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[{"key": "dc.contributor.advisor", "value": "Raatikainen, Juhani", "language": "", "element": "contributor", "qualifier": "advisor", "schema": "dc"}, {"key": "dc.contributor.author", "value": "Tauru, Sami", "language": "", "element": "contributor", "qualifier": "author", "schema": "dc"}, {"key": "dc.date.accessioned", "value": "2023-03-27T10:51:47Z", "language": null, "element": "date", "qualifier": "accessioned", "schema": "dc"}, {"key": "dc.date.available", "value": "2023-03-27T10:51:47Z", "language": null, "element": "date", "qualifier": "available", "schema": "dc"}, {"key": "dc.date.issued", "value": "2023", "language": "", "element": "date", "qualifier": "issued", "schema": "dc"}, {"key": "dc.identifier.uri", "value": "https://jyx.jyu.fi/handle/123456789/86131", "language": null, "element": "identifier", "qualifier": "uri", "schema": "dc"}, {"key": "dc.description.abstract", "value": "Vesi on uusiutuva mutta niukka taloudellinen resurssi, joka vaikuttaa kaikkeen taloudelliseen toimintaan urbaanista vedenkulutuksesta teolliseen tuotantoon ja maanviljelykseen. Maailman vesivarojen riitt\u00e4vyytt\u00e4 uhkaa v\u00e4est\u00f6n kasvu, urbanisoituminen ja elintason nousu sek\u00e4 ilmastonmuutoksen aiheuttama kuivuus. N\u00e4iden tekij\u00f6iden ristipaineessa Australia yhten\u00e4 maailman kuivimmista manteresta on ratkaissut veden allokointiongelman luomalla maailman kehittyneimm\u00e4t vesimarkkinat. T\u00e4m\u00e4 Pro Gradu -tutkielma esittelee Australian vesiteollisuuden ja sen erityispiirteet sek\u00e4 aiemman tutkimuskirjallisuuden tuloksineen. Tutkielman empiirisess\u00e4 osuudessa tutkittiin 11 Australian vesimarkkinoilla toimivan yrityksien tuottoja, tuottoihin vaikuttavia teki-j\u00f6it\u00e4 ja osakkeiden mahdollisia hajautushy\u00f6tyj\u00e4 tarkastelujaksolla tammikuus-ta 2000 elokuuhun 2022. Aineisto sis\u00e4lsi Refinitiv DataStreamista noudetut osakkeiden ja verrokki indeksien p\u00e4ivitt\u00e4iset ja kuukausittaiset hinnat. Tutkimus toteutettiin lineaarisella regressiolla k\u00e4ytt\u00e4en aiemman tutkimuskirjallisuuden selitt\u00e4vi\u00e4 tekij\u00f6it\u00e4 sek\u00e4 aiemmin k\u00e4ytt\u00e4m\u00e4tt\u00f6mi\u00e4 sade- ja l\u00e4mp\u00f6tila-muuttujia. Vesiosakkeiden hajautushy\u00f6ty\u00e4 tutkittiin vertaamalla markkinain-deksin ja vesiosakkeilla laajennetun sijoitusportfolion odotettuja tuottoja ja keskihajontoja. Ilmastonmuutoksen mediahuomion ja narratiivien vaikutusta tuottoihin tutkittiin k\u00e4ytt\u00e4m\u00e4ll\u00e4 Googlen hakusanojen ASVI dataa kontrolli-muuttujana. Regressiotuloksista havaittiin, ett\u00e4 vesiteollisuusosakkeet korreloivat heikosti markkinoiden kanssa. My\u00f6sk\u00e4\u00e4n s\u00e4\u00e4muuttujien tai k\u00e4ytettyjen Google hakusanojen ja vesiyhti\u00f6iden tuottojen v\u00e4lill\u00e4 ei l\u00f6ydetty korrelaatiota. Heikon markkinakorrelaation vuoksi vesiosakkeet tarjoavat hajautushy\u00f6ty\u00e4 nostamalla odotettuja tuottoja ja v\u00e4hent\u00e4m\u00e4ll\u00e4 salkun riskisyytt\u00e4.", "language": "fi", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.abstract", "value": "Water is a renewable but scarce economic resource that affects all economic activities, from urban water consumption to industrial production and agriculture. The sufficiency of the world's water resources is threatened by population growth, urbanization and rising living standards, as well as drought caused by climate change. Under the cross pressure of these factors, Australia, one of the world's driest continents, has solved the water allocation problem by creating the world's most advanced water market. This Master\u2019s Thesis presents the Australian water industry and its special features and previous research literature with results. In the empirical part of the thesis, the returns of 11 companies operating in the Australian water market, the factors affecting returns and the possible diversification benefits of the shares were investigated in the review period from January 2000 to August 2022. The data included daily and monthly prices of shares and benchmark indices taken from Refinitiv DataStream. The study was carried out with linear regression using explanatory factors from previous research literature and previously unused rainfall and temperature variables. The diversification benefit of water shares was studied by comparing the expected returns and standard deviations of the market index and the investment portfolio expanded with water shares. The effect of climate change media attention and narratives on returns was investigated using ASVI data from Google search terms as a control variable. From the regression results, it was found that water industry stocks are weakly correlated with the market. Also, no correlation was found between the weather variables or the Google search terms used and the revenues of the water companies. Due to the weak market correlation, water stocks offer a diversification benefit by increasing ex-pected returns and reducing portfolio risk.", "language": "en", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Submitted by Miia Hakanen (mihakane@jyu.fi) on 2023-03-27T10:51:47Z\nNo. of bitstreams: 0", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Made available in DSpace on 2023-03-27T10:51:47Z (GMT). No. of bitstreams: 0\n Previous issue date: 2023", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.format.extent", "value": "84", "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": "eng", "language": null, "element": "language", "qualifier": "iso", "schema": "dc"}, {"key": "dc.rights", "value": "In Copyright", "language": null, "element": "rights", "qualifier": null, "schema": "dc"}, {"key": "dc.subject.other", "value": "water economy", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "water investing", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.title", "value": "Australian Water Equities : The Underlying Factors Driving Returns and Properties as Diversifiers", "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-202303272273", "language": "", "element": "identifier", "qualifier": "urn", "schema": "dc"}, {"key": "dc.type.ontasot", "value": "Master\u2019s thesis", "language": "en", "element": "type", "qualifier": "ontasot", "schema": "dc"}, {"key": "dc.type.ontasot", "value": "Pro gradu -tutkielma", "language": "fi", "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.copyright", "value": "\u00a9 The Author(s)", "language": null, "element": "rights", "qualifier": "copyright", "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": "vesi", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "vesivarat", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "vesipula", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "water", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "water resources", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "water scarcity", "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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