{"id":46,"date":"2021-11-26T11:35:19","date_gmt":"2021-11-26T09:35:19","guid":{"rendered":"https:\/\/users.utu.fi\/moovai\/?page_id=46"},"modified":"2026-03-24T09:16:34","modified_gmt":"2026-03-24T07:16:34","slug":"research","status":"publish","type":"page","link":"https:\/\/users.utu.fi\/moovai\/research\/","title":{"rendered":"Research"},"content":{"rendered":"

Currently working on [Unpublished working papers, some could be submitted] <\/b><\/p>\n

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  1. Vaihekoski, Mika: (2023) Revisiting index methodology for thinly traded stock markets. An older version is available at the SSRN<\/a>.<\/li>\n
  2. Vaihekoski, Mika (2025) Publicly listed stocks in Finland 1982-2024. Work in process, available at the SSRN<\/a> since 2025\/03\/10.<\/li>\n
  3. Broussard, John and Vaihekoski, Mika (2026) Does it take CRSP data to publish in the Journal of Finance? Analysis of database usage and publication trends<\/strong>\u201d. An older version is available at the SSRN @ http:\/\/ssrn.com\/abstract=5272035<\/a>.<\/li>\n<\/ol>\n

    Scientific publications in journals<\/b><\/p>\n

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    1. Vaihekoski, Mika (2026) Equity Issuances at Helsinki Stock Exchange 1912-1981. Accepted for publication. An older version is available at the SSRN<\/a>.<\/li>\n
    2. Antell, Jan<\/a> and Vaihekoski, Mika (2026) Long-term equity investing and withdrawal rules. Forthcoming in Financial Markets and Portfolio Management. DOI: https:\/\/doi.org\/10.1007\/s11408-026-00492-1<\/a>.<\/li>\n
    3. Chowdhury, Abu \u2013 Vaihekoski, Mika \u2013 Yahya, Habeeb (2026) Blockholding, Ownership Horizon and Firms\u2019 ESG Performance: Nordic Evidence. The European Journal of Finance, vol. 32(2), 227\u2013246. https:\/\/doi.org\/10.1080\/1351847X.2026.2614421<\/a>. This article is published as OA (Open Access).<\/li>\n
    4. Vaihekoski, Mika and Yahya, Habeeb<\/a> (2025) Environmental, Social, and Governance (ESG) and Firm Valuation: The Moderating Role of Audit Quality<\/span>. Journal of Risk and Financial Management, vol. 18(3). Available at https:\/\/doi.org\/10.3390\/jrfm18030148<\/a>. The article is published as OA (Open Access).<\/li>\n
    5. Chowdhury, Abu<\/a> \u2013 Vaihekoski, Mika \u2013 Zaman, Mir<\/a> (2024) Are Mondays different? Evidence from initial public offerings<\/span>. Global Finance Journal, vol. 63, 101043. Available at https:\/\/doi.org\/10.1016\/j.gfj.2024.101043<\/a>. The article is published as OA (Open Access).<\/li>\n
    6. Vaihekoski, Mika (2024) Revisiting Stock Market Index for the Helsinki Stock Exchange 1912\u20131981.<\/span> Journal of Risk and Financial Management, vol. 17(3). Available at https:\/\/doi.org\/10.3390\/jrfm17030090<\/a>. This article is published as OA (Open Access). Year-end values of the stock market indices created in this paper are available on my Data<\/a> page.<\/li>\n
    7. Vaihekoski, Mika and Yahya, Habeeb<\/a> (2023) ESG and firm performance: Evidence from the Nordic countries.<\/span> Nordic Journal of Business, vol. 73 (3), 164-189. Available here<\/a>.<\/li>\n
    8. Antell, Jan<\/a> and Vaihekoski, Mika (2023): Countercyclical and time-varying risk aversion and equity premium. Research in International Business and Finance, 2023, vol. 66, 102017. https:\/\/doi.org\/10.1016\/j.ribaf.2023.102017<\/a> This article is published as OA (Open Access).<\/li>\n
    9. Vaihekoski, Mika (2022): Helsinki Stock Exchange: trading and listed securities, 1912\u20131981<\/span>. Financial History Review<\/a>, vol. 29, no. 3, 326\u2013341. DOI: https:\/\/doi.org\/10.1017\/S0968565022000208<\/a>. This article is published as OA (Open Access).
      \nA postscript to this article<\/strong>: In the article, I comment, “It is not known whether copies of these sheets [price quotation lists] were produced by the HSE itself, but it seems evident as several newspapers published the quotation list the next day.” I have later discovered the       master’s thesis by Eeva Kokki<\/a> (2005). She notes, based on an interview with the HSE’s employee, that it was indeed the case (“Couriers were eagerly waiting for the protocol lists that were handed out by the porter. … The press also got these lists.”, my translation).<\/li>\n
    10. Broussard, John P.<\/a> and Vaihekoski, Mika (2022): Time-Variation of Dual-Class Premia<\/span>. Nordic Journal of Business<\/a>, vol. 71, no. 1, 26-50. Available here<\/a>.<\/li>\n
    11. Antell, Jan<\/a> and Vaihekoski, Mika (2019): Expected and realized returns in conditional asset pricing models: A new testing approach.<\/span> Journal of Empirical Finance<\/a>, vol. 52, 220-236. Available here (RePEc)<\/a> and DOI: 10.1016\/j.jempfin.2019.04.001<\/a>.<\/li>\n
    12. Brunzell, Tor<\/a>, Liljeblom, Eva<\/a> and Vaihekoski, Mika (2015): Short-term expectations in listed firms. The effects of different owners.<\/span> Journal of International Financial Management & Accounting<\/a>, 2015, vol. 26, no. 3, 223-256. Available here<\/a> and DOI: 10.1111\/jifm.12028<\/a>.<\/li>\n
    13. Brunzell, Tor<\/a>, Liljeblom, Eva<\/a>, L\u00f6flund, Anders<\/a>, and Vaihekoski, Mika (2015): Capital structure policy decisions in Nordic listed firms.<\/span> Nordic Journal of Business<\/a>, 2015, vol. 64, no. 1, 4-20. Available here<\/a>.<\/li>\n
    14. Brunzell, Tor<\/a>, Liljeblom, Eva<\/a>, L\u00f6flund, Anders<\/a>, and Vaihekoski, Mika (2014): Dividend Policy in Nordic Listed Firms.<\/span> Global Finance Journal<\/a>, 2014, vol. 25, no. 2, 124-135. Available here: DOI: 10.1016\/j.gfj.2014.06.004<\/a>. Also available at RePEc<\/a>.<\/li>\n
    15. Nyberg, Peter<\/a> and Vaihekoski, Mika (2014): Equity premium in Finland and long-term performance of the Finnish equity and money markets. Cliometrica<\/a>, 2014, vol. 8, issue 2, 241-269. Available here (direct)<\/a>, here (RePEc)<\/a>, and here (Kudos-service with some additional links)<\/a>.<\/li>\n
    16. Brunzell, Tor<\/a>, Liljeblom, Eva,<\/a> and Vaihekoski, Mika (2013): Determinants of capital budgeting methods and hurdle rates in Nordic firms.<\/span> Accounting & Finance<\/a>, 2013, vol. 53, no. 1, 85-110. Available here<\/a>. Also available at RePEc<\/a>.<\/li>\n
    17. Broussard, John P.<\/a> and Vaihekoski, Mika (2012): Profitability of pairs trading strategy in an illiquid market with multiple share classes<\/span>. Journal of International Financial Markets, Institutions & Money, 2012, vol. 22, issue 5, 1188-1201. Available here<\/a> together with the Matlab code given as an Internet Appendix (Journal’s site: Appendix A. Supplementary data). Available also at RePEc<\/a> and SSRN<\/a>.<\/li>\n
    18. Antell, Jan<\/a> and Vaihekoski, Mika (2012): Pricing currency risk in the stock market: Evidence from Finland and Sweden 1970-2009. <\/span> Journal of International Financial Markets, Institutions & Money, 2012, vol. 22, issue 1, 120-136. Available here<\/a>. Earlier version (no major changes) available below as a working paper.<\/li>\n
    19. Vaihekoski, Mika (2011): History of finance education and research in Finland: The first 30 years.<\/span> European Journal of Finance<\/a>, 2011, vol. 17, no 5-6, 339-354. Available here: DOI: 10.1080\/1351847X.2010.543829<\/a>. An earlier version with an Appendix listing Finnish doctoral dissertations in finance (1976-2007) is available below as the Bank of Finland Discussion Paper.<\/li>\n
    20. Liljeblom, Eva<\/a> and Vaihekoski, Mika (2010): Who Creates Short-Term Pressure? An Analysis of Firms with Different Ownership Structures.<\/span> Finnish Journal of Business Economics (renamed as Nordic Business Journal)<\/a>, 2010, vol. 59, no 3, 239-264. Available here<\/a>.<\/li>\n
    21. Saleem, Kashif<\/a> and Vaihekoski, Mika (2010): Time-varying global and local sources of market and currency risk in Russian stock market.<\/span> International Review of Economics and Finance<\/a>, 2010, Vol. 19, No. 4, 686-697. Available doi: 10.1016\/j.iref.2010.03.005<\/a>.<\/li>\n
    22. Nyberg, Peter<\/a> and Vaihekoski, Mika (2010): A new value-weighted total return index for the Finnish stock market.<\/span> Research in International Business and Finance<\/a>, 2010, Vol. 24, No. 3, 267-283. doi: 10.1016\/j.ribaf.2009.12.006. Available here<\/a>. 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.”.<\/li>\n
    23. Vaihekoski, Mika (2009): Pricing of liquidity risk: Empirical evidence from Finland.<\/span> Applied Financial Economics<\/a>, 2009, Vol. 19, No 19, 1547-1557. doi: 10.1080\/09603100802599548<\/span>; Available here<\/a>.<\/span><\/li>\n
    24. Fedorova, Elena<\/a> and Vaihekoski, Mika: Global and Local Sources of Risk in Eastern European Emerging Stock Markets.<\/span> Finance a Uver — the Czech Journal of Economics and Finance<\/a>, 2009, Vol. 59, No. 1, 2-19. Available for download here<\/a>.
      \n<\/span><\/li>\n
    25. Liljeblom, Eva<\/a> and Vaihekoski, Mika: Corporate ownership and managerial short-termism: Results from a Finnish study of management perceptions.<\/span> International Journal of Production Economics<\/a>, 2009, Vol. 117, No. 2, 427-438. doi: 10.1016\/j.ijpe.2008.12.008<\/span>. Available here<\/a>. IJPE is included in the Thomson Reuters 2008 Journal Citation Report.<\/span>.<\/li>\n
    26. Gr\u00f6nlund, Tomi, Louko, Antti and Vaihekoski, Mika: Corporate Real Estate Sale and Leaseback Effect. Empirical Evidence from Europe.<\/span> European Financial Management<\/a>, 2008, Vol. 14, No. 4, 820-843. doi: 10.1111\/j.1468-036X.2007.00417.x<\/span>;\u00a0 link<\/a>. 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.<\/span><\/li>\n
    27. Saleem, Kashif<\/a> and Vaihekoski, Mika: Pricing of global and local sources of risk in Russian stock market.<\/span> Emerging Markets Review<\/a>, 2008, Vol. 9, No. 1, 40-56. doi: 10.1016\/j.ememar.2007.08.002<\/span>. Available here<\/a>.<\/span><\/li>\n
    28. Antell, Jan<\/a> and Vaihekoski, Mika: International Asset Pricing Models and Currency Risk: Evidence from Finland 1970-2004.<\/span> Journal of Banking and Finance<\/a>, 2007, Vol. 31, No. 9, 2571-2590. doi: 10.1016\/j.jbankfin.2006.09.013<\/span>; link<\/a>. JBF is included in the Thomson Reuters 2006 Journal Citation Report.<\/span><\/li>\n
    29. Vaihekoski, Mika: Global Market and Currency Risk in Finnish Stock Market<\/span>. Finnish Economics Papers<\/a>, 2007, Vol. 20, No. 1, 72-88. Available here<\/a>. [E2 in my doctoral dissertation].<\/span><\/li>\n
    30. Vaihekoski, Mika: Portfolio Construction for Tests of Asset Pricing Models.<\/span> Published in Financial Markets, Institutions & Instruments<\/a>, 2004, Vol. 13, Issue 1, 1-39. doi: 10.1111\/j.0963-8008.2004.0001.x<\/span>. Available here<\/a>. Link to this publication at SSRN is available here<\/a>. Additional material: Appendix A<\/a>, Appendix B<\/a>, Appendix C (Word-document)<\/a>. This paper was among Top 5 accessed FMII-articles in 2004. <\/span><\/li>\n
    31. Liljeblom, Eva<\/a> and Vaihekoski, Mika: Investment Evaluation Methods and Required Rate of Return in Finnish Publicly Listed Companies.<\/span> Published in Finnish Journal of Business Economics<\/a> (later renamed as Nordic Journal of Business), 2003, Vol. 53, No 1, 9-24. Available here<\/a>.<\/li>\n
    32. Nummelin, Kim and Vaihekoski, Mika: Sources of Capital Market Segmentation: Empirical Evidence from Finland.<\/span> The Financial Review<\/a>, 2001, Vol. 36, Issue 2, 139-160. Available here<\/a> and https:\/\/doi.org\/10.1111\/j.1540-6288.2001.tb00014.x<\/a>. [E4 in my doctoral dissertation]<\/span><\/li>\n
    33. Nummelin, Kim and Vaihekoski, Mika: World Capital Markets and Finnish Stock Returns.<\/span> European Journal of Finance<\/a>, 2002, Vol. 8, No. 3, 322-343. Available here<\/a> and https:\/\/doi.org\/10.1080\/13518470010007418<\/a>. [E3 in my doctoral dissertation]<\/span><\/li>\n
    34. Vaihekoski, Mika: Portfolio Construction in Emerging Markets.<\/span> Emerging Markets Quarterly<\/a>, 2000, Vol. 4, No. 3, 68-78. Download draft<\/a> (pdf, 74 kB).<\/span><\/li>\n
    35. Vaihekoski, Mika: Unconditional International Asset Pricing Models: Empirical Tests.<\/span> Finnish Economics Papers<\/a>, 2000, Vol. 13, No. 2, 71-88. Available for download here<\/a>. [Essay 1 in my doctoral dissertation]<\/span><\/li>\n
    36. Vaihekoski, Mika: Short-Term Returns and the Predictability of Finnish Stock Returns.<\/span> Finnish Economic Papers<\/a>, 1998, Vol. 11, No. 1, 19-36. Available for download here<\/a>.<\/span><\/li>\n
    37. Vaihekoski, Mika: The Finnish Equity Market: Recent Trends and Important Events.<\/span> Finnish Journal of Business Economics<\/a> (later renamed as Nordic Journal of Business), 1997, Vol. 46, No. 4, 526-543.\u00a0 Available for download here<\/a>.<\/span><\/li>\n
    38. Vaihekoski, Mika: Intertemporal Asset Pricing Model: Tests on Weekly Data from the Helsinki Stock Exchange.<\/span> Finnish Journal of Business Economics<\/a> (later renamed as Nordic Journal of Business), 1996, Vol. 45, No 4, 343-383. Download<\/a> (pdf, 1768 kB, pre-draft, not the typeset\u00a0version)<\/span><\/li>\n
    39. Vaihekoski, Mika: Tieteen l\u00e4hestymistavat ja ontologinen ongelma<\/span> [Onthological Problem in Philosophy of Science]. Tiedepolitiikka<\/a>, 1994, 3, 45-54. Download<\/a> (pdf, 74 kB). Published article is one part of the original full-length paper available here<\/a> (pdf, 180 kB). [Part of my Master’s Thesis]<\/span><\/li>\n<\/ol>\n

      Different research publications services and databases with information on my research
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      Link<\/a> to my papers with some personal comments in Kudos. Link<\/a> to my papers in Scopus. Link<\/a> to my papers in Web of Science. Link<\/a> to my papers in EconPapers \/ RePec-database. Link<\/a> to all my papers in SSRN and rss-feed<\/a> of the changes. Link<\/a> to my SciProfiles page. Link<\/a> to my profile at Academia.edu. Link<\/a> to my profile at ORCID.org. Link<\/a> to my publications at Science and Research in Finland – Finnish Research Publications database. Link<\/a> to my publications at www.finna.fi – Information search service brings together the collections of Finnish archives, libraries and museums. Link<\/a> to my profile at ResearcherID.com<\/a><\/p>\n

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      Research reports and discussion papers<\/b><\/p>\n