The Use of Systematic Value Strategies in Separating the Winners from the Losers: Evidence from the Finnish Markets

This study examines the Magic Formula and ERP5 value strategies in the Finnish stocks markets. Magic Formula ranks stocks based on EV/EBIT and ROA and ERP5 based on EV/EBIT, ROA, P/B and five-year trailing ROA. The purpose of the study is to examine whether the value strategies can be used to generate excess returns over the market index. The data has been collected from the Datastream database for the sample period from May 1997 to May 2010 and consists of the companies listed on the main list of Helsinki Stock Exchange. This study confirms the findings of previous research that value premium exists in the Finnish stock markets and that systematic value strategies can be used to form portfolios that outperform the market index with lower volatility.

Strategic narratives and competitive advantage : do winners speak differently?

Concepts, models, or theories that end up shaping practices, whether those practices fall in the domains of science, technology, social movements, or business, always emerge through a change in language use. First, communities begin to talk differently, incorporating new vocabularies (Rorty, 1989), in their narratives. Whether the community’s new narratives respond to perceived anomalies or failures of the existing ones (Kuhn, 1962) or actually reveal inadequacies by addressing previously unrecognized practices (Fleck, 1979; Rorty, 1989) is less important here than the very phenomena that they introduce differences. Then, if the new language proves to be useful, for example, because it helps the community solve a problem or create a possibility that existing narratives do not, the new narrative will begin circulating more broadly throughout the community. If other communities learn of the usefulness of these new narratives, and find them sufficiently persuasive, they may be compelled to test, modify, and eventually adopt them. Of primary importance is the idea that a new concept or narrative perceived as useful is more likely to be adopted. We can expect that business concepts emerge through a similar pattern. Concepts such as “competitive advantage,” “disruption,” and the “resource based view,” now broadly known and accepted, were each at some point first introduced by a community. This community experimented with the concepts they introduced and found them useful. The concept “competitive advantage,” for example, helped researchers better explain why some firm’s outperformed others and helped practitioners more clearly understand what choices to make to improve the profit and growth prospects of their firms. The benefits of using these terms compelled other communities to consider, apply, and eventually adopt them as well. Were these terms not viewed as useful, they would not likely have been adopted. This thesis attempts to observe and anticipate new business concepts that may be emerging. It does so by seeking to observe a community of business practitioners that are using different language and appear to be more successful than a similar community of practitioners that are have not yet begun using this different language as extensively. It argues that if the community that is adopting new types of narratives is perceived as being more successful, their success will attract the attention of other communities who may then seek to adopt the same narratives. Specifically, this thesis compares the narratives used by a set of firms that are considered to be performing well (called Winners) with those of set of less-successful peers (called Losers). It does so with the aim of addressing two questions: - How do the strategic narratives that circulate within “winning” companies and their leaders differ from those circulating within “losing” companies and their leaders? - Given the answer to the first question: what new business strategy concepts are likely to emerge in the business community at large? I expected to observe “winning” companies shifting their language, abandoning an older set of narratives for newer ones. However the analysis indicates a more interesting dynamic: “winning” companies adopt the same core narratives as their “losing” peers with equal frequency yet they go beyond these. Both “winners” and “losers” seem to pursue economies of scale, customer captivity, best practices, and securing preferential access to resources with similar vigor. But “winners” seem to go further, applying three additional narratives in their pursuits of competitive advantage. They speak of coordinating what is uncoordinated, adopting what this thesis calls “exchanging the role of guest for that of host,” and “forcing a two-front battle” more frequently than their “loser” peers. Since these “winning” companies are likely perceived as being more successful, the unique narratives they use are more likely to be emulated and adopted. Understanding in what ways winners speak differently, therefore, gives us a glimpse into the possible future evolution of business concepts.

The Award Winners - compiled August 1985

The Inniskillin awards listed compiled August 1985. The list includes: 1983 International Eastern Wine Competition, 1984 International Easter Wine Competition, Festival '84 Nouveau Tasting, 1981 International Eastern Wine Competition, 1982 International Eastern Wine Competition.

Aviation Writing Award Winners, 1953

A photograph and caption for the Aviation Writing Award winners of 1953. There are eleven winners pictured and Dorothy Rungeling is the only female.

Winners and losers from industry reforms in the developing world: experiences from the electricity and mining sectors

The reform of previously state-owned and operated industries in many Less Developed Countries (LDCs) provide contrary experiences to those in the developed world, which have generally had more equitable distributional impacts. The economic reform policies proposed by the so-called 'Washington Consensus' state that privatisation provides governments with opportunities to raise revenues through the sale of under-performing and indebted state industries, thereby reducing significant fiscal burdens, and, at the same time, facilitating influxes of foreign capital, skills and technology, with the aim of improving operations and a "trickle-down" of benefits. However, experiences in many LDCs over the last 15-20 years suggest that reform has not solved the problem of chronic public-sector debt, and that poverty and socio-economic inequalities have increased during this period of 'neo-liberal' economics. This paper does not seek to challenge the policies themselves, but rather argues that the context in which reform has often taken place is of fundamental significance. The industry-centric policy advice provided by the IFIs typically causes a 'lock-in' of inequitably distributed 'efficiency gains', providing minimal, if any, benefits to impoverished groups. These arguments are made using case study analysis from the electricity and mining sectors.

Euroland - The effect of Euro on international trade : Are there winners and losers in this ''Euro-game''?

This paper examines whether European Monetary Union (EMU) countries share fairly the effect of their membership in Eurozone (EZ) or whether are winners and losers in this ''Euro-game''. By using panel data of 27 European Union (EU) Member States for the period 2001-2012 in the context of a gravity model, we focus on estimating the Euro’s effect on bilateral trade and we detect whether this effect differs across the Member States of EZ. Two estimation methods are applied: Pooled OLS estimator and Fixed Effects estimator. The empirical results come to the conclusion that the individual country effects differ and are statistically significant, indicating that EMU’s effect on trade differs across the Member States of EZ. The overall effect of the Euro is statistically insignificant, regardless the estimation method, demonstrating that the common European currency may have no effect on bilateral trade.

Omtvedt Innovation Award Winners

It is such a pleasure to have this opportunity this afternoon to present four Omtvedt Innovation Awards to Institute colleagues whose outstanding work is a source of tremendous pride and inspiration for us all.