Mika Vaihekoski, Professor of Finance, D. Sc. (Econ)

Transcription

1 Mika Vaihekoski, Professor of Finance, D. Sc. (Econ) Work: University of Turku, School of Economics, Rehtorinpellonkatu 3, Turku, Finland [mail: Turku School of Economics, Dep. of Accounting and Finance, University of Turku, Finland] ACADEMIC EMPLOYMENT CURRICULUM VITAE May 2013 Professor of Finance (tenure), Turku School of Economics at the University of Turku, Department of Accounting and Finance, Professor of Finance (tenure), Lappeenranta University of Technology, School of Business (until 2007 Dep. of Business Administration), Department of Business Economics and Law, September 2004 December 2012 (on leave ) Professor of Corporate Finance (fixed term), Turku School of Economics at the University of Turku, Department of Accounting and Finance, ) Visiting Rutgers School of Business (Camden, NJ, USA), ) Visiting Professor at Higher School of Economics State Research University (HSE, Moscow, Russia) ) Visiting Professor at Auckland University of Technology (AUT, Department of Finance, Auckland, New Zealand) Visiting Scholar, Bank of Finland, Head of Section of Accounting and Finance, Lappeenranta University of Technology, Department of of Business Administration, January 2005 December Assistant Professor, Helsinki School of Economics and Business Administration (currently known as Aalto University School of Economics), Department of Accounting and Finance, (on leave of absence and ; see Non- Academic Working Experience). Docent in Finance, Lappeenranta University of Technology, Department of Business Administration, November 2003 August Researcher, HANKEN Swedish School of Economics and Business Administration, Research Institute, Doctoral Student / Research assistant, HANKEN Swedish School of Economics and Business Administration, Research Institute, 1996, Academy of Finland, 1996, Graduate School of Finance and Financial Accounting, RESEARCH RECORD Publications: Accepted/Forthcoming - Mika Vaihekoski 1 (20)

2 Publications: Articles in scientific journals Brunzell, Tor Liljeblom, Eva Vaihekoski, Mika: Determinants of capital budgeting methods and hurdle rates in Nordic firms. Accounting & Finance, 2013, 53, 1, Available at [JCR, Scopus] 1 Broussard, John P. Vaihekoski, Mika: Profitability of pairs trading strategy in an illiquid market with multiple share classes. Journal of International Financial Markets, Institutions & Money, 2012, 22, 5, Available at [Scopus] Antell, Jan Vaihekoski, Mika: Pricing Currency Risk in Two Interlinked Stock Markets. Applied Finance Letters, 2012, vol. 1, issue 1, Antell, Jan Vaihekoski, Mika: Pricing currency risk in the stock market: Empirical evidence from Finland and Sweden Journal of International Financial Markets, Institutions & Money, 2012, vol. 22, issue 1, Available at [Scopus] Vaihekoski, Mika: History of finance education and research in Finland: The first 30 years. European Journal of Finance, 2011, vol. 17, issue 5-6, doi: / X [JCR, Scopus] Liljeblom, Eva Vaihekoski, Mika: Who creates short-term pressure? An analysis of firms with different ownership structures. The Finnish Journal of Business Economics, 2010, vol. 59, no. 3, Available at (in future also through EBSCO). Saleem, Kashif Vaihekoski, Mika: Time-varying global and local sources of market and currency risk in Russian stock market. International Review of Economics & Finance, 2010, vol. 19, no. 4, doi: /j.iref [JCR, Scopus] Nyberg, Peter Vaihekoski, Mika: A new value-weighted total return index for the Finnish stock market. Research in International Business and Finance, 2010, vol. 24, no. 3, doi: /j.ribaf [Scopus] Liljeblom, Eva Vaihekoski, Mika: Corporate ownership and managerial short-termism: Results from a Finnish study of management perceptions. International Journal of Production Economics, 2009, vol. 117, no. 2, doi: /j.ijpe [JCR, Scopus] Vaihekoski, Mika: Pricing of liquidity risk: Empirical evidence from Finland. Applied Financial Economics, 2009, vol. 19, issue 19, doi: / ISSN [Scopus] Fedorova, Elena Vaihekoski, Mika: Global and Local Sources of Risk in Eastern European Emerging Stock Markets. Finance a úvér Czech Journal of Economics and Finance, 2009, 1 JCR = article is/will be included in the Thomson Reuters Web of Science/Knowledge database, and the journal has a citation report (JCR) and an impact factor for the article s year of publication. Scopus = article is/will be included in the Elsevier s Scopus database. Note that in two cases (Saleem and Vaihekoski, 2008 and Nummelin and Vaihekoski, 2002), the journal has received a JCR report and an impact factor after the year of the publication. Mika Vaihekoski 2 (20)

3 vol. 59, no. 1, Available here: [JCR, Scopus] Grönlund, Tomi Louko, Antti Vaihekoski, Mika: Corporate Sale-and-Leaseback Effect: Empirical Evidence from Europe. European Financial Management, 2008, vol. 14, no. 4, doi: /j X x. [JCR, Scopus] Saleem, Kashif Vaihekoski, Mika: Pricing of global and local sources of risk in Russian stock market. Emerging Markets Review, 2008, vol. 9, no. 1, doi: /j.ememar [Scopus] Antell, Jan Vaihekoski, Mika: International Asset Pricing Models and Currency Risk: Evidence from Finland Journal of Banking and Finance, 2007, vol. 31, no. 9, doi: /j.jbankfin [JCR, Scopus] Vaihekoski, Mika: Global Market and Currency Risk in Finnish Stock Market. Finnish Economic Papers, 2007, vol. 20, no. 1, Liljeblom, Eva Vaihekoski, Mika: Investment Evaluation Methods and Required Rate of Return in Finnish Publicly Listed Companies. Finnish Journal of Business Economics, 2004, vol. 53, no. 1, Vaihekoski, Mika: Portfolio Construction for Tests of Asset Pricing Models. Financial Markets, Institutions & Instruments, 2004, vol. 13, no. 1 (February), doi: /j x. [Scopus] Nummelin, Kim Vaihekoski, Mika: World Capital Markets and Finnish Stock Returns. The European Journal of Finance, 2002, vol. 8, issue 3, doi: / [Scopus] Vaihekoski, Mika Nummelin, Kim: Sources of Capital Market Segmentation: Empirical Evidence from Finland. The Financial Review, 2001, vol. 36, no. 2 (May), doi: /j tb00014.x. [Scopus] Vaihekoski, Mika: Unconditional International Asset Pricing Models: Empirical Tests. Finnish Economic Papers, 2000, 13(2), Vaihekoski, Mika: Portfolio Construction in Emerging Markets. Emerging Markets Quarterly, 2000, 4(3), Vaihekoski, Mika: Short-Term Returns and the Predictability of Finnish Stock Returns, Finnish Economic Papers, 1998, 11(1), Vaihekoski, Mika: The Finnish Stock Market: Recent Trends and Important Events, Finnish Journal of Business Economics, 1997, 46(4), Mika Vaihekoski 3 (20)

4 Vaihekoski, Mika: Intertemporal Capital Asset Pricing Model with Time-Varying Parameters: Tests on Data from the Helsinki Stock Exchange, Finnish Journal of Business Economics, 1996, 45(4), Work in Process: Research Papers See web-page for working papers. Publications: Books A book: Rahoitusalan sovellukset ja Excel [Financial Modeling and Excel]. Helsinki: WSOY, ISBN X. A book: Excel ja rahoitusalan sovellukset [Excel and Financial Modeling]. Helsinki: WSOY, ISBN Publications: Articles/Chapters in books An article in a book: Sisältötuotannon yritystoiminnan rahoitus in Marja-Liisa Niinikoski and Kaisa Sibelius (eds.): Kulttuuribusiness [Business and Culture], WSOY, ISBN x. An article joint with P. Hahko and S. Siren in a book: Kansallisten osakemarkkinoiden merkitys sijoittajille ja yrityksille [Benefits of Domestic Stock Markets for Investors and Companies] in Kansallisten arvopaperimarkkinoiden merkitys Suomelle [Benefits of Domestic Stock Markets for Finland], Suomen Pörssisäätiö, ISBN Publications: Academic Research Reports Fedorova, Elena Vaihekoski, Mika: Global and Local Sources of Risk in Eastern European Emerging Stock Markets. A published article (see above) in Elena Fedorova s doctoral dissertation: Interdependence of Emerging Eastern European Stock Markets. Lappeenranta University of Technology, Acta Universitatis Lappeenrantaensis 498, An essay joint with Kashif Saleem: Time-varying global and local sources of risk in Russian stock market in Kashif Saleem s doctoral dissertation: Essays on International Linkage, Pricing of Risk and Correlations between Stock and Bond Market of Russia. Lappeenranta University of Technology, Acta Universitatis Lappeenrantaensis 343, An essay joint with Peter Nyberg: A new value-weighted index for the Finnish stock market in Peter Nyberg s doctoral dissertation: Essays on Risk and Return. Hanken, Economics and Society, Publications of the Hanken School of Economics 198, A research report joint with Eva Liljeblom: Owners way or the highway. Short-term expectations and owner impatience. HANKEN Swedish School of Economics and Business Adminstration, Research Reports 62, ISBN An essay joint with Tomi Grönlund and Antti Louko: Corporate Sale-and-Leaseback Effect: Empirical Evidence from Europe in Antti Louko s doctoral dissertation: Corporate Real Estate Disposal Impacts on Corporate Performance. Helsinki University of Technology, Kiinteistöopin ja talousoikeuden julkaisuja A 39, A doctoral dissertation: Essays on International Asset Pricing Models and Finnish Stock Returns. Publications of the Swedish School of Economics and Business Administration 80, Mika Vaihekoski 4 (20)

5 A licentiate thesis: Essays on Asset Pricing and the Predictability of Finnish Stock Returns. HANKEN Swedish School of Economics and Business Adminstration, 39, Publications: Working Papers Published in University Series (editor-screened) Peter Nyberg and Mika Vaihekoski: Descriptive Analysis of Finnish Equity, Bond, and Money Market Returns. Bank of Finland, Discussion Papers Series, 14/2011. Jan Antell and Mika Vaihekoski: Pricing currency risk in the stock market: Empirical evidence from Finland and Sweden Aboa Center for Economics, Discussion Papers, 2011, No 63. Available at Peter Nyberg and Mika Vaihekoski: A new value-weighted total return index for the Finnish stock market. Bank of Finland, Discussion Papers Series, 2009, No 21. A discussion paper joint with Elena Fedorova: Global and Local Sources of Risk in Eastern European Emerging Stock Markets. Bank of Finland Institute of for Economies in Transition, Discussion Papers Series, 2008, No 27. A discussion paper: History of Finance Education and Research in Finland: The First 30 Years. Bank of Finland, Discussion Papers Series, 2008, No 18. A working paper with Kim Nummelin: International Capital Markets and Finnish Stock Returns, Swedish School of Economics and Business Administartion, Working Papers, No 337, A working paper: Intertemporal Asset Pricing Model: Tests on Weekly Data from the Helsinki Stock Exchange, Swedish School of Economics and Business Administartion, Working Papers, 1996, No 317. Publications: Applied Research Reports A research report joint with S. Järvelä, I. Kuosa, T. Riipinen, and O. Toivanen: Arvio kohtuullisesta pääoman tuotosta kiinteässä televerkkotoiminnassa, LTT Research Ltd, pages. Available at A research report joint with S. Leminen, J. Pekkanen, and J. Tiilikka: Innovaatio investointina. Osa I: Rahoitusteoreettinen näkökulma Tekesin vaikuttavuuteen [Innovation as an Investment. Part I: Finance Theory s view on the External Effects of Tekes], Tekes Teknologiakatsaus 142/2003. ISBN pages. Available at A research report joint with I. Kuosa and A. Tseng: Corporate Governance in OM- and HEXlisted companies 2003, LTT Research Ltd and Jemrik Ltd, pages. A research report joint with Mika Kuisma, Iikka Kuosa, and Marjut Lovio: Ympäristö- ja yhteiskuntavastuuraportoinnin kilpailu Tulosten yhteenveto [Report over 2003 Environmental and CSR Reporting in Finland Competition Results and Main Findings], LTT Research Ltd, pages. Available from the Ministry of the Environment at A research report joint with J. Pekkanen: Suomen työeläkevakuutusyhtiöt Taloudellinen analyysi [Financial Analysis of the Finnish Pension Insurance Companies Year Mika Vaihekoski 5 (20)

6 2002], LTT Research Ltd, pages. Available upon request from Aon Finland Oy. Similar report was also prepared for the next year. A research report joint with I. Kuosa and J. Kauhanen: Kunta-alan palkitsemisjärjestelmät [Compensation in the Municipal Organizations], LTT Research Ltd, pages. A research report joint with I. Kuosa and J. Kauhanen: Hallitusten palkitsemisjärjestelmät [Companies Board Compensation Structures], LTT Research Ltd, pages. A research report joint with J. Pekkanen: Eläkeuudistus ja suomalaisten rahastosäästäjien mielipiteet [Survey of Finnish Fund Investors Opinions of the New Pension Scheme], LTT Research Ltd, pages. Available at A research report joint with J. Pekkanen: Suomen työeläkevakuutusyhtiöt Taloudellinen analyysi [Financial Analysis of the Finnish Pension Insurance Companies Year 2001], LTT Research Ltd, pages. A research report joint with I. Kuosa: Elspot- ja Eltermin-markkinoiden tehokkuusanalyysi [Efficiency of the Elspot and Eltermin Markets], LTT Research Ltd, pages. Available at A research report joint with A. Pirjetä: Sijoittajien information käyttö ja sijoituskäyttäytyminen [Investors Use of Financial Information and Investor Behavior], LTT Research Ltd, pages. A research report joint with J. Kauhanen and U. Kolehmainen: Järjestöjen ylimmän johdon palkitsemisjärjestelmät [Compensation among the Associations Top Management], LTT Research Ltd, pages. A research report joint with J. Kauhanen and U. Kolehmainen: Yritysten ylimmän johdon palkitsemisjärjestelmät, LTT Research Ltd, pages. A research report joint with L. Vaittinen: Most Admired Companies in Finland 2001, LTT Research Ltd, pages. A research report joint with J. Tanninen: Finnish Corporate Board Evaluation 2001, LTT Research Ltd, pages. A research report joint with T. Andersén: Verkostoyhteistyön merkitys kulttuurialan yritystoiminan kannalta. Case: Helsinki 2000 kulttuurikaupunkivuosi [The Role of Networks for Culture Business. Case: Helsinki 2000 Cultural Capital], LTT Research Ltd, ISBN pages. Available at A research report joint with L. Vaittinen: Sijoittajien information käyttö ja sijoittajakäyttäytyminen [Investors Use of Financial Information and Investor Behavior], LTT Research Ltd, ISBN pages. Available at A research report joint with Martikainen, Minna Niilola, Kari Pulkkinen, Matti Selosmaa, Jenni Tiilikka, Jussi: Sisältötuotannon arvoketjun rahoitus [Financing in the Content Mika Vaihekoski 6 (20)

7 Creation Value Chain], LTT Research Ltd, pages. Available from the Ministry of Commerce ( Publications: Teaching Material Vaihekoski, Mika (update): Sijoittajan korko-opas. Pörssisäätiö, 2011 and A cd-rom: Rahoitusalan sovellukset ja Excel [Financial Modeling and Excel]. WSOY, ISBN A note: Kandidaatintutkimielma rahoituksen ja laskentatoimen opiskelun osana [Guide to Writing Bachelor s Thesis]. Available at A cd-rom: Rahoituksen maailma [World of Finance]. Talentum Media Oy, ISBN Lecture notes: Rahoituksen perusteet [Principles of Finance], Publications of the Helsinki School of Economics and Business Administration, Teaching Notes O-325, An article: Guide to Graduate Studies in Finance: Finnish Perspective. Available at Publications: Cases - Non-Refereed Publications in Academic Journals An article with Juhani Kauhanen and Iikka Kuosa: Ylimmän liikkeenjohdon palkitseminen Suomessa [Executive Compensation in Finland], Työn tuuli, 2004, A comment: Kannattaako vapaaehtoinen eläkevakuutus uudistuksen jälkeen? [Is the voluntary pension insurance profitable after changes in the legislation?], the Finnish Journal of Business Economics, 2004, Vol. 53, No 2, A comment: Kannattaako vapaaehtoinen eläkevakuutus? [Is the voluntary pension insurance profitable?], the Finnish Journal of Business Economics, 2003, Vol. 52, No 4, A comment: Kauppatieteellisen yhdistyksen vierailu Ilmarisella", the Finnish Journal of Business Economics, 2002, 51(4). An article: Tieteen lähestymistavat ja ontologinen ongelma" [Philosophy of Science and Ontological Problem], Tiedepolitiikka, 1994, No 3, Other Publications in Professional Magazines An article joint with Peter Nyberg: Helsingin Pörssin menestyksekäs vuosisata, Investment (Sampo Pankki), 2011, May, p An article joint with Peter Nyberg: Kuinka suuri on Helsingin riskilisä?, Viisas Raha, 2009, No. 8, p. 35. An article: Pääomasuojatut lainat sijoituskohteena, LTY Kuulumisia, 2007, No. 3, p Mika Vaihekoski 7 (20)

8 An article: Kuinka paljon varoista osakkeisiin? [How much should I invest in stocks?], Arvopaperi, 2006, No. 2, p An article: Täydellinen sijoittaja ja Nokia [Nokia and perfect foresight], Arvopaperi, 2001, No. 11, p An article: Omistusasunto vai vuokra-asunto? [Should I rent or own my apartment?], Arvopaperi, 2001, No. 5, p An article: Optiot pakkasella kaikki hyvin? [Compensation options after the drop in the stock prices is everything ok?], Talouselämä, 2001, No. 4, p An article: Asunto tai avioliittokin voivat sisältää option [An apartment or marriage can also include options], Arvopaperi, 1999, No. 3, p An article: Osakemarkkinoiden riskipreemio vakaa vai vaihteleva? [Stock market risk premium stable or time-varying?], Talouselämä, 1998, No 17. An article: Sijoittaja, mieti mitä muut tekevät [Investor: think what the others are doing], Talouselämä, 1994, No 37. Accepted Conference Papers (participation not necessarily confirmed) An article joint with Tor Brunzell, Anders Löflund, and Eva Liljeblom: Dividend policy and capital structure decisions in Nordic listed firms. EFMA, Readings, UK, June An article joint with Tor Brunzell, Anders Löflund, and Eva Liljeblom: Dividend policy and capital structure decisions in Nordic listed firms. Multinational Finance Society, Turkey, June Conference Papers and Presentations of Academic Research Papers (presented by MV unless otherwise noted) Tor Brunzell Eva Liljeblom Mika Vaihekoski: Determinants of capital budgeting methods and hurdle rates in Nordic firms. 18h Annual Conference of the Multinational Finance Society 2011, Rome. Presented by Liljeblom. John P. Broussard Mika Vaihekoski: Profitability of Pairs Trading: Empirical Evidence from Finland. The 20 th Annual Conference of the European Financial Management Association 2011, Portugal. Tor Brunzell Eva Liljeblom Mika Vaihekoski: Determinants of capital budgeting methods and hurdle rates in Nordic firms. The 20 th Annual Conference of the European Financial Management Association 2011, Portugal. Presented by Brunzell. Tor Brunzell Eva Liljeblom Mika Vaihekoski: Determinants of capital budgeting methods and hurdle rates in Nordic firms. 9 th INFINITI Conference on International Finance, School of Business, Trinity College Dublin, Peter Nyberg Mika Vaihekoski: Descriptive Analysis of Finnish Equity, Bond, and Money Markets. 28th International Conference of the French Finance Association (AFFI), Mountpellier, France, Mika Vaihekoski 8 (20)

9 Invited presentation at XII International Academic Conference on Economic and Social Development 2011, Higher School of Economics, Moscow. Joint paper with Kashif Saleem: Time-varying global and local sources of risk in Russian stock market. 6 th Portuguese Finance Network 2010 Conference, Azores. John P. Broussard Mika Vaihekoski: Profitability of Pairs Trading: Empirical Evidence from Finland. Conference papers published on a CD with ISBN: th Annual Conference of the European Financial Management Association 2010, Aarhus. Tor Brunzell Eva Liljeblom Mika Vaihekoski: Short-Term Expectations in Listed Firms: The Mitigating Impact of Large Owners. 18 th Annual Conference of the European Financial Management Association 2009, Milan. Joint paper with Peter Nyberg: A new value-weighted index for the Finnish stock market. 16 th Annual Conference of the Multinational Finance Society 2009, Crete. Joint paper with Kashif Saleem: Time-varying global and local sources of risk in Russian stock market (presented by Saleem). 17 th Annual Conference of the European Financial Management Association 2008, Athens. An article joint with Eva Liljeblom: Owners way or the highway: Short-term pressure and owner impatience (presented by Liljeblom). Financial Management Association 2008 European Conference, , Prague, Czech Republic. An article joint with Jan Antell: Pricing of Currency Risk in Stock Markets. Empirical Evidence from Sweden and Finland (presented by Antell). Midwest Finance Association 2008 Conference, , San Antonio, TX. An article joint with Jan Antell: Pricing of Currency Risk in Stock Markets. Empirical Evidence from Sweden and Finland. Emerging Market Finance and Economics Conference, , Turkey. An article joint with Kashif Saleem: Pricing of Global and Local Sources of Risk in Russian Stock Market. 15 th Annual Conference of the European Financial Management Association 2006, Madrid. An article: Pricing of Liquidity Risk: Evidence from Finland. 15 th Annual Conference of the European Financial Management Association 2006, Madrid. An article joint with Peter Nyberg: Descriptive Analysis of Finnish Equity, Bond, and Money Markets (presented by Nyberg). 14 th Annual Conference of the European Financial Management Association 2005, Milan. An article joint with Jan Antell: International Asset Pricing Models and Currency Risk: Evidence from Finland (presented by Antell). Arne Ryde Conference on Asset Pricing, Malmö (Sweden), October Papers accepted and presented at workshops and seminars Seminar at the Auckland University of Technology, February The Arne Ryde Workshop in Financial Economics, April Mika Vaihekoski 9 (20)

10 Workshop of Corporate Governance, Copenhagen Business School, October 2009 (paper presented by co-author). Bank of Finland Research seminar, February GSF s Joint Finance Seminar in Helsinki (Finland), 1995, 1996, 1998, 1999, 2003, 2005, and XXI Symposium for Finnish Economics, Lappeenranta (Finland), February Finance Brown Bag Lucheon, J. L. Kellogg Graduate School of Management, fall GSFFA Annual Workshop, Swedish School of Economics and Business Administration, Helsinki (Finland), May 1997 and May Finnish Doctoral Program in Economics (FDPE) workshop, University of Helsinki, Helsinki (Finland), 1996, Other Publications (non-academic) An article joint with Juha Häkkinen: Miten seikkailupelit ratkaistaan [How to solve adventure games], MikroBitti, 1985, Vol. 2, No. 10, p An article joint with Juha Häkkinen: Ohjelmointiniksit [Programming tricks], MikroBitti, 1985, Vol. 2, No. 4, p. 59. An article joint with Juha Häkkinen: Ratkaise Jumpman junior [Solve Jumpman Jr.], MikroBitti, 1985, Vol. 2, No. 3, p An article: Kaikki irti Spectrumista [Take Spectrum-computer to the limit], MikroBitti, 1984, Vol. 1, No. 11, p RESEARCH PROJECT FUNDING Basic research projects Academy of Finland funded research project: Effects of Global Integration Process on Emerging Markets. Project timetable and resources: Consortium research project with professors Minna Martikainen (Lappeenranta University of Technology) and Jussi Nikkinen (University of Vaasa). OP-Pohjola 2012, grant for an asset pricing research project involving two doctoral students (separate grants provided for the students). Applied research projects In charge of several applied research projects at the LTT Research Ltd. Projects funded e.g. by Tekes, Suomen Pörssisäätiö, and Ministry of Education and Ministry of Trade and Industry + several smaller projects funded by a number of companies and associations. RESEARCH PROJECT PARTICIPATION Mika Vaihekoski 10 (20)

11 Basic research projects Academy of Finland funded research project The depression of the 1990s in Finland research programme, led by VATT (Government Institute for Economic Research). Participated in the subproject: Osake- ja asuntomarkkinoiden toiminta ja tehokkuus talouskriisissä [The efficiency of the stock and housing markets during economic distress]. Subproject led by Prof. Anders Löflund, Hanken. Several participants and research partners. Research project funded by the Academy of Finland, led by Prof. Eva Liljeblom, Hanken. Participated in the subproject: Financial Management and Control in Listed Firms. Research partners: Eva Liljeblom, Tor Brunzell (Stockholm University), Mika Vaihekoski. Business partners: OMX Exchanges Ltd. TEACHING AND LECTURING EXPERIENCE For more information, see Teaching Portfolio. Academic / University Supervisor and Examiner of Masters Theses in Finance (20 ECTS). Turku School of Economics. Spring Supervised 16 completed theses (situation in February 2013). Supervisor to Joonas Hämäläinen s master s thesis that was selected as the Best Master s Thesis in Turku School of Economics in Lecturer for LR15 Sijoittajaviestintä (Investor Relations) at Turku School of Economics. Bachelor's level course (4 ECTS, 16 hrs). Spring Lectured every other year. Lecturer for LRS28 Advanced Corporate Finance at Turku School of Economics. Advanced master's level course (6 ECTS, 24 hrs). Spring Lectured every other year. Lecturer for LRS31 Asset Pricing and Portfolio Theory course at Turku School of Economics. Advanced master's level course (6 ECTS, 24 hrs). Spring Lectured every other year. Lecturer for Financial Modeling and Simulation at Turku School of Economics. Advanced master's level course (6 ECTS, 24 hrs). Spring 2010, 2012,. Lectured every other year. Lecturer for LRS17/KTS5 Arvopaperien hinnoittelu- ja portfolioteoria [Asset Pricing and Portfolio Theory] course at Turku School of Economics. Advanced master's level course (6 ECTS, 24 hrs). Spring Lecturer for LTS17/KTS5 Portfolioteoria [LTS17/KTS5 Portfolio Theory] course at Turku School of Economics. Advanced master's level course (6 ECTS, 14 hrs). Spring Co-Lecturer (50%) for LRS26/KTS14/TKMS11 Yritysrahoituksen teoria [Theory of Corporate Finance] course at Turku School of Economics. Advanced master's level course (6 ECTS, 50% 28 hrs). Spring Mika Vaihekoski 11 (20)

12 Co-Lecturer (50%) for LTS1 Tilinpäätösinformaation ja yritysrahoituksen teoria [Information Content of the Financial Statement and the Theory of Corporate Finance] course at Turku School of Economics. Advanced master's level course (6 ECTS). Spring Lecturer for LT05 Rahoituksen jatkokurssi [Intermediate Finance] course at Turku School of Economics. Advanced (3 rd year) bachelor's level course (5 ECTS, 28 hrs). Fall Visiting lecturer (4 hrs) for Advanced Financial Theory course at Hanken School of Economics. Advanced master's level course. Fall Supervisor and Examiner of Masters Theses in Finance (20 ECTS). Lappeenranta University of Technology. Fall 2004 Spring Supervised 32 theses & acted as the second examiner for 28 theses (situation at the end of 2008). Supervisor to Tero Tuominen s master s thesis that shared the prize for the Best Master s Thesis in Finance in 2005 by Suomen Arvopaperimarkkinoiden Edistämissäätiö. Academic supervisor/planner for Yrityksen velkarahoitus (Corporate debt financing) course at Lappeenranta University of Technology. Advanced master's level course (5 ECTS) offered by Nordea Capital Markets specialists. Winter Lecturer for International Finance and Emerging Markets course at Lappeenranta University of Technology. Advanced master's level course (5 ECTS). Fall Lecturer for Asset Pricing Theory and Portfolio Management course at Lappeenranta University of Technology. Advanced master's level course (7 ECTS). Fall Supervisor and Examiner of Bachelors Theses in Finance (10 ECTS). Lappeenranta University of Technology. Fall 2004 Spring Supervised 100+ theses. Lecturer for Emerging Market Finance at Lappeenranta University of Technology. Advanced master's level course (4 ECTS). Fall Lecturer for Sijoitusteoria [Asset Pricing Theory and Portfolio Management] at Lappeenranta University of Technology. Advanced master's level course (7 ECTS). Fall Lecturer for Financial Modeling using Excel at Lappeenranta University of Technology. Advanced master's level course (5 ECTS). Spring , 2009, and Lecturer for Financial Modeling and Simulation, Part I: Financial Modeling at Helsinki School of Economics. Advanced master's level course. Fall Lecturer for Rahoituksen sovellukset MS-Excel ympäristössä [Financial Modeling using Excel] at Lappeenranta University of Technology. Advanced master's level course. Spring Exercises for Foundations for Financial Economics post-graduate course at Swedish School of Economics/KATAJA. Fall 2000 and Mika Vaihekoski 12 (20)

13 Examiner of Bachelors Seminars in Finance. Helsinki School of Economics. Fall 2000, 2001, and Lecturer for 'Rahoituksen perusteet' [Principles of Finance, 56 hrs] course at the Helsinki School of Economics and Business Administration, Spring 2000 and Fall Lecturer for 'Tietojärjestelmät rahoituksen tukena' course at the Espoo-Vantaa Polytechnic, Winter Lecturer for 'Principles of Corporate Finance' course at the University of Helsinki. Master's level course, Fall Lecturer for 'Financial and Business Modeling Using Excel and VBA' (Finance Track) and 'Quatitative Risk and Simulation Modeling' courses at HANKEN. Advanced master's level course, Fall Lecturer for 'Rahoituksen tutkimus- ja menetelmäopinnot' course [Financial Research and Business Methods] at the Espoo-Vantaa Polytechnic, Fall A teaching assistant for Professors Johan Knif and Seppo Pynnönen at HANKEN. Ph.D. level course: Econometrics of Financial Markets, Spring A teaching assistant for Professor Ofer at the Kellogg Graduate School of Management. MBA courses Finance I and Finance I/II, Summer Quarter Executive / Management Education Lectured various financial topics for professionals in various positions in several different occasions and organizations (e.g., IIR Finland Oy, VAKES, FINVA, Tekes, JOKO Executive Education, Radiolinja, TSE exe) from year 2000 present (see below). For example, specialized one day presentations for financial professionals given at seminars include Kassavirtamallinnus [Cash Flow Modeling], Riskianalyysi [Risk Analysis] and Sijoitussalkun optimointi in Salkunhoito Masterclass [Optimization of the Investment Portfolio]. Also a number of presentations in different areas of finance for various audiences in a number of companies (e.g., Tapiola, Järjestöjen tilinpäätöspäivä, Radiolinja, TEKES). Markkinointi-instituutti, Sijoitusneuvojan koulutusohjelma, 10/2000, Sijoittaminen. Suomen Yrittäjien Kehittämissäätiö SYKE, Järjestöjen tilinpäätöspäivä, 1/2001, Vaihtoehtoja varainhoitoon. IIR Finland, Omaisuudenhoito, 12/2001, 11/2002: Riskianalyysi. IIR Finland, Johdannaiset, 8/2006: Johdannaisten hinnoittelu, tuotto- ja riskianalyiisi. IIR Finland, Salkunhallinta Masterclass, 10/2003, 12/2003, 3/2004, 12/2004 ja 5/2005: Sijoitussalkun hallinta. IIR Finland, Kassavirtamallinnus, 1/2003, 3/2003, 9/2003, 12/2003, 3/2004: Yrityksen arvonmääritys kassavirtojen nykyarvon avulla. Vakuutusalan koulutuskeskus, Arvopapereiden riskianalyysi, 12/2005, Arvopaperien riskianalyysi. TSE exe, JOKO, and 2013 / Lecture (2 hours) on Financial Markets and Corporate Finance. TSE exe, GET/MBA, and 2013 / Responsibility and several lectures on two day module in finance. Mika Vaihekoski 13 (20)

14 Non-academic conference and seminar presentations Presentation at the European Pension Fund Investment Forum in April 2011, Helsinki. Presentation at Eufex Sijoitusakatemia 2009, Lugano, Switzerland and 2011 Zürich, Switzerland. Announcement of the Results of the Finnish Corporate Environment and Social Responsibility Reporting Competition at Julkisuus, raha vai hyvä sydän? Vastuullisen yritystoiminnan motiivit conference, Finlandia-House, Presentation at the Rahoitus seminar, Finlandia-House Presentation ( Mitä tietoa sijoittaja haluaa? ) at the Pörssipäivä seminar, Marina Congress Center, Organizer of Sijoitusakatemia 2001, Helsinki School of Economics One day presenation (7 hours) on finance at Espoon työväenopisto NON-ACADEMIC WORKING EXPERIENCE For more information and more detailed list, ask for Business Resumé. Senior Advisor, LTT Research Ltd, Director of the Finance Institute at LTT Research Ltd, Member of the management team (johtoryhmä). EDUCATION Gradute School of Finance and Financial Accounting, July, 1995 June, 1999 Swedish School of Economics and Business Administration Helsinki, Finland Doctor of Science in Finance, October Dissertation title: Essays on International Asset Pricing Models and Finnish Stock Returns. Thesis committee: Professor Eva Liljeblom, Professor Anders Löflund, and Acting Professor Kim Nummelin (until 9/97). External referees: Docent Björn Hansson, Lund University (Sweden) Professor Robert Korajczyk, Kellogg Graduate School of Management, Northwestern University (IL, USA). Opponent: Docent Björn Hansson, Lund University. J. L. Kellogg Graduate School of Management, Northwestern University Visiting Ph.D. student (Fulbright scholar). Gradute School of Finance and Financial Accounting, Swedish School of Economics and Business Administration August, 1997-August, 1998 Evanston, IL, USA Helsinki, Finland Mika Vaihekoski 14 (20)

15 Licentiate of Science in Economics, December Licentiate dissertation: Essays on Asset Pricing and the Predictability of Finnish Stock Returns with grade: mycket god (very good). Major: Finance, Minor: Economics (Econometrics). Turku School of Economics and Business Administration Master of Science in Economics and Business Administration. Turku, Finland Master thesis: Laskentatoimi ja tieteenfilosofia (Financial accounting and the philosophy of the science) with the best possible grade: laudatur (excellent). Major: Financial Accounting and Finance, Minors: Business Law and Economics. RESEARCH AND TEACHING INTERESTS AND SKILLS Research Interests Asset pricing, conditional pricing models, risk premium, predictability, liquidity, financial econometrics, risk management, portfolio management, asset management evaluation, corporate governance, history of financial markets. Teaching Interests Empirical research, asset pricing, portfolio management, risk management, financial modeling using Excel. Language Proficiency Finnish (mother tongue), English (excellent), Swedish and German (basics). Computer Skills Excellent skills due to years of personal interest. I am familiar with most of the typical computer programs one can imagine, including several operating systems (Windows 3.1 7, DOS, Linux), office programs (MS Office and OpenOffice), LaTeX typesetting (TeXLive, Scientific Word, MikTeX, LyX), mathematical programs (MathCad, Mathematica), statistical programs (Gauss, Matlab, Eviews, Shazam, SPSS, WinRats, SAS, R), HTML-language and web design, image editing (Photoshop, Paint Shop Pro), and VBAprogramming. REVIEW ACTIVITIES External Evaluatior for University Programmes Member of international team set by the Centre for Quality Assessment in Higher Education (SKVC) to audit and evaluate Finance Programmes in three Lithuanian Universities, April External Reviewer for the Appointment of Professors Auckland University of Technology (AUT, New Zealand), external review of an application for a promotion to Full Professor (tenure) in Finance, University of Vaasa (Finland), Professorship (tenure) in Business Studies, Accounting (specialty Financial Markets), 2009; co-reviewer Ji-Chai Lin, Luisiana State University. Mika Vaihekoski 15 (20)

16 External Reviewer for the Appointment of Associate Professor (yliopistotutkija) University of Vaasa, Associate Professorship (tenure) in Business Studies, Finance, Opponent at the Public Defence of Doctoral Dissertation For Ihsan Ullah Badshah s dissertation: Modeling and Forecasting Implied Volatility: Implications to Trading, Pricing, and Risk Management, Hanken School of Economics, Jointly with Seppo Ikäheimo for Eero Pätäri s dissertation, Lappeenranta University of Technology, External Pre-Reviewer of Doctoral Dissertations For Nadir Virk s dissertation: Explanations for Finnish stock return with fundamental and anomalous risk, Hanken School of Economics, (Co-reviewer Hossain Asgharian, U of Lund, Sweden). For Kalle Rinne s dissertation: Essays on Price Impact and Provision of Immediacy, Aalto University School of Economics, (Co-reviewer Timo Korkeamäki, Hanken Sch. Economics). For Ihsan Ullah Badshah s dissertation: Modeling and Forecasting Implied Volatility: Implications to Trading, Pricing, and Risk Management, Hanken School of Economics, (Co-reviewer George Siadopoulos, U of Piraeus, Greece). For Eero Pätäri s dissertation: Essays on Portfolio Performance Measurement, Lappeenranta University of Technology, (Co-reviewer Seppo Ikäheimo, Helsinki School of Economics). External Reviewer for the Project Applications Member of International Evaluation Panel at the Academy of Finland for applications within the subject of economics (one year). Supervisor of Accepted (Forthcoming) Doctoral Dissertations Elena Fedorova: Essays on International Linkage, Pricing of Risk and Correlations between Stock and Bond Market of Russia in Lappeenranta University of Technology (7/2006 1/2013). External reviewers: professors Ji-Chai Lin (Louisiana State University, USA) and Sami Vähämaa (University of Vaasa, Finland). Kashif Saleem: Essays on International Linkage, Pricing of Risk and Correlations between Stock and Bond Market of Russia in Lappeenranta University of Technology (7/2005 6/2009, public defense in June 2009). External reviewers: professors Gregory Koutmos (FairField University, USA) and Johan Knif (Hanken School of Economics, Finland). Employed after graduation as a senior lecturer at the LUT. Supervisor of Full-Time Doctoral Students 1 st chair: Joonas Hämäläinen 9/2011 (2 nd chair: prof. Luis Alvarez), Tommi Sjöblom 9/2012 (2 nd chair: prof. Luis Alvarez), 2 nd chair: Matti Heikkonen 9/2012 (1 st chair prof. Luis Alvarez) Journal Board Memberships Associate Editor of the European Journal of Finance 8/2010 present. Mika Vaihekoski 16 (20)

17 Member of the Editorial Board for the International Journal of Portfolio Analysis & Management 9/2011 present. Invited Guest Editor for the European Journal of Finance (special issue 5-6/2011). Journal Reviewer Activities (dates for the returned first round review reports are shown) Applied Financial Economics (2007) Brazilian Review of Finance (10/2012) Emerging Markets Finance & Trade (12/2008, 5/2009, 8/2009, 10/2009, 3/2013) Emerging Markets Review (2/2013) European Financial Management (8/2011) European Journal of Finance (12/2010, 2/2012, 1/2013, 2/2013) Financial Review (7/2009) Finnish Economic Papers (2001, 2004, 3/2010) Finnish Journal of Business Economics (2004, 4/2010) International Review of Economics and Finance (2007, 11/2008) Journal of Banking and Finance (6/2010, 12/2012) Journal of Empirical Finance (1999) Journal of International Financial Markets, Institutions & Money (4/2012, 9/2012). Quarterly Review of Economics and Finance (11/2012). Discussant at: GSF workshops: 2005 (for a paper by S. Kulp), 2006 (S. Kulp), 2007 (M. Hintikka; S. Sarkar), summer 2008 (H. Laakkonen), winter 2008 (A. Thurlin), summer 2009 (N. Virk); EFMA Annual Conferences 2003 (C.-C. Hsu and R. K. Chou), 2006 (C. Heumann), 2008 (T. Palogorova), 2009 (S. Darolles, G. Le Fol, and G. Mero), 2010 (Raff Konrad and Mike Burkart), 2011 (L. MacLeon, E. Thorp, Y. Zhao, and W. Ziemba); Annual Meeting of the Finnish Society for Economic Research 2007 (E. Jokivuolla and S. Peura), 2009 (K. Ahoniemi and M. Lanne); Nordic Finance Network (NFN) Research Workshop in Finance 5/2009 (Ai Jun Hou), 5/2010 (Lu Liu), 5/2011 (Maytinee Wasumadee; also Chair for a session), 5/2012 (Lu Liu), and 5/2013 (Dong Zhang); Midwest Finance Association Conference 2008 (A. Rubalcava and L. Kryzanowski); Workshop on Corporate Governance and Investments 10/2009 (K. Gugler et al.) Portuguese Finance Network 2010 Conference (José Afonso Faias and Pedro Santa- Clara) Workshop on China s Monetary and Exchange Rate Policy, Helsinki, Bank of Finland (BOFIT and CEA-Europe) 5/2011 (paper by Kong, Morales, and Coughlan) French Finance Association (AFFI) Conference 4/2011 (paper by Almenberg and Karapetyan) INFINITY Conference on International Finance, Trinity College Dublin, 6/2011. OTHER / ACADEMIC Positions of Trust / University National Level Member of Management Board for the Graduate School of Finance, TSE Mika Vaihekoski 17 (20)

18 Head of the Advisory Board for the Discipline Specific Library Anthropos at the University of Turku s Library, Member of Educational Development Committee (Koulutuksen kehittämistoimikunta, KouKe), Turku School of Economics, Member of the Editorial Board for Mercurius magazine, August 2011 July Co-planner for various TSE exe s finance oriented course offerings in Accounting and Finance module, Fall LUT Deputy Board Member of the Faculty of Business, Lappeenranta University of Technology, Deputy Member of the University Board, Lappeenranta University of Technology, Member of Scientific Council (Departments of Business Administration and Engineering and Management), Lappeenranta University of Technology, Head of Section of Accounting and Finance, Lappeenranta University of Technology, Department of Business Administration, January 2005 December Member of Nomination Committee for Professor in Electrical Engineering (specialization area electricity markets), Lappeenranta University of Technology, Member of Nomination Committee for Professor in Finance (specialization area corporate finance), Lappeenranta University of Technology, Chairman of the Oversee Board for the Library at the Lappeenranta University of Technology, Member of Planning Committee for the yritysjuridiikan perusteet course package at Lappeenranta University of Technology, Koulutus- ja kehittämiskeskus, Chairman (Custos) at the public defence of Kashif Saleem s doctoral dissertation in June Honors, Grants and Other Activities Huugo Raninen medallion granted by Kauppatieteellinen yhdistys ry [Finnish Scholarly Association of Management] for services done for the Association. Granted in year Asla-Fulbright scholarship for the academic year Several grants from different sources (including e.g. Foundation for Economic Education, the Finnish Foundation for Share Promotion) for PhD thesis and other research projects (1997 present). Creator and the editor of The Finnish Finance Network web-site ( ). The site received several honors and was the most comprehensive directory of the Finnish financial information on the Internet. Mika Vaihekoski 18 (20)

19 Bibliographic data included in: Suomen professorit. Finlands professorer [Finnish Professors] book. Jyväskylä: Professoriliitto, Kuka kukin on / Who s who in Finland book. Otava, January Kuka kukin on / Who s who in Finland book. Otava, January Mattila, Markku (ed.): Kokemäen yhteiskoulu 100 vuotta -book. Kokemäen yhteiskoulun seniorit ry, Suomen valtiokalenteri. Jyväskylä: Gummerus, Departmental service Faculty advisor for the TSE s team on the CFA Global Investment Research Challenge 2009 (team was among the three finalists), 2011, and 2012 (team was among the four finalists, and rewarded for the best written report). Faculty advisor for the TSE s team on the HSE Corporate Credit International Case Competition (HSE CCICC), April 2009 (team came 5 th & was the best team from Nordic countries). Faculty advisor for the LUT s team on the HSE Corporate Credit International Case Competition (HSE CCICC), April 2007 and April Administrator/invigilator for the Bloomberg Assessment Test (BAT-test) at the TSE in Affiliations and memberships in academic organizations Member of the American Finance Association, European Finance Association, European Financial Management Association (among others; varies a bit from year to year). Board member of Kauppatieteellinen yhdistys ry [Finnish Scholarly Association of Management] ( ), Treasurer ( ). OTHER / NON-ACADEMIC Advisory Board Member of Investment Advisory Board, Eufex Bank Oy, , Positions of Trust Deputy member of the Auditing Committee at the Finnish Chambers of Commerce, 1/ /2013. Member of Sijoituspalvelualan tutkintotyöryhmä [Authorisation Group of Finnish Financial Services Industry APV1 and APV2 Licenses], Aalto Executive Education Oy and Federation of Finnish Financial Services (Finanssialan keskusliitto), present. Media Coverage, TV- and other interviews For more information, see separate Media Coverage List available upon request. Finnish national TV-channel YLE on the effects of the proposed change in the legislation that affects voluntary pension plans. Interview aired on daily main news programme Mika Vaihekoski 19 (20)

20 Finnish national TV-channel Nelonen, programme Talousuutiset Interview on the recent surge in the investments into mutual funds by the Finnish households. Interviewed or quoted in approximately one hundred articles ranging from daily Finnish newspapers (national and local) to weekly business magazines. Affiliations and memberships Member of the Genealogical Society of Finland, Finnish Association of Photography, and PC- Users ry, among others. Mika Vaihekoski 20 (20)