Vanja Piljak
Associate Professor (tenure track)
Tervahovi D321
Tuesday 13:00-14:00
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Current Positions
Associate Professor in Finance, School of Accounting & Finance (University of Vaasa)
Docent (Adjunct Professor) in International Finance, University of Jyväskyla
Research
My research interests focus on international, green and climate finance. The research topics of interest: climate risk, bond markets, emerging markets finance, green finance, financial integration, asset comovement, contagion, financial crises, and political risk in financial markets.
Articles in refereed journals
Benkraiem, R., Dimic, N., Piljak, V., Swinkels, L., & Vulanovic, M. (2025). Media-based climate risks and international corporate bond market. Journal of International Money and Finance 151, 103260. https://doi.org/10.1016/j.jimonfin.2024.103260
Dimic, N., Tinoco, M.H., Piljak, V., Vulanovic, M. (2025). Energy SPACs performance and governance. Energy Economics 108478. https://doi.org/10.1016/j.eneco.2025.108478
Ceballos, L., Piljak, V., Swinkels, L. (2024). Is firm-level political risk priced in the corporate bond markets? Journal of Empirical Finance 79, 101562. https://doi.org/10.1016/j.jempfin.2024.101562
Dimic, N., Tinoco, M.H., Piljak, V., Vulanovic, M. (2024). Carbon VIIX: A case of decarbonized SPACs. Finance Research Letters, 106360. https://doi.org/10.1016/j.frl.2024.106360
Dimic, N., Goodell, J.W., Piljak, V., Vulanovic, M. (2024). Green SPACs. European Financial Management 30:2, 770-799. https://doi.org/10.1111/eufm.12453
Dimic, N., Goodell, J.W., Piljak, V., Vulanovic, M. (2023). Acquisition determinants of energy SPACs: Reflecting a closed group? Finance Research Letters 104001.https://doi.org/10.1016/j.frl.2023.104001
Cao, L., Jiang, J., Piljak. V. (2023). Did mega-regional trade agreements reshuffle the financial influence of the US, China, and Japan in ASEAN? Evidence from the volatility-spillover effects. Research in International Business and Finance 65, 101937.https://doi.org/10.1016/j.ribaf.2023.101937
Dimic, N., Orlov, V., Piljak, V. (2022). First offshore bond issuances and firm valuation. International Review of Financial Analysis, 102246. https://doi.org/10.1016/j.irfa.2022.102246
Du, Y., Goodell, J.W., Piljak, V., Vulanovic, M. (2022). Subsidiary financing choices: The roles of institutional distances from home countries. International Review of Financial Analysis, 102280. https://doi.org/10.1016/j.irfa.2022.102280
Andreou, C., Dimic, N., Piljak, V., Savvides, A. (2022). Unconventional monetary policy and international equity capital flows to emerging markets. European Financial Management 28(2), 482-509. https://doi.org/10.1111/eufm.12312
Dimic, N., Piljak, V., Swinkels, L., Vulanovic, M. (2021). The Structure and Degree of Dependence in Government Bond Markets. Journal of International Financial Markets, Institutions and Money 74, 101385. https://doi.org/10.1016/j.intfin.2021.101385
Boubaker, S., Nguyen, D.K., Piljak, V. & Savvides, A. (2019). Financial Development, Government Bond Returns, and Stability: International Evidence. Journal of International Financial Markets, Institutions and Money 61, 81-96. https://doi.org/10.1016/j.intfin.2019.02.006
Jiang, J., Piljak, V., Tiwari, A.K., Äijö, J. (2020). Frequency volatility connectedness across different industries in China. Finance Research Letters 37, 101376. https://doi.org/10.1016/j.frl.2019.101376
Nikkinen, J., Piljak, V., Rothovius, T. (2020). Impact of the 2008/2009 financial crisis on the external and internal linkages of European frontier stock markets. Global Finance Journal 46, 100481. https://doi.org/10.1016/j.gfj.2019.100481
Lucey et al. (2018). Future Directions in International Financial Integration Research - A Crowdsourced Perspective. International Review of Financial Analysis 55, 35-49. https://doi.org/10.1016/j.irfa.2017.10.008
Piljak, V. & Swinkels, L. (2017). Fundamental Indexation for Developed, Emerging, and Frontier Government Bond Markets. Journal of Asset Management 18, 405-420. https://doi.org/10.1057/s41260-017-0045-8
Piljak, V. & Swinkels, L. (2017). Frontier and Emerging Government Bond Markets. Emerging Markets Review 30, 232-255. https://doi.org/10.1016/j.ememar.2015.10.002
Dimic, N., Orlov, V. & Piljak, V. (2016). The Effect of Political Risk on Currency Carry Trades. Finance Research Letters 19, 75-78. https://doi.org/10.1016/j.frl.2016.06.005
Dimic, N., Kiviaho, J., Piljak, V. & Äijö, J. (2016). Impact of Financial Market Uncertainty and Macroeconomic Factors on Stock-Bond Correlation in Emerging Markets. Research in International Business and Finance 36, 41-51. https://doi.org/10.1016/j.ribaf.2015.09.001
Graham, M., Peltomäki, J. & Piljak, V. (2016). Global Economic Activity as an Explicator of Emerging Market Equity Returns. Research in International Business and Finance 36, 424-435. https://doi.org/10.1016/j.ribaf.2015.09.030
Dimic, N., Orlov, V. & Piljak, V. (2015). The Political Risk Factor in Emerging, Frontier, and Developed Stock Markets. Finance Research Letters 15, 239-245. https://doi.org/10.1016/j.frl.2015.10.007
Kiviaho, J., Nikkinen, J., Piljak, V. & Rothovius, T. (2014). The Co-movement Dynamics of European Frontier Stock Markets. European Financial Management 20, 574-595.
https://doi.org/10.1111/j.1468-036X.2012.00646.xPiljak, V. (2013). Bond Markets Co-movement Dynamics and Macroeconomic Factors: Evidence from Emerging and Frontier Markets. Emerging Markets Review 17, 29-43. https://doi.org/10.1016/j.ememar.2013.08.001
Nikkinen, J., Piljak, V. & Äijö, J. (2012). Baltic Stock Markets and the Financial Crisis of 2008-2009. Research in International Business and Finance, 26:3, 398-409. https://doi.org/10.1016/j.ribaf.2012.03.003
Research profile:
https://orcid.org/0000-0002-2066-5208">ORCID
Editorial board:
Associate Editor in Research in International Business and Finance
Managing Guest Editor in Research in International Business and Finance: Special Issue on "Recent Trends and New Developments in Sustainable, Green and International Finance" in Research in International Business and Finance
Co-chair of the Workshop: "Recent Trends and New Developments in Sustainable, Green and International Finance", IESEG School of Management, Paris, May 2024 & June 2025
Associate Editor in International Review of Economics and Finance
Co-Editor Multinational Finance Journal
Teaching
I have been teaching in the EFMD-accredited Master's Degree Programme in Finance at the University of Vaasa since 2013.
Courses in the Master's Programme in Finance at the University of Vaasa:
Research in Financial Markets
Investments
Introduction to Master's Thesis
Doctoral, Master's, and Bachelor's theses supervision
Courses at the University of Jyväskyla:
International Finance
Conferences
3rd International Conference on Sustainability, Environment, and Social Transition in Economics and Finance (SESTEF), December 2024, Paris
2024 AFS (Afrimed Finance Society) Conference, July 2024, Cagliari, Italy
30th Annual Conference of the Multinational Finance Society, July 2024, Vaasa, Finland
17th International Accounting & Finance Doctoral Symposium (IAFDS), June 2024, Naples, Italy
3rd Conference on International Finance; Sustainable and Climate Finance, June 2024, Reading, the UK
International Workshop: "Recent Trends and New Developments in Sustainable, Green and International Finance", IESEG School of Management, May 2024, Paris
2nd International Conference on Sustainability, Environment, and Social Transition in Economics and Finance (SESTEF), December 2023, Southampton
2nd Conference on International Finance; Sustainable and Climate Finance and Growth, June 2023, Ljubljana, Slovenia
The International Accounting & Finance Doctoral Symposium (IAFDS), June 2023, Paris, France
International Conference on Sustainability, Environment, and Social Transition in Economics and Finance (SESTEF), December 2022, Paris
4th Rajagiri Conference on Economics and Finance (RCEF), November 2022, virtual (keynote speaker)
1st Conference on International Finance; Sustainable and Climate Finance and Growth, June 2022, Naples, Italy
61st Annual Meeting of the Southern Finance Association (SFA)
November 2021, USA
60th Annual Meeting of the Southern Finance Association (SFA)
November 2020
7th Paris Financial Management Conference, December 2019, Paris, France
59th Annual Meeting of the Southern Finance Association (SFA)
November 2019, Orlando, USA
17th INFINITI Conference on International Finance, June 2019, Glasgow, UK
16th INFINITI Conference on International Finance, June 2018, Poznan, Poland
8th International Conference of the Financial Engineering and Banking Society, June 2018, University of "Roma Tre", Rome, Italy
54th Annual Meeting of the Eastern Finance Association (EFA)
April 2018, Philadelphia, USA
92nd Annual Conference of the Western Economic Association International, June 2017, San Diego, USA
15th INFINITI Conference on International Finance, June 2017, Valencia, Spain
25th International Rome Conference on Money, Banking and Finance (MBF), December 2016, Rome, Italy
51st Annual Meeting of the Eastern Finance Association (EFA)
April 2015, New Orleans, USA
64th Annual Meeting of the Midwest Finance Association (MFA)
March 2015, Chicago, USA
2nd Paris Financial Management Conference
December 2014, IPAG Business School, Paris, France
4th International Conference of the Financial Engineering and Banking Society, June 2014, University of Surrey, the UK
6th International Finance and Banking Society Conference
June 2014, Lisbon, Portugal
11th INFINITI Conference on International Finance,
June 2013, Aix-en-Provence, France
49th Annual Meeting of the Eastern Finance Association (EFA)
April 2013, St.Pete Beach, USA
25th Australasian Finance and Banking Conference
December 2012, Sydney, Australia
48th Annual Meeting of the Eastern Finance Association (EFA)
April 2012, Boston, USA
61st Annual Meeting of the Midwest Finance Association (MFA)
February 2012, New Orleans, USA
51st Annual Meeting of the Southern Finance Association (SFA)
November 2011, Key West, USA
9th INFINITI Conference on International Finance
June 2011, Trinity College Dublin, Ireland
15th International Conference on Macroeconomic Analysis and International Finance, May 2011, University of Crete, Greece
18th Conference on the Theories and Practices of Securities and Financial Markets, December 2010, National Sun Yat-sen University, Taiwan
3rd International Conference on Accounting and Finance, August 2010, Skiathos, Greece
Annual London Conference on Money, Economy and Management,
July 2008, Imperial College, London, UK
Research visits
IESEG School of Management, France
University of St. Gallen, Switzerland
Cyprus University of Technology, Limassol
IPAG Business School, Paris, France
Auburn University, USA
Workshop and seminar presentations
Research Seminar, Corvinus University of Budapest, October 2024
Research Seminar, Swansea University, March 2023
Research Seminar, Audencia Business School, January 2023, Nantes, France
2022 International Workshop on ESG Values, June 2022, Deusto Business School, Bilbao (keynote speaker)
Summer Seminar of Finnish Economists, June 2021
Research Seminar in Economics and Finance, September 2020, University of Jyväskylä, Finland
Research Seminar in Finance, April 2017, Cyprus University of Technology, Limassol
Research Seminar in Finance, October 2015, Champagne School of Management / Groupe ESC Troyes, France
Research Seminar in Finance, October 2012, Auburn University, USA
Nordic Finance Network (NFN) Research Workshop, May 2011, Helsinki, Finland
Graduate School of Finance (GSF) Winter Research Workshop, November 2010 - Lappeenranta, Finland
PhD supervision:
Junhua Jiang
Alamgir Hossain
Kanying Xu
Arttu Havuluoto