The net worth trap: Investment and output dynamics in the presence of financing constraints

This paper investigates investment and output dynamics in a simple continuous time setting, showing that financing constraints substantially alter the relationship between net worth and the decisions of an optimizing firm. In the absence of financing constraints, net worth is irrelevant (the 1958 Modigliani–Miller irrelevance proposition applies). When incorporating financing constraints, a decline in net worth leads to the firm reducing investment and also output (when this reduces risk exposure). This negative relationship between net worth and investment has already been examined in the literature. The contribution here is providing new intuitive insights: (i) showing how large and long lasting the resulting non-linearity of firm behaviour can be, even with linear production and preferences; and (ii) highlighting the economic mechanisms involved—the emergence of shadow prices creating both corporate prudential saving and induced risk aversion. The emergence of such pronounced non-linearity, even with linear production and preference functions, suggests that financing constraints can have a major impact on investment and output; and this should be allowed for in empirical modelling of economic and financial crises (for example, the great depression of the 1930s, the global financial crisis of 2007–2008 and the crash following the Covid-19 pandemic of 2020).</jats:p

Leverage Constraints and Real Interest Rates

This is the peer reviewed version of the following article: ISOHAETAELAE, J. ...et al., 2015. Leverage constraints and real interest rates. The Manchester School, 83(S2), pp. 83-109., which has been published in final form at http://dx.doi.org/10.1111/manc.12111. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-ArchivingThis paper investigates the macroeconomic dynamics of consumption and real interest rates when there are constraints on debt finance, used both for insurance against income shocks and transferability of resources over time. We amend a standard continuous-time deterministic model, with patient and impatient household sectors, introducing sector level income shocks. Shocks that push the impatient sector towards its leverage limit increase precautionary saving and result in a substantial but transient decline of the real interest rate relative to the deterministic benchmark. We discuss the resulting dynamics of consumption, leverage and interest rates, and implications for macroeconomic modelling and policy

Kielenoppimisympäristön vaikutus oppijansuomen sanastoon

Pro gradu -tutkielmassani tutkin kielenoppimisympäristön vaikutusta oppijansuomen sanastoon. Tavoitteeni on selvittää, vaikuttaako kielenoppimisympäristö aikuisten suomenoppijoiden sananvalintoihin. Etsin vastausta tutkimuskysymykseen vertailemalla sanastoa suomea toisena tai vieraana kielenä oppineiden kielenkäyttäjien teksteissä. Tutkimukseni on näin ollen kontrastiivista oppijankielen tutkimusta. Tutkimusaineistoni muodostuu kahdesta osasta. Suomi toisena kielenä -aineisto koostuu suomea Suomessa oppineiden maahanmuuttajien mielipideteksteistä. Tekstit on kerätty Yleisten kielitutkintojen korpuksesta. Suomi vieraana kielenä -aineisto puolestaan koostuu suomea ulkomailla oppineiden opiskelijoiden esseistä, jotka on saatu Kansainvälisen liikkuvuuden ja yhteistyön keskukselta. Esseet on myös liitetty Kansainväliseen oppijansuomen korpukseen (ICLFI). Molemmissa aineistoissa informantit ovat keskitason (B1–B2) kielenkäyttäjiä. Yhteensä suomi toisena kielenä -aineistoon kuuluu 92 tekstiä ja 14 994 sanetta. Suomi vieraana kielenä -aineistoon kuuluu 66 tekstiä ja 14 951 sanetta. Kaikki tekstit on annotoitu Connexorin Fi-fdg-jäsentimellä, joka on lisännyt aineistoon muun muassa tiedon kunkin sanan perusmuodosta ja sanaluokasta. Tutkimusmenetelmäni on korpuslingvistinen, sillä tutkimus perustuu sähköisen aineiston analyysiin korpustyökalujen avulla. Aineistoni käsittelyssä olen hyödyntänyt WordSmith Tools -korpusohjelmaa ja Microsoft Excel -taulukkolaskentaohjelmaa. Määrällisessä analyysissa tarkastelen sanoja sanaluokittain ja etsin potentiaalisia avainsanoja, jotka ovat toisessa aineistossa yliedustuvia eli merkitsevästi taajempia kuin vertailuaineistossa. Aineiston laadullisessa analyysissa pohdin, johtuvatko frekvenssierot todella kielenoppimisympäristöstä. Tutkimustulokset kertovat, että kielenoppimisympäristöllä on vaikutusta oppijoiden sanastoon. Usein frekvenssierot aineistojen välillä johtuvat tehtävänannosta, mutta monissa tapauksissa eroja selittää oppimisympäristö. Tutkimuksen perusteella suomea ulkomailla oppineille tyypillisiä avainsanoja ovat erityisesti LUULLA, SUURI, OIKEIN, MINUSTA ja ERIKOISESTI. Suomessa kieltä oppineiden avainsanoja ovat puolestaan etenkin ISO, SEMMOINEN, SEKÄ, IHAN ja partikkelina käytetty VAIKKA. Sanaston vertailu osoittaa, että suomea toisena ja vieraana kielenä oppineet käyttävät eri ilmauksia samojen merkitysten ilmaisemiseen. Suomessa asuneiden sananvalinnoissa näkyvät arkikielen vaikutus ja sanojen varianttien tuntemus. Suomea ulkomailla opiskelleet puolestaan suosivat tiettyjä sanoja silloinkin, kun jokin toinen vaihtoehto olisi mahdollinen tai sopivampi. Tulosten perusteella suomenoppijan sanastoon voi vaikuttaa se, oppiiko hän suomea toisena vai vieraana kielenä. Oppijankielen kannalta kielenoppimisympäristö ei siis ole yhdentekevä. Tämän vuoksi molempien kielenkäyttäjäryhmien kieltä on syytä sisällyttää tutkimuksiin, joissa tavoitellaan päätelmiä oppijankielestä yleensä

The interplay of cognitive and socio-emotional processes in social interaction:process-oriented analyses of collaborative learning

Abstract Collaborative learning in small groups is a societally relevant but challenging way of learning. It requires a rich understanding of how people think and co-elaborate knowledge together (cognitive processes) and how they feel and relate to each other (socio-emotional processes). The objective of this dissertation is to explore the interplay of cognitive and socio-emotional processes as it manifests in face-to-face social interaction during collaborative learning. The results were derived from qualitative, process-oriented analyses of video-recorded social interactions in two datasets pertaining to small groups of Finnish teacher education students (N=43) who collaborated on mathematics and environmental science tasks. The results are reported in four empirical articles. The results show that the cognitive and socio-emotional processes fluctuated in the social interactions over the course of collaborative learning. The socio-emotional processes became especially overt and thematic in the social interactions when groups regulated their learning. During such regulation, groups’ metacognitive planning, monitoring, and evaluating could intertwine expressions of emotion, talking about emotions, or giving socio-emotional support. These moments activated group members’ joint participation and allowed them to establish agreement, respond to challenges, and recognize strengths or weaknesses, which were important functions for collaborative learning. At times, the social interaction was more directed toward cognitive processes when group members concentrated on performing task activities. However, the socio-emotional processes were still intertwined with cognitive processes. This dissertation illustrates how a case episode of argumentation proceeded through a series of counterarguments, reformulations, and elaborations, but also involved subtle ways of expressing claims tentatively, showing consideration of divergent claims, and relaxing tension. This dissertation highlights that cognitive and socio-emotional processes of collaborative learning are continuously intertwined but fluctuate in social interaction. The intertwining gives rise to meaningful functions for collaborative learning. Attempts to support collaborative learning in education or work must acknowledge the interplay of cognitive and socio-emotional processes in social interaction.Tiivistelmä Yhteisöllinen oppiminen pienryhmissä on yhteiskunnallisesti merkittävä mutta haastava oppimisen muoto. Se vaatii ymmärrystä siitä, miten ihmiset ajattelevat ja käsittelevät tietoa yhdessä (kognitiiviset prosessit) sekä mitä he tuntevat ja miten tulevat toimeen yhdessä (sosioemotionaaliset prosessit). Tämän väitöskirjan tavoite on tarkastella, miten nämä kognitiiviset ja sosioemotionaaliset prosessit ilmenevät pienryhmien kasvokkaisessa vuorovaikutuksessa yhteisöllisen oppimisen aikana. Tulokset perustuvat videoaineiston prosessiorientoituneeseen, laadulliseen analyysiin. Tutkimuksessa havainnoidaan kahdesta tutkimusaineistosta suomalaisten luokanopettajaopiskelijoiden (N = 43) vuorovaikutusta, kun he työskentelevät pienryhmissä matematiikan ja ympäristöopin tehtävien parissa. Tulokset on julkaistu neljässä empiirisessä tutkimusartikkelissa. Tulokset osoittavat, että kognitiiviset ja sosioemotionaaliset prosessit ilmenivät vaihdellen yhteisöllisen oppimisen edetessä. Sosioemotionaaliset prosessit tulivat näkyvästi ja temaattisesti esiin, kun ryhmät säätelivät oppimistaan vuorovaikutuksessa. Oppimisen säätelyn aikana ryhmän jäsenet suunnittelivat, tarkkailivat ja arvioivat työskentelyään, mihin yhdistyi tunteiden ilmaisua, tunteista puhumista ja toisten tukemista. Näinä hetkinä ryhmän jäsenet osallistuivat vuorovaikutukseen tavallista yhtenäisemmin, ja ryhmät pystyivät luomaan yhteisymmärrystä, vastaamaan haasteisiin sekä havaitsemaan heikkouksiaan ja vahvuuksiaan. Ajoittain ryhmien vuorovaikutus oli näkyvämmin suunnattu kognitiivisiin prosesseihin, kun ryhmän jäsenet keskittyivät tehtävien suorittamiseen. Sosio-emotionaaliset prosessit kuitenkin edelleen nivoutuivat kognitiivisiin prosesseihin. Tämä väitöskirja kuvailee tapausesimerkin avulla, kuinka argumentaatio eteni väitteiden, vastaväitteiden ja uudelleenmuotoilujen avulla, joihin nivoutui hienovaraisia keinoja esittää väitteitä varovasti, huomioida eri näkökulmia ja lieventää jännitteitä. Tulokset korostavat, että yhteisöllisen oppimisen kognitiiviset ja sosioemotionaaliset prosessit nivoutuvat yhteen vuorovaikutuksessa ja ne yhdessä palvelevat merkityksellisiä tehtäviä yhteisöllisen oppimisen kannalta. Kouluissa ja työpaikoilla onkin tärkeää ymmärtää kognitiivisten ja sosioemotionaalisten prosessien läheinen suhde, kun pienryhmien vuorovaikutusta halutaan tukea

The net worth trap: Investment and output dynamics in the presence of financing constraints

This paper investigates investment and output dynamics in a simple continuous time setting, showing that financing constraints substantially alter the relationship between net worth and the decisions of an optimizing firm. In the absence of financing constraints, net worth is irrelevant (the 1958 Modigliani–Miller irrelevance proposition applies). When incorporating financing constraints, a decline in net worth leads to the firm reducing investment and also output (when this reduces risk exposure). This negative relationship between net worth and investment has already been examined in the literature. The contribution here is providing new intuitive insights: (i) showing how large and long lasting the resulting non-linearity of firm behaviour can be, even with linear production and preferences; and (ii) highlighting the economic mechanisms involved—the emergence of shadow prices creating both corporate prudential saving and induced risk aversion. The emergence of such pronounced non-linearity, even with linear production and preference functions, suggests that financing constraints can have a major impact on investment and output; and this should be allowed for in empirical modelling of economic and financial crises (for example, the great depression of the 1930s, the global financial crisis of 2007–2008 and the crash following the Covid-19 pandemic of 2020).</jats:p

Cognitive and socio-emotional interaction in collaborative learning:exploring fluctuations in students’ participation

Abstract Collaborative learning involves fluctuations in how students participate in social interaction and how they engage in interactions that are cognitive (e.g., sharing knowledge, monitoring learning) and more socio-emotional (e.g., encouragement, positive appraisal) in nature. Few studies have investigated how participation in social interaction fluctuates in relation to these varying types of interaction. The aim of this process-oriented study was to explore how actively students participated in cognitive and socio-emotional interactions and what characterized the moments when participation changed during transitions between the types of interaction. The qualitative analysis focused on video-recorded collaborative learning of six groups of student teachers (N = 24). We found that socio-emotional interaction involved more active participation than cognitive interaction. Changes in participation during transitions between types of interaction were characterized by shifts between domain-focused and metacognitive activities. Implications for supporting and studying productive social interaction in collaborative learning are discussed

Convergences of joint, positive interactions and regulation in collaborative learning

Abstract This qualitative study explores the convergences of small groups’ joint, positive interactions and regulation in social interaction during collaborative learning. We analyzed the video-recorded social interactions of five groups of student teachers during environmental science tasks. We examined the frequency and functions of the situations in which joint participation and positive socioemotional interaction converged with regulation (planning, monitoring, and evaluating) in social interaction. The results show that when groups planned, monitored, or evaluated their learning, they participated more jointly in social interaction and showed more socioemotional support than in interactions with no observed regulation. The situations in which these elements converged served three functions: establishing agreement, responding to challenges or mistakes, and discussing strengths and weaknesses. The results suggest that the convergences of joint, positive interactions and regulation in social interaction can serve a function that is meaningful for collaborative learning progress

Socially shared regulation of learning and participation in social interaction in collaborative learning

Abstract This study investigated how socially shared regulation of learning (SSRL) emerged during the fluctuation of participation in interaction in collaborative learning. Twenty-four student teachers in six small groups were video-recorded during collaborative tasks in mathematics. Manifestations of SSRL and students’ participation were micro-analytically coded. Next, the concurrence between manifestations of SSRL and the fluctuation of participation was examined and illustrative examples were described. The results show that SSRL involved more active participation than task-focused interaction overall and that SSRL often coincided with increases in participation to a higher level than general. The findings suggest that manifestations of SSRL involved activated participation during the moments when interaction was needed to reciprocally resolve situative challenges and to coordinate activities

“You really brought all your feelings out”:scaffolding students to identify the socio-emotional and socio-cognitive challenges in collaborative learning

Abstract The aim of this study is to explore how students experience and describe socio-cognitive and socio-emotional challenges in collaborative learning. The participants (N = 20) were teacher education students whose collaborative learning was supported with a designed regulation macro script during a six-week mathematics course. The purpose of the script was to provide structured phases during the collaborative learning tasks for the group members to plan, monitor, and evaluate their workings. The video data of groups' face-to-face work was collected and analysed by focusing on the different types of challenges the groups experienced and the types of challenges they described during the scripted interaction. The results indicate that the groups experienced more socio-cognitive challenges than socio-emotional challenges. The script provided them a moment to verbalize their emotional experiences, name the emotions (i.e. frustration), and attribute the challenges and emotions more precisely than during their mathematical task. The intertwining characteristics of socio-cognitive and socio-emotional challenges were observable. Collaborative learning can be challenging for groups, and thus, the knowledge of and the ability to implement practices for becoming aware of challenges can provide a direction for students to progress towards more productive collaboration

Striking a balance:socio-emotional processes during argumentation in collaborative learning interaction

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