Department of Finance

Sami Torstila

Sami Torstila, photo by Lasse Lecklin

Associate Professor of Finance

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

Irrevocable Commitments and Tender Offer Outcomes” with Tomi Fyrqvist and Elias Rantapuska

Irrevocable commitment data

"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 Juho Mäkiaho



“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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