Department of Finance

Vesa Puttonen

Professor of Finance
Vesa Puttonen, photo by Evelyn Kask

Room: T303 (School of Business building, 3rd floor)
Office hours: Mondays 14:00-15:00

Tel: +358 40 709 0284

Email: [email protected]

Twitter: @InvestmentTraps

New book:  Tatu Puttonen & Vesa Puttonen (2021). Vastuullinen sijoittaminen teoriassa ja käytännössä. Aalto-yliopiston julkaisusarja.

Maksuhäiriöt Suomessa 2015-2020 (9.5.2021), a descriptive research report on payment defaults in FinlandMore information on the project at, only in Finnish (Lisätietoa hankkeesta sekä oheisen raportin kuviot ja taulukot erikseen ladattavissa sivustolla)

Professional employment record

Aalto University (formerly Helsinki School of Economics)
- Professor in Finance 8/2001 to present

New York University, Stern Business School
- Visiting Scholar, 2010-11

Conventum Fund Management Ltd 
- Managing Director 1/1999-7/2001

HEX Helsinki Exchanges 
- Senior Vice President, Equity products and markets 8/1998-1/1999

Helsinki School of Economics 
- Assistant Professor in Accounting and Finance 8/1993-7/1998

Selected Positions of Trust

Finnish Hockey League
- Chairman of the Board, 2013-2016

The Finnish Foundation for Share Promotion
- Member of the Board, 2011-2022

Sitra, the Finnish Innovation Fund
- Member of the Investment Committee, 2004-

VER, the State Pension Fund
- Member of the Investment Committee, 2003-2018

Taaleri Ltd
- Member of the Board of Directors, 2013-2020

Oras Invest
- Member of the Board of Directors, 2003-2016

- Member of the Board of Directors 2007-2019

Suomi Mutual Life Assurance
- Member of the Board of Directors, 2013-2018
- Member of the Board of Directors, 2004-2005

TA-Yhtymä LTD
- Member of the Board of Directors, 2016-


Selected Journal Articles

"Ability, Educational Attainment, and Household Financial Distress", Journal of Consumer Policy, Vol. 45, pages 655–672, 2022. With Elias Rantapuska and Niilo Luotonen.

"Maksuhäiriöt Suomessa 2015-2020", Kansantaloudellinen aikakauskirja, 118(2), 194-216, 2022. With Elias Rantapuska and Niilo Luotonen.

"Life After Death: Acquired Fund Performance", Managerial Finance 44(3), 389-402, 2018. With Anni Lapatto.

“Style migration in Europe”. European Financial Management, 22(5), 797-816, 2016. With John Paul Broussard and Jussi Mikkonen.

"Domestic contrarians win in the long run: A case study", Journal of Asset Management, 15(5), 279-283, 2014. With Michael Ståhle.

“External corporate governance and performance - Evidence from the Nordic countries”, European Journal of Finance, 17(5-6), 427-450, 2011. With Seppo Ikäheimo and Tuomas Ratilainen.

“Market pricing of executive stock options and implied risk preferences”, Journal of Empirical Finance, 17(3), 394-412, 2010. With Antti Pirjetä and Seppo Ikäheimo.

“Does portfolio manager ownership affect fund performance? Finnish evidence”, Finnish Journal of Business Economics, 58(2), 95-111, 2009. With Lia Kumlin.

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

“Fundamental Indexation in Europe”, Journal of Asset Management, 8(6), 401-405, 2008. With Julius Hemminki.

“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 Markku Kaustia.

“Price setting and the reluctance to realize losses in apartment markets”, Journal of Economic Psychology, 29, 19-34, 2008. With Mikko Einiö and Markku Kaustia.

“Advertising and mutual fund flows”, International Journal of Bank Marketing, 25(7), 434-451, 2007. With Timo Korkeamäki and Thomas Smythe.

“The effect of distribution channels on mutual fund flows”, Journal of Financial Services Marketing, 12(1), 88-96, 2007. With Mikko Knuuttila and Tom Smythe.

“Do style benchmarks differ?”, Journal of Asset Management, 7(6), 425-428, 2007. With Tatu Seppä.

“The true and fair view of executive stock option valuation”, European Accounting Review, 15(3), 351-366, 2006. With Seppo Ikäheimo and Nuutti Kuosa.

“Mutual fund expenses: Evidence on the effect of distribution channels”, Journal of Financial Services Marketing, 11(1), 17-29, 2006. With Mari Korpela.

“Asset allocation in Finnish pension funds”, Journal of Pension Economics and Finance 5(1), 27-44, 2006. With Noora Alestalo.

“Risk management in Finnish pension funds: A survey”, Finnish Journal of Business Economics 52, 31-46, 2003. With Sami Torstila.

“What determines mutual fund growth: Evidence from Finland”, Finnish Journal of Business Economics 227-259, 2001. With Eero Kasanen and Ville Lipponen.

“The foreign exchange exposure management practices of Finnish industrial firms”, Journal of International Financial Management and Accounting, 9(1), 34-57, 1998. With Antti Hakkarainen, Nathan Joseph, and Eero Kasanen.

“Prudent margin levels in the Finnish stock index futures market”, Management Science, 43(8), 1177-1188, 1997. With G. Geoffrey Booth, John Broussard, and Teppo Martikainen.

“Interest rate risk management in major Finnish firms”, European Financial Management 3(3), 255-268, 1997. With Antti Hakkarainen and Eero Kasanen.

“Predicting index returns with morphological filters”, Computational Economics 10, 1-14, 1997. with Antti Kanto and Eero Kasanen.

“International price discovery in Finnish stock index futures and cash markets”, Journal of Banking and Finance 18(5), 809-822, 1994. With Teppo Martikainen.

“Short sales restrictions and the temporal relationship between stock index cash and derivatives markets”, Journal of Futures Markets 13(6), 645-664, 1993.

“Boundary conditions for stock index options: Empirical evidence from the Finnish markets”, Journal of Futures Markets 13(5), 545-562, 1993.

Working papers

"Expecting a Stock Market Miracle", 2016, with Markku Kaustia and Joni Kokkonen.

Books, Chapters, and Articles in Books

H. Kent Baker, John R. Nofsinger, and Vesa Puttonen (2020). The Savvy Investor's Guide to Avoiding Pitfalls, Frauds, and Scams. Emerald.

H. Kent Baker & Vesa Puttonen (2019). Navigating the Investment Minefield - A Practical Guide to Avoiding Mistakes, Biases, and Traps. Emerald publishing.

H. Kent Baker & Vesa Puttonen (2017). Investment Traps Exposed. Emerald.

Vesa Puttonen (2015). Nine ”tricks” in financial services marketing. The Routledge Companion to Financial Services Marketing, pages 471-481 (eds Tina Harrison & Hooman Estelami). Routledge.

Samuli Knüpfer & Vesa Puttonen (2018, 10th ed.). Moderni rahoitus (an introductory finance textbook). Talentum.

Vesa Puttonen (2012). Velka tikittää – hyödy siitä! Aalto Executive Education Publishing, 135 p.

Vesa Puttonen & Eljas Repo (2003, 1st ed.; 2006, 2nd ed.; 2007, 3rd ed.; 2009, 4th ed.; 2011, 5th ed.). Miten sijoitan rahastoihin. WSOY, 208 p.

Vesa Puttonen (2009). Osta halvalla, myy kalliilla. WSOYpro, 152 p.

Vesa Puttonen (2009). Finanssikriisi. Elämää taantuman keskellä. Talentum, 126 p.

Vesa Puttonen (2004). Onko omistamisella väliä? EVA-raportti.

Jarmo Leppiniemi & Vesa Puttonen (2002). Corporate Finance (in Finnish: Yrityksen Rahoitus). WSOY Ekonomia-Sarja, 316 p.

Vesa Puttonen (2001). Investment book (in Finnish: Sijoituskirja). WSOY, 168 p.

Antti Saarnio & Anne Eronen & Vesa Puttonen (2000). Value Based Management (in Finnish: Omistajalähtöinen Johtaminen). WSOY Ekonomia-Sarja, 224 p.

Vesa Puttonen & Tero Kivisaari (1999). Mitä, Missä, Miljoona. WSOY, 220 p.

Vesa Puttonen & Tero Kivisaari (1998). Vaurastuminen - Varteenotettava Vaihtoehto. WSOY, 234 p.

Vesa Puttonen & Tero Kivisaari (1997). Investing and Mutual Funds in Finland (in Finnish: Sijoittaminen ja Sijoitusrahastot Suomessa). KY-Palvelu Oy, Helsinki, 220 p.

Eero Kasanen & Thomas Lundström & Vesa Puttonen & Risto Veijola (1996). Financial Risk Management (in Finnish: Rahoitusriskit Yrityksissä). SVH Coopers & Lybrand, 256 p. (published 1997 in WSOY Ekonomia-Sarja).

Vesa Puttonen & Erik Valtonen (1996), Derivatives Markets (in Finnish: Johdannaismarkkinat). WSOY Ekonomia-Sarja, 284 p.


Fundamentals of Financial Markets and Institutions

Financial Markets and Institutions

Master’s Thesis Seminar

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