Finnish Financial History

Turun Osakepankki advertising its services in the 1920s.
Turun Osakepankki [Bank of Turku] advertising their services in the 1920s.
This webpage on the Finnish Financial History is created by Prof. Mika Vaihekoski in Dec 2014 to promote research on financial history of Finland and to provide information to all interested scholars and other persons alike. The idea of this page is to provide information as well as links to research papers, data, and to other relevant material.

Undersigned started the Finnish Financial History “project” 2008 together with Peter Nyberg. So far three working papers have been published. They – besides analyzing the history of the Finnish financial markets – provide more detailed information on the historical data collection process (see, Nyberg and Vaihekoski (2009, 2011, and 2014)). In addition, two articles have been published, in which the collected data has been utilized to analyze certain issue.

Nyberg and Vaihekoski (2010) analyze the long-term development of the Finnish stock market providing also detailed information on the creation of a new stock market index for the Finnish stock market. Nyberg and Vaihekoski (2014) compare the long-term equity premium in Finland with the premium from Sweden and the USA.

Research papers and books on Finnish financial history:

A good starting points for historical research on Finnish financial markets, are the references in Nyberg and Vaihekoski (2009, 2010, 2011, and 2014) — a good number of different historical material (books, newspapers etc.) on Finnish financial markets are listed.

  1. Nyberg, Peter – Vaihekoski, Mika: “A new value-weighted total return index for the Finnish stock market”. Published in Research in International Business and Finance, 2010, vol. 24, no. 3, 267-283. doi: 10.1016/j.ribaf.2009.12.006.
    • Peter Nyberg and Mika Vaihekoski: “A new value-weighted total return index for the Finnish stock market”. Bank of Finland, Discussion Papers Series, 2009, No 21.
    • We have updated our stock market index from the very first version in 2009 in every paper ever since. The latest version is available below with some other data series.
  2. Nyberg, Peter – Vaihekoski, Mika: “Equity Premium in Finland and Long-Term Performance of the Finnish Equity and Money Markets”. Published in Cliometrica, 2014, 8, 2, 241-269. Available at http://dx.doi.org/10.1007/s11698-013-0101-7.
    • Peter Nyberg and Mika Vaihekoski: “Descriptive Analysis of Finnish Equity, Bond, and Money Market Returns”. Bank of Finland, Discussion Papers Series, 14/2011.
      • This working paper has a especially long list of references to articles and books on Finnish financial history. A few other interesting references (that we were unaware of when writing this WP and the Cliometrica article) can be found from the paper below.
  3. Nyberg, Peter – Vaihekoski, Mika: “Descriptive analysis of the Finnish stock market: Part II”. Bank of Finland, Discussion Papers Series, 10/2014. Available at http://www.suomenpankki.fi/en/julkaisut/tutkimukset/keskustelualoitteet/Pages/dp2014_10.aspx. The appendices mentioned in the paper are available at http://users.utu.fi/moovai/mv_research.html#wps
  4. Vaihekoski, Mika: “History of finance education and research in Finland: The first 30 years”. Published in European Journal of Finance, 2011, vol. 17, issue 5-6, 339-354. doi: 10.1080/1351847X.2010.543829.

Finnish financial data from different sources:

  • Helsinki Stock Exchange
    • Stock market indices (price/return development)
      • Poutvaara (1996) indices 1896 – 1912 & 1912 – 1929
      • Mercator indices 1919 – 1930
      • UNITAS-indices 1928 – 1991(?, not sure when calculation ended)
      • KOP-indices 1938 – 1991(?)
      • Finansbladet 1928 – 1944(?)
      • Kauppalehti indices 1928(?) -1930(?)
      • Helsingin Sanomat indices 1969 – 1970(?)
      • Talouselämä indices 1973 – 1977(?)
      • Nyberg and Vaihekoski Index: total return, all share, value-weighted (+ some other weighting structures) monthly index October 1912 — 1970/3
      • All but the Nyberg-Vaihekoski index are available as an Excel-file here. (please use password 2014 to open, pswd used to block Google etc.). Note that the collected series is not yet complete.
      • Latest version of the Nyberg and Vaihekoski index is available here. (please use password 2014 to open, pswd used to block Google etc.)
      • WI-index 1970-1990 by Berglund et al. (1991), available from several (commercial) databases
      • HEX/OMX Helsinki/Nasdaq Helsinki, official indices on a daily basis (price index 1.1.1987->, total return index 30.12.1990->) available from different (commercial) databases
    • Monthly turnover (stocks, bonds, etc.)
      • Nyberg and Vaihekoski (2010) for October 1912 –>
    • Monthly dividend yields
      • Nyberg and Vaihekoski (2014) for October 1912 –>
    • Monthly total market cap value 10/1912 — 12/1991
      • Available upon request
    • Iron book (pictures) — not available for public use
    • Month end price list (pictures from the newspapers) — not available for public use
  • Monthly GDP and Inflation, Finland
    • Nyberg and Vaihekoski (2014) for October 1912 –>

Financial data (other sources):

Other interesting links: