Email: [email protected]
Academic Work Experience
ESADE
- Visiting Professor of Finance, 2011
Aalto University, School of Economics
- Professor of Finance, 2011-
- Executive Dean, 2010
Helsinki School of Economics
- Rector, 1996-2009
- Professor of Finance (in charge of Finance program), 1996-2009
- Associate Professor (tenured) of Accounting, 1989-1995
University of Massachusetts
- Visiting Associate Professor of Finance, 1988-1989
Oulu University
- Associate Professor (tenured) of Economics, 1987-1989
Academic Service
Emil Aaltosen säätiö
(Emil Aaltonen Foundation)
- Member of the Board, 2000-
Suomalainen Tiedeakatemia
(The Finnish Academy of Science and Letters)
- Member, 2000-
Wirtschaftsuniversität Wien
(Vienna University of Economics and Business Administration)
- Member of the International advisory board, 2007-2011
European Foundation for Management Development
- Member of the EQUIS awarding body, 2008-2011
- Member of the Board, 2006-2011
Liikesivistysrahaston kannatusyhdistys r.y.
(Foundation for Economic Education)
- Member of the Board, 2004-2011
Community of European Management Schools (CEMS)
- Member of the Executive Board, 1999-2011
- Vice-President, Academic Affairds, 2001-02
- Vice-President, Treasurer, 1999-2001
Osuuspankkisäätiö
(Foundation of OKO Bank)
- Member of the Board, 1997-2011
Helsingin kauppakorkeakoulun tukisäätiö
(Foundation of the Helsinki School of Economics)
- Member of the Board, 1996-2011
Business Experience
Keskinäinen Vakuutusyhtiö Kaleva
(Kaleva Mutual Insurance Company)
- Member of the Board, 2001-
Suomen Kansallisteatterin Osakeyhtiö
(The National Theatre)
- Member of the Board, 1998-
Itella Oyj
(Finland Post Corporation)
- Chairman of the Board, 2005-2011
- Vice-chairman of the Board, 2004
Elcoteq SE
(Listed company in Helsinki Stock Exchange)
- Member of the Board, 2001-2011
Kesko Oyj
(Listed company in Helsinki Stock Exchange)
- Member of the Board, 2001-2006
- Member of the Supervisory Board, 1999-2000
Publications
Selected peer-reviewed publications
"Dividends and tax avoidance as drivers of earnings management: Evidence from dividend-paying private SMEs in Finland", Journal of Small Business Management, 2020, with Karjalainen, J., Kinnunen, J. & Niskanen, J.
"US government TARP bailout and bank lottery behavior", Journal of Corporate Finance, 2020, with Del Viva, L., Saunders, A. & Trigeorgis, L.
"Real Options, Idiosyncratic Skewness, and Diversification", Journal of Financial and Quantitative Analysis 52 (1), 215-241, 2017, with Luca Del Viva and Lenos Trigeorgis.
"Boundaries Between Business and Politics: A Study on the Division of Moral Labor", Journal of Business Ethics 134(1), 103-116, 2016, with Jukka Mäkinen.
“Earnings management and expected dividend increases around seasoned share issues: Evidence from Finland”, Scandinavian Journal of Management, 16, 209-228, 2000, with Juha Kinnunen, Matti Keloharju, and Jyrki Niskanen.
“To whom are IAS earnings informative? Domestic versus foreign shareholders' perspectives”, The European Accounting Review, 9(4), 499-517, 2000, with Juha Kinnunen and Jyrki Niskanen.
“A study of high-level managerial decision processes, with implications for MCDM research”, European Journal of Operational Research, 120, 496-510, 1998, with Hannele Wallenius Jyrki Wallenius, and Stanley Zionts.
“A note on the information content of parent company versus consolidated earnings in Finland”, The European Accounting Review, 7(1), 31-40, 1998, with Jyrki Niskanen and Juha Kinnunen.
“Conceptual change in mathematics: From rational to (un)real numbers”, European Journal of Psychology of Education, 12(2), 131-145, 1997, with Erno Lehtinen and Kaarina Merenluoto.
“Is accounting a global or a local discipline? Evidence from major research journals”, Accounting, Organizations and Society, 21(7-8), 755-773, 1996, with Kari Lukka.
“Dividend-based earnings management: Empirical evidence from Finland”, Journal of Accounting and Economics, 22(1-3), 283-312, 1996, with Juha Kinnunen and Jyrki Niskanen.
“A market utility approach to investment valuation”, European Journal of Operational Research, 74(2), 294-309, 1994, with Lenos Trigeorgis.
“Creating value by spawning investment opportunities”, Financial Management, 22(3), 251-258, 1993.
“The constructive approach in management accounting research”, Journal of Management Accounting Research, 5, 243-264, 1993, with Kari Lukka and Arto Siitonen.
“An integrated options-based strategic planning and control model”, Managerial Finance, 17(2-3), 16-28, 1991, with Lenos Trigeorgis.
“Gestalt system of holistic graphics: New management support view of MCDM”, Computers & Operations Research, 18(2), 233-239, 1991, with Ralf Östermark and Milan Zeleny.
“Turnpikes and detours in the renewable resource exploitation under price shocks”, Journal of Economic Dynamics and Control, 7(1), 1-20, 1984.
“Dilemmas with infinitesimal magnitudes”, Journal of Economic Dynamics and Control, 4, 295-301, 1982.
“The spider in the sphere. Eudoxus's Arachne”, Filosofia, 5-6, 225-258, 1975-1976, with Erkka Maula and Jorma Mattila.
Other publications
“The need for good old principles in financial management education” in "Business schools and their contribution to society", edited by Morsing, Mette and Sauquet, Alfons, London: Sage Publishing, forthcoming, with Robert Grosse.
“Avauksia”, Aalto University KAUPPA+TALOUS series, Helsinki, Finland, 2011.
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