Master's theses 2008

Aakala, Atro, 2008, What makes investors buy and sell mutual funds? Statistical analysis in one Finnish asset management company.

Aalto, Tiina, 2008, Momentum and mean reversion in the commodities futures market. Comparison of rebalancing and buy-and-hold methods.

Alahuhta, Teemu, 2008, Emerging-market acquirers in developed markets. New multinationals creating value through cross-border M&As.

Andersson, Tua, 2008, Permanent establishment and capital structure – case study of a Finnish SME establishing a branch into Germany.

Anttila, Pauli, 2008, The other January effect – Outcome of an extensive data-snooping or a real anomaly.

Asunta, Oskari, 2008, Insider trading advisors in seasoned equity offerings.

Auvinen, Olli-Pekka, 2008, Remote Stock Brokerage and Tax-Motivated Trading. Evidence from OMX Helsinki in 2002-2005.

Blomqvist, Petrus, 2008, Legal Protection, owner idenity, and outside investor expropriation.

Dochnal, Markus, 2008, Estimating systematic risk in the pulp and paper industry. An application of the full-information approach.

Duhaime, Michael, 2008, The explanatory power of unsecuritised real estate and common stock factors on REIT returns. Evidence from Five U.S. REIT Indices.

Elo, Marko, 2008, Factors explaining stock price behavior following extreme one-day returns. Evidence from the Helsinki Stock Exchange.

Eskelinen, Kirsi, 2008, Fund managers’ home bias in portfolio selection for Europe funds – evidence from Finland.

Fischer, Nicolas, 2008, The impact of employee satisfaction on shareholder value and firm performance.

Grönfors, Patrik, 2008, Pricing of Structured Products on Finnish Retail Market.

Grönholm, Thomas, 2008, Globalization, democracy and the invisible hand: Stock market reactions to international political events.

Grönlund, Nanna, 2008, Gender differences in mutual fund investors’ revealed risk taking.

Gynther, Tuomas, 2008, Garch Modelling of interest rate and exchange rate volatility. Analysis of US T-bill, Euribor and US dollar-Euro exchange rate.

Haarala, Sari, 2008, Hallituksen jäsenten palkkiot ja palkitsemiseen vaikuttavat tekijät suomalaisissa pörssiyhtiöissä.

Haavisto, Ilkka, 2008, The impact of government ownership in mergers and acquisitions.

Hallenberg, Juho, 2008, Dynamic rebalancing of capital structure.

Heininen, Polina, 2008, Stock market efficiency in the CEE-countries and Russian stock markets through the lens of calendar anomalies.

Heinänen, Teemu, 2008, Are IPOs still underpriced? Empirical evidence from the U.S. and UK between 1990 and 2005.

Heiskanen, Terhi, 2008, CEO compensation and corporate governance in state-owned companies.

Hellman, Maija, 2008, Role of customer information in financial analysis performed analysts and fund managers.

Honka, Antti, 2008, Takeovers of electricity utilities in Finland – transfer of ownership from municipalities to private companies.

Huhtala, Juho, 2008, The new age of corporate governance. CEO turnover in 21st century Finland.

Hynninen, Laura, 2008, Forecasting crude oil prices via convenience yield predictions and futures markets.

Hämäläinen, Tuomas, 2008, Merger activity affected by misvaluation. Empirical evidence from the U.K. market.

Höijer, Kim, 2008, Brand valuation and its financial reporting.

Jaakkola, Jukka, 2008, Stockholder and bondholder returns on divestment announcement day.

Järvilahti, Antti, 2008, European seasoned equity offerings and intended use of proceeds.

Järvilahti, Panu, 2008, Dispersion of opinion, information asymmetry and uncertainty resolutio. Gains on acquisitions on the European market.

Järvinen, Sasu, 2008, Price momentum and trading turnover. Evidence from the Stockholm Stock Exchange.

Jääskeläinen, Elina, 2008, Effect of Credit Risk on the Pricing of Syndicated Loans. An empirical test and a description of the Nordic syndicated corporate loan market.

Jääskeläinen, Tiia, 2008, Verotus ja pääomarakenne perheyritysten sukupolven vaihdoksissa. Case: Kehitysvammaisten perhekoti.

Kaikkonen, Antti, 2008, The impacts of regulation on the cost of capital. An empirical study of European gas utilities.

Kallio, Tomi, 2008, Pricing of Swaptions.

Kaltea, Teemu, 2008, Analyytikoiden konsensusennusteet ja osakekurssit. Ennustemuutosten heijastuminen osakkaiden kursseihin Helsingin Pörssissä 1994-1998.

Katramo, Mikko, 2008, Organizational life cycle and profitability of mergers and acquisitions.

Kekäläinen, Sami, 2008, M&A in the European financial sector. Effects on shareholder wealth and operating performance.

Kivikataja, Lasse, 2008, Credit rating agencies and credit ratings – piercing the fog of asymmetric information or not?.

Kivisaari, Sami, 2008, Determinants of portfolio diversification in U.S. venture capital and private equity funds.

Koivuneva, Janne, 2008, Pre-acquisition spin-offs – Fact or myth?.

Kontio, Antti, 2008, Applying real options valuation to airport investment projects: evidence from Helsinki-Vantaa airport expansion.

Korpela, Sampsa, 2008, Pääomasijoituksen hankinta Web 2.0- ympäristössä ja sosiaalisen median arvonmääritys: Case Studio Elite.

Kosonen, Suvi, 2008, Profitability of Share Repurchase Trades. An Analysis of Finnish Firms’ Actual Repurchase Trades and Their Replication as an Investment Strategy.

Kotkajuuri, Ollipekka, 2008, Valuation and deal structures in SME transactions.

Kovanen, Anna, 2008, Effects of advisor reputation on shareholder wealth in European cross-border mergers and acquisitions.

Kukkonen, Otto, 2008, The trading behaviour of household investors – the relationship between price changes and trading volumes.

Kumlin, Lia, 2008, Determinants and Effects of Portfolio Manager Ownership. Empirical evidence from Finland.

Kuusanmäki, Martti, 2008, Stock market reactions to concurrent dividend and earnings announcements: Finnish evidence from 1998 to 2008.

Kuvaja, Jaana, 2008, Oil price impact on stock returns: Europe.

Laakso, Juha, 2008, The long-term stock price performance of acquiring firm. UK evidence 1990-2002.

Laakso, Juhani, 2008, Motivations for seasoned equity offerings: Market timing or real investments? Evidence from a decomposition of market-to-book ratio.

Lankinen, Juha, 2008, The effect of order flow on the nordic foreign exchange rates.

Leppinen, Antti, 2008, Dividend policy and stock market liquidity. Empirical evidence from Europe.

Leskelä, Mikko, 2008, The value relevance of acquired goodwill under SFAS 141. Evidence from successful tender offers, their financial statement treatment and market reactions in the US 2001-2006.

Lojamo, Antti, 2008, Internal corporate governance and company valuation. Cross-sectional analysis of Helsinki Stock Exchange Main List Companies.

Luoto, Annika, 2008, Conflicts of interest in M&A situations. Evidence from affiliated analysts’ behaviour surrounding European M&A deals.

Lämsä, Jyrki, 2008, Abnormal returns to rivals of acquisition targets.

Ma, Li, 2008, Risk Analysis of Payment Methods for B2C Online Services. Case Study: Company ABC.

Maanpää, Juho, 2008, Motion picture finance and success determinants. A north European story.

Marjosola, Jaakko, 2008, Do Incorporation and Harmonization of Stock Exchange Lists Benefit Investors? Case Nordic Exchange.

Matilainen, Simo, 2008, Stock price momentum in the US market. Profitability of the strategies and the participation of arbitrageurs.

Merivirta, Matti, 2008, Share price reaction to merger announcements: What drives merger momentum?.

Mikkonen, Toni, 2008, Enhanced value investing strategies: Fundamental analysis and neglected firm perspective.

Mikola, Juho, 2008, Value effect and misvaluation. Empirical evidence of diminishing value effect and mispricing in US during a period of 1988-2007.

Mustonen, Hanna-Leena, 2008, Hedge fund market in Finland. The risk-return characteristics and the ability to achieve return expectations.

Mäkelä, Janne, 2008, R&D, patents and citations as knowledge capital approximations in telecommunicaitons industry.

Mäkinen, Mikko, 2008, Macroeconomic news and stock prices in Germany.

Männistö, Mirkka, 2008, Listing, cross-listing, and cross-delisting. Theories and patterns in cross-listing and cross-delisting behavior in a globalizing product and capital market.

Niemelä, Piia, 2008, The leverage effect in the US financial market.

Nieminen, Jussi-Pekka, 2008, Yrityskoon vaikutus yrityskauppatuottoihin. Tutkimuskohteena eurooppalaiset yrityskaupat vuosilta 1990-2006.

Niskanen, Jaakko, 2008, Nordic asset managers trading in the Eastern markets: A custody perspective. Case Handelsbanken.

Nurmi, Jarmo, 2008, Firm-level determinants of analyst performance. Global evidence of factors affecting transparency and expectations.

Nurminen, Jukka, 2008, Family ownership and firm performance: contrasting accounting based evidence with owner’s views.

Nyberg, Jyrki, 2008, Payout features of capital guaranteed structured retail notes sold in Finland 2002-2007.

Ollikainen, Heikki, 2008, Price Patterns and Efficiency of the EU Emission Allowance markets.

Ollikainen, Tuomas, 2008, Kalastusmatkailuyritysten rahoitusrakenne ja taloudelliset menestystekijät Uudellamaalla.

Ormo, Saku, 2008, Impartiality of affiliated analysts’ earnings forecasts and investment recommendations.

Ottela, Lotta, 2008, Finnish Clearing and Settlement System and the Impact of European Integration.

Ottoila, Ilkka, 2008, Intraday implied volatility patterns: Evidence from market making on the Helsinki covered warrant market.

Paatela, Martti, 2008, Hedging foreign exchange rate exposures in Finnish Industrial company.

Palosaari, Ville, 2008, The Information Content of Commodity Futures Option Implied Distributions.

Peura, Markus, 2008, Finnish Evidence on Hedging and on the Impact of Hedging on the Market Value of Equity.

Piipponen, Ulla-Maija, 2008, The effect of bank concentration on loan and deposit pricing asymmetries in the euro area banking sector.

Pirskanen, Antti, 2008, Tactical investing in U.S. real estate investment trusts. Momentum effect and diversification benefits.

Pukkinen, Lauri, 2008, Paperit biteiksi. Tutkimus Suomen arvo-osuusjärjestelmän rakentamisesta rahoitusmarkkinoiden murroksissa.

Pulkkinen, Ville, 2008, Asuntojen hintojen dynamiikaa – rakennuskustannukset, kuluttajahinnat ja korkotaso.

Pursiainen, Vesa, 2008, The impact of geography and trust on acquirer returns.

Pönkä, Harri, 2008, The relantionship between macroeconomic variables and stock returns – Empirical evidence from the US.

Raulo, Heikki, 2008, Corporate ownership structures in Scandinavia. The importance of owner identity.

Ryynänen, Juha, 2008, Shot rate dynamics in the United States – Application of trading caps and floors.

Rötkin, Tommi, 2008, Agreement and choice of financing. European evidence.

Saarela, Lauri, 2008, Long-term excess stock returns following changes in corporate investments.

Saari, Antti, 2008, The contribution of salary, ownership and gender of managar to mutual fund performance in Finland.

Safarov, Alex, 2008, Risk arbitrage: The relative performance of financial sponsor LED acquisitions.

Saivosalmi, Terhi, 2008, Shortcut to the market. A comparison of reverse takeovers and traditional IPOs in Europe.

Salmela, Kalle, 2008, Acquirer wealth patterns: impact of vertical industry relatedness. Measured with commodity flow input-output methodology.

Sandström, Henrikki, 2008, Advertising of Finnish mutual funds.

Schmidt, Matti, 2008, Tactical asset allocation: Stocks versus bonds.

Seppä, Anita, 2008, Miten öljyn hinta, valuuttakurssi ja markkinoiden yleisindeksi vaikuttavat Venäjän öljy-yhtiöiden osakkeiden kursseihin ennen ja jälkeen heinäkuun 2003.

Stadigh, Lauri, 2008, Impact of Emissions Trading on Corporate Profitability and Decision Making. Evidence from Finland.

Summanen, Julius, 2008, Earnings Announcements Effects to the Order Book: Evidence from OMX Nordic Exchange Helsinki.

Suomalainen, Matti, 2008, Determinants of securities underwriter choice: evidence from UK seasoned equity offerings.

Särkijärvi, Jari, 2008, Determinants of fund flows of Finnish mutual funds. A comparison between retail and institutional funds.

Taanonen, Jani, 2008, The share price level puzzle. Evidence from Europe 1994-2006.

Tiainen, Jarno, 2008, Structured equity products and portfolio compositions of financially adviced investors.

Uotila, Vesa, 2008, Value from synergies? Internal view on synergy estimations and realizations of a serial acquirer.

Uusitalo, Antti, 2008, Equity compensation and voluntary executive turnover – evidence from the Finnish state-owned companies.

Uusivirta, Anselmi, 2008, Disappearing dividends. Evidence of the dividend payments in 12 developed markets in 1983-2006.

Vainikka, Samuli, 2008, Family influence on firm performance. Finnish evidence from 1995 through 2004.

Valtonen, Anna-Katri, 2008, Oil price shock effects on stock market returns. Nordic markets 1999-2007.

Vesterinen, Tiina, 2008, Financing of subsidiaries in India: Multiple case study on experiences of Finnish companies.

Viitamäki, Marcus, 2008, Cross-sectional information transferring. Insiders’ ability to profit cross-sectionally around quarterly reports.

Viitanen, Tuija, 2008, Market and issuer specific pricing differences of covered warrants. Evidence from Helsinki Stock Exchange and Stockholm Stock Exchange.

Wikberg, Patrik, 2008, Debt and the terms of employment: international evidence.

Viljamaa, Leena, 2008, The profitability of selected momentum strategies in the foreign exchange market.

Väinölä, Aatu, 2008, Non-firm specific structural determinants of corporate credit spreads – new evidence from US bond markets.

Välinen, Vesa, 2008, Special purpose acquisition company. A first look into an emerging asset class.

Väätäinen, Henna, 2008, Collateralized debt obligations: Default, Correlation and Models Risks in Synthetic CDO Tranche Investments.

Waltari, Tomi, 2008, Commodity forward curve processes.

Zhang, Shilei, 2008, Bank regulation, competition and fragility.

Örmä, Tiia-Kaisa, 2008, Open market share repurchases. Finnish evidence on market reaction to announcements and actual repurchases.