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Finance student Arttu Leinonen wins securities markets award for excellent master’s thesis

The scholarship awarded to Leinonen is worth 5 000 euros
Arttu Leinonen, Aalto BIZ
Arttu Leinonen

The Foundation for the Advancement of Finnish Securities Markets supports research and publishing activities related to securities saving and the development of the securities market. The foundation board has awarded Arttu Leinonen, a student of finance at the School of Business, a scholarship of 5 000 euros for his excellent master’s thesis titled ‘Greenwashing Corporate Green Bonds: Evidence from European and North American Markets’.

Arttu Leinonen valmistujaispäivänä
Arttu Leinonen on his graduation day

Leinonen’s thesis studies the underlying issuance motivations and environmental impact of corporate green bonds, focusing particularly on greenwashing and signaling theories as rationales for issuance. 

‘As green finance is increasing, this topic offered me an interesting opportunity to examine a current issue: the true significance of corporate bonds for the green transition and their role as a reliable signal of the company’s environmental commitment. My study emphasises the need for both making green finance more transparent and defining a clear set of criteria for it so that we can be sure that green finance is targeted at projects that genuinely have a positive impact on the environment and thus avoid greenwashing,’ says Arttu Leinonen.

Leinonen’s master’s thesis advisor was AssociateProfessor of Finance Elias Rantapuska

Arttu Leinonen wants to extend a warm thank you to the Foundation for the Advancement of Finnish Securities Markets for the award.

Leinonen was one of the three students granted a recognition award for their master’s thesis this year. 

Congratulations to all the awardees!

Department of Finance

The Department of Finance at Aalto University School of Business is one of the leading finance departments in Europe.

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