Datanomiopiskelijoiden yrittäjyyskasvatuksen kehittäminen Helsinki Business Collegessa

Diplomityön Datanomiopiskelijoiden yrittäjyyskasvatuksen kehittäminen Helsinki Business Collegessa tavoitteena on tulkita opintohallituksen datanomikoulutusta antavan oppilaitoksen määräävää ja ohjaavaa dokumentaatiota yrittäjyyskasvatuksen näkökulmasta siten, että koulutusta voitaisiin kehittää kustannustehokkaasti nykyistä paremmin yrittäjyyttä vahvistavaksi. Datanomitutkintoon johtavan koulutuksen määräävät dokumentaatiot ovat Opetushallituksen tieto- ja viestintätekniikan perustutkinnon (datanomi) tutkinnon perusteet sekä Helsinki Business Collegen datanomikoulutuksen opetussuunnitelma. Tutkimusmetodina käytetään laadullista, hermeneuttista metodia. Hermeneuttinen metodi korostaa tutkijan esiymmärrystä, ja se sopii tekstien tulkintaan. Teksti voi olla muutakin kuin tekstiä sen tavanomaisessa merkityksessä, mutta tässä tutkimuksessa nimenomaan tekstejä: määräyksiä, suunnitelmia ja tieteellistä tietoa kasvatuksesta, opetusympäristöistä, työtavoista ja tekniikoista sekä yrittäjyydestä. Tutkimuksen tuloksena luotiin muutoskuvauksia ja esimerkkejä oppilaitoksen opetussuunnitelman, työtapojen ja opetustekniikoiden kehittämiseksi. Hermeneuttiseen menetelmään kuuluvaa lopullista toteutusta ei tämän tutkimuksen puitteissa voitu tehdä. Tutkimus tehtiin yksittäisen oppilaitoksen datanomi opetusta varten, mutta tuloksia voi hyvin käyttää myös muissa oppilaitoksissa ja toisien ammattialojen opetuksen tarpeisiin. Tutkimus osoitti, että nykyistä opetussuunnitelmaa kehittämällä datanomien yrittäjyyttä ja työelämävalmiuksia voidaan parantaa kustannustehokkaasti. Jatkotutkimusta tarvitaan kustannuslaskentaan ennen muutoksia sekä yrittäjyyden lisääntymisen seurantatutkimusta uuden opetussuunnitelman mukaan opiskelleiden datanomien valmistuttua.

TAKING ADVANTAGE OF THE LOCAL ADVANTAGE? - Investment value of the analyst local advantage in the Finnish stock market in 2006–2014

An investor can either conduct independent analysis or rely on the analyses of others. Stock analysts provide markets with expectations regarding particular securities. However, analysts have different capabilities and resources, of which investors are seldom cognizant. The local advantage refers to the advantage stemming from cultural or geographical proximity to securities analyzed. The research has confirmed that local agents are generally more accurate or produce excess returns. This thesis tests the investment value of the local advantage regarding Finnish stocks via target price data. The empirical section investigates the local advantage from several aspects. It is discovered that local analysts were more focused on certain sectors generally located close to consumer markets. Market reactions to target price revisions were generally insignificant with the exception to local positive target prices. Both local and foreign target prices were overly optimistic and exhibited signs of herding. Neither group could be identified as a leader or follower of new information. Additionally, foreign price change expectations were more in line with the quantitative models and ideas such as beta or return mean reversion. The locals were more accurate than foreign analysts in 5 out of 9 sectors and vice versa in one. These sectors were somewhat in line with coverage decisions and buttressed the idea of local advantage stemming from proximity to markets, not to headquarters. The accuracy advantage was dependent on sample years and on the measure used. Local analysts ranked magnitudes of price changes more accurately in optimistic and foreign analysts in pessimistic target prices. Directional accuracy of both groups was under 50% and target prices held no linear predictive power. Investment value of target prices were tested by forming mean-variance efficient portfolios. Parallel to differing accuracies in the levels of expectations foreign portfolio performed better when short sales were allowed and local better when disallowed. Both local and non-local portfolios performed worse than a passive index fund, albeit not statistically significantly. This was in line with previously reported low overall accuracy and different accuracy profiles. Refraining from estimating individual stock returns altogether produced statistically significantly higher Sharpe ratios compared to local or foreign portfolios. The proposed method of testing the investment value of target prices of different groups suffered from some inconsistencies. Nevertheless, these results are of interest to investors seeking the advice of security analysts.

Suomen taloudellinen kartta 1:100000: (kihlakunnankartta) = Finlands ekonomiska karta 1:100000 : (häradskarta) - Lehti = Blad 1:6, 2:6, Helsinki = Helsingfors

0-meridiaani : Helsinki.

Suomen taloudellinen kartta 1:100000 = Finlands ekonomiska karta 1:100000 - Lehti = Blad 2:6, Helsinki = Helsingfors

0-meridiaani : Helsinki.

Return and volatility linkages between the S&P 500 and emerging stock markets in Eastern Europe

The aim of this thesis is to research mean return spillovers as well as volatility spillovers from the S&P 500 stock index in the USA to selected stock markets in the emerging economies in Eastern Europe between 2002 and 2014. The sample period has been divided into smaller subsamples, which enables taking different market conditions as well as the unification of the World’s capital markets during the financial crisis into account. Bivariate VAR(1) models are used to analyze the mean return spillovers while the volatility linkages are analyzed through the use of bivariate BEKK-GARCH(1,1) models. The results show both constant volatility pooling within the S&P 500 as well as some statistically significant spillovers of both return and volatility from the S&P 500 to the Eastern European emerging stock markets. Moreover, some of the results indicate that the volatility spillovers have increased as time has passed, indicating unification of global stock markets.

Pricing of Liquidity Risks in London Stock Exchange

This thesis aims to investigate pricing of liquidity risks in London Stock Exchange. Liquidity Adjusted Capital Asset Pricing Model i.e. LCAPM developed by Acharya and Pedersen (2005) is being applied to test the influence of various liquidity risks on stock returns in London Stock Exchange. The Liquidity Adjusted Capital Asset Pricing model provides a unified framework for the testing of liquidity risks. All the common stocks listed and delisted for the period of 2000 to 2014 are included in the data sample. The study has incorporated three different measures of liquidity – Percent Quoted Spread, Amihud (2002) and Turnover. The reason behind the application of three different liquidity measures is the multi-dimensional nature of liquidity. Firm fixed effects panel regression is applied for the estimation of LCAPM. However, the results are robust according to Fama-Macbeth regressions. The results of the study indicates that liquidity risks in the form of (i) level of liquidity, (ii) commonality in liquidity (iii) flight to liquidity, (iv) depressed wealth effect and market return as well as aggregate liquidity risk are priced at London Stock Exchange. However, the results are sensitive to the choice of liquidity measures.

An Act to authorise the stock held by private parties in the Welland Canal to be purchased on behalf of the Province [Welland Canal Stock Bill], 1841

The bill is a proposal by the government to purchase Welland Canal stock held in private hands. The bill was read for the first time on Wednesday 4 August, 1841, and received second reading on 10th August, 1841. One hundred and fifty copies were printed of the bill. This example was addressed to Samuel Street at the Falls of Niagara, by William Hamilton Merritt, September 1841.

Stock market reactions to changes in the FTSE SmallCap and S&P/TSX SmallCap indices

Stocks added to (deleted from) the Russell 2000 and the S&P 600 indexes experience positive (negative) abnormal returns following the announcement. However, researchers disagree on whether these abnormal returns are permanent or temporary and offer competing explanations. I address this controversy by examining market reactions for firms that are added to or deleted from the FTSE Small Cap index (the main testing sample) and the S&P/TSX SmallCap index (the comparison sample). For the main testing sample, all stocks except pure additions, experience a permanent price change that is accompanied by a permanent change in liquidity. However, for the comparison sample, abnormal returns over the announcement period fully reverted within 30 days. In further examination of stock liquidity for the main testing sample, sample stocks experience permanent change in liquidity. Taken together, the observed results support the price pressure and liquidity hypotheses.

Electrical Development Company of Ontario certificate of stock ownership, ca. 1910.

The Electrical Development Company of Ontario was created in 1903. It was one of three private power companies that had water power leases with the Niagara Parks Commission, but was the only one that was financed with Canadian capital. The company built the Toronto Power Generating Station at Niagara Falls beginning in 1906, and the power house was completed in 1913. During the construction, there was much debate about whether the utility should remain privately operated or become a public utility. In 1920, the company became part of the public utility.