Department of Finance

Juha Joenväärä

Associate Professor of Finance
Juha Joenväärä, photo by Evelin Kask

Room: V311 (School of Business building, 3rd floor)

Tel: +358 40 557 1974

Email: [email protected]


Published papers

Joenväärä J., Kauppila M. and Tolonen P. (2023) “Information Content of Hedge Fund Equity Option Holdings”. Journal of Alternative Investments, 25(4), 199–147.

Joenväärä J., Mäkiaho J., and Torstila S. (2021) "Prolonged Private Equity Holding Periods: Six Years Is the New Normal". Journal of Alternative Investments, 25(1), 65–93.

Joenväärä J., Kauppila M. and Kahra H. (2021) “Hedge Fund Portfolio Selection with Fund Characteristics”. Journal of Banking and Finance 132, 106-232.

Bollen N., Joenväärä J. and Kauppila M. (2021) “Hedge Fund Performance: End of an Era”. Financial Analysts Journal, 77:3, 109-132.

Joenväärä J., Kosowski R. (2021) "The Effect of Regulatory Constraints on Fund Performance: New Evidence from UCITS Hedge Funds", Review of Finance, 25(1), 189 – 233.

Joenväärä J., Kauppila M., Kosowski R. and Tolonen P. (2021) “Hedge Fund Performance: Are Stylized Facts Sensitive to Which Database One Uses?” Critical Finance Review, 10(2), 271–327.

Joenväärä J., Kosowski R. and Tolonen P. (2019) “The Effect of Investment Constraints on Fund Investor Performance”, Journal of Financial and Quantitative Analysis 54, 1539-1571.

Joenväärä J. and Scherer B. (2019) “Frictional Diversification Costs: Evidence from a Panel of Fund of Hedge Fund Holdings”, Journal of Empirical Finance 52, 92-111.

Joenväärä J. and Scherer B. (2017) “A Note on the Valuation of Asset Management Firms”, Financial Markets and Portfolio Management 31, 181–199.

Working papers

Joenväärä J. and Tiu C. “Hedge Fund Flows and Name Gravitas

Joenväärä J., Karppinen J., Teo M. and Tiu C. “The Vocabulary of Hedge Funds

Aragon G., Jiang Y., Joenväärä J. and Tiu C. “Responsible Investments: Costs and Benefits for University Endowment Funds”, R&R at the JFE.

Barth D., Joenväärä J., Kauppila M., and Wermers R. (2023) “A Bias-Free Assessment of the Hedge Fund Industry: A New Evaluation of Total Assets, Alphas, and the Flow-Performance Relation.”  R&R at the RFS.

Bollen, N., Joenväärä J., and Kauppila M. (2023) “The Decline in Hedge Fund Performance Persistence.” R&R at the CFR.

Agarwal L., Joenväärä J. Sharman R., and Tiu C. (2023) Breaking the Circle of Disadvantage: Post-Disaster Peer-to-Peer Lending in Minority Regions, R&R at the MISQ.

Agarwal L., Joenväärä J. Lindsey, C., Sharman R., and Tiu C. (2024), Social Unrest and Reversed Discrimination in P2P Lending.

Aragon G., Jiang Y., Joenväärä J., and Tiu C. (2024), Are Hedge Funds Exploiting Climate Concerns? 

Brown, G., Joenväärä, J., Lundblad, C., and Maxwell, R. (2024), Optimal Hedge Fund Portfolio Selection.

Work in progress

Brown G, Joenväärä J., Kauppila M., and Lundblad C. (2024), Diverse-Owned Hedge Fund Firms.

Brown, G., Howard, P., Joenväärä, J., and Lundblad, C. (2023) Activist Hedge Fund Performance

Selected media mentions and appearances

Altersvorsorge neu gedacht, Lohnen sich Hedgefonds für Privatanleger?, August 15, 2022

The hidden $11 Tn hedge fund industry | Navesink International, January 26, 2022

Forbes, This Study Proves Hedge Fund Performance Has Worsened In Recent Years, Jun 30, 2021

Institutional Investor, How Regulators Killed Hedge Funds, May 24, 2021

Top of the class: do SRI-focused endowments perform better? UNPRI Academic Blog, May 29, 2020

HedgeNordic, Sophisticated Writers Make Better HF Managers, September 2, 2019

Institutional Investor, Good Writers Make Better Hedge Fund Managers, August 28, 2019

Financial Times, A complex analysis reaches same conclusion as simple one: hedge funds suck, April 24, 2018

ThinkAdvisor, Beware falling for hedge funds with important-sounding names, April 12, 2017

Fast Company, Don’t judge a hedge fund by its name even if you really want to, April 13, 2017

MarketWatch, Investors have a silly way of picking hedge funds, and it costs them big time, April 13, 2017

Private Wealth magazine, Why shouldn’t judge a hedge fund by its name, April 13, 2017

CNBC, Investors like hedge funds with powerful-sounding names, even if they fail to deliver, March 29, 2017

Vanity Fair, Hedge fund investors like hedge fund names that suggest gravitas, even if their returns suck, March 24, 2017

Bloomberg, Public markets and hedge-fund closings, March 24, 2017

Valuewalk, Hedge funds name gravitas, March 2017

Dealbreaker, Sophisticated investors choose hedge funds that sound big and heavy, March 24, 2017

Institutional Investor, Hedge funds with strong, powerful names attract the most money, March 24, 2017

Quartz, Supposedly sophisticated investors seem to be susceptible to flashy hedge fund names, March 27, 2017

Financial Times, Are star fund managers a dying breed?, March 27, 2014

Financial Times, Hedge funds performance versus liquidity, April 5, 2013

Financial Times, Hedge fund industry fights back on criticism, April 24, 2012


Capstone: Alternative Investments

BSc Thesis

  • Published:
  • Updated: