Department of Finance

Matti Keloharju

Professor of Finance, Aalto Distinguished Professor
Matti Keloharju

Room: V309 (School of Business building, 3rd floor)
Office hours: By appointment.

Tel: +358 40 353 8043
Email: [email protected]


“Do You Really Know Your Cost of Capital?”, 2021, working paper, with Juhani Linnainmaa and Peter Nyberg.

“Long-Term Discount Rates Do Not Vary Across Firms”, 2021b, Journal of Financial Economics 141, 946–967, with Juhani Linnainmaa and Peter Nyberg.

Seasonal Reversals in Expected Stock Returns”, 2021a, Journal of Financial Economics 139, 138-161, with Juhani Linnainmaa and Peter Nyberg.

"CEO Health”, working paper, 2022, with Samuli Knüpfer and Joacim Tåg

"What Prevents Female Executives from Reaching the Top?", Financial Management, forthcoming, with Samuli Knüpfer and Joacim Tåg.

“Initial Offer Precision and M&A Outcomes”, 2019, Financial Management 48, 291-310, with Petri Hukkanen.

"Are CEOs Born Leaders? Lessons from a Million Individuals”, Journal of Financial Economics 130, 392-408, 2018, with Renée Adams and Samuli Knüpfer.

“Return Seasonalities”, Journal of Finance 71(4), 1557-1590, 2016, with Juhani Linnainmaa and Peter Nyberg. Honourable Mention, AQR Insight Award.

"IQ and Mutual Fund Choice", Management Science 62(4), 924-944, 2016, with Mark Grinblatt, Seppo Ikäheimo and Samuli Knüpfer.

“Do investors buy what they know? Product market choices and investment decisions”, Review of Financial Studies 25(10), 2921-2958, 2012, with Samuli Knüpfer and Juhani Linnainmaa. Lead article.

“IQ, trading behavior, and performance”, Journal of Financial Economics 104(2), 339-362, 2012, with Mark Grinblatt and Juhani Linnainmaa. Winner of Best Conference Paper Award at the 2010 European Finance Association Conference. (Previously titled: "Do smart investors outperform dumb investors?")

“IQ and stock market participation”, Journal of Finance 66(6), 2121-2164, 2011, with Mark Grinblatt and Juhani Linnainmaa.

“Sensation seeking, overconfidence, and trading activity”, Journal of Finance 64(2), 549-578, 2009, with Mark Grinblatt. Lead article.

“Social influence and consumption: Evidence from the automobile purchases of neighbors”, Review of Economics and Statistics 90(4), 735–753, 2008, with Mark Grinblatt and Seppo Ikäheimo.

“Do retail incentives work in privatizations?”, Review of Financial Studies 21, 2061-2095, 2008, with Samuli Knüpfer and Sami Torstila.

“Strategic behavior and underpricing in uniform price auctions: Evidence from Finnish treasury auctions”, Journal of Finance 60, 1865-1902, 2005, with Kjell G. Nyborg and Kristian Rydqvist.

“Tax-loss trading and wash sales”, Journal of Financial Economics 71, 51-76, 2004, with Mark Grinblatt.

“What Makes Investors Trade?”, Journal of Finance 56, 589-616, 2001, with Mark Grinblatt. Winner of Smith Breeden Distinguished Paper prize.

“How distance, language, and culture influence stockholdings and trades”, Journal of Finance 56, 1053-1073, 2001, with Mark Grinblatt.

“The investment behavior and performance of various investor types: A study of Finland's unique data set”, Journal of Financial Economics 55, 43-67, 2000, with Mark Grinblatt.

“Why do firms raise foreign currency denominated debt? Evidence from Finland”, European Financial Management 7, 481-496, 2001, with Mervi Niskanen. Winner of EFM 2001 Best Paper Award.

"The Winner's Curse, Legal Liability, and the Long-Run Price Performance of Initial Public Offerings in Finland", Journal of Financial Economics 34, 251-277, 1993.

Descriptive Research

A Quarter Century of Shareholdings and Trades”, Nordic Journal of Business 70, 5-38, with Antti Lehtinen.

"Stock Option Grants in Finland", Nordic Journal of Business 67(3-4), 209-221, 2018, with Antti Lehtinen.

“Year-end purchases in Finnish municipalities”Nordic Journal of Business 66, 49-67, 2017.

”Shareownership in Finland 2015”Nordic Journal of Business 64(3), 2015, with Antti Lehtinen. Internet appendix.

"Mutual Fund and Share Ownership in Finland", Finnish Journal of Business Economics 60, 180-200, 2012, with Samuli Knüpfer and Elias Rantapuska.

“What's new in finance?”European Financial Management 14(3), 564-608, 2008.

“A descriptive analysis of the Finnish treasury bond market 1991-99”Finnish Journal of Business Economics 51, 259-279, 2002, with Markku Malkamäki, Kjell G. Nyborg, and Kristian Rydqvist.

“Shareownership in Finland 2000”Finnish Journal of Business Economics 50, 188-226, 2001, with Jussi Karhunen.

“Shareownership in Finland”Finnish Journal of Business Economics 48, 257-285, 1999, with Matti Ilmanen.


Entrepreneurial Finance

BSc Thesis

MSc Thesis

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