Department of Finance

Finance Brown Bag Seminar

The Finance Brown Bag Lunch Seminar is held in lecture hall T004 on Wednesdays from 12:15 to 13:00 (unless announced differently in the table below). The Seminar is organized by Assistant Professor Sean S. Shin. All questions related to the seminar can be addressed to him.

Finance Brown Bag Seminar schedule

Date Presenter Paper


Note exceptional place: lecture hall V002

Sina Seyfi (Aalto University) TBA


Past Brown Bag seminars




29.11.2022 Andrew Conlin (University of Oulu) Gender differences in the relationships between personality traits and risk tolerance
18.11.2022 Jussi Lindgren (Ministry of Finance, Finland) A generalized model for pricing financial derivatives consistent with efficient markets hypothesis – a refinement of the BlackScholes model
9.11.2022 Yuekun Liu (Aalto University) Multi-Factor Timing: Measures and their Application to Hedge Funds 
2.11.2022 Teodor Duevski (HEC Paris)  Exploration-Exploitation and Agency issues in Private Equity
12.10.2022 Sina Seyfi (Aalto University) Neighbouring Assets
24.8.2022 Mikael Paaso (Erasmus University Rotterdam) Decomposing Partisan Investment
16.8.2022 Zhi Da (University of Notre Dame) Do Hedge Funds Strategically Misreport Their Holdings? Evidence from 13F Restatements
14.6.2022 Erkki Vihriälä (Aalto University) (Not) Anticipating Inheritances
8.6.2022 Olga Balakina (Aarhus University) Good peers, good apples: peer effects lead to better financial outcomes
22.4.2022 Tarun Chordia (Emory University) True Liquidity and Fundamental Prices: US Tick Size Pilot
23.2.2022  Katia Vozian (Hanken School of Economics; European Central Bank) Financing the low-carbon transition in Europe
19.1.2022 Juuso Nissinen (Aalto University) Global Fixed Income Prices and Funding Currency
15.12.2021 Adrian Braun (University of Lapland) Circular Economy on the agenda of cities and municipalities in the High North – Taking policies to implementation by utilizing sustainable investments
8.12.2021 Magnus Blomkvist (Audencia Business School)

Do Venture Capitalists Continue to Create Value after the IPO?

(Joint work w/ Anup Basnet - University of Surrey; Douglas Cumming - Florida Atlantic University)

3.11.2021 Niilo Luotonen (Aalto University) Early indicators of household financial distress: Register-based evidence from educational performance
13.10.2021 Michael Ungeheuer (Aalto University) The Frequency of Outperformance and Financial Markets
29.9.2021 Paul Rintamäki (Aalto University) Comprehensive evaluation of wealth effects on local labor market outcomes
22.9.2021 Michael Ungeheuer (Aalto University) Like Moths to a Flame: Research Plan for a Field Experiment
18.8.2021  Wenjia Yu (Aalto University) Do fund flows react to non-fundamental ESG information? Evidence from Morningstar’s sustainability criteria change
16.6.2021 Minsu Ko (Ohio State University) Aging of ownership and corporate risk-taking
28.4.2021 Paul Rintamäki (Aalto University) Equity share cycle
7.4.2021 Abu Chowdhurya (University of Turku) Are Mondays Different? Evidence from Initial Public Offerings (with Mika Vaihekoski, University of Turku; Mir Zaman, University of Northern Iowa)
31.3.2021 Matti Suominen (Aalto University) Boundaries of Momentum - Equity and Bond Returns Over the Business Cycle
3.3.2021 Juuso Nissinen (Aalto University) Currency Carry Trades and Global Funding Risk (with Sara Ferreira Filipe and Matti Suominen)
14.10.2020 Mikael Paaso (Rotterdam School of Management) Trust in Finance and Consumer Fintech Adoption (Deniz Okat, Mikael Paaso and Vesa Pursiainen)
30.9.2020 Ole Nielsen (Aarhus University) Hedge fund selection: Best athletes or portfolio gains?
23.9.2020 Theresa Spickers (Aalto University) The Financial Expert in Your Family
9.9.2020 Theresa Spickers (Aalto University) Financial Socialization, Pocket Money, and Financial Risk-Taking
11.3.2020 Michael Ungeheuer (Aalto University) Growth Expectations out of WACC
14.2.2020 Dinh-Vinh Vo (Lund University) The Response of Exchange Rates to Central Bank Communication: A Textual Analysis Approach
12.2.2020 Ivika Jäger (Stockholm School of Economics) The Impact of Automated Information Acquisition on the Stock Market
29.1.2020 Sean Shin (Aalto University) The More Illiquid, The More Expensive: A Search-Based Explanation of Illiquidity Premium
22.1.2020 Matthijs Lof (Aalto University) Mind the Basel Gap
27.11.2019 Erkki Vihriälä (University of Oxford) Limited demand for flexibility - commitment, inertia and inattention in debt repayment
6.11.2019 Gonul Colak (Hanken School of Economics) Effective Defense Tactic or Obstacle to Change? The Role of Investor Relations in Activism Campaigns
1.11.2019 Jessica Pély  (LMU Munich) M&A Motives, Managerial Ambiguity, and Takeover Performance
8.10.2019 Claus Munk (Copenhagen Business School) The design and welfare implications of mandatory pension plans
28.8.2019 Nikolas Breitkopf
(Ludwig Maximilian University of Munich)
Creating Data-Driven Context-Specific Dictionaries for Sentiment Analysis in Finance


Renée Adams (University of Oxford)

Financing Legislators


Zhi Da (University of Notre Dame)

Extrapolative Beliefs in the Cross-Section: What Can We Learn from the Crowds?

22.5.2019 Kristian Miltersen (Copenhagen Business School) The Tax Asymmetry Motive to Hold Corporate Cash, with Jens Dick-Nielsen and Ramona Westermann
15.5.2019 Michael Ungeheuer (Aalto University) In the spotlight: Close-to-Close Returns, Institutional Information Acquisition, and Trading
8.5.2019 Fabian Brunner (University of Mannheim) Reference-dependent return chasing: alpha, losses and fund flows
24.4.2019 Henry Jarva (Aalto University, Department of Accounting) The Determinants of CEO Tenure
17.4.2019 Tarun Chordia (Emory University) The Revealed Preferences of Mutual Fund Managers
10.4.2019 Daniel Hauser (Aalto University, Department of Economics) Social Learning with Model Misspecification: A Framework and A Characterization.
27.3.2019 Jari Karppinen (University of Oulu) What do hedge funds say?
27.2.2019 Ellapulli Vasudevan (Aalto University) Learning to be a short-term investor? Stock specialization and the investment horizon
9.1.2019 Erkki Vihriälä  (University of Oxford) Untangling the credit card debt puzzle – persistence, reaction to new liquidity and intra-household optimization


Samuli Knüpfer (BI Norwegian Business School)



Mikael Paaso (Aalto University)

Extrapolation and Real Investment


Antti Suhonen (Aalto University)

A decade of alternative risk premia investing


Pekka Honkanen (HEC Paris)

Securities lending by active and passive funds


Matthijs Lof (Aalto University)

Expected Returns and Expected Dividend Growth: A Local Projection Approach


Matias Möttölä (MorningStar, CFA Finland)

Fixed-income managers' odds of success and other Morningstar research


Renée Adams
(University of New South Wales)

Unsuccessful Teams


Theresa Spickers
(Ludwig Maximilian University of Munich)

Stress test: Do investors' stress levels affect trading and prices?


Mikael Paaso
(Aalto University)

Preliminary work examining the causal relationship between corporate cash holdings and agency problems


Allaudeen Hameed
(National University of Singapore)

Mispriced Stocks, Option Trading, and Return Predictability


Bünyamin Önal
(Aalto University)

Do Politically Connected Directors Bridge an Information Gap in Investment Decisions? Evidence from China


Tarun Chordia
(Emory University)

p-hacking: Evidence from two million trading strategies


Sami Torstila
(Aalto University)

Prolonged Private Equity Holding Periods: Six Years is the New Normal


Ludovic Phalippou
(Saïd Business School)

How Alternative Are Alternative Investments? The Case of Private Equity Funds


Michela Altieri
(VU University of Amsterdam)

Corporate Bond Guarantees and The Value of Financial Flexibility


Belma Ötztürkkal
(Kadir Has University)

Liquidity Response to Mutual Fund Flows


Juho Kanniainen
(Tampere University of Technology)

Do Custodian Banks Trade on Information from Their Clients' Transactions?


Tuomas Tomunen
(Columbia University)

Prospect Theory and Macro-finance


Mikael Paaso
(Aalto University)

Perfect Pitch


Michael Ungeheuer
(Aalto University)

Daily Winners and Losers


Nic Schaub
(University of St. Gallen

The Impact of Internet Postings on Individual Investors


Markus Schmid
(University of St. Gallen)

Peer Pressure in Corporate Earnings Management


Peter Hans Matthews
(Middlebury College/Hanken School of Economics)

Choice Architecture to Improve Financial Decision-Making


Gonul Colak
(Hanken School of Economics)

Investor Relations and IPO Performance


Ellapulli Vasudevan
(Aalto University)

Volatility and the Disposition Effect


Söhnke M. Bartram
(Warwick Business School)

Global Market Inefficiencies


Markku Kaustia
(Aalto University)

Expecting a Stock Market Miracle


Utpal Bhattacharya
(Hong Kong University of Technology)

Spillovers in Asset Prices: The Curious Case of Haunted Houses


Aleksi Pitkäjärvi
(Aalto University)

Cross-Asset Signals and Time Series Momentum


Yijie Li
(Aalto University)

Unemployment-Based Economic States and Equity Premium Predictability


Renee Adams
(University of New South Wales)

Shareholders and Stakeholders around the World: The Role of Values and Culture in Directors’ Decisions


Patrick Kelly
(New Economic School)

Does Access to Foreign Financing Insulate Firms from Local Shocks? Evidence from the Response of Investable Firms to Monetary Policy


Bruce Grundy
(University of Melbourne)

Can Socially-Responsible Firms Survive Competition? Analysis of Corporate Employee Matching Grants


Petra Vokatá
(Aalto University)

On Structured Products


Juha Joenväärä
(University of Oulu)

Hedge Fund Flows and Names Gravitas


Doron Avramov
(Hebrew University of Jerusalem)

Bonds, Stocks, and Sources of Mispricing


Patrick Augustin
(McGill University)

Multi-Market Trading and Cross-Asset Integration


Fabio Verona
(Bank of Finland)

Forecasting the Equity Risk Premium with Frequency-Decomposed Predictors


Nathaniel Young

Banking and Growth: Evidence from a Regression Discontinuity Analysis


Mikael Paaso

Extrapolating from Noise? Investment Decisions and Cash Flow Shocks


Matti Keloharju

Shady Deals in a Squeaky Clean Country


Karolin Kirschenmann
(ZEW - Centre for European Economic Research)

Numeracy and On-The-Job Decision Quality: Evidence from Loan Officers


Jos van Bommel

Intergenerational Wealth Transfer: How Wealthy Families (Can) Preserve Wealth?


Claus Munk
(Copenhagen Business School)

A Mean-Variance Benchmark for Household Portfolios over the Life Cycle


Sampsa Samila (National University of Singapore Business School)

Persistence of Initial Success: Evidence from Venture Capital. Joint with Ramana Nanda (HBS) and Olav Sorenson (Yale SOM)


Denis Gromb (HEC Paris)

Financially Constrained Arbitrage and Cross-Market Contagion. Joint with Dimitri Vayanos.


Elias Rantapuska (Aalto University)

Mutual Fund Choice Across Generations. Joint work with Samuli Knupfer (BI Norwegian Business School and CEPR) and Matti Sarvimäki (Aalto University and VATT)


Fabio Verona (Bank of Finland)

The Q  Theory: New Evidence from a Time-Frequency Analysis


Doron Avramov (The Hebrew University of Jerusalem)

Talking Numbers: Technical versus Fundamental Investment Recommendations


Magnus Blomkvist (Audencia Nantes)

Does the IPO Market Provide an Efficient Tool to facilitate Industry Restructuring?


Matthijs Lof (Aalto University)

Slow Trading and Stock Return Predictability


Renée Adams (UNSW Business School)

The Changing Nature of Corporate Board Activity


Elias Rantapuska

Trust Your Gut: Hunger Increases Trust and Trustworthiness


Petri Jylhä (Imperial College)

Does Funding Liquidity Cause Market Liquidity? Evidence from a Quasi-Experiment


Martin Ruckes (Karlsruhe Institute of Technology)

The Effects of Disclosure Policy on Risk Management Incentives and Market Entry


Gonul Colak (Hanken School of Economics)

Political Uncertainty and Leverage Adjustments: An International Perspective


Matti Suominen

Dash for Cash: Month-End Liquidity Needs and the Predictability of Stock Returns


Doron Avramov (Hebrew University of Jerusalem)

The Idiosyncratic Volatility – Expected Return Relation: Reconciling the Conflicting Evidence


Henry Jarva

Accrual Estimation Errors and CEO Turnover


Bünyamin Önal

CEO Compensation around Acquisitions: Is Agency Problem the Whole Story?


Niilo Luotonen

What constrains micro-entrepreneurship? Evidence from street paper vendors


Helinä Laakkonen (Bank of Finland)

The relevance of uncertainty on the bond market trading volume


Joonas Hämäläinen (University of Turku)

Portfolio Selection under Directional Predictability of Returns


Karolin Kirschenmann

Powerful Parents? The Local Impact of Banks’ Global Business Models. Joint with Ralph De Haas


Matti Suominen

Currency Carry Trades and Funding Risk


Pekka Tolonen (Oulu Business School)

Hedge Fund Leverage and Performance: New Evidence from Multiple Leveraged Share Classes


Patricia Boyallian

CEO Risk Taking Incentives and Bank Failure during the 2007-2010 Financial Crisis


Matti Keloharju

Initial Offer Precision and M&A Outcomes. Joint with Petri Hukkanen


Harrison Hong

Crime, Punishment and the Halo Effect of Corporate Social Responsibility

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