[kand] Kauppakorkeakoulu / BIZ

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  • The effects of shock therapy on transitional economies – A comparison between Russia and Poland
    (2025) Kukkonen, Pietu
    School of Business | Bachelor's thesis
    This thesis examines Russia and Poland and why they experienced different economic outcomes in the 1990s when transitioning from a centrally planned system to a market-based one. They both used a set of economic policies which is often called “Shock therapy”. Using a comparative literature-based approach focusing on transition and institutional economics, the thesis analyses the differences in initial conditions, the economic policiesimplemented and the amount of external support in the two countries. In brief, the analysis suggests that the divergent outcomes cannot be explained by the policy design nor the speed of reforms. Institutional capacity, political legitimacy and the amount of external support also played a crucial role in how the policies functioned in practice. The two key findings highlight that the existing literature perhaps overlooks external support as a key factor intransition success and that there is no one-size-fits all approach to economic reform. The optimal reform strategy is rather contingent on country-specific conditions.
  • Rahoitusratkaisut pk-SaaS-yritysten kannattavan kasvun tukena
    (2026) Kuokkanen, Elis
    School of Business | Bachelor's thesis
    Tutkielmassa tarkastellaan suomalaisten pk-SaaS-yritysten rahoitusvaihtoehtoja ja vertaillaan kirjallisuuskatsauksen sekä alan raporttien avulla bootstrappingin ja ulkopuolisen pääomarahoituksen vaikutuksia yritysten kasvuun ja kannattavuuteen. Tulokset osoittavat, että omarahoitteinen kasvu tukee kannattavuutta, kun taas pääomasijoitukset mahdollistavat nopeamman kasvun, mutta usein kannattavuuden kustannuksella.
  • Johdon kriisinhallintastrategiat maineen palauttamiseksi organisaatiokriiseissä
    (2026) Kämäräinen, Minerva
    School of Business | Bachelor's thesis
    Tämä kandidaatintutkielma tarkastelee kriisinhallintastrategioita organisaatiokriiseissä, jotka johtuvat organisaation omasta toiminnasta ja olisivat olleet ehkäistävissä. Tutkielmaa ohjaavana tutkimuskysymyksenä on: Millaisia kriisivastestrategioita johto voi käyttää maineen suojaamiseksi ja palauttamiseksi ehkäistävissä olleissa organisaatiokriiseissä? Tutkielma on toteutettu kirjallisuuskatsauksena hyödyntäen kansainvälisiä, vertaisarvioituja kriisiviestinnän ja organisaatiotutkimuksen julkaisuja. Tutkielman perusteella voidaan todeta, että maineen suojaaminen ja palauttaminen riippuvat keskeisesti siitä, miten sidosryhmät arvioivat organisaation vastuunkantoa, arvoja ja eettistä toimintaa kriisin yhteydessä. Erityisesti moraalista tuohtumusta herättävissä kriiseissä maineen palautuminen edellyttää pelkän viestinnän sijaan todellisia ja pitkäjänteisiä muutoksia organisaation toiminnassa.
  • Green investing in Europe: Financial shocks and their effects on firm emissions
    (2026) Kotro, Elmo
    School of Business | Bachelor's thesis
    Changes in cost of capital and other financial shocks have been empirically proven to affect the greenhouse gas emissions from companies in the US, as shown by Hartzmark & Shue (2022). This study attempts to measure the effects of these same shocks in the European market and compare them to the findings from the US data. The results from European markets are inconclusive: When using proxies for real performance, data from 2005 to 2024 indicates that there is no statistically significant correlation between firm performance and their emissions. Cost of capital has an expected positive correlation to emissions, but with more effect on green and neutral firms compared to brown ones. When analysing older data from 2005-2015 as a control measure, significant estimators are found and are in line with US data, suggesting that the elasticity in emissions has existed but since disappeared. This dilution of emissions elasticity is most likely the result of EUs more strict environmental regulation and more intensive focus on ESG in European companies. Changes in cost of capital and other financial shocks have been empirically proven to affect the greenhouse gas emissions from companies in the US, as shown by Hartzmark & Shue (2022). This study attempts to measure the effects of these same shocks in the European market and compare them to the findings from the US data. The results from European markets are inconclusive: When using proxies for real performance, data from 2005 to 2024 indicates that there is no statistically significant correlation between firm performance and their emissions. Cost of capital has an expected positive correlation to emissions, but with more effect on green and neutral firms compared to brown ones. When analysing older data from 2005-2015 as a control measure, significant estimators are found and are in line with US data, suggesting that the elasticity in emissions has existed but since disappeared. This dilution of emissions elasticity is most likely the result of EUs more strict environmental regulation and more intensive focus on ESG in European companies.
  • Kieli on valtaa: Business English Lingua Franca (BELF) sekä inkluusio ja ekskluusio organisaatioissa
    (2025) Pyykkönen, Petra
    School of Business | Bachelor's thesis
    Tutkielma käsittelee Business English Lingua Franca -ilmiötä (BELF) ja sen vaikutuksia inkluusioon ja ekskluusioon monikansallisissa organisaatioissa. BELF helpottaa kansainvälistä viestintää, mutta se ei ole täysin neutraali käytäntö, sillä englannin kielen taito, aksentti ja natiivipuhujan normien ihannointi voivat luoda valta-asetelmia ja epätasa-arvoa työyhteisöissä. Tutkielma osoittaa, että heikompi kielitaito voi johtaa ulkopuolisuuden kokemuksiin ja rajoittaa työntekijöiden osallistumista. Toisaalta psykologisesti turvalliset ja inklusiiviset kielikäytännöt, joissa painotetaan ymmärrettävyyttä ja yhteistyötä kielellisen täydellisyyden sijaan, voivat lieventää näitä vaikutuksia ja tukea tasa-arvoisempaa viestintää.
  • The CEO attractiveness premium in Finnish IPOs: The role of private equity backing
    (2025) Kujala, Viola
    School of Business | Bachelor's thesis
    This thesis investigates whether CEO facial attractiveness influences IPO returns in Finland and whether private equity (PE) backing moderates this effect. Using a sample of 80 Finnish IPOs from 2010-2024, attractiveness is measured using subjective survey ratings and an AI-based facial analysis score. Ordinary Least Squares (OLS) regressions are estimated for first-day, one-month, and one-year returns while controlling for firm characteristics and including industry and year fixed effects. The results show that CEO attractiveness is associated with IPO pricing only in the short run, and only when measured using the AI-based score: higher AI attractiveness predicts significantly stronger first-day and one-month returns, consistent with investor reliance on rapid visual heuristics when information is limited. The effect disappears at the one-year horizon, and interaction tests provide no evidence that PE backing weakens or otherwise changes the relationship. Overall, the findings suggest that appearance-based biases can temporarily influence IPO valuations but fade as market pricing converges toward fundamentals.
  • ESG-labelled mutual funds in Europe: Evidence from holdings, performance, and fees
    (2025) Kummu, Ossi
    School of Business | Bachelor's thesis
    This thesis examines whether European ESG-labelled equity mutual funds differ from conventional funds in holdings, risk-adjusted performance, and fees. The sample comprises 664 actively managed, euro-denominated open-ended equity funds over 2018–2025. ESG status is identified using SFDR Article 8/9 classifications and fund-name screening. “Strict ESG” funds have explicit sustainability mandates. Portfolio greenness is measured using Refinitiv ESG Combined Scores and Morningstar Sustainability Ratings. Performance is assessed using net returns and CAPM and Fama–French three-factor alphas, while fees are measured using ongoing charges under equal-weighting and assets-under-management (AUM) weighting. Broad ESG funds hold portfolios with ESG scores close to conventional funds, show no systematic differences in risk-adjusted returns, and are modestly more expensive among the largest funds. Strict ESG funds are clearly greener and not more expensive, but they do not outperform. Overall, labels are weak signals of portfolio implementation.
  • Illiquidity premium in Finnish equities – Is there one?
    (2025) Lilius, Jaakko
    School of Business | Bachelor's thesis
    This thesis examines whether illiquid Finnish stocks earn higher returns than more liquid stocks over the period 2011–2024. Using monthly data for all non-financial firms listed on the Helsinki Stock Exchange, I construct a price-impact illiquidity measure (ILLIQ) from daily returns and trading volume and sort stocks each month into portfolios based on liquidity. I analyze both equal- and value-weighted long–short portfolios and estimate factor-adjusted performance using locally constructed market, size, value, and momentum factors. The results show no robust evidence of a positive illiquidity premium, when ILLIQ is used as the liquidity proxy, as the illiquid-minus-liquid spread is generally close to zero or negative. When liquidity is measured using a turnover-based proxy, a positive illiquidity premium emerges under equal weighting, indicating sensitivity to the choice of liquidity proxy.
  • A structural shift in gold pricing after 2020
    (2025) Paappa, Joona
    School of Business | Bachelor's thesis
    I show in this thesis that the traditional inverse relationship between gold prices and U.S. long-term interest rates weakens and reverses after 2020. Using monthly U.S. data from 2000 to 2025, I estimate linear models on pre-2020 observations and as-sess their performance in the post-2020 period. These models produce large forecast errors, indicating structural instability. In contrast, uncertainty indicators and the U.S. dollar index gain explanatory power, reflecting a shift in the drivers of gold prices. The results suggest that models estimated using pre-2020 data are less effective in explaining gold price movements in the post-2020 period.
  • Euro-area sovereign bond market’s reactions to April 2, 2025, U.S tariff announcements
    (2025) Kulju, Artturi
    School of Business | Bachelor's thesis
    This thesis examines how Euro-area sovereign bond markets responded to the U.S. tariff announcement of 2 April 2025, focusing on whether the shock triggered flight-to-quality and flight-to-liquidity behaviour across maturities (1-, 5-, and 10-year) and credit segments (AAA-rated versus aggregate Euro-area sovereign bonds). The empirical strategy combines a daily event-study design, which measures abnormal yield changes (AR) and cumulative abnormal yield changes (CAR) around the announcement, with a regression-based extension that estimates average event-window repricing in yield levels while controlling for macro-financial conditions (policy rate, inflation, and VIX). Robustness is assessed through alternative return-generating specifications, multiple event-window lengths, standardized test statistics, and regression sensitivity and placebo checks. The results indicate that market reactions were heterogeneous, maturity-dependent, and largely short-lived. Event-study evidence shows statistically significant yield declines concentrated at the short end of the curve (1-year) for both AAA-rated and aggregate Euro-area bonds, consistent with temporary demand for highly liquid, low-duration sovereign instruments. Medium-term maturities (5-year) exhibit weak and statistically insignificant abnormal responses across specifications. Long-term (10-year) effects are more nuanced: baseline event-study estimates are modest, while augmented specifications and narrow windows provide conditional evidence of short-lived relative repricing. Across both the event study and the regression framework, EA–AAA spread reactions remain statistically insignificant, implying no robust, persistent segmentation between the AAA segment and the broader Euro-area sovereign curve. Overall, the findings suggest that the Euro-area sovereign bond market absorbed the trade-policy shock efficiently, with adjustments concentrated in specific maturities rather than sustained cross-segment reallocation.
  • Monetary policy announcements, surprises and stock returns
    (2025) Kähkönen, Santtu
    School of Business | Bachelor's thesis
    This thesis investigates how UK equity markets react to Bank of England (BoE) policy rate decisions. I use an event study to analyse Monetary Policy Committee meeting days involving rate hikes and cuts from 1999 to 2025. Abnormal returns are measured for value-weighted defensive and cyclical portfolios constructed from the FTSE All-Share Index. Cumulative abnormal returns are computed over a three-day window, and results are complemented with regressions that include the rate change (bp), target and path surprise factors with HAC-robust inference. Overall, abnormal returns around announcements are small and rarely statistically significant, and differences between defensive and cyclical stocks are not systematic. The findings support semi-strong market efficiency and suggest that BoE communication and forward guidance limit surprise-driven sector revaluations. For investors, short-term sector tilts around rate announcements do not appear to offer reliable outperformance.
  • Does alpha momentum deliver in Europe? Cost-adjusted evidence from industry-neutral portfolios in the STOXX Europe 600
    (2025) Mäkitalo, Herkko
    School of Business | Bachelor's thesis
    This thesis identifies a distinct momentum anomaly in European equities: "alpha momentum." I form portfolios by ranking stocks based on their estimated abnormal returns, rather than their past price performance. An industry-neutral, long-only strategy that uses an 18-month estimation window and a 3-month holding period earns an annual return of 9.7% with a Sharpe ratio of 0.64 from 2005 to 2024, net of 50-bps roundtrip trading costs. This performance is competitive with traditional price momentum (10.0%, Sharpe 0.68) but with a key advantage: it exhibits significantly lower exposure to the momentum factor itself. The strategy delivers Carhart four-factor alpha of approximately 3.7% per year, while marginally significant, indicates that its returns are not fully explained by common risk factors. Results are sustained across subperiods and demonstrate that the alpha momentum premium survives realistic trading frictions, particularly when implemented with a longer holding period to mitigate turnover.
  • Education investment and economic growth: Evidence from Sub-Saharan Africa
    (2025) Kossila, Kaisu
    School of Business | Bachelor's thesis
    This thesis examines how government education spending relates to economic growth in Sub Saharan Africa. The study uses data from 45 countries between 1990 and 2023 and applies fixed effects regression models to assess whether higher investment in education leads to faster GDP growth. To evaluate the reliability of the results, different lag lengths (three, five and ten years), alternative model specifications, and additional controls such as inflation and population growth are tested. The main findings show that education spending has a positive association with growth, but the effect is not statistically significant. This pattern remains even when longer lags are applied, suggesting that the impact of education investment may take time to develop or may depend on other country specific factors. Overall, the results indicate that education spending alone does not guarantee short term economic growth in Sub Saharan African countries. The study contributes to the broader discussion on human capital and development by high-lighting that other elements such as governance, labor market conditions, and institutional quality likely influence the effectiveness of education investment. Future research could examine how education quality, budget allocation, and long term structural dynamics shape growth outcomes.
  • AI in recruitment: Opportunities and limitations for employers
    (2025) Pöytäniemi, Maaria
    School of Business | Bachelor's thesis
    This thesis examines how artificial intelligence (AI) is used in recruitment and what opportunities and limitations it creates for employers. Based on a literature review of recent research, it analyses the use of AI-supported recruitment. The review suggests that AI can streamline early stages of recruitment, support more consistent processing of large applicant pools and improve candidate communication, especially when routine tasks are automated. At the same time, it highlights risks related to reproducing historical bias, opaque decision-making and weakened human judgement if models are used uncritically. The overall conclusion is cautious but positive: AI can make recruitment both more efficient and more transparent, but only when employers invest in data quality, analytical and ethical competence, and clear governance structures.
  • Johtajan rohkeuden vaikutus yrityksen menestykseen
    (2025) Lahtinen, Edit
    School of Business | Bachelor's thesis
    Tämä tutkielma käsittelee johtajan rohkeuden roolia yrityksen innovaatiokyvyssä ja menestyksessä. Tutkimuskysymyksenä on: ”Miten johtajan rohkeus vaikuttaa yrityksen innovaatiokykyyn ja menestykseen?”. Tutkielma on toteutettu kirjallisuuskatsauksena hyödyntäen erityisesti johtamis- ja organisaatiotutkimusta sekä rohkeutta käsittelevää psykologista ja filosofista kirjallisuutta. Tarkastelun perusteella johtajan rohkeus näyttäytyy ennen kaikkea kykynä tehdä päätöksiä epävarmuuden vallitessa sekä valmiutena rakentaa psykologisesti turvallinen ja avoin organisaatiokulttuuri, jossa työntekijät uskaltavat kyseenalaistaa, ideoida ja kokeilla uutta ilman pelkoa sosiaalisista tai ammatillisista seurauksista. Samalla tuodaan esiin, että rohkeuden myönteiset vaikutukset eivät ole automaattisia: rohkeuden mittaaminen on haastavaa, itsearviointeihin liittyy vinoumia ja oman rohkeuden yliarviointi voi heikentää koettua kunnioitusta ja johtajan tehokkuutta. Tutkielma jäsentää rohkeuden teoreettista rakennetta ja sen yhteyttä organisaatiokulttuuriin, psykologiseen turvallisuuteen ja johtamiskäytäntöihin sekä nostaa esiin tarpeen empiiriselle jatkotutkimukselle, jossa rohkeuden vaikutuksia innovaatiokykyyn ja menestykseen tarkasteltaisiin monilähteisesti eri toimintaympäristöissä.
  • The effect of law firm reputation on IPO underpricing in the UK
    (2025) Laukkarinen, Vilho
    School of Business | Bachelor's thesis
    This study examines the effect of law firm reputation on the underpricing of initial public offerings (IPOs) in the UK. Using transaction data for 258 London Stock Exchange Main Market IPOs over 1 January 2001–6 October 2025 and Chambers & Partners rankings for UK Capital Markets: Equity (2001–2025), I construct a practice-area-specific measure of transaction-level legal counsel reputation. I find that IPOs involving more reputable legal counsel are associated with lower underpricing, and the effect is statistically significant at the 1% level, conditional on the applied controls. The association remains robust to alternative sample screens, controls and reputation definitions. The overall finding of this study is that, consistent with certification theory, the involvement of prestigious legal counsel is associated with lower IPO underpricing in the UK.
  • Did Brexit reduce UK acquirers’ returns?
    (2025) Kangas, Benjamin
    School of Business | Bachelor's thesis
    In this thesis I study whether Brexit had effects on the announcement stock returns of UK based acquirers. I examine a sample of 4,022 UK-based acquisitions between 2010 and 2024. The study examines whether Brexit had a systematic effect for companies in the UK. The sample comprises transactions where a public company based in the United Kingdom acquires the entire share capital of a private or public company. The sample is split into pre- and post-referendum periods to examine the effects of Brexit. The equally weighted abnormal returns for the pre-referendum period were 1.198% and post-referendum 1.114% for a three-day event window. In this study I find Brexit having very little impact in defining the announcement returns for UK based companies’ stocks. The results are robust across different event periods and robustness checks.
  • Impact of COVID-19 on aerospace manufacturing supply chains
    (2026) Jäämeri, Johannes
    School of Business | Bachelor's thesis
    The COVID-19 pandemic caused unprecedented disruptions in global aerospace manufacturing and maintenance, repair, and operations (MRO) supply chains. Initial production halts, particularly in China, triggered shortages of raw materials and components, which cascaded through highly integrated, multitier supplier networks. These disruptions exposed vulnerabilities in just-in-time inventory models and global sourcing strategies optimized for cost efficiency rather than resilience. Concurrent labour shortages, transport constraints, and fluctuating demand further complicated operational continuity, leading to delays in scheduled maintenance and in the availability of spare parts. The crisis prompted aerospace firms to implement short-term workforce protection and operational adjustments while accelerating the adoption of digital integration, automation, and predictive analytics to improve supply chain visibility and responsiveness. Strategic shifts toward regionalization and supplier diversification aim to reduce dependence on distant production hubs and enhance flexibility in MRO activities. Post-pandemic, the industry is expected to maintain higher safety stock levels, expand regional service capacities, and institutionalize digital oversight mechanisms to withstand future systemic shocks better. These changes reflect a rebalancing of efficiency and resilience priorities within aerospace supply networks, with implications for contractual governance, supplier relationships, and investment patterns.
  • Mikä johtaa DEI-ohjelman epäonnistumiseen?
    (2025) Sanasvuori, Atte
    School of Business | Bachelor's thesis
    Tämän kirjallisuuskatsauksen tarkoituksena on tutkia, mitkä tekijät vaikuttavat DEI-ohjelman epäonnistumisen taustalla. Tutkielmassa käytettiin pääosin johtamista, psykologiaa ja organisaatioita käsitteleviä vertaisarvioituja tieteellisiä julkaisuita. Pohjustan aihetta ensin kuvailemalla DEI-ohjelmia sekä niihin liittyviä ristiriitoja ja dikotomioita, jonka jälkeen perehdyn epäonnistumisten taustatekijöihin ja niihin liittyviin johtopäätöksiin. Vaikuttaa siltä, että sekä tutkimus että tulokset DEI-ohjelmista ovat vaihtelevia. Mitään yksiselitteistä syytä epäonnistumisen taustalla ei kuitenkaan vaikuta olevan. Tutkimuksesta voidaan kuitenkin löytää joitain selkeitä syy-yhteyksiä DEI-ohjelmien ja tulosten välille. Ohjelma voi epäonnistua jos: organisaation rakenteet ja kulttuuri eivät tue sitä, se ei ole riittävän laaja, sisällytä myös inkluusiota ja oikeudenmukaisuutta, sillä ei ole riittävän laajaa tukea organisaatiossa, sitä ei soviteta ympäristön kontekstiin, tai siitä ei kommunikoida riittävästi ja oikealla tavalla.
  • Fund oversubscription and performance in private equity
    (2025) Nissinen, Alina
    School of Business | Bachelor's thesis
    This thesis examines whether investor demand, measured by fund oversubscription, is associated with subsequent private equity fund performance and whether this relationship differs across buyout, growth and venture capital strategies. Using fund-level data from Preqin, the analysis covers 921 European and US funds with vintage years between 1994 and 2020, thereby capturing a more recent fundraising environment than much of the prior literature. Oversubscription is defined as the ratio of final close size to target size, and performance is measured using net internal rate of return (IRR) and total value to paid-in capital (TVPI). The results show no statistically significant relationship between oversubscription and IRR, while oversubscription exhibits a small and weakly positive association with TVPI. No robust differences across strategies are found. Overall, the findings suggest that oversubscription is not a reliable predictor of fund-level performance and that the negative effects of excess capital documented in prior literature appear to operate at the industry level rather than at the level of individual funds.