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Pienyhtiö anomalia Helsingin pörssissä : pien- ja suuryhtiöiden suoriutumisen tarkastelu finanssikriisin jälkeisestä ajasta nykypäivään
No full textThis thesis examines whether the small-firm effect has existed in the Finnish stock market from 2007 to 2025. The analysis compares small- and large cap performance using returns, risk-adjusted measures and regression models. The study also looks at pre- and post-COVID periods and at bull and bear markets to see whether market conditions affect the results.
The findings show that small caps earned slightly higher average raw returns but these differences disappeared after adjusting for risk. The Sharpe and Information ratios for both indexes were low and statistically not significant. Regression results from the CAPM and Market Model also showed no significant abnormal returns for either index.
Different market conditions did not change the outcome. Before and after COVID-19 and during both bull and bear markets small- and large cap indexes behaved similarly and moved mainly with the overall market.
Overall, the study finds no consistent or statistically meaningful evidence of a size premium in Finland during the period examined.Tämä tutkielma tarkastelee, onko pienyhtiöanomalia esiintynyt Suomen osakemarkkinoilla vuosina 2007–2025. Analyysissa vertaillaan pien- ja suuryhtiöiden kehitystä tuottojen, riskikorjattujen mittareiden sekä regressiomallien avulla. Tutkimus tarkastelee myös COVID-19-pandemiaa edeltävää ja sen jälkeistä aikaa sekä nousu- ja laskumarkkinoita sen selvittämiseksi, vaikuttavatko markkinaolosuhteet havaintoihin.
Tulosten mukaan pienyhtiöt tuottivat keskimäärin hieman suuryhtiöitä enemmän, mutta nämä erot hävisivät riskikorjausten jälkeen. Sekä Sharpen suhdeluku että informaatiokerroin olivat molemmille indekseille matalia ja tilastollisesti merkityksettömiä. Myöskään CAPM- ja markkinamallin regressioanalyysit eivät tuottaneet merkittäviä epänormaaleja tuottoja kummallekaan indeksille.
Myöskään markkinaolosuhteiden muutokset eivät muuttaneet kokonaiskuvaa. Ennen ja jälkeen COVID-19-pandemian sekä niin nousu- kuin laskumarkkinoillakin pien- ja suuryhtiöindeksit liikkuivat samansuuntaisesti ja seurasivat pääosin yleistä markkinakehitystä
Evaluating visualization layout usability in environmental time series dashboards
Get PDFSoftware engineers building multi metric dashboard systems lack empirical evidence for layout decisions. Despite theoretical guidance favoring small multiples for comparison tasks, this design principle lacks controlled experimental validation in software engineering contexts, creating a gap between theory and evidence based practice.
This thesis employs design science research to develop and evaluate a dashboard artefact implementing overlay and small multiples layouts through controlled between subjects experimentation. Forty four participants were assigned to layout groups via URL based allocation, completing six environmental time series pattern comparison tasks. Usability was measured using three dimensions (effectiveness, efficiency, satisfaction) and analyzed with independent t tests.
Results showed no significant differences between layouts for accuracy (p=.738), completion time (p=.840), or satisfaction (p=.719). Both layouts performed equally well for four variable environmental monitoring tasks.
The equivalence finding provides valuable empirical evidence, For four variable environmental dashboards with challenging pattern comparison tasks, neither layout offers measurable performance advantages. Engineers can confidently select layouts based on implementation complexity, screen real estate requirements, or design consistency rather than usability concerns, with results that may be generalizable to multi metric dashboards in other software engineering domains with similar characteristics
Kestävän suunnittelun periaatteiden soveltaminen tuotekehitysprosessiin
No full textSustainability as topic has increased its importance in last decades. Because this many businesses need to consider sustainability of their operations. Part of these considerations is the product development and the processes within it, in which the so called “Sustainable Design Principles” play a role to help to guide the work of the product design teams to create more sustainable products. In this thesis such principles were created for the use of the company that commissioned the work. The methodology used in this work includesliterature review, review of the industry practices and interviews with selected group of employees of the company. Based on the findings of these methods, collection of seven Sustainable Desing Principles was proposed.Kestävä kehitys on aihealue, jonka merkitys on lisääntynyt viime vuosikymmeninä. Tämän takia yhä useamman yrityksen on huomioitava aihe toiminnassaan. Osan toimintaa muodostaa tuotekehitys ja sen prosessit, joissa niin kutsutut kestävän suunnittelun periaatteet auttavat ohjaamaan tuotesuunnitteluosastoja kestävän kehityksen arvojen mukaisten tuotteiden suunnittelussa. Tässä diplomityössä määritetään kyseiset periaatteet tehtävän antaneen yrityksen käyttöön. Metodeina käytetään kirjallisuuskatsausta, alan käytäntöjen tarkastelua sekä haastatteluja aiheen antaneen yrityksen työntekijöille. Kootun tiedon perusteella ehdotetaan seitsemää erilaista kestävän suunnittelun periaatetta
Decoding the unwritten rules : a case study on acquiring, sharing, and transferring tacit knowledge in hybrid work in it consulting
Get PDFThe transition to hybrid work has challenged the traditional mechanisms of knowledge transfer in software engineering. While explicit knowledge moves easily through digital channels, tacit knowledge—the unwritten rules, cultural nuances, and professional craft—has historically relied on physical proximity and “osmotic” communication. This thesis investigates how IT consultants navigate the lifecycle of tacit knowledge when co-location is limited.
The study employs a qualitative single case study design. Data was collected through semi-structured interviews with 10 IT consultants, ranging from junior developers to unit leads. The analysis utilized thematic analysis within the framework of the SECI model of knowledge creation.
The key finding is a fundamental shift from passive osmosis to active intentionality. The results show that “digital osmosis” does not exist; in a hybrid environment, knowledge transfer requires deliberate, scheduled actions. Consultants have adopted strategies such as “fly on the wall” observation to acquire client culture, “open huddles” to simulate peer co-presence, and “active verification” techniques to ensure knowledge transfer to clients.
The study concludes that successful hybrid work requires organizations to treat social interaction as critical infrastructure. Leadership must actively construct psychological safety to overcome the high threshold of digital communication. Theoretically, the study extends the concept of the boundary spanner to include bridging the “digital gap” in trust and communication
Visibility of resource utilization : influencing user behaviour when interacting with AI systems
Get PDFArtificial Intelligence tools and models have reached a point where they have become an integral tool in the daily lives of students and IT professionals. Simplifying and optimizing users’ workloads, extracting and analysing large amounts of data, digital assistants, automating development, and automated code debugging are a few of several other reasons why it has gained such popularity. Although AI is associated with numerous benefits, over-reliance can lead to unsustainable use of AI tools. Especially, when the users are not aware of the underlying resource costs associated with their over-reliance. This research aims to understand and promote user awareness and attitudes towards the sustainable use of AI models by displaying resource costs associated with their choices. Design science research methodology was followed to create an artifact that presents resource utilization information, and it was evaluated by students and IT professionals. Quantitative analysis was conducted to understand how users choose AI models when there is no visibility of resource utilization versus when there is visibility. Qualitative thematic analysis is performed to understand how displaying resource costs affected their experiences and attitudes. A total of 38 participants which consisted of both students and working professionals participated in the experiment and the quantitative results show a 5.3% improvement in users preferring sustainable choice when resource utilization costs are made visible. In addition, the qualitative analysis reveals that users had clarity and felt easy to understand environmental cost. Users were also motivated to use AI more carefully and only when needed and choose sustainable options when possible. Users agreed that software providers should be transparent about the environmental costs, thereby promoting user awareness and sustainable software use
FSBench: A Figure Skating Benchmark for Advancing Artistic Sports Understanding
Get PDFFigure skating, known as the "Art on Ice," is among the most artistic sports, challenging to understand due to its blend of technical elements (like jumps and spins) and overall artistic expression. Existing figure skating datasets mainly focus on single tasks, such as action recognition or scoring, lacking comprehensive annotations for both technical and artistic evaluation. Current sports research is largely centered on ball games, with limited relevance to artistic sports like figure skating. To address this, we introduce FSAnno, a large-scale dataset advancing artistic sports understanding through figure skating. FSAnno includes an open-access training and test dataset, alongside a benchmark dataset, FSBench, for fair model evaluation. FSBench consists of FSBench-Text, with multiple-choice questions and explanations, and FSBench-Motion, containing multimodal data and Question and Answer (QA) pairs, supporting tasks from technical analysis to performance commentary. Initial tests on FSBench reveal significant limitations in existing models’ understanding of artistic sports. We hope FSBench will become a key tool for evaluating and enhancing model comprehension of figure skating. All data, models, and more details are available at: https://github.com/Moomin-Fin/Ano.Post-print / Final draf
Insights into Effective Additive Manufacturing Training Methods for Multi-professional Groups
No full textAdditive manufacturing (AM) has gained popularity alongside traditional manufacturing, but it can be a complex process for users with no prior experience. The AM field is also constantly evolving with new equipment, materials, and software. While AM education has become more common in higher education institutions, it is less in vocational schools due to the teaching staff’s lack of AM knowledge and other needed resources. This study explores various teaching methods that support AM learning and provides valuable insights for the development and implementation of AM training for teachers and other multi-professional groups unfamiliar with AM.Post-print / Final draf
Life cycle costs of electric aircraft in relation to aircraft with traditional propulsion sources in commercial operations
No full textLentoliikenne aiheuttaa 3,5 % kaikista ilmastoa lämmittävistä kasvihuonepäästöistä. Ilmailun päästöjen vähentämisessä sähkökäyttöiset ilma-alukset ovat potentiaalinen ratkaisu. Tässä työssä tarkastellaan akkukäyttöisten sähköilma-alusten elinkaarikustannuksia ja niiden vaikutuksia kaupallisen lentotoiminnan kannattavuuteen verrattuna fossiilisilla polttoaineilla toimiviin ilma-aluksiin.
Sähköilma-alusten elinkaarikustannukset jakautuvat hankinta-, käyttö- sekä käytöstä poiston kustannuksiin. Sähköilma-aluksille ominaisia elinkaaren aikana muodostuvia kustannuksia ovat akusto- ja latausinfrastruktuurikustannukset. Akkujen rajallinen käyttöikä ja useat uusimiskierrokset kasvattavat huoltokustannuksia, vaikka sähkövoimalinjojen mekaaninen yksinkertaisuus voi pienentää muuta huollon tarvetta. Sähköenergian hinta ja nollapäästöinen operointi mahdollistavat lyhyillä reiteillä selvästi kerosiinia pienemmät käyttövoimakustannukset, ja päästökaupan kiristyminen vahvistaa tätä etua. Toisaalta korkeat hankinta- ja infrastruktuuri-investoinnit, rajoittunut toimintasäde ja pieni matkustajamäärä rajaavat sähköilmailun taloudellista potentiaalia. Sähköilma-alusten kustannuskilpailukyky näyttää nykykäsityksen mukaan lupaavimmalta erityisesti lyhyillä reiteillä.
Akkukäyttöinen sähköilmailu on teknologialtaan vielä kehitysvaiheessa, eikä täyssähköinen kaupallinen liikenne nykyisillä akkuteknologioilla ja liiketoimintamalleilla ole laajassa mittakaavassa realistista. Teknologian kypsyys ja taloudellinen kannattavuus riippuvat jatkossa erityisesti akkujen energiatiheyden, hinnan ja käyttöiän kehittymisestä sekä tarvittavan latausinfrastruktuurin toteutumisesta.Commercial aviation accounts for 3.5 % of climate warming emissions, and electric aircraft are a potential solution for reducing the climate footprint of the sector. This thesis examines the life cycle costs of electric aircraft and their implications for the economic viability of commercial flight operations compared with aircraft powered by fossil fuels.
The life cycle costs of electric aircraft consist of acquisition, operational, and end of life costs. Cost elements specific to electric aviation include battery systems and charging infrastructure. The limited lifetime of batteries and the need for multiple replacement cycles increase maintenance costs, although the mechanical simplicity of electric drivetrains may reduce other maintenance needs. The relatively low price of electricity and zero direct emissions enable significantly lower energy costs on short routes compared with kerosene, and tightening emissions trading further strengthens this advantage. On the other hand, high acquisition and infrastructure investment costs, limited range, and small passenger capacity constrain the economic potential of electric aviation. Cost competitiveness of electric aircraft appears most promising on short regional routes.
Electric aviation is still technologically immature, and fully electric commercial operations are not yet feasible at scale with current battery technologies and business models. Future technological readiness and economic viability will depend particularly on advances in battery energy density, cost, and durability, as well as the development of the required charging infrastructure
A systematic review of energy retrofit measures in the building sector : cost, carbon and policy perpectives under EU frameworks
Get PDFA systematic literature review regarding energy retrofit measures in the building sector, financial modelling of retrofit measures, the most used types of energy retrofit measures, and knowledge gaps that could inform future studies. This study used PRISMA methods to rigorously screened literature published between 2014 to 2025, ultimately selecting 42 high-quality publications including peer-reviewed articles, technical reports, conference papers, and academic thesis from an initial 55 sources. Quantitative trend analysis completed in Excel and SPSS, evaluated publishing dynamics and knowledge gaps of energy retrofit studies. Study found that the dominate studied category was "envelope retrofits" which had an energy performance increase between 10%-95% with an average payback of 13.4 years. Moreover, envelope and heating system retrofits produced most financially favourable outcomes with heating system retrofits yielding 40.9% energy savings, 46.7% CO₂ emissions reduction, and a payback of 9.2 years. Additionally, control systems were found to produce the best financial returns at 1.7 years while producing only moderate increases in efficiency. Because of the moderate efficiency gains, control systems are recommended for early-stage energy retrofit initiatives as part of a larger integrated energy retrofit package to achieve the best long-term reductions (about 70%) in energy usage and associated CO₂ emissions. Nearly Zero-Energy Building (NZEB) strategies produced 72% energy and 77.5% CO₂ emissions, but the costs were €600 - €1,050/m² and the associated paybacks are generally significant. The best approach for executing an energy retrofit for residential and commercial building is a sequential phase approach using the energy retrofit strategy of quick-wins, system upgrades, envelope improvement, and deep retrofit as the applicable best practice
Adoption of electric vehicles in last-mile food distribution : opportunities and challenges
Get PDFThe shift to the low-emission transport system worldwide has drawn attention to electric vehicles (EVs) to decrease the environmental impact of logistics operations. Despite increased adoption of EVs in various transport industries, the adoption of EVs in the last- mile delivery of food is still low. Cold-chain operations require strict temperature control, unpredictable routes, and high energy use, making electrification more difficult than in standard deliveries.
This paper discusses the obstacles, opportunities, and future perspectives of EV adoption in refrigerated last-mile logistics and how all these elements can combine to define the viability of the concept. The thematic analysis was used to analyse semi-structured interviews with professionals in the food logistics sector to identify the essential patterns and come up with an overall picture of adoption conditions.
Results indicate that the limitations in the technical aspects, such as shorter range, payload limitations, loss of winter performance, and high-power usage of refrigeration units are directly related to the high investment cost, uncertainty of total cost of ownership, and the lack of adequate charging infrastructure. Meanwhile, sustainability goals, customer needs, and the development of digital tools such as real-time monitoring, route optimization, and smart charging all work together as significant enablers that can reduce operational risks and facilitate transition. This research offers a combined model that links technical, economic, policy, sustainability, and digital aspects. The findings have provided both managerial and policy implications regarding the choice of routes, investment planning, and focused support mechanisms, as well as provided an academic contribution to the existing knowledge on EV adoption in cold-chain logistics