Preparation and properties of peroxy titanium malonate

The method of preparation and physicochemical properties of peroxy titanium malonate, TiO2(OOC)2CH2·3H2O are given. The reasons for the poor complexing tendency of malonic acid are discussed. The nature of the bonds between titanium and the peroxy as well as malonate groups is assigned from spectrophotometric and infra-red absorption studies.

Beyond Words : The European Court of Justice and Legal Certainty in Multilingual EU Law

This study addresses the issue of multilingualism in EU law. More specifically, it explores the implications of multilingualism for conceptualising legal certainty, a central principle of law both in domestic and EU legal systems. The main question addressed is how multilingualism and legal certainty may be reconciled in the EU legal system. The study begins with a discussion on the role of translation in drafting EU legislation and its implications for interpreting EU law at the European Court of Justice (ECJ). Uncertainty regarding the meaning of multilingual EU law and the interrelationship between multilingualism and ECJ methods of interpretation are explored. This analysis leads to questioning the importance of linguistic-semantic methods of interpretation, especially the role of comparing language versions for clarifying meaning and the ordinary meaning thesis, and to placing emphasis on other, especially the teleological, purpose-oriented method of interpretation. As regards the principle of legal certainty, the starting-point is a two-dimensional concept consisting of both formal and substantive elements; of predictability and acceptability. Formal legal certainty implies that laws and adjudication, in particular, must be predictable. Substantive legal certainty is related to rational acceptability of judicial decision-making placing emphasis on its acceptability to the legal community in question. Contrary to predictability that one might intuitively relate to linguistic-semantic methods of interpretation, the study suggests a new conception of legal certainty where purpose, telos, and other dynamic methods of interpretation are of particular significance for meaning construction in multilingual EU law. Accordingly, the importance of purposive, teleological interpretation as the standard doctrine of interpretation in a multilingual legal system is highlighted. The focus on rational, substantive acceptability results in emphasising discourse among legal actors among the EU legal community and stressing the need to give reasons in favour of proposed meaning in accordance with dynamic methods of interpretation including considerations related to purposes, aims, objectives and consequences. In this context, the role of ideal discourse situations and communicative action taking the form of interaction among the EU legal community in an ongoing dialogue especially in the preliminary ruling procedure is brought into focus. In order for this dialogue to function, it requires that the ECJ gives persuasive, convincing and acceptable reasons in justifying its decisions. This necessitates transparency, sincerity, and dialogue with the relevant audience.

Oppilaan interkulttuurisuus ja asennoituminen englannin kielen opiskeluun kaksikielisellä luokalla

The purpose of this research was to study the bilingual class students attitudes toward schoolwork, studying in English and their attitudes toward ethnic diversity. Bilingualism has been shown to promote a person s cultural knowledge and to increase one s cultural tolerance. Also, it has been proven that young people are among the most receptive toward ethnic diversity. Students in bilingual classes have often lived abroad, travelled extensively, or have had contacts with different cultures through their parents work. This thesis seeks to clarify whether bilingualism has an effect on lower and upper graders intercultural competence. Also, it seeks to determine what the students think about their English language skills and what their abilities are to tolerate cultural differences. The research was carried out in one of Espoo Finland schools grades 4 to 9 in December 2008. One hundred fourteen (114) students participated in the research. Students answered the questions on a form where they were asked to submit their background information and answer which language they prefer in studying the school subjects. Students were also asked to choose from 18 pictures with ethnically different persons, telling which ones could be their friends and which ones they wished not to meet, as well as stating the reasons why. Also, the students answered to Likert-scale questions concerning their English studies and interculturalism. The data has been processed with qualitative and quantitative methods. The results show that the study language is not significant. Most of the students experienced studying in a bilingual class as a positive thing, and thought highly about their English skills. The students positive attitudes toward ethnic diversity and intercultural sensitivity were present in their answers. Tolerance and intercultural competence was especially noticeable in the written explanations by the older students.

Mass Spectrometry Informatics in Systems Biology

Mass spectrometry (MS) became a standard tool for identifying metabolites in biological tissues, and metabolomics is slowly acknowledged as a legitimate research discipline for characterizing biological conditions. The computational analyses of metabolomics, however, lag behind compared with the rapid advances in analytical aspects for two reasons. First is the lack of standardized data repository for mass spectra: each research institution is flooded with gigabytes of mass-spectral data from its own analytical groups and cannot host a world-class repository for mass spectra. The second reason is the lack of informatics experts that are fully experienced with spectral analyses. The two barriers must be overcome to establish a publicly free data server for MS analysis in metabolomics as does GenBank in genomics and UniProt in proteomics. The workshop brought together bioinformaticians working on mass spectral analyses in Finland and Japan with the goal to establish a consortium to freely exchange and publicize mass spectra of metabolites measured on various platforms computational tools to analyze spectra spectral knowledge that are computationally predicted from standardized data. This book contains the abstracts of the presentations given in the workshop. The programme of the workshop consisted of oral presentations from Japan and Finland, invited lectures from Steffen Neumann (Leibniz Institute of Plant Biochemistry), Matej Oresic (VTT), Merja Penttila (VTT) and Nicola Zamboni (ETH Zurich) as well as free form discussion among the participants. The event was funded by Academy of Finland (grants 139203 and 118653), Japan Society for the Promotion of Science (JSPS Japan-Finland Bilateral Semi- nar Program 2010) and Department of Computer Science University of Helsinki. We would like to thank all the people contributing to the technical pro- gramme and the sponsors for making the workshop possible. Helsinki, October 2010 Masanori Arita, Markus Heinonen and Juho Rousu

Generalizations and Models in Ecology : Lawlikeness, Invariance, Stability, and Robustness

The question at issue in this dissertation is the epistemic role played by ecological generalizations and models. I investigate and analyze such properties of generalizations as lawlikeness, invariance, and stability, and I ask which of these properties are relevant in the context of scientific explanations. I will claim that there are generalizable and reliable causal explanations in ecology by generalizations, which are invariant and stable. An invariant generalization continues to hold or be valid under a special change called an intervention that changes the value of its variables. Whether a generalization remains invariant during its interventions is the criterion that determines whether it is explanatory. A generalization can be invariant and explanatory regardless of its lawlike status. Stability deals with a generality that has to do with holding of a generalization in possible background conditions. The more stable a generalization, the less dependent it is on background conditions to remain true. Although it is invariance rather than stability of generalizations that furnishes us with explanatory generalizations, there is an important function that stability has in this context of explanations, namely, stability furnishes us with extrapolability and reliability of scientific explanations. I also discuss non-empirical investigations of models that I call robustness and sensitivity analyses. I call sensitivity analyses investigations in which one model is studied with regard to its stability conditions by making changes and variations to the values of the model s parameters. As a general definition of robustness analyses I propose investigations of variations in modeling assumptions of different models of the same phenomenon in which the focus is on whether they produce similar or convergent results or not. Robustness and sensitivity analyses are powerful tools for studying the conditions and assumptions where models break down and they are especially powerful in pointing out reasons as to why they do this. They show which conditions or assumptions the results of models depend on. Key words: ecology, generalizations, invariance, lawlikeness, philosophy of science, robustness, explanation, models, stability

High cholesterol diet and esterification of cholesterol by the intestinal mucosa of rats

Young male rats maintained on a diet containing 1% cholesterol were sacrificed at the end of 1st, 2nd, 3rd, 5th, and 7th week. Acetone powders prepared from their intestinal mucosa and pancreas were tested for the synthetic and hydrolytic activities for Vitamin A and cholesterol esters. The esterifying activity of the mucosal enzymes for both Vitamin A and cholesterol increased progressively up to the end of the 5th week; the increase in esterification of cholesterol was more marked with respect to saturated fatty acids, as compared to the unsaturated ones. The pancreatic enzymes remained unaffected. It is suggested that one of the reasons for the accumulation of cholesterol esters in animal tissues may be the increased esterification of the sterol in the mucosa induced by dietary cholesterol.

Key Factors Influencing Economic Relationships and Communication in Finnish Food Chains

The aim of this report is to discuss the role of the relationship type and communication in two Finnish food chains, namely the pig meat-to-sausage (pig meat chain) and the cereal-to-rye bread (rye chain) chains. Furthermore, the objective is to examine those factors influencing the choice of a relationship type and the sustainability of a business relationship. Altogether 1808 questionnaires were sent to producers, processors and retailers operating in these two chains of which 224 usable questionnaires were returned (the response rate being 12.4%). The great majority of the respondents (98.7%) were small businesses employing less than 50 people. Almost 70 per cent of the respondents were farmers. In both chains, formal contracts were stated to be the most important relationship type used with business partners. Although for many businesses written contracts are a common business practice, the essential role of the contracts was the security they provide regarding the demand/supply and quality issues. Relative to the choice of the relationship types, the main difference between the two chains emerged especially with the prevalence of spot markets and financial participation arrangements. The usage of spot markets was significantly more common in the rye chain when compared to the pig meat chain, while, on the other hand, financial participation arrangements were much more common among the businesses in the pig meat chain than in the rye chain. Furthermore, the analysis showed that most of the businesses in the pig meat chain claimed not to be free to choose the relationship type they use. Especially membership in a co-operative and practices of a business partner were mentioned as the reasons limiting this freedom of choice. The main business relations in both chains were described as having a long-term orientation and being based on formal written contracts. Typical for the main business relationships was also that they are not based on the existence of the key persons only; the relationship would remain even if the key people left the business. The quality of these relationships was satisfactory in both chains and across all the stakeholder groups, though the downstream processors and the retailers had a slightly more positive view on their main business partners than the farmers and the upstream processors. The businesses operating in the pig meat chain seemed also to be more dependent on their main business relations when compared to the businesses in the rye chain. Although the communication means were rather similar in both chains (the phone being the most important), there was some variation between the chains concerning the communication frequency necessary to maintain the relationship with the main business partner. In short, the businesses in the pig meat chain seemed to appreciate more frequent communication with their main business partners when compared to the businesses in the rye chain. Personal meetings with the main business partners were quite rare in both chains. All the respondent groups were, however, fairly satisfied with the communication frequency and information quality between them and the main business partner. The business cultures could be argued to be rather hegemonic among the businesses both in the pig meat and rye chains. Avoidance of uncertainty, appreciation of long-term orientation and independence were considered important factors in the business cultures. Furthermore, trust, commitment and satisfaction in business partners were thought to be essential elements of business operations in all the respondent groups. In order to investigate which factors have an effect on the choice of a relationship type, several hypotheses were tested by using binary and multinomial logit analyses. According to these analyses it could be argued that avoidance of uncertainty and risk has a certain effect on the relationship type chosen, i.e. the willingness to avoid uncertainty increases the probability to choose stable relationships, like repeated market transactions and formal written contracts, but not necessary those, which require high financial commitment (like financial participation arrangements). The probability of engaging in financial participation arrangements seemed to increase with long-term orientation. The hypotheses concerning the sustainability of the economic relations were tested by using structural equation model (SEM). In the model, five variables were found to have a positive and statistically significant impact on the sustainable economic relationship construct. Ordered relative to their importance, those factors are: (i) communication quality, (ii) personal bonds, (iii) equal power distribution, (iv) local embeddedness and (v) competition.

European Union and the developing nations' external debt : EU-15's debt policy, 1960–2008

This Master's Thesis defines the debt policy of the current European Union Member States towards the developing nations. Since no official policy for debt exists in the EU, it is defined to include debt practices (loans and debt relief in development cooperation) and debt within the EU development policy framework. This study (1) describes how the issue of external debt appears in the development policy framework, (2) compares EU Member States' given loans and debt relief to grants for the developing nations (1960s to the 2000s), and (3) measures the current orientation in ODA of each EU Member State between grant aid and loan aid using the Grant-Loan Index (GLI). Theoretical aspects include reasons for selecting between loans (Bouchet 1987) and grants (Odedokun 2004, O'Brien and Williams 2007), policy context of the EU (Van Reisen 2007) and the meaning of external debt in the set-up between the North and the South. In terms of history, the events and impact of the colonial period (where loans have originated) are overviewed and compared in light of today's policies. Development assistance statistics are derived from the OECD DAC statistics portal and EU development policy framework documents from the EU portal. Methodologically, the structure of this study is from policy analysis (Barrien 1999, Hill 2008, Berndtson 2008), but it has been modified to fit the needs of studying a non-official policy. EU Member States are divided into three groups by Carbone (2007a), the Big-3, Northern and Southern donors, based on common development assistance characteristics. The Grant-Loan Index is used to compare Carbone's model, which measures quality of aid, to the GLI measuring the structure of aid. Results indicate that EU- 15 countries (active in debt practices) differ in terms of timing, stability and equality of debt practices in the long-term (1960s to the 2000s). In terms of current practices, (2000-2008), it is noted that there lies a disparity between the actual practices and the way in which external debt is represented in the development policy framework, although debt practices form a relevant portion of total ODA practices for many EU-15 Member States, the issue itself plays a minor role in development policy documents. Carbone’s group division applies well to the Grant – Loan Index’s results, indicating that countries with similar development policy behaviour have similarities in debt policy behaviour, with one exception: Greece. On the basis of this study, it is concluded that EU development policy framework content in terms of external debt and debt practices are not congruent. The understanding of this disparity between the policy outline and differences in long-term practices is relevant in both, reaching the UN’s Millennium Development Goals, and in the actual process of developing development aid.

Parametric Analysis Of Turbulent Wall Jets

The concept of a fully-developed flow based on the hypothesis of selective memory is here applied to general wall-jet type flows. In the presence of a (constant) external stream, the free-stream velocity and the jet momentum flux are taken to be the chief quantities governing the development of the wall jet: two additional nondimensional parameters, representing a momentum flux Reynolds number and the relative momentum defect in the initial boundary layer, are shown to have only a secondary effect on the fully-developed flow. The standard correlations so determined are also found to predict quite well the flow development in Gartshore and Newman's experiments on wall jets in adverse pressure gradients; possible reasons for this somewhat surprising result are discussed. Finally it is shown, by application to the still-air case, that the parameters discovered in incompressible flow are, with appropriate but straightforward modification, successful in describing compressible wall jets also.

Avoimesti sitoutuneena : Lähetystyö kristillisessä kasvatuksessa ja vapaaehtoistyössä

In this study the junction of Christian mission, Christian education and voluntary work are examined in the Christian student voluntary association Opiskelijain Lähetysliitto (OL), which is the Finnish successor to the Student Volunteer Movement. The main subjects are the structure and content of the mission education as one aspect of Lutheran education and the reasons for expressing the mission interest through voluntary work. The research questions are as follows: What kind of organization has the OL been? What has mission education been like in the OL? Why have the former chairpersons participated in the OL? How have purposiveness and intentionality arisen among the former chairpersons? The study is empirical despite having a historical and retrospective view, since the OL is explored during the period 1972 2000. The data consists of the OL s annual reports, membership applications (N=629) and interviews of all 25 former chairmen. Data is analysed by qualitative and quantitative content analysis in a partly inductive and partly deductive manner. The pedagogical framework arises from situational learning theory (Lave - Wenger 1991), which was complemented with the criteria for meaningful learning (Jonassen 1995), the octagon model of volunteer motivation (Yeung 2004) and the definitions of intentionality and purposiveness in the theory of teachers pedagogical thinking (Kansanen et al. 2000). The analysis of the archive data showed that the activities of the OL are reminiscent of those of the missions of the Finnish Evangelical Lutheran Church congregations. The biggest difference was that all OL participants were young adults, the age group that is the greatest challenge to the Church. The OL is therefore an interesting context in which to explore mission education and mission interest. The key result of the study was the forming of a model of mission educa-tion. The model has three educational components: values, goals and methods. The gist of the model is formed by the goals. The main goal is the arousing and strengthening of mission interest which has emotional, cognitive and practical aspects. The subgoals create the horizontal vertical and inward outward dimensions of the model, which are the metalevels of mission education. The subgoals reveal that societal and religious education may embody a missionary dimension when they are understood as missionary training. Further, a distinction between mission education and missionary training was observed. The former emphasizes the main goal of the model and the latter underlines the subgoals. Based on the vertical dimension of the model the study suggests that the definition of religious competence needs to be complemented with missional competence. Reasons for participating in the OL were found to be diverse as noted in other studies on volunteering and motivating factors, and were typical to young people such as the importance of social relations. The study created new motivational themes that occurred in the middle of the continuity newness and the distance proximity dimensions, which were not found in Yeung s research. Mission interest as voluntary work appeared as oriented towards one s own spirituality or towards the social community. On the other hand, mission interest was manifested as intentional education in order to either improve the community or to promote the Christian mission. In the latter case the mission was seen as a purpose in life and as a future profession. Keywords: mission, Christian education, voluntary work, mission education, mission interest, stu-dent movement

Consumption in Rural Bangladesh : Households, Lifestyles, and Identities

Bangladesh, often better known to the outside world as a country of natural calamities, is one of the most densely populated countries in the world. Despite rapid urbanization, more than 75% of the people still live in rural areas. The density of the rural population is also one of the highest in the world. Being a poor and low-income country, its main challenge is to eradicate poverty through increasing equitable income. Since its independence in 1971, Bangladesh has experienced many ups and downs, but over the past three decades, its gross domestic product (GDP) has grown at an impressive rate. Consequently, the country s economy is developing and the country has outperformed many low-income countries in terms of several social indicators. Bangladesh has achieved the Millennium Development Goal (MDG) of eliminating gender disparity in primary and secondary school enrollment. A sharp decline in child and infant mortality rates, increased per capita income, and improved food security have placed Bangladesh on the track to achieving in the near future the status of a middle-income country. All these developments have influenced the consumption pattern of the country. This study explores the consumption scenario of rural Bangladesh, its changing consumption patterns, the relationship between technology and consumption in rural Bangladesh, cultural consumption in rural Bangladesh, and the myriad reasons why consumers nevertheless feel compelled to consume chemically treated foods. Data were collected in two phases in the summers of 2006 and 2008. In 2006, the empirical data were collected from the following three sources: interviews with consumers, producers/sellers, and doctors and pharmacists; observations of sellers/producers; and reviews of articles published in the national English and Bengali (the national language of Bangladesh) daily newspapers. A total of 110 consumers, 25 sellers/producers, 7 doctors, and 7 pharmacists were interviewed and observed. In 2008, data were collected through semi-structured in-depth qualitative interviews, ethnography, and unstructured conversations substantiated by secondary sources and photographs; the total number of persons interviewed was 22. -- Data were also collected on the consumption of food, clothing, housing, education, medical facilities, marriage and dowry, the division of labor, household decision making, different festivals such as Eid (for Muslims), the Bengali New Year, and Durga puja (for Hindus), and leisure. Qualitative methods were applied to the data analysis and were supported by secondary quantitative data. The findings of this study suggest that the consumption patterns of rural Bangladeshis are changing over time along with economic and social development, and that technology has rendered aspects of daily life more convenient. This study identified the perceptions and experiences of rural people regarding technologies in use and explored how culture is associated with consumption. This study identified the reasons behind the use of hazardous chemicals (e.g. calcium carbide, sodium cyclamate, cyanide and formalin, etc.) in foods as well as the extent to which food producers/sellers used such chemicals. In addition, this study assessed consumer perceptions of and attitudes toward these contaminated food items and explored how adulterated foods and food stuffs affect consumer health. This study also showed that consumers were aware that various foods and food stuffs contained hazardous chemicals, and that these adulterated foods and food stuffs were harmful to their health.

Tyttöjen toinen koti : Etnografinen tutkimus tyttökulttuurista ratsastustalleilla

Horseback riding is a popular activity in Finland, especially among young women and girls. For centuries, however, horse husbandry and horse culture in Finland had been dominated by men. Nowadays it is mainly the girls who ride as a hobby and take care of the horses. The stable has evolved into an important social sphere for girls, a semi-public room of their own where they spend time together. A study of the girl culture in the riding stable offers a unique perspective as well as new information on becoming a girl and a young woman in Finland. The subject of my research is the girl culture and girls communities at the horseback riding stables. In this thesis I discuss what kind of girl-cultural sphere the stable is, how girls organize their community, and what different aspects and meanings the hobby entails for girls while they are actively engaged in the hobby. I focus on the construction of gender and girlhood and examine how these gender constructions can be theorized as gender tradition. The research material consists of the interviews of 22 stable girls from different parts of Finland and an observation period at one of the stables. The informants were from 13 to 27 years of age. The theoretical background is based on the anthropological study of folklore, girls studies, feminist theory and post-humanist viewpoints. I am interested in how girls culture and girlhood are produced performatively in the interview narration and participant observation. I concentrate on four aspects of this culture: 1) what girls do at the stable, and what kind of relationships they create with horses; 2) social relations focusing on the ways girls construct their own groups, the way their hierarchy is constructed and how they use power; 3) the norms and social control regarding social behaviour; and 4) the reasons girls give for their involvement in the hobby, and girls interest in horses in general. In this girl culture, gender norms and boundaries are not only stretched or transgressed, but the culture also re-produces the hierarchical and stereotypical ideas of gender. The traditions of gender express both the hegemonic gender system and those ideas of gender which girls resist, at least momentarily. Constructions of gender and gender tradition are constituted at the intersections of historical and contemporary expectations of what it means to be a girl. Conscious of these societal demands, girls support, reproduce, challenge, and make comments on them.

How can a Bourdieusian perspective aid the analysis of MBA education?

There is a lack of integrative conceptual models that would help to better understand the underlying reasons for the alleged problems of MBA education. To address this challenge, we draw on the work of Pierre Bourdieu to examine MBA education as an activity with its own ‘economy of exchange’ and ‘rules of the game.’ We argue that application of Bourdieu’s theoretical ideas elucidates three key issues in debate around MBA education: the outcomes of MBA programs, the inculcation of potentially problematic values and practices through the programs, and the potential of self-regulation such as accreditation and ranking for impeding development of MBA education. First, Bourdieu’s notions of capital – intellectual, social and symbolic – shed light on the ‘economy of exchange’ in MBA education. Critics of MBA programs have pointed out that the value of MBA degrees lies not only in ‘learning.’ Bourdieu’s framework allows further analysis of this issue by distinguishing between intellectual (learning), social (social networks), and symbolic capital (credentials and prestige). Second, the concept of ‘habitus’ suggests how values and practices are inculcated through MBA education. This process is often a ‘voluntary’ one where problematic or ethically questionable ideas may be regarded as natural. Third, Bourdieu’s reflections on the ‘doxa’ and its reproduction and legitimation illuminate the role of accreditation and ranking in MBA education. An analysis of such self-regulation explains in part how the system may turn out impeding change.

Essays on Market Microstructure: Price Discovery and Informed Trading

Market microstructure is “the study of the trading mechanisms used for financial securities” (Hasbrouck (2007)). It seeks to understand the sources of value and reasons for trade, in a setting with different types of traders, and different private and public information sets. The actual mechanisms of trade are a continually changing object of study. These include continuous markets, auctions, limit order books, dealer markets, or combinations of these operating as a hybrid market. Microstructure also has to allow for the possibility of multiple prices. At any given time an investor may be faced with a multitude of different prices, depending on whether he or she is buying or selling, the quantity he or she wishes to trade, and the required speed for the trade. The price may also depend on the relationship that the trader has with potential counterparties. In this research, I touch upon all of the above issues. I do this by studying three specific areas, all of which have both practical and policy implications. First, I study the role of information in trading and pricing securities in markets with a heterogeneous population of traders, some of whom are informed and some not, and who trade for different private or public reasons. Second, I study the price discovery of stocks in a setting where they are simultaneously traded in more than one market. Third, I make a contribution to the ongoing discussion about market design, i.e. the question of which trading systems and ways of organizing trading are most efficient. A common characteristic throughout my thesis is the use of high frequency datasets, i.e. tick data. These datasets include all trades and quotes in a given security, rather than just the daily closing prices, as in traditional asset pricing literature. This thesis consists of four separate essays. In the first essay I study price discovery for European companies cross-listed in the United States. I also study explanatory variables for differences in price discovery. In my second essay I contribute to earlier research on two issues of broad interest in market microstructure: market transparency and informed trading. I examine the effects of a change to an anonymous market at the OMX Helsinki Stock Exchange. I broaden my focus slightly in the third essay, to include releases of macroeconomic data in the United States. I analyze the effect of these releases on European cross-listed stocks. The fourth and last essay examines the uses of standard methodologies of price discovery analysis in a novel way. Specifically, I study price discovery within one market, between local and foreign traders.

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.