International Portfolio Investments and The Informational Value of Trade

A large volume of literature suggests that information asymmetry resulting from the spatial separation between investors and investments have a significant impact on the composition of investors’ domestic and international portfolios. I show that institutional factors affecting trading in tangible goods help explain a substantial portion of investors’ spatial bias. More importantly, I demonstrate that an information flow medium with breadth and richness directly linked to the bilateral commitment of resources between countries, that I measure by their trading intensity in tangible goods, is consistent with the prevailing country allocation in investors’ international portfolios.

Samarbete mellan konkurrenter - en undersökning av österbottniska sm-företag

Under senare tid har förekomsten av samarbete mellan konkurrerande sm-företag ökat. Forskningen kring ämnet har dock bedrivits i mindre skala, framför allt om man beaktar finländska (nordiska) förhållanden. Syftet med denna undersökning är att kartlägga förekomsten av samarbete mellan konkurrerande sm-företag i Österbotten (Finland), samt beskriva dessa. Gällande demografiska variabler jämförs dessa företag även med sm-företag som inte samarbetar. Data insamlades genom en enkät utskickad i november 2001 till 345 sm-företag i Österbotten. Svarsprocenten var 35.1. Av de respondenter som besvarade enkäten, var 47.9 procent involverade i ett eller flera samarbeten med ett eller flera företag som var deras konkurrenter. Samarbete mellan konkurrenter är således inte ett ovanligt fenomen, utan innefattar allt från informella, operativa samarbeten till formella, strategiskt viktiga samarbeten. Samarbete inom produktion var den mest vanligt förekommande formen av samarbete. Partnern kom från Finland, även om målmarknaderna för samarbetet fanns både i Finland och i utlandet. Denna undersökning kunde inte identifiera någon större skillnad mellan de sm-företag som samarbetade med konkurrenter och de sm-företag som inte samarbetade. Det intressanta är således att det inte verkar finnas några skillnader vad gäller ålder, omsättning, omsättningsökning, underleverans- och exportverksamhet mellan de samarbetande och de icke samarbetande företagen. Skillnaderna bör således sökas i andra variabler. Den enda signifikanta skillnaden kunde upptäckas i upplevelsen av konkurrens. Tidigare forskning har identifierat att osäkerhet i konkurrensen är ett incitament till att börja samarbeta med konkurrenter. Denna undersökning förstärker detta antagande. De samarbetande företagen upplevde att konkurrensen var hårdare än de icke samarbetande företagen. Bland de samarbetande företagen var det speciellt de mindre (med en personalstyrka mellan 10 och 50 arbetstagare) som upplevde att konkurrensen var hård. Undersökningen har finansierats med stipendiemedel från Sparbanksstiftelsen i Vasa och Handlande Gustav Svanljungs fond.

Analysts' Accuracy of Estimation and the Relative Trading Volume

This study contributes to the neglect effect literature by looking at the relative trading volume in terms of value. The results for the Swedish market show a significant positive relationship between the accuracy of estimation and the relative trading volume. Market capitalisation and analyst coverage have in prior studies been used as proxies for neglect. These measures however, do not take into account the effort analysts put in when estimating corporate pre-tax profits. I also find evidence that the industry of the firm influence the accuracy of estimation. In addition, supporting earlier findings, loss making firms are associated with larger forecasting errors. Further, I find that the average forecast error increased in the year 2000 – in Sweden.

Does Uncertainty Affect Investment and Labor Demand?

This paper analyzes the effect of uncertainty on investment and labor demand for Finnish firms during the time period 1987 – 2000. Utilizing a stock return based measure of uncertainty decomposed into systematic and idiosyncratic components, the results reveal that idiosyncratic uncertainty significantly reduces both investment and labor demand. Idiosyncratic uncertainty seems to influence investment in the current period, whereas the depressing effect on labor demand appears with a one-year lag. The results provide support that the depressing effect of idiosyncratic uncertainty on investment is stronger for small firms in comparison to large firms. Some evidence is reported regarding differential effects of uncertainty on labor demand conditional on firm characteristics. Most importantly, the depressing effect of lagged idiosyncratic uncertainty on labor demand tends to be stronger for diversified firms compared with focused firms.

The Impact of FDI on International Portfolio Investments

Some empirical research has argued that part of the reason for the observed "home bias" is that investors are able to indirectly achieve internationally diversified portfolios via domestically listed multinational firms. Another branch of this research attributes the "home bias" and country allocations to more deeply rooted informational causes. Using a four-year annual panel of Finnish international portfolios and Foreign Direct Investments in twenty-five countries, I provide evidence consistent with an information asymmetry explanation

Corporate Governance Mechanisms and Firm Performance:Evidence from Finland

This paper examines the association between corporate governance attributes and firm performance of Finnish firms during 1990 – 2000. The empirical results suggest that corporate governance matters for firm performance. First, univariate test results indicate that firms characterized by a high (efficient) level of corporate governance have delivered greater stock returns, are higher valued based on the measure of Tobin’s Q, and exhibit higher ratios of cash flow to assets, on average, in comparison to their counterparts characterized by a low (inefficient) level of corporate governance. Second, controlling for a number of well-known determinants of stock returns, we find evidence that firms categorized by inefficient corporate governance have delivered inferior returns to shareholders during the investigation period. Finally, after controlling for several common determinants of firm value, we find that firms characterized by efficient corporate governance have been valued higher during the investigation period, measured by Tobin’s Q.

Stock Option Compensation in Finland: An Analysis of Economic Determinants, Contracting Frequency, and Design

This paper addresses several questions in the compensation literature by examining stock option compensation practices of Finnish firms. First, the results indicate that principal-agent theory succeeds quite well in predicting the use of stock options. Proxies for monitoring costs, growth opportunities, ownership structure, and risk are found to determine the use of incentives consistent with theory. Furthermore, the paper examines whether determinants of stock options targeted to top management differ from determinants of broad-based stock option plans. Some evidence is found that factors driving these two types of incentives differ. Second, the results reveal that systematic risk significantly increases the likelihood that firms adopt stock option plans, whereas total firm risk and unsystematic risk do not seem to affect this decision. Third, the results show that growth opportunities are related to time-dimensional contracting frequency, consistent with the argument that incentive levels deviate more rapidly from optimum in firms with high growth opportunities. Finally, the results suggest that vesting schedules are decreasing in financial leverage, and that contract maturity is decreasing in firm focus. In addition, both vesting schedules and contract maturity tend to be longer in firms involving state ownership.

Köyhyyden perintö : Tutkimus kulttuurisen tiedon sisällöistä ja jatkuvuuksista suomalaisissa elämäkerta- ja sananlaskuaineistoissa

The Legacy of Poverty. A Study of the substance and continuity of cultural knowledge in Finnish biographical and proverbial texts The study focuses on the idea of the cultural knowledge and shared understanding that ordinary people, folk , have of the concepts and ideas about rural based poverty in Finland. Throughout 19th century and well into 20th century, the majority of the population remained agrarian and poor. By the 1950s, most people still lived in rural areas and a majority of them earned their living primarily from agriculture and forestry. Urbanization proceeded rapidly from the 1960s onwards. Even though the Nordic welfare state was firmly established in Finland by the 1970s, old forms of agrarian poverty still remained in the culture. The source material for the study consists of 99 biographies and 502 proverbs. Biographical texts include written autobiographies and interviewed biographies. A primary analyzing concept is called a poverty speech. The poverty speech has been analyzed by providing answers to the following three questions: What connotations do people attach to poverty when they speak about it? What sort of social relations arise when people speak about poverty? How is the past experience of poverty constructed in the present and in the welfare state context? Cultural knowledge is a theoretical and analytical tool that enables people to categorize information. The three questions stated above are crucial in revealing the schematic structure that people use to communicate about agrarian poverty. Categories are analyzed and processed in terms of cultural themes that contain the ideals and stereotypes of spoken motif and sub-themes. The application of theoretical and analytical premises to the poverty speech has shown that there are four cultural themes. The first theme is Power. The social connotations in the poverty speech are mostly in relation to the better-off people. Poverty does not exist without an awareness of welfare, i.e. the understanding of a certain standard of welfare above that of one's own. The second theme is about family ties as a resource and welfare network. In poverty speech, marriage is represented as a means to upgrade one's livelihood. Family members are described as supporting one another, but at the same time as being antagonists. The third theme, Work represents the work ethic that is being connected to the poverty. Hard working as a representation is attached to eligibility for `a good life´ that in Finland was to become an owner-occupier of a cottage or a flat. The fourth theme is Security. The resentment of unfair treatment is expressed by using moral superiority and rational explanations. The ruling classes in the agrarian society are portrayed as being evil and selfish with no social conscience because they did not provide enough assistance to those who needed it. During the period when the welfare benefit system was undeveloped, the poor expected the wealthier people to make a contribution to the distribution of material wealth. In the premises of cultural knowledge, both oral and written traditions are about human thinking: they deal with topics, ideas and evaluations that are relevant to their bearers. Many elements expressed in poverty speech, such as classifications and customs derived from the rural world, have been carried over into the next generation in newer contexts and a different cultural environment. Keywords: cultural knowledge, cognitive categorization, poverty, life stories, proverbs

Human parvovirus infections during pregnancy : Special reference to the child-care employees

Human parvovirus B19 (B19V) is known to cause anemia, hydrops fetalis, and fetal death especially during the first half of pregnancy. Women who are in occupational contact with young children are at increased risk of B19V infection. The role of the recently discovered human parvovirus, human bocavirus (HBoV), in reproduction is unknown. The aim of this research project was to establish a scientific basis for assessing the work safety of pregnant women and for issuing special maternity leave regulations during B19V epidemics in Finland. The impact of HBoV infection on the pregnant woman and her fetus was also defined. B19V DNA was found in 0.8% of the miscarriages and in 2.4% of the intrauterine fetal death (IUFD; fetal death after completed 22 gestational weeks). All control fetuses (from induced abortions) were B19V-DNA negative. The findings on hydropic B19V DNA-positive IUFDs with evidence of acute or recent maternal B19V infection are in line with those of previous Swedish studies. However, the high prevalence of B19V-related nonhydropic IUFDs noted in the Swedish studies was mostly without evidence of maternal B19V infection and was not found during the third trimester. HBoV was not associated with miscarriages or IUFDs. Almost all of the studied pregnant women were HboV-IgG positive, and thus most probably immune to HBoV. All preterm births, perinatal deaths, smallness for gestational age (SGA) and congenital anomaly were recorded among the infants of child-care employees in a nationwide register-based cohort study over a period of 14 years. Little or no differences in the results were found between the infants of the child-care employees and those of the comparison group. The annual B19V seroconversion rate was over two-fold among the child-care employees, compared to the women in the comparison group. The seropositivity of the child-care employees increased with age, and years from qualification/joining the trade union. In general, the child-care employees are not at increased risk for adverse pregnancy outcome. However, at the population level, the risk of rare events, such as adverse pregnancy outcomes attributed to infections, could not be determined. According to previous studies, seronegative women had a 5 10% excess risk of losing the fetus during the first half of their pregnancy, but thereafter the risk was very low. Therefore, an over two-fold increased risk of B19V infection among child-care employees is considerable, and should be taken into account in the assessment of the occupational safety of pregnant women, especially during the first half of their pregnancy.

Pietismin kuva - ikkuna yksityiseen hengellisyyteen : Johann Arndtin opetukset pietistisen embleemin perustana

The image of Pietism a window to personal spirituality. The teachings of Johann Arndt as the basis of Pietist emblems The Pietist effect on spiritual images has to be scrutinised as a continuum initiating from the teachings of Johann Arndt who created a protestant iconography that defended the status of pictures and images as the foundation of divine revelation. Pietist artworks reveal Arndtian part of secret, eternal world, and God. Even though modern scholars do not regarded him as a founding father of Pietism anymore, his works have been essential for the development of iconography, and the themes of the Pietist images are linked with his works. For Arndt, the starting point is in the affecting love for Christ who suffered for the humankind. The reading experience is personal and the words point directly at the reader and thus appear as evidence of the guilt of the reader as well as of the love of God. Arndt uses bounteous and descriptive language which has partially affected promoting and picturing of many themes. Like Arndt, Philipp Jakob Spener also emphasised the heart that believes. The Pietist movement was born to oppose detached faith and the lack of the Holy Ghost. Christians touched by the teachings of Arndt and Spener began to create images out of metaphors presented by Arndt. As those people were part of the intelligentsia, it was natural that the fashionable emblematics of the 17th century was moulded for the personal needs. For Arndt, the human heart is manifested as a symbol of soul, personal faith or unbelief as well as an allegory of the burning love for Jesus. Due to this fact, heart emblems were gradually widely used and linked with the love of Christ. In the Nordic countries, the introduction of emblems emanated from the gentry s connections to the Central Europe where emblems were exploited in order to decorate books, artefacts, interiors, and buildings as well as visual/literal trademarks of the intelligentsia. Emblematic paintings in the churches of the castles of Venngarn (1665) and Läckö (1668), owned by Magnus Gabriel De la Gardie, are one of the most central interior paintings preserved in the Nordic countries, and they emphasise personal righteous life. Nonetheless, it was the books by Arndt and the Poet s Society in Nurnberg that bound the Swedish gentry and the scholars of the Pietist movement together. The Finnish gentry had no castles or castle churches so they supported county churches, both in building and in maintenance. As the churches were not private, their iconography could not be private either. Instead, people used Pietist symbols such as Agnus Dei, Cor ardens, an open book, beams, king David, frankincense, wood themes and Virtues. In the Pietist images made for public spaces, the attention is focused on pedagogical, metaphorical, and meaningful presentation as well as concealed statements.

Conditionally One of 'Us' : A Study of Print Media, Minorities and Positioning Practices

This study deals with how ethnic minorities and immigrants are portrayed in the Finnish print media. The study also asks how media users of various ethnocultural backgrounds make sense of these mediated stories. A more general objective is to elucidate negotiations of belonging and positioning practices in an increasingly complex society. The empirical part of the study is based on content analysis and qualitative close reading of 1,782 articles in five newspapers (Hufvudstadsbladet, Vasabladet, Helsingin Sanomat, Iltalehti and Ilta-Sanomat) during various research periods between 1999 and 2007. Four case studies on print media content are followed up by a focus group study involving 33 newspaper readers of Bosnian, Somalian, Russian, and 'native' Finnish backgrounds. The study draws from different academic and intellectual traditions; mainly media and communication studies, sociology and social psychology. The main theoretical framework employed is positioning theory, as developed by Rom Harré and others. Building on this perspective, situational self-positioning, positioning by others, and media positioning are seen as central practices in the negotiation of belonging. In support of contemporary developments in social sciences, some of these negotiations are seen as occurring in a network type of communicative space. In this space, the media form one of the most powerful institutions in constructing, distributing and legitimising values and ideas of who belongs to 'us', and who does not. The notion of positioning always involves an exclusionary potential. This thesis joins scholars who assert that in order to understand inclusionary and exclusionary mechanisms, the theoretical starting point must be a recognition of a decent and non-humiliating society. When key insights are distilled from the five empirical cases and related to the main theories, one of the major arguments put forward is that the media were first and foremost concerned with a minority actor's rightful or unlawful belonging to the Finnish welfare system. However, in some cases persistent stereotypes concerning some immigrant groups' motivation to work, pay taxes and therefore contribute are so strong that a general idea of individualism is forgotten in favour of racialised and stagnated views. Discussants of immigrant background also claim that the positions provided for minority actors in the media are not easy to identify with; categories are too narrow, journalists are biased, the reporting is simplifying and carries labelling potential. Hence, although the will for the communicative space to be more diverse and inclusive exists — and has also in many cases been articulated in charters, acts and codes — the positioning of ethnic minorities and immigrants differs significantly from the ideal.

Jac. Ahrenberg ja historian perintö : Restaurointisuunnitelmat Viipurin ja Turun linnoihin 1800-luvun lopussa

Jac. Ahrenberg and Patrimony Restoration Plans for Viipuri and Turku Castles at the End of the 19th Century This dissertation examines the unrealized restoration plans for two castles in the Grand Duchy of Finland one located at Viipuri (Vyborg, nowadays in Russia), the other at Turku (in Swedish, Åbo) during the last decades of the 19th century. Both castles were used as prisons, barracks and warehouses. From the middle of the 19th century on, their restoration and transformation into museums and "national monuments" were demanded in the newspapers. The prison reform in the 1860s stimulated the documentation and debate concerning their future, but it was only at the beginning of the 1880s when their restoration became an official state-run project. The undertaking was carried out by Johan Jacob (Jac.) Ahrenberg (1847 1914), architect of the National Board of Public Buildings. By combining written sources with drawings and photographs, this dissertation examines the restoration projects, the two castles' significance and the ways in which they were investigated by scholars. The plans are analyzed in connection with restoration practices in France and Sweden and in the context of contemporary discussions concerning national art and patrimony. The thesis argues that these former castles of the Swedish crown were used to manifest the western roots of Finnish law and order, the lineage of power and the capacity of the nation to defend itself. However, because of their symbolism, their restoration became a politically delicate question concerning the role of the Swedish heritage in Finland's nation-building process. According to Jac. Ahrenberg's plans, the two castles were to be restored to their assumed appearance at the time of the Vasa dynasty. Consequently, the structures would have resembled castles in Sweden. It is suggested that one aim of the restoration plans was to transform the two buildings into monuments testifying to the common history of Sweden and Finland. They were meant to consolidate the Swedish basis of Finnish culture and autonomy and thus to secure them against the threatening implications of Russian imperialism. It seems that along with the changing ideals of architectural restoration and the need for an original Finnish architectural heritage, the political connotations associated with the castles were one reason why Jac. Ahrenberg's restoration plans were never realized.

Bättre folk, bättre smak? : Suomenruotsalaisten maku ja kulttuuripääoma

The aim of my thesis, which consists of five original articles and a summarizing chapter, is to study the identity, lifestyle and cultural taste of the Finnish Swedes, i.e. the Swedish-speaking language minority in Finland, from a qualitative point of view. The Finnish Swedes are a somewhat special minority, first of all because of their wide-ranging language rights guaranteed by the constitution, and secondly because of the common image that Finnish Swedes represent a more legitimate or better lifestyle and taste than the Finnish-Speaking Finns. This conception is corroborated by the fact that, in comparison to the language majority, the Swedish-speakers have better health, employment, income and so on according to a number of quantitative studies. My research data is composed of twenty-six focus group interviews conducted among a geographically and socio-economically wide range of Swedish-speaking Finns. Group sizes ranged from 3 to 11 people. In the interviews, culture was approached through a framework of seven topics: music, cinema, television, arts, reading, eating and clothing. In each focus group interview, two subfields of culture were discussed along with a short section about cultural events and participation and definitions on good and bad taste. After discussing culture and taste, there was a final discussion on the Finnish Swede identity. The main theoretical framework of my thesis comes from Pierre Bourdieu (1979) and his followers: I am asking whether the status of being a Swedish-speaker can be used as a means of distinction. The main research questions are the following: (1) How does the Swedish-speaking minority look studied in the light of extensive qualitative data and in a framework of lifestyle and taste? (2) What kind of differences in lifestyle, taste and linguistic identity are there between different Finnish Swedes and how do those connect with socio-economical position, place of residence or age? I also ask how belonging to the language minority might work as a tool for cultural distinction and how different Swedish-speaking groups take use of it. My main research question is (3) whether mother tongue is a remarkable factor of lifestyle or cultural taste in contemporary Finland.