Research insights
Descriptive research
Anatomy of family firms in Finland
This project analyzes the prevalence, importance, and characteristics of family firms in Finland. It also documents patterns and trends in their ownership. Results will be published on February 11, 2026.
Ownership of privately held firms
This project documents patterns and trends in ownership of privately held firms in Finland. Privately held firms majority-owned by individuals account for 30% of revenue and 49% of employment. Only 3% of the population own shares in these firms and the top 1% of owners hold 48% of total business wealth.
Mutual fund and share ownership
This project studies ownership of mutual funds and listed stocks. 27% of Finnish individuals held these securities in 2016. This participation substantially increased from 2004 mostly due to new entries through mutual funds. The top 1% of investors hold 44% of total fund and stock wealth.
Publications and working papers
Investor factors. What do the characteristics of a stock's owners tell us about its expected returns? Read the paper at SSRN.
Household responses to phantom riches. What happens to people when they fall prey to an investment scam? Read the paper at SSRN.
Social financial advice. Do financial experts spread their knowledge to their social connections? Read the paper at SSRN.
Social interaction in the family: Evidence from investors' security holdings. How are investment ideas transmitted across generations? Read the paper at Review of Finance.