Momentum:autocovariances, cross-covariances or unconditional expected returns?

Abstract. Returns to momentum strategies can be decomposed into three sources of return: positive autocovariances in returns, negative cross-covariances in returns and cross-sectional variation in unconditional expected returns across assets. While theoretical literature on momentum generally assumes that positive autocovariances drive momentum returns, empirical literature presents inconsistent evidence on the importance of each component in explaining momentum returns. However, this prior literature ignores a key empirical issue related to short return histories and extreme return observations. These extreme returns cause a negative bias to sample estimates of return autocovariances and cross-covariances, and a positive bias to the cross-sectional variation in unconditional expected returns. Furthermore, prior literature focuses on portfolios of stocks instead of individual stocks, because the decomposition requires estimating a cross-covariance matrix, which is difficult for individual stocks with short and non-overlapping return histories. I propose a novel, strategy-based decomposition, which allows for estimating the contribution of each component to momentum without bias in the presence of extreme returns and non-overlapping return histories. Empirical evidence from the strategy-based decomposition in a sample of US individual stocks and portfolios of US stocks extending from 1926 to 2018 suggests, that positive return autocovariances are the most important driver of momentum. This evidence is consistent with most behavioral theories on momentum but does not preclude a rational interpretation. When the contributions are allowed to vary over time, positive autocovariances consistently remain the most important driver of momentum returns throughout the sample period. However, the time-series predictability in individual stock returns slowly erodes after momentum is initially documented in the literature in 1993, potentially explaining the poor recent performance of momentum

Esineiden internet v2023

Tiivistelmä. Esineiden internet eli IoT on ollut todella suuressa kasvussa viime vuosien aikana eikä kasvulle näy loppua. Tämän työn tarkoitus on tutustua esineiden internetin nykytilanteeseen käyttäen mahdollisimman uusia artikkeleita aiheeseen liittyen. Aihetta on kuitenkin rajattu sen verran, että pysytään lähinnä arkisissa ja jokapäiväisissä sovelluksissa. Työn alussa tutustutaan yleisesti esineiden internetiin ja sen historiaan. Tämän jälkeen selvitetään tilastojen kanssa muutamia erilaisia ohjelmointialustoja, ohjelmointikieliä sekä tiedonsiirtotapoja. Tämän lisäksi otetaan kaikista näistä muutamia eniten käytettyjä vaihtoehtoja ja tutustutaan niiden tämänhetkisiin ominaisuuksiin hieman tarkemmin. Sen jälkeen käydään läpi muutama konkreettinen esimerkki sovelluksista, joita on juuri tällä hetkellä käytössä. Lopuksi mietitään hieman tulevaisuuden näkymiä.Internet of things in 2023. Abstract. The internet of things, or IoT, has been growing at significantly fast over the past few years and there is no end in sight. The purpose of this work is to review the current state of the internet of things. It is done by using the most recent articles of the IoT. However, the topic has been limited mainly to the ordinary and everyday applications. The work begins with a general introduction to the internet of things and its history. This will be followed with a statistical review of some different programming platforms, programming languages and methods of data transfer. This is followed by a selection of some of the most widely used options of those and a closer look at their current features. After that we look at a few concrete examples of applications that are in use right now. Finally, a little reflection on the future of IoT

The reference site collaborative network of the european innovation partnership on active and healthy ageing

Seventy four Reference Sites of the European Innovation Partnership on Active and Healthy Ageing (EIP on AHA) have been recognised by the European Commission in 2016 for their commitment to excellence in investing and scaling up innovative solutions for active and healthy ageing. The Reference Site Collaborative Network (RSCN) brings together the EIP on AHA Reference Sites awarded by the European Commission, and Candidate Reference Sites into a single forum. The overarching goals are to promote cooperation, share and transfer good practice and solutions in the development and scaling up of health and care strategies, policies and service delivery models, while at the same time supporting the action groups in their work. The RSCN aspires to be recognized by the EU Commission as the principal forum and authority representing all EIP on AHA Reference Sites. The RSCN will contribute to achieve the goals of the EIP on AHA by improving health and care outcomes for citizens across Europe, and the development of sustainable economic growth and the creation of jobs

Communicating value in knowledge-intensive business relationships

Abstract This study investigates the communication of value in the customer relationships of knowledge-intensive business services (KIBS) in relation to value propositions, service modularity, customer knowledge construction, and purchasing criteria. While customer knowledge construction and purchasing criteria form the basis for understanding the characteristics of these relationships, value propositions and service modularity illuminate the detail of how value is communicated in them. The results of the study highlight the importance of creating trust in KIBS customer relationships to foster successful collaboration and open communication, which becomes a means for customer knowledge construction. This study reveals a range of communication practices as well as proposes additional and critical ways to construct such knowledge in the development of customised value propositions. In addition, the essential purchasing criteria in KIBS customer relationships are explored, and the results show that the customer relationship itself influences which criteria are emphasised during the purchasing process. This study also challenges the idea that value proposition is always co-created in KIBS customer relationships and distinguishes value components in new and established KIBS customer relationships both at relationship and project levels. The results of this study also propose how service modularity can be utilised to customise value propositions through configuration of knowledge as well as internal and external resources to various and often complex customer needs. This study contributes to the scientific discussion on KIBS customer relationships by drawing on research in the areas of value propositions, service modularity, customer knowledge construction, and purchasing criteria. The focus of this study, the communication of value, is novel and has not been discussed largely in the literature of KIBS customer relationships from these perspectives.Tiivistelmä Tämä väitöskirja käsittelee arvon viestimistä tietointensiivisten liike-elämän palvelujen (KIBS) asiakassuhteissa arvolupausten, palvelumodulaarisuuden, asiakastiedon rakentamisen ja ostokriteerien näkökulmista. Asiakastiedon rakentamisen ja ostokriteerien näkökulmat auttavat huomioimaan KIBS-asiakassuhteiden ominaispiirteiden vaikutuksen arvon viestimiseen, kun taas arvolupausten ja palvelumodulaarisuuden näkökulmat luovat tarkemman käsityksen siitä, miten arvoa viestitään KIBS-asiakassuhteissa. Tämä tutkimus korostaa luottamuksen merkitystä yhteistyön onnistumiselle ja avoimelle viestinnälle luoden perustan asiakastiedon rakentamiselle. Tämä tutkimus paljastaa erilaisia viestintäkäytäntöjä sekä näitä täydentäviä käytäntöjä asiakastiedon rakentamiseksi, mikä on keskeistä arvolupausten räätälöimiseksi. Tämä tutkimus paljastaa myös olennaisimmat ostokriteerit KIBS-asiakassuhteissa. Lisäksi tämän tutkimuksen tulokset osoittavat, että kyseessä oleva KIBS-asiakassuhde vaikuttaa siihen, mitkä ostokriteerit korostuvat ostoprosessin aikana. Tämä tutkimus myös haastaa aiemman käsityksen arvolupausten yhteisluonnista KIBS-asiakassuhteissa ja esittelee arvokomponenttien painotukset uusissa ja vakiintuneissa KIBS-asiakassuhteissa sekä suhteiden että projektien tasolla. Tässä tutkimuksessa kuvataan myös, kuinka KIBS-yritys voi hyödyntää palvelumodulaarisuutta yhdistelemällä tietoaan sekä resurssejaan arvolupausten räätälöinnissä vastaamaan asiakkaiden usein monimutkaisiakin tarpeita. Tämä väitöskirja kontribuoi erityisesti KIBS-asiakassuhteista käytyyn tieteelliseen keskusteluun erilaisilla näkökulmillaan, jotka tuottavat kontribuutiota yhdessä ja erikseen arvon viestimiseen KIBS-asiakassuhteissa. Tämän tutkimuksen näkökulma arvon viestimiseen on tuore, sillä sitä ei ole aiemmin laajemmin käsitelty KIBS-asiakassuhteita käsittelevässä kirjallisuudessa näistä näkökulmista

Purchasing of knowledge-intensive business services:a case study of relevant factors

Abstract Purchasing of knowledge-intensive business services (KIBS) is often a critical decision for business customers as it can affect their businesses in numerous ways, such as creating a competitive advantage or fulfilling financial and regulatory objectives. Hence, customers tend to make careful and systematic decisions to purchase these services, and it is both theoretically and managerially important to know the factors that influence these decisions. However, the extant research has not shed sufficient light on those factors. The purpose of this study is thus to explore the factors that influence customers' KIBS purchasing decisions. A qualitative case study is used to gain a multidimensional understanding of the issue. The findings reveal that several factors influence customers' purchasing decisions: convincing value propositions, perception of service quality, perception of potential risks, potential for customisation, quality customer relationships, individual preferences, geographic proximity and availability of information. The findings are discussed further, and the implications and limitations of the study are noted

Evolving value propositions in knowledge-intensive business services

Abstract Purpose: The purpose of this paper is to explore what value dimensions and related value components are highlighted in the value proposition of knowledge-intensive business services (KIBS), both at the relationship and project levels, how value propositions can differ between new and established customer relationships, and finally what is characteristic to the evolution of value proposition in the KIBS context. Design/methodology/approach: This study uses a comparative, qualitative multiple case study method. Findings: The aim is to offer a comprehensive picture of the variety of value components in KIBS relationships, likewise, how the nature and composition of value proposition changes as a relationship evolves from conducting a single project toward a more established customer relationship. Individual experts seem to possess a crucial role in that development. Originality/value: This study contributes theoretically by providing insights into the current literature on core dimensions and components of value propositions in this specific context, and differences there can be between new and established customer relationships. The study also offers much-needed, context-specific knowledge of knowledge-intensive services for managers. Empirically, these findings reflect the perspectives of both the service provider and four of its customers, ensuring a multi-sided description of the phenomenon