Rättsekonomisk analys av revisors skadeståndsansvar i Norden

Revisorn utför ekonomisk kontroll inom sitt uppdrag. Ett vållande av ekonomisk skada när revisorn utför uppdraget innebär att han kan åläggas skadeståndsansvar. På senare tid har revisors vållande vid ekonomisk kontroll prövats av de högsta rättsinstanserna i de nordiska länderna. De högsta rättsinstanserna tenderar att gå långt i sina bedömningar om revisors vållande av ekonomisk skada. De ställer ofta aktsamhetskravet högt då de ålägger revisorerna skadeståndsansvar. I avhandlingen testas revisors skadeståndsansvar enligt en i undersökningen uppbyggd ekonomisk modell. Målsättningen är att vållanderegeln skall leda till ekonomisk effektivitet. Ekonomisk effektivitet prövas genom att en ekonomisk avvägning mellan nyttan och kostnaden med att företa skadeförebyggande åtgärder görs. I den ekonomiska analysen beskrivs revisors vållande i termer av revisors bristande omsorg, medan revisors grova vållande beskrivs som uppenbar försummelse. För undersökningen utgör det nordiska rättsfallsmaterialet ett material där strukturen är likadan, vilket gör det möjligt att pröva ekonomisk effektivitet. Resultatet av den ekonomiska analysen visar att ersättning för förmögenhetsskador inte skall utgöra den egentliga målsättningen. För att kunna begränsa omfattningen av revisors ersättningsansvar så att det ur en samhällsekonomisk synvinkel är ekonomiskt effektivt, bör det formuleras en snäv bedömningsgrund för revisors bristande omsorg. Den ekonomiska analysen påvisar att revisorerna vid bristande omsorg bör åläggas ett administrativt ansvar i form av disciplinära åtgärder. Revisorer skall åläggas skadeståndsansvar endast vid uppenbar försummelse. Genom uppenbar försummelse underlåter revisorerna att förebygga uppenbar förutsebar skada och åsidosätter sitt professionsansvar på ett medvetet sätt.

Modelling and Forecasting Property Rents and Returns (summary section only)

Recently, focus of real estate investment has expanded from the building-specific level to the aggregate portfolio level. The portfolio perspective requires investment analysis for real estate which is comparable with that of other asset classes, such as stocks and bonds. Thus, despite its distinctive features, such as heterogeneity, high unit value, illiquidity and the use of valuations to measure performance, real estate should not be considered in isolation. This means that techniques which are widely used for other assets classes can also be applied to real estate. An important part of investment strategies which support decisions on multi-asset portfolios is identifying the fundamentals of movements in property rents and returns, and predicting them on the basis of these fundamentals. The main objective of this thesis is to find the key drivers and the best methods for modelling and forecasting property rents and returns in markets which have experienced structural changes. The Finnish property market, which is a small European market with structural changes and limited property data, is used as a case study. The findings in the thesis show that is it possible to use modern econometric tools for modelling and forecasting property markets. The thesis consists of an introduction part and four essays. Essays 1 and 3 model Helsinki office rents and returns, and assess the suitability of alternative techniques for forecasting these series. Simple time series techniques are able to account for structural changes in the way markets operate, and thus provide the best forecasting tool. Theory-based econometric models, in particular error correction models, which are constrained by long-run information, are better for explaining past movements in rents and returns than for predicting their future movements. Essay 2 proceeds by examining the key drivers of rent movements for several property types in a number of Finnish property markets. The essay shows that commercial rents in local markets can be modelled using national macroeconomic variables and a panel approach. Finally, Essay 4 investigates whether forecasting models can be improved by accounting for asymmetric responses of office returns to the business cycle. The essay finds that the forecast performance of time series models can be improved by introducing asymmetries, and the improvement is sufficient to justify the extra computational time and effort associated with the application of these techniques.

Essays on Stock Options, Incentives, and Managerial Action

Executive compensation and managerial behavior have received an increasing amount of attention in the financial economics literature since the mid 1970s. The purpose of this thesis is to extend our understanding of managerial compensation, especially how stock option compensation is linked to the actions undertaken by the management. Furthermore, managerial compensation is continuously and heatedly debated in the media and an emerging consensus from this discussion seems to be that there still exists gaps in our knowledge of optimal contracting. In Finland, the first executive stock options were introduced in the 1980s and throughout the last 15 years it has become increasingly popular for Finnish listed firms to use this type of managerial compensation. The empirical work in the thesis is conducted using data from Finland, in contrast to most previous studies that predominantly use U.S. data. Using Finnish data provides insight of how market conditions affect compensation and managerial action and provides an opportunity to explore what parts of the U.S. evidence can be generalized to other markets. The thesis consists of four essays. The first essay investigates the exercise policy of the executive stock option holders in Finland. In summary, Essay 1 contributes to our understanding of the exercise policies by examining both the determinants of the exercise decision and the markets reaction to the actual exercises. The second essay analyzes the factors driving stock option grants using data for Finnish publicly listed firms. Several agency theory based variables are found to have have explanatory power on the likelihood of a stock option grant. Essay 2 also contributes to our understanding of behavioral factors, such as prior stock return, as determinants of stock option compensation. The third essay investigates the tax and stock option motives for share repurchases and dividend distributions. We document strong support for the tax motive for share repurchases. Furthermore, we also analyze the dividend distribution decision in companies with stock options and find a significant difference between companies with and without dividend protected options. We thus document that the cutting of dividends found in previous U.S. studies can be avoided by dividend protection. In the fourth essay we approach the puzzle of negative skewness in stock returns from an altogether different angle than in previous studies. We suggest that negative skewness in stock returns is generated by management disclosure practices and find proof for this. More specifically, we find that negative skewness in daily returns is induced by returns for days when non-scheduled firm specific news is disclosed.

Essays on the Linkages Between Financial Markets, and Risk Asymmetries (summary section only)

During the last few decades there have been far going financial market deregulation, technical development, advances in information technology, and standardization of legislation between countries. As a result, one can expect that financial markets have grown more interlinked. The proper understanding of the cross-market linkages has implications for investment and risk management, diversification, asset pricing, and regulation. The purpose of this research is to assess the degree of price, return, and volatility linkages between both geographic markets and asset categories within one country, Finland. Another purpose is to analyze risk asymmetries, i.e., the tendency of equity risk to be higher after negative events than after positive events of equal magnitude. The analysis is conducted both with respect to total risk (volatility), and systematic risk (beta). The thesis consists of an introductory part and four essays. The first essay studies to which extent international stock prices comove. The degree of comovements is low, indicating benefits from international diversification. The second essay examines the degree to which the Finnish market is linked to the “world market”. The total risk is divided into two parts, one relating to world factors, and one relating to domestic factors. The impact of world factors has increased over time. After 1993, when foreign investors were allowed to freely invest in Finnish assets, the risk level has been higher than previously. This was also the case during the economic recession in the beginning of the 1990’s. The third essay focuses on the stock, bond, and money markets in Finland. According to a trading model, the degree of volatility linkages should be strong. However, the results contradict this. The linkages are surprisingly weak, even negative. The stock market is the most independent, while the money market is affected by events on the two other markets. The fourth essay concentrates on volatility and beta asymmetries. Contrary to many international studies there are only few cases of risk asymmetries. When they occur, they tend to be driven by the market-wide component rather than the portfolio specific element.

Essays on the Determinants of International Portfolio Investments

Investors significantly overweight domestic assets in their portfolios. This behavior which is commonly called “home bias” contradicts the prescriptions of portfolio theory. This thesis explores potential reasons for the “home bias” by examining the characteristics of the investing and the target countries and features of the interaction between them. A common theme of the four essays is a focus on the importance of information about foreign markets in explaining the share of these markets in investors’ portfolios. The results indicate that the size of the equity ownership in another country strongly relates to the distance to the financial capital of that country, and to trade in goods with and direct investments (FDI) to that country. The first essay empirically investigates the relationship between trade in real goods and portfolio investments. Overall, the evidence indicates a substantial role for trade in reducing the information cost relating to portfolio investments. The second essay examines the implications of the launch of the European Monetary Union (EMU) on international portfolio investments. The evidence on the allocation of Finnish international portfolio investments is more consistent with an information-based than a diversification motive explanation. The third essay employs new data for a large number of countries and further explores the role of trade on international portfolio investments. The results indicate that trade provides important information especially on firms in countries in which the corporate governance structure and the information environment of firms generate less reliable information. The fourth essay examines the relationship between direct investments (FDI) and portfolio investments. In contrast to the predications of portfolio theory, it provides evidence that FDI is a complement rather than a substitute for portfolio investments.

Relationship Drivers in Provider - Consumer Relationships. Empirical Studies of Customer Loyalty Programs (första upplagan slutsåld / first edition sold out, 'print on demand' 60 €)

The study addressed a phenomenon that has become common marketing practice, customer loyalty programs. Although a common type of consumer relationship, there is limited knowledge of its nature. The purpose of the study was to create structured understanding of the nature of customer relationships from both the provider’s and the consumer’s viewpoints by studying relationship drivers and proposing the concept of relational motivation as a provider of a common framework for the analysis of these views. The theoretical exploration focused on reasons for engaging in customer relationships for both the consumer and the provider. The themes of buying behaviour, industrial and network marketing and relationship marketing, as well as the concepts of a customer relationship, customer loyalty, relationship conditions, relational benefits, bonds and commitment were explored and combined in a new way. Concepts from the study of business-to-business relationships were brought over and their power in explaining the nature of consumer relationships examined. The study provided a comprehensive picture of loyalty programs, which is an important contribution to the academic as well as the managerial discussions. The consumer study provided deep insights into the nature of customer relationships. The study provides a new frame of reference to support the existing concepts of loyalty and commitment with the introduction of the relationship driver and relational motivation concepts. The result is a novel view of the nature of customer relationships that creates new understanding of the forces leading to loyal behaviour and commitment. The study concludes with managerial implications.

Power and Distribution Network Structure in the People's Republic of China - The Case of an Inland City in Transition

The aim of the current study is to examine the influence of the channel external environment on power, and the effect of power on the distribution network structure within the People’s Republic of China. Throughout the study a dual research process was applied. The theory was constructed by elaborating the main theoretical premises of the study, the channel power theories, the political economy framework and the distribution network structure, but these marketing channel concepts were expanded with other perspectives from other disciplines. The main method applied was a survey conducted among 164 Chinese retailers, complemented by interviews, photographs, observations and census data from the field. This multi-method approach enabled not only to validate and triangulate the quantitative results, but to uncover serendipitous findings as well. The theoretical contribution of the current study to the theory of marketing channels power is the different view it takes on power. First, earlier power studies have taken the producer perspective, whereas the current study also includes a distributor perspective to the discussion. Second, many power studies have dealt with strongly dependent relationships, whereas the current study examines loosely dependent relationships. Power is dependent on unequal distribution of resources rather than based on high dependency. The benefit of this view is in realising that power resources and power strategies are separate concepts. The empirical material of the current study confirmed that at least some resources were significantly related to power strategies. The study showed that the dimension resources composed of technology, know-how and knowledge, managerial freedom and reputation was significantly related to non-coercive power. Third, the notion of different outcomes of power is a contribution of this study to the channels power theory even though not confirmed by the empirical results. Fourth, it was proposed that channel external environment other than the resources would also contribute to the channel power. These propositions were partially supported thus providing only partial contribution to the channel power theory. Finally, power was equally distributed among the different types of actors. The findings from the qualitative data suggest that different types of retailers can be classified according to the meaning the actors put into their business. Some are more business oriented, for others retailing is the only way to earn a living. The findings also suggest that in some actors both retailing and wholesaling functions emerge, and this has implications for the marketing channels structure.

Publishing in the Networked World: Transforming the Nature of Communication, 14th International Conference on Electronic Publishing 16-18 June 2010, Helsinki, Finland

The title of the 14th International Conference on Electronic Publishing (ELPUB), “Publishing in the networked world: Transforming the nature of communication”, is a timely one. Scholarly communication and scientific publishing has recently been undergoing subtle changes. Published papers are no longer fixed physical objects, as they once were. The “convergence” of information, communication, publishing and web technologies along with the emergence of Web 2.0 and social networks has completely transformed scholarly communication and scientific papers turned to living and changing entities in the online world. The themes (electronic publishing and social networks; scholarly publishing models; and technological convergence) selected for the conference are meant to address the issues involved in this transformation process. We are pleased to present the proceedings book with more than 30 papers and short communications addressing these issues. What you hold in your hands is a by-product and the culmination of almost a Year long work of many people including conference organizers, authors, reviewers, editors and print and online publishers. The ELPUB 2010 conference was organized and hosted by the Hanken School of Economics in Helsinki, Finland. Professors Turid Hedlund of Hanken School of Economics and Yaşar Tonta of Hacettepe University Department of Information Management (Ankara, Turkey) served as General Chair and Program Chair, respectively. We received more than 50 submissions from several countries. All submissions were peer-reviewed by members of an international Program Committee whose contributions proved most valuable and appreciated. The 14th ELPUB conference carries on the tradition of previous conferences held in the United Kingdom (1997 and 2001), Hungary (1998), Sweden (1999), Russia (2000), the Czech Republic (2002), Portugal (2003), Brazil (2004), Belgium (2005), Bulgaria (2006), Austria (2007), Canada (2008) and Italy (2009). The ELPUB Digital Library, http://elpub.scix.net serves as archive for the papers presented at the ELPUB conferences through the years. The 15th ELPUB conference will be organized by the Department of Information Management of Hacettepe University and will take place in Ankara, Turkey, from 14-16 June 2011. (Details can be found at the ELPUB web site as the conference date nears by.) We thank Marcus Sandberg and Hannu Sääskilahti for copyediting, Library Director Tua Hindersson – Söderholm for accepting to publish the online as well as the print version of the proceedings. Thanks also to Patrik Welling for maintaining the conference web site and Tanja Dahlgren for administrative support. We warmly acknowledge the support in organizing the conference to colleagues at Hanken School of Economics and our sponsors.

Enantiodivergent Formal Total Synthesis of Aspercyclide C from L-(+)-Tartaric Acid

The enantiodivergent formal syntheses of both enantiomers of aspercyclide C is accomplished. Starting from L-(+)-tartaric acid, the key protected allylic alcohol, (3R,4R)-4-(methoxy-methoxy) non-1-en-3-ol is prepared, and is then elaborated into both enantiomers of 3-(4-methoxybenzyl)oxy]non-1-en-4-ol via Mitsunobu inversion. Esterification with a known biaryl acid, followed by ring-closing metathesis and deprotection completes the syntheses.

Synthesis Based on Cyclohexadienes .11. A A new total synthesis of (±)-norprezizanone

Acid catalyzed rearrangement of endo 1-methoxytricyclo[6.2.2.0(3,8)]dodec-2-en-10-ol 8c afforded the ketone 9 which has been transformed into (+/-)-norprezizanone 19 thus completing a formal synthesis of (+/-)-zizaene. A key step in this strategy is a stereospecific 1,4-addition of a methyl group

Naphthalenes Image microwave irradiation induced rearrangement on montmorillonite K-10

Irradiation of 4-aryl-4-alkylhex-5-en-2-ones (e.g. 1a) or 5-aryl-4-alkylhex-5-en-2-ones (e.g. 2a) adsorbed on montmorillonite K-10 in a commercial microwave oven furnishes the multialkylated naphthalenes (e.g. 3).

Advantage of the ether linkage between the positive charge and the cholesteryl skeleton in cholesterol-based amphiphiles as vectors for gene delivery

Twelve novel cationic cholesterol derivatives with different linkage types between the cationic headgroup and the cholesteryl backbone have been developed. These have been tested for their efficacies as gene transfer agents as mixtures with dioleoyl phosphatidylethanolamine (DOPE). A pronounced improvement in transfection efficiency was observed when the cationic center was linked to the steroid backbone using an ether type bond. Among these, cholest-5-en-3b-oxyethane-N, N,N-trimethylammonium bromide (2a) and cholest-5-en-3b-oxyethane-N, N-dimethyl-N-2-hydroxyethylammonium bromide (3d) showed transfection efficiencies considerably greater than commercially available reagents such as Lipofectin or Lipofectamine. To achieve transfection, 3d did not require DOPE. Increasing hydration at the headgroup level for both ester- and ether-linked amphiphiles resulted in progressive loss of transfection efficiency. Transfection efficiency was also greatly reduced when a 'disorder'-inducing chain like an oleyl (cis-9-octadecenyl) segment was added to these cholesteryl amphiphiles. Importantly, the transfection ability of 2a with DOPE in the presence of serum was significantly greater than for a commercially available reagent, Lipofectamine. This suggests that these novel cholesterol-based amphiphiles might prove promising in applications involving liposome-mediated gene transfection. This investigation demonstrates the importance of structural features at the molecular level for the design of cholesterol-based gene delivery reagents that would aid the development of newer, more efficient formulations based on this class of molecules.

Digestibilidad in vitro de la biomasa verde amonificada del pasto Guinea (Panicum maximum, Jacq), cv Colonial, finca Santa Rosa, Sabana Grande, Managua

Se llevó a cabo un estudio con el objetivo de determinar el mejoramiento de la composición química de la biomasa verde y tratada con urea como proceso de amonificación y la digestibilidad In vitro de los parámetros de calidad, materia seca (DIVMS), materia orgánica (DIVMO) y fibra detergente neutro (DIVFDN). El pasto utilizado fue el Guinea (Panicum maximum, Jacq), cv Colonial, el cual se encontraba en etapa vegetativa con 75 días de rebrote. El muestreo se realizó durante el mes de octubre del año 2012 en la Finca Santa Rosa, Universidad Nacional Agraria. Managua, Nicaragua. Los tratamiento consistieron en cuatro niveles de aplicación de urea; 0, 1, 3 y 5 % en base al forraje verde a tratar, diluido en 0.5 L de agua, y almacenados en bolsas de polietileno durante 21 días a temperatura ambiente; las mismas muestras con los mismos tratamientos se utilizaron para determinar la digestibilidad in vitro de MS, MO, FDN. El diseño utilizado tanto en la determinación de la digestibilidad fue un DCA (Diseño completo al Azar) con tres repeticiones. Las variables de estudio para cada tratamiento fueron, porcentajes de; materia seca, materia orgánica y fibra detergente neutro (FDN). Se realizaron análisis de varianza (ANDEVA) y separaciones de medias, usando Tukey (P<0.05). Para el análisis estadístico las variables codificadas en porcentajes se transformaron, según, 2 arco seno p (Dos veces Arco seno de la raíz cuadrada de la proporción). Se encontró diferencias significativas (P ≤ 0.05) para las variables de materia seca, materia orgánica y fibra detergente neutro. La digestibilidad de la materia seca presentó diferencias estadísticas entre los distintos tratamiento y fue mejorada significativamente (38.79 vs 48.74 para 0 y 5% de urea respectivamente). La materia orgánica es mejor que la fibra detergente neutro también fueron mejoradas en su digestibilidad con el tratamiento de 5% de urea en base a forraje verde. Se concluye que el tratamiento de 5 % de urea es el más recomendado para la amonificación de forraje verde y de 75 días de edad del Panicum maximum, Jacq), cv Colonial. Estos resultados son halagadores ya que con el uso de esta tecnología se evidencia la transformación de materiales maduros de baja o nula calidad en alimentos que provean nutrientes (Proteína –Energía y Minerales) al animal como se evidencia en los resultados de digestibilidad in vitro de los diferentes nutrientes evaluados por nuestro trabajo.

Efecto de diferentes niveles de insumos y tipos de sombra sobre el comportamiento de las principales plagas del cultivo de café (Coffea arabica L), Masatepe, Nicaragua 2003-2004

El estudio se realizó en el Centro Experimental "Jardín Botánico", UNICAFE y en el Centro Experimental "Campos Azules", INT A, ubicados en Masatepe, Masaya en el período comprendido de mayo 2003 a abril 2004. Se estudió el efecto de las interacciones entre pleno sol y cuatro combinaciones de árboles maderables ( Simarouba glauca y Tabebuia rosea ) y leguminosas ( Inga spp . y Enter olobium ciclocarpum ) y cuatro niveles y tipos de insumos químicos (AC y MC) u orgánicos (MO y BO) sobre el comportamiento de las principales plagas del cultivo de café en un experimento de sistemas establecido por el CATIE en el Jardín Botánico y Campos Az ules en Masatepe. El ensayo cuenta de tres réplicas y 14 tratamientos, el tamaño de la parcela experimental es de 11 surcos de 10 plantas cada uno. En cada parcela se evaluaron 15 plantas distribuidas en cinco conglomerados de tres plantas cada uno. Los mu estreos se realizaron mensualmente mediante el método de recuento integral y las variables evaluadas fueron incidencia de roya, mancha de hierro, antracnosis, severidad de antracnosis en bandola, incidencia de minador, broca y chasparria. Los resultados ob tenidos demostraron que la enfermedad que tuvo mayor incidencia durante todos los muestreos fue mancha de hierro teniendo su mayor incidencia (15% - 25%) en los meses de agosto y septiembre, los tratamientos MO - SGTR, MC - IVSG y MO – IVSG fueron menos afe ctados por la enfermedad, mientras que los tratamientos AC - PSOL, MC - ECTR y MC - PSOL fueron los que presentaron mayor incidencia. Otra enfermedad que se presentó durante todos los muestreos fue antracnosis y los tratamientos se comportaron de forma sim ilar que en mancha de hierro, sin embargo es importante mencionar que esta enfermedad no alcanzó los niveles críticos establecidos (5%). En época seca se presentó la roya y el minador; para roya los tratamientos AC - PSOL, MC - PSOL y MC - ECTR fueron los que tuvieron menor incidencia, mientras que los tratamientos con mayor incidencia fueron MC - IVSG y MO - IVSG; para el minador no se encontraron diferencias significativas entre los tratamientos.

Unemployment and private returns to higher education in Argentina (1974-2002)

Resumen: El trabajo analiza la evolución de los retornos privados a la educación superior en Argentina durante el período 1974–2002 y cómo éstos se vieron afectados por el desempleo. La conclusión es que los retornos a la educación son mayores si se los corrige teniendo en cuenta el desempleo para cada nivel educativo, ya que a mayor nivel, menor tasa de desempleo. Al evaluar invertir en educación no se debería considerar simplemente el diferencial de ingresos sino también la mayor probabilidad de tener un trabajo. Esto es relevante en un país como Argentina que pasó de tener tasas de desempleo cercanas a 5% en la década del ochenta a tener tasas de dos dígitos a fines del siglo XX y comienzos del XXI.