Information System ProcessInnovation Adoption, Adaptation, Learning, and Unlearning: A Longitudinal Case Study

This thesis examines the history and evolution of information system process innovation (ISPI) processes (adoption, adaptation, and unlearning) within the information system development (ISD) work in an internal information system (IS) department and in two IS software house organisations in Finland over a 43-year time-period. The study offers insights into influential actors and their dependencies in deciding over ISPIs. The research usesa qualitative research approach, and the research methodology involves the description of the ISPI processes, how the actors searched for ISPIs, and how the relationships between the actors changed over time. The existing theories were evaluated using the conceptual models of the ISPI processes based on the innovationliterature in the IS area. The main focus of the study was to observe changes in the main ISPI processes over time. The main contribution of the thesis is a new theory. The term theory should be understood as 1) a new conceptual framework of the ISPI processes, 2) new ISPI concepts and categories, and the relationships between the ISPI concepts inside the ISPI processes. The study gives a comprehensive and systematic study on the history and evolution of the ISPI processes; reveals the factors that affected ISPI adoption; studies ISPI knowledge acquisition, information transfer, and adaptation mechanisms; and reveals the mechanismsaffecting ISPI unlearning; changes in the ISPI processes; and diverse actors involved in the processes. The results show that both the internal IS department and the two IS software houses sought opportunities to improve their technical skills and career paths and this created an innovative culture. When new technology generations come to the market the platform systems need to be renewed, and therefore the organisations invest in ISPIs in cycles. The extent of internal learning and experiments was higher than the external knowledge acquisition. Until the outsourcing event (1984) the decision-making was centralised and the internalIS department was very influential over ISPIs. After outsourcing, decision-making became distributed between the two IS software houses, the IS client, and itsinternal IT department. The IS client wanted to assure that information systemswould serve the business of the company and thus wanted to co-operate closely with the software organisations.

Vaarinpidosta virtuaaliaikaan : Sata vuotta suomalaista tilintarkastusta

Tämän tutkimuksen aiheena on tilintarkastuksen historiallinen kehittyminen Suomessa runsaan sadan vuoden aikana. Tutkimuksen tavoitteena on analysoida osakeyhtiön tilintarkastuksen kehitystä ja yhdistää vuosisadan kehityspiirteet tilintarkastuksen kokonaiskuvaksi. Tutkittava periodi alkaa 1800-luvun lopulta ja päättyy 2000-luvun taitteeseen. Tutkimuksessa tarkastellaan suomalaista tilintarkastusinstituutiota, joka jaetaan kolmeen osaan: tilintarkastusta säätelevään normistoon (normit), tilintarkastajajärjestelmään (toimijat) ja tilintarkastuksen sisältöön (tehtävät). Tutkimuksessa tavoitellaan vastauksia kysymyksiin: mitä tarkastettiin, milloin tarkastettiin, kuka tarkasti ja miten tarkastettiin eri aikakausina? Tutkimus perustuu historialliseen lähdeaineistoon, jonka muodostavat tutkimusajanjakson lainsäädäntö, lainvalmisteluasiakirjat, viranomaisten ohjeet ja päätökset, alan järjestöjen suositukset, ammattilehtien artikkelit sekä laskentatoimen ja tilintarkastuksen ammattikirjallisuus. Metodologisesti tutkimus on teoreettinen, kvalitatiivinen historiantutkimus, jossa lähdeaineistoa käsitellään lähdekriittisesti ja osittain sisältöanalyysin keinoin. Tilintarkastusta säätelevässä normistossa keskeisiä lakeja ovat olleet osakeyhtiölaki, kirjanpitolaki ja tilintarkastuslaki. Lakisääteinen tilintarkastus alkoi vuoden 1895 osakeyhtiölaista, joka uudistui vuonna 1978 ja jälleen vuonna 1997. Kirjanpitolainsäädäntö on uudistunut viidesti: 1925 ja 1928, 1945, 1973, 1993 sekä 1997. Vuoden 1994 tilintarkastuslakiin koottiin tilintarkastuksen säädökset useista laeista. Muita normistoja ovat olleet EY:n direktiivit, Kilan ohjeet, KHT-yhdistyksen suositukset, Keskuskauppakamarin säännökset ja viimeisimpinä IAS- ja ISA-standardit. Ammattimainen tilintarkastajajärjestelmä saatiin maahamme kauppiaskokousten ansiosta. Ammattimaisena tilintarkastuksen toimijana aloitti Suomen Tilintarkastajainyhdistys vuonna 1911, ja sen toimintaa jatkoi KHT-yhdistys vuodesta 1925 alkaen. Tilintarkastajien auktorisointi siirtyi Keskuskauppakamarille vuonna 1924. HTM-tilintarkastajat ovat olleet alalla vuodesta 1950 lähtien. Kauppakamarijärjestö on toiminut hyväksyttyjen tilintarkastajien valvojana koko ammattimaisen tilintarkastustoiminnan ajan. Valtion valvontaa suorittaa VALA (Valtion tilintarkastuslautakunta). Koko tutkittavan periodin ajan auktorisoitujen tilintarkastajien rinnalla osakeyhtiöiden tarkastajina ovat toimineet myös maallikot.Tilintarkastuksen tehtäviin kuului vuoden 1895 osakeyhtiölain mukaan hallinnon ja tilien tarkastus. Myöhemmin sisältö täsmentyi tilinpäätöksen, kirjanpidon ja hallinnon tarkastukseksi. Tutkimusajanjakson alussa tilintarkastus oli manuaalista kaikkien tositteiden prikkausta ja virheiden etsimistä. Myöhemmin tarkastus muuttui pistokokeiksi. Kertatarkastuksesta siirryttiin jatkuvaan valvontatarkastukseen 1900-luvun alkupuolella. Dokumentoinnista ja työpapereista alkaa olla havaintoja 1930-luvulta lähtien. Atk-tarkastus yleistyi 1970- ja 1980-luvuilla, jolloin myös riskianalyyseihin alettiin kiinnittää huomiota. Hallinnon tarkastuksen merkitys on kasvanut kaiken aikaa. Tilintarkastuskertomukset olivat tutkimusajanjakson alussa vapaamuotoisia ja sisällöltään ilmaisurikkaita ja kuvailevia. Kertomus muuttui julkiseksi vuoden 1978 osakeyhtiölain myötä. Myöhemmin KHT-yhdistyksen vakiokertomusmallit yhdenmukaistivat ja pelkistivät raportointia. Tutkimuksen perusteella tilintarkastuksen historia voidaan jakaa kolmeen kauteen, jotka ovat tilintarkastusinstituution rakentumisen kausi (1895 - 1950), vakiintumisen kausi (1951 - 1985) ja kansainvälistymisen ja julkisuuden kausi (1986 alkaen). Tutkimusajanjakson jokaisella vuosikymmenellä keskusteltiin jatkuvasti tilintarkastajien riittävyydestä, alalle pääsyn ja tutkintojen vaikeudesta, tilintarkastajien ammattitaidon tasosta,hallinnon tarkastuksen sisällöstä, tilintarkastuskertomuksesta sekä maallikkotarkastajien asemasta. 1990-luvun keskeisimmät keskusteluaiheet olivat konsultointi, riippumattomuus, odotuskuilu sekä tilintarkastuksen taso ja laadunvalvonta. Analysoitaessa tilintarkastuksen muutoksia runsaan sadan vuoden ajalta voidaan todeta, että tilintarkastuksen ydintehtävät eivät juurikaan ole muuttuneet vuosikymmenien kuluessa. Osakeyhtiön tilintarkastus on edelleenkin laillisuustarkastusta. Sen tarkoituksena on yhä kirjanpidon, tilinpäätöksen ja hallinnon tarkastus. Tilintarkastajat valvovat osakkeenomistajien etua ja raportoivat heille tarkastuksen tuloksista. Tilintarkastuksen ulkoinen maailma sen sijaan on muuttunut vuosikymmenten saatossa. Kansainvälistyminen on lisännyt säännösten määrää, odotuksia ja vaatimuksia on nykyisin enemmän, uusi tekniikka mahdollistaa nopean tiedonkulun ja valvonta on lisääntynyt nykypäivää kohti tultaessa. Tilintarkastajan pätevyys perustuu nykyään tietotekniikan, tietojärjestelmien ja yrityksen toimialantuntemukseen. Runsaan sadan vuoden takaisen lain vaarinpitovaatimuksesta on tultu virtuaaliaikaiseen maailmaan!

Long-term continuous-flow left ventricular assist devices (LVAD) as bridge to heart transplantation.

Heart transplantation (HTx) is the treatment of choice for end-stage heart failure but the limited availability of heart's donors still represents a major issue. So long-term mechanical circulatory support (MCS) has been proposed as an alternative treatment option to assist patients scheduled on HTx waiting list bridging them for a variable time period to cardiac transplantation-the so-called bridge-to-transplantation (BTT) strategy. Nowadays approximately 90% of patients being considered for MCS receive a left ventricular assist device (LVAD). In fact, LVAD experienced several improvements in the last decade and the predominance of continuous-flow over pulsatile-flow technology has been evident since 2008. The aim of the present report is to give an overview of continuous-flow LVAD utilization in the specific setting of the BTT strategy taking into consideration the most representative articles of the scientific literature and focusing the attention on the evolution, clinical outcomes, relevant implications on the HTx strategy and future perspectives of the continuous-flow LVAD technology.

The impact of a register on the management of neonatal cooling in Switzerland.

BACKGROUND: Therapeutic hypothermia following hypoxic ischaemic encephalopathy in term infants was introduced into Switzerland in 2005. Initial documentation of perinatal and resuscitation details was poor and neuromonitoring insufficient. In 2011, a National Asphyxia and Cooling Register was introduced. AIMS: To compare management of cooled infants before and after introduction of the register concerning documentation, neuromonitoring, cooling methods and evaluation of temperature variability between cooling methods. STUDY DESIGN: Data of cooled infants before the register was in place (first time period: 2005-2010) and afterwards (second time period: 2011-2012) was collected with a case report form. RESULTS: 150 infants were cooled during the first time period and 97 during the second time period. Most infants were cooled passively or passively with gel packs during both time periods (82% in 2005-2010 vs 70% in 2011-2012), however more infants were cooled actively during the second time period (18% versus 30%). Overall there was a significant reduction in temperature variability (p < 0.001) comparing the two time periods. A significantly higher proportion of temperature measurements within target temperature range (72% versus 77%, p < 0.001), fewer temperature measurements above (24% versus 7%, p < 0.001) and more temperatures below target range (4% versus 16%, p < 0.001) were recorded during the second time period. Neuromonitoring improved after introduction of the cooling register. CONCLUSION: Management of infants with HIE improved since introducing the register. Temperature variability was reduced, more temperature measurements in the target range and fewer temperature measurements above target range were observed. Neuromonitoring has improved, however imaging should be performed more often.

European cancer mortality predictions for the year 2015 : does lung cancer have the highest death rate in EU women?

BACKGROUND: Cancer mortality statistics for 2015 were projected from the most recent available data for the European Union (EU) and its six more populous countries. Prostate cancer was analysed in detail. PATIENTS AND METHODS: Population and death certification data from stomach, colorectum, pancreas, lung, breast, uterus, prostate, leukaemias and total cancers were obtained from the World Health Organisation database and Eurostat. Figures were derived for the EU, France, Germany, Italy, Poland, Spain and the UK. Projected 2015 numbers of deaths by age group were obtained by linear regression on estimated numbers of deaths over the most recent time period identified by a joinpoint regression model. RESULTS: A total of 1 359 100 cancer deaths are predicted in the EU in 2015 (766 200 men and 592 900 women), corresponding to standardised death rates of 138.4/100 000 men and 83.9/100 000 women, falling 7.5% and 6%, respectively, since 2009. In men, predicted rates for the three major cancers (lung, colorectum and prostate) are lower than in 2009, falling 9%, 5% and 12%. Prostate cancer showed predicted falls of 14%, 17% and 9% in the 35-64, 65-74 and 75+ age groups. In women, breast and colorectal cancers had favourable trends (-10% and -8%), but predicted lung cancer rates rise 9% to 14.24/100 000 becoming the cancer with the highest rate, reaching and possibly overtaking breast cancer rates-though the total number of deaths remain higher for breast (90 800) than lung (87 500). Pancreatic cancer has a negative outlook in both sexes, rising 4% in men and 5% in women between 2009 and 2015. CONCLUSIONS: Cancer mortality predictions for 2015 confirm the overall favourable cancer mortality trend in the EU, translating to an overall 26% fall in men since its peak in 1988, and 21% in women, and the avoidance of over 325 000 deaths in 2015 compared with the peak rate.

Production costs and fruit yield profitability in the initial harvest of custard apple trees

The aim of this study was to estimate the production cost and economic indicators associated with the production and sales of fruits from 20 custard apple progenies during the initial five harvests, in order to identify the harvest season from which custard apple exploitation becomes profitable, as well as the most promising progenies from an economic point of view. The fruit yield data upon which the present work was based were obtained during the period from 2001 to 2005, in an experiment that evaluated 20 custard apple half-sibling progenies, under sprinkler irrigation. The progenies were evaluated in a random block design with five replicates and plots consisting of four plants each. The exploitation of custard apple progenies only showed to be a profitable agribusiness after the fourth year. Before that, only A3 and A4 progenies in the second year, and P3 and P11 in the third year provided profitable incomes. Considering the methodological assumptions imposed concerning the time period analysis and the prices as of July 2007, the most important profitability indicators (operating profit, return index and equilibrium price) evidenced that the A4 progeny is the most recommended, although other progenies are also highlighted, such as FJ1 and FJ2. As already discussed, the progenies showing the highest average yields of five harvests are not always the most economically recommendable ones.

Promoting Metacognitive Skills in a CSCL environment: implications for instructional and technology design

This paper aims to better understand the development of students’ learning processes when participating actively in a specific Computer Supported Collaborative Learning system called KnowCat. To this end, a longitudinal case study was designed, in which eighteen university students took part in a 12-month (two semesters) learning project. During this time period, the students followed an instructional process, using some elements of KnowCat (KnowCat key features) design to support and improve their interaction processes, especially peer learning processes. Our research involved both supervising the students’ collaborative learning processes throughout the learning project and focusing our analysis on the qualitative evolution of the students’ interaction processes and on the development of metacognitive learning processes. The results of the current research reveal that the instructional application of the CSCL-KnowCat system may favour and improve the development of the students’ metacognitive learning processes. Additionally, the implications of the design of computer supported collaborative learning networks and pedagogical issues are discussed in this paper.

Puun jäätyminen ja jäätyneen puun ominaisuudet sahauksen kannalta

Työn tavoitteena oli tutkia puun jäätymisnopeutta, puun kosteuden ja tiheyden vaikutusta siihen sekä kosteussuhteessa tapahtuvia muutoksia jäätymisen aikana. Lisäksi tavoitteena oli kirjallisuuden pohjalta selvittää jäätymisen vaikutusta puun sahauksen kannalta merkittäviin ominaisuuksiin. Puun jäätymisnopeuden määrittämiseksi puun lämpötilaa mitattiin pakastuksen aikana viiden minuutin välein pintapuusta, sydän-puusta ja puun sydämestä. Mittauksista saatujen tulosten pohjalta piirrettiin käyrästö lämpötilan kehittymisestä ajan funktiona puun eri kohdissa. Lämpötilakäyrät jaettiin jäätymisen osalta kolmeen vaiheeseen: jäähtymiseen, jäätymiseen ja loppujäätymiseen. Käyrille piirrettiin trendiviivat, joiden kulmakertoimista saatiin lämpötilan muutosnopeudet eri vaiheille. Mittauksissa käytetyille koekappaleille määritettyjen kosteussuhteiden ja kuivatiheyksien avulla selvitettiin näiden ominaisuuksien vaikutusta lämpötilan muutosnopeuksiin. Tulokseksi saatiin kuva jäätymisen etenemisestä puussa. Saatujen tietojen pohjalta pystytään arvioimaan puun jäätymisaste tietyn ajan kuluttua. Jäätymisasteen arviointia tullaan käyttämään jatkossa tehtävien jäätyneen puun sahauskokeiden yhteydessä.

Potential health-care service utilization substitution effects induced by case management for emergency department frequent users

BACKGROUND: In most of the emergency departments (ED) in developed countries, a subset of patients visits the ED frequently. Despite their small numbers, these patients are the source of a disproportionally high number of all ED visits, and use a significant proportion of healthcare resources. They place a heavy economic burden on hospital and healthcare systems budgets overall. Several interventions have been carried out to improve the management of these ED frequent users. Case management has been shown in some North American studies to reduce ED utilization and costs. In these studies, cost analyses have been carried out from the hospital perspective without examining the costs induced by healthcare consumed in the community. However, case management might reduce ED visits and costs from the hospital's perspective, but induce substitution effects, and increase health service utilization outside the hospital. This study examined if an interdisciplinary case-management intervention-compared to standard ED care -reduced costs generated by frequent ED users not only from the hospital perspective, but also from the healthcare system perspective-that is, from a broader perspective taking into account the costs of healthcare services used outside the hospital. METHODS: In this randomized controlled trial, 250 adult frequent emergency department users (5 or more visits during the previous 12 months) who visited the ED of the University Hospital of Lausanne, Switzerland, between May 2012 and July 2013 were allocated to one of two groups: case management intervention (CM) or standard ED care (SC), and followed up for 12 months. Depending on the perspective of the analysis, costs were evaluated differently. For the analysis from the hospital's perspective, the true value of resources used to provide services was used as a cost estimate. These data were obtained from the hospital's analytical accounting system. For the analysis from the health-care system perspective, all health-care services consumed by users and charged were used as an estimate of costs. These data were obtained from health insurance providers for a subsample of participants. To allow comparisons in a same time period, individual monthly average costs were calculated. Multivariate linear models including a fixed effect "group" were run using socio-demographic characteristics and health-related variables as controlling variables (age, gender, educational level, citizenship, marital status, somatic and mental health problems, and risk behaviors).

Incident Hepatitis C Virus Infections in the Swiss HIV Cohort Study : changes in treatment uptake and outcomes between 1991 and 2013

Background: The hepatitis C virus (HCV) epidemic is evolving rapidly in patients infected with human immunodeficiency virus (HIV). We aimed to describe changes in treatment uptake and outcomes of incident HCV infections before and after 2006, the time-point at which major changes in HCV epidemic became apparent. Methods.  We included all adults with an incident HCV infection before June 2012 in the Swiss HIV Cohort Study, a prospective nationwide representative cohort of individuals infected with HIV. We assessed the following outcomes by time period: the proportion of patients starting an HCV therapy, the proportion of treated patients achieving a sustained virological response (SVR), and the proportion of patients with persistent HCV infection during follow-up. Results.  Of 193 patients with an HCV seroconversion, 106 were diagnosed before and 87 after January 2006. The proportion of men who have sex with men increased from 24% before to 85% after 2006 (P < .001). Hepatitis C virus treatment uptake increased from 33% before 2006 to 77% after 2006 (P < .001). Treatment was started during early infection in 22% of patients before and 91% after 2006 (P < .001). An SVR was achieved in 78% and 29% (P = .01) of patients treated during early and chronic HCV infection. The probability of having a detectable viral load 5 years after diagnosis was 0.67 (95% confidence interval [CI], 0.58-0.77) in the group diagnosed before 2006 and 0.24 (95% CI, 0.16-0.35) in the other group (P < .001). Conclusions. In recent years, increased uptake and earlier initiation of HCV therapy among patients with incident infections significantly reduced the proportion of patients with replicating HCV.

Colorectal Cancer Screening in Switzerland: Cross-Sectional Trends (2007-2012) in Socioeconomic Disparities.

BACKGROUND: Despite universal health care coverage, disparities in colorectal cancer (CRC) screening by income in Switzerland have been reported. However, it is not known if these disparities have changed over time. This study examines the association between socioeconomic position and CRC screening in Switzerland between 2007 and 2012. METHODS: Data from the 2007 (n = 5,946) and 2012 (n = 7,224) population-based Swiss Health Interview Survey data (SHIS) were used to evaluate the association between monthly household income, education, and employment with CRC screening, defined as endoscopy in the past 10 years or fecal occult blood test (FOBT) in the past 2 years. Multivariable Poisson regression was used to estimate prevalence ratios (PR) and 95% Confidence Intervals (CI) adjusting for demographics, health status, and health utilization. RESULTS: CRC screening increased from 18.9% in 2007 to 22.2% in 2012 (padjusted: = 0.036). During the corresponding time period, endoscopy increased (8.2% vs. 15.0%, padjusted:<0.001) and FOBT decreased (13.0% vs. 9.8%, padjusted:0.002). CRC screening prevalence was greater in the highest income (>$6,000) vs. lowest income (≤$2,000) group in 2007 (24.5% vs. 10.5%, PR:1.37, 95%CI: 0.96-1.96) and in 2012 (28.6% vs. 16.0%, PR:1.45, 95%CI: 1.09-1.92); this disparity did not significantly change over time. CONCLUSIONS: While CRC screening prevalence in Switzerland increased from 2007 to 2012, CRC screening coverage remains low and disparities in CRC screening by income persisted over time. These findings highlight the need for increased access to CRC screening as well as enhanced awareness of the benefits of CRC screening in the Swiss population, particularly among low-income residents.

Romanisation et vie quotidienne : le petiti mobilier de type italique en Gaule interne : (IIe s. av. J.-C.-Ier s. ap. J.-C.)

Durant les deux derniers siècles avant notre ère, des objets de type italique, c'est-à-dire caractérisant la culture matérielle de l'Italie tardo-républicaine apparaissent progressivement en Gaule. L'identification de ces objets du quotidien et leur analyse typologique et contextuelle permettent une approche renouvelée du phénomène de romanisation de la Gaule. L'objectif de cette thèse est de mettre en exergue les modalités chronologiques, spatiales et culturelles de la diffusion de ce type de mobilier. La confrontation des résultats avec les données issues des études céramologiques et architecturales permet de brosser un tableau affiné du processus d'acculturation. La nature des sites, ainsi que la diversité des types d'objets considérés permettent de souligner la variété des comportements des populations locales face à la réception de ces mobiliers exogènes. Que ce soit dans le commerce ou en intégrant l'armée romaine, les élites locales ont joué un rôle majeur au sein des interactions avec l'Italie, de la diffusion de ces objets et de l'intégration des nouveaux modèles italiques. -- For the last two centuries before our era, italic type objects, which means objects that are characterizing the material culture of Tardo-republican Italia, are progressively appearing in Gaul. The identification of these everyday objects and their typological and contextual analysis allow a renewed approach of the Gaul romanization phenomenon. The objective of this thesis is to highlight, the chronological, spatial and cultural modalities of the diffusion of such furniture. The comparison of the results with the data provided by the ceramological and architectural studies allows to improve the description of the acculturation process.The behavioral diversity towards the reception of exogenous furniture is underlined by the nature of the sites and the diversity of the considered objects. Local elites, whether by participating in commercial exchanges or by joining the army, have played a major role in the interactions with Italia, from the diffusion of these objects to the integration of the new italic models.

The inequality trap. A comparative analysis of social spending between 1880 and 1933

[spa] Utilizando dos indicadores alternativos de redistribución –las transferencias sociales y el gasto social- durante el periodo de tiempo comprendido entre 1880 y 1933, y utilizando dos indicadores alternativos de desigualdad –el porcentaje de explotaciones agrarias no familiares y los top income shares-, este papel muestra que, al contrario de lo que muchos estudios sobre los origines del Estado del Bienestar suelen sugerir, la desigualdad no favoreció el desarrollo de la política social ni siquiera en sus etapas iniciales. Ello significa que la política social se desarrolló más rápidamente en los países que previamente ya eran más igualitarios, lo que sugiere que los países con más desigualdad se encontraban en una especie de trampa de la desigualdad, donde la desigualdad en si misma fue uno de los obstáculos a la redistribución.

The inequality trap. A comparative analysis of social spending between 1880 and 1933

[spa] Utilizando dos indicadores alternativos de redistribución –las transferencias sociales y el gasto social- durante el periodo de tiempo comprendido entre 1880 y 1933, y utilizando dos indicadores alternativos de desigualdad –el porcentaje de explotaciones agrarias no familiares y los top income shares-, este papel muestra que, al contrario de lo que muchos estudios sobre los origines del Estado del Bienestar suelen sugerir, la desigualdad no favoreció el desarrollo de la política social ni siquiera en sus etapas iniciales. Ello significa que la política social se desarrolló más rápidamente en los países que previamente ya eran más igualitarios, lo que sugiere que los países con más desigualdad se encontraban en una especie de trampa de la desigualdad, donde la desigualdad en si misma fue uno de los obstáculos a la redistribución.

Tunnusluku- ja tuottohistoria-pohjaisten sijoitusstrategioiden toimivuus ja sykliriippuvuus suomalaisilla osakemarkkinoilla

Tutkielman tavoitteena oli analysoida tunnuslukuihin ja tuottohistoriaan perustuvien sijoitusstrategioiden toimivuutta ja sykliriippuvuutta HEX:iin listatuista yrityksistä koostuvalla aineistolla. Tutkitut sijoitusstrategiat perustuivat arvostuskertoimien, betan ja menneiden tuottojen käyttöön analysointivälineinä käytettyjen kvintiiliportfolioiden muodostamiskriteereinä. Kontribuutiota tutkimukseen pyrittiin luomaan tarkastelemalla ensimmäistä kertaa suhdannesyklin vaikutuksia edellä mainittujen sijoitusstrategioiden toimivuuteen tutkimusaineistolla, joka kattoi useita suhdannesyklejä (pisimmillään vuodet 1991 - 2002). Suhdannesyklien käänteiden määrittämiseen käytettiin ostopäälliköiden indeksiä (PMI-indeksi), jonka on todettu toimivan hyvin esimerkiksi pörssikurssien kehitystä ennakoivana indikaattorina. Tulokset osoittivat P/E-, P/B-, EV/EBIT-, EV/EBITDA-, beta- ja momentumanomalioiden esiintyneen myös suomalaisilla osakemarkkinoilla vuosina 1991 – 2002. Tutkimuksessa saatiin näyttöä myös tuottohistoriaan pohjautuvien momentum-strategian ja winner-loser –strategian toimivuudesta. Näistä etenkin jälkimmäinen oli voimakkaasti sykliriippuvaista. Näiden tulosten mukaan suomalaiset osakemarkkinat eivät olisi käytetyillä tarkasteluperiodilla olleet edes heikosti tehokkaat, ts. osakemarkkinoiden keskimääräinen tuottotaso olisi ollut mahdollista ylittää pelkkään kurssihistoriaan perustuvien sijoitusstrategioiden avulla.