Liiketoimintaprosessien analysointi ja kehityskohteiden tunnistaminen

Organisaatiot ovat viime vuosikymmeninä havainneet perinteisen, funktionaalisen, organisaatiorakenteen riittämättömäksi vastaamaan alati muuttuvan toimintaympäristön tuomiin haasteisiin. Ratkaisuna organisaatiot ovat alkaneet ajatella toimintaansa prosessikeskeisesti, jolloin toiminnot nähdään organisaation osastojen läpileikkaavina prosesseina. Tulevaisuuden menestyksen turvaamiseksi organisaatioiden tulee parantaa prosessien suorituskykyä jatkuvasti. Työn tutkimuskohteena on yksi case-yrityksen liiketoimintaprosesseista. Työn tavoitteena on analysoida valittua prosessia, tunnistaa mahdolliset kehityskohteet ja antaa tunnistetuille kohteille toimenpidesuositukset. Prosessianalyysia varten valittu liiketoimintaprosessi mallinnettiin. Tehtyjen prosessikuvausten, haastattelujen ja keskustelujen perusteella tunnistettiin prosessin kriittinen vaihe ja sen nykytilassa ilmenevät ongelmat. Tehdyn analyysin perusteella tunnistettiin prosessin ydinongelma sekä muita pienempiä kehityskohteita. Kaikille kehityskohteille annettiin lopuksi toimenpidesuositukset.

Osakeperusteinen palkitseminen: maksuttoman osakkeen hyödyntäminen kannustinjärjestelmissä

Tutkielman tavoitteena on selvittää osakeyhtiön palkitsemisjärjestelmiin liittyviä kysymyksiä päämies–agenttisuhteiden ja osakeyhtiöoikeudellisten periaatteiden kautta. Tutkielmassa selvitetään, kuinka maksuttomia osakkeita voidaan hyödyntää julkisen osakeyhtiön palkitsemisjärjestelmissä ja mitä haasteita ja mahdollisuuksia niiden käyttöön liittyy. Tutkimusmetodi työssä on lainopillinen ja aihetta lähestytään luontevasti kauppatieteellisen ja oikeustieteellisen näkökulman yhdistävän oikeustaloustieteen kautta. Ensisijaisena aineistona tutkielmassa käytetään voimassaolevaa lainsäädäntöä valmisteluaineistoineen ja näkökulmaa syvennetään aiemmin voimassa olleen lainsäädännön tarkastelulla. Toissijaisena aineistona tutkielmassa käytetään sekä eri asiantuntijoiden oikeudellista kirjallisuutta että palkitsemisen asiantuntijoiden laatimaa kirjallisuutta Suomesta ja muista länsimaista. Teoreettista työtä on syvennetty asiantuntijahaastattelulla ja yhtiöiden sijoittajatiedosta saatavalla informaatiolla. Merkittävin osakeyhtiön johdon ja yhtiön välisen suhteen tehokkuutta alentava seikka on päämies–agenttisuhteen valvontaongelma. Tämä liittyy päämies - agenttisuhteeseen, joka ilmenee negatiivisesti yhtiön ja yhtiön johdon intressien ristiriitatilanteissa. Valvontaongelma voi aiheuttaa ylimääräisiä transaktiokustannuksia ja tämä näkyy yhtiön toiminnan tehokkuuden laskemisena. Päämies–agenttisuhteen ratkaisuna lainsäädäntö ja erilaiset valvonnan keinot ovat tehottomia ja nykyisen yhtiöoikeudellisen ajattelun vastaisia. Tehokkaimmin valvontaongelma saadaan ratkaistua erilaisin kannustimin tapahtuvalla johdon ohjauksella. Osakesidonnainen palkitseminen on suosituin johdon ja yhtiön intressien yhdistämisen keino. Osakesidonnainen palkitseminen on parhaimmillaan eri osapuolien näkökulmasta sitouttavaa ja kannustavaa mutta osakepalkitsemisen käyttöön liittyy myös riskejä. Eräs keskeisistä yhtiöoikeudellisista periaatteista on yhdenvertaisuus, jota saatetaan loukata eri palkitsemisjärjestelmiä käytettäessä. Varojen jakoon ja järjestelmien rahoitukseen liittyy niin ikään riskejä, jotka saattavat vaarantaa järjestelmän onnistumisen. Liian avokätiset palkkiojärjestelmät taas saattavat aiheuttaa yhtiön eri sidosryhmien piirissä tyytymättömyyttä joka taas alentaa järjestelmän tehokkuutta. Yhtiön johto vastaa yhtiön strategian toteutumisesta ja linjaa Corporate Governance käytännön mukaisesti johdon palkitsemisen tavat. Yhtiön johto on kuitenkin päätöksistään vastuussa yhtiön residuaalioikeuden omaaville päämiehille, eli osakkeenomistajille. Vaikka yhtiön johto vastaa viime kädessä yhtiön toiminnasta, sen on huomioitava toiminnassaan yhtiön toiminnan tarkoitus ja sitä kautta yksittäisen osakkeenomistajan etu. Vaikka osakeyhtiössä toteutettaisiin enemmistöomistajan valitsemaa toimintalinjaa, osakeyhtiön yhdenvertaisuusperiaate korostaa juuri vähemmistöosakkeenomistajan asemaa. Johdon fidusiaaristen velvoitteiden voidaankin nähdä korostuvan johdon suhteessa vähemmistöosakkeenomistajaan. Tämä on huomioitava myös palkitsemisjärjestelmissä. Johdon palkitsemisjärjestelmien suunnittelussa ja toteutuksessa on suunnattava keskeinen huomio sen tavoitteiden toteutumiseen, eli yksittäisen osakkeenomistajan omistuksen arvon kasvattamiseen pidemmällä aikavälillä, pitäen huolta osakeyhtiön kantavista periaatteista.

Risk-Return Trade-Off for European Stock Markets

This paper adopts dynamic factor models with macro-finance predictors to test the intertemporal risk-return relation for 13 European stock markets. We identify country specific, euro area, and global macro-finance factors to determine the conditional risk and return. Empirically, the risk- return trade-off is generally negative. However, a Markov switching model documents that there is time-variation in this trade-off that is linked to the state of the economy. Keywords: Risk-return trade-off; Dynamic factor model; Macro-finance predictors; European stock markets; Markov switching model JEL Classifications: C22; G11; G12; G17

Geographic patterns of genetic variation in a broadly distributed marine vertebrate: new insights into loggerhead turtle stock structure from expanded mitochondrial DNA sequences

Previous genetic studies have demonstrated that natal homing shapes the stock structure of marine turtle nesting populations. However, widespread sharing of common haplotypes based on short segments of the mitochondrial control region often limits resolution of the demographic connectivity of populations. Recent studies employing longer control region sequences to resolve haplotype sharing have focused on regional assessments of genetic structure and phylogeography. Here we synthesize available control region sequences for loggerhead turtles from the Mediterranean Sea, Atlantic, and western Indian Ocean basins. These data represent six of the nine globally significant regional management units (RMUs) for the species and include novel sequence data from Brazil, Cape Verde, South Africa and Oman. Genetic tests of differentiation among 42 rookeries represented by short sequences (380 bp haplotypes from 3,486 samples) and 40 rookeries represented by long sequences (~800 bp haplotypes from 3,434 samples) supported the distinction of the six RMUs analyzed as well as recognition of at least 18 demographically independent management units (MUs) with respect to female natal homing. A total of 59 haplotypes were resolved. These haplotypes belonged to two highly divergent global lineages, with haplogroup I represented primarily by CC-A1, CC-A4, and CC-A11 variants and haplogroup II represented by CC-A2 and derived variants. Geographic distribution patterns of haplogroup II haplotypes and the nested position of CC-A11.6 from Oman among the Atlantic haplotypes invoke recent colonization of the Indian Ocean from the Atlantic for both global lineages. The haplotypes we confirmed for western Indian Ocean RMUs allow reinterpretation of previous mixed stock analysis and further suggest that contemporary migratory connectivity between the Indian and Atlantic Oceans occurs on a broader scale than previously hypothesized. This study represents a valuable model for conducting comprehensive international cooperative data management and research in marine ecology.

Essays on pricing of risk and international linkage of Russian stock market

Last two decades have seen a rapid change in the global economic and financial situation; the economic conditions in many small and large underdeveloped countries started to improve and they became recognized as emerging markets. This led to growth in the amounts of global investments in these countries, partly spurred by expectations of higher returns, favorable risk-return opportunities, and better diversification alternatives to global investors. This process, however, has not been without problems and it has emphasized the need for more information on these markets. In particular, the liberalization of financial markets around the world, globalization of trade and companies, recent formation of economic and regional blocks, and the rapid development of underdeveloped countries during the last two decades have brought a major challenge to the financial world and researchers alike. This doctoral dissertation studies one of the largest emerging markets, namely Russia. The motivation why the Russian equity market is worth investigating includes, among other factors, its sheer size, rapid and robust economic growth since the turn of the millennium, future prospect for international investors, and a number of important major financial reforms implemented since the early 1990s. Another interesting feature of the Russian economy, which gives motivation to study Russian market, is Russia’s 1998 financial crisis, considered as one of the worst crisis in recent times, affecting both developed and developing economies. Therefore, special attention has been paid to Russia’s 1998 financial crisis throughout this dissertation. This thesis covers the period from the birth of the modern Russian financial markets to the present day, Special attention is given to the international linkage and the 1998 financial crisis. This study first identifies the risks associated with Russian market and then deals with their pricing issues. Finally some insights about portfolio construction within Russian market are presented. The first research paper of this dissertation considers the linkage of the Russian equity market to the world equity market by examining the international transmission of the Russia’s 1998 financial crisis utilizing the GARCH-BEKK model proposed by Engle and Kroner. Empirical results shows evidence of direct linkage between the Russian equity market and the world market both in regards of returns and volatility. However, the weakness of the linkage suggests that the Russian equity market was only partially integrated into the world market, even though the contagion can be clearly seen during the time of the crisis period. The second and the third paper, co-authored with Mika Vaihekoski, investigate whether global, local and currency risks are priced in the Russian stock market from a US investors’ point of view. Furthermore, the dynamics of these sources of risk are studied, i.e., whether the prices of the global and local risk factors are constant or time-varying over time. We utilize the multivariate GARCH-M framework of De Santis and Gérard (1998). Similar to them we find price of global market risk to be time-varying. Currency risk also found to be priced and highly time varying in the Russian market. Moreover, our results suggest that the Russian market is partially segmented and local risk is also priced in the market. The model also implies that the biggest impact on the US market risk premium is coming from the world risk component whereas the Russian risk premium is on average caused mostly by the local and currency components. The purpose of the fourth paper is to look at the relationship between the stock and the bond market of Russia. The objective is to examine whether the correlations between two classes of assets are time varying by using multivariate conditional volatility models. The Constant Conditional Correlation model by Bollerslev (1990), the Dynamic Conditional Correlation model by Engle (2002), and an asymmetric version of the Dynamic Conditional Correlation model by Cappiello et al. (2006) are used in the analysis. The empirical results do not support the assumption of constant conditional correlation and there was clear evidence of time varying correlations between the Russian stocks and bond market and both asset markets exhibit positive asymmetries. The implications of the results in this dissertation are useful for both companies and international investors who are interested in investing in Russia. Our results give useful insights to those involved in minimising or managing financial risk exposures, such as, portfolio managers, international investors, risk analysts and financial researchers. When portfolio managers aim to optimize the risk-return relationship, the results indicate that at least in the case of Russia, one should account for the local market as well as currency risk when calculating the key inputs for the optimization. In addition, the pricing of exchange rate risk implies that exchange rate exposure is partly non-diversifiable and investors are compensated for bearing the risk. Likewise, international transmission of stock market volatility can profoundly influence corporate capital budgeting decisions, investors’ investment decisions, and other business cycle variables. Finally, the weak integration of the Russian market and low correlations between Russian stock and bond market offers good opportunities to the international investors to diversify their portfolios.

Winner-Loser Performance and Macroeconomic Effects during three last Economic Crises in Finnish Stock Market

The main purpose of this thesis is to investigate winner-loser performance when financial markets are facing crisis. This is examined through the idea that does the prior loser portfolios outperform the prior winner portfolios during the three major crises: The depression of the 1990s, the IT-Bubble and the Subprime -crisis. Firstly, the winner and loser portfolios superiority is counted by using the cumulative excess returns from the examination period. The portfolios were formed by counting the excess returns and locating them in to the order of superiority. The excess returns are counted by using one year pre-data before the actual examination period. The results of this part did not support the results of De Bondt & Thaler’s (1985) paper. Secondly, it is investigated how the Finnish and the US macroeconomic factors are seen to be affecting the stock market valuation in Finnish Stock Markets during economic crises. This is done to explain better the changes in the successes of the winner-loser performance. The crises included different amount of selected macro factors. Two latest crises involved as well few selected US macro factors. Exclusively the IT-Bubble -crisis had the most statistically significant results with the US factors. Two other crises did not receive statistically significant results. An extra research was produced to study do the US macro factors impact more significantly on Finnish stock exchange after lags. The selected lags were three, six, nine and twelve months. Three and six month lagged US macro factors during the IT-Bubble -crisis improved the results. The extra research did not improve the results of the Subprime -crisis.

VIX as a stock market indicator

The goal of this research was to make an overall sight to VIX and how it can be used as a stock market indicator. Volatility index, often referred as the fear index, measures how much does it cost for investor to protect his/hers S&P 500 position from fluctuations with options. Over the relatively short history of VIX it has succesfull timing coordinator and it has told about the market state adding its own psychological view of the amount of fear and greed.

The Problem of Invasive Species in River Ecosystems

Invasive nonnative species are a major problem in river ecosystems, and have large ecological and economic costs. Few ecosystems can resist invasions. The species that tend to invade most readily are those that humans. Introduce the most, and the ecosystems they invade are those with the most human activity. Most invasions are irreversible, and control is expensive, so efforts should be focused on prevention of future invasions

Asymptotic analysis of stock price densities and implied volatilities in mixed stochastic models

In this paper, we obtain sharp asymptotic formulas with error estimates for the Mellin con- volution of functions de ned on (0;1), and use these formulas to characterize the asymptotic behavior of marginal distribution densities of stock price processes in mixed stochastic models. Special examples of mixed models are jump-di usion models and stochastic volatility models with jumps. We apply our general results to the Heston model with double exponential jumps, and make a detailed analysis of the asymptotic behavior of the stock price density, the call option pricing function, and the implied volatility in this model. We also obtain similar results for the Heston model with jumps distributed according to the NIG law.

Families of periodic horseshoe orbits in the restricted three-body problem

We compute families of symmetric periodic horseshoe orbits in the restricted three-body problem. Both the planar and three-dimensional cases are considered and several families are found.We describe how these families are organized as well as the behavior along and among the families of parameters such as the Jacobi constant or the eccentricity. We also determine the stability properties of individual orbits along the families. Interestingly, we find stable horseshoe-shaped orbit up to the quite high inclination of 17◦

The Market Behavior of Emerging Stock Markets in Europe

This study investigates the over and underreaction effects in nine emerging stock markets of Europe. Especially, the possible behavioral aspects behind them are an area of interest. These aspects would link them strongly to behavioral finance. Second, our aim is to provide more evidence of the similar or dissimilar behavior in general among these countries. Third, the possibility to gain abnormal returns from these markets is also under investigation. Data from nine emerging stock market indexes in Europe is gathered from January 1, 1998 to January 1, 2008 to find answers to the stated questions. Studies for the over and underreaction effects are done using a variant of the event study methodology which in this case includes two different calculation methods for the expected returns. Studies are performed using 60 day time intervals. The results between the two different methods used are relatively similar concerning the over and underreaction effects. Another of the methods, however, suggests there to be behavioral aspects behind the effects interpreted. On the other hand, the another method does not support this suggestion. However, a conclusion can be made that the factors driving these countries' behavior are related to their geographical location and to the fact that they are emerging countries.

The Problematic Internet Entertainment Use Scale for Adolescents: Prevalence of Problem Internet Use in Spanish High School Students

Many researchers and professionals have reported nonsubstance addiction to online entertainments in adolescents. However, very few scales have been designed to assess problem Internet use in this population, in spite of their high exposure and obvious vulnerability. The aim of this study was to review the currently available scales for assessing problematic Internet use and to validate a new scale of this kind for use, specifically in this age group, the Problematic Internet Entertainment Use Scale for Adolescents. The research was carried out in Spain in a gender-balanced sample of 1131 high school students aged between 12 and 18 years. Psychometric analyses showed the scale to be unidimensional, with excellent internal consistency (Cronbach"s alpha of 0.92), good construct validity, and positive associations with alternative measures of maladaptive Internet use. This selfadministered scale can rapidly measure the presence of symptoms of behavioral addiction to online videogames and social networking sites, as well as their degree of severity. The results estimate the prevalence of this problematic behavior in Spanish adolescents to be around 5 percent.

Bifurcation of relative equilibria of the (1+3)-body problem

We study the relative equilibria of the limit case of the pla- nar Newtonian 4{body problem when three masses tend to zero, the so-called (1 + 3){body problem. Depending on the values of the in- nitesimal masses the number of relative equilibria varies from ten to fourteen. Always six of these relative equilibria are convex and the oth- ers are concave. Each convex relative equilibrium of the (1 + 3){body problem can be continued to a unique family of relative equilibria of the general 4{body problem when three of the masses are su ciently small and every convex relative equilibrium for these masses belongs to one of these six families.