Department of Finance

Markku Kaustia

Professor of Finance, Hannes Gebhard Professor in Finance and Insurance
Markku Kaustia, photo by Kreetta Järvenpää

Room: V308 (School of Business building, 3rd floor)

Email: [email protected]



Refereed publications

“Common Analysts: Method for Defining Peer Firms”. Journal of Financial and Quantitative Analysis, 56(5), 1505-1536, 2021. With Ville Rantala.

“Does mood affect trading behavior?”. Journal of Financial Markets 29, 1-26, 2016 (with Elias Rantapuska).

“Stock ownership and political behavior: Evidence from demutualizations”. Management Science, 62(4), 946-963, 2016. With Samuli Knüpfer and Sami Torstila.

"Risk ON / Risk OFF: Risk-Taking Varies with Subjectively Preferred and Disliked Music". PLOS One 10(8): e0135436, 2015. With Marja-Liisa Halko.

“Social learning and corporate peer effects”, Journal of Financial Economics 117(3), 653-669, 2015. With Ville Rantala.

“Overconfidence and debiasing in the financial industry”, Review of Behavioral Finance, 4(1), 46-62, 2012. With Milla Perttula.

“The gender effect in risky asset holdings”, Journal of Economic Behavior and Organization, 83(1), 66–81, 2012. With Marja-Liisa Halko and Elias Alanko.

“Rational and behavioral motives to trade: Evidence from reinvestment of dividends and tender offer proceeds”, Journal of Banking and Finance, 36(8), 2366–2378, 2012. With Elias Rantapuska.

“Peer performance and stock market entry”, Journal of Financial Economics, 104(2), 321–338, 2012. With Samuli Knüpfer.

“Stock market aversion? Political preferences and stock market participation”, Journal of Financial Economics, 100(1), 98-112, 2011. With Sami Torstila.

“Prospect theory and the disposition effect”, Journal of Financial and Quantitative Analysis, 45(3), 791-812, 2010.

“Should good stocks have high prices or high returns?”, Financial Analysts Journal 65(3), 55-62, 2009. With Heidi Laukkanen and Vesa Puttonen.

“Do investors overweight personal experience? Evidence from IPO subscriptions”, Journal of Finance 63(6), 2679-2702, 2008. With Samuli Knüpfer.

“How much does expertise reduce behavioral biases? The case of anchoring effects in stock return estimates”, Financial Management 37(3), 391-411, 2008. With Eeva Alho and Vesa Puttonen.

“Price setting and the reluctance to realize losses in apartment markets”, Journal of Economic Psychology 29(1), 19-34, 2008. With Mikko Einiö and Vesa Puttonen.

“Market-wide impact of the disposition effect: Evidence from IPO trading volume”, Journal of Financial Markets 7(2), 207-235, 2004.


Book chapters

“Disposition effect”, Chapter 10 in Behavioral Finance (Robert W. Kolb Series in Finance), H. Kent Baker and John R. Nofsinger, eds., John Wiley & Sons, Inc., 2010.


Current Working Papers

“Non-Standard Errors”. With 342 others.

“Greenwashing in Mutual Funds”. With Wenjia Yu.

"Expecting a Stock Market Miracle". With Joni Kokkonen and Vesa Puttonen.

"What Drives the Heterogeneity in Portfolio Choice? The Role of Institutional, Traditional, and Behavioral Factors". With Andrew Conlin and Niilo Luotonen.

“An optimist gets the job done? Financial advisers’ sophistication and stock return expectations”. With Antti Lehtoranta and Vesa Puttonen.

“Common Analysts – Method for Defining Peer Firms”. With Ville Rantala.


Behavioral and Sustainable Finance

Portfolio Management

MSc Thesis

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