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[{"key": "dc.contributor.advisor", "value": "Junttila, Juha", "language": "", "element": "contributor", "qualifier": "advisor", "schema": "dc"}, {"key": "dc.contributor.author", "value": "Hemming, Veli", "language": null, "element": "contributor", "qualifier": "author", "schema": "dc"}, {"key": "dc.date.accessioned", "value": "2015-06-06T18:39:10Z", "language": "", "element": "date", "qualifier": "accessioned", "schema": "dc"}, {"key": "dc.date.available", "value": "2015-06-06T18:39:10Z", "language": "", "element": "date", "qualifier": "available", "schema": "dc"}, {"key": "dc.date.issued", "value": "2015", "language": null, "element": "date", "qualifier": "issued", "schema": "dc"}, {"key": "dc.identifier.other", "value": "oai:jykdok.linneanet.fi:1475304", "language": null, "element": "identifier", "qualifier": "other", "schema": "dc"}, {"key": "dc.identifier.uri", "value": "https://jyx.jyu.fi/handle/123456789/46213", "language": "", "element": "identifier", "qualifier": "uri", "schema": "dc"}, {"key": "dc.description.abstract", "value": "T\u00e4ss\u00e4 pro gradu-tutkielmassa tarkastellaan luottoluokitusten vaikutusta yrityksen osakekurssikehitykseen tarkoituksena l\u00f6yt\u00e4\u00e4 niiden merkitys osakemarkkinoilla. Tutkielmassa k\u00e4ytet\u00e4\u00e4n aineistona 22 yrityksen viikottaista osakekurssi-informaatiota 440 viikon ajan vuosien 2006 ja 2014 v\u00e4lill\u00e4. Luottoluokitusten vaikutusta pyrit\u00e4\u00e4n selvitt\u00e4m\u00e4\u00e4n k\u00e4ytt\u00e4m\u00e4ll\u00e4 ARMAXmallia, jossa osakekurssi-informaation lis\u00e4ksi k\u00e4ytet\u00e4\u00e4n Moody'sin luottoluokituksia ja tarkkailulista ilmoituksia. Mallissa k\u00e4ytet\u00e4\u00e4n yhden viiveen mittaista aikasarjaa. ARMAX-mallin lis\u00e4ksi tutkielmassa k\u00e4ytet\u00e4\u00e4n GARCH-mallia, jonka avulla pyrit\u00e4\u00e4n selvitt\u00e4m\u00e4\u00e4n aiheuttaako luottoluokituksen muutos poikkeuksellista volatiliteetti\u00e4 osakehinnan vaihtelussa.\r\nTutkielman tulokset todistavat, ett\u00e4 luottoluokituksen laskua seuraa l\u00e4hes v\u00e4lit\u00f6n osakekurssin volatiliteetin nousu sek\u00e4 arvon lasku. T\u00e4m\u00e4 tarkoittaa, ett\u00e4 luottoluokituksen lasku sis\u00e4lt\u00e4\u00e4 markkinoille entuudestaan uutta informaatiota. Sen sijaan luottoluokituksen nousulla ei ole vaikutusta osakekurssikehitykseen. Ennusteet toimivat toisille yrityksille paremmin kuin toisille eik\u00e4 tutkielma l\u00f6yt\u00e4nyt selke\u00e4\u00e4 syyt\u00e4, miksi tulokset eiv\u00e4t olleet vahvasti yleistett\u00e4viss\u00e4.", "language": "fi", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Submitted using Plone Publishing form by Veli Hemming (vevahemm) on 2015-06-06 18:39:09.822581. Form: Pro gradu -lomake (https://kirjasto.jyu.fi/julkaisut/julkaisulomakkeet/pro-gradu-lomake). JyX data: [jyx_publishing-allowed (fi) =True]", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Submitted by jyx lomake-julkaisija (jyx-julkaisija.group@korppi.jyu.fi) on 2015-06-06T18:39:10Z\r\nNo. of bitstreams: 2\r\nURN:NBN:fi:jyu-201506062209.pdf: 415790 bytes, checksum: 68995165d485143e86f4bce7464f864a (MD5)\r\nlicense.html: 4849 bytes, checksum: 0296979768e8068e34682df1b3333a98 (MD5)", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Made available in DSpace on 2015-06-06T18:39:10Z (GMT). No. of bitstreams: 2\r\nURN:NBN:fi:jyu-201506062209.pdf: 415790 bytes, checksum: 68995165d485143e86f4bce7464f864a (MD5)\r\nlicense.html: 4849 bytes, checksum: 0296979768e8068e34682df1b3333a98 (MD5)\r\n Previous issue date: 2015", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.format.extent", "value": "1 verkkoaineisto (87 sivua)", "language": null, "element": "format", "qualifier": "extent", "schema": "dc"}, {"key": "dc.format.mimetype", "value": "application/pdf", "language": null, "element": "format", "qualifier": "mimetype", "schema": "dc"}, {"key": "dc.language.iso", "value": "fin", "language": null, "element": "language", "qualifier": "iso", "schema": "dc"}, {"key": "dc.rights", "value": "In Copyright", "language": "en", "element": "rights", "qualifier": null, "schema": "dc"}, {"key": "dc.subject.other", "value": "ARMAX-malli", "language": null, "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "GARCH-malli", "language": null, "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.title", "value": "Luottoluokitusmuutosten informaatioarvo : sis\u00e4lt\u00e4\u00e4k\u00f6 luottoluokitukset ainutlaatuista tietoa?", "language": null, "element": "title", "qualifier": null, "schema": "dc"}, {"key": "dc.title.alternative", "value": "Sis\u00e4lt\u00e4\u00e4k\u00f6 luottoluokitukset ainutlaatuista tietoa?", "language": null, "element": "title", "qualifier": "alternative", "schema": "dc"}, {"key": "dc.type", "value": "master thesis", "language": null, "element": "type", "qualifier": null, "schema": "dc"}, {"key": "dc.identifier.urn", "value": "URN:NBN:fi:jyu-201506062209", "language": null, "element": "identifier", "qualifier": "urn", "schema": "dc"}, {"key": "dc.type.ontasot", "value": "Pro gradu -tutkielma", "language": "fi", "element": "type", "qualifier": "ontasot", "schema": "dc"}, {"key": "dc.type.ontasot", "value": "Master\u2019s thesis", "language": "en", "element": "type", "qualifier": "ontasot", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4 University School of Business and Economics", "language": "en", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4n yliopiston kauppakorkeakoulu", "language": "fi", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.department", "value": "Taloustieteet", "language": "fi", "element": "contributor", "qualifier": "department", "schema": "dc"}, {"key": "dc.contributor.department", "value": "Business and Economics", "language": "en", "element": "contributor", "qualifier": "department", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "University of Jyv\u00e4skyl\u00e4", "language": "en", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "Jyv\u00e4skyl\u00e4n yliopisto", "language": "fi", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Kansantaloustiede", "language": "fi", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Economics", "language": "en", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "dc.date.updated", "value": "2015-06-06T18:39:10Z", "language": "", "element": "date", "qualifier": "updated", "schema": "dc"}, {"key": "yvv.contractresearch.funding", "value": "0", "language": "", "element": "contractresearch", "qualifier": "funding", "schema": "yvv"}, {"key": "dc.type.coar", "value": "http://purl.org/coar/resource_type/c_bdcc", "language": null, "element": "type", "qualifier": "coar", "schema": "dc"}, {"key": "dc.rights.accesslevel", "value": "openAccess", "language": "fi", "element": "rights", "qualifier": "accesslevel", "schema": "dc"}, {"key": "dc.type.publication", "value": "masterThesis", "language": null, "element": "type", "qualifier": "publication", "schema": "dc"}, {"key": "dc.subject.oppiainekoodi", "value": "2041", "language": null, "element": "subject", "qualifier": "oppiainekoodi", "schema": "dc"}, {"key": "dc.subject.yso", "value": "luottoluokitukset", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "ennustaminen", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.format.content", "value": "fulltext", "language": null, "element": "format", "qualifier": "content", "schema": "dc"}, {"key": "dc.rights.url", "value": "https://rightsstatements.org/page/InC/1.0/", "language": null, "element": "rights", "qualifier": "url", "schema": "dc"}, {"key": "dc.type.okm", "value": "G2", "language": null, "element": "type", "qualifier": "okm", "schema": "dc"}]
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