Recent financial publications by the finance research team members (from newest to the oldest).

2024

Alvarez E., L. H. R. – Lempa, Jukka – Saarinen, Harto – Sillanpää, Wiljami: “Solutions for Poissonian stopping problems of linear diffusions via extremal processes”, Stochastic Processes and their Applications, 2024, vol. 172, 10435. Link.

Vaihekoski, Mika (2024) Revisiting Stock Market Index for the Helsinki Stock Exchange 1912–1981. Forthcoming in Journal of Risk and Financial Management, vol. 17, No. 3. Available at https://doi.org/10.3390/jrfm17030090. OA.

2023

Vaihekoski, Mika and Yahya, Habeeb (2023) ESG and firm performance: Evidence from the Nordic countries. Nordic Journal of Business, vol. 73 (3), 164-189. Available here. OA.

Yahya, Habeeb (2023) Female leadership and ESG performance of firms: Nordic evidence. Forthcoming in Corporate Governance. Available at https://doi.org/10.1108/CG-03-2023-0129

Yahya, Habeeb (2023) The role of ESG performance in firms’ resilience during the COVID-19 pandemic: Evidence from Nordic firms. Global Finance Journal, vol. 58, 100905. Available at https://doi.org/10.1016/j.gfj.2023.100905.

Antell, Jan – Vaihekoski, Mika (2023) Countercyclical and time-varying reward to risk and the equity premium. Research in International Business and Finance, vol. 66, 102017. Available at https://doi.org/10.1016/j.ribaf.2023.102017.

Mensi, Walid – l Khoury, Rim – Ali, Syed Riaz Mahmood – Vo, Xuan Vinh – Kang, Sang Hoon (2023) Quantile dependencies and connectedness between the gold and cryptocurrency markets: Effects of the COVID-19 crisis. Research in International Business and Finance, vol. 65, 101929. Available at https://doi.org/10.1016/j.ribaf.2023.101929.

Ali, Syed Riaz Mahmood – Anik, Kaysul Islam – Hasan, Mohammad Nurul- Kamal, Md Rajib (2023) Geopolitical threats, equity returns, and optimal hedging. International Review of Financial Analysis, vol. 90, 102835. Available at https://doi.org/10.1016/j.ribaf.2023.102017.

2022

Vaihekoski, Mika (2022) Helsinki Stock Exchange: trading and listed securities, 1912–1981”. Financial History Review, vol. 29, no. 3, 326–341. Available at https://doi.org/10.1017/S0968565022000208. OA.

Mensi, Walid – Ali, Syed Riaz Mahmood – Vo, Xuan Vinh – Kang, Sang Hoon: “Multiscale dependence, spillovers, and connectedness between precious metals and currency markets: A hedge and safe-haven analysis”. Resources Policy, 2022,
Vol. 77, 102752. Link.

Broussard, John P. – Vaihekoski, Mika: “Time-variation of dual-class premia”. Nordic Journal of Business, 2022, vol.  71, no. 1, 26-50. Link.

Ali, Syed Riaz: “Herding in different states and terms: evidence from the cryptocurrency market”. Journal of Asset Management, 2022. Link.

Ali, Syed Riaz – Mensi, Walid – Anik, Kaysul Islam – Rahman, Mishkatur – Kang, Sang Hoon: “The impacts of COVID-19 crisis on spillovers between the oil and stock markets: Evidence from the largest oil importers and exporters”. Economic Analysis and Policy, 2022, vol. 73, 345-372. Link.

Older publications

Antell, Jan – Vaihekoski, Mika (2019) Expected and realized returns in conditional asset pricing: A new testing approach. Journal of Empirical Finance, vol. 52, 220-236. Link.

Alvarez E., L. H. R.: “Optimal Exit and Valuation under Demand Uncertainty: A Real Options Approach”, European Journal of Operational Research, 1999, vol. 114, 320-329. Link.

Alvarez E., L. H. R., Kanniainen, V. and Södersten, J.: “Why is the corporation tax not neutral? Anticipated tax reform, investment spurts and corporate borrowing”, FinanzArchiv/Public Finance Analysis, 2000, vol. 56, 285-309. Link.

Alvarez E., L. H. R. and Stenbacka, R.: “Adoption of Uncertain Multi-stage Technology Projects: A Real Options Approach”, Journal of Mathematical Economics, 2001, vol. 35, 71-97. Link.

Alvarez E., L. H. R., Keppo, J.: “The Impact of Delivery Lags on Irreversible Investment Under Uncertainty”, European Journal of Operational Research, 2001, vol. 136/1, 174-181. Link.

Alvarez E., L. H. R. and Stenbacka, R.: “Optimal Risk Adoption: A Real Options Approach”, Economic Theory, 2004, vol. 23, 123-148. Link.

Alvarez E., L. H. R. and Koskela, E.: “Wicksellian Theory of Forest Rotation under Interest Rate Variability”, Journal of Economic Dynamics and Control, 2005, vol. 29, 529-545. Link.

Alvarez E., L. H. R. and Koskela, E.: “Irreversible Investment under Interest Rate Variability: Some Generalizations”, Journal of Business, 2006, vol. 79, 623-644. Link.

Alvarez E., L. H. R. and Virtanen, J.: “A Class of Solvable Stochastic Dividend Optimization Problems: On the General Impact of Flexibility on Valuation”, Economic Theory, 2006, vol. 28, 373-398.Link.

Alvarez E., L. H. R. and Stenbacka, R.: “Takeover Timing, Implementation Uncertainty, and Embedded Divestment Options”, Review of Finance, 2006, vol. 10 (3), 417-441. Link.

Alvarez E., L. H. R. and Rakkolainen T. A.: “Investment Timing in Presence of Downside Risk: A Certainty Equivalent Characterization”, Annals of Finance, 2010, vol. 6, 317-333. Link.

Alvarez E., L. H. R.: “Minimum Guaranteed Payments and Costly Cancellation Rights: A Stopping Game Perspective”, Mathematical Finance, 2010, vol. 20, 733-751. Link.

Alvarez E., L. H. R.: “Optimal Capital Accumulation under Price Uncertainty and Costly Reversibility”, Journal of Economic Dynamics and Control, 2011, vol. 35, 1769-1788. Link.

Alvarez E., L. H. R. and Christensen, S.: “A Class of Solvable Multidimensional Stopping Problems in the Presence of Knightian Uncertainty”, Advances in Applied Probability, 2021, vol. 53, 400–424. Link.