Publications in Peer-Reviewed Journals

Financial Economics

• "Public Funding of Banks and Firms in a Time of Crisis ", forthcoming in International Journal of Central Banking, with Markus Haavio and Antti Ripatti. 

• "Precision of Public Information Disclosures, Banks' Stability and Welfare", forthcoming in Journal of Money, Credit & Banking,  with Diego Moreno. 

  •  Online Appendix. 

• "Stress Test Precision and Bank Competition", Economics Letters 111702 (2024), with Diego Moreno. A preprint version. 

• "Learning and Staged Equity Financing", Journal of Corporate Finance, 74, 102217 (2022), with Magnus Blomkvist and Timo Korkeamäki.

• "Switching Costs in the Finnish Retail Deposit Markets", Journal of Finnish Economic Association, 1, 78-91 (2020).  

• "Regulation of Short-Term Consumer Credits", Journal of Banking Regulation, 20, 348–354 (2019). A pre-print version. 

• "Switching Costs and Financial Stability", Journal of Financial Stability, 41, 14-24 (2019),  with Rune Stenbacka. 

• "Optimal Bank Transparency", Journal of Money, Credit & Banking, 48, 203-231 (2016),  with Diego Moreno . A pre-print version. 

• "Convergence of European Retail Payments", Journal of Banking & Finance, 50, 81-91 (2015),  with Emmi Martikainen and Heiko Schmiedel.  

• "Competition Before Sunset: The Case of the Finnish ATM Market", Review of Network Economics, 13, 1-33 (2014),  with Maria Kopsakangas-Savolainen. A pre-print version. 

• "Promoting Efficient Retail Payments in Europe", Journal of Payment Strategy & Systems, 8, 395-406 (2014), (with Iftekhar Hasan and Emmi Martikainen). A pre-print version. 

• "Reforming Corporate Law in an Emerging Market: The Case of Finland in the 1970s", Economics of Transition, 21, 509-559 (2013), with Timo Korkeamäki and Elina Rainio.   

• "Does State Street Lead to Europe? The Case of Financial Exchange Innovations", European Financial Management 19, 521-557 (2013), (with Mari Komulainen).

• "Entrepreneurship, Financiership, and Selection",  Scandinavian Journal of Economics, 114, 601-628 (2012),  with Otto Toivanen.

• "Labour Market Reforms and the Sustainability of Exchange Rate Pegs", Scottish Journal of Political Economy, 57, 85-102 (2010),  with Olli Castrén and Geoffrey Wood.

• "Consumer Awareness and the Use of Payment Media: Evidence from Young Finnish Consumers", Review of Network Economics, 8, 164-188 (2009),  with Ari Hyytinen.

• "Investor Protection and Business Creation", International Review of Law and Economics, 28, 113-122 (2008),  with Ari Hyytinen.

• "Benchmarking and Comparing Entrepreneurs with Incomplete Information", Finnish Economic Papers, 20, 91-107 (2007), (with Juha-Pekka Niinimäki). 

• "Phoenix Rising: Legal Reforms and Changes in Valuations in Finland during the Economic Crisis", Journal of Financial Stability, 3, 33-58 (2007), (with Timo Korkeamäki and Yrjö Koskinen).

• "Corporate Law and Small Business Finance: Mandatory v. Enabling Rules", European Business Organization Law Review, 6, 449-466 (2005),  with Ari Hyytinen. 

• "Preventing Systemic Crises through Bank Transparency", Economic Notes, 33, 257-273 (2004), with Ari Hyytinen.

• "Law or Finance: Evidence from Finland", European Journal of Law and Economics, 16, 59-89 (2003), with Ari Hyytinen and Iikka Kuosa.

• "Enhancing Bank Transparency: A Re-assessment",  Review of Finance, 6, 429-445 (2002),  with Ari Hyytinen.

Innovation and Intellectual Property

•  "R&D Spillovers and Information Exchange: A Case Study", Eurasian Economic Review, 5, 63-76 (2015), with Klaus Kultti and Tanja Tanayama. 

• "Market Failures and the Additionality Effects of Public Support to Private R&D: Theory and Empirical Implications", International Journal of Industrial Organization 31, 634-642 (2013),  with Tanja Tanayama and Otto Toivanen. A pre-print version.  

• "Estimating the Benefits of Targeted R&D Subsidies", Review of Economics and Statistics, 95, 255-272 (2013), with Tanja Tanayama and Otto Toivanen.

  • Online appendix.

• "Valuation of Innovation and Intellectual Property: The Case of iPhone", European Management Review 10, 197-210 (2013), with Timo Korkeamäki. A pre-print version.

• "Rationales and Instruments for Public Innovation Policies", Journal of Reviews on Global Economics, 1, 157-167 (2012). (Open-access publication.)

• "Adverse Selection and Financing of Innovations: Is There Need for R&D Subsidies?",  Journal of Technology Transfer, 35, 16-41 (2010), with Tanja Tanayama. A pre-print version.

• "Optimal Fragmentation of Intellectual Property Rights", International Journal of Industrial Organization, 26, 137-149 (2008), with Klaus Kultti.

• "Secrecy vs. Patenting", RAND Journal of Economics, 38, 22-42 (2007),  with Klaus Kultti and Juuso Toikka.  

  • Supplementary appendix.

• "Cross-licensing and Collusive Behaviour", Homo Oeconomicus, 23, 181-194 (2006), with Klaus Kultti and Juuso Toikka.

• "Simultaneous Model of Innovation, Secrecy, and Patent Policy", American Economic Review (Papers & Proceedings), 96, 82-86 (2006), (with Klaus Kultti and Juuso Toikka).

• "Hold-ups and Asymmetric Information in a Technology Transfer: the Micronas Case", Journal of Technology Transfer, 27, 233-243 (2002), (with Klaus Kultti).

• "Incomplete Contracting in an R&D Project: the Micronas Case", R&D Management, 30, 67-77 (2000), (with Klaus Kultti).

• "Do Patents Slow Down Technological Progress?", International Journal of Industrial Organization, 18, 1105-1125 (2000), (with Vesa Kanniainen).

• "On the Optimal Patent Policy", Finnish Economic Papers, 14, 33-40 (2001).

• "Incomplete Contracting in Research Joint Ventures: a Case Study", Homo Oeconomicus, 15, 342-367 (1999),  with Klaus Kultti.

• "R&D Spillovers and Information Exchange", Economics Letters, 61, 121-123 (1998), with Klaus Kultti.

• "Innovation and Imitation Under Imperfect Patent Protection", Journal of Economics, 67, 229-241, (1998).

Applied Theory

• "Intermediation in a Directed Search Model",  Journal of Economics & Management Strategy, 30, 456-471 (2021),  with Klaus Kultti and Oskari Vähämaa.  A pre-print version.

• "Who Searches?", Japanese Economic Review, 60, 152-171 (2009),  with Klaus Kultti, Antti Miettunen, Juha Virrankoski.

• "Equilibrium in Auction and Bargaining Markets when Agents Can Wait and Search", Bulletin of Economic Research, 51,171-206 (1999),  with Klaus Kultti.

Political Science

• • "Relative Age Effects in Political Selection", European Journal of Political Economy, 58, 50-63 (2019),  with Janne Tukiainen and Topi Hulkkonen.  A pre-print version.

  • An earlier working paper version also contains results concerning the Finnish football:

    • Gender Specific Relative Age Effects in Politics and Football, VATT Working Papers No. 94.

• "Candidate Quality", International Tax and Public Finance, 14, 7-27 (2007),  with Panu Poutvaara.