Department of Finance

Sami Torstila

Associate Professor of Finance
Sami Torstila, photo by Lasse Lecklin

Room: T302 (School of Business building, 3rd floor)
Office hours by appointment.

Tel: +358 40 353 8069
Email: [email protected]


Working Papers

"Entrepreneur Debt Aversion and Financing Decisions: Evidence from COVID-19 Support Programs" with Mikael Paaso and Vesa Pursiainen

"Anchoring to Industry Multiples in IPO Pricing" with C. Sean Hundtofte
- Best quantitative paper prize at Queen Mary University of London, Behavioral Finance Working Group Conference


"Prolonged Private Equity Holding Periods: Six Years Is the New Normal" with Juha Joenväärä and Juho Mäkiaho, Journal of Alternative Investments 25(1), 65-93, 2022.

Irrevocable Commitments and Tender Offer Outcomes”. Journal of Business Finance & Accounting 48, 1290-1331, 2021. With Tomi Fyrqvist and Elias Rantapuska.

Irrevocable commitment data

"Business Outlook and Financing Alternatives of Finnish Entrepreneurs During the COVID-19 Crisis". Nordic Journal of Business 70, 59-77, 2021. With Mikael Paaso and Vesa Pursiainen.

“Is There a Future for an Efficiency Defence in European Merger Control?”. European Law Review, 41(5), 2016, 687-710. With Petri Kuoppamäki.

“Stock Ownership and Political Behavior: Evidence from Demutualizations”. Management Science, 62(4), 946-963, 2016 . With Markku Kaustia and Samuli Knüpfer.

“Cross-Border Relocations of Headquarters in Europe”, Journal of International Business Studies, 43, 187-210, 2012, with Tomi Laamanen and Tatu Simula.

“Stock Market Aversion? Political Preferences and Stock Market Participation”, Journal of Financial Economics, 100(1), 98-112, 2011, with Markku Kaustia.

“Do Retail Incentives Work in Privatizations?”, Review of Financial Studies 21(5), 2061-2095, 2008, with Matti Keloharju and Samuli Knüpfer.

“Cross-Listings and M&A Activity: Transatlantic Evidence”, Financial Management 34(1), 123-142, 2005, with Pasi Tolmunen.

“The Exit Rates of Liquidated Venture Capital Funds”, Journal of Entrepreneurial Finance and Business Venturing, 10, 53-73, 2005, with Markus Laine.

“Job-Related Ethical Judgment in the Finance Profession”, Journal of Applied Finance 14(1), 62-76, 2004, with Outi Hartikainen.

“The Clustering of IPO Gross Spreads: International Evidence”, Journal of Financial and Quantitative Analysis 38, 673-694, 2003.

“Risk Management in Finnish Pension Funds: A survey”, Finnish Journal of Business Economics 52, 31-46, 2003, with Vesa Puttonen.

“The Distribution of Information among Institutional and Retail Investors in IPOs”, European Financial Management 8, 357-372, 2002, with Matti Keloharju.

“What Determines IPO Gross Spreads in Europe?”, European Financial Management 7, 523-541, 2001.

“The Distribution of Fees within the IPO Syndicate”, Financial Management 30(4), 25-43, 2001.


Mergers and Acquisitions for Finance

Mergers and Acquisitions

Master’s Thesis Seminar

Office hours

By appointment.

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