Computational experiments on edge exchange heuristics for the Euclidean travelling salesman problem

fi=vertaisarvioitu|en=peerReviewed

Inferring Presence in a Context-Aware Instant Messaging System

Abstract. The increasing volume of digital communication is raising new challenges in the management of the information flow. We discuss the usage of context to infer presence information automatically for instant messaging applications. This results in easy-to-use applications and more reliable presence information. We suggest a new model, context relation, for representing the contexts that are relevant for inferring presence. The key idea is to represent both the communication initiator’s and the receiver’s contexts. The model allows sophisticated control over presence information. We describe a fully functional prototype utilizing context relations.

Distributional characteristics and proportionality of market-based security ratios

The distributional characteristics and the proportionality of two market-based security ratios, the Earnings Yield and the Dividend Yield, are tested using Finnish data. The results indicate both of the ratios to be proportional in nature. However, being positively skewed, the Dividend Yield ratio requires transformation to achieve normality. This is due to the fact that this ratio has a technical limit to zero.

How Investors Trade Around Interim Earnings Announcements

This study focuses on non-institutional trading behaviour around interim earnings announcements in the emerging market. We separate the stock trading activity of Finnish households into five trading classes and compare the results to institutional trading. Data covering the years 1996-2000 shows that earnings news triggers trading in every trading class. We also find some evidence that actively trading individuals especially (compared to passively trading ones) show increased buying and selling activity before the event compared to the non-event period. After the event we find that Finnish households in the most active investor class tend to follow a contrarian strategy, especially selling after good news. This adds to previous evidence by Grinblatt and Keloharju (2000b) . Furthermore, the performance of the active investor classes is superior to that of passive ones. Finally, the institutional trading class is clearly less affected by the announcement than the active investor classes, suggesting that institutions utilize a broader information set than individual investors. Copyright Blackwell Publishers Ltd, 2006.

Finnish earnings response coefficients: the information content of losses

This paper provides new evidence on the information content of losses in the relation between stock returns and annual accounting earnings. Consistent with earlier US evidence, accounting losses are not significantly related to stock returns in Finland. Moreover, it is shown that the different methods used to measure earnings in Finland affect the frequency of losses, substantially altering the estimated return-earnings relation. The results suggest that earnings adjusted in accordance with the recommendations of the Finnish Committee for Corporate Analysis are not more useful than the unadjusted reported earnings in explaining stock returns in Finland.

Keep the faith in banking:new evidence for the effects of negative interest rates based on the case of Finnish cooperative banks

Abstract This paper analyses the profitability of Finnish cooperative banks during the period of negative nominal interest rates. Contrary to expectations, the continuous decline in money market interest rates between 2009 and 2014, and the following negative rate era, did not have adverse effects on the profitability of banks at the beginning of negative interest rate period. Based on especially using a risk-adjusted measure for bank profitability, these results contrast with previous findings. In our findings, the increasing wholesale funding (WSF) ratio seems to be an important factor. However, after 2017 the banks have not been able to improve especially their risk-adjusted profitability so strongly anymore, because the WSF and the development of other than net interest margin returns have been in negative connection to it. In addition, the unconventional monetary policy actions seem not to improve profitability in the most recent observations of our data. These results raise serious concerns for the future of bank profitability during the prolonged period of negative interest rates