UTU Logo

UNIVERSITY OF TURKU,
Turku School of Economics

Mika Vaihekoski
Professor of Finance, D.Sc. (Econ)

Research and Publications

» UTU | Turku School of Economics | Dep. of Acc. & Finance

Currently working on [Unpublished working papers, some could be submitted]

  1. Antell, Jan and Vaihekoski, Mika (2016): Expected and realized returns in conditional asset pricing: A new testing approach An old version available at the SSRN. A newer version is available at the EFMA Conference website. The latest version (as of May 10th) is available at the FMA European Conference website
  2. Antell, Jan and Vaihekoski, Mika (2016): Countercyclical and time-varying risk aversion and equity premium Available at the SSRN. Latest version is available here.

Scientific publications in journals

  1. Tor Brunzell, Eva Liljeblom and Mika Vaihekoski (2015): Short-term expectations in listed firms. The effects of different owners. Journal of International Financial Management & Accounting, 2015, vol. 26, no. 3, 223-256. Available here and DOI: 10.1111/jifm.12028. [WoK, JCR, Scopus]
  2. Tor Brunzell, Eva Liljeblom, Anders Löflund, and Mika Vaihekoski (2015): Capital structure policy decisions in Nordic listed firms. Nordic Journal of Business, 2015, vol. 64, no. 1, 4-20. Available here.
  3. Tor Brunzell, Eva Liljeblom, Anders Löflund, and Mika Vaihekoski (2014): Dividend Policy in Nordic Listed Firms. Global Finance Journal, 2014, vol. 25, no. 2, 124-135. Available here: DOI: 10.1016/j.gfj.2014.06.004. Also available at RePEc. [Scopus]
  4. Nyberg, Peter and Vaihekoski, Mika (2014): Equity premium in Finland and long-term performance of the Finnish equity and money markets. Cliometrica, 2014, vol. 8, issue 2, 241-269. Available here (direct), here (RePEc), and here (Kudos-service with some additional links). [WoK, JCR, Scopus]
  5. Brunzell, Tor, Liljeblom, Eva and Vaihekoski, Mika (2013): Determinants of capital budgeting methods and hurdle rates in Nordic firms. Accounting & Finance, 2013, vol. 53, no. 1, 85-110. Available here. Also available at RePEc. [WoK, JCR, Scopus]
  6. Broussard, John P. and Vaihekoski, Mika (2012): Profitability of pairs trading strategy in an illiquid market with multiple share classes. Journal of International Financial Markets, Institutions & Money, 2012, vol. 22, issue 5, 1188-1201. Available here together with the Matlab code given as an Internet Appendix (Journal's site: Appendix A. Supplementary data). Available also at RePEc and SSRN. [WoK, JCR, Scopus]
  7. Antell, Jan and Vaihekoski, Mika (2012): Pricing currency risk in the stock market: Evidence from Finland and Sweden 1970-2009. Journal of International Financial Markets, Institutions & Money, 2012, vol. 22, issue 1, 120-136. Available here. Earlier version (no major changes) available below as a working paper. [WoK, JCR, Scopus]
  8. Vaihekoski, Mika (2011): History of finance education and research in Finland: The first 30 years. European Journal of Finance, 2011, vol. 17, no 5-6, 339-354. Available here: DOI: 10.1080/1351847X.2010.543829. [WoK, JCR, Scopus]. An erlier version with an Appendix listing Finnish doctoral dissertations in finance (1976-2007) is available below as the Bank of Finland Discussion Paper.
  9. Liljeblom, Eva and Vaihekoski, Mika (2010): Who Creates Short-Term Pressure? An Analysis of Firms with Different Ownership Structures. Finnish Journal of Business Economics, 2010, vol. 59, no 3, 239-264. Available here.
  10. Saleem, Kashif and Vaihekoski, Mika (2010): Time-varying global and local sources of market and currency risk in Russian stock market. International Review of Economics and Finance, 2010, Vol. 19, No. 4, 686-697. doi: 10.1016/j.iref.2010.03.005. Available here. [WoK, JCR, Scopus]
  11. Nyberg, Peter and Vaihekoski, Mika (2010): A new value-weighted total return index for the Finnish stock market. Research in International Business and Finance, 2010, Vol. 24, No. 3, 267-283. doi: 10.1016/j.ribaf.2009.12.006. Available here. The index created in the paper (together with an updated version) is no longer available. Rather download the latest version of the index available below as an Appendix to our working paper titled "Descriptive analysis of the Finnish stock market: Part II.".
  12. Vaihekoski, Mika (2009): Pricing of liquidity risk: Empirical evidence from Finland. Applied Financial Economics, 2009, Vol. 19, No 19, 1547-1557. doi: 10.1080/09603100802599548; Available here.
  13. Fedorova, Elena and Vaihekoski, Mika: Global and Local Sources of Risk in Eastern European Emerging Stock Markets. Finance a Uver -- the Czech Journal of Economics and Finance, 2009, Vol. 59, No. 1, 2-19. Available for download here. CJEF is included in the Thomson Reuters 2008 Journal Citation Report.
  14. Liljeblom, Eva and Vaihekoski, Mika: Corporate ownership and managerial short-termism: Results from a Finnish study of management perceptions. International Journal of Production Economics, 2009, Vol. 117, No. 2, 427-438. doi: 10.1016/j.ijpe.2008.12.008. Available here. IJPE is included in the Thomson Reuters 2008 Journal Citation Report..
  15. Grönlund, Tomi, Louko, Antti and Vaihekoski, Mika: Corporate Real Estate Sale and Leaseback Effect. Empirical Evidence from Europe. European Financial Management, 2008, Vol. 14, No. 4, 820-843. doi: 10.1111/j.1468-036X.2007.00417.xlink. Please note, there is a typo in eq. (1) in the paper (but not in the empirical tests) -- plus sign in front of beta should be minus. EFM is included in the Thomson Reuters 2007 Journal Citation Report.
  16. Saleem, Kashif and Vaihekoski, Mika: Pricing of global and local sources of risk in Russian stock market. Emerging Markets Review, 2008, Vol. 9, No. 1, 40-56. doi: 10.1016/j.ememar.2007.08.002. Available here.
  17. Antell, Jan and Vaihekoski, Mika: International Asset Pricing Models and Currency Risk: Evidence from Finland 1970-2004. Journal of Banking and Finance, 2007, Vol. 31, No. 9, 2571-2590. doi: 10.1016/j.jbankfin.2006.09.013; link. JBF is included in the Thomson Reuters 2006 Journal Citation Report.
  18. Vaihekoski, Mika: Global Market and Currency Risk in Finnish Stock Market. Finnish Economics Papers, 2007, Vol. 20, No. 1, 72-88. Available here. [E2 in my doctoral dissertation].
  19. Vaihekoski, Mika: Portfolio Construction for Tests of Asset Pricing Models. Published in Financial Markets, Institutions & Instruments, 2004, Vol. 13, Issue 1, 1-39. doi: 10.1111/j.0963-8008.2004.0001.x. Available here. Link to this publication at SSRN is available here. Additional material: Appendix A, Appendix B, Appendix C (Word-document). This paper was among Top 5 accessed FMII-articles in 2004.
  20. Liljeblom, Eva and Vaihekoski, Mika: Investment Evaluation Methods and Required Rate of Return in Finnish Publicly Listed Companies. Published in Finnish Journal of Business Economics, 2003, Vol. 53, No 1, 9-24. Available here.
  21. Nummelin, Kim and Vaihekoski, Mika: Sources of Capital Market Segmentation: Empirical Evidence from Finland. The Financial Review, 2001, Vol. 36, Issue 2, 139-160. doi: 10.1111/j.1540-6288.2001.tb00014.x. Available here. Download pre-proof version (pdf, 242 kB). [E4 in my doctoral dissertation]
  22. Nummelin, Kim and Vaihekoski, Mika: World Capital Markets and Finnish Stock Returns. European Journal of Finance, 2002, Vol. 8, No. 3, 322-343. Available here. Older version can be downloaded here (pdf, 229 kB). [E3 in my doctoral dissertation]
  23. Vaihekoski, Mika: Portfolio Construction in Emerging Markets. Emerging Markets Quarterly, 2000, Vol. 4, No. 3, 68-78. Download draft (pdf, 74 kB).
  24. Vaihekoski, Mika: Unconditional International Asset Pricing Models: Empirical Tests. Finnish Economics Papers, 2000, Vol. 13, No. 2, 71-88. Available for download here. [Essay 1 in my doctoral dissertation]
  25. Vaihekoski, Mika: Short-Term Returns and the Predictability of Finnish Stock Returns. Finnish Economic Papers, 1998, Vol. 11, No. 1, 19-36. Available for download here.
  26. Vaihekoski, Mika: The Finnish Equity Market: Recent Trends and Important Events. Finnish Journal of Business Economics, 1997, Vol. 46, No. 4, 526-543.  Available for download here.
  27. Vaihekoski, Mika: Intertemporal Asset Pricing Model: Tests on Weekly Data from the Helsinki Stock Exchange. Finnish Journal of Business Economics, 1996, Vol. 45, No 4, 343-383. Download (pdf, 1768 kB, pre-draft, not the typeset version)
  28. Vaihekoski, Mika: Tieteen lähestymistavat ja ontologinen ongelma [Onthological Problem in Philosophy of Science]. Tiedepolitiikka, 1994, 3, 45-54. Download (pdf, 74 kB). Published article is one part of the original full-length paper available here (pdf, 180 kB). [Part of my Master's Thesis]

Link to my papers in EconPapers / RePec-database.

Link to all my papers in SSRN and rss-feed of the changes.

Link to my papers in Microsoft Academic Search database.

Link to my papers in ResearchGate.

Link to my profile at Academia.edu.

Link to my profile at ORCID.org.

Link to my publications at www.juuli.fi - Finnish Research Publications database.

Link to my publications at www.finna.fi - Information search service brings together the collections of Finnish archives, libraries and museums.

Link to my profile at ResearcherID.com

Mika Vaihekoski

Research reports and discussion papers

  • Vaihekoski, Mika (2017): Equity Premium in Finland. in Lukka, K. (eds): A Dean, A Scholar, A Friend. Texts in appreciation of Markus Granlund. Turku School of Economics, Series E: 3, pp. 225–231. ISBN: 978-952-249-512-9. Available here.
  • Vaihekoski, Mika (2014): A note on the calculation of the risk free rate for tests of asset pricing models and event studies. In Knif, J. and Pape, B.(eds): Contributions to Mathematics, Statistics, Econometrics, and Finance: Essays in Honour of Professor Seppo Pynnönen. Statistics 7 ed., vol. Acta Wasaensia 296, University of Vaasa, Vaasa, pp. 291-306. Avalable here.
  • Nyberg, Peter and Vaihekoski, Mika (2014): Descriptive analysis of the Finnish stock market: Part II. Bank of Finland, Discussion Papers series, 10/2014. The paper is available here (RePEc), here (SSRN), and here (BOF). An updated version is available here. Appendices mentioned in the paper (please use password 2014 to open, pswd used to block Google etc.): Appendix 1 (month-end dates used) and Appendix 4 (monthly market index 1912-1970) are available here. Appendix 2 (list of securities) is available here. Appendix 3 (splits 1970-1991) is available upon request.
  • Nyberg, Peter and Vaihekoski, Mika (2011): Descriptive analysis of Finnish equity, bond and money market returns. Bank of Finland, Discussion Papers series, 14/2011. The paper is available here (RePEc) and here (BOF).
  • Antell, Jan and Vaihekoski, Mika (2011): Pricing currency risk in the stock market: Evidence from Finland and Sweden 1970-2009. Aboa Center for Economics, Discussion Papers, 2011, No 63. Available here. Link to the final published article can be found above among published papers.
  • Nyberg, Peter and Vaihekoski, Mika (2009): A new value-weighted total return index for the Finnish stock market. Bank of Finland, Discussion Papers series, 2009, No 21. Available here (RePEc) and here (BOF). Link to the final published article can be found above.
  • Fedorova, Elena and Vaihekoski, Mika (2008): Global and Local Sources of Risk in Eastern European Emerging Stock Markets. The Bank of Finland Institute for Economies in Transition, BOFIT Discussion Paper 27/2008. Available here (RePEc) and here (SSRN). Link to the final published article can be found above.
  • Vaihekoski, Mika (2008): History of finance education and research in Finland: The first 30 years. Bank of Finland, Discussion Papers 18/2008. Available here (RePEc) and here (BOF). Link to the final published article can be found above.
  • Liljeblom, Eva and Vaihekoski, Mika (2007): Owners' way or the highway. Short-term expectations and owner impatiance. Swedish School of Economics and Business Administration, Research Reports, No. 62. Available here. Link to the final published article can be found above among published papers.
  • Doctoral Dissertation: Essays on International Asset Pricing Models and Finnish Stock Returns. Publications of the Swedish School of Economics and Business Administration No 80, 1999.
  • Licentiate Thesis: Essays on Conditional Asset Pricing Models and Predictability of Finnish Stock Returns. Swedish School of Economics and Business Administration, Research Reports, 1997, No. 39.

Books

  • Vaihekoski, Mika (2016) Rahoitusalan sovellukset ja Excel [Financial Modeling and Excel]. Helsinki: Talentum Oyj. ISBN: 978-952-14-2712-1. More information is available at the publisher's website. Typos etc. can be found from book's home page.
  • Cover page of Excal ja rahoitusalan sovellukset book
  • Martikainen, Minna and Vaihekoski, Mika (2015) Yritysrahoituksen perusteet [Introduction to Corporate Finance]. Helsinki: Sanoma Pro Oy. More information is available at the publisher's website. This is now also available as an e-book.
  • Vaihekoski, Mika (2004) Rahoitusalan sovellukset ja Excel [Financial Models and Excel]. Helsinki: WSOY. More information can be found from book's home page. Note: This book includes a CD-ROM with the examples from the book together with a few extras.
  • Vaihekoski, Mika (2002) Excel ja rahoitusalan sovellukset [Excel and Financial Models]. Helsinki: WSOY.

Book reviews

  • Vaihekoski, Mika (2016) Book review: Entrepreneurial finance: Concepts and cases. International Small Business Journal, 2016, vol 34, no 6, 891-892. Available here.

Work-In-Process [Books]

  • -

Work-In-Process [Cases / teaching notes]

  • -

Other Academic Texts / Educational Texts

  • Several guides are available for students here (in Finnish).

CD-ROMs

  • Rahoituksen Maailma [World of Finance]. Helsinki: Talentum Oyj, 2003.
  • Rahoitusalan sovellukset ja Excel [Financial Models and Excel] CD-ROM. Comes with the book (see above). Helsinki: WSOY, 2004.

Applied Research Articles and Reports available on the Net

  • Antell, Jan – Vaihekoski, Mika: “Pricing Currency Risk in Two Interlinked Stock Markets”. Applied Finance Letters, 2012, vol. 1, issue 1, 16-21. Available here.
  • A research report written jointly with several others: "Innovaatio investointina. Osa I: Rahoitusteoreettinen näkökulma Tekesin vaikuttavuuteen" [Innovation as an Investment: Analysis of the Effects of Tekes' activities from the Financial Point of View], TEKES, Teknologiakatsaus 142/2003. Download (pdf).
  • A research report joint with T. Andersen: "Verkostoyhteistyön merkitys kulttuurialan yritystoiminan kannalta. Case: Helsinki 2000 kulttuurikaupunkivuosi", LTT Research Ltd, 2001. ISBN 951-774-084-0. 107 pages. Download (pdf).
  • A research report joint with Joonas Pekkanen: "Eläkeuudistus ja suomalaisten rahastosäästäjien mielipiteet", LTT Research Ltd, 2002. 75 pages. Download (pdf).
  • A research report joint with P. Hahko and S. Siren in a book: "Kansallisten osakemarkkinoiden merkitys sijoittajille ja yrityksille" [Benefits of Domestic Stock Markets for Investors and Companies] in "Kansallisten arvopaperimarkkinoiden merkitys Suomelle" [Benefits of National Stock Market for Finland], Suomen Pörssisäätiö, 2001. 120 pages. ISBN 951-95606-3-7.
  • A research report joint with Lauri Vaittinen: "Sijoittajien informaation käyttö ja sijoittajakäyttäytyminen" [Investors' Use of Financial Information and Investor Behavior], LTT Research Ltd, 2001. ISBN 951-774-075-1. 81 pages. Download (pdf).
  • A research report joint with Iikka Kuosa: "Elspot- ja Eltermin-markkinoiden tehokkuusanalyysi", LTT Research Ltd, 2002. 14 pages. Download (pdf).
  • A research report by Minna Martikainen, Kari Niilola, Matti Pulkkinen, Jenni Selosmaa, Jussi Tiilikka and Mika Vaihekoski: "Sisältötuotannon arvoketjun rahoitus" [Financing in the Content Creation Value Chain], LTT Research Ltd, 2001. 197 pages. Could be available from the Ministry of Trade and Industry but probably out of print. Available as a (pre-print) pdf here. Cover of Sisältötuotannon arvoketjun rahoitus book

Or choose: