[kand] Kauppakorkeakoulu / BIZ (Open Access)

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Recent Submissions

Now showing 1 - 20 of 1271
  • A Game Theoretical Analysis of Tariffs
    (2025) Huhdanpää, Mia
     School of Business | Bachelor's thesis
    In this literature review, I examine the application of international tariff interactions in the framework of game theory. I aim to analyse the ability of such models to explain the key aspects of these strategic international relations. I take into account structure such as timing, number and type of players, informational assumptions, payoffs, and equilibrium outcomes. Through a thorough comparison of literature discussed in this paper, it is found that tariff interactions are best classified as two-player sequential and repeated games, in which payoffs capture tariff-relevant welfare motivations and political pressures. Moreover, it is found that tariff relations can be classified as either cooperative or non-cooperative, indicating the presence of a trade agreement and potential to negotiate, or the lack thereof. Equilibrium outcomes vary in either setting.
  • The Long-Term Economic Impacts of Clean Water and Sanitation Investments
    (2025) Kopu, Jukka
     School of Business | Bachelor's thesis
    The present study is a literature review of the long-term economic impacts of clean water and sanitation investments. This work examines whether such investments can be justified from an economic point of view and evaluates different financing strategies for clean water and sanitation. This review highlights how water and sanitation infrastructure improvements positively affect public health, labour productivity and economic development by drawing on empirical evidence from historical and modern case studies. Key results show that clean water and sanitation invest ments can significantly increase human capital, reduce mortality rates and yield high benefit–cost ratios, especially in developing economies. Overall, this work pro vides an opinion on why clean water and sanitation investments can be justified from an economic point of view.
  • Implications of Emerging Challenges in Trade Between the U.S. and Europe
    (2025) Karvonen, Anne
     School of Business | Bachelor's thesis
    Tämä kandidaatintutkielma tarkastelee mahdollisten tullien ja valuuttakurssivaihteluiden vaikutusta Yhdysvaltojen ja Euroopan välillä eurooppalaisten lääkeyritysten hinnoitteluun, liikevaihtoon ja hyvinvointivaikutuksiin. Motivaatio tutkimukselle on peräisin alkuvuonna 2025 kasvaneesta kauppapoliittisesta epävarmuudesta, joka johtuu Trumpin hallinnon uhkauksista asettaa tullit Euroopan vientituotteille Yhdysvaltoihin. Nämä tullit sisältäisivät myös lääketuotteet. Tutkielma on kirjallisuuskatsaus, jossa hyödynnetään talousteoriaa Melitzin ja Reddingin (2014) heterogeenisten yritysten mallilla. Malli yhdistetään Yhdysvaltojen lääkemarkkinoiden erityispiirteisiin, kuten patentteihin, maiden väliseen hintadiskriminointiin ja apteekkietuuksien hallinnoijien (Pharmacy Benefit Managers) rooliin. Tulosten perusteella voidaan todeta, että patentoitujen lääkkeiden joustamaton kysyntä ja markkinavoima mahdollistavat tullikustannusten siirtämisen kuluttajille. Patenttisuojansa menettäneet lääkkeet taas kohtaavat merkittävää kilpailua ja ovat alttiimpia tulonmenetyksille tullien vaikutuksesta. Tutkielman havainnot korostavat valuutan vahvistumisen ja yritysten tuottavuuden mahdollisuuksia lieventää tullien negatiivisia vaikutuksia. Tullien kokonaisvaikutukset hyvinvointiin ovat negatiivisia heikentyneen saatavuuden, nousseen hintaindeksin ja yritysten innovaatioiden vähenemisen takia. Tutkielma pyrkii ymmärtämään kansainvälisen kaupan häiriöiden ja lääkemarkkinoiden rakenteiden välisen yhteyden ja huomioimaan kauppapoliittisten päätösten vaikutusta kansanterveyteen.
  • Ethical Implications of AI in Marketing
    (2025) Simula, Maria
     School of Business | Bachelor's thesis
    This thesis examines how artificial intelligence (AI) is used in marketing and the ethical concerns it raises. It looks at how marketers can apply AI tools like automation, data analysis, personalisation, and content creation to improve efficiency and customer engagement. However, these benefits come with risk, particularly data privacy, algorithmic bias, lack of transparency and consumer manipulation. This thesis also reviews how the use of AI is regulated in the European Union, the United States and China. Based on analysing recent academic research, the findings in this thesis suggest that while AI can make marketing more efficient and targeted, it also brings risks that need clear ethical guidelines and accountability to maintain consumer trust.
  • Simulation revolution in vertical mergers - Assessing vertical merger simulation as a merger screening tool
    (2025) Alanya, Leo
     School of Business | Bachelor's thesis
    This thesis explores the potential role of vertical merger simulations as quantitative tools for merger regulation, focusing on the model developed by Sheu and Taragin (2021). While conventional tools like Vertical Arithmetic and vGUPPI offer partial equilibrium forecasts, simulation models seek to compute full post-merger equilibria, incorporating both upstream and downstream dynamics. The thesis critically examines the structure, assumptions, and applicability of the model by Sheu and Taragin (2021). Through analytical and comparative assessments, the thesis highlights the model’s strengths in capturing complex incentives and interactions between various efficiencies and harms arising from vertical mergers. However, it also identifies limitations of vertical merger simulation methods, particularly stemming from restrictive structural assumptions and simplified bargaining dynamics, as well as a limited scope. The findings suggest that while vertical merger simulations are a promising advancement over current screening methods, they should be used alongside other credible evidence and be tailored to specific market contexts to avoid misleading consumer welfare predictions.
  • Accept all cookies?
    (2025) Oksanen, Elsa-Maria
     School of Business | Bachelor's thesis
    During the past years, cookie-based digital marketing strategies have become the backbone of the industry, positioning consumer data as a critical asset. The use of personal data has raised concerns among consumers as the data is often sold to third parties. This thesis explores the topic of consumer data from both the consumer’s and companies’ perspectives with a focus on ethical controversies. A key part of the debate centres on accountability: who should be held responsible for the ethical use of customer data, the consumers themselves or the companies that collect and utilize it? With the help of academic articles on marketing, business ethics, law, and information technology, this thesis explores what consumers consent to when they choose to accept cookies. Often, cookie use is followed by manipulative choices of design guiding consumers to act against their original intentions. Phenomena such as dark patterns and data brokerage can damage the customer-brand relationship, leading to weakened financial results. Companies have to balance out the perfect amount of personalization before consumers consider the personalization to be too invasive. This common effect is called the personalization paradox, and it shapes the marketing field. While this thesis gathers the core insights about cookies in marketing, the topic continues to evolve, requiring more research. This discourse concerns, especially segmentation and marketing strategies, but ethical data use plays a central role in responsible marketing in general
  • The Use of Virtual Influencers in Social Media Marketing
    (2025) Parkkinen, Inka
     School of Business | Bachelor's thesis
    This thesis explores the role of virtual influencers (VIs) within the framework of integrated marketing communications (IMC) and social media marketing (SMM). As virtual influencers become more prevalent in digital campaigns, understanding their effectiveness and strategic use has become increasingly important. The study is based on a literature review of academic sources published between 2019 and 2025, with a focus on the most current and widely cited research. The aim of the thesis was to examine what is known about virtual influencers in the context of marketing communication and to assess their strengths and weaknesses. The findings show that VIs offer several advantages, including full brand control, constant availability, creative flexibility, and reduced reputational risk. However, they also present challenges, particularly in terms of authenticity, emotional connection, and ethical concerns such as transparency and unrealistic beauty standards. The study concludes that virtual influencers are most effective when used as complementary tools alongside human influencers within a broader IMC strategy. Their success depends on thoughtful integration that aligns with brand values, audience expectations, and evolving technological and regulatory environments. The thesis also identifies key gaps in current research, especially concerning ethics, regulation, and cultural differences, and highlights the need for continued academic attention in a constantly evolving field.
  • Wisdom of the Crowds: Measuring Investor Attention through Google Search Volumes
    (2025) Suomalainen, Jonas
     School of Business | Bachelor's thesis
    By aggregating monthly Google Trends search volumes for the largest S&P 500 index constituents, I construct a new measure of retail investor attention: the Market-Level Attention Index (MLAI). In the sample period from 2004 to 2024, I find that the MLAI is different from other attention proxies (although correlated with some) and predicts changes in volatility and consumer sentiment. Moreover, I find evidence that retail investor attention responds to the significance of market events rather than purely to their direction.
  • The Driving Factors Behind Downside Risks in Euro Area Housing Markets
    (2025) Savolainen, Joonas
     School of Business | Bachelor's thesis
    In this paper I find out which macroeconomic variables are best suited for predicting downside risks for house price growth four quarters ahead in the euro area. I then use these variables to create a model for the downside risk and evaluate how these variables have contributed to the predicted downside risk over time. This is done by utilizing quantile regression. Next, I use these variables to estimate probability density functions to illustrate the whole estimated distribution of house price growth four quarters ahead. The variables I find most significant are house price misalignment, stress in financial markets, growth in consumer prices and consumer confidence. Financial stress is most often the main driver behind growing downside risks. The contribution coming consumer confidence often follows the one from financial stress, being slower to react and slower to recover. The contribution to downside risks coming from house price misalignment can be seen growing well before periods of high downside risks in recent times. House price misalignment’s importance can be seen growing when extending the forecast horizon. Worsening downside risks in 2023 – 2024 were mainly driven by high levels of inflation. The probability density function estimated for 2025Q4 shows signs of recovery from 2023Q4 and 2024Q4. Data for the prediction for 2025Q4 comes from 2024Q4 and does not reflect the unexpected developments during 2025 so far.
  • Dividend Changes Information Content
    (2025) Viertola, Jesse
     School of Business | Bachelor's thesis
    Non-professional investors like to invest in companies which increase dividends. But do dividends and specifically dividend changes include new information content about future earnings? Yes, they do. I will show proof in this paper by using regression models to analyse different aspects which may affect the result. Important adjustment to many prior studies that I have used window event approach in this study, while fiscal year approach is often used in other studies. Also, there are some nonlinear relations between dividend changes and market reactions. I created controls to be able to get results from regression models. So, my overall result in this study is that dividend changes have information about future earnings in dividend increases and decreases.
  • Charitable Digital Patronage
    (2025) Roman, Adian
     School of Business | Bachelor's thesis
    To understand consumer motivations behind Charitable Digital Patronage (CDP), this thesis primarily adopts a psychological perspective, focusing on the subjective value CDP creates for the consumer. The analysis is structured around Self-Determination Theory (SDT), which offers a framework for examining which fundamental psychological needs CDP may fulfil. Drawing from existing literature, previously identified motivators for patronage are categorized under the core SDT needs—autonomy, competence, and relatedness—as well as an additional category of beneficence, which captures motivations related to altruism and prosocial intent. The author defines CDP as financial support to a creator through a subscription-based crowdfunding platform where the willingness to pay (WTP) seems to exceed the tangible benefits the patron receives in return. The analysis suggest that CDP fulfils needs through patron community, connection with creator, opportunity to help creator and improve the world, vicarious growth and success, and the pursuit of and alignment with own interests and values.
  • Loyalty Programs Creating Brand Loyalty
    (2025) Röyskö, Liina
     School of Business | Bachelor's thesis
    Tämä opinnäytetyö tarkastelee miten kanta-asiakasohjelmat voivat edistää pitkäaikaisen brändiuskollisuuden syntymistä sekä brändiuskollisuutta voidaan luoda tehokkaasti kanta-asiakasohjelmien avulla. Tavoitteena on myös suositella, miten markkinoijat voivat käytännössä hyödyntää kanta-asiakasohjelmia ja luoda aitoa brändiuskollisuutta. Tulokset osoittavat, että kanta-asiakasohjelmat voivat johtaa pitkäaikaiseen brändiuskollisuuteen, mutta se edellyttää potentiaalista asiakaskuntaa, tehokasta ja sitouttavaa ohjelmasuunnittelua sekä selkeitä suorituskykyä arvioivia mittaustapoja. Työssä havaittiin, että erilaiset kanta-asiakasohjelmat toimivat eri konteksteissa eri tavoin. Näin ollen markkinoijien on tärkeää arvioida toimintaympäristöään ja laatia selkeä strategia kanta-asiakasohjelmalleen, jotta siitä tulee kannattava. Pelillistäminen ja emotionaalinen yhteys ovat tehokkaimpia tapoja sitouttaa asiakkaita, joka on yksi keinoista luoda pitkäaikaista brändiuskollisuutta. Tämä opinnäyteyö osoittaa kuitenkin myös, että sitouttavat kanta-asiakasohjelmat soveltuvat vain ympäristöihin, joissa asiakkaalla on potentiaalia muodostaa tunneside brändiin.
  • Saint Laurent’s strategy to stand out in the luxury fashion market: A case study
    (2025) Taittonen, Ilona
     School of Business | Bachelor's thesis
    The luxury fashion industry is defined by heritage, exclusivity, and strong brand identities. Standing out in this highly competitive, evolving landscape requires bold and strategic marketing approaches. This thesis explores how Saint Laurent has differentiated itself within the luxury fashion market through a case study approach. It explores how Saint Laurent builds and communicates its brand identity by an analysis utilizing marketing frameworks such as the Brand identity prism (Kapferer, 1992), Customer-based brand equity model (Keller, 1993), and the Marketing mix (McCarthy, 1960). The analysis highlights Saint Laurent’s bold, risk-oriented branding tactics such as provocative advertising and celebrity endorsements, and explores its way of balancing these strategies with the brand’s heritage. A central element of its strategy is the focus on emotional branding and cultural provocation. These components have resonated especially among Millennial and Gen Z consumers. By assessing Saint Laurent’s most effective branding choices, this literature review underlines the impact of risk-taking in luxury marketing and its influence on brand perception and consumer demographics. The findings suggest that Saint Laurent’s ability to challenge traditional norms while honoring its heritage, is a crucial element to its relevance. Strategic recommendations are provided for luxury brands seeking to sustain desirability and consumer engagement.
  • The chic of economic vulnerability: The appeal of poverty aesthetics in luxury fashion
    (2025) Bangura, Melanie-Lugbu
     School of Business | Bachelor's thesis
    This literature thesis discusses the appeal of poverty aesthetics in luxury fashion. Using Pierre Bourdieu’s theory of cultural capital, habitus, field and distinction, it explores how symbols traditionally associated with economic vulnerability, such as distressed clothing and utilitarian wear, gain value within elite fashion contexts. The analysis is structured around key Bourdieusian concepts, illustrating how affluent consumers decode these styles through class-based dispositions and cultural literacy. The study also elaborates on ethical concerns around cultural appropriation and misrepresentation. Findings highlight how luxury fashion transforms signs of poverty into status symbols, raising questions about taste, power and social responsibility.
  • Luxury Branding: Storytelling through Space and Art
    (2025) Tuikka, Henna
     School of Business | Bachelor's thesis
    Expansion globally and ever-increasing competition have made luxury brands rethink their retail strategies. Brands have to experiment with new ways and forms of retail, keeping up with contemporary consumers without diluting their traditions. Different forms of retail strategies, bringing together the commercial and non-commercial, are increasingly popular among luxury brands. Therefore, this thesis will explore how luxury brands utilize different space forms in their branding activities and how they distinguish themselves with multiple factors such as using art and storytelling in these spaces. Furthermore, this thesis will go through the most common forms of luxury retail today, such as flagship stores, corporate museums, and pop-up stores.
  • Personalised Digital Advertising: When Does Consumer Trust Turn to Intrusion?
    (2025) Cordova Castellani, Evelisa
     School of Business | Bachelor's thesis
    This thesis investigates the relationships between personalised digital advertising, consumer trust, and privacy through a bibliometric analysis. Four key thematic clusters were identified and analysed further. Across these themes, findings suggest that successful and ethical personalisation depends on establishing transparency and maintaining a balance between personal relevance and privacy boundaries. This thesis contributes to the ongoing academic discussion by offering an integrated understanding of the psychological, ethical, regulatory, and strategic dimensions of personalised advertising.
  • A review of discount framing strategies and their influence on consumer behavior
    (2025) Kalliovaara, Roosa
     School of Business | Bachelor's thesis
    This study examines the impact of discount framing strategies to consumer behaviour through a bibliometric analysis including qualitative and quantitative analyses. The research aims to understand which factors are the most dominant in shaping consumer decision-making, value perceptions and purchase intentions in the context of promotions. Furthermore, the study aims to highlight current topics within marketing communications such as transparency and consumer trust in the light of tightened consumer protection legislation brought by the EU’s recent Omnibus Directive.
  • Joukkovelkakirjojen tokenisointi Algorandin lohkoketjussa
    (2025) Moilanen, Roope
     School of Business | Bachelor's thesis
    Tutkielman tarkoituksena oli selvittää, soveltuuko Algorandin lohkoketju teknologia joukkovelkakirjojen tokenisointiin lainsäädännön näkökulmasta ja mitä mahdollisia juridisia ongelmia siihen saattaa liittyä. Tutkimusmenetelmänä käytettiin monitieteistä tutkimusmenetelmää, jossa tarkasteltiin pakottavaa lainsäädäntö ja sen asettamia ehtoja. Lisäksi vertailtiin teknologisia eroja Ethereum lohkoketjuun, jonka avulla joukkovelkakirjoja on jo onnistuneesti tokenisoitu. Tarkasteltiin malleja, joilla tokenisointi voitaisiin mahdollisesti toteuttaa ja pyrittiin tutkimaan voiko mallit vastata lainsäädännön asettamiin vaatumuksiin. Tukielma pyritiin jakamaan kolmeen pääosaan; Lainsäädännön tarkasteluun, Algorandin teknologian tarkasteluun ja sen keskeisien erojen vertailu Ethereumiin. Tarkasteltiin mahdollisia malleja, joilla tokenisointi voitaisiin toteuttaa. Lopuksi tarkasteltiin mallien ja teknologian soveltuvuutta lainsäädöä vastaan. Tutkielman perusteella ei löytynyt mitään seikkoja, miksi Algorandia ei voitaisi käyttää joukkovelkakirjojen tokenisointiin samalla tavalla kuin Ethereumia. Algorandin teknologia sisältää samat ominaisuudet kuin Ethereuminkin ja pystyi vastaamaan kaikkii lain asettamiin rajoituksiin ja vaatimuksiin. Tutkielman aikana nousi kuitenkin kysymyksiä kauppojen raportointivaatumuksista ja niiden tulkinnasta.
  • On the Frontlines of Risk: The Impact of Russian Geopolitical Risk on Euro pean Sovereign CDS Spreads
    (2025) Sara, Akseli
     School of Business | Bachelor's thesis
    This study examines the reaction of the European sovereign credit default swap (CDS) market to Russia’s full-scale invasion of Ukraine in February 2022. In line with the existing literature, the CDS spreads rose significantly, reflecting perceived rise in credit risk (Balli;Balli;Hasan;& Gregory-Allen, 2022). To explore the nature of this risk, this paper investigates in an event study manner the role of geographic and economic variables in explaining the reaction. The findings suggest that the sovereign CDS market primarily responded to perceived geopolitical threat rather than direct economic vulnerability, highlighting the importance of proximity in shaping sovereign risk perceptions during geopolitical crises as well as the military threat Russia poses to Europe.
  • The Asset Pricing Implications of Economic Policy Uncertainty on the German Stock Market
    (2025) Sonninen, Essi
     School of Business | Bachelor's thesis
    This thesis investigates how economic policy uncertainty (EPU) affects asset pricing in the German stock market. Using monthly EPU-index (Baker, Bloom & Davis, 2016) from 1993 to 2024 and methodology inspired by Brogaard and Detzel (2015), I examine the explanatory power of the German EPU index for both realized volatility and log excess returns. The results show that EPU does not consistently explain realized volatility unless interacted with economic conditions, suggesting its impact is state-dependent. EPU has inconsistent relationship with contemporaneous returns but emerges as a robust predictor of future excess returns, particularly over longer horizons. These findings indicate that EPU may command a risk premium in the German market, although its effects are more muted and context-sensitive compared to U.S.-based evidence. Overall, the results support the idea that EPU is a partially priced risk factor, especially through its role in return forecasting.