IDEAS home Printed from https://ideas.repec.org/a/taf/eurjfi/v17y2011i5-6p339-354.html
   My bibliography  Save this article

History of financial research and education in Finland

Author

Listed:
  • Mika Vaihekoski

Abstract

This paper reviews the first 30 years of finance research and education history in Finland from the publication of the first financial dissertation in 1977. It was also the year when finance was first offered as a major subject in Finland, among the first ones in the Nordic countries. This review shows how Finnish financial education and research have developed from a very humble beginning to an internationally acclaimed one. This development can be attributed to a number of talented and hard-working individuals but also to the decision to collaborate among the Finnish universities to overcome some of the problems faced by a small country.

Suggested Citation

  • Mika Vaihekoski, 2011. "History of financial research and education in Finland," The European Journal of Finance, Taylor & Francis Journals, vol. 17(5-6), pages 339-354.
  • Handle: RePEc:taf:eurjfi:v:17:y:2011:i:5-6:p:339-354
    DOI: 10.1080/1351847X.2010.543829
    as

    Download full text from publisher

    File URL: http://www.tandfonline.com/doi/abs/10.1080/1351847X.2010.543829
    Download Restriction: Access to full text is restricted to subscribers.

    File URL: https://libkey.io/10.1080/1351847X.2010.543829?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Randolph B. Cohen & Christopher Polk & Tuomo Vuolteenaho, 2003. "The Value Spread," Journal of Finance, American Finance Association, vol. 58(2), pages 609-641, April.
    2. Tuomo Vuolteenaho, 2002. "What Drives Firm‐Level Stock Returns?," Journal of Finance, American Finance Association, vol. 57(1), pages 233-264, February.
    3. Nyberg, Peter & Vaihekoski, Mika, 2010. "A new value-weighted total return index for the Finnish stock market," Research in International Business and Finance, Elsevier, vol. 24(3), pages 267-283, September.
    4. Pentti J.K. Kouri, 1982. "Macroeconomics of Stagflation under Flexible Exchange Rates," NBER Working Papers 0868, National Bureau of Economic Research, Inc.
    5. Thierry Foucault & Ailsa Röell & Patrik Sandås, 2003. "Market Making with Costly Monitoring: An Analysis of the SOES Controversy," The Review of Financial Studies, Society for Financial Studies, vol. 16(2), pages 345-384.
    6. Mark Grinblatt & Matti Keloharju, 2001. "What Makes Investors Trade?," Journal of Finance, American Finance Association, vol. 56(2), pages 589-616, April.
    7. Bris, Arturo & Koskinen, Yrjo, 2002. "Corporate leverage and currency crises," Journal of Financial Economics, Elsevier, vol. 63(2), pages 275-310, February.
    8. Timo P. Korkeamaki & William T. Moore, 2004. "Convertible Bond Design and Capital Investment: The Role of Call Provisions," Journal of Finance, American Finance Association, vol. 59(1), pages 391-405, February.
    9. Rakesh Khurana, 2007. "Introduction to From Higher Aims to Hired Hands The Social Transformation of American Business Schools and the Unfulfilled Promise of Management as a Profession," Introductory Chapters, in: From Higher Aims to Hired Hands The Social Transformation of American Business Schools and the Unfulfilled Promise of Management as a Profession, Princeton University Press.
    10. Matti Keloharju & Kjell G. Nyborg & Kristian Rydqvist, 2005. "Strategic Behavior and Underpricing in Uniform Price Auctions: Evidence from Finnish Treasury Auctions," Journal of Finance, American Finance Association, vol. 60(4), pages 1865-1902, August.
    11. Mark Grinblatt & Matti Keloharju, 2000. "What Makes Investors Trade?," Yale School of Management Working Papers ysm146, Yale School of Management, revised 01 Nov 2001.
    12. Yli-Olli, Paavo & Kolehmainen, Osmo, 1983. "The effects of income taxation on investor's risk-taking: A stock company case," European Journal of Operational Research, Elsevier, vol. 13(3), pages 238-250, July.
    13. G. Geoffrey Booth & Ji-Chai Lin & Teppo Martikainen & Yiuman Tse, 2002. "Trading and Pricing in Upstairs and Downstairs Stock Markets," The Review of Financial Studies, Society for Financial Studies, vol. 15(4), pages 1111-1135.
    14. Grinblatt, Mark & Keloharju, Matti, 2004. "Tax-loss trading and wash sales," Journal of Financial Economics, Elsevier, vol. 71(1), pages 51-76, January.
    15. Pekka T. Hietala, 1989. "Asset Pricing in Partially Segmented Markets: Evidence from the Finnish Market," Journal of Finance, American Finance Association, vol. 44(3), pages 697-718, July.
    16. Keloharju, Matti, 1993. "The winner's curse, legal liability, and the long-run price performance of initial public offerings in Finland," Journal of Financial Economics, Elsevier, vol. 34(2), pages 251-277, October.
    17. Berglund, Tom & Wahlroos, Bjorn & Ornmark, Anders, 1983. " The Weak-Form Efficiency of the Finnish and Scandinavian Stock Exchanges: A Comparative Note on Thin Trading," Scandinavian Journal of Economics, Wiley Blackwell, vol. 85(4), pages 521-530.
    18. repec:zbw:bofrdp:2009_021 is not listed on IDEAS
    19. Baron, D. P. & Holmström, B. R., 1980. "Abstract: The Investment Banking Contract for New Issues Under Asymmetric Information: Delegation and the Incentive Problem," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 15(4), pages 851-851, November.
    20. Burton Hollifield & Robert A. Miller & Patrik Sandås & Joshua Slive, 2006. "Estimating the Gains from Trade in Limit‐Order Markets," Journal of Finance, American Finance Association, vol. 61(6), pages 2753-2804, December.
    21. Lehmann, Bruce N., 2005. "The Legacy of Fischer Black," OUP Catalogue, Oxford University Press, number 9780195168365.
    22. Grinblatt, Mark & Keloharju, Matti, 2000. "The investment behavior and performance of various investor types: a study of Finland's unique data set," Journal of Financial Economics, Elsevier, vol. 55(1), pages 43-67, January.
    23. Allen, Franklin & Karjalainen, Risto, 1999. "Using genetic algorithms to find technical trading rules," Journal of Financial Economics, Elsevier, vol. 51(2), pages 245-271, February.
    24. Kouri, Pentti J.K., 1982. "Macroeconomics of Stagflation Under Flexible Exchange Rates," Working Papers 82-01, C.V. Starr Center for Applied Economics, New York University.
    25. Whitley, Richard, 1986. "The transformation of business finance into financial economics: The roles of academic expansion and changes in U.S. capital markets," Accounting, Organizations and Society, Elsevier, vol. 11(2), pages 171-192, March.
    26. Berglund, Tom & Liljeblom, Eva, 1988. " Market Serial Correlation on a Small Security Market: A Note," Journal of Finance, American Finance Association, vol. 43(5), pages 1265-1274, December.
    27. Jokivuolle, Esa, 1995. "Measuring True Stock Index Value in the Presence of Infrequent Trading," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 30(3), pages 455-464, September.
    28. Kouri, Pentti J K, 1982. "Macroeconomics of Stagflation under Flexible Exchange Rates," American Economic Review, American Economic Association, vol. 72(2), pages 390-395, May.
    29. Hawawini, Gabriel, 1994. "Equity price behavior: Some evidence from markets around the world," Journal of Banking & Finance, Elsevier, vol. 18(4), pages 603-620, September.
    30. repec:zbw:bofrdp:2008_018 is not listed on IDEAS
    31. repec:zbw:bofrdp:2011_014 is not listed on IDEAS
    32. Korhonen, Antti, 2001. "Strategic financial management in a multinational financial conglomerate: A multiple goal stochastic programming approach," European Journal of Operational Research, Elsevier, vol. 128(2), pages 418-434, January.
    33. Randolph B. Cohen & Christopher Polk & Tuomo Vuolteenaho, 2003. "The Value Spread," Journal of Finance, American Finance Association, vol. 58(2), pages 609-642, April.
    34. Mark Grinblatt & Matti Keloharju, 2001. "How Distance, Language, and Culture Influence Stockholdings and Trades," Journal of Finance, American Finance Association, vol. 56(3), pages 1053-1073, June.
    35. Baron, David P & Holmstrom, Bengt, 1980. "The Investment Banking Contract for New Issues under Asymmetric Information: Delegation and the Incentive Problem," Journal of Finance, American Finance Association, vol. 35(5), pages 1115-1138, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Vaihekoski, Mika, 2008. "History of finance research and education in Finland : the first thirty years," Research Discussion Papers 18/2008, Bank of Finland.
    2. repec:zbw:bofrdp:2008_018 is not listed on IDEAS
    3. Menkhoff Lukas & Schmeling Maik & Schmidt Ulrich, 2010. "Are All Professional Investors Sophisticated?," German Economic Review, De Gruyter, vol. 11(4), pages 418-440, December.
    4. Guiso, Luigi & Sodini, Paolo, 2013. "Household Finance: An Emerging Field," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, volume 2, chapter 0, pages 1397-1532, Elsevier.
    5. Stefan Nagel, 2013. "Empirical Cross-Sectional Asset Pricing," Annual Review of Financial Economics, Annual Reviews, vol. 5(1), pages 167-199, November.
    6. John Goddard & David Mcmillan & John Wilson, 2008. "Dividends, prices and the present value model: firm-level evidence," The European Journal of Finance, Taylor & Francis Journals, vol. 14(3), pages 195-210.
    7. Francisco Gomes & Michael Haliassos & Tarun Ramadorai, 2021. "Household Finance," Journal of Economic Literature, American Economic Association, vol. 59(3), pages 919-1000, September.
    8. Ødegaard, Bernt Arne, 2009. "Who moves stock prices? Monthly evidence," UiS Working Papers in Economics and Finance 2009/4, University of Stavanger.
    9. Cohen, Randolph B. & Gompers, Paul A. & Vuolteenaho, Tuomo, 2002. "Who underreacts to cash-flow news? evidence from trading between individuals and institutions," Journal of Financial Economics, Elsevier, vol. 66(2-3), pages 409-462.
    10. Daniel, Kent & Hirshleifer, David & Teoh, Siew Hong, 2002. "Investor psychology in capital markets: evidence and policy implications," Journal of Monetary Economics, Elsevier, vol. 49(1), pages 139-209, January.
    11. Juhani T. Linnainmaa & Michael R. Roberts, 2016. "The History of the Cross Section of Stock Returns," NBER Working Papers 22894, National Bureau of Economic Research, Inc.
    12. Chae, Joon & Yang, Cheol-Won, 2013. "Commonality in individuals' trading: A systematic path between behavioral bias and expected returns," Pacific-Basin Finance Journal, Elsevier, vol. 21(1), pages 1008-1023.
    13. John Y. Campbell & Tarun Ramadorai & Tuomo O. Vuolteenaho, 2004. "Caught on Tape: Predicting Institutional Ownership With Order Flow," Harvard Institute of Economic Research Working Papers 2046, Harvard - Institute of Economic Research.
    14. Fouad Jamaani & Manal Alidarous, 2019. "Review of Theoretical Explanations of IPO Underpricing," Journal of Accounting, Business and Finance Research, Scientific Publishing Institute, vol. 6(1), pages 1-18.
    15. Park, Keun Woo & Jeong, Seong Hoon & Oh, Ji Yeol Jimmy, 2019. "Foreigners at the gate? Foreign investor trading and the disposition effect of domestic individual investors," The North American Journal of Economics and Finance, Elsevier, vol. 49(C), pages 165-180.
    16. Yafeng Qin & Min Bai, 2014. "Foreign Ownership Restriction and Momentum – Evidence from Emerging Markets," International Review of Finance, International Review of Finance Ltd., vol. 14(2), pages 237-261, June.
    17. Mohsen Jafarian & Fauzias Mat Nor & Izani Ibrahim, 2018. "The Relative Importance of Cash Flow News and Discount Rate News at Driving Stock Price Change," Capital Markets Review, Malaysian Finance Association, vol. 26(1), pages 56-72.
    18. Kelly, Patrick J. & Meschke, Felix, 2010. "Sentiment and stock returns: The SAD anomaly revisited," Journal of Banking & Finance, Elsevier, vol. 34(6), pages 1308-1326, June.
    19. Lou, Dong & Polk, Christopher & Skouras, Spyros, 2019. "A tug of war: Overnight versus intraday expected returns," Journal of Financial Economics, Elsevier, vol. 134(1), pages 192-213.
    20. Grinblatt, Mark & Keloharju, Matti, 2004. "Tax-loss trading and wash sales," Journal of Financial Economics, Elsevier, vol. 71(1), pages 51-76, January.
    21. Barna Flavia & Danuletiu Adina Elena & Mura Petru Ovidiu, 2009. "Role Of Information In Adoption Of Investment Decisions On Capital Market," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 3(1), pages 474-479, May.

    More about this item

    Keywords

    financial education; research; graduate school; Finland; history; professors; dissertation;
    All these keywords.

    JEL classification:

    • A23 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Graduate
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • G00 - Financial Economics - - General - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:eurjfi:v:17:y:2011:i:5-6:p:339-354. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/REJF20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.