This page is for data and other material from my research

Helsinki Stock Exchange: Market indices

1912 – 1981 year-end values of the stock market indices (all-share, value-weighted vs. equally weighted, industry portfolios, total return, price) are available here. Monthly indices are coming later. If you use these indices, please cite:

Vaihekoski, Mika (2024) Revisiting Stock Market Index for the Helsinki Stock Exchange 1912–1981. Forthcoming in Journal of Risk and Financial Management, vol. 17(3). Available as Open Access article at

1912 – 1970M03 monthly index values (old series) by Nyberg and Vaihekoski (2010; updated for 2014 study) are available here (coming later).

Helsinki Stock Exchange: List of quoted assets

1912 – 1981 detailed list of all equity instruments (stocks, issue rights) quoted at the Helsinki Stock Exchange is available here (coming later). If you use this list, please cite:

Vaihekoski, Mika (2022) Helsinki Stock Exchange: trading and listed securities, 1912–1981. Financial History Review, vol. 29, no. 3, 326–341. Available at

Inflation indices for Finland

Coming later.

Other material

E.g., bond returns in Finland, OLS vs. ML vs. GMM in Excel example. Coming later.