The Dynamic Relationship between Finnish Stock Market and Commodities

Since different stock markets have become more integrated during 2000s, investors need new asset classes in order to gain diversification benefits. Commodities have become popular to invest in and thus it is important to examine whether the investors should use commodities as a part for portfolio diversification. This master’s thesis examines the dynamic relationship between Finnish stock market and commodities. The methodology is based on Vector Autoregressive models (VAR). The long-run relationship between Finnish stock market and commodities is examined with Johansen cointegration while short-run relationship is examined with VAR models and Granger causality test. In addition, impulse response test and forecast error variance decomposition are employed to strengthen the results of short-run relationship. The dynamic relationships might change under different market conditions. Thus, the sample period is divided into two sub-samples in order to reveal whether the dynamic relationship varies under different market conditions. The results show that Finnish stock market has stable long-run relationship with industrial metals, indicating that there would not be diversification benefits among the industrial metals. The long-run relationship between Finnish stock market and energy commodities is not as stable as the long-run relationship between Finnish stock market and industrial metals. Long-run relationship was found in the full sample period and first sub-sample which indicate less room for diversification. However, the long-run relationship disappeared in the second sub-sample which indicates diversification benefits. Long-run relationship between Finnish stock market and agricultural commodities was not found in the full sample period which indicates diversification benefits between the variables. However, long-run relationship was found from both sub-samples. The best diversification benefits would be achieved if investor invested in precious metals. No long-run relationship was found from either sample. In the full sample period OMX Helsinki had short-run relationship with most of the energy commodities and industrial metals and the causality was mostly running from equities to commodities. During the first sub period the number of short-run relationships and causality shrunk but during the crisis period the number of short-run relationships and causality increased. The most notable result found was unidirectional causality from gold to OMX Helsinki during the crisis period.

The impact of companies’ demergers to the stock prices: a Finnish perspective

Tässä kauppatieteiden kandidaatintyössä tutkittiin millaisia vaikutuksia julkisesti noteerattujen yhtiöiden osakekurssissa tapahtuu, kun jo valmiiksi Helsingin pörssissä listattu yritys jakautuu kahdeksi uudeksi pörssiyritykseksi. Molempien yrityksien osakkeita voi tämän jakautumisen jälkeen vapaasti ostaa tai myydä. Aikaisempi tutkimus on pääsääntöisesti keskittynyt Yhdysvaltojen markkinoille ja näiden tutkimusten tuloksien perusteella on monessa tapauksessa havautta, että on mahdollista saavuttaa ylinormaaleja tuottoja, kun pörssiyritys jakautuu kahdeksi uudeksi pörssiyritykseksi. Tässä analyysissä jakautumiset ajallisesti tapahtuivat vuosien 1994 ja 2013 välisenä aikana Suomessa ja näitä jakautumia oli yhteensä 16 kappaletta. Tutkimuksessa on hyödynnetty tilastollisten menetelmien analyysiä sekä CAP-mallia, jotta voitaisiin löytää vastauksia seuraaviin kysymyksiin: Vaikuttaako pörssiyrityksen jakautuminen kahdeksi pörssiyritykseksi alkuperäisen yhtiön ja uuden yhtiön osakekursseihin? Onko vaikutus positiivinen, negatiivinen vai onko jakautumisella mitään havaittavaa vaikutusta? Tämän tutkimuksen tulokset antavat uutta tietoa tutkijoille, analyytikoille, opettajille, opiskelijoille, yrityksille ja yritysten johdolle sekä erityisesti sijoittajille. Tulosten mukaan on nähtävissä monia vaikutuksia osakekursseissa, kun pörssiyritys jakautuu. Vaikutus näyttää kuitenkin olevan jossain määrin yritys-riippuvainen. Kun sijoitetaan oikeaan aikaan, on monia jakautuvia yrityksiä, jotka antavat hyvän tuoton keskimäärin, mutta kuten tavallista ja tyypillistä osakemarkkinoille, on myös jakautuvia yhtiöitä, jotka antavat negatiivisia tuottoja tai tuotot ovat nollassa

Successful new venturing process implemented by the founding entrepreneur: A case of Finnish sawmill industry

The fundamental purpose of this research is to emphasise a founding entrepreneur’s own role in the construction of a successful business story, with the focus being on the analysis of the entrepreneur’s activities. The theoretical section sheds light on the heterogeneous nature of existing performance research and, thereby, opens the way for the behavioural approach research of entrepreneurs in the field of new venture performance research. This research can be seen to be in line with the latest trends in entrepreneurship research, which question the applicability of different organisational theories in entrepreneurship research. For this reason, the founding entrepreneur has been chosen, instead of the company, to be the unit of analysis in this research in order to lighten the link in question while developing and refining new knowledge in the field of entrepreneurship. The empirical section of this research focuses on the entrepreneur’s own actions or behaviours that can be seen to be associated with the company’s success. Although some of these actions may resemble the strategic actions of a company as defined in strategic management literature, these actions taken by the entrepreneur themselves must be distinguished from the different organisational actions. Usually, an entrepreneur makes decisions rather independently, mainly on basis of their own intuition and prevailing market conditions, whereas organisational actions are very systematic, and each decision involves many different people. For this reason, an entrepreneur’s actions must be distinguished from organisational actions. In additional to different action paths, the empirical data collected for this research also offers almost unambiguous proof that the actions taken by an entrepreneur at the different stages of a company’s development do play a crucial role in the success of the companies studied in this research. In this way, it is possible to identify a significant link between the behavioural approach research of entrepreneurs and new venture performance research. Due to a lack of behavioural research into founding entrepreneurs, this research has utilised a qualitative (hermeneutic) research approach. The researcher strove to establish a particularly close connection with the entrepreneurs that were studied here and, thus, understand the actions taken at the different stages of their companies’ development as well as the motives and fundamental purposes of these actions. It would not have been possible to manage such profound data that focuses on causalities by using quantitative methods. In addition to interviews, this research used corporate histories of the companies for collecting some of the research data. These corporate histories can be considered excellent tools for the researcher to obtain a preliminary understanding and can, thereby, be seen to have laid the ground for more in-depth and diverse analyses.

The relationship between b2b branding and industrial buying in the digital era: evidence from Finnish gas industry

The aim of this study is to understand the importance of b2b brands in different phases of the industrial buying process in the digital era. The research problem is approached by examining a b2b supplier brand in the context of gas supplier selection. The data was collected by interviewing individuals from ten different companies. The findings contribute to previous theory by showing that as industrial buying behaviour is eventually individual behaviour, brands can influence decision making. The relevance of a brand depends on individual’s personality and preferences. Digital media cannot be ignored in managing brand image as buyers are present in the online environment. The results reveal that traditional personal selling is, nevertheless, in a key role in brand image building and is a source of added value. The salesperson influences buyers’ perceived associations of a brand and gives the brand a face.

How Cloud Services may Enable SMEs to Overcome International Growth Challenges: Finnish SMEs in the IT Industry

Digitalization and technology megatrends such as Cloud services have provided SMEs with a suitable atmosphere and conditions to internationalize and seek for further business growth. There is a limited amount of research on Cloud services from the business perspective and the limitations and challenges SMEs encounter when pursuing international business growth. Thus, the main research question of this study was how Cloud services may enable Finnish SMEs to overcome international growth challenges. The research question was further divided into three sub-questions dealing with matters related to features and characteristics of Cloud services, limitations and challenges Finnish SMEs experience when pursuing international growth of business, and benefits and advantages of utilizing Cloud services to mitigate and suppress international growth challenges. First, the theoretical framework of this study was constructed based on the existing literature on Cloud services, SMEs, and international growth challenges. After this, qualitative research approach and methodology were applied for this study. The data was collected through six semi-structured expert interviews in person with representatives of IBM, Exidio, Big Data Solutions, and Comptel. After analyzing the collected data by applying thematic analysis method, the results were compared with the existing theory and the original framework was modified and complemented accordingly. Resource scarcity, customer base expansion and retention, and lack of courage to try new things and take risks turned out to be major international growth challenges of Finnish SMEs. Due to a number of benefits and advantages of utilizing Cloud services including service automation, consumption-based pricing model, lack of capital expenditures (capex) and huge upfront investments, lightened organization structure, cost savings, speed, accessibility, scalability, agility, geographical expansion potential, global reaching and covering, credibility, partners, enhanced CRM, freedom, and flexibility, it can be concluded that Cloud services can help directly and indirectly Finnish SMEs to mitigate and overcome international growth challenges and enable further business growth.

The Role Of Social Networks In New Venture Internationalization: Case Of Russian And Finnish Firms

The purpose of current master thesis research is to investigate the role of social networks in internationalization of Russian and Finnish firms. Literature review of existing empirical researches on the topic is conducted in order to identify the gap, which is fulfilled by empirical research of 4 Russian and 1 Finnish firm that have established international operations no later than 8 years since their foundation. In-depth semi-structured interviews have shown that business network has been an influencing factor in firms’ internationalization and that even if social network is not the driver of internationalization, it becomes important when a company has established international presence and is working on its enlargement. The study has both theoretical and practical contribution by contributing to research of Russian and Finnish firms’ internationalization and by showing examples of successful foreign market entry of companies from different industries. General practical implication of current thesis is that it shows the efficient ways of entrepreneurs’ social network usage in business development in international scope.

Controls on inorganic nitrogen leaching from Finnish catchments assessed using a sensitivity and uncertainty analysis of the INCA-N model

The semi-distributed, dynamic INCA-N model was used to simulate the behaviour of dissolved inorganic nitrogen (DIN) in two Finnish research catchments. Parameter sensitivity and model structural uncertainty were analysed using generalized sensitivity analysis. The Mustajoki catchment is a forested upstream catchment, while the Savijoki catchment represents intensively cultivated lowlands. In general, there were more influential parameters in Savijoki than Mustajoki. Model results were sensitive to N-transformation rates, vegetation dynamics, and soil and river hydrology. Values of the sensitive parameters were based on long-term measurements covering both warm and cold years. The highest measured DIN concentrations fell between minimum and maximum values estimated during the uncertainty analysis. The lowest measured concentrations fell outside these bounds, suggesting that some retention processes may be missing from the current model structure. The lowest concentrations occurred mainly during low flow periods; so effects on total loads were small.

Nordic Film Series: "To My Son in Spain: Finnish Canadians in the Spanish Civil War"

Finlandia University's Nordic Film Series, a free event open to the public, will feature two viewings of "To My Son in Spain: Finnish Canadians in the Spanish Civil War," with writer Dr. Saku Pinta available for questions. This documentary features the story of Jules Päiviö (1916-2013), who was the last surviving Canadian volunteer of the Mackenzie-Papineau Battallion of the “International Brigades”.

Nordic Film Series: "To My Son in Spain: Finnish Canadians in the Spanish Civil War"

Finlandia University's Nordic Film Series, a free event open to the public, will feature two viewings of "To My Son in Spain: Finnish Canadians in the Spanish Civil War," with writer Dr. Saku Pinta available for questions. This documentary features the story of Jules Päiviö (1916-2013), who was the last surviving Canadian volunteer of the Mackenzie-Papineau Battallion of the “International Brigades”.

Building the New Society in the Shell of the Old: Finnish-Canadian Hall Socialism and the Canadian Industrial Unionist Support League

The literature on Finnish immigrant working-class movements in North America frequently makes reference to the phenomenon of "hall socialism," so-called because of the central position that the socialist or labor hall occupied in the political, associational, and cultural life of many Finnish communities throughout the twentieth-century. In the 1930s, over 80 such Finnish halls were spread across Canada, and many people associated with these halls vigorously supported the mission of organized labor. This paper will examine the history, ideas, and practices of the Industrial Workers of the World-influenced Canadan Teollisuusunionistien Kannatus Liitto (CTKL; Canadian Industrial Unionist Support League), and its connections to Finnish Canadian hall socialism. The paper will consider the role of the CTKL in supporting workers' struggles, the significance of the hall as a part of the infrastructural bedrock that sustained this support, and the broader interaction between social and radical organizing commitments.

The Copper Country Strike of 1913-1914 in Finnish Newspapers

The purpose of this study is to take a closer look at media response in Finland concerning the 1913-14 Michigan Copper Strike and depict how the strike was presented in the Old Country and its main newspapers. I shall take a closer look at the 1913-14 issues of Työmies (social democrat), Helsingin Sanomat (liberal), and Uusi Suometar (conservative) for ideological views of the strike. Furthermore, and in terms of close reading and cross-referencing, how did these newspapers in Finland see the strike and the strike’s outcome? Editorial notes and letters from the public shall both be included. Special attention will be given to the notions of transnational solidarity between Finnish-American and Finnish labor activists.

Finnish Americans and the Farm Revolt of the 1930s

Farm protest in the United States attracted widespread attention in the 1930s as militant farmers interfered with foreclosure sales, demonstrated at county court houses and state capitals, and blocked highways and stopped trains to prevent crops and livestock from going to market in an effort to raise farm prices. The best known of the protest groups was the Farmers Holiday Association, which was formed in 1932. Prior to the Holiday, however, a left-wing group organized by Communists in 1930 known as the United Farmers League (UFL) gained an initial following in the cutover country of the Upper Peninsula of Michigan, northern Wisconsin, northern Minnesota, and parts of the Dakotas and northeast Montana. Finnish Americans dominated the UFL in the Upper Midwest and in a few locales in the Dakotas. Evidence for this high level of influence comes from the fact that the head of the Communist Party’s Agrarian Department was Henry Puro, a key figure in Finnish American Communist circles and a member of the Party’s Politburo. This paper will focus on Finnish American involvement in the UFL and, to a lesser extent, the broader-based Farmers Holiday movement.

Finnish Fighting Words: Printing the Työmies Translation Project

The Työmies translation project involves the translation of that newspaper’s accounts of significant events from Michigan’s 1913-1914 Copper Strike. Työmies was a Finnish-language newspaper, published in Hancock, Michigan, whose socialist-unionist perspective on the strike differed markedly from that of the local English-language newspapers. This project is the first time significant portions of Työmies have been translated into English. In June of 2013, the presenter printed the translation of the Työmies account of the strike’s first day on a hand-operated Chandler & Price platen press. Thus, the presentation describes this unique project: the translation itself, the presenter’s search for necessary type and equipment, and the printing of the broadsides. The presentation will include a history of Työmies and the Strike, with an emphasis on ways in which human culture and language is reflected in the material culture of printing.