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Showing papers by "Aalto University published in 1993"


Journal ArticleDOI
TL;DR: The authors examines the impact of inward and outward aspects of internationalization and finds that the effect of the inward process on outward moves has been the subject of limited research, although some evi...
Abstract: This article examines the impact of inward and outward aspects of internationalization. The effect of the inward process on outward moves has been the subject of limited research, although some evi...

375 citations


Journal ArticleDOI
Matti Keloharju1
TL;DR: In this paper, a test of the winner's curse hypothesis for the Finnish market was carried out and the evidence from 80 IPOs issued between 1984 and 1989 confirmed the presence of the curse: average returns adjusted for the bias in allocation are lower than average unadjusted returns.

344 citations


01 Jan 1993
TL;DR: In this article, the structural, optical and strength properties of fiber networks are investigated, as influenced by fibre coarseness and the introduction of different types of fines, and the response of these networks to calendering is also studied.
Abstract: Retulainen, E., Moss, P . and Nieminen, K., Helsinki University of Technology Laboratory of Paper Technology Vuorimiehentie 1 SF-02150 Espoo Finland The fines of mechanical and chemical pulps have a character vecy distinct from their respective fibre fractions . The fines can be regarded as a special furnish component and the optimum quality and percentage of fines in the sheet depends on the properties of the fibre fraction used . An addition of suitable fines can improve remarkably the properties of a printing paper . This paper deals with the structural, optical and strength properties of fibre networks, as influenced by fibre coarseness and the introduction of different types of fines . The response of these networks to calendering is also studied . Fibre fractions of different coarseness and lignin content are used . Confocal laser scanning microscopy (CLSM) is used to determine the changes in the structure and microscopic roughness of the sheet . Preferred citation: E. Retulainen, P. Moss and K. Nieminen. Effect of fi nes on the properties of fi bre networks. In Products of Papermaking, Trans. of the Xth Fund. Res. Symp. Oxford, 1993, (C.F. Baker, ed.), pp 727–769, FRC, Manchester, 2018. DOI: 10.15376/frc.1993.2.727.

52 citations



Journal ArticleDOI
TL;DR: A model is formulated describing the economics of the allocation of experimental and rational efforts and illustrates the trade-offs and optimal conditions for managing the risks of implementation in projects with both high complexity and high uncertainty.
Abstract: Managing the risks imposed by the complexity of system design and the uncertainty of requirements are key issues in implementing an information system (IS). It is commonly argued that complexity can be reduced by using rational approaches such as abstraction, decomposition and structuring of the design problem. Similarly, uncertainty can be reduced by using experimental approaches allowing for user participation, learning and feedback to the developers. An important but only recently studied issue in managing the risks of implementation is, then, how to find a proper mix of the rational and experimental approaches in a given situation. To do so, we first extracted some guidelines from the literature and formulated a model describing the economics of the allocation of experimental and rational efforts. The model illustrates the trade-offs and optimal conditions for managing the risks of implementation. The predictions of the model were tested by studying major information system development projects in Finnish companies. The results confirmed the contingent guidelines in general. Some interesting deviations were detected, however, such as a tendency to rely on rather heavy formal design even in simple but uncertain projects, probably owing to the long tradition of standardised life cycle planning and documentation methods in Finnish companies. Use of a proper mix of the rational and experimental approaches turned out to be especially important in projects with both high complexity and high uncertainty. Finally, practical implications and applications of the model are discussed.

39 citations


Journal ArticleDOI
TL;DR: This study examines the main and joint effects of DSS implementation activities (design, development, maintenance/use) and selected attributes (subjectivity, complexity, criticality) of the problem domain for which a DSS is being implemented.
Abstract: This study examines the main and joint effects of DSS implementation activities (design, development, maintenance/use) and selected attributes (subjectivity, complexity, criticality) of the problem domain for which a DSS is being implemented. DSS success is assessed via four measures: relative use, perceived utility, output satisfaction and goal realisation (a new measure devised for this study). A sample of 155 DSS projects across 64 Finnish business organizations constituted the research database. The study's major findings are that (1) design activities have a positive influence on DSS success, (2) a negative relationship may exist between the development activities and DSS success and (3) interaction effects regarding problem domain complexity appear to exist.

34 citations


Journal ArticleDOI
TL;DR: In this paper, the authors test prospect theory in a deterministic multiple criteria decision-making context and conclude that prospect theory is a reasonable model of choice for many individuals in such a context.
Abstract: Prospect theory by Kahneman and Tversky [7] is tested in a deterministic multiple criteria decision-making context. In two experiments conducted in classroom settings subjects made pairwise preference comparisons of condominiums for sale. The results of the experiments indicate that the traditional value model did not explain the subjects' revealed preferences as well as the prospect model. We conclude that prospect theory is a reasonable model of choice for many individuals in such a context.

31 citations


Journal ArticleDOI
TL;DR: A progressive algorithm and the supporting theory for modeling and solving multiple criteria decision problems with discrete alternatives relaxes the usual assumption of a fixed set of available decision alternatives and complete knowledge of a decision maker's DM's preference structure or value function.
Abstract: P. Korhonen, H. Moskowitz, and J. Wallenius 1986 developed a progressive algorithm and the supporting theory for modeling and solving multiple criteria decision problems with discrete alternatives. A special feature of the algorithm is that it relaxes the usual assumption of a fixed set of available decision alternatives and complete knowledge of a decision maker's DM's preference structure or value function. The algorithm is based on progressively sampling the decision space, obtaining preference information from the DM, determining the likelihood of finding possibly/surely better alternatives, and based on this information, continuing the search or terminating it by making the final choice. We describe a computerized implementation and extensive computational tests of the algorithm, as well as some of our experiences in applying and field testing it in practice. We also consider several improvements and developments of the algorithm to further facilitate its use in practice.

24 citations



Journal ArticleDOI
TL;DR: In this paper, the authors investigated the dynamic linkages between stock market prices, accrual earnings and cash flows using Finnish data and found that stock returns lead accounting returns rather than vice versa.
Abstract: This paper investigates the dynamic linkages between stock market prices, accrual earnings and cash flows using Finnish data. We find that stock returns lead accounting returns rather than vice versa. Thus, the thin Finnish stock market appears to produce important information about the future success of Finnish companies for decision making purposes. In addition, the cointegration analysis performed here indicates that the inclusion of the so-called error correction term based on non-stationary price variables significantly improves the observed association between stock market and accounting variables. Thus, in future research, the long-term adjustment between stock market and accounting variables should be analysed more carefully when investigating the causality between accounting earnings and stock markets.

11 citations


Journal ArticleDOI
Tuomo Peltonen1
TL;DR: In this article, a new approach to managerial work experience patterns in complex multinational corporations is proposed, which is based on a view of different situational career step contexts, and its implications for management development and general human resource management are discussed.

Journal ArticleDOI
TL;DR: In this paper, the authors construct a model that takes seriously the role of bureaucracy in the characterization of time-consistent policies, and argue that if the possibilities for governments to reduce the size of bureaucracy are limited, bureaucracy can be used as a means for influencing future governments.
Abstract: We construct a model that takes seriously the role of bureaucracy in the characterization of time-consistent policies. We argue that if the possibilities for governments to reduce the size of bureaucracy are limited, bureaucracy can be used as a means for influencing future governments. We show that the political process has implications for the size and growth of bureaucracy. Parties in power may hire bureaucrats of the opposite political color. This is a part of the time-consistent policy. Our model also gives an explanation for the growth of bureaucracy. This is a consequence of the time-consistent policies, i.e. policies that partially tie the hands of future governments. We also show that if public sector production is inefficient, the public sector will be too large in the long run. In the short run it may be too small.

Journal ArticleDOI
Markku Kuula1
TL;DR: In this article, a multiple-criteria decision-making model is introduced to aid management in selecting the most appropriate technology and design for a flexible manufacturing system under simultaneous consideration of a number of possible market scenarios.

Journal ArticleDOI
TL;DR: In this article, the authors examined whether observed market reactions to unexpected cash flows are sensitive to the random walk assumption of cash flow behavior, and found that market reactions are indiscernible under the random-walk assumption, while significant market reactions were found when expectations of cash flows were measured with models which better capture their time series properties.
Abstract: Using a sample from the Helsinki Stock Exchange, this paper examines whether observed market reactions to unexpected cash flows are sensitive to the random walk assumption of cash flow behaviour. We consider the random walk (with drift) model commonly used in related literature, and we consider cash flow expectations generated with individually estimated parsimonious univariate time series models and an index model. Market reactions to unexpected cash flows are indiscernible under the random walk assumption, while significant market reactions are found when expectations of cash flows are measured with models which better capture their time series properties. Prior studies that rely on the random walk assumption have probably been biased against finding a significant market reaction to cash flow information.

Journal ArticleDOI
01 Sep 1993
TL;DR: In this paper, the authors connect the procedural and substantive decision support by means of modern information technology and showed how the semistructured strategic decisions concerning intangible investments can be supported effectively by relating appropriate analysis methods to the different phases of the investment process.
Abstract: In this research project we have connected the procedural and substantive decision support by means of modern information technology. We have showed how the semistructured strategic decisions concerning intangible investments can be supported effectively by relating appropriate analysis methods to the different phases of the investment process. Because for the intangible investments there is no well-defined solution procedure available, a variety of methods must be integrated to support the solution process. As a demonstrative example we showed how the intangible investments in logistic systems can be managed. It was highlighted that the logistics systems are complex, cross-functional systems that affect all major functions or departments within the firm beginning from the raw material deliveries and ending with the deliveries of finished goods. Investments in the logistics systems have corporatewide, cross-functional effects, and the investment decisions are strategic decisions. Consequently, the investments in the logistics systems should be strategically justified, not only cost-justified. The cross-functional effects imply that the investment analysis concerning the whole logistics system must be fulfilled under multiple, diversified criteria. We can not, however, ignore the financial, cost and revenue oriented, traditional investment criteria. They just have to be used in a new, flexible way in relation to the goals and objectives of the firm. Strategic planning is a managerial area where semistructured problems frequently exist. One of the key problems faced in strategic management is the issue of investment decisions. Investments in information systems, logistic systems, flexible production systems, corporate image, etc, are examples of complex investment problems that are difficult to quantify and analyze with traditional techniques. Modern computer technology can enrich the analysis and improve the quality of strategic decision making.

Journal ArticleDOI
TL;DR: In this paper, the dual nature of routinization in managerial practice is discussed, and an argument that the interplay of progressive and pathological processes can be understood through the replicative model of evolution is made.
Abstract: The progressive or pathological nature of routinization has been recognized by several scholars. This paper emphasizes the dual nature of routinization in managerial practice. The traps and potential are simultaneously present. The article briefly reviews the literature where routines have been recognized either as progress or pathology. It gives some examples of how routines change their nature over time. Finally, the article develops an argument that the interplay of progressive and pathological processes can be understood through the replicative model of evolution.

Journal ArticleDOI
TL;DR: In this paper, decision problems that can be described as linear decision models are considered and an ‘evolutionary approach’ to overcome difficulties is proposed to overcome these difficulties.
Abstract: In this paper we consider decision problems that can be described as linear decision models. These models have been traditionally solved using linear programming, fuzzy linear programming, multiple-objective linear programming or ‘what-if’ analysis. Using these approaches, one encounters a number of difficulties. We propose an ‘evolutionary approach’ to overcome these difficulties. In the proposed approach the decision maker does not have to precisely specify the model (i.e. the objective functions, the RHS values, etc.) at the beginning of the solution procedure. In fact, the model evolves as the solution procedure proceeds.

Journal ArticleDOI
Vesa Puttonen1
TL;DR: In this article, the efficiency of the relatively new Finnish futures market is examined. And the results from ex ante tests suggest that restrictions on trading, particularly related to selling stocks, are an important factor affecting the arbitrage process in the Finnish markets.

Journal ArticleDOI
Niilo Home1
TL;DR: In this article, the authors present a study intended to re-focus the debate on structural change in retail trade by studying the reasons for the closure or survival of operations in the rural store.