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[{"key": "dc.contributor.advisor", "value": "Junttila, Juha", "language": "", "element": "contributor", "qualifier": "advisor", "schema": "dc"}, {"key": "dc.contributor.advisor", "value": "Raatikainen, Juhani", "language": "", "element": "contributor", "qualifier": "advisor", "schema": "dc"}, {"key": "dc.contributor.author", "value": "Sillanp\u00e4\u00e4, Juuso", "language": "", "element": "contributor", "qualifier": "author", "schema": "dc"}, {"key": "dc.date.accessioned", "value": "2020-02-24T11:31:27Z", "language": null, "element": "date", "qualifier": "accessioned", "schema": "dc"}, {"key": "dc.date.available", "value": "2020-02-24T11:31:27Z", "language": null, "element": "date", "qualifier": "available", "schema": "dc"}, {"key": "dc.date.issued", "value": "2019", "language": "", "element": "date", "qualifier": "issued", "schema": "dc"}, {"key": "dc.identifier.uri", "value": "https://jyx.jyu.fi/handle/123456789/67931", "language": null, "element": "identifier", "qualifier": "uri", "schema": "dc"}, {"key": "dc.description.abstract", "value": "T\u00e4ss\u00e4 tutkimuksessa selvitet\u00e4\u00e4n raaka\u00f6ljyn futuurimarkkinoiden tuottoerojen k\u00e4ytt\u00e4ytymist\u00e4 vuosien 1992-2019 v\u00e4lill\u00e4. \u00d6ljymarkkinoilla on havaittu futuurien tuottoerojen\nolevan historiallisesti useammin negatiivisia, mutta 2000-luvulla finanssikriisin j\u00e4lkeen\non havaittu useammin pitk\u00e4kestoisia vahvoja positiivisia tuottoeroja. Pitkittyneet positiiviset tuottoerot ovat osittain ristiriitaisia varastoitaville hy\u00f6dykkeille esitettyjen teorioiden kanssa ja teoriat tukevat negatiivisten tuottoerojen markkinaa. Futuurien aikarakenteeseen vaikuttavia tekij\u00f6it\u00e4, niiden muutosta ajassa sek\u00e4 hy\u00f6dykemarkkinoiden arvopaperistumisen mahdollisesti tuomaa markkinadynamiikan muutosta tutkitaan hy\u00f6dynt\u00e4m\u00e4ll\u00e4 vektoriautoregressiivist\u00e4 ja tasaisen rakennemuutoksen menetelmi\u00e4. Erityisesti pyrit\u00e4\u00e4n tarkastelemaan hy\u00f6dykemarkkinoiden arvopaperistumisen sek\u00e4 finanssikriisin mahdollisesti synnytt\u00e4mi\u00e4 markkinadynamiikan muutoksia ja siten rahoitusmarkkinoiden yhdentymisen aikaansaamaa riskin v\u00e4littymist\u00e4 markkinoiden v\u00e4lill\u00e4.\nTulokset osoittavat futuurien tuottoerojen sis\u00e4lt\u00e4v\u00e4n ep\u00e4lineaarisuutta ja muuttujien\nvaikutuksien muuttuvan ajassa. Erityisesti VAR-mallien tulokset osoittavat \u00f6ljymarkkina fundamenttien menett\u00e4neen merkityst\u00e4 tuottoerojen selitt\u00e4v\u00e4n\u00e4 tekij\u00f6in\u00e4 finanssikriisin j\u00e4lkeen. Toinen merkitt\u00e4v\u00e4 havainto on VIX-indeksin vaikutus tuottoerojen tekij\u00e4n\u00e4, joka osoittaa siten tukea markkinoiden yhdentymiselle ja riskin v\u00e4littymiselle\nmarkkinoiden v\u00e4lill\u00e4. STAR-mallien tulokset osoittavat regiimiriippuvuutta ja kertoimien muutosta futuurien tuottoerojen painuessa vahvasti negatiiviseksi.", "language": "fi", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Submitted by Miia Hakanen (mihakane@jyu.fi) on 2020-02-24T11:31:27Z\nNo. of bitstreams: 0", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Made available in DSpace on 2020-02-24T11:31:27Z (GMT). No. of bitstreams: 0\n Previous issue date: 2019", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.format.extent", "value": "62", "language": "", "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.title", "value": "Rahoitusmarkkinoiden rooli raaka\u00f6ljyn futuurik\u00e4yrien muutoksessa", "language": "", "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-202002242153", "language": "", "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": "Jyv\u00e4skyl\u00e4n yliopisto", "language": "fi", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "University of Jyv\u00e4skyl\u00e4", "language": "en", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Taloustiede", "language": "fi", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Economics", "language": "en", "element": "subject", "qualifier": "discipline", "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": null, "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": "", "element": "subject", "qualifier": "oppiainekoodi", "schema": "dc"}, {"key": "dc.subject.yso", "value": "rahoitusmarkkinat", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "\u00f6ljy", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "futuurit", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "indeksit", "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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