ffi=Vertaisarvioidut artikkelit (Peer-reviewed articles)|https://www.doria.fi:443/handle/10024/1478582024-03-29T08:29:59Z2024-03-29T08:29:59ZSocial Interaction in the Family: Evidence from Investors’ Security HoldingsKnüpfer, SamuliRantapuska, EliasSarvimäki, Mattihttps://www.doria.fi:443/handle/10024/1885412024-02-12T08:08:31Z2024-02-12T08:08:30ZSocial Interaction in the Family: Evidence from Investors’ Security Holdings
Knüpfer, Samuli; Rantapuska, Elias; Sarvimäki, Matti
We show that investors tend to hold the same securities as their parents. This intergenerational correlation is stronger for mothers and family members who are more likely to communicate with each other. An instrumental variables estimation and a natural experiment suggest that the correlation reflects social influence. This influence runs not only from parents to children, but also vice versa. The resulting holdings of identical securities increase intergenerational correlations in portfolio choice, exacerbate wealth inequality, and amplify the consequences of behavioral biases.
2024-02-12T08:08:30ZAnalyzing the Finnish University funding system through system-based simulationRissanen, MiiaSavolainen, JyrkiCollan, Mikaelhttps://www.doria.fi:443/handle/10024/1885202024-02-05T08:06:36Z2024-02-05T08:06:36ZAnalyzing the Finnish University funding system through system-based simulation
Rissanen, Miia; Savolainen, Jyrki; Collan, Mikael
This research explores the suitability of system-based simulation analysis for higher education (HE) policy-planning. A dynamic system model of the Finnish university funding system covering bachelor-level students is presented. The results show that the model captures the nature of the current funding system, which can be considered a zero-sum game, where the funding an individual university can only be improved at the cost of others. Based on the simulations, it seems that in the Finnish HE system increasing the importance of target time graduations in the funding model would favour the small universities. The generalizability of the used model´s and methods’ suitability outside the Finnish context is evaluated and discussed.
2024-02-05T08:06:36ZFinnish perspectives on the business of electricity distributionCollan, Mikaelhttps://www.doria.fi:443/handle/10024/1885192024-02-05T07:48:55Z2024-02-05T07:48:54ZFinnish perspectives on the business of electricity distribution
Collan, Mikael
The profits of the Finnish industry of electricity distribution are driven by a rate of return regulation model. Changes in the model caused a remarkable jump in DSO profits. The model rewards large costs and gives the DSOs an incentive to build an extremely weatherproof network, to over-invest. Allowed exceptions to lower costs of network construction may not be fully utilized. Risks connected to demographic changes may influence the forecasted network investment profitability. The emergence of energy communities may also affect the DSOs. There may be differences between public and private DSOs´ financial behavior. The ability of stakeholders to affect regulatory decisions is asymmetric.
2024-02-05T07:48:54ZProfitability Analysis and Financial Evaluation of ProjectsCollan, MikaelSavolainen, Jyrkihttps://www.doria.fi:443/handle/10024/1885052024-01-29T12:51:12Z2024-01-29T12:51:12ZProfitability Analysis and Financial Evaluation of Projects
Collan, Mikael; Savolainen, Jyrki
This chapter presents and gives practical tools for the financial analysis and evaluation of all kinds of projects. The chapter discusses the foundations underlying modern profitability analysis, presents and illustrates the use of the three most commonly used profitability analysis methods, and explains what is the value of flexibility, or having real options, in a project and about how that value can be quantitatively analyzed. Illustrative real-world examples with detailed step-by-step explanations help understand how the presented methods should be used in practice. Best practices and the usability of the presented methods are discussed throughout the chapter. Presentation and interpretation of results are also discussed. Helpful references are given and additional supportive material is included.
2024-01-29T12:51:12Z