[kand] Kauppakorkeakoulu / BIZ

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Recent Submissions

Now showing 1 - 20 of 2154
  • OECD’s Pillar II Impact on Cross-Border M&A
    (2025) Soini, Tella
     School of Business | Bachelor's thesis
    In this thesis I examine the impact of OECD’s Pillar II on cross-border mergers and acquisitions (M&A) by analysing its effects on M&A strategy, deal structuring, acquisition assessment, compliance burdens, M&A decision-making, and the attractiveness of acquisition targets. These matters are explored through a comprehensive literature review and an expert interview with a Senior Tax Manager from a Big Four accounting firm in Finland. The findings indicate that Pillar II reshapes Cross-Border M&A mostly by introducing complex compliance requirements and influencing strategic considerations. Furthermore, the attractiveness of acquisition targets is altered, especially in jurisdictions with previously advantageous tax regimes and incentives. This study highlights the necessity for multinational enterprises to adapt their M&A strategies and operational frameworks to mitigate new tax and compliance risks as a consequence of Pillar II.
  • The Effect of Dividends on Stock Prices Evidence from the Finnish Stock Market
    (2025) Tuominen, Valtteri
     School of Business | Bachelor's thesis
    In this thesis I examine the ex-dividend price behavior of stocks listed in the Helsinki Stock Exchange between 2015 and 2024. Using an event study approach, I find that on average, the stock prices decline by 74% of the dividend amount. This underreaction is consistent with previous studies, supporting the idea that different tax treatments across investor types influence the price movement. Furthermore, I examine whether domestic household investors can profit from short-term trading around the ex-dividend date. The results indicate that such profits are possible, even after transaction costs.
  • Applications of Monge-Kantorovich-Type Duality Theorems in Economic Theory
    (2025) Lintunen, Nuutti
     School of Business | Bachelor's thesis
    In this thesis I study some applications in the literature of Monge-Kantorovich-type duality theorems. Two main models are discussed, a two-sided matching model and a principal-agent model. I conclude that the applicability of the theorems depends on the mathematical structure of the problem, with convexity and linearity playing a large role.
  • A perspectival typology of consumer resistance in consumer culture theory research
    (2025) Tauru, Aapo
     School of Business | Bachelor's thesis
    This thesis uses ideas from Consumer Culture Theory (CCT) to explore how anti-consumption challenges mainstream market values, helps shape personal and group identities, and reflects wider social and political issues. Although interest in consumer resistance has grown in recent years, the field still lacks a clear and unified way to organize its key concepts. To help address this, the thesis introduces a typology that groups consumer resistance into three connected categories: ideological and political resistance, identity-based resistance and cultural or symbolic resistance. The study is based on a systematic review of academic articles that focus on topics like anti-consumption, culture jamming, market exclusion and consumer subversion. By bringing together the main ideas from this literature, the thesis highlights how resistance is closely linked to the structure of the market. It shows that resistance can be a meaningful way for individuals to express independence and challenge the system, but it can also be absorbed by the same marketplace it tries to resist. This shows how resistance is both a response to consumer capitalism and, at times, a part of it. Through this typology and its analysis of why and how people resist, the thesis adds to the discussion in Consumer Culture Theory. It also offers useful insights for marketers, researchers and others who are interested in ethical consumer choices and changes in market behavior.
  • The impact of the EU's AI Act on the innovation of high-risk companies
    (2025) Oinonen, Miikka
     School of Business | Bachelor's thesis
    This thesis investigates how the regulatory obligations under the European Union’s Artificial Intelligence Act (AI Act) affect innovation in high-risk AI system markets. The focus is on how compliance and verification costs may influence firms’ innovation intensity through changing innovation incentives, market entry, and the quality of innovation. A simplified Aghion–Howitt endogenous growth model is used to analyze the effects of regulation. By incorporating a regulatory cost term, the model provides an analytical framework to assess how such costs impact the steady-state growth of technological progress. The results suggest that higher regulatory costs can reduce expected innovation returns through recurring regulatory costs, market entry costs and change in quality of innovation. These effects align with previous empirical studies. Based on the findings, the inspection of indirect regulatory cost assessment in addition with current direct regulatory cost assessment procedure is recommended for evaluating the economic impact of new regulations. While the model treats regulation as a cost, future research should explore its potential as a positive signal that fosters trust and demand for compliant AI systems.
  • Sähkömarkkina-alueiden välisen kaupan tehostamisen markkinavaikutukset
    (2025) Ojala, Kristian
     School of Business | Bachelor's thesis
    Euroopan sähkömarkkinoiden yhdentyminen on alkanut 1990- luvulla ja markkinaintegraatio jatkuu edelleen. Tässä työssä keskityn viimeisimmän teknologian hyödyntämiseen tämän integraation tukemisessa.
  • Assessing Hysteresis in Finland's Unemployment Using Labour Market Flows
    (2025) Kivipelto, Konsta
     School of Business | Bachelor's thesis
    This thesis explores whether hysteresis theory can explain Finland’s persistent unemployment problem, using labour market flows as the basis for analysis. The study begins by examining labour market hysteresis and the mechanisms through which cyclical unemployment may become structural. It then reviews traditional methods for measuring structural unemployment, discusses their limitations, and introduces a new estimation method based on labour market flows. Finally, the thesis analyses estimates produced by this method to assess whether signs of hysteresis are evident in the Finnish labour market. The main findings suggest that Finland’s labour market exhibits strong signs of hysteresis. However, the analysis also points to methodological limitations within the labour market flows approach and emphasises the need for further crisis-specific research to better understand the causes of hysteresis and to identify factors that may help mitigate its effects.
  • Effects of risk preferences on the value of healthcare interventions
    (2025) Musio, Cristian
     School of Business | Bachelor's thesis
    This bachelor thesis delves into the effects of risk preferences on the value of healthcare interventions. It consists of a literature review comparing the traditional Cost-Effectiveness Analysis (CEA) approach and the more novel approach proposed by Lakdawalla and Phelps (2021), the Generalized Risk-Adjusted Cost-Effectiveness model (GRACE). The two are compared both through a theoretical lens and through a review of empirical estimates. Furthermore, the thesis includes a theoretical case illustration meant to compare the two approaches, through the use of a Markov model coded in R, with the support of the heemod package. In this illustrative case, I consider the disease of multiple sclerosis and its treatments, using Australian data. I compare the cost-effectiveness results under CEA and under GRACE, to highlight that the latter is a more accurate methodology. I then perform a probabilistic sensitivity analysis with a Monte Carlo simulation, meant to be tied together with the insights from the theoretical discussion and those from the literature review. From these insights, I provide implications and suggestions for policy decisions in the field of healthcare, specifically in the assessment of the value of medical interventions. The results of this work suggest that severely ill patients and disabled patients are discriminated against by conventional methods, and that some treatments that could add value to society, specifically to patients, have unwarranted restricted use. Moreover, risk preferences appear to play a key role in influencing the value-assessment of such treatments. Thus, I suggest that GRACE should replace CEA as the new standard, and that more research in this field should be conducted, as I believe it would increase societal welfare.
  • US tariffs since 2018 – the Effect on US Consumers and Producers
    (2025) Nummela, Jenni
     School of Business | Bachelor's thesis
    This bachelor’s thesis examines the economic impacts of the import tariffs imposed by the United States, particularly on China, since 2018. These effects are analysed regarding the US economy. As President Trump who advocates strongly for the use of tariffs is back in office, the topic is highly relevant. The effect of the import tariffs on US consumers and domestic producers can be illustrated with a simple supply and demand model, which shows that higher prices caused by tariffs are expected to influence negatively the demand for those goods. According to economic theory, a market power like the US should be able to influence prices set by foreign exporters through tariffs. However, empirical research indicates that import prices to the US have remained on the same level despite the introduction of tariffs. However, the volume of imports from tariff-affected countries such as China, has declined. Research finds that the burden of tariffs has been passed through to domestic importers and to consumer prices.
  • Assessing the Relative Age Effect on Student Achievement
    (2025) Slam, Yeralkhan
     School of Business | Bachelor's thesis
    This thesis examines the impact of birth month on academic performance through the lens of relative age effect in education. The study includes a literature review with an empirical analysis of Aalto University alumni for birth month effects. The literature review provides evidence of RAE from different countries across different educational levels. It also discusses key mechanisms by which RAE impacts students. Such mechanisms include early maturity, teacher expectations, and ability grouping. Special attention is given to the Finnish educational context, where delayed school entry and specific enrollment policies may mitigate these effects. Empirically, the study estimated birth month effects for 37120 Aalto University alumni from 2010 to 2021. The study identifies a statistically significant decrease of GPA for relatively older students.
  • Evolution of Targeted Advertising: Origins, Effectiveness and Consumer Response
    (2025) Rantzos, Vasileios
     School of Business | Bachelor's thesis
    Targeted advertising is one of the cornerstones of digital commerce in the modern world. By nature, it involves precisely focusing marketing efforts on consumers who are most likely to make a purchase. This strategic goal is, however, based on a foundation that precedes the modern digital environment in which targeted advertising can now be most likely found. This thesis provides a chronological review of the marketing literature on targeted advertising, providing insights into how the surrounding technological prowess has affected strategy and, importantly, what the consumer response to targeted advertising has been in different eras and specific instances. The findings highlight that while technology has enabled increasing targeting precision for efficiency gains, it has consequently been met with heightened consumer concerns regarding privacy and autonomy. The effectiveness of targeted advertising is not only based on the technological capability, but it is also dependent on factors like consumer trust, transparency, context, and ad intrusiveness. This thesis makes a case for the need for the balancing of an advertiser’s goals and the needs of consumers. It also studies how these two are interlinked in the promise of relevance related to targeted advertising.
  • Macroeconomic Role of Remittances
    (2025) Liščinský, Pavol
     School of Business | Bachelor's thesis
    This thesis examines in a form of a literature review the impact of remittances on the economy of the recipient countries. First I describe models which explain how the allocation of remittances can have two opposite effects, either contractionary or expansionary. I then further examine existing empirical studies conducted on the impact of remittances on labor force participation, but also on poverty elevation and inequality, and discuss why mainly the contractionary effect is observed in real life. At the end I discuss implications for policymakers which arise from the described findings. This thesis examines in a form of a literature review the impact of remittances on the economy of the recipient countries. First I describe models which explain how the allocation of remittances can have two opposite effects, either contractionary or expansionary. I then further examine existing empirical studies conducted on the impact of remittances on labor force participation, but also on poverty elevation and inequality, and discuss why mainly the contractionary effect is observed in real life. At the end I discuss implications for policymakers which arise from the described findings.
  • Adverse selection in health insurance markets - Analyzing risk adjustment’s impact on adverse selection
    (2025) Miettinen, Emil
     School of Business | Bachelor's thesis
    In this thesis, I study how risk adjustment impacts adverse selection in health insurance markets. The theoretical foundation on how the insurance contracts are formed in the presence of adverse selection is built on Rothschild and Stiglitz (1976). Additionally, I consider Selden’s (1998) theoretical risk adjustment model, and how risk adjustment transfers can stabilize insurance markets and prevent market unraveling. Empirical evidence from recent studies by Kong et al. (2024), Layton (2017), and Geruso et al. (2023) is reviewed to evaluate how risk adjustment performs in practice. The results show that risk adjustment improves market stability and reduces adverse selection, but its effectiveness depends on the degree of adjustment.
  • The Ethics of Selling Health
    (2025) Hakala, Meri
     School of Business | Bachelor's thesis
    This bachelor’s thesis examines the influence of health and nutrition claims on food packaging on consumer perceptions and the ethical dilemmas they arise. While these claims are designed to guide healthier choices, they raise critical ethical concerns related to their accuracy and potential to mislead consumers. This literature review critically analyses academic research, and consumer behaviour studies and theories to identify the key ethical issues surrounding the use of these claims. Specifically, it investigates how consumers process these claims and the role of cognitive biases in shaping their food choices. The findings indicate that existing regulations are insufficient to prevent misleading claims, which are influenced by both internal and external factors. Cognitive biases such as the halo effect and the magic bullet effect often lead consumers to overestimate a product's healthfulness. Vulnerable groups, such as individuals with lower health knowledge, are particularly prone to these influences. These issues raise concerns about consumer autonomy, safety, and the ethical responsibility of companies to provide transparent and accurate information.
  • Are Smarter People Better Decision Makers? - The Relation Between Cognitive Ability and Risk Attitude
    (2025) Peret, Iulia
     School of Business | Bachelor's thesis
    This literature review looks at the relationship between cognitive ability and risk attitude and the potential underlying mechanisms that drive it. I specifically focus on biases that lead individuals to diverge from completely rational decision-making as determined by Expected Utility Theory (EUT) and use Prospect Theory (PT) to understand these biases. The four separate papers I review in this thesis support a positive correlation between cognitive ability and risk taking, particularly in scenarios involving gains. However, the causal mechanism explaining this link remains unclear, highlighting the need for further research to distinguish between influences like bias or differing utility function curvatures. This thesis will also briefly consider how rationality itself is defined within these papers drawing primarily from EUT but also looking at alternative perspectives.
  • Sustainability in Luxury Fashion Marketing
    (2025) Palmroth, Inka
     School of Business | Bachelor's thesis
    This thesis aims to provide a summary and introduction to the topic of sustainable luxury fashion marketing. This is done through a literature review that aims to conceptualize the topic and present relevant frameworks relating to the subject. The key findings of this thesis were that traditionally sustainability has not been a key component within the features of luxury brands, specifically luxury fashion brands, that there are both positive and negative of view when it comes to including sustainability with luxury fashion and their marketing, that sustainable marketing is a complicated and multi-level process that requires effective communication and finally, that more recent research suggests a potential shift in consumer behaviour towards viewing sustainability as a status symbol.
  • Momentary Loss: The Disappearance of Cross-Sectional Currency Momentum
    (2025) Nordlund, Juho
     School of Business | Bachelor's thesis
    This thesis examines cross-sectional currency momentum strategy returns from January 2010 to January 2025. The effective sample set includes end-of-month price data for 32 global currencies. To measure momentum, long-minus-short portfolios are formed, where the long component represents the average return of best-performing currencies, and the short component represents the average return of worst-performing currencies for each formation period. The holding and formation periods considered are 1, 3, 6, 9, and 12 months, resulting in 25 distinct cross-sectional momentum long-minus-short portfolios. In addition, spot rate changes are analysed for each portfolio. The results show no statistically significant excess returns for any of the 25 portfolios, even after accounting for transaction costs and spot rate changes. The findings suggest that momentum strategy returns have largely disappeared following the Global Financial Crisis, possibly due to increased arbitrage or volatile macroeconomic conditions. The thesis contributes to the literature on cross-sectional currency momentum strategies and their relevance in modern currency markets.
  • The Performance of Insider Transactions in Finnish Stock Markets in the 2020s
    (2025) Aitta, Juuso
     School of Business | Bachelor's thesis
    I examine insider trades on the Helsinki Stock Exchange's main list and the First North market using data from the Finnish Financial Supervisory Authority, covering October 2019 to January 2025 (7,315 relevant trades). I conducted the research by first examining the excess returns of insider trades relative to market excess returns and further deepened the analysis using OLS regression and multivariate regression to investigate the effects of insider position, trade size, and market capitalization category. Insider trading by CEOs and CFOs outperformed the benchmark in both purchases and sales. Positive abnormal returns with statistically significant results in the OLS regression are observed only for sales, while for purchases the estimates are also statistically significant but negative. In the multivariate regression, abnormal returns are not statistically significant for either purchases or sales. The results show statistically significant largest estimates for trades in the small-cap category. The estimates were not statistically significant with respect to trade size or insider position.
  • Exploring Macroeconomic Influences on the Dairy Futures Basis: Evidence from the EEX and CME Markets
    (2025) Pajula, Topi
     School of Business | Bachelor's thesis
    In this thesis I explore how macroeconomic variables influence the six-month relative basis in dairy futures markets across the EEX and CME exchanges. Using monthly data from 2014 to 2024, the analysis applies multiple regression and ARDL models to examine both immediate and lagged responses to changes in interest rates, equity risk premium, oil prices, industrial production, policy uncertainty, exchange rates, and trade activity. The results indicate that macroeconomic factors influence basis movements, though their influences differ across regions and products. CME contracts are more sensitive to interest rates and oil prices, while EEX contracts respond more to policy uncertainty and exports. A relationship with the equity risk premium is observed in both markets, highlighting the role of investor sentiment in futures pricing. The influence of macroeconomic factors has also grown stronger after 2019, likely due to global disruptions.
  • Do private equity funds overvaluate unrealized assets? – Evidence from RVPI’s explaining power towards PME
    (2025) Malm, Aatu
     School of Business | Bachelor's thesis
    In this thesis I study do private equity funds with higher amounts of unrealized assets outperform those with low amounts. I do this by analysing fund value weighted PME time series’ and by doing multi-linear regression analysis with percentage of unrealized assets as explanatory variable and various control variables as support. my findings provide mild evidence that venture capital funds tend to report relatively higher asset valuations than buyout funds and reveal that percentage of unrealized assets has high explanatory power even with long timeseries including mature funds.