Doctoral theses

Nyligen publicerat

  • 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.
  • Haga, Jesper (Svenska handelshögskolan, 2016-04-05)
    Asset pricing models provide investors with a relation between risk and expected returns. Higher risk levels should be linked to higher expected returns. In addition, trading strategies that earn risk adjusted abnormally high or low returns are referred to as asset pricing anomalies. These asset pricing anomalies present an important challenge for us researchers. Either our asset pricing models are incorrect or there exist frictions in the capital markets allowing such anomalies to persist. A better understanding of these anomalies can help in the development of asset pricing models. Knowledge about these anomalies is of course gained by studying them, which is where my thesis comes in. This dissertation investigates three different topics in asset pricing literature. The first two papers study anomalies. In the first essay the momentum anomaly is investigated. In this respect, the momentum strategy consists of buying previous outperformers and selling previous underperformers. Moreover, this strategy generates abnormal returns. More specifically, the first essay studies the robustness of intermediate-term momentum. The result suggests that the difference found between short-term and intermediate-term momentum is mainly driven by low credit risk firms and that the optimal momentum strategy can be dependent on firm characteristics. In the second essay we investigate the credit risk puzzle. Previous studies have shown that firms with a high credit risk exhibit lower excepted returns than firms with a low credit risk. This phenomenon is referred to as the credit risk puzzle. Contrary to previous findings, we suggest that the credit risk puzzle is only a temporary occurrence. Furthermore, the reason for this temporary mispricing of high credit risk firms could be the result of stronger limits to arbitrage during the subsample or possibly due to a sudden increased power to the debtholders during the early subsample. The third essay shows that a higher reporting frequency can act as a stabilizing factor in times of market distress. Firms that report quarterly instead of semi-annually experience lower stock price volatility during times of market distress. However, the important systematic volatility is higher for stock prices of firms that report quarterly. Ultimately, there exists a trade-off between higher firm specific systematic volatility on average and lower total volatility in times of market distress.
  • Olufeagba, Olugbenga (Svenska handelshögskolan, 2016-03-01)
    Asset price movements play credible role as leading indicator for activity, financial distress and general economic wellbeing, and as such, are closely monitored by investors and policymakers alike. All assets’ prices are expressed in a unit of account, usually the home currency of the jurisdiction in which the asset is domiciled, and the values of these currencies continually vary, depending on the balance of demand and supply. The continuous variation in the value of currencies suggests that, at best, they can only be an inappropriate unit of measure of an asset. This dissertation aims to shed more light on why single currencies are inaccurate units of measure of asset prices. Our first study investigates how the currency of valuation affects the outcome of the return and volatility spillovers between the stock market and the foreign exchange (FX) market. Evidence from our study suggests the presence of exchange rate premium in asset prices, which in turn significantly affects the nature of the relationship between the equity and FX markets when asset prices are measured in an aggregate unit of account rather than pair-wise or single currency. In our second study, we examine the currency effect on the predictability of stock returns in the short term. Although previous studies have concentrated on investigating the factors or models that best predict asset returns, our study investigates the effect of currency of valuation on stock return predictability. Our results suggest that reducing the volatility of the variables by valuing them in an aggregate unit of account improves the predictability of stock returns on the short horizon. Our last study investigates the currency effect on the long-term relationship between the stock market and macroeconomic variables. Our results show evidence of significant changes in the relations between the stock market and macroeconomic variables with the introduction of the aggregate currency factor, marked by reducing the effect of the aggregate currency-denominated US macroeconomic variables on the aggregate currency-denominated stock index. Moreover, the results show that the previously documented relations between the stock market and macroeconomic variables, without accounting for the influence of the currency of valuation, might not necessarily hold when the currency factor is discounted.
  • Salonaho, Harry (Svenska handelshögskolan, 2015-11-16)
    Avhandlingens syfte är att presentera ett antal förändringsförslag för att förbättra arbetslagstiftningens och arbetsmarknadsmekanismernas funktion, och därmed förstärka Finlands konkurrenskraft. Ett centralt tema i avhandlingen är skyddsprincipens omfattning och struktur. I avhandlingen ställs frågan huruvida skyddsprincipen borde utvidgas till att också gälla skyddet av arbetsplatser för att samtidigt bättre än hittills skydda den enskilda arbetstagaren. Avhandlingen innehåller dessutom en jämförelse av arbetsmarknadsförhållandena i Tyskland, Sverige och Finland. Målsättningen är att beskriva förhållandena i två för Finland viktiga konkurrentländer, och presentera vilka förändringar Tyskland och Sverige har genomfört i arbetslagstiftningen och arbetsmarknadsmekanismerna för att förbättra sin internationella konkurrenskraft. För att visa hurudana fall som inte kunnat lösas mellan arbetsmarknadsparterna och där någondera parten väckt talan i arbetsdomstolen, har alla tvistemål från åren 2001, 2004, 2007 och 2010 analyserats. Fallen analyseras med hjälp av 9 variabler. Av undersökningen framgår att arbetsfredsfallen var den största kategorin av fall (48 %), åtföljd av avlöningsfrågor (23 %), och permitteringar och uppsägningar (18 %). Därefter presenteras svaren från intervjuerna som gjorts med 24 ledande aktörer på arbetsmarknaden, representerande arbetstagare, arbetsgivare och specialister. Frågorna som ställdes berörde arbetslagstiftningens och arbetsmarknadsmekanismernas funktion samt förändringsbehov, och de intervjuade ombads att gradera sin tillfredsställelse med situationen i dag och också gradera behovet av nödvändiga förändringar. Arbetsgivarna verkar vara missnöjdare och ser ett större förändringsbehov föreligga än arbetstagarna och specialisterna. Till slut presenteras ett antal förändringförslag baserade på jämförelsen mellan förhållandena i Tyskland, Sverige och Finland, analysen av arbetsdomstolens domar samt intervjusvaren. Avhandlingen visar att såväl arbetstagarna som arbetsgivarna måste vara beredda att acceptera att omfattande förändringar i både arbetslagstiftningen och arbetsmarknadsmekanismerna borde genomföras.
  • Zhang, Ling Eleanor (Svenska handelshögskolan, 2015-08-11)
    “I wanted to be Chinese, once…I wanted China to be the place where I made a career and lived my life. I won’t be rushing back either. I have fallen out of love, woken from my China Dream.” “China has been a familiar destination for multinational corporations over the last few decades, but surprisingly it still remains one of the most challenging destinations for expatriates”, says Ling Eleanor Zhang, who will defend her doctoral thesis on the subject. Yet, according to Zhang, underneath the seemingly high expatriation failure rate exists an ever more routine reality of contemporary working life. A growing number of sojourners, from expatriates sent by headquarters, to self-initiated expatriates, to expatriate entrepreneurs, are now, for various reasons, becoming caught up in China. They experience a dizzying array of processes collectively labelled cross-cultural adjustment, acculturation or biculturalism. Based on comprehensive fieldwork, Zhang seeks to uncover the working and living realities of expatriates in China from a language and culture perspective. In her doctoral thesis, Zhang also presents the multifaceted linguistic challenges faced by expatriates from both their own perspective, as well as that of the host country employees. She further provides a contextual account of expatriate host country language proficiency on cross-cultural adjustment, and inductively builds an analytical framework for analysing why and how host country language matters. “Nordic expatriates, who are currently working and living in China, have different types of cultural identity, i.e. marginal bicultural identity, cosmopolitan identity, transitional identity, and monocultural identity”, says Zhang. “Factors such as organisational context, expatriates’ attitudes towards the host country language, as well as their network orientations, have influenced expatriates’ identification with home, host and a third culture”, she continues. The findings also reveal a number of strategies expatriates adopt in order to cope with the uncertainty and ambiguity, such as holding on to physical proof of groundedness, believing in individuality, realistically evaluating and accepting the marginality, and allowing for a certain degree of fluidity regarding one’s cultural identity.
  • Vaillancourt, Alain (Svenska handelshögskolan, 2015-07-02)
    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.
  • Pettersson, John (Hanken School of Economics, 2015-07-02)
    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.
  • Virtanen, Henrik (Svenska handelshögskolan, 2015-04-23)
    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, 2015-02-28)
    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, 2015-01-28)
    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, 2014-11-25)
    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, 2014-11-20)
    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, 2014-10-01)
    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, 2014-09-29)
    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.