Sijoitus- ja hedgerahastojen riski- ja menestysmittareiden vertaileva analyysi

Tutkimuksen tavoitteena on selvittää eroavatko erilaiset suorituskyvyn mittarit toisistaan ja antavatko ne toisista poikkeavia järjestyslukuja. Tutkimuksessa on käytetty seuraavia suorituskyvyn mittareita: Sharpen indeksi, mukautettu Sharpen indeksi, Safety first, Calmarin indeksi, Value at Risk, UPR, RMAD, RTSD, RTASD, Gini-pohjaiset, Z-pohjaiset sekä muutama modifioitu Sharpen indeksi. Tutkielman aineisto on saatu julkisista tietokannoista sekä osittain suljetuista tietokannoista. Aineisto koostuu sekä Amerikkalaisista hedge-rahastoista, että Suomalaisista osakerahastoista. Tuloksista on nähtävissä, että suorituskyvyn mittarit eivät paljonkaan poikkea toisistaan, kun selvitetään eroavatko tunnuslukujen antamat rahastojen parammuusjärjestykset toisistaan.

Cultural aspects of globalizing university-industry knowledge interaction in China

Previous studies of the local involvement of multinational corporation (MNC) subsidiaries focus on host-country firms and local business partners such as suppliers and customers. The role of host-country universities in the same context of innovation networks is neglected. Furthermore, there are many organizational culture- and knowledge-related differences between universities and companies, and this is likely to pose additional challenges for successful collaboration. Early university-industry (U-I) studies have primarily been limited within a national boundary, being concerned with a single level of culture (i.e., at an organizational level) and one-way knowledge transfer from university to industry. Research on more dynamic knowledge interaction in multinational settings is lacking. This is particularly true in the business context of China. In today’s globalizing and rapidly changing organizations, addressing cultural differences and clashes is an everyday reality, and inter-cultural U-I collaboration is becoming a key asset for gaining global competitiveness. This study deals with Finnish MNC subsidiaries’ research collaboration with Chinese universities. It aims to explore the essence of such U-I collaboration and knowledge interaction, uncovering the deep functioning mechanisms of culture underlying effective collaborative knowledge creation and innovation. The study reviews critically different bodies of literature including knowledge management theories and studies, U-I collaboration and knowledge interaction, and cross-cultural research in terms of organizational knowledge generation and utilization. It adopts a case study strategy with qualitative research methods, and data is collected through in-depth interviews and participant observation. The study presents the following major findings: 1. In the light of a comprehensive analysis of U-I collaboration, an effective matching strategy is proposed, in the assumption that good alignment of knowledge interaction strategies and approaches with their corresponding knowledge type, capability development and research task may greatly enhance the effectiveness of cross-cultural U-I collaboration and knowledge interaction. 2. It is proposed that in the Chinese MNC context more dynamic types of knowledge interaction like knowledge co-creation should be of key concern particularly when dealing simultaneously with multi-disciplinary applied research of human factors and technologies. U-I knowledge interaction, otherwise, pays attention only to the study of one-way technology and knowledge transfer. 3. It is posited that the influence of culture on collaborative knowledge interaction can be studied in a valuable way when knowledge-related variables are simultaneously taken into account. A systematic analysis of the role of knowledge in cross-cultural knowledge interaction could best be approached from multi-aspects of knowledge including not only nature, characteristics and types of knowledge but also the process of knowledge (e.g., intensifications of knowledge interaction). 4. The study demonstrates the significant role of aspects of the host-country culture (e.g., Chinese guanxi) in U-I collaboration and knowledge interaction. This is evident, for instance, in issues related to interpersonal relationships and trust, true interest and the relatedness of the research, mutual commitment and learning, communication intensity and interaction, and awareness of cultural and knowledge-related differences between collaboration partners. Theoretical and practical implications of the findings are suggested and discussed.

Developing the service offering of an industrial company

The purpose of this thesis was to determine, what kind of service offering the case company should provide to its customers in the Australian market. For this, a model for analysing the competitive environment was developed. In the model, three players were considered: customers, competitors and the case company. Benchmarking was used in identifying competitors’ offerings currently available in the market. Experts inside the case company were consulted for determining the customer need. The competitors’ offerings were analysed on the basis of Pekkarinen et al.’s (2009) framework, dividing the offerings to services supporting the supplier’s product (SSP), supporting the client (SSC), supporting the client’s network (SSN), supporting mutual actions (SSM) and benefit and risk sharing elements. After this, they were compared to the competitive environment in order to identify areas where the case company can differentiate itself from its competitors in the Australian market. On the basis of the company’s key success factors, and the Finnish service concept currently in use, some additional offerings were suggested for the case company in order to further outperform its competitors in the market. Finally, on the basis of the suggested offerings and competitors’ offerings, a service concept was suggested for the case company to introduce in the Australian market.

Conditions for EFL learning and professional development : Finland-Swedish learner and teacher perspectives

Engelskans dominerande roll som internationellt språk och andra globaliseringstrender påverkar också Svenskfinland. Dessa trender påverkar i sin tur förutsättningarna för lärande och undervisning i engelska som främmande språk, det vill säga undervisningsmålen, de förväntade elev- och lärarroller, materialens ändamålsenlighet, lärares och elevers initiala erfarenheter av engelska och engelskspråkiga länder. Denna studie undersöker förutsättningarna för lärande och professionell utveckling i det svenskspråkiga nybörjarklassrummet i engelska som främmande språk. Utgångsläget för 351 nybörjare i engelska som främmande språk och 19 av deras lärare beskrivs och analyseras. Resultaten tyder på att engelska håller på att bli ett andraspråk snarare än ett traditionellt främmande språk för många unga elever. Dessa elever har också goda förutsättningar att lära sig engelska utanför skolan. Sådan var dock inte situationen för alla elever, vilket tyder på att det finns en anmärkningsvärd heterogenitet och även regional variation i det finlandssvenska klassrummet i engelska som främmande språk. Lärarresultaten tyder på att vissa lärare har klarat av att på ett konstruktivt sätt att tackla de förutsättningar de möter. Andra lärare uttrycker frustration över sin arbetssituation, läroplanen, undervisningsmaterialen och andra aktörer som kommer är av betydelse för skolmiljön. Studien påvisar att förutsättningarna för lärande och undervisning i engelska som främmande språk varierar i Svenskfinland. För att stöda elevers och lärares utveckling föreslås att dialogen mellan aktörer på olika nivå i samhället bör förbättras och systematiseras.

Rummet i vårdandets värld

This study is made in the context of basic research within the field ofcaring science. The aim is to make a theoretical and ontological investigation of what the space is in the world of caring. The basic proposition is that the space, as a fundamental dimension, has an impact on how the appreciation of one's mental health and suffering is shaped, and vice versa. The overall purpose is to develop a theoretical model of space from the caring science point of view andalso to offer an ideal concept of space to caring science. Guided by a theoretical horizon (Eriksson 1993, Eriksson 1995, Eriksson 2001) and methodological approach grounded in Gadamer's philosophic and existential hermeneutics a three-stage analysis and interpretation is conducted. The hermeneutic spiral of this investigation starts through a procedure in accordance with Eriksson's model (1997) of concept definition. The goal is to clarify the etymology of the concept as well as semantic differences between synonymous concepts, i.e. to identify the different extents of the concept of `space` (`rum`) in order to bring these closer for an exploration. The second phase is to analyse and interpret a sample of narratives in order to explicate the ontological nature and meaning of the space. The material used here is literary texts. The goal is to clarify the characteristics of the very inside of the space when it is shaped in relation to the human being in encountering suffering. In the third phase an interview study is taken place. The focus of the study is directed towards the phenomenon of space as it is known by a patient in a landscape of psychiatric care, i.e. what the space is in a contextual meaning. Then, a gradual hermeneutic understanding of the space is attempted by using theories from the field of caring science as well as additional theories from other disciplines. Metaphors are used as they are vivid and expressive tools for generating meaning. Different metaphoric space formations depict here a variety of purports that, although not quite the same, share extensive elements. Six metaphorically summarized entities of meaning emerged. The comprehensive form of space is pointed out as the Mobile-Immobile Room. Furthermore, the Standby, the Asylum, the Wall and the Place. In the further dialogue with the texts the understanding has deepened ontologically. The theoretical model ofthe space sums up the vertical, horizontal and the inward extent of deepness inthe movement of mental health. Three entities of ontological meaning have emerged as three significant rooms: the Common Land emerges as the ideal concept of mutual creation in the freedom of doing, being and becoming health. On the interpersonal level it means freedom, which includes sovereignty, choice and dignity of the human being. The Ice World signifies, ultimately, the space as a kind of frozenness of despair which "wallpapers" the person's entire being in the world in the drama of suffering. The Spiritual Home is shaped when the human being has acquired the very core of his/her inner and outer placeness as a kind of "at-homeness" and rootedness. Time is a central element and the inward extent of deepness of this trialectic space. Each of the metaphors is then the human being's unique, although even paradoxical, way of conceiving reality, and mastering spiritual suffering. They condense characteristic structures and patterns of dynamic scenery, which take place within the movement of health. The space encloses a contradictory spatiality constituted through the dynamic field of meaningfulness and meaninglessness. Anyway, it is not through a purging of these contradictions but through bringing them together in a drama of suffering that the space is shaped as ontologically good and meaningful in the world of caring.

Generic and professional caring in a Chinese setting: an ethnopraphic study

The objective of the present study is to describe the cultural care practices, meanings, values and beliefs which form the basis of caring in a Chinese context. The research has its starting point in a caring science perspective and a qualitative research approach with interpretative ethnography as methodological guideline. The theoretical perspective is formed by elements of the theory of caritative caring, developed by Eriksson, and the theory of Culture Care Diversity and Universality, developed by Leininger. Previous research of suffering, culture and caring is described and also a presentation of actual transcultural nursing research as well as a presentation of the social structure dimensions of Chinese culture is included in the theoretical background. The empirical part includes patients and relatives, nurses and Hu Gongs as informants. The data collected are analysed based on Geertz’s idea of forming “thick descriptions” through examining the “what, how and why” of people’s actions. The findings show that the family has a prominent position in Chinese caring practices. The patient plays an unobtrusive role and a mutual dependence between the patient and the family members is evident. The professional nursing care is an extended act which includes the family in the caring relationship. The care practices of the Chinese nurse are characterized by great professional nursing skills. Suffering is described by the informants as being caused by disease, pain and social circumstances. “Social suffering” is described as worse than physical or mental suffering. Culturally competent and congruent care is a prerequisite for avoiding cultural pain, imposition and blindness when caring for the suffering human being. The findings of the present study necessitate a broadening in caring theory to include the family in the caring relationship. A further conclusion is that a broadening in our perception and understanding of culture would promote the delivery of culturally competent and congruent care. Suffering need to be seen as enclosed in cultural patterns of how it is expressed, interpreted, understood and relieved. Care and caring need to be seen as embedded in culture and the care practices values and beliefs have to be congruent with the cultural patterns where the care is provided.

24+1 kansainvälisten suhteiden perusoppikirjaa : havaintoja ja arvioita

Kirjallisuusarvostelu

Eettiset ja epäeettiset sijoitusrahastot Yhdysvaltojen markkinoilla - tuottovertailu

Eettisten ja epäeettisten sijoitusrahastojen tuottovertailu Yhdysvaltojen markkinoilla ajanjaksolla 25.9.2006-28.3.2011.

Pankki- ja vakuutustoiminnan asiakaskannattavuus ja asiakkuuksien johtaminen

The main objective of this master’s thesis was to determine, what are the insights, challenges and problems related to differing business logics and principles of income generation and how can they be integrated in a financial group with insurance and banking operations from the perspective of customer profitability. Review of the industrial specific features had a high priority in the study. The study is a qualitative case study with empirical data collected from semi-structured interviews. Qualitative research method was chosen since it produces kind of data required to answer the research questions. Interviewees were chosen from different organizational levels to achieve a comprehensive big picture of the subject. The key result of the study is that the most important factor for the customer profitability on the financial sector is to find and fulfill the customer needs with a comprehensive service package. Also long-term customer relationships were considered significant and customer life cycle assessment essential. In the case-organization the most significant factors in this process were a strong local presence and the tacit knowledge of the customers’ business and activities, although there are major challenges in systematic exploitation of this information. The management of the customer profitability in case-organization faces great challenges because of the history of growth via acquisitions, which has led to so-called “problem of the two balance sheets”, conflict in corporate culture and establishment of the mutual goals and performance measurement.

Modeling and Analysis of Noise and Interconnects for On-Chip Communication Link Design

This thesis considers modeling and analysis of noise and interconnects in onchip communication. Besides transistor count and speed, the capabilities of a modern design are often limited by on-chip communication links. These links typically consist of multiple interconnects that run parallel to each other for long distances between functional or memory blocks. Due to the scaling of technology, the interconnects have considerable electrical parasitics that affect their performance, power dissipation and signal integrity. Furthermore, because of electromagnetic coupling, the interconnects in the link need to be considered as an interacting group instead of as isolated signal paths. There is a need for accurate and computationally effective models in the early stages of the chip design process to assess or optimize issues affecting these interconnects. For this purpose, a set of analytical models is developed for on-chip data links in this thesis. First, a model is proposed for modeling crosstalk and intersymbol interference. The model takes into account the effects of inductance, initial states and bit sequences. Intersymbol interference is shown to affect crosstalk voltage and propagation delay depending on bus throughput and the amount of inductance. Next, a model is proposed for the switching current of a coupled bus. The model is combined with an existing model to evaluate power supply noise. The model is then applied to reduce both functional crosstalk and power supply noise caused by a bus as a trade-off with time. The proposed reduction method is shown to be effective in reducing long-range crosstalk noise. The effects of process variation on encoded signaling are then modeled. In encoded signaling, the input signals to a bus are encoded using additional signaling circuitry. The proposed model includes variation in both the signaling circuitry and in the wires to calculate the total delay variation of a bus. The model is applied to study level-encoded dual-rail and 1-of-4 signaling. In addition to regular voltage-mode and encoded voltage-mode signaling, current-mode signaling is a promising technique for global communication. A model for energy dissipation in RLC current-mode signaling is proposed in the thesis. The energy is derived separately for the driver, wire and receiver termination.

Design Aspects of Megawatt-Range Direct-Driven Permanent MagnetWind Generators

Direct-driven permanent magnet synchronous generator is one of the most promising topologies for megawatt-range wind power applications. The rotational speed of the direct-driven generator is very low compared with the traditional electrical machines. The low rotational speed requires high torque to produce megawatt-range power. The special features of the direct-driven generators caused by the low speed and high torque are discussed in this doctoral thesis. Low speed and high torque set high demands on the torque quality. The cogging torque and the load torque ripple must be as low as possible to prevent mechanical failures. In this doctoral thesis, various methods to improve the torque quality are compared with each other. The rotor surface shaping, magnet skew, magnet shaping, and the asymmetrical placement of magnets and stator slots are studied not only by means of torque quality, but also the effects on the electromagnetic performance and manufacturability of the machine are discussed. The heat transfer of the direct-driven generator must be designed to handle the copper losses of the stator winding carrying high current density and to keep the temperature of the magnets low enough. The cooling system of the direct-driven generator applying the doubly radial air cooling with numerous radial cooling ducts was modeled with a lumped-parameter-based thermal network. The performance of the cooling system was discussed during the steady and transient states. The effect of the number and width of radial cooling ducts was explored. The large number of radial cooling ducts drastically increases the impact of the stack end area effects, because the stator stack consists of numerous substacks. The effects of the radial cooling ducts on the effective axial length of the machine were studied by analyzing the crosssection of the machine in the axial direction. The method to compensate the magnet end area leakage was considered. The effect of the cooling ducts and the stack end area effects on the no-load voltages and inductances of the machine were explored by using numerical analysis tools based on the three-dimensional finite element method. The electrical efficiency of the permanent magnet machine with different control methods was estimated analytically over the whole speed and torque range. The electrical efficiencies achieved with the most common control methods were compared with each other. The stator voltage increase caused by the armature reaction was analyzed. The effect of inductance saturation as a function of load current was implemented to the analytical efficiency calculation.

Development of a social service in a multi-party network

Tämän pro gradu-tutkimuksen tarkoituksena oli tutkia monen toimijan sosiaalipalvelukehittäjäverkoston toimivuutta ja sen toimivuuteen vaikuttavia tekijöitä. Aihetta lähestyttiin erilaisten teoreettisten kokonaisuuksien kautta, joiden avulla saatiin luotua tutkimukselle pohja. Viitekehys tutkimukselle luotiin yhdistäen erilaisia teoreettisia aihealueita verkostoista, verkostojen johtamisesta ja palveluista. Tutkimuksessa korostuu motivaation, yhteisen, tarpeeseen perustuvan tavoitteen, sitoutumisen ja orkestroinnin merkitys verkostotoiminnassa hyvän lopputuloksen aikaansaamiseksi. Tutkimuksen empiirisessä osuudessa tehty kvalitatiivinen case-tutkimus keskittyy tiettyyn verkostoon, joka on Socomin koordinoimana kehittänyt Kaakkois-Suomen alueelle uudenlaista sosiaalipalvelua liittyen henkilökohtaiseen apuun. Verkosto on monen toimijan verkosto, jonka jäsenet edustavat erilaisia tahoja ja organisaatioita. Tutkimuksen perusteella verkosto on toiminut hyvin ja tehokkaasti ja saanut luotua toimivan sosiaalipalvelun. Verkosto tukee kirjallisuuskatsauksessa löydettyjen tekijöiden, kuten verkosto-orkestroinnin, sitoutumisen ja yhteisen päämäärän, vaikutusta verkoston toimintaan ja lopputulokseen.

Marketing-Sales Cooperation and its Relation on Direct Sales Performance: an Example of a Medium-sized Oil Company

The study touches upon marketing-sales departments’ cooperation and investigates marketing-sales cooperative model within the case company. So that research increases understanding of linkages between Marketing and Sales departments with an illustrative example of Russian medium-sized oil company (LLC Neste St. Petersburg), the subsidiary of Finnish-based Neste Oil. The empirical study is done from marketing and sales perspectives. And for sales main attention was brought to direct sales, both B2B and B2C. Research considers all five domains of cooperation, and among others, study reveals the attitude towards external (market) and internal (product) knowledge, and its mutual use by marketing and sales managers. A qualitative research method, participant observations, and in-depth interviews with upper-management made it possible to explore all facets of joint work. Moreover, research responses the changes in a model of cooperation between marketing and sales when moving from medium size to large company.

Suomen Ilmavoimien johtamisjärjestelmän evoluutio ilmasotateorian, kansallisten instituutioiden ja johtamisjärjestelmän ulkomaisen kehityksen näkökulmasta

Ilmavoimien johtamisjärjestelmä on osa Ilmavoimien järjestelmäkokonaisuutta, jonka kaksi muuta osaa ovat taistelujärjestelmä ja tukeutumisjärjestelmä. Ilmavoimien materiaalista suorituskykyä rakennetaan tämän järjestelmäajattelun pohjalta. tässä tutkimuksessa Ilmavoimien johtamisjärjestelmää tutkitaan kolmen kokonaisuuden, ilmavalvontajärjestelmän, ilmatilannekuvan muodostamisjärjestelmän ja tulenkäytön johtamisjärjestelmän, näkökulmasta. Ilmavoimien johtamisjärjestelmän laajuuden vuoksi tutkimusaluetta on jouduttu rajaamaan. Tutkimus perustuu evoluutioparadigmaan, jonka mukaisesti kaikki olevainen on evolutionaarista. Mikään tässä ajassa oleva ilmiö ei ole historiaton. Jokaisella ilmiöllä on nykyisyytensä lisäksi historia ja tulevaisuus. Evoluutioparadigman avulla laajennetaan Ilmavoimien johtamisjärjestelmän nykyisyyden ymmärtämistä kuvaamalla ja analysoimalla sen evoluutiota. Tutkimusaineistoa analysoidaan käyttäen hyväksi polkuriippuvuutta evolutionaarisena mallina. tätä mallia on käytetty uusinstitutionaalisessa ja evolutionaarisessa taloustieteessä ja taloushistoriassa tutkittaessa yritysten, toimialojen tai tuotteiden pysyvyyttä markkinoilla sekä erilaisten innovaatioiden vaikuttavuutta menestymiseen eri markkinatilanteissa. Tutkimusasetelman lähtökohtana on Ilmavoimien johtamisjärjestelmäevoluution kuvaaminen kolmen tekijän tasapainoasetelman suhteen, joita ovat instituutiot, ilmasotateoria ja kansainvälinen ilmavoimien johtamisjärjestelmän kehitys. tutkimuksen tavoitteena on löytää institutionaalinen logiikka Ilmavoimien johtamisjärjestelmän evoluutiolle sekä sen eri kehitysprosesseihin liittyvä mahdollinen polkuriippuvuuden logiikka. Tutkittavina instituutioina ovat kansallinen poliittinen päätöksenteko, joka ilmentyy erilaisina komiteamietintöjä, raportteina ja selontekoina. Sotilaallista instituutiota edustavat eri operatiiviset ohjeet, ohjesäännöt ja doktriinit, jotka ovat ohjanneet johtamisjärjestelmäkehitystä. Ilmasotateorian vaikuttavuuden analyysiä varten tutkimuskohteiksi on valittu seitsemän merkittävää ilmasotateoreetikkoa. Kenraalimajuri Giulio douhet, ilmamarsalkka Hugh Trenchard ja kenraalimajuri William Mitchell edustavat ilmasotateorian varhaista kautta. Kansallista ilmasotateorian kehitystä edustavat eversti Richard Lorentz ja kenraalimajuri Gustaf Erik Magnusson. Yhdysvaltalaiset everstit John Boyd ja John Warden III ovat uuden ajan ilmasotateoreetikkoja. Näiden henkilöiden tuottamien teorioiden avulla voidaan piirtää kuva muutoksesta, jota ilmasodankäynnin teoreetti- sessa ajattelussa on tapahtunut. Ilmavoimien johtamisjärjestelmän evoluutiolle haetaan vertailua kehityksestä, jota on tapahtunut Yhdysvalloissa, Isossa-Britanniassa ja Saksassa. Ilmavoimat on saanut vaikutteita muistakin maista, mutta näiden maiden kehityksen avulla voidaan selittää Suomessa tapahtunutta kehitystä. Tutkimuksessa osoitetaan, että kansainvälisellä johtamisjärjestelmäevoluutiolla on ollut merkittävä vaikutus suomalaiseen kehitykseen. Tämä tutkimus laajentaa prosessuaalista tutkimusteoriaa ja polkuriippuvuusmallin käyttöä sotatieteelliseen tutkimuskenttään. tutkimus yhdistää toisiinsa aivan uudella tavalla sotilasorganisaation institutionaalisia tekijöitä pitkässä evoluutioketjussa. Tutkimus luo pohjaa prosessuaaliseen, havaintoihin perustuvaan evoluutioajatteluun, jossa eri tekijöiden selitysmalleja ja kausaalisuutta eri periodien aikana voidaan kuvata. Tutkimuksen tuloksena ilmavoimien johtamisjärjestelmäevoluutiossa paljastui merkittäviä piirteitä. Teknologia on ollut voimakas katalysaattori ilmapuolustuksen evoluutiossa. Uusien teknologisten innovaatioiden ilmestyminen taistelukentälle on muuttanut oleellisesti taistelun kuvaa. Sodankäynnin revoluutiosta huolimatta sodankäynnin tai operaatiotaidon ja taktiikan perusperiaatteissa ei ole tapahtunut perustavanlaatuista muutosta. Ilmavoimien johtamisjärjestelmän kehitys on voimakkaasti linkittynyt ulkomaiseen johtamisjärjestelmäkehitykseen, jossa teknologiaimplementaatiot perustuvat usean eri ilmiön paljastumiseen ja hyväksikäyttöön. Sotilas- ja siviili-instituutiot ovat merkittävästi vaikuttaneet Ilmavoimien johtamisjärjestelmän kansalliseen kehitykseen. Ne ovat antaneet poliittisen ohjauksen, taloudellisten resurssien ja strategis-operatiivisten käskyjen ja suunnitelmien avulla perusteet, joiden pohjalta johtamisjärjestelmää on kehitetty. Tutkimus osoittaa, että Suomen taloudellisten resurssien rajallisuus on ollut merkittävin institutionaalinen rajoite Ilmavoimien johtamisjärjestelmää kehitettäessä. Useat poliittiset ohjausasiakirjat ovat korostaneet, ettei Suomella pienenä kansakuntana ole taloudellisia resursseja seurata kansainvälistä sotilasteknologiakehitystä. Lisäksi ulko- ja turvallisuuspoliittinen liikkumavapaus on vaikuttanut kehittämismahdollisuuksiin. Ilmasotateorian evoluutio on luonut johtamisjärjestelmän kehitykselle välttämättömän konseptuaalisen viitekehyksen, jotta ilmasota on voitu viedä käytännön tasolle. Teoria, doktriini ja instituutiot toimivat vuorovaikutuksessa, jossa ne interaktiivisesti vaikuttavat toinen toisiinsa. Tutkimus paljasti kuusi merkittävää sokkia, jotka saivat aikaan radikaaleja muutoksia johtamisjärjestelmän evoluutiopolulla. tutkimuksen perusteella vaikuttavimmat muutoksia aiheuttavat sokit olivat radikaalit turvallisuuspoliittiset muutokset kuten sota ja voimakkaat kansantalouden muutokset kuten lama. Sokkeja aiheuttaneet kuusi ajankohtaa olivat: 1. Puolustusvoimien rakentamisen aloittaminen vapaussodan jälkeen 1918 2. Maailmanlaajuinen lama 1929–1933 ja eurooppalainen rauhanaate 1928–1933 3. Talvi- ja jatkosota 1939–1944 4. Uusi alku Pariisin rauhansopimuksen 1947 ja YYA-sopimuksen 1948 varjossa 5. Kylmän sodan päättyminen ja Suomen lama 1990–1993 6. Maailmanlaajuinen lama 2008- Tutkimuksen perusteella voidaan todeta, että Suomen ilmavoimien johtamisjärjestelmän kehittäminen on perustunut rationaalisiin päätöksiin, jotka ovat saaneet vaikutteita ulkomaisesta ilmasotateorian ja -doktriinien kehityksestä sekä kansainvälisestä johtamisjärjestelmäkehityksestä. Johtamisjärjestelmän evoluutioon on vaikuttanut globaali konvergenssi, johon on tehty kansallisen tason ratkaisuja järjestelmien adaptaation ja implementaation yhteydessä.

Monte Carlo Hypothesis Testing with The Sharpe Ratio

The purpose of this master thesis was to perform simulations that involve use of random number while testing hypotheses especially on two samples populations being compared weather by their means, variances or Sharpe ratios. Specifically, we simulated some well known distributions by Matlab and check out the accuracy of an hypothesis testing. Furthermore, we went deeper and check what could happen once the bootstrapping method as described by Effrons is applied on the simulated data. In addition to that, one well known RobustSharpe hypothesis testing stated in the paper of Ledoit and Wolf was applied to measure the statistical significance performance between two investment founds basing on testing weather there is a statistically significant difference between their Sharpe Ratios or not. We collected many literatures about our topic and perform by Matlab many simulated random numbers as possible to put out our purpose; As results we come out with a good understanding that testing are not always accurate; for instance while testing weather two normal distributed random vectors come from the same normal distribution. The Jacque-Berra test for normality showed that for the normal random vector r1 and r2, only 94,7% and 95,7% respectively are coming from normal distribution in contrast 5,3% and 4,3% failed to shown the truth already known; but when we introduce the bootstrapping methods by Effrons while estimating pvalues where the hypothesis decision is based, the accuracy of the test was 100% successful. From the above results the reports showed that bootstrapping methods while testing or estimating some statistics should always considered because at most cases the outcome are accurate and errors are minimized in the computation. Also the RobustSharpe test which is known to use one of the bootstrapping methods, studentised one, were applied first on different simulated data including distribution of many kind and different shape secondly, on real data, Hedge and Mutual funds. The test performed quite well to agree with the existence of statistical significance difference between their Sharpe ratios as described in the paper of Ledoit andWolf.