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[{"key": "dc.contributor.advisor", "value": "Junttila, Juha", "language": null, "element": "contributor", "qualifier": "advisor", "schema": "dc"}, {"key": "dc.contributor.author", "value": "Salminen, Hannu", "language": null, "element": "contributor", "qualifier": "author", "schema": "dc"}, {"key": "dc.date.accessioned", "value": "2017-06-27T05:14:28Z", "language": null, "element": "date", "qualifier": "accessioned", "schema": "dc"}, {"key": "dc.date.available", "value": "2017-06-27T05:14:28Z", "language": null, "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:1704259", "language": null, "element": "identifier", "qualifier": "other", "schema": "dc"}, {"key": "dc.identifier.uri", "value": "https://jyx.jyu.fi/handle/123456789/54679", "language": null, "element": "identifier", "qualifier": "uri", "schema": "dc"}, {"key": "dc.description.abstract", "value": "T\u00e4ss\u00e4 Pro gradu \u2013tutkielmassa selvitettiin, kuinka osinkoperusteinen arvonm\u00e4\u00e4ritys toimii S&P 500 indeksiin kuukausittaisella otannalla 1871 \u2013 2016. T\u00e4m\u00e4n lis\u00e4ksi kartoitettiin, kuinka eri taloudelliset tekij\u00e4t voivat selitt\u00e4\u00e4 osaketuottoja. Samalla kartoitettiin miten muuttujien relaatiot ovat muuttuneet pitk\u00e4ll\u00e4 aikav\u00e4lill\u00e4. Tutkielmassa luotiin eri hintaestimaatteja, joilla pyrittiin arvioimaan tulevaisuuden osakehintaindeksin tasoja ja testattiin, kuinka hyvin estimaatit osuivat.\n Muuttujien relaatioita tutkittiin yhteisintegraatiotesteill\u00e4 ja Granger \u2013kausaalisuustesteill\u00e4, joiden perusteella voitiin p\u00e4\u00e4tell\u00e4, miten muuttujat ovat yhteydess\u00e4 toisiinsa. T\u00e4m\u00e4n lis\u00e4ksi testattiin, onko pitk\u00e4ll\u00e4 aikav\u00e4lill\u00e4 mahdollisesti useampia regiimej\u00e4 joilla sek\u00e4 muuttujien relaatiot, ett\u00e4 osaketuottojen ennustekyky vaihtelevat. \n Osakkeiden hintojen ja osinkojen sek\u00e4 hintaestimaattien ja hintojen v\u00e4lille voitiin havaita olevan yhteisintegraatiota, mutta yhteisintegraation vahvuus riippui selv\u00e4sti eri regiimeist\u00e4. Gordonin osinkomallin hintaestimaatin ennuste ei parantunut kun osinkojen kasvu mallinnettiin ARMA(1,1) \u2013mallilla. My\u00f6sk\u00e4\u00e4n sijoittajien tuottovaatimusten huomioiminen eri tavoin ei tuottanut lis\u00e4arvoa malliin. Osinkotuotolla huomattiin olevan ennustekyky\u00e4 osaketuottoihin ennen it-kuplan puhkeamista 2001, mutta t\u00e4m\u00e4n j\u00e4lkeen tutkimuksessa olevilla muuttujilla ei huomattu olevan ennustekyky\u00e4 osaketuottoihin. \n Tutkimustulosten perusteella osinkoperusteisen arvonm\u00e4\u00e4ritt\u00e4misen voidaan p\u00e4\u00e4tell\u00e4 olevan haastavampaa osakemarkkinoiden muututtua 1980 ja 1990 \u2013lukujen j\u00e4lkeen entist\u00e4 selv\u00e4sti volatiilimmiksi.", "language": "fi", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Submitted using Plone Publishing form by Hannu Salminen (hatasalm) on 2017-06-27 05:14:27.973402. 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 2017-06-27T05:14:28Z\nNo. of bitstreams: 2\nURN:NBN:fi:jyu-201706273053.pdf: 1358417 bytes, checksum: d8b03b5391e97a19b1ec1a86018a43cc (MD5)\nlicense.html: 4834 bytes, checksum: 870b7b50fd5294f1c0c996c317dc4439 (MD5)", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Made available in DSpace on 2017-06-27T05:14:28Z (GMT). No. of bitstreams: 2\nURN:NBN:fi:jyu-201706273053.pdf: 1358417 bytes, checksum: d8b03b5391e97a19b1ec1a86018a43cc (MD5)\nlicense.html: 4834 bytes, checksum: 870b7b50fd5294f1c0c996c317dc4439 (MD5)\n Previous issue date: 2017", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.format.extent", "value": "1 verkkoaineisto (65 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": "Osakemarkkinat", "language": null, "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "arvonm\u00e4\u00e4ritys", "language": null, "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "Gordonin osinkomalli", "language": null, "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.title", "value": "S&P 500 -indeksin osinkoperusteinen arvonm\u00e4\u00e4ritys pitk\u00e4ll\u00e4 aikav\u00e4lill\u00e4", "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-201706273053", "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": "2017-06-27T05:14:28Z", "language": null, "element": "date", "qualifier": "updated", "schema": "dc"}, {"key": "yvv.contractresearch.funding", "value": "0", "language": null, "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": "arvopaperimarkkinat", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "arvonm\u00e4\u00e4ritys", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "osingot", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "osakkeet", "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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