[kand] Kauppakorkeakoulu / BIZ (Open Access)

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  • Abnormal CEO Compensation and Firm Performance: Empirical Evidence from Europe
    (2017) Auria, Sebastian
     School of Business | Bachelor's thesis
    This study presents new evidence on a relationship between chief executive officer compensation and subsequent firm performance. The sample is collected from Europe, consists of 1459 firm years and covers period of 2000-2013. Methods used to test the relationship in this study are ordinary least squares and weighted least squares regression models. Previous studies of Carter et al. (2016) and Core et al. (1999) suggest that abnormal CEO compensation has a decreasing effect on subsequent firm performance. Contrary to the previous findings, results of this study suggest that the relationship is rather positive, albeit abnormal compensation coefficients are not thoroughly found statistically significant. The results might be explained with global differences in CEO compensation practices, policies and regulations.
  • Accounting ratios usage in investment decisions
    (2024) Turunen, Åsa
     School of Business | Bachelor's thesis
    The thesis aims to acquire knowledge of different kinds of ratios and their usage from investors' perspectives. This is an important topic because ratios help investors make informed decisions. When investors make informed decisions based on financial analysis, they contribute to financial markets' overall stability and efficiency. The key finding is that ratios should be analyzed carefully in the right peer group, and in decision-making, ratios should be used collectively to comprehensively understand the factors influencing a company's financial performance and position. Also, factors other than just ratios should be considered when making investment decisions. The conclusion states that financial ratios are excellent tools for investors, but they have inherent limitations that must be acknowledged for their optimal use as an analytical tool.
  • Achieving an Environmentally Sustainable Fast Fashion Supply Chain by Implementing Lean Processes
    (2022) Maula, Lisa
     School of Business | Bachelor's thesis
    Objectives The main objectives of this study were to investigate how different business models and corporate strategies can be utilized for the purpose of creating more sustainable supply chains in the global fast fashion market environment. Summary Due to global environmental problems, sustainability has become an important factor in the consumer purchase decision making process. Fast fashion brands are pressured to implement sustainable business practices into their supply chains. However, fast fashion brands do not want to risk their costs of production increasing and thus, their profit margins decreasing. The lean business model can be implemented into fast fashion supply chains relatively cost-efficiently, and yield both sustainability related benefits, as well as cost reduction due to increased raw material utilization and agility. Conclusions There is strong evidence suggesting that utilizing lean management practices in supply chain management processes of fast fashion companies is beneficial for brands aiming to reduce their environmental impact while maintaining a high profit margin.
  • Achieving the Ideals: Work-Life Balance in Sales Management Positions in Finland
    (2020) Rissanen, Reeta
     School of Business | Bachelor's thesis
    Objectives The main objective of this study was to explore which factors help or hinder the work-life balance of sales managers employed in Finland. In addition to this inquiry, this research investigated how sales managers valued work-life balance, what factors they thought help or hinder achieving it and which actions they would take or avoid in order to have a good work-life balance. Summary The research surveyed sales managers employed in Finland, its aim being to measure eight different hypotheses in addition to three open-ended questions for content analysis. The hypotheses and open-ended questions were created and proposed based on the scientific background and theoretical framework built in the literature review. Conclusions Based on the quantitative analysis, digitalisation and globalisation have a negative effect on sales managers’ perception of achieving a good work-life balance. In addition, stress issues, busyness and work overload have a negative impact on their work-life balance, while the impact of organisational support is positive. Correlations between work-life balance and emotional intelligence, and work-life balance and job engagement were not found. The content analysis made on the basis of the open-ended question revealed that sales managers appreciate the feeling of all life domains fulfilling each other so that it does not feel like any domain is taking over.
  • Adapting to the Digital Revolution: Analyzing the Impact of FinTech Innovations on the Banking Industry
    (2023) Al-Rubaye, Ali
     School of Business | Bachelor's thesis
    Technology has rapidly transformed various industries, and the banking sector is no exception. Banks are facing fierce competition from the Financial Technology (FinTech) industry, which is revolutionizing traditional banking and providing customers with innovative and efficient financial services. However, this also presents significant challenges for banks. The study will focus on various perspectives such as the effects of an increased competitiveness from the FinTech industry to the banking business, the impact of banks adopting FinTech tools and innovations, and the customer experience and satisfaction in the banking sector in relation to these developments. The research will also investigate potential risks and rewards for bank customers, including data privacy and security concerns. The study will further investigate the role and effectiveness of regulations in shaping the FinTech landscape and how they influence traditional banking. It will examine how regulators are leveraging RegTech, or Regulatory Technology, to keep pace with FinTech innovations and ensure compliance with regulations. The research will also analyze the impact of regulatory arbitrage, which has led to the rise of shadow banks and the potential risks associated with it. This study contributes to the existing body of knowledge on FinTech in banking and provides valuable insights for regulators, financial institutions, and customers alike.
  • Adopting digital and ERP processes and analyzing the critical success factors of ERP implementation on SMEs
    (2023) Santamäki, Aarne
     School of Business | Bachelor's thesis
    Digital transformation is a prevailing trend shaping companies worldwide. This paper delves into a detailed examination of digital transformation through the lens of critical success factors (CSFs) in ERP implementation projects within small and mid-size companies. The research introduces digital transformation frameworks, contextualizes ERP as a business tool, and explores the distinctive landscape of SME-specific business fields. Additionally, it elucidates the nuances of ERP system characteristics pertinent to SMEs and scrutinizes these SME-specific attributes. By drawing upon existing literature and conducting a bibliometric analysis, this work systematically reviews the most recognized existing CSFs. Furthermore, it presents an inductive framework tailored to SME companies' ERP CSFs, aligning with their unique operational contexts.
  • The adoption of in-store mobile payment in Finland
    (2021) Karesoja, Maria
     School of Business | Bachelor's thesis
    Payment industry is rapidly evolving but consumers are still hesitant towards current payment trends, like mobile payment. Finland is behind otherwise similar Nordic countries in the adoption of in-store mobile payment. The objective of this thesis is to find out, what are the key factors influencing the adoption of in-store mobile payment among young, specifically generation Z, consumers. It also aims to find out if the ongoing Covid-19 pandemic has had an impact on attitudes towards in-store mobile payment. A qualitative research in the form of three interviews was conducted to reach the research objectives. Three different kinds of in-store mobile payment users between the ages of 18 and 25 were interviewed. One has never used in-store mobile payment, one uses it occasionally and one on a daily basis. The questions considered the following factors, drawn from previous research: perceived ease of use, perceived usefulness, social influence, personal innovativeness, intention to recommend, perceived risk and perceived hygiene. Perceived risk was found to be the largest inhibitor of in-store mobile payment adoption. Security concerns like the device getting lost or stolen as well as hackers and misuse came up the most. Additionally, uncertainty about the performance of mobile payment was a barrier for one interviewee. Another significant barrier for mobile payment adoption is the attitude towards contactless card payment, which is seen as convenient enough, reducing the will to try mobile payment. Social influence, and specifically the recommendation of others was found significant as a motivator for use. Personal innovativeness was found to be somewhat significant but less so than social influence. This is among the first mobile payment adoption research to consider perceived hygiene and the context of Covid-19. While perceived hygiene was found insignificant in mobile payment adoption in this research, it should be studied more with a larger sample. The most valuable measures mobile payment service providers can take, is to market the advantages of mobile payment over contactless card payment and raise consumer knowledge about the method. As security concerns make consumers hesitant towards in-store mobile payments, service providers should also increase awareness of the security measures taken. It was also found that additional services like bonus cards and consumption tracking would motivate consumers to use in-store mobile payment more.
  • Adoption of supply chain analytics in SMEs: an exploratory study
    (2018) Do, Tan Dat
     School of Business | Bachelor's thesis
    Objective Given the extant knowledge in the literature of the intersection among big data, analytics, and supply chain management, this thesis is aimed to explore the adoption of supply chain analytics in the SMEs. More specifically, the thesis’ main objectives are to investigate under what situations the SMEs adopt supply chain analytics and provide the recommendations for SMEs in adopting supply chain analytics. Summary Based on the content analysis of interviews with solution providers from different countries, the thesis has explored the main motivations behind the adoptions from SMEs, and the necessary existing resources and the challenges for SMEs to adopt supply chain analytics. Given such findings, a framework for future research on the factors that affect the adoption of supply chain analytics in SMEs is proposed and detailed recommendations for such companies are also discussed. Conclusions In conclusion, the adoption of supply chain analytics in SMEs is still in modest rate due to certain barriers and complex required resources for SMEs in adopting such practices. The decisions to adopt supply chain analytics in SMEs depends on factors such as perceived benefits, dynamic environment, data-driven culture, necessary resources, and challenges of the adoptions. The thesis recommends that SMEs should firstly build basic awareness of analytics, and technical capability related to data management before adopting supply chain analytics. Then, SMEs also need to emphasize on change management and adopt alignment strategy to optimize the benefits gained from analytics adoptions.
  • Aikaepäjohdonmukaisuuden vaikutus säästämiseen
    (2018) Nuutilainen, Jarkko
     School of Business | Bachelor's thesis
    Tässä kirjallisuuskatsauksessa tarkastelen käyttäytymistaloustieteen näkökulmasta aikaepäjohdonmukaisten preferenssien vaikutusta ihmisten säästämiskäyttäytymiseen. Tutkimusten mukaan ihmisten säästämisaste jää liian alhaiseksi. Esimerkiksi Suomessa säästämisaste on ollut historiallisen alhainen 2010-luvulla. Perinteinen taloustiede olettaa, että olemme rationaalisia toimijoita. Emme kuitenkaan ole tällaisia robotteja tai toisin sanoen ekoneita, jotka laskevat tarkasti ja oikein kaikki taloudelliset päätökset. Sorrumme lykkäämään epämiellyttäviä askareita, emmekä tee aina järkeviä päätöksiä. Käyttäydymme monissa tilanteissa siis väärin. Käyttäytymistaloustiede pyrkiikin huomioimaan ihmisten väärinkäyttäytymiset, jotta taloustieteen kyky ennustaa taloudellisten päätösten vaikutuksia paranisi. Säästämispäätöstä tehdessämme emme toimi johdonmukaisesti kuten perinteinen talousteoria olettaa, vaan saatammekin käyttäytyä aikaepäjohdonmukaisesti. Aikaepäjohdonmukaisuuden seurauksena, ihmiset painottavat aiemmin saatavaa hyötyä voimakkaammin verrattuna vasta myöhemmin saatavaan hyötyyn, mikäli valinta toteutuu lähempänä nykyhetkeä. Valintoja ei verrata toisiinsa perinteisellä vakioisella diskonttokorolla, vaan ihmiset diskonttaavat tulevaisuuden hyötyä laskevalla diskonttokorolla, hyperbolisesti. Tämä johtaa siihen, että säästämispäätöstä tehdessään, ihmiset painottavat enemmän nykyhetken kulutusta ja aliarvioivat tulevasta kulutuksesta saamaansa hyötyä ja täten päätyvät säästämään liian vähän. Näyttää siis siltä, että kärsimme itsekontrolliongelmista. Itsekontrolliongelma vaikuttaa säästämispäätökseen siten, että säästämispäätöstä tehdessämme painotamme enemmän nykyhetken hyötyä ja aliarvioimme tulevaisuuden hyötyä. Tietoisuus omasta itsekontrolliongelmasta nouseekin tärkeäksi tekijäksi, jotta osaisimme vaikuttaa säästämiskäyttäytymiseemme. Osoitan kuinka omaan itsekontrolliongelmaan naiivisti suhtautuva ihminen, saattaa lykätä säästämisen aloittamista loputtomiin, sekä kuinka sofistikoitunut – omasta itsekontrolliongelmastaan tietoinen ihminen voi sitoutua säästämiseen hankkimalla sitoutumisvälineen. Alhaiseen säästämiseen on pyritty vastaamaan erilaisin kannustimin ja sitouttamisvälinein tarjoamalla markkinoille erilaisia pitkäaikaisia säästökohteita. Sitouttamisvälineet saattavat osaltaan selittää epälikvidien säästötuotteiden kysynnän, vaikka tarjolla olisi myös likvidejä säästökohteita. Myös käyttäytymistaloustieteilijät ovat tuoneet menestyksellisesti oman ratkaisun, kuinka säästämistä voitaisiin lisätä. Ratkaisussa huomioidaan ihmisten väärinkäyttäytyminen. Siinä säästämisestä tehdään asetusarvo, joka ”tönäisee” ihmisen säästämään ja näin säästämisen tulee aloitetuksi.
  • Algorithmic Collusion: How It Happens and Its Policy Implications
    (2022) Laakkonen, Mitja
     School of Business | Bachelor's thesis
    In this literature review I study three experimental papers that show how self-learning pricing algorithms powered by Q-learning may collude in simulated controlled environments, without being programmed to collude or communicate. I discuss some policy implications of algorithmic collusion. The results are that in an infinitely repeated oligopoly game, algorithms can by trial and error learn reward-punishment strategies that facilitate collusion. The results adhere to canonical theoretical models of collusion. This finding poses challenges for antitrust policy since current policy does not consider forms of collusion where the parties do not communicate. I present some possible policy solutions, which include redefinition of collusion in law, and competition authorities updating their algorithm expertise swiftly. I also discuss the drawbacks of the experimental results. More research is needed to find out the possibility of algorithmic collusion in “real-life” market settings.
  • Algorithmic discrimination: How do big data tools unwittingly cause disparity?
    (2022) Harju, Eerik
     School of Business | Bachelor's thesis
    The use of big data and machine learning tools are becoming increasingly commonplace within the decision-making processes of our socio-economic interactions. In the real world, outcomes are rarely binary with distinct ‘yes’ and ‘no’ answers. Therefore, the subjectivity involved in any decision-making interaction brings about questions on fairness. These same difficulties regarding fairness are equally present within the realm of machine learning and algorithmic decision-making. The research question: “How Do Big Data Tools Unwittingly Cause Disparity?” will be studied through two narrower sub-questions: 1. “What components of algorithmic decision-making are discriminatory” and 2. “To what extent should auditing take place in algorithmic decision-making processes”. Through the form of an integrative literature review, this thesis is an overview on the topic of algorithmic discrimination attempting to contribute to answering the questions above. After identifying and researching seminal works in the field of algorithmic bias, this paper will achieve three learning goals. This thesis firstly aims to synthesize research on the main causes for algorithmic discrimination, subsequently to critique the applicability of current anti-discrimination legislation in context of big data and machine learning. Finally, this thesis will explore potential courses of action to both prevent and purge these systems of discrimination. The results of this research paper contribute to generating awareness surrounding algorithmic discrimination. Additionally, the findings encourage regulatory reform through the explorations of the necessity for responsibility and accountability for the various parties involved including government, private firms and data collectors, and users.
  • Allianssimalli ja sen hyödyt julkisen puolen tilaajalle suomalaisissa infrastruktuuriprojekteissa – Case Raide-Jokeri ja Tampereen Raitiotie
    (2023) Kivimies, Joel
     School of Business | Bachelor's thesis
    Allianssimallin hyödyntäminen on viime aikoina noussut pinnalle julkisten infrastruktuuriprojektien toteuttamisessa. Kahden suomalaisen raitiotieprojektin, Raide-Jokerin ja Tampereen Raitiotien johto on kiittänyt menestyksestä juuri allianssimallin hyödyntämistä. Alliansseja on käsitelty kirjallisuudessa jonkin verran, mutta suomalaisten raitiotieprojektien tarkasteleminen tilaajan hyötyjä painottaen antaa tutkimukselle tuoreen näkökulman. Tämän kandidaatintutkielman tarkoituksena on ensiksi selvittää aihetta käsittelevän kirjallisuuden pohjalta projektialliansseille tyypilliset piirteet, ja miten ne tuovat hyötyä tilaajalle. Toiseksi tavoitteena on analysoida, miten nämä piirteet esiintyvät Raide-Jokeri-allianssissa ja Tampereen Raitiotieallianssissa. Tutkielmassa käytetään laadullista ja kuvailevaa tutkimusmenetelmää empiiriseen aineistoon, joka pitää sisällään kahden edellä mainitun projektin laatimat julkiset raportit sekä kaksi haastattelua kyseisissä alliansseissa työskennellyiltä henkilöiltä. Tutkielmassa saatiin selville case-projekteissa esiintyvät allianssimalleille tyypilliset piirteet, jotka ovat avoimuuden ja yhteistyön parantaminen, allianssien tuottajaosapuolten ohjaaminen kohti yhteisiä tilaajalle arvoa tuottavia tavoitteita sekä saavutetun menestyksen tai tappion jakautuminen kaikille osapuolille. Tilaajan hyödyt näkyvät kustannustehokkuuksina ja haluttujen laadullisten tavoitteiden parempana toteutumisena. Koska tutkielmassa tutkittiin vain kahta spesifiä case-projektia, on sen yleistettävyys vähäistä.
  • Älysopimusten vaikutus sopimusoikeuteen tulevaisuudessa
    (2020) Romanova, Svetlana
     School of Business | Bachelor's thesis
    Perinteinen sopimusoikeus tulee todennäköisesti olemaan murroksessa lähitulevaisuudessa älysopimusten ansiosta. Murrokseen vaikuttavat älysopimusten rinnalla lohkoketjut, kryptovaluutat sekä tekoäly. Lohkoketjut ja kryptovaluutat ovat paljon keskustelua herättänyt aihe, ja niihin liittyykin yhä sääntelyn puutetta sekä kyberrikollisuutta. Tekoälyn nähdään tulevaisuudessa edesauttavan älysopimusten prosessin kulkua, valvontaa sekä toimeenpanoa. Tekoälyn ansiosta toivotaankin helpottavan lakimiesten tehtäviä sekä edesauttamaan tehokasta oikeudellista tiedonhakua. Älysopimusten toivotaan vähentävän riidanratkaisuntarvetta sopimusehtojen noudattamisen puitteissa sekä kohtuullistamaan sopimuksien synnyttämiä kustannuksia, sillä lohkoketjujen ansiosta kolmannen osapuolen sisällyttäminen sopimukseen ei olisi enää välttämätöntä. Älysopimukset kuitenkin ovat vielä kehityksensä varhaisessa vaiheessa, jonka takia erilaisia ongelmia liittyen niiden käyttöönottoon päivittäisessä liiketoiminnassa sekä oikeudellisessa toiminnassa on havaittavissa. Älysopimuksissa nähdään kuitenkin myös merkittäviä etuja perinteisiin sopimuksiin nähden niin liiketoiminnallisesti kuin oikeudellisesti. Älysopimusten täytyy olla täsmällisiä toimiakseen, mikä voi vähentää merkittävästi väärinymmärrysten syntyä sopimuksen solmimisen jälkeen. Tämän kandidaatintutkielman tarkoituksena onkin selvittää, minkälaisia mahdollisuuksia ja uhkia sopimusoikeuden näkökulmasta älysopimukset voisivat tuoda tulevaisuudessa mukanaan. Tällä hetkellä älysopimukset turvautuvat itsesääntelyn varaan, sillä tulevaisuuden näkökulmasta on suotuisampaa ensiksi tarkastella, minkälaisia ongelmia älysopimukset voisivat kohdata ja tätä kautta säännellä älysopimuksia tarkemmin askel kerrallaan. Viralliset tahot voivat tarkastella jo solmittuja älysopimuksia sekä seurata ja mahdollisesti ennustaa ongelmallisia alueita, mikä voisi luoda turvallisen pelikentän älysopimusten nykyisille sekä tuleville solmijoille.
  • Analysing and Predicting Invoice Payment in Finnish Road Freight Transportation Industry
    (2022) Turunen, Emmi
     School of Business | Bachelor's thesis
    This thesis examines the relationship between diesel prices, 12-month Euribor interest rates, and bankruptcies of road freight transportation companies and their effects on invoice payment delays in a sample of road freight transportation companies. This investigation is relevant to the road freight transportation industry, as the changes in diesel prices and interest rates can significantly impact the transportation companies’ cost structures. The sample was collected from a heavy equipment spare parts retailer and contained information on over 70 000 invoices. The work consists of a literature review and two quantitative methods, time series regression model and binary classification models. The time series regression model looks at 92 months from 2015 to 2022. The independent variables are monthly average diesel prices, 12-month Euribor interest rates and bankruptcies, and the dependent variable is the average monthly payment delay in days. Binary classification models predict whether an invoice will be paid on time or late. These models include logistic regression and k-nearest neighbors. Overall, the time series regression model is statistically significant. From the individual coefficients, diesel prices were the most significant predictor, suggesting that they impact payment delays the most. Euribor interest rates and bankruptcies were not found significant at the 0.05 level. Furthermore, the analysis revealed an unexpected relationship where a decrease in diesel prices leads to longer delays in payments. Additionally, the binary classification results show that the k-nearest neighbors’ method with a small hyperparameter k value and the logistic regression model were effective in predicting late payments.
  • Analysing Job Change in the Automation of Processes in the Logistics Industry – The Case of Finland
    (2022) Katajamaa, Jeremias
     School of Business | Bachelor's thesis
    Objectives The main objectives of this study are (1) to identify to what extent the logistics industry is being automated, (2) to identify what effects the automation of the logistics industry has on the number and nature of jobs in the industry, (3) to identify what effects the automation of the logistics industry has on workers, and (4) to identify the specific factors in the logistics industry that affect the amount of change in the number and nature of jobs. Summary The logistics industry has become crucial for conducting business in the modern world and is being increasingly automated, leading to concerns over the effects of automation on a multitude of stakeholders. To study how automation is affecting the number and nature of jobs, as well as workers, Finnish logistics managers and union and association representatives were interviewed. Conclusions Automation is used mainly in office work and a bit in physical tasks. It was found to have several different effects on the number and nature of jobs, as well as workers. The four factors affecting the extent of automation’s effects were high skill requirements, difficult and slow implementation of automation, a low level of automation and infrastructure, and the low commercial viability of automation. Because of these factors, the effects of automation in the industry were found to be relatively low, with potential of significantly increasing in the near future.
  • The analysis of agency cost within state-ownership structures of the airline industries: Direct state-owned companies and indirect state-owned companies (ownership via sovereign wealth fund)
    (2018) Tan, Cheing Chie
     School of Business | Bachelor's thesis
    Objectives This study is conducted to investigate the significance of the two ownership structures, namely direct state-ownership and indirect state-ownership, in the context of airline companies. The research also extends to examine the underlying reason for the implied distinctions. Agency cost is the main measure used to compare the efficiency between the two ownership structures. This paper also seeks to test out the relative importance of each characteristic in relation to agency cost. Summary The findings supported two hypotheses: (H2) indirect state-owned enterprise has lower agency cost due to greater use of debt and (H4) indirect state-owned enterprise has lower agency cost due to the international diversification. The findings, however, rejected the two remaining hypotheses: (H1) indirect state-owned enterprise has lower agency cost due to greater transparency pressures and (H3) indirect state-owned enterprise has higher agency cost due to the international diversification. Conclusions In the comparison between indirect and direct state-owned airline companies, it is evident that indirect state-owned airlines performed more efficiently than direct state-owned airlines.
  • Analysis of Marketing Strategies of Plant-Based Food Companies in Nordic Countries and Proposition of a Sustainable Marketing Approach: a multi-case study
    (2023) Le, Huong Ly
     School of Business | Bachelor's thesis
    The main objectives of this study were to understand and analyze marketing strategies of Nordic plant-based food companies. Besides, it aimed to identify opportunities and threats that the food trend is posing to marketing strategies. Lastly, it proposed a potential sustainable marketing approach for the companies in question. Using the 5Ps marketing mix model and sustainable marketing framework, data collected from the qualitative study indicate how Nordic plant-based food companies execute their marketing approaches in terms of product, price, place, promotion, and people. Sustainability efforts in marketing are also evaluated based on three sub-principles of the mentioned framework: green marketing, social marketing, and critical marketing. After all, the research discusses the need for a sustainable marketing approach for plant-based food brands. Most companies in question share some common characteristics in developing and marketing their products, such as focusing on taste and texture, pricing plant-based products higher than animal-based options, attempting to reduce transportation costs as much as possible, and communicating the image of high-quality products to consumers. While plant-based food, which is perceived as a sustainable product, is the core of the business, sustainability efforts in other aspects of the marketing mix are necessary for long-term operations.
  • Analysis of the Hot Hand Phenomenon: Examining Its Influence on Decision Making and Probabilistic Errors in Basketball
    (2023) Pakarinen, Otto
     School of Business | Bachelor's thesis
    This thesis analyses the concepts of hot hand and hot hand bias. I observe these concepts in basketball context. The thesis is a literature review, in which I analyse these concepts based on previous research. In the past hot hand in basketball was thought of being a myth. In the thesis I present newer papers that have been able to find a hot hand effect in different basketball scenarios. Research in this field shows that the closer a situation resembles a controlled setting, the stronger hot hand effect is often found. Based on the found hot hand effect, and in some cases lack of one, I then analyse the possibility of judgement bias and irrational decision-making, which is caused by the hot hand bias. In run of play basketball there are situations in which the hot hand bias likely exists for both the defending and the attacking sides.
  • Analysis: Changes in the music industry and marketing throughout the years
    (2023) Toivonen, Anni
     School of Business | Bachelor's thesis
    This thesis is written to examine the changes and developments in the music market, industry, and research throughout the years, and how these qualities and changes have had an effect on shaping the industry and marketing acts today.
  • Analyst recommendations, post-IPO stock returns and underwriter analysts' conflict of interest
    (2019) Tirronen, Miska
     School of Business | Bachelor's thesis
    This study provides evidence on the significant investment value of analyst recom-mendations on newly public companies. The sample of this study comprises of 1,825 initial public offerings conducted 2010 to 2018 in NASDAQ, NYSE and NYSE American exchanges. I document that investment strategy following consensus recommendations by purchasing (selling short) stocks with most (least) favorable consensus recommen-dations yields significant monthly abnormal gross return of 1.6 percent. Moreover, this predictive power of consensus recommendations appears to be more pronounced for post-IPO stock performance in the first subsequent year of the IPO. In turn, the investment value of underwriter analysts’ recommendations is inferior to consensus recommendations as the recommendations of affiliated analysts do not pro-duce significant excess returns. The existing research has not covered the relation between analyst recommendations and post-IPO stock performance. However, the results are consistent with the prior re-search suggesting that analysts, in general, possess predictive power on stock perfor-mance.