Rocking the Euro boat: scheduled market announcements' effects on Euro implied volatility

The purpose of this thesis is to investigate scheduled market announcements’ effects on Euro implied volatility. Timeline selected for this study ranges from 2005 to 2009. The method chosen is so-called event study approach, in which five days prior to a news announcement stand for a pre-event period, and five days after the announcement form a post-event period. Statistical research method employed is Mann-Whitney-Wilcoxon test, which examines two evenly-sized distributions’ equality, in this case the distributions being the pre- and post-event periods. Observations are based on daily data of US dollar nominated Euro at-the-money call options. Research results partially back up previous literature’s view of uncertainty increasing prior to the news announcement. After the exact contents of the news is public, uncertainty levels measured by implied volatility tend to lower.

Using data mining to identify factors that influence the degree of leg injuries in broilers

Locomotor problems prevent the bird to move freely, jeopardizing the welfare and productivity, besides generating injuries on the legs of chickens. The objective of this study was to evaluate the influence of age, use of vitamin D, the asymmetry of limbs and gait score, the degree of leg injuries in broilers, using data mining. The analysis was performed on a data set obtained from a field experiment in which it was used two groups of birds with 30 birds each, a control group and one treated with vitamin D. It was evaluated the gait score, the asymmetry between the right and left toes, and the degree of leg injuries. The Weka ® software was used in data mining. In particular, C4.5 algorithm (also known as J48 in Weka environment) was used for the generation of a decision tree. The results showed that age is the factor that most influences the degree of leg injuries and that the data from assessments of gait score were not reliable to estimate leg weakness in broilers.

Music digitalization and its effects on the Finnish music industry stakeholders

For the past two decades the music digitalization has been considered the most significant phenomenon in the music industry as the physical sales have been decreasing rapidly. The advancement of the digital technology and the internet have facilitated the digitalization in the music industry and affected all stages of the music value chain, namely music creation, distribution and consumption. The newly created consumer culture has led to the establishment of novel business models such as music subscriptions and à-la-carte downloads websites and live streaming. The dynamic digital environment has presented the music industry stakeholders with the challenge to adapt to the requirements of the constantly changing modern consumers’ needs and demands. The purpose of this study was to identify how music digitalization can influence change in the Finnish music industry value chain; i.e. how digitalization affects the music industry stakeholders, their functions and inter-relatedness and how the stakeholders are able to react to the changes in the industry. The study was conducted as a qualitative research based entirely on primary data in the form of semi-structured interviews with experts from different units of the Finnish music industry value chain. Since the study offers assessment of diverse viewpoints on the value chain, it further provides an integrated picture of the Finnish music industry current situation and its competitive environment. The results suggest that the music industry is currently in a turbulent stage of experimentation with new business models and digital innovations. However, at this point it is impossible to determine which business model will be approved by the consumers in the longer run. Nevertheless, the study confirmed the claim that consumption of music in its digital form is to become dominant over the traditional physical copies sales in the nearest future. As a result the music industry is becoming more user-oriented; that is the focus is shifting from music production towards artist branding and management and visibility to the audience. Furthermore, the music industry is undergoing the process of integration with other industries such as media, social networks, internet services providers and mobile phone manufacturers in order to better fulfill the consumers’ needs. The previously underrated live music and merchandising are also increasing their significance for the revenues in the stagnant music markets. Therefore, the music industry is developing at present towards becoming an integrated entertainment industry deeply penetrating every point of modern people’s leisure activities.

Essays on auditor independence

Auditor independence is a cornerstone of the auditing profession and the basic principle that underpins the reputation of the auditing profession in the public eye. Indeed, it is the attribute most demanded from auditors by the public. Therefore, the sustainability of the auditing profession depends on how auditors can protect this principle. This dissertation consists of four interrelated essays concerned with auditor independence. Specifically, it examines situations that can threaten and impair auditor independence. In addition, this dissertation also examines several variables that may enhance and protect auditor independence. The first essay aims to examine the impact of social pressures occurring within audit firms on auditors’ judgment in the setting of a society with “high power distance” and “low individualism” cultural dimensions. The social pressures consisted of obedience pressure exerted by an auditor’s superior and conformity pressure exerted by an auditor’s colleague. Moreover, two moderating variables—a multi-dimensional professional commitment and locus of control—were included as moderator variables in the relationship between the social pressures faced by auditors and their judgment. The findings show that obedience and conformity pressures influence auditor judgment. Auditors who face the social pressures will make a judgment that may be even diametrically opposite to the independence principle. The findings also indicate that a multi-dimensional professional commitment and locus of control may potentially influence auditor judgment in a situation with social pressures. The second essay aims to investigate the association of advocacy and familiarity threats caused by auditor fee dependence and auditor tenure on auditor independence based on Finnish data, law, and auditing environment. This essay was motivated by the Green Paper on Audit Policy, published by the European Commission in 2010 that questions whether the maximum fee collected from a client should be regulated and whether consecutive assignments should be limited, among others. Contrary to popular belief, this essay does not find evidence that audit fees and long auditor tenure will jeopardise auditor independence. Therefore, the findings do not support policies to regulate auditor fees or limit auditor tenure in Finland. The third essay aims to examine the effect of client intimidation on auditor independence in an audit-client conflict situation. Intimidation threat is one of five independence threats that are explicitly referenced in the IFAC’s independence framework. Client intimidation was manifested in the client threatening to replace the auditor if the auditor did not adopt the client’s position. In addition, this essay examines the role of auditor’s perceived pressure and multi-dimensions of professional commitment as moderator variables. The findings suggest that auditors who experience client intimidation in an audit conflict situation are more likely to have their independence impaired than those who are in a similar situation but without client intimidation. Moreover, auditors who experience client intimidation perceive higher pressure than those who do not experience intimidation. Finally, auditors’ affective and continuance professional commitment dimensions moderate the relationship between auditors’ perceived pressures and auditor independence. The aim of the fourth essay is twofold. First, it aims to develop a scale for measuring auditors’ reputation awareness. Second, it aims to examine the correlation between the levels of auditor reputation awareness and auditor independence. A seven-item scale was developed as the reputation awareness scale. The findings indicate that the scale consists of one dimension. It also has a level of satisfactory reliability and a high level of validity. The findings show that there is a positive correlation between the level of auditors’ reputation awareness and auditor independence.

Benzodiazepines and Cognitive Functioning in Older Adults. With Emphasis on Long-Term Use and Withdrawal

Benzodiazepines (BZD) and benzodiazepine related drugs (RD) are the most commonly used psychotropics among the aged. The use of other psychotropics taken concomitantly with BZD/ RD or their cognitive effects with BZD/RD have not been studied frequently. The aim of this academic thesis was to describe and analyse relationships between the use of BZD/RD alone or concomitantly with antipsychotics, antidepressants, opioids, antiepileptics, opioids and anticholinergics in the aged and their health. Especially, the relationships between long-term use of BZD/RD and cognitive decline were studied. Additionally, the effect of melatonin on BZD/RD withdrawal and the cognitive effects of BZD/RD withdrawal were studied. This study used multiple data sets: the first study (I) was based on clinical data containing aged patients (≥65 years; N=164) admitted to Pori City Hospital due to acute disease. The second data set (Studies II and III) was based on population-based data from the Lieto Study, a clinico-epidemiological longitudinal study carried out among the aged (≥65 years) in the municipality of Lieto. Follow-up data was formed by combining the cohort data collected in 1990-1991 (N=1283) and in 1998-1999 (N=1596) from those who participated in both cohorts (N=617). The third data set (Studies IV and V) was based on the Satauni Study’s data. This study was performed in the City of Pori in 2009-2010. In the RCT part of the Satauni Study, ninety-two long-term users of BZD/RD were withdrawn from their drugs using melatonin against placebo. The change of their cognitive abilities was measured during and after BZD/ RD withdrawal. BZD/RD use was related to worse cognitive and functional abilities, and their use may predict worse cognitive outcomes compared with BZD/RD non-users. Hypnotic use of BZD/RD could be withdrawn with psychosocial support in motivated participants, but melatonin did not improve the withdrawal results compared to those with placebo. Cognitive abilities in psychomotor tests did not show, or showed only modest, improvements for up to six months after BZD/RD withdrawal. This suggests that the cognitive effects of BZD/RD may be longlasting or permanent.

Recommendations for Preservation Data Policies

Poster at Open Repositories 2014, Helsinki, Finland, June 9-13, 2014

Percutaneous Coronary Intervention in Patients with Atrial Fibrillation: A Study of Factors Affecting Outcome, with a Special Emphasis on Periprocedural Antithrombotic Treatment

Antithrombotic treatment of patients with atrial fibrillation (AF) undergoing percutaneous coronary intervention (PCI) is a delicate balancing between the risk of thromboembolism and the risk of bleeding. The purpose of this dissertation was to analyze current antithrombotic treatment strategies at the periprocedural stage and report outcomes in-hospital and at 1-month follow-up, and to evaluate the effect of renal impairment and predictive values of various bleeding scores on 1-year outcome after PCI in patients with AF. The first article was based on retrospective data from 7 Finnish hospitals between 2002–2006 (n=377), while the others were based on a prospective 17-center European register (AFCAS) gathered between 2008–2010 (n=963). The main findings in patients with AF undergoing PCI were: The use of glycoprotein IIb/IIIa inhibitors during PCI was associated with a four- to five-fold increase in the risk of major bleeding (I). Uninterrupted warfarin treatment did not increase perioperative complications and seemed to decrease bleeding complications compared to heparin bridging (II). Already mild renal impairment (eGFR 60–90mL/min) was associated with a 2.3-fold risk of all-cause mortality during the 12 months following PCI (III). Major adverse cardiac events occurred in 4.5% and bleeding complications in 7.1% of patients in the AFCAS register by 1-month follow-up (IV). In a study of patients in AFCAS register, all currently used bleeding risk scores were poor predictors of bleeding complications by 1-year follow-up (V). The findings will help improve treatment strategies for this fragile patient population with a high risk of bleeding and thrombotic complications.

Algorithmic Techniques in Gene Expression Processing. From Imputation to Visualization

The amount of biological data has grown exponentially in recent decades. Modern biotechnologies, such as microarrays and next-generation sequencing, are capable to produce massive amounts of biomedical data in a single experiment. As the amount of the data is rapidly growing there is an urgent need for reliable computational methods for analyzing and visualizing it. This thesis addresses this need by studying how to efficiently and reliably analyze and visualize high-dimensional data, especially that obtained from gene expression microarray experiments. First, we will study the ways to improve the quality of microarray data by replacing (imputing) the missing data entries with the estimated values for these entries. Missing value imputation is a method which is commonly used to make the original incomplete data complete, thus making it easier to be analyzed with statistical and computational methods. Our novel approach was to use curated external biological information as a guide for the missing value imputation. Secondly, we studied the effect of missing value imputation on the downstream data analysis methods like clustering. We compared multiple recent imputation algorithms against 8 publicly available microarray data sets. It was observed that the missing value imputation indeed is a rational way to improve the quality of biological data. The research revealed differences between the clustering results obtained with different imputation methods. On most data sets, the simple and fast k-NN imputation was good enough, but there were also needs for more advanced imputation methods, such as Bayesian Principal Component Algorithm (BPCA). Finally, we studied the visualization of biological network data. Biological interaction networks are examples of the outcome of multiple biological experiments such as using the gene microarray techniques. Such networks are typically very large and highly connected, thus there is a need for fast algorithms for producing visually pleasant layouts. A computationally efficient way to produce layouts of large biological interaction networks was developed. The algorithm uses multilevel optimization within the regular force directed graph layout algorithm.

The effect of sun exposure on 25-hydroxyvitamin D concentrations in young healthy subjects living in the city of São Paulo, Brazil

The range of 25-hydroxyvitamin D (25OHD) concentration was determined in a young healthy population based on bone metabolism parameters and environmental and behavioral aspects. We studied 121 healthy young volunteers (49 men, 72 women) living in São Paulo (23º 34' south latitude) belonging to three occupational categories: indoor workers (N = 28), medical school students (N = 44), and resident physicians (N = 49). Fasting morning blood samples were collected once from each volunteer from August 2002 to February 2004, and 25OHD, total calcium, albumin, alkaline phosphatase, phosphorus, creatinine, intact parathyroid hormone, osteocalcin, and type I collagen carboxyterminal telopeptide were measured. Data are reported as means ± SD. Mean subject age was 24.7 ± 2.68 years and mean 25OHD level for the entire group was 78.7 ± 33.1 nM. 25OHD levels were lower (P < 0.05) among resident physicians (67.1 ± 27.0 nM) than among students (81.5 ± 35.8 nM) and workers (94.0 ± 32.6 nM), with the last two categories displaying no difference. Parathyroid hormone was higher (P < 0.05) and osteocalcin was lower (P < 0.05) among resident physicians compared to non-physicians. Solar exposure and frequency of beach outings showed a positive association with 25OHD (P < 0.001), and summer samples presented higher results than winter ones (97.8 ± 33.5 and 62.9 ± 23.5 nM, respectively). To define normal levels, parameters such as occupational activity, seasonality and habits related to solar exposure should be taken into account. Based on these data, we considered concentrations above 74.5 nM to be desired optimal 25OHD levels, which were obtained during the summer for 75% of the non-physicians.

Effect of smoking habits on sleep

To evaluate the effect of smoking habits on sleep, data from 1492 adults referred to the Sleep Institute were accessed and divided into 3 categories of smoking status: current, former and non-smokers. Categories of pack-years (<15 and ≥15) defined smoking severity. The association of smoking status and smoking severity with sleep was analyzed for sleep parameters, especially apnea and hypopnea index (AHI) ≥5, more than 5% of total sleep time (TST) spent with oxyhemoglobin saturation (SaO2) <90%, and arousal index. The arousal index was higher among current (21 ± 17) and former smokers (20 ± 17) than non-smokers (17 ± 15; P < 0.04). Former smokers had a higher percent of TST at SaO2 <90% than non-smokers (9 ± 18 vs 6 ± 13; P < 0.04). Former smokers with pack-years ≥15 compared to <15 exhibited higher AHI (22 ± 24 vs 16 ± 21; P < 0.05) and arousal index (22 ± 19 vs 18 ± 15; P < 0.05). Current smokers with pack-years ≥15 compared to <15 exhibited higher arousal index (23 ± 18 vs 18 ± 16; P < 0.05) and percent of TST at SaO2 <90% (11 ± 17 vs 6 ± 13; P < 0.05). Smoking status and pack-years were not associated with AHI ≥5 on logistic regression analysis, but current smokers with pack-years ≥15 were 1.9 times more likely to spend more than 5% of TST at SaO2 <90% than non-smokers (95%CI = 1.21-2.97; P = 0.005). The variability of arousal index was influenced by gender, AHI and current smokers with pack-years ≥15 (all P < 0.01). Smoking habits seem to be associated with arousal and oxyhemoglobin desaturation during sleep, but not with AHI. The effect was more pronounced in current than former smokers.

Impact of Word-of-Mouth on consumer decision-making: An information processing perspective in the context of a high-involvement service

This doctoral study conducts an empirical analysis of the impact of Word-of-Mouth (WOM) on marketing-relevant outcomes such as attitudes and consumer choice, during a high-involvement and complex service decision. Due to its importance to decisionmaking, WOM has attracted interest from academia and practitioners for decades. Consumers are known to discuss products and services with one another. These discussions help consumers to form an evaluative opinion, as WOM reduces perceived risk, simplifies complexity, and increases the confidence of consumers in decisionmaking. These discussions are also highly impactful as WOM is a trustworthy source of information, since it is independent from the company or brand. In responding to the calls for more research on what happens after WOM information is received, and how it affects marketing-relevant outcomes, this dissertation extends prior WOM literature by investigating how consumers process information in a highinvolvement service domain, in particular higher-education. Further, the dissertation studies how the form of WOM influences consumer choice. The research contributes to WOM and services marketing literature by developing and empirically testing a framework for information processing and studying the long-term effects of WOM. The results of the dissertation are presented in five research publications. The publications are based on longitudinal data. The research leads to the development of a proposed theoretical framework for the processing of WOM, based on theories from social psychology. The framework is specifically focused on service decisions, as it takes into account evaluation difficulty through the complex nature of choice criteria associated with service purchase decisions. Further, other gaps in current WOM literature are taken into account by, for example, examining how the source of WOM and service values affects the processing mechanism. The research also provides implications for managers aiming to trigger favorable WOM through marketing efforts, such as advertising and testimonials. The results provide suggestions on how to design these marketing efforts by taking into account the mechanism through which information is processed, or the form of social influence.

Model of Big Data Failure: Review of Information System Failure

In the new age of information technology, big data has grown to be the prominent phenomena. As information technology evolves, organizations have begun to adopt big data and apply it as a tool throughout their decision-making processes. Research on big data has grown in the past years however mainly from a technical stance and there is a void in business related cases. This thesis fills the gap in the research by addressing big data challenges and failure cases. The Technology-Organization-Environment framework was applied to carry out a literature review on trends in Business Intelligence and Knowledge management information system failures. A review of extant literature was carried out using a collection of leading information system journals. Academic papers and articles on big data, Business Intelligence, Decision Support Systems, and Knowledge Management systems were studied from both failure and success aspects in order to build a model for big data failure. I continue and delineate the contribution of the Information System failure literature as it is the principal dynamics behind technology-organization-environment framework. The gathered literature was then categorised and a failure model was developed from the identified critical failure points. The failure constructs were further categorized, defined, and tabulated into a contextual diagram. The developed model and table were designed to act as comprehensive starting point and as general guidance for academics, CIOs or other system stakeholders to facilitate decision-making in big data adoption process by measuring the effect of technological, organizational, and environmental variables with perceived benefits, dissatisfaction and discontinued use.

Model of Big Data Failure: Review of Information System Failure

In the new age of information technology, big data has grown to be the prominent phenomena. As information technology evolves, organizations have begun to adopt big data and apply it as a tool throughout their decision-making processes. Research on big data has grown in the past years however mainly from a technical stance and there is a void in business related cases. This thesis fills the gap in the research by addressing big data challenges and failure cases. The Technology-Organization-Environment framework was applied to carry out a literature review on trends in Business Intelligence and Knowledge management information system failures. A review of extant literature was carried out using a collection of leading information system journals. Academic papers and articles on big data, Business Intelligence, Decision Support Systems, and Knowledge Management systems were studied from both failure and success aspects in order to build a model for big data failure. I continue and delineate the contribution of the Information System failure literature as it is the principal dynamics behind technology-organization-environment framework. The gathered literature was then categorised and a failure model was developed from the identified critical failure points. The failure constructs were further categorized, defined, and tabulated into a contextual diagram. The developed model and table were designed to act as comprehensive starting point and as general guidance for academics, CIOs or other system stakeholders to facilitate decision-making in big data adoption process by measuring the effect of technological, organizational, and environmental variables with perceived benefits, dissatisfaction and discontinued use.

Developing cost of poor quality calculations with emphasis on business impact

The main aim of this research was to develop cost of poor quality calculation model which will better reflect business impacts of lost productivity caused by IT incidents for the case company. This objective was pursued by reviewing literature and conducting a study in a Finnish multinational manufacturing company. Broad analysis of the scientific literature allowed to identify main theories and models of Cost of Poor Quality and provided better base for development of measurements of business impacts of lost productivity. Empirical data was gathered with semi-structured interviews and internet based survey. In total, twelve interviews with experts and 39 survey results from business stakeholders were gathered. Main results of empirical study helped to develop the measurement model of cost of poor quality and it was tied to incident priority matrix. Nevertheless, the model was created based on available data. Main conclusions of the thesis were that cost of poor quality measurements could be even further improved if additional data points could be used. New model takes into consideration different cost regions and utilizes on this notion.

The effect of calculators on the numerical problem-solving skills and attitudes of primary students towards mathematics /

The purpose of this study was to determine the effect that calculators have on the attitudes and numerical problem-solving skills of primary students. The sample used for this research was one of convenience. The sample consisted of two grade 3 classes within the York Region District School Board. The students in the experimental group used calculators for this problem-solving unit. The students in the control group completed the same numerical problem-solving unit without the use of calculators. The pretest-posttest control group design was used for this study. All students involved in this study completed a computational pretest and an attitude pretest. At the end of the study, the students completed a computational posttest. Five students from the experimental group and five students from the control group received their posttests in the form of a taped interview. At the end of the unit, all students completed the attitude scale that they had received before the numerical problem-solving unit once again. Data for qualitative analysis included anecdotal observations, journal entries, and transcribed interviews. The constant comparative method was used to analyze the qualitative data. A t test was also performed on the data to determine whether there were changes in test and attitude scores between the control and experimental group. Overall, the findings of this study support the hypothesis that calculators improve the attitudes of primary students toward mathematics. Also, there is some evidence to suggest that calculators improve the computational skills of grade 3 students.