Work in progress:

• Comparing Market Beta Estimates (with Petri Jylhä and Yuekun Liu)

• Predicting Winner and Loser Stocks: A Classification Approach (with Roope Rihtamo and Henri Nyberg)

• Slow Trading and Stock Return Predictability (with Allaudeen Hameed and Matti Suominen) 

• What Matters to Individual Investors in a Welfare State (With Elias Rantapuska and Alexander Wirtz)

Publications:

• Discount rates and Cash Flows: A Local Projection Approach, 2024, with Henri Nyberg, Journal of Banking and Finance 162, 107127.

• Non-Standard Errors, 2024, with 342 co-authors, Journal of Finance 79, 2339-2390.

• Identifying Accounting Conservatism in the Presence of Skewness, 2024,with Henry Jarva, Review of Quantitative Finance and Accounting 62, 553–577.

• Asymmetric information and the Distribution of Trading Volume, 2023, with Jos van Bommel, Journal of Corporate Finance 82, 102464. Internet appendix. Data.

• Mind the Basel Gap, 2022, with Petri Jylhä, Journal of International Financial Markets, Institutions & Money 79, 101605.

• Expected market returns: SVIX, realized volatility, and the role of dividends, 2019, Journal of Applied Econometrics 34, 858 - 864.

• Noncausality and the Commodity Currency Hypothesis, 2017, with Henri Nyberg, Energy Economics 65, 424 - 433. Internet appendix

• Rational Speculators, Contrarians and Excess Volatility, 2015, Management Science 61, 1889 - 1901. 

• Aid and Income: Another Time-Series Perspective, 2015, with Tseday Mekasha and Finn Tarp, World Development 69, 19-30.

• Rejoinder to Herzer, Nowak-Lehmann, Dreher, Klasen, and Martinez-Zarzoso, 2015, with Tseday Mekasha and Finn Tarp, World Development 70, 397 - 399.

• GMM Estimation with Noncausal Instruments under Rational Expectations, 2014, Oxford Bulletin of Economics and Statistics 76, 279 - 286. 

• Does sovereign debt weaken economic growth? A Panel VAR analysis, 2014, with Tuomas Malinen, Economics Letters 122/3,  403 - 407.

• Noncausality and Asset Pricing, 2013, Studies in Nonlinear Dynamics & Econometrics 17, 211 - 220.

• Heterogeneity in Stock Prices: A STAR Model with Multivariate Transition Function, 2012, Journal of Economic Dynamics and Control 36, 1845 – 1854.