DHanken Digital Repository of Hanken School of Economics

Recent Submissions

  • Holmlund, Maria; Kowalkowski, Christian; Biggemann, Sergio (Elsevier Inc, 2016)
    Many businesses today recognize the increased significance of service and the transition toward service orientation. Nonetheless, organizational practitioners frequently encounter problems managing this shift and seizing service-related business opportunities. This practical relevance, together with many still-unanswered service research questions, has inspired the preparation of this special section that advances the extant literatures on business services. We finish by providing a research agenda. First, more research is needed on the buyer perspective. Second, researchers need to keep in mind financial issues related to business services. Third, more researchers could tap into management, leadership, and decision-making in business service companies. Finally, sustainability, social responsibility, and environmental considerations are important topics for further exploration.
  • Medberg, Gustav (Svenska handelshögskolan, 2016-04-18)
    In recent years, value has become a central topic of marketing research and business practice and is now considered to be a foundation of all effective marketing activity. Value, however, is also one of the most debated and challenging concepts in contemporary marketing theory. The elusive nature of value has contributed to the difficulty for marketing researchers to define the concept. Several streams of value research exist within marketing literature, contributing to the fluid conceptualizations of value. The definition of value adopted by the recent service perspective on marketing theory is value as value-in-use. A fundamental principle of value-in-use is that value is always created and determined during use of products and services. But what is value-in-use, really? This thesis set out to explore what it means for customers in service contexts. Surprisingly little attention has been given in prior service marketing research to the question of how customers understand and interpret value-in-use. Such knowledge is essential for future research about value-in-use as well as for generating customer-centric marketing insights based on a service perspective on marketing theory. The aim of this study was to address this gap and further our understanding of value-in-use from the service customer’s point of view. To achieve the purpose of the thesis, the Value Chart Technique (VCT) was created. The VCT is a research method that captures customers’ perceptions of positive and negative value-in-use throughout service episodes. The method utilizes a graphical tool called the Value chart to track how value-in-use evolves. The VCT’s unique set of features makes it particularly suited for studying value-in-use as a dynamic phenomenon. For the empirical study, 26 informants were recruited, and they shared a total of 53 positive and negative bank service stories, which were analyzed using the VCT. The findings of the study show not only how value-in-use evolves positively and negatively over time, but also that customers understand and interpret value-in-use in service episodes as features of the service process, the outcome of the service, and economic features of the service, i.e., functional, technical, and economic service quality. Hence, this thesis contributes to service marketing theory by demonstrating that service quality and value-in-use in service episodes represent the same empirical phenomenon, despite their different theoretical traditions. As the findings indicate that service quality is the way in which customers understand and interpret value-in-use in service contexts, service managers are recommended to focus on continuous quality management as a way to facilitate the creation of value-in-use.
  • Osmekhin, Sergey (Svenska handelshögskolan, 2016-04-11)
    Financial markets and the pace of trading have changed dramatically over the last decade. Stock exchanges have replaced their traditional physical floors with electronic trading platforms. Most market participants now employ automated, algorithmic strategies, which are the focus of the present thesis. The thesis consists of introduction and three essays. In the first essay, I study the impact of algorithmic trading activity on market properties. The analysis is based on a proprietary dataset from NASDAQ OMX Nordic. The essay presents a method for causality identification that does not rely on exogenous events. Separating maker’s and taker’s activity provides the analysis of causality between traders and market properties. The results identify two-way causality from the activity of algorithmic liquidity providers to relative bid-ask spread and from bid-ask spread to the activity of algorithmic liquidity takers. In the second essay, I study the impact of trading fees on market properties and activity of traders using the natural experiment of unifying the tariff structure of the NASDAQ OMX Nordic exchange trading price lists. I test the hypothesis that if the change of the exchange fees is less than uncertainties of other trading costs (e.g. cost of future bid-ask spread), the impact of the change is economically insignificant. The third essay presents a quantitative approach to measure market efficiency, based on the waiting time distribution. Constructing mean-reverting portfolios of cross-listed stocks provides observation of inefficient states by divergence of price from its mean. The farther the price diverges from its mean, the quicker the mean-reversion is. The essay shows that the parameter of the waiting-time exponential distribution is a good indicator of market efficiency. The findings presented in the thesis have the potential to be of interest for investors, regulators, and policy makers internationally.
  • Åkerberg, Tom (Svenska handelshögskolan, 2016-04-07)
  • Törnwall, Oscar (Svenska handelshögskolan, 2016-04-07)
  • Penttilä, Eeva (Svenska handelshögskolan, 2016-04-07)
  • Mäkinen, Tuomas (Svenska handelshögskolan, 2016-04-07)