Department of Finance

Peter Nyberg

Peter Nyberg, photo by Kreetta Järvenpää

Assistant Professor of Finance

Room: V310 (School of Business building, 3rd floor)
Office hours: Thursdays 13:00 - 15:00

Tel: +358 50 383 6195
Email: [email protected]


Refereed Publications

“Are return seasonalities due to risk or mispricing? Evidence from seasonal reversals”, Journal of Financial Economics, forthcoming, with Matti Keloharju and Juhani Linnainmaa. 

“Return Seasonalities”, Journal of Finance, 4(71), 1557-1590, 2016, with Matti Keloharju and Juhani Linnainmaa. Honorable Mention, AQR Insight Award 2015.

Firm expansion and stock price momentum”, Review of Finance, 4(18), 1465-1505, 2014. With Salla Pöyry.

“Equity premium in Finland and long-term performance of the Finnish equity and money markets”, Cliometrica, 2(8), 241-268, 2014. With Mika Vaihekoski.

“Volatility risk premium, risk aversion and the cross-section of stock returns”, The Financial Review 45(4), 1079–1100, 2010. With Anders Wilhelmsson.

Measuring event risk”, Journal of Financial Econometrics 7(3), 265–287, 2009. With Anders Wilhelmsson.


Book chapters

“Asset Pricing Models”, invited chapter in Free, R. C. (Ed.), 21st Century Economics: A Reference Handbook, Sage Publications (forthcoming).


Working Papers

Long-Term Discount Rates do not Vary Across Firms”, 2019, with Matti Keloharju and Juhani Linnainmaa.

“A new value-weighted total return index for the Finnish stock market”, Bank of Finland Research Discussion Papers, 21, 2009. With Mika Vaihekoski.

Descriptive analysis of Finnish equity, bond and money markets 1912-2007”. With Mika Vaihekoski.



Best BSc-level Course at the Aalto School of Business 2019 (Rahoituksen perusteet / Introduction to Finance). A prize awarded by the Aalto University School of Business.

McKinsey Finance Teacher of the Year 2016. An annual award based on votes by finance students of Aalto University School of Business.

Teacher of the Year 2015. An annual award based on votes by students of Aalto University School of Business.

Honorable mention (top 5 paper) at the AQR Insight Award 2015, "Common Factors in Return Seasonalities".


Rahoituksen perusteet (in Finnish), lectures

Investment Management, lectures

Theoretical Asset Pricing

Empirical Asset Pricing

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