Alumni and friends of Aalto gathered in NYC to learn about the predictability of stock returns
Alumni from the fields of technology, business, and arts & design as well as friends of Aalto and Finland gathered at the Consulate General of Finland in New York City on February 6th, 2023. The meet-and-greet held by the Dean of the School of Business, Timo Korkeamäki, followed similar meetings held in New York by the previous Dean of the School in 2016 and 2018.
The host of the event, Consul General of Finland, Ambassador Jarmo Sareva, opened the event by explaining what it takes for Finnish companies to make it in the US market – or markets, as they are very diverse. Ambassador Sareva emphasized, among other things, the importance of personal relationships and positive impressions when companies are advancing to the US market.
Dean Korkeamäki shared the latest news of Aalto University, highlighting the impressive global rankings of the different research fields in Aalto, the university’s vibrant entrepreneurial ecosystem and the strong focus on sustainability issues. He also presented the latest developments of the School of Business, such as the benefits of the relocation to Otaniemi, the attractiveness of the School’s study programs to prospective students and its international reach. He also warmly thanked the alumni for their support.
In his keynote speech on Slow-moving Capital and Predictability of Stock Returns, Professor Matti Suominen (currently Visiting Professor at Wharton) explained why returns in the stock market have historically accrued during just a few days before and after the turn of the month. This is due to, for example, month-end payment cycles of pension funds and other institutions. The findings are significant, as pension funds in the US alone lose USD 30 billion per year from selling of stocks just prior to this high return period.
After the presentations, the participants engaged in lively discussions on the topics presented. They also shared several great suggestions for future events and activities to build the global Aalto University community as well as for cultivating a giving back culture, which is much more advanced in the US than in Finland.
Aalto’s aim is to actively enhance its alumni community globally. During the past eight years (except during the pandemic), the Dean of the School of Business has hosted alumni events in New York, Seoul, Brussels, Singapore, Palo Alto, London, Stockholm and the Stanford University campus. Before the pandemic, the President and Vice President of Aalto met alumni in New York, San Francisco and Los Angeles.
Jonna Söderholm, Head of External Relations, School of Business