk are studied, i.e., whether the prices of the global and local risk factors are constant or time-varying over time. We utilize the multivariate GARCH-M framework of De Santis and Gérard (1998). Similar to them we find price of global market risk to be time-varying. Currency risk also found to be priced and highly time varying in the Russian market. Moreover, our results suggest that the Russian market is partially segmented and local risk is also priced in the market. The model also implies that the biggest impact on the US market risk premium is coming from the world risk component whereas the Russian risk premium is on average caused mostly by the local and currency components. The purpose of the fourth paper is to look at the relationship between the stock and the bond market of Russia. The objective is to examine whether the correlations between two classes of assets are time varying by using multivariate conditional volatility models. The Constant Conditional Correlation model by Bollerslev (1990), the Dynamic Conditional Correlation model by Engle (2002), and an asymmetric version of the Dynamic Conditional Correlation model by Cappiello et al. (2006) are used in the analysis. The empirical results do not support the assumption of constant conditional correlation and there was clear evidence of time varying correlations between the Russian stocks and bond market and both asset markets exhibit positive asymmetries. The implications of the results in this dissertation are useful for both companies and international investors who are interested in investing in Russia. Our results give useful insights to those involved in minimising or managing financial risk exposures, such as, portfolio managers, international investors, risk analysts and financial researchers. When portfolio managers aim to optimize the risk-return relationship, the results indicate that at least in the case of Russia, one should account for the local market as well as currency risk when calculating the key inputs for the optimization. In addition, the pricing of exchange rate risk implies that exchange rate exposure is partly non-diversifiable and investors are compensated for bearing the risk. Likewise, international transmission of stock market volatility can profoundly influence corporate capital budgeting decisions, investors’ investment decisions, and other business cycle variables. Finally, the weak integration of the Russian market and low correlations between Russian stock and bond market offers good opportunities to the international investors to diversify their portfolios.

Predicting Market Crashes: An Examination of the Performance of Macroeconomic Indicators and Technical Analysis

The purpose of this study is to examine macroeconomic indicators‟ and technical analysis‟ ability to signal market crashes. Indicators examined were Yield Spread, The Purchasing Managers Index and the Consumer Confidence Index. Technical Analysis indicators were moving average, Moving Average Convergence-Divergence and Relative Strength Index. We studied if commonly used macroeconomic indicators can be used as a warning system for a stock market crashes as well. The hypothesis is that the signals of recession can be used as signals of stock market crash and that way a basis for a hedging strategy. The data is collected from the U.S. markets from the years 1983-2010. Empirical studies show that macroeconomic indicators have been able to explain the future GDP development in the U.S. in research period and they were statistically significant. A hedging strategy that combined the signals of yield spread and Consumer Confidence Index gave most useful results as a basis of a hedging strategy in selected time period. It was able to outperform buy-and-hold strategy as well as all of the technical indicator based hedging strategies.

Towards combining interactive mobile TV and smart spaces : architectures, tools and application development

Technological developments in microprocessors and ICT landscape have made a shift to a new era where computing power is embedded in numerous small distributed objects and devices in our everyday lives. These small computing devices are ne-tuned to perform a particular task and are increasingly reaching our society at every level. For example, home appliances such as programmable washing machines, microwave ovens etc., employ several sensors to improve performance and convenience. Similarly, cars have on-board computers that use information from many di erent sensors to control things such as fuel injectors, spark plug etc., to perform their tasks e ciently. These individual devices make life easy by helping in taking decisions and removing the burden from their users. All these objects and devices obtain some piece of information about the physical environment. Each of these devices is an island with no proper connectivity and information sharing between each other. Sharing of information between these heterogeneous devices could enable a whole new universe of innovative and intelligent applications. The information sharing between the devices is a diffcult task due to the heterogeneity and interoperability of devices. Smart Space vision is to overcome these issues of heterogeneity and interoperability so that the devices can understand each other and utilize services of each other by information sharing. This enables innovative local mashup applications based on shared data between heterogeneous devices. Smart homes are one such example of Smart Spaces which facilitate to bring the health care system to the patient, by intelligent interconnection of resources and their collective behavior, as opposed to bringing the patient into the health system. In addition, the use of mobile handheld devices has risen at a tremendous rate during the last few years and they have become an essential part of everyday life. Mobile phones o er a wide range of different services to their users including text and multimedia messages, Internet, audio, video, email applications and most recently TV services. The interactive TV provides a variety of applications for the viewers. The combination of interactive TV and the Smart Spaces could give innovative applications that are personalized, context-aware, ubiquitous and intelligent by enabling heterogeneous systems to collaborate each other by sharing information between them. There are many challenges in designing the frameworks and application development tools for rapid and easy development of these applications. The research work presented in this thesis addresses these issues. The original publications presented in the second part of this thesis propose architectures and methodologies for interactive and context-aware applications, and tools for the development of these applications. We demonstrated the suitability of our ontology-driven application development tools and rule basedapproach for the development of dynamic, context-aware ubiquitous iTV applications.

The solutions and tunneling properties for a linear potential and an inverted harmonic oscillator in an infinite well

In this work we look at two different 1-dimensional quantum systems. The potentials for these systems are a linear potential in an infinite well and an inverted harmonic oscillator in an infinite well. We will solve the Schrödinger equation for both of these systems and get the energy eigenvalues and eigenfunctions. The solutions are obtained by using the boundary conditions and numerical methods. The motivation for our study comes from experimental background. For the linear potential we have two different boundary conditions. The first one is the so called normal boundary condition in which the wave function goes to zero on the edge of the well. The second condition is called derivative boundary condition in which the derivative of the wave function goes to zero on the edge of the well. The actual solutions are Airy functions. In the case of the inverted oscillator the solutions are parabolic cylinder functions and they are solved only using the normal boundary condition. Both of the potentials are compared with the particle in a box solutions. We will also present figures and tables from which we can see how the solutions look like. The similarities and differences with the particle in a box solution are also shown visually. The figures and calculations are done using mathematical software. We will also compare the linear potential to a case where the infinite wall is only on the left side. For this case we will also show graphical information of the different properties. With the inverted harmonic oscillator we will take a closer look at the quantum mechanical tunneling. We present some of the history of the quantum tunneling theory, its developers and finally we show the Feynman path integral theory. This theory enables us to get the instanton solutions. The instanton solutions are a way to look at the tunneling properties of the quantum system. The results are compared with the solutions of the double-well potential which is very similar to our case as a quantum system. The solutions are obtained using the same methods which makes the comparison relatively easy. All in all we consider and go through some of the stages of the quantum theory. We also look at the different ways to interpret the theory. We also present the special functions that are needed in our solutions, and look at the properties and different relations to other special functions. It is essential to notice that it is possible to use different mathematical formalisms to get the desired result. The quantum theory has been built for over one hundred years and it has different approaches. Different aspects make it possible to look at different things.

The solutions and tunneling properties for a linear potential and an inverted harmonic oscillator in an infinite well

In this work we look at two different 1-dimensional quantum systems. The potentials for these systems are a linear potential in an infinite well and an inverted harmonic oscillator in an infinite well. We will solve the Schrödinger equation for both of these systems and get the energy eigenvalues and eigenfunctions. The solutions are obtained by using the boundary conditions and numerical methods. The motivation for our study comes from experimental background. For the linear potential we have two different boundary conditions. The first one is the so called normal boundary condition in which the wave function goes to zero on the edge of the well. The second condition is called derivative boundary condition in which the derivative of the wave function goes to zero on the edge of the well. The actual solutions are Airy functions. In the case of the inverted oscillator the solutions are parabolic cylinder functions and they are solved only using the normal boundary condition. Both of the potentials are compared with the particle in a box solutions. We will also present figures and tables from which we can see how the solutions look like. The similarities and differences with the particle in a box solution are also shown visually. The figures and calculations are done using mathematical software. We will also compare the linear potential to a case where the infinite wall is only on the left side. For this case we will also show graphical information of the different properties. With the inverted harmonic oscillator we will take a closer look at the quantum mechanical tunneling. We present some of the history of the quantum tunneling theory, its developers and finally we show the Feynman path integral theory. This theory enables us to get the instanton solutions. The instanton solutions are a way to look at the tunneling properties of the quantum system. The results are compared with the solutions of the double-well potential which is very similar to our case as a quantum system. The solutions are obtained using the same methods which makes the comparison relatively easy. All in all we consider and go through some of the stages of the quantum theory. We also look at the different ways to interpret the theory. We also present the special functions that are needed in our solutions, and look at the properties and different relations to other special functions. It is essential to notice that it is possible to use different mathematical formalisms to get the desired result. The quantum theory has been built for over one hundred years and it has different approaches. Different aspects make it possible to look at different things.

Filopodia and stromal extracellular matrix as regulators of cancer cell invasion and growth

Bidirectional exchange of information between the cancer cells and their environment is essential for cancer to evolve. Cancer cells lose the ability to regulate their growth, gain the ability to detach from neighboring cells and finally some of the cells disseminate from the primary tumor and invade to the adjacent tissue. During cancer progression, cells acquire features that promote cancer motility and proliferation one of them being increased filopodia number. Filopodia are dynamic actin-rich structures extending from the leading edge of migrating cells and the main function of these structures is to serve as environmental sensors. It is nowadays widely appreciated, that not only the cancer cells, but also the surrounding of the tumor – the tumor microenvironment- contribute to cancer cell dissemination and tumor growth. Activated stromal fibroblasts, also known as cancer-associated fibroblasts (CAFs) actively participate on tumor progression. CAFs are the most abundant cell type surrounding the cancer cells and they are the main cell type producing the extracellular matrix (ECM) within tumor stroma. CAFs secrete growth factors to promote tumor growth, direct cancer cell invasion as well as modify the stromal ECM architecture. The aim of this thesis was to investigate the function of filopodia, particularly the role of filopodia-inducing protein Myosin-X (Myo10), in breast cancer cell invasion and metastasis. We found that Myo10 is an important regulator of basal type breast cancer spreading downstream of mutant p53. In addition, I investigated the role of CAFs and their secreted matrix on tumor growth. According to the results, CAF-derived matrix has altered organization and stiffness which induces the carcinoma cell proliferation via epigenetic mechanisms. I identified histone demethylase enzyme JMJD1a to be regulated by the stiffness and to participate in stiffness induced growth control.

Glycosylation and Glycodiversification in Polyketide Antibiotics: Unraveling Biosynthetic Steps in Nogalamycin Formation

Soil-dwelling Streptomyces bacteria are known for their ability to produce biologically active compounds such as antimicrobial, immunosuppressant, antifungal and anticancer drugs. S. nogalater is the producer of nogalamycin, a potential anticancer drug exhibiting high cytotoxicity and activity against human topoisomerases I and II. Nogalamycin is an anthracycline polyketide comprising a four-ring aromatic backbone,a neutral deoxy sugar at C7, and an amino sugar attached via an O–C bond at C1 and a C–C bond between C2 and C5´´. This kind of attachment of the amino sugar is unusual thus making the structure of the compound highly interesting. The sugar is also associated with the biological activity of nogalamycin, as it facilitates binding to DNA. Furthermore, the sugar moieties of anthracyclines are often crucial for their biological activity. Together the interesting attachment of the amino sugar and the general reliance of polyketides on the sugar moieties for bioactivity have made the study of the biosynthesis of nogalamycin attractive. The sugar moieties are typically attached by glycosyltransferases, which use two substrates: the donor and the acceptor. The literature review of the thesis is focused on the glycosylation of polyketides and the possibilities to alter their glycosylation patterns. My own thesis work revolves around the biosynthesis of nogalamycin. We have elucidated the individual steps that lead to its rather unique structure. We reconstructed the whole biosynthetic pathway in the heterologous host S. albus using a cosmid and a plasmid. In the process, we were able to isolate new compounds when the cosmid, which contains the majority of the nogalamycin gene cluster, was expressed alone in the heterologous host. The new compounds included true intermediates of the pathway as well as metabolites, which were most likely altered by the endogenous enzymes of the host. The biological activity of the most interesting new products was tested against human topoisomerases I and II, and they were found to exhibit such activities. The heterologous expression system facilitated the generation of mutants with inactivated biosynthetic genes. In that process, we were able to identify the functions of the glycosyltransferases SnogE and SnogD, solve the structure of SnogD, discover a novel C1-hydroxylase system comprising SnoaW and SnoaL2, and establish that the two homologous non-heme α-ketoglutarate and Fe2+ dependent enzymes SnoK and SnoN catalyze atypical reactions on the pathway. We demonstrated that SnoK was responsible for the formation of the additional C–C bond, whereas SnoN is an epimerase. A combination of in vivo and in vitro techniques was utilized to unravel the details of these enzymes. Protein crystallography gave us an important means to understand the mechanisms. Furthermore, the solved structures serve as platforms for future rational design of the enzymes.

DFMA- Analysis and Aspects of Applying Internet Based Collaborative Design for Axial Eccentric Oil-Pump Design

The integrated system of design for manufacturing and assembly (DFMA) and internet based collaborative design are presented to support product design, manufacturing process, and assembly planning for axial eccentric oil-pump design. The presented system manages and schedules group oriented collaborative activities. The design guidelines of internet based collaborative design & DFMA are expressed. The components and the manufacturing stages of axial eccentric oil-pump are expressed in detail. The file formats of the presented system include the data types of collaborative design of the product, assembly design, assembly planning and assembly system design. Product design and assembly planning can be operated synchronously and intelligently and they are integrated under the condition of internet based collaborative design and DFMA. The technologies of collaborative modelling, collaborative manufacturing, and internet based collaborative assembly for the specific pump construction are developed. A seven-security level is presented to ensure the security of the internet based collaborative design system.

Exchange of Product-related Data between a Pulp and Paper Machinery Supplier and Its Partners

Kiihtyvä kilpailu yritysten välillä on tuonut yritykset vaikeidenhaasteiden eteen. Tuotteet pitäisi saada markkinoille nopeammin, uusien tuotteiden pitäisi olla parempia kuin vanhojen ja etenkin parempia kuin kilpailijoiden vastaavat tuotteet. Lisäksi tuotteiden suunnittelu-, valmistus- ja muut kustannukset eivät saisi olla suuria. Näiden haasteiden toteuttamisessa yritetään usein käyttää apuna tuotetietoja, niiden hallintaa ja vaihtamista. Andritzin, kuten muidenkin yritysten, on otettava nämä asiat huomioon pärjätäkseen kilpailussa. Tämä työ on tehty Andritzille, joka on maailman johtavia paperin ja sellun valmistukseen tarkoitettujen laitteiden valmistajia ja huoltopalveluiden tarjoajia. Andritz on ottamassa käyttöön ERP-järjestelmän kaikissa toimipisteissään. Sitä halutaan hyödyntää mahdollisimman tehokkaasti, joten myös tuotetiedot halutaan järjestelmään koko elinkaaren ajalta. Osan tuotetiedoista luo Andritzin kumppanit ja alihankkijat, joten myös tietojen vaihto partnereiden välillä halutaan hoitaasiten, että tiedot saadaan suoraan ERP-järjestelmään. Tämän työn tavoitteena onkin löytää ratkaisu, jonka avulla Andritzin ja sen kumppaneiden välinen tietojenvaihto voidaan hoitaa. Tämä diplomityö esittelee tuotetietojen, niiden hallinnan ja vaihtamisen tarkoituksen ja tärkeyden. Työssä esitellään erilaisia ratkaisuvaihtoehtoja tiedonvaihtojärjestelmän toteuttamiseksi. Osa niistä perustuu yleisiin ja toimialakohtaisiin standardeihin. Myös kaksi kaupallista tuotetta esitellään. Tarkasteltavana onseuraavat standardit: PaperIXI, papiNet, X-OSCO, PSK-standardit sekä RosettaNet. Lisäksi työssä tarkastellaan ERP-järjestelmän toimittajan, SAP:in ratkaisuja tietojenvaihtoon. Näistä vaihtoehdoista parhaimpia tarkastellaan vielä yksityiskohtaisemmin ja lopuksi eri ratkaisuja vertaillaan keskenään, jotta löydettäisiin Andritzin tarpeisiin paras vaihtoehto.

Levylämmönsiirtimen mitoitus ja optimointi erityisesti lämpöpumpuissa

Työn tavoitteena on laatia käsikirjamainen läpileikkaus levylämmönsiirtimen rakenteesta ja käytöstä lämpöpumppulaitteistoissa. Kylmäprosessin tarkastelun lisäksi on eri lähteistä haettu yhtälöitä lämmönsiirron ja painehäviönlaskentaan. Lähdeaineistona on käytetty lämmönsiirron oppikirjoja, joiden lisäksi on käyty läpi suuri joukko tieteellisen tutkimuksen julkaisemia tutkimusraportteja levylämmönsiirtimen mitoituksesta erilaisissa käyttökohteissa. Oppikirjoissa ei ole esitetty varsinaisesti levylämmönsiirtimen laskentamenetelmiä, vaan niissä esitetään lämmönsiirron perusyhtälöt. Varsinainen lämmönsiirtolevyprofiilin laskentaan perustuva lähdeaineisto on löytynyt lämmönsiirtoon erikoistuneista julkaisuista. Lämmönsiirto tapahtuu aina kuumemmasta kylmempään tilaan. Lämmönsiirto eri virtausaineiden välillä toteutetaan lämmönsiirtimien avulla. Lämmönsiirrintyyppejä on olemassa lukuisia, joista yksi yleisesti käytetty tyyppi on levylämmönsiirrin. Tässä konstruktiossa on mahdutettu paljon lämmönsiirtopintaa ulkomitoiltaan pieneen tilaan. Tämä siirrintyyppi on eduksi silloin, kun virtaavat aineet ovat puhtaita ja niillä ei ole likaavaa vaikutusta lämmönsiirtopinnoille. Lämpöpumpulla tarkoitetaan laitetta, jolla voidaan käyttää hyödyksi lämmönlähteen matalaa lämpötilatasoa nostamalla lämpötilatasoa kompressorin puristustyön avulla korkeampaan lämpötilatasoon. Lämpöpumppulaitteiston toiminta perustuu kylmäprosessin toimintaan. Kylmäprosessin läpikäynti auttaa lukijaa hahmottamaan, millainen prosessi on kysymyksessä ja mitä komponentteja liittyy kylmäprosessiin. Tässä diplomityössä esitetyt yhtälöt antavat suuntaa, millä tavalla levylämmönsiirtimien ominaisuuksia voidaan laskea ja mitkä tekijät vaikuttavat siirtimien mitoittamiseen. Tarkemmat vaihdinkohtaiset laskentakorrelaatiot muotoutuvat vasta sitten, kun valmis tuote on testattu laboratorio-olosuhteissa ja siitä on saatu lämpötila-, virtaus- ja painesuhteet selville. Tämän jälkeen voidaan mittaustuloksiin perustuen rakentaa matemaattinen malli, jolla laskennallisesti määritelläänvaihtimien ominaisuudet. Lisäksi on esitetty yleisiä tapoja, joilla voidaan määritellä lämmönsiirtimien lämpöpintoja.

Multispectral image compression using the wavelet transform

Multispectral images contain information from several spectral wavelengths and currently multispectral images are widely used in remote sensing and they are becoming more common in the field of computer vision and in industrial applications. Typically, one multispectral image in remote sensing may occupy hundreds of megabytes of disk space and several this kind of images may be received from a single measurement. This study considers the compression of multispectral images. The lossy compression is based on the wavelet transform and we compare the suitability of different waveletfilters for the compression. A method for selecting a wavelet filter for the compression and reconstruction of multispectral images is developed. The performance of the multidimensional wavelet transform based compression is compared to other compression methods like PCA, ICA, SPIHT, and DCT/JPEG. The quality of the compression and reconstruction is measured by quantitative measures like signal-to-noise ratio. In addition, we have developed a qualitative measure, which combines the information from the spatial and spectral dimensions of a multispectral image and which also accounts for the visual quality of the bands from the multispectral images.

Essays on Innovativeness and its Evaluation in Small and Medium-sized Enterprises

Tutkimus koostuu neljästä artikkelista, jotka käsittelevät suomalaisten pienten ja keskisuurten teollisuusyritysten (PKT-yritysten) innovatiivisuutta, sen attribuutteja (ominaispiirteitä) sekä indikaattoreita. Tutkimuksessa tarkastellaan sekä kirjallisuudessa esitettyjä että PKT-johtajien ja PKT-yritystenkehityshankkeiden rahoituspäätöksiin osallistuvien yritystutkijoiden haastatteluissa esittämiä innovatiivisuuden määritelmiä. Innovatiivisuusindikaattoreista tarkastellaan PKT-yritysten kehittämishankkeille sovellettavia rahoitus- ja arviointikriteerejä sekä yritysten ulkopuolisten rahoittajien että PKT-johtajien näkökulmasta. Erityistä huomiota kohdistetaan sovellettuihin laadullisiin ja ei-numeerisiin innovatiivisuuden arviointikriteereihin. Sekä kirjallisuudessa että kymmenen yritystutkijan ja kuuden esimerkkiyrityksen johtajan haastatteluissa innovaation uutuus yhdistetään innovatiivisuuteen. Muita tärkeitä innovatiivisuuteen liitettyjä ominaisuuksia olivat markkinat, muista yrityksistä erottuminen ja yksilöiden luovuus. Ihmisläheiset ja yksilöihin liittyvät näkökulmat korostuvat yritystutkijoiden ja PKT-johtajien innovatiivisuuden määritelmissä, kun taas kirjallisuudessa annetaan enemmän painoa ympäristölle, tuotteille ja markkinoille. Yritystutkijat pitivät yritykseen ja sen johtajaan liittyviä tekijöitä tärkeinä rahoitettavien kehittämishankkeiden panosten arviointikriteereinä. Tuotteiden kaupallinen menestys oli rahoittajan kannalta tärkein tulostekijä. Tarkastelluissa esimerkkiyrityksissä kehityshankkeista päättäminen ja hankkeiden arviointi on toisaalta intuitiivista ja saattaa olla tiedostamatontakin, koska yritysten kehittämistoiminta on vähäistä. Pienyritysten johtajat korostavat arvioinnissa rahallisiamittareita, vaikka sekä numeerisia että laadullisia kriteereitä sovelletaan. Todennäköisin syy tälle on pienyritysten rajalliset taloudelliset voimavarat. Toinen mahdollinen syy rahoituksellisten tekijöiden painottamiseen on, että tämän päivän ihannejohtaja ymmärretään analyyttiseksi ja mm.rahavirtoja valvovaksi. Kuitenkin innovatiiviset yritysjohtajat pitävät innovaatioiden luomista yhtenä elämän hauskoista puolista. Innovatiiviset esimerkkiyritykset ovat tulevaisuuteen ja kasvuun suuntautuneita strategisella tasolla. Operationaalisella tasolla ne tuottavat keksintöjä ja innovaatioita. Patentteja tarkastelluilla yrityksillä on kuitenkin vähän. Sekä innovatiiviset että vähemmän innovatiiviset esimerkkiyritykset ovat voimakkaasti asiakassuuntautuneita ja erikoistuneita tiettyihin tuotteisiin ja asiakkaisiin. Asiakkaiden tarpeita tyydytetään kehittämällä niitä vastaavia tuotteita. Tästä johtuu, että valtaosa yritysten kehittämistoiminnasta kohdistuu tuotteisiin tai tuotantoon.

Toimitusvarmuus, laatu ja kustannus toimittajanvalintakriteereinä: Case Fenestra O

Tutkimuksen tavoite oli selvittää toimitusvarmuutta, laatua ja kustannusta toimittajanvalintakriteereinä karmiaihionprosessin mukaisesti. Näitä tutkittiin selvittämällä vallitsevaa tutkimusta, jonka avulla perehdyttiin mainitun prosessin eri vaiheiden tarvitsemiin toimittajanvalintakriteereihin. Samalla muodostettiin case-yrityksen tarpeisiin toimittajanvalintakriteerit sekä toimittajan arviointilomake. Toimitusvarmuutta, laatua ja kustannusta on selvitetty aikasemmissa tutkimuksissa toimittajanvalintakriteereinä ja ne ovat tärkeitä myös tämän tutkimuksen case-yritykselle. Valmistettavan karmiaihion valmistusprosessi avasi uudenlaisen näkökulman valittuihin kriteereihin. Karmiaihion valmistusprosessin alussa toimittajalta edellytettiin paljon eri ominaisuuksia. Jalostusasteen kasvaminen korosti laatuun ja kyvykkyyteen liittyviä toimittajanvalintakriteereitä. Lisäksi toimialakohtaisia erityisiä kriteereitä kyettiin muodostamaan, jonka mukaan toimittajanvalintakriteerit jakaantuvat yleisiin ja erityisiin toimialakohtaisiin kriteereihin.

Global virtual teamwork. Building and communicating trust through technology

Tutkimuksen ensisijaisena tavoitteena oli tarkastella luottamuksen rakentumista virtuaalitiimissä. Keskeistä tarkastelussa olivat luottamuksen lähteiden löytäminen, suhteen rakentuminen sekä teknologiavälitteinen kommunikaatio. Myös käytännön keinoja ja sovelluksia etsittiin. Tässä tutkimuksessa luottamus nähtiin tärkeänä yhteistyön mahdollistajana sekä keskeisenä elementtinä ihmisten välisten suhteiden rakentumisessa. Tämä tutkimus oli empiirinen ja kuvaileva tapaustutkimus. Tutkimuksessa kvalitatiivista aineistoa kerättiin pääasiassa web-pohjaisen kyselyn sekä puhelinhaastattelun avulla. Aineistonkeruu toteutettiin siis pääasiassa virtuaalisesti. Saatu aineisto analysoitiin teemoittelun avulla. Tässä työssä teemoja etsittiin tekstistä pääasiassa teoriasta johdettujen oletusten perusteella. Tutkimuksen tuloksena oli, että luottamusta rakentavia mekanismeja ovat, karkeasti luokiteltuna, yhteiset päämäärät ja vastuut, kommunikaatio, sosiaalinen kanssakäyminen ja informaation jakaminen, toisten huomioiminen ja henkilökohtaiset ominaisuudet. Mekanismit eivät suuresti eronneet luottamuksen rakentumisen mekanismeista perinteisessä kontekstissa. Virtuaalitiimityön alkuvaiheessa luottamus pohjautui käsityksille toisten tiimin jäsenten kyvykkyydestä. Myös institutionaalinen identifioituminen loi pohjaa luottamukselle alkuvaiheessa. Muuten luottamus rakentui vähän kerrassaan tehtävään liittyvän kommunikaation ja sosiaalisen kommunikaation kautta. Tekojen merkitys korostui erityisesti ajan myötä. Työssä esitettiin myös käytännön keinoja luottamuksen rakentamiseksi. Olemassa olevien teknologioiden havaittiin tukevan hyvin suhteen rakentumista tiedon jakamiseen ja sen varastoimiseen liittyvissä tehtävissä. Sen sijaan vuorovaikutuksen näkökulmasta tuen ei nähty olevan yhtä kattavaa. Kaiken kaikkiaan kuitenkin parannuksella sosiaalisissa suhteissa voitaneen saada enemmän aikaan kuin parannuksilla teknologian suhteen.

Diversification and its reflections on profitability - strategic change in pulp and paper industry in the years 1996 and 2006

The purpose of the thesis was to analyze diversification in pulp and paper industry (PPI), which is an industry facing enormous strategic challenges as many of the basic parameters of its operational environment are rapidly changing. The objective was to explore, how PPI companies have reacted to these changes by adjusting their strategies in terms of diversification and how the adjustments have affected their profitability. The study was statistical in nature. The results indicate that PPI companies in deed had reduced the degree of unrelated and related diversification , but the positive performance implications of the changes were debatable. In light of the data used in the study lower level of diversification did not lead to better profitability, in fact, the companies with the highest level of diversification had the best profitability. By contrast, reducing the level of unrelated diversification improved the profitability development; whereas reducing the level of related diversification deteriorated the profitability of the company. The results were not statistically significant and they cannot be generalized outside the data of the study.