Inns and communications maintained by the Finnish Tourist Association 1934

kuv., 10 x 22 cm

Pricing anomalies in the Finnish stock market

The aim of this thesis is to examine whether the pricing anomalies exists in the Finnish stock markets by comparing the performance of quantile portfolios that are formed on the basis of either individual valuation ratios, composite value measures or combined value and momentum indicators. All the research papers included in the thesis show evidence of value anomalies in the Finnish stock markets. In the first paper, the sample of stocks over the 1991-2006 period is divided into quintile portfolios based on four individual valuation ratios (i.e., E/P, EBITDA/EV, B/P, and S/P) and three hybrids of them (i.e. composite value measures). The results show the superiority of composite value measures as selection criterion for value stocks, particularly when EBITDA/EV is employed as earnings multiple. The main focus of the second paper is on the impact of the holding period length on performance of value strategies. As an extension to the first paper, two more individual ratios (i.e. CF/P and D/P) are included in the comparative analysis. The sample of stocks over 1993- 2008 period is divided into tercile portfolios based on six individual valuation ratios and three hybrids of them. The use of either dividend yield criterion or one of three composite value measures being examined results in best value portfolio performance according to all performance metrics used. Parallel to the findings of many international studies, our results from performance comparisons indicate that for the sample data employed, the yearly reformation of portfolios is not necessarily optimal in order to maximally gain from the value premium. Instead, the value investor may extend his holding period up to 5 years without any decrease in long-term portfolio performance. The same holds also for the results of the third paper that examines the applicability of data envelopment analysis (DEA) method in discriminating the undervalued stocks from overvalued ones. The fourth paper examines the added value of combining price momentum with various value strategies. Taking account of the price momentum improves the performance of value portfolios in most cases. The performance improvement is greatest for value portfolios that are formed on the basis of the 3-composite value measure which consists of D/P, B/P and EBITDA/EV ratios. The risk-adjusted performance can be enhanced further by following 130/30 long-short strategy in which the long position of value winner stocks is leveraged by 30 percentages while simultaneously selling short glamour loser stocks by the same amount. Average return of the long-short position proved to be more than double stock market average coupled with the volatility decrease. The fifth paper offers a new approach to combine value and momentum indicators into a single portfolio-formation criterion using different variants of DEA models. The results throughout the 1994-2010 sample period shows that the top-tercile portfolios outperform both the market portfolio and the corresponding bottom-tercile portfolios. In addition, the middle-tercile portfolios also outperform the comparable bottom-tercile portfolios when DEA models are used as a basis for stock classification criteria. To my knowledge, such strong performance differences have not been reported in earlier peer-reviewed studies that have employed the comparable quantile approach of dividing stocks into portfolios. Consistently with the previous literature, the division of the full sample period into bullish and bearish periods reveals that the top-quantile DEA portfolios lose far less of their value during the bearish conditions than do the corresponding bottom portfolios. The sixth paper extends the sample period employed in the fourth paper by one year (i.e. 1993- 2009) covering also the first years of the recent financial crisis. It contributes to the fourth paper by examining the impact of the stock market conditions on the main results. Consistently with the fifth paper, value portfolios lose much less of their value during bearish conditions than do stocks on average. The inclusion of a momentum criterion somewhat adds value to an investor during bullish conditions, but this added value turns to negative during bearish conditions. During bear market periods some of the value loser portfolios perform even better than their value winner counterparts. Furthermore, the results show that the recent financial crisis has reduced the added value of using combinations of momentum and value indicators as portfolio formation criteria. However, since the stock markets have historically been bullish more often than bearish, the combination of the value and momentum criteria has paid off to the investor despite the fact that its added value during bearish periods is negative, on an average.

A pleasing tour through the finnish skerries

kuv., 8 x 15 cm

Mikkeli a beautiful Finnish inland town

kuv., 10 x 22 cm

Finnish Lapland

11 x 18 cm

Education export as a form of knowledge transfer : The potential of Finnish education export in Chile

Knowledge transfer is a complex process. Knowledge transfer in the form of exporting education products from one system of education to another is particularly complicated, because each system has been developed in a particular context to meet the requirements seen as relevant at each time. National innovation systems are often seen to form an essential framework within which the development of a country, its economy and level of knowledge are considered and promoted. These systems are orientated towards the future, and as such they also provide a framework for the knowledge transfer related to the development of education. In the best of circumstances they are able to facilitate and boost this transfer both from the viewpoint of the provider and the recipient. The leading thought and the idea of the study is that education export is a form of knowledge transfer, which is illustrated by the existing models included. The purpose of this study is to explore, analyze and describe the factors and phenomena related to education export, and more specifically, those related to the experiences and potential of Finnish education export to Chile. For better understanding, of the multiplicity of the issue involved, the current status of education export between Finland and Chile and he existing efforts within the Finnish innovation network will be outlined as well as new forms of co-operation between Finland and Chile in educational matters explored. Several countries have started to commercialize their education system in order to establish themselves as emerging education exporters. Moreover, the demand for education reform is accurate in many developing countries. This offers a good match between Finland and Chile to be the example countries of the research. The main research findings suggest that there are several business areas in education export. These include degrees in education, training services and education technologies for example The factors that influence education export can be divided into four groups, including academic, cultural, political and economic aspects. Challenges to overcome include the lack of product or services to be sold, lack of market and cultural knowledge of the buyer country, financing and lack of suitable pricing model. National innovation systems could be seen as enabling entities for successful education export. The extensive networks that national innovation systems aim to form, could operate as a basis for joining the forces in selling knowledge as well as receiving knowledge in a constructive way.

The road leaflets of the Finnish Tourist Association

kuv., 12 x 20 cm

Measuring the performance of corporate events : an empirical study of measuring practices in Finnish companies

Corporate events as an effective part of marketing communications strategy seem to be underestimated in Finnish companies. In the rest of the Europe and the USA, investments in events are increasing, and their share of the marketing budget is significant. The growth of the industry may be explained by the numerous advantages and opportunities that events provide for attendees, such as face-to-face marketing, enhancing corporate image, building relationships, increasing sales, and gathering information. In order to maximize these benefits and return on investment, specific measurement strategies are required, yet there seems to exist a lack of understanding of how event performance should be perceived or evaluated. To address this research gap, this research attempts to describe the perceptions of and strategies for evaluating corporate event performance in the Finnish events industry. First, corporate events are discussed in terms of definitions and characteristics, typologies, and their role in marketing communications. Second, different theories on evaluating corporate event performance are presented and analyzed. Third, a conceptual model is presented based on the literature review, which serves as a basis for the empirical research conducted as an online questionnaire. The empirical findings are to a great extent in line with the existing literature, suggesting that there remains a lack of understanding corporate event performance evaluation, and challenges arise in determining appropriate measurement procedures for it. Setting clear objectives for events is a significant aspect of the evaluation process, since the outcomes of events are usually evaluated against the preset objectives. The respondent companies utilize many of the individual techniques that were recognized in theory, such as calculating the number of sales leads and delegates. However, some of the measurement tools may require further investments and resources, thus restricting their application especially in smaller companies. In addition, there seems to be a lack of knowledge of the most appropriate methods in different contexts, which take into account the characteristics of the organizing party as well as the size and nature of the event. The lack of inhouse expertise enhances the need for third-party service-providers in solving problems of corporate event measurement.

Taxonomy, species richness and biogeography of Finnish crane flies (Diptera, Tipuloidea).

Biodiversity is unequally spread throughout terrestrial ecosystems. The highest species richness of animals and plants is encountered around the Equator, and naturalists observe a decrease in the number of creatures with increasing latitude. Some animal groups, however, display an anomalous species richness pattern, but these are exceptions to the general rule. Crane flies (Diptera, Tipuloidea) are small to large sized, non-biting nematoceran insects, being mainly associated with moist environments. The species richness of crane flies is highest in the tropics, but these insects are species rich and abundant in all biogeographic realms, boreal and arctic biomes included. The phylogeny and systematics of crane flies are still at an early stage and somewhat controversial. New species are constantly discovered even from temperate Europe, faunistically the best known continent. Crane flies have been rather neglected group of insects in Finland. The history of Finnish crane fly taxonomy and faunistics started in 1907, the year when Carl Lundström published his two first articles on tipuloids. Within roughly 100 years there have been only a handful of entomologists studying the Finnish fauna, and the species richness and natural history of these flies have remained poorly understood and mapped. The aim of this thesis is to clarify the taxonomy of Finnish crane flies, present an updated and annotated list of species and seek patterns in regional species richness and assemblage composition. Tipula stackelbergi Alexander has been revised (I). This species was elevated to a species rank from a subspecific rank under T. pruinosa Wiedemann and T. stackelbergi was also deleted from the list of European crane flies. Two new synonyms were found: T. subpruinosa Mannheims is a junior synonym of T. freyana Lackschewitz and T. usuriensis Alexander is a junior synonym of T. pruinosa. A new species Tipula recondita Pilipenko & Salmela has been described (II). Both morphology and COI (mtDNA) sequences were used in the assessment of the status of the species. The new species is highly disjunct, known from Finland and Russian Far East. A list of Finnish crane flies was presented, including the presence of species in the Finnish biogeographical provinces (III). A total of twenty-four species were formally reported for the first time from Finland and twenty-two previously reported species were deleted from the list. A short historical review on the studies of Finnish crane flies has been provided. The current list of Finnish species consists of 338 crane flies (IV, Appendix I). Species richness of all species and saproxylic/fungivorous species is negatively correlated with latitude, but mire-dwelling species show a reversed species richness gradient (i.e. an increase in the number of species toward north). Provincial assemblages displayed a strong latitudinal gradient and faunistic distance increased with increasing geographical distance apart of the provinces. Nearly half (48 %) of the Finnish crane flies are Trans-Palaearctic, roughly one-third (34 %) are West Palaearctic and only 16 and 2 % are Holarctic and Fennoscandian, respectively. Due to the legacy of Pleistocene glaciations, endemic Fennoscandian species are problematic and it is thus concluded that there are probably no true endemic crane flies in this region. Finally, there are probably species living within Finnish borders that have hitherto remained unnoticed. Based on subjective assessment, the number of “true” (i.e. recorded + unknown species) species count of Finnish crane flies is at minimum 350.

Performance characteristic of moving average trading rules in the Finnish stock market

The thesis examines the profitability of DMAC trading rules in the Finnish stock market over the 1996-2012 period. It contributes to the existing technical analysis literature by comparing for the first time the performance of DMAC strategies based on individual stock trading portfolios to the performance of index trading strategies based on the trading on the index (OMX Helsinki 25) that consists of the same stocks. Besides, the market frictions including transaction costs and taxes are taken into account, and the results are reported from both institutional and individual investor’s perspective. Performance characteristic of DMAC rules are evaluated by simulating 19,900 different trading strategies in total for two non- overlapping 8-year sub-periods, and decomposing the full-sample-period performance of DMAC trading strategies into distinct bullish- and bearish-period performances. The results show that the best DMAC rules have predictive power on future price trends, and these rules are able to outperform buy-and-hold strategy. Although the performance of the DMAC strategies is highly dependent on the combination of moving average lengths, the best DMAC rules of the first sub-period have also performed well during the latter sub-period in the case of individual stock trading strategies. According to the results, the outperformance of DMAC trading rules over buy-and-hold strategy is mostly attributed to their superiority during the bearish periods, and particularly, during stock market crashes.

Marketers’ perception of the implementation of social media marketing: Evidence from large Finnish companies’ marketing campaigns

Social media is a multidimensional marketing and communications channel which can support and enhance a business’ reputation, sales and even longevity. Social media as a business tool encourages an interaction between customers and companies which gives opportunities for a company to better understand their customers, to target them more effectively and to collaborate and create dialogues with them which is not possible through traditional media channels. The aim of a social media strategy is to increase brand awareness, image, loyalty and recognition. The peer networks that social media creates allows a company to disseminate information through loyal customers to new and prospective customers to ultimately increase reach. The purpose of the study is to understand the marketer’s perspective of social media marketing use and how it is currently utilized in marketing and communications activities in Finland. Three companies were interviewed covering fourteen different implementations of social media marketing campaigns. These were then analysed to ascertain the utilization methods and experience gained on recent campaigns in the Finnish market The utilization of social media marketing was analysed using the methods of thematic analysis and inductive and abductive reasoning. Elements and themes were drawn out of the separate interviews to create a framework with which to explore, evaluate and match theories that define social media usage by companies. It became clear from all of the interviews that social media as a tool is most effective when it captures the viewer’s interest through rich and entertaining content. This directed the theoretical research towards Engagement Theory and Content Marketing which look to emphasize the importance of communities, collaboration, interaction, and peer-sharing as the key drivers of a social media marketing campaign.

Maintaining Children’s Finnish Language Skills in an English Language Setting. A Study of Scottish-Finnish Families Living in Scotland

Tutkielmassa käsitellään kaksikielistä lastenkasvatusta ja siinä käytettäviä kasvatus-strategioita, erityisesti ns. OPOL-strategiaa, eli yksi henkilö – yksi kieli -strategiaa (one person – one language). Tarkoituksena oli selvittää, millä tavoin kaksikielisen perheen vanhemmat voivat tukea vähemmistökielen oppimista sellaisessa ympäristössä, jossa kielen oppimista ei tueta kodin ulkopuolella. Tutkielman alussa määrittelen keskeiset termit. Useita aiheeseen liittyviä termejä määritellään yleiskielessä eri tavoin jo termistä kaksikielisyys lähtien, joten termien rajaaminen tämän työn tarkoituksen mukaan oli tarpeen. Määrittelen myös tekstissä esiintyvät kaksikielisyyden eri tyypit ja taustat, kuten myös eri strategiat, joita kaksikielisessä kasvatuksessa voidaan käyttää. Tämän jälkeen esittelen aikaisempia kaksikielisyystutkimuksia sekä käsittelen OPOL-strategiaan liittyviä käytännön ongelmia, sekä näiden ongelmien mahdollisia ratkaisuja. Lopuksi käsittelen tutkimuksen empiiristä osiota, joka koostui sähköisestä kyselylomakkeesta sekä haastatteluista. Tutkimuksen kohderyhmä koostui Skotlannissa asuvista skotlantilais-suomalaisista perheistä, jotka pyrkivät kasvattamaan lapsistaan kaksikielisiä. Tutkimus tehtiin kahdessa osassa: ensimmäisen osan kyselylomakkeeseen vastasi 17 eri puolilla Skotlantia asuvaa suomenkielistä vanhempaa, ja toisessa osassa haastateltiin 10:tä Edinburghin ja Glasgow’n alueilla asuvaa kaksikielistä (suomi-englanti) perhettä. Molemmissa osioissa keskityttiin siihen, millä tavoin perheet tukevat lasten suomen kielen taitoa ja miten suomenkielistä syötettä yritetään lisätä. Tutkimuksen tuloksista käy ilmi, että Skotlannissa asuvat suomenkieliset vanhemmat ovat hyvin motivoituneita tukemaan lastensa kielellistä kehitystä eri tavoin, mm. lukemalla kirjoja, katsomalla elokuvia ja käymällä Suomi-koulussa. Suurin osa perheistä myös käy Suomessa säännöllisesti, mikä näyttäisikin olevan yksi keskeisimmistä kaksikielisyyttä tukevista tekijöistä. Eri perheiden lapset olivat saavuttaneet eri tasoja suomen kielessä, mikä viittaa siihen, ettei lapsen kielitaito ole seurausta ainoastaan OPOL-strategian tarkasta seuraamisesta, vaan siihen vaikuttavat myös monet muut tekijät.