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.

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.

Towards Service Logic: The Unique Contribution of Value Co-Creation

The underpinning logic of value co-creation in service logic is analysed. It is observed that three of the ten foundational premises of the so-called service-dominant logic are problematic and do not support an understanding of value-co-creation and creation that is meaningful for theoretical development and decision making in business and marketing practice. Without a thorough understanding of the interaction concept, the locus and nature of value co-creation cannot be identified. Based on the analysis in the present article it is observed that a unique contribution of a service perspective on business (service logic) is not that customers always are co-creators of value, but that under certain circumstances the service provider gets opportunities to co-create value together with its customers. Finally, the three problematic premises are reformulated accordingly.

Prison Experiences and Socialist Sculptures

I will discuss five sites of Soviet period dark heritage: three occupation museums in the capital cities of Estonia, Latvia and Lithuania, a Soviet sculpture park in Lithuanian countryside and a cultural park in a former prison in Tallinn, Estonia. All but the last one have an important role in the local tourist scene. My purpose is to find out how the traumatic Soviet past is presented at the sites and what kind of different modes of display are used. I will also discuss the ways the sites have been interpreted by the visitors.

Underemployment and part-time work in the Nordic countries

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Jatkuvatoiminen tutkielmaseminaari eli GRADUSAUNA Käyttöohjeet ja pelin säännöt

Tässä käsikirjassa kuvataan yksi mahdollisuus tehostaa gradujen ohjausta ryhmätyöskentelyä hyväksi käyttäen. Seminaaria on kehitelty yhdessä opiskelijoiden kanssa useiden vuosien ajan. Tarkoitus on saada graduntekoon sekä vauhtia, tehoa että iloa työskentelemällä yhdessä, asettamalla tavoitteet realistisesti juuri niin korkealle kuin edellytykset sallivat – ja kohoamalla ihan vähän niiden yläpuolelle lopussa. Gradu on yliopiston maisteriopintojen lopputyö, sosiologiassa ennen muuta näyte opintojen kuluessa karttuneista tutkijantaidoista. Graduseminaari on useimmille opintosuoritusten viimeisiä jaksoja ja hyvä niin, ainakin jos ajatuksena on että seminaari tukee mahdollisimman paljon itse gradun tekemistä. Perusvalmiuksia ei siinä vaiheessa enää ehditä lisäämään – graduseminaari ei ole oikea paikka opetella tutkimusmenetelmien perusteita eikä myöskään yhteiskuntateorian alkeita. Jos niitä ei ole varastossa, tulos ei voi olla loistava, vaikka seminaarityöskentely olisi millaista hyvänsä. Mutta niin kuin tutkimuksessa yleensä, myös gradun tekemisessä ihminen kasvaa ja avartuu. Vaikka paino putoaisi, näyttää yleensä siltä että ihmisistä tulee siinä myös isomman näköisiä. Seminaarin tarkoituksena on edistää tätä kasvua tukemalla löytämisen ja oivaltamisen tuottamaa mielihyvää ja innostusta. Siksi tuloksen pitääkin olla vähän tavoiteltua parempi. Tämän oppaan tarkoitus on kirjata muistiin hyvät toimintatavat ja opastaa välttämään huonoja. Näitä ohjeita noudattamalla säästetään aikaa, hermoja ja turhaa jahkailua. Että voitaisiin pohtia enemmän itse asioita.

¿Recepción creativa en el III Concilio Provincial Mexicano?

Resumen: Repetidamente leemos en la historiografía la afirmación de que los concilios provinciales celebrados en la América hispánica durante el siglo dieciséis fueron una mera repetición o recepción de concilios y sínodos celebrados en el Viejo Mundo. En el presente artículo, de manera sumaria damos elementos que servirían para cuestionar esta afirmación a partir de los materiales de trabajo publicados recientemente sobre el Tercer Concilio Provincial Mexicano, celebrado en 1585.

Evaluación de la actividad investigadora: indicadores de calidad. Utilización de bases de datos en estudios bibliométricos.

[ES]La utilización de indicadores bibliométricos como los índices de citas y el factor de impacto se han convertido en herramientas imprescindibles tanto para la evaluación de la actividad investigadora como para la medición de la actividad económica y social de un país. El artículo analiza los indicadores para la evaluación de la calidad en la actividad investigadora y profundiza en la utilización de las bases de datos como herramienta de estudios bibliométricos.

German Eel Model (GEM II) for describing eel, Anguilla anguilla (L.), stock dynamics in the river Elbe system

The eel, Anguilla anguilla (L.), stock of the river Elbe severely decreased during the last decades. Detailed knowledge of the stock dynamics in freshwater and especially of the impact factors is necessary to take effective measures for stock conservation and improvement. The dynamics of the eel stock are modelled based on immigration, stocking, natural mortality and mortalities caused by fishing, angling, cormorants and hydropower plants. The model estimates the number of emigrating eel. Moreover, it enables to study the sensitivity of the estimates related to the uncertainty of the source data of the different influencing factors. The model may be used to develop management strategies and to assess the effi ciency of different management options. Zusammenfassung Der Aalbestand im Elbesystem ist in den letzten Jahrzehnten stark zur