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[{"key": "dc.contributor.advisor", "value": "Raatikainen, Juhani", "language": "", "element": "contributor", "qualifier": "advisor", "schema": "dc"}, {"key": "dc.contributor.advisor", "value": "Hyytinen, Ari", "language": "", "element": "contributor", "qualifier": "advisor", "schema": "dc"}, {"key": "dc.contributor.author", "value": "Issakainen, Antti", "language": null, "element": "contributor", "qualifier": "author", "schema": "dc"}, {"key": "dc.date.accessioned", "value": "2017-04-27T20:11:27Z", "language": "", "element": "date", "qualifier": "accessioned", "schema": "dc"}, {"key": "dc.date.available", "value": "2017-04-27T20:11:27Z", "language": "", "element": "date", "qualifier": "available", "schema": "dc"}, {"key": "dc.date.issued", "value": "2017", "language": null, "element": "date", "qualifier": "issued", "schema": "dc"}, {"key": "dc.identifier.other", "value": "oai:jykdok.linneanet.fi:1700231", "language": null, "element": "identifier", "qualifier": "other", "schema": "dc"}, {"key": "dc.identifier.uri", "value": "https://jyx.jyu.fi/handle/123456789/53715", "language": "", "element": "identifier", "qualifier": "uri", "schema": "dc"}, {"key": "dc.description.abstract", "value": "T\u00e4ss\u00e4 tutkielmassa tarkastellaan Grinblattin ja Hanin (2005) mukaisesti realisoimatto-mia voittoja tulevien tuottojen selitt\u00e4j\u00e4n\u00e4. T\u00e4m\u00e4 aiheuttaa tutkijoiden julkaisussa Fama-MacBeth -regressiolla Yhdysvaltojen p\u00f6rsseiss\u00e4 aggregaattitasolla havaittavan momentumin kaltaisen ilmi\u00f6n, kun prospektiteorian ja mentaalilaskennan mukaisesti osa sijoittajista alireagoi fundamenttihintojen muutokseen aiheuttaen hintojen ennus-tettavuutta. Momentum havaitaan sek\u00e4 Jegadeeshin ja Titmanin (1993) mukaisten menneiden tuottojen ett\u00e4 realisoimattomien voittojen avulla, joista realisoimattomat voitot toimivat huomattavasti parempana selitt\u00e4j\u00e4n\u00e4 saaden tilastollisesti merkitse-v\u00e4mm\u00e4n ja arvoltaan suuremman kertoimen. Realisoimattomien voittojen muuttujien lis\u00e4\u00e4minen regressioyht\u00e4l\u00f6\u00f6n h\u00e4vitt\u00e4\u00e4 menneisiin tuottoihin perustuvan momentumin t\u00e4ysin.\r\n T\u00e4m\u00e4n tutkielman suomalaisella aineistolla toteutettu tutkimus ei l\u00f6yd\u00e4 tukea Grinblattin ja Hanin (2005) tuloksille, kun Fama-MacBeth -regressio tuottaa tilastolli-sesti merkitsev\u00e4n negatiivisen arvon realisoimattomille voitoille. T\u00e4m\u00e4 aiheuttaisi siis negatiivisen vaikutuksen tuleviin tuottoihin. Laajentamalla n\u00e4k\u00f6kulmaa paneeliesti-moinnilla saatuihin tuloksiin, l\u00f6ydet\u00e4\u00e4n tilastollisesti merkitykset\u00f6n negatiivinen rea-lisoimattomien voittojen muuttuja. Tarkastellessa menneisiin tuottoihin perustuvaa momentumia, Fama-MacBeth -regressio tuottaa tilastollisesti merkityksett\u00f6m\u00e4n, pa-neeliregressio taas tilastollisesti merkitsev\u00e4n Jegadeeshin ja Titmanin (1993) mukaisten momentumin. Realisoimattomien voittojen muuttujan lis\u00e4\u00e4minen paneeliestimointiin ei h\u00e4vit\u00e4 menneiden tuottojen momentumia. Erot alkuper\u00e4iseen tutkimukseen voivat selitty\u00e4 toisistaan poikkeavilla aineistoilla ja osakevaihdon m\u00e4\u00e4rill\u00e4, sek\u00e4 muuttujissa havaittavilla rakennemuutoksilla.", "language": "fi", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Submitted using Plone Publishing form by Antti Issakainen (ankrissa) on 2017-04-27 20:11:26.565345. 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 2017-04-27T20:11:26Z\r\nNo. of bitstreams: 2\r\nURN:NBN:fi:jyu-201704272111.pdf: 839045 bytes, checksum: 98517d057ac94090d86ddd83495cfa29 (MD5)\r\nlicense.html: 4814 bytes, checksum: bd579cd0a461e7857e779c09788e47e9 (MD5)", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Made available in DSpace on 2017-04-27T20:11:27Z (GMT). No. of bitstreams: 2\r\nURN:NBN:fi:jyu-201704272111.pdf: 839045 bytes, checksum: 98517d057ac94090d86ddd83495cfa29 (MD5)\r\nlicense.html: 4814 bytes, checksum: bd579cd0a461e7857e779c09788e47e9 (MD5)\r\n Previous issue date: 2017", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.format.extent", "value": "1 verkkoaineisto (62 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": "prospektiteoria", "language": null, "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "momentum", "language": null, "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.title", "value": "Prospektiteoria, realisoimattomat voitot ja momentum suomalaisessa aineistossa", "language": null, "element": "title", "qualifier": null, "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-201704272111", "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.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": "2017-04-27T20:11:27Z", "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": "voitot", "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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