Search results for "osake"
showing 10 items of 25 documents
Stock market information and the relationship between real exchange rate and real interest rates
2013
In this paper we propose to augment the traditional relationship between real exchange rates and real interest rates (RERI) by adding the stock market equilibrium condition to it. We introduce the relative dividend yield as the new information variable. In the empirical analysis we use recent monthly observations from the U.K., Japan, Canada and Eurozone, all relative to the U.S. We show that the introduction of stock market information is highly relevant for the functioning of the RERI hypothesis. Based on the results from the cointegration analysis the role of relative stock market performance is especially important in the short- term (3 month) horizon, where the augmented RERI represent…
S&P 500 -indeksin osinkoperusteinen arvonmääritys pitkällä aikavälillä
2017
Tässä Pro gradu –tutkielmassa selvitettiin, kuinka osinkoperusteinen arvonmääritys toimii S&P 500 indeksiin kuukausittaisella otannalla 1871 – 2016. Tämän lisäksi kartoitettiin, kuinka eri taloudelliset tekijät voivat selittää osaketuottoja. Samalla kartoitettiin miten muuttujien relaatiot ovat muuttuneet pitkällä aikavälillä. Tutkielmassa luotiin eri hintaestimaatteja, joilla pyrittiin arvioimaan tulevaisuuden osakehintaindeksin tasoja ja testattiin, kuinka hyvin estimaatit osuivat. Muuttujien relaatioita tutkittiin yhteisintegraatiotesteillä ja Granger –kausaalisuustesteillä, joiden perusteella voitiin päätellä, miten muuttujat ovat yhteydessä toisiinsa. Tämän lisäksi testattiin, onko pit…
Citizen energy lost in sustainability transitions: Knowledge co-production in a complex governance context
2023
Funding Information: In the European Union, the Clean Energy Package with revised directives has created a framework for the member states to provide stronger legislative support for citizen engagement in community-level energy actions [10,11]. These regulatory reforms are geared towards transforming the operational conditions for active, efficient and inclusive citizen-led energy communities to emerge in diverse contexts [12–14]. More specifically, the market access rules and the information supporting the distributed energy producers have been improved [10]. The legitimacy of the EU policies on renewable energy, energy efficiency and market reforms is considered to be improved by enabling…
Volatiliteetti ja tuotot pohjoismaisilla osakemarkkinoilla
2014
Tämän työn tarkoituksena on selvittää, onko Pohjoismaissa havaittavissa alhaisen volatiliteetin anomaliaa ja tutkia volatiliteetin ja osaketuottojen suhdetta. Volatiliteettia mitataan osaketuottojen yhtiökohtaisella (idiosynkraattisella) volatiliteetilla, sekä yksinkertaisella volatiliteetilla. Tutkimuskysymystä tarkastellaan muodostamalla portfolioita osaketuotoista volatiliteetin mukaan. Käytettävä aineisto on Pohjoismaisilta osakemarkkinoilta vuosilta 1990–2013. Käytetyt hinnoittelumallit ovat CAPM, Fama & French -malli, sekä neljän faktorin malli. Tutkimuksessa ei havaita koko aineistossa tilastollisesti merkitsevää alphakerrointa käytetyillä hinnoittelumalleilla strategialle, joka otta…
Bubbles in China
2010
This study examines rational bubbles in Chinese stock markets and China-related share indices in Hong Kong. A duration dependence test is employed for both monthly and weekly abnormal market returns of the Shanghai and Shenzhen A- and B-markets, as well as for the Hong Kong China Enterprises and China Affiliated Corporations indices. The test results are mixed, as weekly data demonstrate bubbles for all of the Mainland Chinese stock markets, but monthly data do not show bubbles for any of the examined markets. Neither of the datasets indicates bubbles in the Hong Kong markets. Results indicate that, in terms of bubbles, segmentation does not play a significant role in bubble existence and t…
Nordic stock market integration
2001
Early health, risk aversion and stock market participation
2021
To examine the relationship between early health status and financial decisions in adulthood, we link information on birth weight in 1966 from the Northern Finland Birth Cohort to data from the Finnish Central Securities Depository over the period of 1995–2010. We find that persons predisposed to poor health status in early childhood (indicated by low birth weight) avoid participating in the stock market in adulthood, with a 10% increase in birth weight associated with a 1.9% increase in probability of participation. The link between birth weight and stock market participation is partially channeled by poor early health status being associated with higher risk aversion. Early health status …
Metallimalmikaivosten vesistövaikutukset : esimerkkinä Talvivaaran kaivoksen sulfaatti-, natrium- ja mangaanipäästöt
2013
Mining industry is expanding in Finland and it is expected to become a forerunner in taking environmental issues into account in its processes. Mines often lower the water quality of their surrounding waters and this may lead to salinization and eutrophication for instance. Salinization may be due to dissolved ions in the wastewater, like sulphate and sodium, and may cause the artificial stratification of a lake. Sulphate can also prevent the natural circulation of iron in the sediments, which favors the release of phosphorus and could lead to eutrophication. All impacts cannot be assessed in advance and not enough studies have been made concerning these substances. The Talvivaara mine in S…