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  • Pettersson, John (Hanken School of Economics, 2015)
    The efficient market hypothesis stipulates that investors are unable to consistently gain risk adjusted returns with the information known to them at the time of the investment. The expected return, conditional on the information set known to investors, is determined from an assumed expected return theory (asset pricing model). However, it has previously been shown that past winners outperform past losers. A trading strategy taking a long position in previous winner stocks and a short in previous loser stocks earn positive statistically and economically significant risk-adjusted returns. These results are confirmed in international markets, but also in different asset classes. A number of alternative asset pricing models explaining momentum returns imply that momentum should be stronger among high uncertainty assets. Many of these alternative asset pricing models build on investor psychology. This premium, with higher momentum returns among high risk stocks has also been empirically documented. This dissertation evaluates some behavioral explanations to momentum returns by their implications. Behavioral explanations often imply that the momentum anomaly is stronger when uncertainty about information is high. Essay one confirms that there is an overreaction to information causing momentum to be high when uncertainty is high. However, when uncertainty is low momentum still exists, now caused by a slow incorporation of new information into asset prices. Contrary to what many behavioral models imply, the results in essay three suggest that uncertainty about information in the portfolio formation period does not cause a stronger momentum anomaly. Stock prices imply a larger under-reaction to positive and relatively reliable information, than to more uncertain information. Based on previous literature, the results in this study suggest that the driver of the return premium in high volatility assets is the general risk level of single stocks, and not uncertainty about portfolio formation period information. Using equity index futures data, essay two links time series momentum profits to volatility states. Time series momentum portfolio returns are driven by assets in a low volatility state. These results support the general finding that momentum is not caused by uncertainty about portfolio formation period information.
  • Vaillancourt, Alain (Svenska handelshögskolan, 2015)
    Major disasters, conflicts and poverty afflict many millions of people around the world. To address the needs of these people, humanitarian organizations deploy a vast array of resources supported by material, financial and information flows. Some of these resources need efficient logistics support to achieve their goals and through vertical or horizontal coordination, humanitarian organisations can improve the way to respond to a situation. A specific approach to coordination is consolidation which this thesis explores in depth. The thesis and its articles aim to understand the competence and underlying resources for consolidation of materials in supply chains. This thesis covers material consolidation concepts and humanitarian logistics activities such as warehousing consolidation, procurement consolidation and transportation consolidation. The research presented in the thesis is composed of three individually authored articles, the first one is a conceptual paper based on a literature review entitled “A Theoretical Framework for Consolidation in Humanitarian Logistics”. The second article is entitled “Procurement Consolidation in Global Humanitarian Supply Chains” and the third article is entitled “Kit Management in Humanitarian Supply Chains”; both these two articles are based on empirical case studies. This thesis further contributes to dynamic capabilities as it identifies a result that can be expected from the lower supply chain competition and interest in coordination and cooperation by humanitarian organizations: facilitating access to competencies in between organizations through specific consolidation activities. Humanitarian organizations do not seek profit neither do they compete through their supply chains and instead sometimes cooperate and coordinate to improve aid delivery.
  • Virtanen, Henrik (Svenska handelshögskolan, 2015)
    Att samarbeta med en konkurrent i den internationella verksamheten kan vara ett alternativ för små- och medelstora företag. Parterna stöter på hinder i den internationella verksamheten, vilket ger motiv till samarbete. Det finns olika typer av samarbete mellan konkurrenter. Fokus i denna avhandling är att skilja på vilken eller vilka funktioner i företaget samarbetet omfattar. Parterna kan samarbeta kring gemensamma funktioner (integrerat samarbete) eller kring delade funktioner (sekventiellt samarbete). Förekomsten av olika typer av samarbete, indikerar att man kan anta att samarbetet styrs av den strategiska situation parterna befinner sig i. I samarbetet råder det en spänning mellan samarbete och konkurrens. Man samarbetar för att skapa värde, medan man konkurrerar för att utnyttja värdet. Ett samarbete kan medföra konkurrensfördelar, men samtidigt kan spänningen mellan samarbete och konkurrens skapa problem och risker. Forskningen kring samarbetande konkurrenter har varit mindre omfattande. En kunskapsutveckling är önskvärd. Syftet med denna avhandling är att analysera samarbeten mellan konkurrerande små- och medelstora företag, med avsikten att utveckla den teoretiska och empiriska förståelsen av samarbeten, samt samarbetsmotiven och -förutsättningarna i en internationell kontext. En målsättning är att besvara frågan varför parterna väljer att samarbeta antingen integrerat eller sekventiellt. Ytterligare är målsättningen att klargöra hur parterna hanterar spänningen mellan samarbete och konkurrens, samt utreda vilka problem och risker som finns i samarbetet. Den empiriska delen av avhandlingen utgörs av en kvantitativ kartläggning samt fyra fallstudier. Resultaten visar att indelningen av samarbetstyper inte är helt klar. Man kan identifiera rena integrerade samarbeten, man kan identifiera rena sekventiella samarbeten, samt man kan identifiera hybrider av dessa två, där det finns både integrerade och sekventiella funktioner i samarbetet. En funktion i företagets produktionskedja består av olika aktiviteter som kräver olika insats av resurser och kompetenser. Trots att man samarbetar inom samma funktion (per definition integrerat samarbete), kan man dela aktiviteterna mellan parterna i funktionen (sekventiell logik). Eftersom tanken att dela in samarbeten i två typer är oklar, är det även problematiskt att normativt kunna påvisa klara skillnader mellan dessa vad gäller t.ex. motiv och risker. Varje samarbete är unikt. Ett sätt att mildra spänningen mellan samarbete och konkurrens och riskerna parterna upplever i samarbetet är att separera samarbets- och konkurrensfunktionerna från varandra. I intensiva och betydande samarbeten tenderar parterna, speciellt om det är frågan om små- och medelstora företag, att avveckla den direkta konkurrensen genom att t.ex. specialisera sig på olika kunder och nischer (produkter) eller fokusera på olika marknader. Parterna kan definiera när man har rollen som konkurrent och när som samarbetspartner. Personliga relationer, förtroende, gemensamma normer och förfaringssätt förmildrar spänningen och motverkar parternas intentioner att handla opportunistiskt.
  • Nyman, Linus (Hanken School of Economics, 2015)
    Open source software is everywhere. From phones, tablets, TVs, and game consoles to less self-evident examples like cars, washing machines, and the International Space Station. However, what makes open source software remarkable is not where it can be found, but rather what can be done with it. One of the most astounding rights guaranteed by all open source software licenses is the right to fork the source code. In other words, the right to copy any program, either in part or in its entirety, and use that program to create a new, modified version of it. The right to fork has an enormous impact on both the development and governance of open source software. Despite its significance, code forking has seen little academic study. This dissertation examines the right to fork, its impact and significance, and how it is viewed and practiced by developers. The study draws on data consisting of hundreds of forks, interviews with open source software programmers, and an in-depth analysis of the birth of the MariaDB fork. This dissertation is relevant to anyone seeking a greater general understanding of how open source works and why it is considered a superior software development model. It may also serve as a useful resource for firms seeking to harness the power of open source software. Furthermore, it offers important insights to those who want to better understand how code forking is practiced and viewed by developers. This study finds that forks are primarily started for non-competitive reasons, with unique features or goals that distinguish them from their parent projects. Competitive forks are rare but do exist, with some motivating factors being to ensure the freedom of the code and the community’s ability to contribute to it. Furthermore, though developers may not always agree with the forking of a project, they nonetheless consider the right to fork to be of vital importance, and a cornerstone of free and open source software. In many ways, open source can be thought of as a return to how software was developed before the emergence of proprietary licensing. The same freedoms of development and sharing that thrived back then can be found today in the open source community. Indeed, in many ways the right to fork is synonymous with freedom: the freedom to explore and experiment, the freedom to benefit from the work done by others, and the freedom to keep any project relevant and vibrant even when faced with leadership decisions that are deemed unsupportable. In short, the right to fork is open source software’s guardian of freedom and watchdog of meritocracy.
  • Mukminov, Rinat (Svenska handelshögskolan, 2015)
    In the period from 2007 to 2009 the world experienced the deepest financial crisis since the Great Depression. The world economy was in the most severe recession since the Second World War. The financial crisis was followed by a debt crisis in the euro area, which is still far from being resolved. The world economy is yet to recover from the crisis. The financial crises are recurring phenomena. The financial crisis of 2007-2009 is in many ways similar to the previous crises. It has been argued that banks’ poor screening incentives at the peak of the business cycle are one of the main causes of the recurring crises. Bank screening literature argues that in boom times, when the majority of loan applications are good, the price competition between the banks intensifies, leading to lower returns from screening loan applicants. As a consequence, screening standards decline and many bad loans end up on the bank balance sheets. Defaults of the bad loans lead to a deterioration of the banks’ loan portfolios, which causes credit crunches and bank crises. There is also an emerging finance literature arguing that a lower cost of funds, such as a lower cost of deposits, cheaper credit in the interbank market, a lower discount rate, encourages the banks to take excessive risks. Excessive risk-taking by the banks can also lead to a bank crisis. These two approaches explain excessive bank risk-taking from two different points of view: the former one from the point of view of bank revenues, while the latter approach explains excessive risk-taking from the point of view of bank costs. The aim of this dissertation is to build a bridge between these two approaches. This dissertation contributes to the screening literature by explicitly introducing the cost of funds into a bank screening model. This is novel, as most previous bank screening literature has assumed the deposit market to be fully competitive with zero interest rate, thus ignoring the impact of the deposit interest rate on bank screening incentives. This dissertation also extends the literature, which explores the effects of costs of funds on the bank risk-taking, by explicitly modelling the banks’ investment in screening of potential loan applicants.
  • Bor, Sanne (Svenska handelshögskolan, 2014)
    Organisations collaborate with one another. And they appear to do so more and more frequently in the recent decades. At the same time many of these efforts fail to deliver what the collaboration was set up for. This combination creates the basis for the fascinating and stimulating research field of inter-organisational relations – a field which is still very much in development. In this thesis the focus is on meta-organisations, associations in which organisations are members. The steering of such inter-organisational structures appears to need a novel approach, a collective, multi-level engagement which I set out to examine. The thesis is structured to foreground the process of the research and the development of my thinking. The study is conducted on R&D consortia funded as Networks of Excellence by the European Commission under Framework Programme 6. The study is based primarily on five case studies, by way of documentation and interviews. In addition, the study draws on data collected on 101 consortia and consortium agreements from 50 consortia. The thesis develops the theoretical understanding of meta-organisations and their organisational conditions and implications. Meta-organisation theory, thus far, has focused mainly on the implications following from having organisations as members. This thesis suggests adding to this theory the implications created by constitutional membership, that is, members that constitute the organisation. Constitutional membership makes a difference in three ways: it creates a clear boundary of the meta-organisation; it assumes collective ownership of the meta-organisation; and it makes possible the utilising of indirect resources – the resources of the member organisations, and most importantly their personnel – by the meta-organisation. In addition, the thesis develops a conceptual framework of steering processes, combining governance, management and administration. This framework shows how both decisions and mutual adjustment in top-down, bottom-up, and horizontal directions steer meta-organisations. The framework may, however, be fruitfully used to study other organisations as well. The findings from the analysis of the steering processes show that the utilisation of indirect resources decentralises the governance, management and administration of activities to the participants of member organisations who are undertaking these activities. The results also demonstrate that the governance, management and administration of undivided tasks centralises to those with formal management responsibility. In addition, the analysis shows how control and granting are avoided, externalised or formalised to deal with lack of hierarchical authority. These and other findings of the study seek to refine and extend the hypothesised conditions of meta-organisation theory.
  • Tuori, Annamari (Svenska handelshögskolan, 2014)
    Social categories, such as ethnicity and gender, have been shown to be important for people’s identities in organisations. Different categories of people can experience very different realities in terms of who they are or can be at work, often influenced by inequalities in relation to and indeed between the categories. However, the inequalities often tend to be silenced. At the same time, silence in individual people’s identity work in organisations has remained relatively unexamined in the research literature. Accordingly, this thesis examines identity work in organisations at the interface of social categories, inequalities, and silence(s). The thesis examines people’s identity work in organisations through a notion of ‘intersectional job-related identity work’, meaning the construction of a job-related identity at the intersections of different social categories. It focuses in particular on, first, how in identity work people relate to inequalities, and, second, how they are silent about social categories as a part of their identity work. The empirical context for the study is three small to medium-sized ICT companies in Finland. The thesis is based on 33 semi-structured interviews. The main findings of the study concern two aspects related to intersectional job-related identity work. First, the study identifies two different types of ‘intersectional strategies', namely, the combining and separating strategies that people engage in in their job-related identity work. These refer to different ways of combining and separating social categories with and from one’s job-related identity, respectively. Intersectional job-related identity work is not only about different ways of combining a job-related identity with social categories, but also about how social categories are kept separate from one’s identity at work. Moreover, in line with previous studies, this study suggests that inequalities, in terms of different positions and experiences of privilege and/or disadvantage are often central for how identity work is done. Second, the thesis identifies different ways in which people are (and are not) silent on social categories at work. It identifies organisational, interpersonal and individual level silences, identifying inequalities as the issue that the interviewees seem to be mostly silent on. Thus, while inequalities related to social categories seemed to be important for how intersectional job-related identity work is done, they are also simultaneously that which the interviewees seemed to be most silent on. The thesis contributes particularly to the research literature on identities, identity work and intersectionality in organisations, by providing new knowledge on both silence in and around (intersectional) identity work in organisations, and how social categories may be kept separate from job-related identity.
  • Forss, Maria (Svenska handelshögskolan, 2014)
    Den här avhandlingen handlar om hur fortbildning arrangeras för sjukskötare i en finländsk sjukvårdsorganisation. Fortbildning är viktig för organisationer och anses vara ett strategiskt verktyg för att möta, bemästra och skapa förändringar. Forskning kring fortbildning kretsar ofta kring pedagogiska lösningar eller lärande där fortbildning uppfattas som något neutralt. Min avhandling tillför forskning om fortbildning ett maktperspektiv och ett retoriskt perspektiv och jag behandlar inte fortbildning som något enbart positivt eftersom fortbildning även är handlingar med potential för normativ kontroll. Jag utgår ifrån att fortbildning är partisk och värdeladdad. Min titel för avhandlingen syftar på den mångbottnade förståelse som kan skönjas i begreppet fortbildning. Det finns begränsad forskning vilken ser fortbildning som uttryck för sammanhang och helheter. Inte heller finns forskning som ser arrangemangen kring fortbildning som handlingar vilka skapar/fråntar anställda makt eller forskning som ser fortbildning som uttryck för självreglerande handlingar. Det är till denna mindre uppmärksammade sida som jag riktar mitt vetenskapliga bidrag. Jag har tematiskt intervjuat sjukskötare och ledare samt utbildningsplanerare. Dessutom har jag analyserat organisationens texter om och för fortbildning samt observerat två olika fortbildningar. Avhandlingen är en omfattande fallstudie som bygger på 31 intervjuer av 23 informanter och på två olika icke-deltagande observationer. Jag har koncentrerat, kategoriserat och tematiserat mitt material och byggt broar mellan det som kan förefalla motsägelsefullt med hjälp av kritisk hermeneutik för att presentera det som resultat. Sedan har resultatet tolkats med hjälp av en konstruerad analysmodell som bygger på två olika analyslinser. Den ena är den kommunikativt handlande linsen och den andra linsen är governmentality. Resultaten nås således genom att analysera fortbildningsaktiviteter med hjälp av två olika teorier, kommunikativt handlande och governmentality. Från de tre viktigaste aktörernas perspektiv försöker jag skapa en helhetsbild av fortbildning som fenomen. Fortbildning granskas från tre aktörers perspektiv samtidigt och på detaljnivå med syftet att fånga en helhet. Som vetenskapligt bidrag är detta en kritisk organisationsstudie av HR verksamhet med fokus på fortbildning. Jag demonstrerar hur ledningens förväntningar och anställdas förväntningar kring fortbildning omöjligt kan mötas om det inte finns vilja, initiativ och plats för dem. Makt och positioner kan inte separeras från retoriska handlingar, något jag visar i avhandlingen.
  • Blomkvist, Magnus (Svenska handelshögskolan, 2014)
    The recent financial crisis of 2007-2009 highlights the impact that financial markets can have on firm behavior. The effect of market states on asset prices is well documented. Until recently, market states have played a less significant role in the corporate finance literature. This dissertation aims to give further understanding concerning firms’ financing and investments during different market states. In the first essay, I study firm-specific factors behind merger waves. My evidence suggests that acquisition activity of financially constrained firms is an important determinant of the observed waves in the aggregate M&A activity. When capital liquidity increases, financially constrained firms are better able to obtain debt and equity financing to finance their investment opportunities. In contrast, financially unconstrained firms are indifferent to the overall capital liquidity and thereby do not have equally clustered M&A activity. In the second essay, I study the behavior of equity issuing firms during cold IPO-markets. I find that firms that go public during cold markets tend to stage their financing while firms that issue during hot markets tend to raise a larger amount financing, which is consistent with the market timing effect. In the third essay, I study whether the acquisition motive of equity issuance differs between firms going public in hot and cold markets.
  • Kedzior, Richard (Svenska handelshögskolan, 2014)
    Changes in consumption related to digital technologies, digitization and the emergence of new media have been topics of great interest to both academics and managers. The backbone of all these changes, the Internet has penetrated consumers’ daily lives and changed the way they work, shop and socialize. The new digital spaces (e.g., social networking sites, massively multiplayer online games, or online virtual worlds) have become important conduits for sociality and consumption as evidenced by the time and money consumers spend online. Yet, frequently the social, cultural and economic significance of digital worlds has been dismissed due to their “immaterial” character. The evidence discussed in this volume demonstrates that consumers experience digital worlds as material, yet materiality in this instance transcends the conventional notions of tangibility and physicality. Thus, this study introduces the concept of digital materiality to more accurately describe the phenomenon of materiality in digital environments, and focuses on the ways in which it emerges in digital worlds. To this end, presented here conceptual framework maps out five distinct processes through which digital worlds become material to their consumers. Each of these processes is driven by a set of consumer motivations which correspond to consumer perceptions of digital materiality. Apart from the theoretical and conceptual contributions to academic literature, this research offers a number of managerial implications which can benefit professionals working with digital media. The ideas discussed here may be especially valuable for public policy makers and product managers struggling with the inherent instability of digital materiality. Some of the insights can also cast light on ways in which businesses could expand their market offering by complementing existing product lines with either digital or physical components. This interdisciplinary work is positioned within Consumer Culture Theory and Digital Consumption Studies, and draws on the extant literature in consumer research, cultural studies, anthropology, and human-computer interaction. Richard Kedzior is an Assistant Professor of Markets, Innovation and Design at the School of Management, Bucknell University. He is a consumer researcher who studies phenomena at the intersection of technology and culture.
  • Huotari, Kai (Svenska handelshögskolan, 2014)
    In his dissertation, Kai Huotari studied how customer-to-customer (C2C) communication becomes a part of service experience. Using grounded theory, Huotari investigated TV live-tweeting – i.e., people reading and writing Twitter messages about a TV program while viewing it. He interviewed 45 live-tweeters and analyzed more than 4,000 tweets in the U.S. during 2011–12. The study identified four distinct groups of users live-tweeting about TV programs (fanatic TV live-tweeters, systematic TV live-tweeters, sporadic TV live-tweeters, and active Twitter users) and four main categories of TV live-tweets (courtesy tweets, outlet tweets, selection tweets, and analysis tweets); described several TV live-tweeting practices, from preparation practices to reading and writing live-tweets and including certain use of Twitter functions; and revealed that a TV live-tweeter is an empowered TV viewer who can, by experientializing live-tweeting into his or her TV viewing, personalize and control his or her TV viewing experience better than before, can express him- or herself more fully, and can reach a large enough audience and acceptance for his or her ideas. Experientializing is the core concept that emerged from the study. It refers to the consumer integrating two activities with each other in a way that leads to new practices of consumption and to a transformed and empowering experience. The study develops a substantive theory of experientializing live-tweeting into the TV viewing experience. Huotari suggests that the concept can, however, be used also in other contexts and presents two abstractions of the theory: experientializing C2C communication into a consumption experience and experientializing a customer activity into a service experience. The associated tentative models can be used to explain, for example, museum visitors’ willingness to go to museums in groups or how reading on public transportation changes the experience of commuting. The study brings new insight to television studies, especially for the ongoing discussion of the so-called “second screen.” The study repositions the research on C2C communication: it investigates C2C communication as a part of consumption experience instead of considering it only as communication about consumption experience. In addition, the study suggests new ways to categorize C2C communication. For marketing in general, it introduces the concept of experientializing as a customer driven process wherein service providers have only limited visibility. The media industry can take advantage of the empirical part of the study. At the same time, the theoretical contributions of the study have broader applicability and, accordingly, can be made use of in various industries.
  • Délèze, Frédéric (Svenska handelshögskolan, 2014)
    Financial assets prices are not always in perfect equilibrium and deviate from their fundamental values. The dramatic rise and fall of the stock market raises concern about the rationality of sudden changes in stock valuations. The mispricing of assets contributes to financial crises, which can damage the overall economy. This dissertation analyses the effect of market imperfections at different time horizons. Starting at a macroeconomic level with a change of currency, the first essay analyses the impact of the introduction of Euro on interest rate sensitivity of European firms. We found that the connection between bond issuance and reductions in interest rate sensitivity is most significant among financially constrained firms, which suggests that financially constrained firms are the main beneficiaries of the relaxed public borrowing constraint in Europe after the introduction of euro. Releases of macroeconomic news announcements cause sudden price discontinuities, or jumps and co-jumps, on financial markets. The second essay attempts to explain the effect of US macroeconomic announcements on European equity, interest rate and foreign exchange markets at a high-frequency level. While European equity markets are more sensitive to US fundamentals, US macroeconomic announcements cause significant jumps and cojumps on all European asset classes. We found that European markets are highly co-integrated and observed a strong correlation between the type of news and the direction of the jumps. Motivated by the phenomenal success of some quantitative trading funds, the third essay describes a new pairs trading strategy, where the spread between two co-integrated portfolios is modelled stochastically. Taking into account transaction costs, the algorithm generates a systematic positive excess return based on a pure statistical arbitrage strategy. While very convenient, traditional asset pricing relies on two restrictive assumptions. First, asset returns are conventionally modelled with Gaussian-based distributions even though actual financial time series exhibit volatility clustering. The second assumption mainly affects market microstructure studies. Time series are sampled at regular interval of time and asset return distribution is used as the unique driver to model the price fluctuation of an asset over time. In reality, the time between two transactions, often called waiting-time, is stochastic and conveys important information about price formation. The two last essays relax the assumptions of log-normally of asset prices and model asset prices with a continuous-time random walk. The fourth article compares the Markovian and non-Markovian forms of the continuous-time random walk process and shows the relevance of the waiting-time distribution on price formation. The last article applies the framework to statistical arbitrage.
  • Liewendahl, Helena (Svenska handelshögskolan, 2014)
    Motivation is a popular notion in today’s worklife. Employees, in particular those who work in traditional customer service, should be motivated to care for their customers. Service literature assumes that managers are able to order subjectivity towards employees and see to it that employees are motivated. This study deviates from this viewpoint by adopting a humanistic and systemic stance. It sees motivation as an intrinsic process, and employees as active subjects in worklife as well as owners of their motivation. It takes an employee perspective as it sets out to explore their motivation to live up to value promises. Value promises is another topical concept. Currently, companies promise all kinds of things that should enhance customers’ value formation. Often these promises deviate from what actually occurs in service encounters, and psychological contracts such as value, brand and service promises are broken. Currently employees do, despite the increase of e-services, have a substantial role in delivering promises. The more complex and abstract the promise is, such as “the best service”, the more is required of employees to live up to it. The more emotion work embedded in the promise, the more important motivation for living up to it becomes. Taking value practices, i.e., service encounters and firm internal practices underpinning these as its locus, this study explored employees’ experiences by identifying issues that employees found having an impact on their work in customer interface, and thus influencing their motivation. A number of demotivating as well as motivating factors were identified: Too abstract marketing ideas and fuzzy promises, as well as a paternalistic and objectifying stance towards employees do impinge motivation negatively. Truthful authentic promises that reflect value practices as they are, and employees having agency to participate not only in delivering, but also in enabling and giving promises, to name a few, were found to have a positive impact on motivation. By noting these factors, this study strives to widen our understanding of the mechanisms that underpin employee motivation in a service context. The thesis suggests a Human Service Logic (HSL) as a new paradigmatic perspective to service research, parallel to the other current prevailing service logics. As central to employee motivation, the HSL emphasises social- and service competences. Drawing upon the three promises framework a promise integration (PI) model is suggested. The PI model introduces a new perspective on the TPF model; reordering, reorienting, and reframing it from promise management, governed mainly by managerial control, norms, and procedure, to a dynamic promise-living perspective, directed by human principles and co-active managing of value practices. The HSL framework, and its PI model, describes an employee discourse on motivation in a service context.
  • Cadillo Chandler, Dhanay María (Svenska handelshögskolan, 2014)
    The Role of Patents in the Latin American Development: ‘Models of Protection’ of pharmaceutical patents and access to medicines in Brazil, Chile and Venezuela Access to medicines, pharmaceutical patents, and public health are topics often addressed in the news. On the one hand, there is an imperative need to tackle pressing health concerns, and on the other hand, it is also important to provide adequate incentives to carry out research and development. Even though common health concerns exist within the developing world, each country has a different set of needs. The approach to solve or the strategies to balance intellectual property rights and access to medicines vary at large. Latin American countries i.e. Brazil, Chile and Venezuela, even though geographically located in the same continent, deal with the challenges in a different and unique manner. Before the TRIPS Agreement countries had the freedom to decide on whether or not to grant patent protection for medicines. Thus, most of the developing and least developed countries, now WTO member countries, did not provide patent protection for pharmaceuticals because they feared that patent protection would increase the price of pharmaceuticals, and hence, become an obstacle for the access to medicines. On the one hand, patent protection represents an incentive for the pharmaceutical industry to carry out R&D for new and needed drugs. But on the other hand, patents, as the system of financing R&D, has been regarded as a flawed system due to the high costs transferred to the finalised product (medicine) thus deterring access to medicines. Patent protection allows the inventor to prevent others from making use, selling, producing or distributing the invention without his consent for a period of no less than 20 years. Moreover, these rights conferred by the patent grant seem to constitute the pharmaceutical industry’s incentive to recoup the high costs associated with the R&D of a new drug. This book reviews the strategies or models of protection used in Brazil, Chile and Venezuela to balance both intellectual property rights (pharmaceutical patents) and access to medicines. Each country seems to have shaped their policies in accordance with their national priorities, whether these are motivated by health, political or commercial issues. This study portrays the different approaches followed in different national contexts despite all three having to implement the minimum standards of intellectual property protection according to the Agreement on Trade Related Aspects of Intellectual Property Rights (TRIPS Agreement). The outcome of the comparison of the policy implementations and the patterns followed by each of the analysed countries is without a doubt the main contribution of this academic study.
  • Pöyry, Salla (Svenska handelshögskolan, 2014)
    The fundamental function of financial markets is to channel funds within an economy. To efficiently do so, financial markets need to generate asset prices that consistently incorporate all available information and reflect all non-diversifiable dimensions of risk. While perhaps elegant, perfect market functionality and efficiency can nonetheless be seen as an unattainable ideal. Financial market imperfections, such as those generated by asymmetric information or transactions costs, can easily distort the underlying financial markets mechanisms. The research questions that are addressed in this thesis are all related to phenomena that have been associated with, or explained by, financial market frictions or imperfections. This thesis consists of four separate essays that examine questions that would be irrelevant in a perfect market – that is, in a world with no predictability of returns, informational advantages or institutional weaknesses. At least, they would be irrelevant when considering the perfect market setting as described by financial economists up until the mid- 1980s. While the guiding principles may have been somewhat updated, it is nonetheless important to stress that recent findings do not necessarily conflict with the view that markets are reasonably efficient or driven by rational market forces. The first essay of this thesis examines the under-diversification of investors and its sources using data from the Finnish Central Securities Depository (FCSD) legal liability accounts. That is, is under-diversification rational and driven by informational advantages, or the result of the behavioral biases of investors? The former source relies on market inefficiency to justify its existence whereas the latter is an imperfection in itself. In the second essay, I examine the impact of market fragmentation on private investors using the same data source. It examines whether market functionality deteriorated for private investors as a result of a regulatory change (MiFID I) that enabled market fragmentation on a large scale, but did not guarantee equal access to all market venues across all investor types. In the third essay, we explore and document a novel and robust connection between firm-level asset changes and return momentum using US stock data. The momentum anomaly is one of the most robust documented return anomalies and is recognized as one of the biggest challenges to asset pricing research. While the existing theoretical literatures on risk-based or behavioral models do not offer a clear explanation to our empirical results, recent real options models appear to hold the most promise. In the last paper, we explore the relation between ownership structures and capital structures in Russia. This is a market plagued by severe institutional imperfections and inefficiencies.
  • Koveshnikov, Alexei (Svenska handelshögskolan, 2014)
    Multinational corporations (MNC) are often presented as powerful but ‘faceless’ institutional actors that shape the world we live in. However, we have lately seen increasing interest in actual ‘faces,’ that is the key actors, behind the MNC’s functioning in relation to the cases of fraud and bankruptcy that, together with other factors, led to the severe financial crisis at the end of 2000s. The cases of Enron and Lehman Brothers easily come to mind. It raised concerns that power abuses and tricky political games developing and proliferating within MNCs can have tremendous corporate as well as societal impacts and consequences. Yet, as of now, the micro-level power and political relations between actors in MNCs and their implications, i.e. what I call in this thesis ‘micro-politics,’ are seldom examined. Moreover, neither is the role that the institutional, cultural and sociopolitical contexts play in these micro-political relations among actors within MNCs sufficiently understood. Against this background, in this thesis I attempt to give ‘a face’ to the MNC. That is, I apply a number of ideas from comparative institutional theory, social cognition and translation studies to examine micro-political aspects of the interactions between organizational actors in MNCs that determine how these corporations function both on day to day basis and in a longer run. By so doing, I strive to offer a more nuanced, contextualized, and actor-focused sociological understanding of power and political interactions among organizational actors within the MNC. It is important to study and comprehend these processes in order to better explain them and to some extent control them.
  • Haavisto, Ira (Svenska handelshögskolan, 2014)
    The goals of humanitarian organizations are to save lives, decrease human suffering, and contribute to development. However, humanitarian response has been criticized for its lack of positive impact on the societies receiving aid, or more precisely, for the lack of the effectiveness of the aid. Discussion of the effectiveness of aid has seemingly been incorporated at the operational level as focus on cost and time efficiency. However, efficiency considerations have been criticized because they can lead to oversight of other considerations, such as sustainability. Humanitarian practitioners have started paying attention to measuring their performance. Measuring the performance of humanitarian operations, however, can be cumbersome, due to the complexity of the operating environment, which has limited data accessibility and multiple actors involved. This thesis’ overall aim is to analyze how supply chain performance is understood in the humanitarian context. The research questions are deliberated on in four essays. Each essay has a different scope, ranging from an intra-organizational supply chain perspective to a macro perspective on country logistics performance. This thesis builds mainly on the literature about humanitarian supply chain and its performance measurement. To date, the performance literature in the humanitarian context has covered different performance measurement frameworks and suggested specific key performance indicators. However, it has not yet tackled the essence of performance measurement, which should be connected to the goal of the activity at hand and support learning and development.
  • Díaz Ruiz, Carlos A (Svenska handelshögskolan, 2014)
    From street activists to corporate managers, a rising debate is questioning whether markets can be reimagined to meet environmental, social and corporate goals. However, one problem to advance the debate is that markets are often evoked but not investigated; in other words, pundits rely on representations of what a market is and how it works often lacking correspondence with actual markets. Subsequently, the dynamics in the correspondence between representation and markets constitute an important and topical gap of knowledge whose investigation can be fruitful to restructure how markets and society interact. At the core of this dissertation is the concept of market representations where complex social reality is simplified into coherent, yet incomplete views of how markets work either now or in the future. Market representations are important because of their capacity to enable and constrain a repertoire of actions for acting in markets. As such, market representations are conceptualized to be “in action” - following the performativity turn in marketing literature – by investigating how the world of ideas has effects in the real world. Therefore, by providing conceptual foundations and empirical evidence, this dissertation demonstrates that representational practices are part and parcel of acting in markets. The dissertation is composed by four essays spanning a wide range of methods: literature review, a qualitative in-depth analysis, quantitative testing and content analysis. Essay one focuses on the assumptions mobilized about markets in literature originating in marketing and economic sociology. Findings reveal that commonly held beliefs about markets- such as competition, profit maximization, the centrality of exchange and the existence of supply and demand - are assumptions that are not featured in every market. Essay two mobilizes in-depth methods to investigate how commercial market researchers put together representations for their clients. The study tracks how market researchers select and privilege representational objects to create unique representations for their clients to act. Essay three presents quantitative evidence suggesting that market representations can constrain and enable a repertoire of managerial actions. In the context of business marketing, the study demonstrates that the form how the market is understood can have an effect on the actions that managers find relevant and appropriate. Essay four investigates how market research reports are assembled. By analyzing how market representations are assembled, the study explains how market researchers move back and forth between a concern to be accurate and a concern to be actionable. Overall, this dissertation contributes to the subfields of market studies and consumer culture theory in marketing by providing the conceptual foundations and empirical evidence for representations. The debate on the interaction of markets and society is enriched by understanding how assumptions about markets correspond to repertoires of actions.
  • Wang, Peng (Svenska handelshögskolan, 2014)
    This dissertation consists of four self-contained papers. The first two of them concern pyramidal ownership structure, the third one deals with dual-board system, and the last one explores the contemporaneous relation between foreign investment flows and local equity returns. I choose the Chinese stock market as my laboratory. China will soon become the largest economy in the world, and China’s domestic stock markets are growing up rapidly since their establishment in the early 1990s. According to the World Federation of Exchanges (WFE), the number of listed companies in the two domestic stock markets, i.e., the Shanghai Stock Exchange and the Shenzhen Stock Exchange reaches 2,491 with a total market capitalization of 3.7 trillion of U.S. dollars at the end of 2012. Despite this fast growth, extant studies on the Chinese stock market are still limited in scope. Perhaps because researchers’ perceptions on Chinese listed firms still remain with older patterns, such as the dominance of state-owned enterprises (SOEs), the corrupted bureaucracy, the politically-appointed executives, and a market that is inaccessible to foreign investors. In this regard, one of my objectives in this dissertation is to provide some new insights into the modern corporate finance issues among Chinese listed firms. The first essay examines the ownership structure of the Chinese Growth Enterprise Market (GEM). I show that 46% of sample firms are set up in the pyramidal structure. Further, I demonstrate that the owners of most firms in the GEM are families, which stands in stark contrast with the firms listed on the main board in China, which are state-owned. The second essay is naturally an extension of the first one, we investigate Initial Public Offerings (IPOs) of firms on the GEM. The likelihood of a pyramid structure increases with the size of the IPO firm and state control. Our results do not suggest that pyramids are set up to overcome financial constraints. However, we document that pyramid IPOs are discounted before the IPO. The price to book ratio estimated at the subscription price is significantly lower for pyramid IPOs compared to stand-alone IPOs. The third one examines board effectiveness and independence by studying all firms listed in China from 2000 to 2009. I find a significant inverse relationship between supervisory board size and firm performance. This result indicates that large supervisory board size per se causes free-rider and communication or coordination problems, as occurs with boards of directors. The last essay examines the trading behavior and price effects of foreign institutions under the celebrated Qualified Foreign Institutional Investor (QFII) scheme on all non-financial firms in the Chinese A-share markets. I find that foreign institutions in the Chinese A-share markets do not show positive or negative feedback trading; however, their flows have a strong impact on future equity returns because of informational advantage.
  • Hellman, Pia (Svenska handelshögskolan, 2014)
    The starting point of this research was the increasing popularity of companies introducing e-services because of the expected increase in efficiency. However, the introduction of an e-service does not automatically lead to usage. Research shows that even when consumers say that they prefer to have their transactions handled by digital channels, the adoption rate of e-services is lower than what the company has expected. This study set out to investigate if marketing communication through e-mail could increase e-service adoption rates. There is clearly a lack of understanding of what drives consumers to use e-services. Generally, there are monetary benefits for the company when consumers switch to online services. For the consumers, however, the benefits are not necessarily evident. In order to build positive consumer perceptions of the e-service benefits and increase e-service adoption, the firms need to communicate the benefits to consumers. This thesis investigates if communicating e-service benefits to consumers can increase e-service adoption. Based on a conceptual framework of e-service benefits and e-service communication, the effect of communicating e-service benefits through e-mail in a b-to-c environment was measured. Three studies were conducted, of which the main study was a field experiment. An experimental design was applied to new customers of a telecom service provider. Three benefits were measured: time savings, easy to use, and access to information. The adoption was measured as the web traffic, including e-mail click-through-rates and login rates to the e-service. The effect of each e-service benefit used alone, in pairs or in a combination of all three benefits was measured. The effect of repeat actions was also tested. The findings from the experiment revealed that there were differences between the effects of the treatments on different behaviors in the adoption process. However, this research failed to provide strong evidence supporting a positive effect of e-mail communication on e-service adoption. Nevertheless, the results suggest that companies should carefully investigate which benefits consumers are seeking and how to communicate the benefits during the stages of the consumer adoption process. The study shows that consumers’ interest in and perception of e-service benefits can vary during the different stages of the e-service adoption process.