Sami Vähämaa


School of Accounting and Finance, Finance
+358 29 449 8455
Wolffintie 32, 65200 Vaasa
Tervahovi D343
Office Hours:
Wed 14:00-15:00


Curriculum Vitae


Current Positions:

Professor of Accounting and Finance

Chairman of the University Collegium

Research Fellow, Kiel Institute for the World Economy

Docent, Turku School of Economics

Director, Southern Finance Association


Editorial Positions:

Editor, Nordic Journal of Business

Editorial Board Member, Corporate Governance: An International Review


Teaching 2022-2023:

Managing Doctoral Research

Financial Derivatives

Research in Financial Analysis


Selected Publications:

Ahmed, S., Ranta, M., Vähämaa, E. & Vähämaa, S. (2023). Facial attractiveness and CEO compensation: Evidence from the banking industry. Journal of Economics and Business, Vol. 123, No. 106095. Abstract PDF

Fatmy, V., Kihn, J., Sihvonen, J. & Vähämaa, S. (2022). Does lesbian and gay friendliness pay off? A new look at LGBT policies and firm performance. Accounting & Finance, Vol. 62, No. 1, pp. 213-242. Abstract PDF The London School of Economics Business Review Blog

Davydov, D., Vähämaa, S. & Yasar, S. (2021). Bank liquidity creation and systemic risk. Journal of Banking and Finance, Vol. 123, No. 106031. Abstract PDF

Peltomäki, J., Sihvonen, J., Swidler, S. & Vähämaa, S. (2021). Age, gender, and risk-taking: Evidence from the S&P 1500 executives and market-based measures of firm risk. Journal of Business Finance & Accounting, Vol. 48, No. 9-10, pp. 1988-2014. Abstract PDF

Palvia, A., Vähämaa, E. & Vähämaa, S. (2020). Female leadership and bank risk-taking: Evidence from the effects of real estate shocks on bank lending performance and default risk. Journal of Business Research, Vol. 117, pp. 897-909. Abstract PDF

Ahmed, S., Sihvonen, J. & Vähämaa, S. (2019). CEO facial masculinity and bank risk-taking. Personality and Individual Differences, Vol. 138, pp. 133-139. Abstract PDF

Baselga-Pascual, L., Trujillo-Ponce, A., Vähämaa, E. & Vähämaa, S. (2018). Ethical reputation of financial institutions: Do board characteristics matter? Journal of Business Ethics, Vol. 148, No. 3, pp. 489-510. Abstract PDF

Korkeamäki, T., Sihvonen, J. & Vähämaa, S. (2018). Evaluating publications across business disciplines: Inferring interdisciplinary "exchange rates" from intradisciplinary author rankings. Journal of Business Research, Vol. 84, pp. 220-232. PDF The London School of Economics Impact Blog

Palvia, A., Vähämaa, E. & Vähämaa, S. (2015). Are female CEOs and Chairwomen more conservative and risk averse? Evidence from the banking industry during the financial crisis. Journal of Business Ethics, Vol. 131, No. 3, pp. 577-594. Abstract PDF

Sihvonen, J. & Vähämaa, S. (2015). Business research in the Nordic countries: An analysis of research output across countries, disciplines, and institutions. Nordic Journal of Business, Vol. 64, No. 4, pp. 263-293. PDF

Sihvonen, J. & Vähämaa, S. (2014). Forward-looking monetary policy rules and option-implied interest rate expectations. Journal of Futures Markets, Vol. 34, No. 4, pp. 346-373. Abstract PDF EFA 2011 Outstanding Paper Award

Goodell, J.W. & Vähämaa, S. (2013). U.S. presidential elections and implied volatility: The role of political uncertainty. Journal of Banking and Finance, Vol. 37, No. 3, pp. 1108-1117. Abstract PDF

Ittonen, K., Vähämaa, E. & Vähämaa, S. (2013). Female auditors and accruals quality. Accounting Horizons, Vol. 27, No. 2, pp. 205-228. Abstract

Peni, E. & Vähämaa, S. (2012). Did good corporate governance improve bank performance during the financial crisis? Journal of Financial Services Research, Vol. 41, No. 1-2, pp. 19-35. Abstract PDF

Vähämaa, S. & Äijö, J. (2011). The Fed's policy decisions and implied volatility. Journal of Futures Markets, Vol. 31, No. 10, pp. 995-1010. Abstract PDF

Rinne, E. & Vähämaa, S. (2011). The "Dogs of the Dow" strategy revisited: Finnish evidence. European Journal of Finance, Vol. 17, No. 5-6, pp. 451-469. Abstract

Nikkinen, J. & Vähämaa, S. (2010). Terrorism and stock market sentiment. The Financial Review, Vol. 45, No. 2, pp. 263-275. Abstract

Nikkinen, J. & Vähämaa, S. (2009). Central bank interventions and implied exchange rate correlations. Journal of Empirical Finance, Vol. 16, No. 5, pp. 862-873. Abstract SFA 2006 Outstanding Paper Award

Martikainen, M., Nikkinen, J. & Vähämaa, S. (2009). Production functions and productivity of family firms: Evidence from the S&P 500. Quarterly Review of Economics and Finance, Vol. 49, No. 2, pp. 295-307. Abstract

Andersson, M., Krylova, E. & Vähämaa, S. (2008). Why does the correlation between stock and bond returns vary over time? Applied Financial Economics, Vol. 18, No. 2, pp. 139-151. Abstract

Jokipii, A. & Vähämaa, S. (2006). The free cash flow anomaly revisited: Finnish evidence. Journal of Business Finance & Accounting, Vol. 33, No. 7-8, pp. 961-978. Abstract PDF

Nikkinen, J., Sahlström, P. & Vähämaa, S. (2006). Implied volatility linkages among major European currencies. Journal of International Financial Markets, Institutions and Money, Vol. 16, No. 2, pp. 87-103. Abstract

Vähämaa, S., Watzka, S. & Äijö, J. (2005). What moves option-implied bond market expectations? Journal of Futures Markets, Vol. 25, No. 9, pp. 817-843. Abstract

Vähämaa, S. (2005). Option-implied asymmetries in bond market expectations around monetary policy actions of the ECB. Journal of Economics and Business, Vol. 57, No. 1, pp. 23-38. Abstract PDF

Vähämaa, S. (2004). Delta hedging with the smile. Financial Markets and Portfolio Management, Vol. 18, No. 3, pp. 241-255. PDF


Selected Working Papers:

Afzali, M., Colak, G. & Vähämaa, S. (2023). Climate change denial and corporate environmental responsibility. PDF

Ebrahim, A., Palvia, A., Vähämaa, E. & Vähämaa, S. (2023). Poor performance and CEO changes in community banks: The role of gender in successions.

Fatmy, V., Sihvonen, J. & Vähämaa, S. (2023). LGBTQ-friendly employee policies and corporate innovation. Proceedings of the 62nd Annual Meeting of the Southern Finance Association. PDF

Ittonen, K., Tronnes, P.C. & Vähämaa, S. (2023). Do former auditors on the audit committee constrain earnings management? Evidence from the banking industry. Proceedings of the 55th Annual Meeting of the Southern Finance AssociationPDF

Ahmed, S., Sihvonen, J. & Vähämaa, S. (2023). Executive age and bank risk-taking. Proceedings of the 12th International Conference of the Financial Engineering and Banking Society. PDF

Afzali, A., Silvola, H. & Vähämaa, S. (2023). Co-opted directors and corporate social responsibility. Proceedings of the 2022 Financial Markets and Corporate Governance ConferencePDF

Dimic, N., Fatmy, V. & Vähämaa, S. (2023). Religiosity and corporate social responsibility. Proceedings of the 2022 Conference on International Finance, Sustainable and Climate Finance and Growth. PDF

Arte, P. & Vähämaa, S. (2023). The impact of formal and informal institutions on stock market reactions to divestment announcements: A meta-analysis. Proceedings of the 2022 British Academy of Management ConferencePDF The FinReg Blog of the Duke University Financial Economics Center

Agapova, A., Vähämaa, E. & Vähämaa, S. (2023). Executive gender and voluntary earnings guidance. Proceedings of the 62nd Annual Meeting of the Southern Finance Association.

See also: Google Scholar SSRN ResearchGate RePEc ECB


Selected Awards:

Outstanding Paper Award at the 2011 Eastern Finance Association Meeting
Press release

The 2010 Excellence Award in Global Economic Affairs
Award ceremony Press release

Business Teacher of the Year 2009 Award

Outstanding Paper Award at the 2006 Southern Finance Association Meeting


Selected Media Coverage of Research:

The Wall Street Journal
Banks Run by Women Might Be Less Vulnerable in a Crisis

The New York Times
Banks with Female CEOs Significantly Less Likely to Fail during Financial Crisis

Beyond Pride: LGBTQ+ Communities Still Need Stronger Support Networks, Research Reveals

Pride Pays: LGBT-Friendly Businesses Are More Profitable, Research Shows

American Banker
Women in Banking: Could Silicon Valley Foster Wall St. Diversity?

Enterprise Magazine
LGBTQ+ Friendly Companies Perform Better - But Why?

4 Ways Companies Benefit from Being LGBTQ+ Allies

New Research Gives Hope to US Firms Wanting to Be LGBT+ Inclusive in Conservative States

Gay Times
Businesses Championing LGBT-Friendly Policies Perform Better Financially

The Stock Market Thinks Hillary Clinton Will Be the Next President of the United States

Institutional Money (in German)
Diverse Herausforderungen

Business Insider Deutschland (in German)
Genderneutrale Sprache und Pride-Netzwerke: So LGBT+ -freundlich sind SAP, Delivery Hero und Co.

Helsingin Sanomat (in Finnish)
Rahoituksen professori tutki, miten seksuaali­vähemmistöjen huomioiminen vaikuttaa yritysten kannattavuuteen

Yle (in Finnish)
Suomalaistutkimus selvitti: Seksuaali- ja sukupuolivähemmistöjen huomioiminen on hyödyllistä yrityksille, myös taloudellisesti

Yle (in Finnish)
Yhdysvalloissa yritykset tahkoavat rahaa huomioimalla seksuaalivähemmistöt, mutta Suomessa ollaan vielä lapsenkengissä

Yle (in Finnish)
Sateenkaarilipusta on tullut "vapaata riistaa", jolla osa kiillottaa omaa ulkokuortaan - Tiedätkö, milloin on syytä epäillä pinkkipesua?

Kauppalehti (in Finnish)
"Tämä ei ole Slush, vaan Pride, eikä idea ole lähteä myymään oman ideansa hienoutta" - Yritykset ovat heräämässä sosiaalisen vastuun tärkeyteen ja kannattavuuteen

Helsingin Sanomat (in Finnish)
Ennen yritys saattoi korostaa isänmaallisuutta, nykyään se osallistuu Pride-viikolle - Tutkijat: yritysten kannanotot vaikuttavat yhteiskunnalliseen ilmapiiriin

Turun Sanomat (in Finnish)
Vähemmistömyönteisyys tuo yrityksille isot rahat - vaikuttaa jopa patenttien määrään ja laatuun

Talouselämä (in Finnish)
Seksuaalivähemmistöjen huomioiminen hyödyttää yrityksiä - Vaasan yliopisto löysi yhteyden suvaitsevaisuuden ja markkina-arvon välillä

Talouselämä (in Finnish)
Pörssin "osinkokoirat" ovat menestyneet etenkin laskumarkkinassa ? Poimimme Helsingin pörssistä 10 turvallisen osinko-osakkeen salkun Dogs of Dow -sijoitusstrategialla

Kauppalehti (in Finnish)
Naisjohtoiset yritykset muita vakaampia

Weekendavisen (in Danish)

Helsingin Sanomat (in Finnish)
Aalto-yliopisto sijoittui toiseksi pohjoismaisten kauppakorkeakoulujen vertailussa

Kauppalehti (in Finnish)
Aalto-yliopistossa Pohjoismaiden 2. parasta taloustutkimusta

Talouselämä (in Finnish)
Tällä alalla suomalaiset korkeakoulut menestyvät Pohjoismaissa

Aamulehti (in Finnish)
Suomi on paras markkinoinnissa

Hufvudstadsbladet (in Swedish)
Gott betyg för finländska handelshögskolor



Oivalluksia-podcast (on Spotify)
Näkökulma naisjohtajiin

Oivalluksia-podcast (on Spotify)
Miten sijoittaa epävarmoina aikoina?



Rahoitus; rahoitusmarkkinat; osakemarkkinat; johdannaismarkkinat; osakkeet; johdannaiset; sijoittaminen; pankit; hallitukset; hallitusjäsenet; toimitusjohtajat; naisjohtajuus; naisjohtajat; naiskiintiöt; sukupuolikiintiöt; diversiteetti; seksuaalivähemmistöt; palkitseminen; yhteiskuntavastuu; ESG; CSR; corporate governance; vastuullisuus; vastuullinen sijoittaminen; finance, financial markets; stock markets; derivatives markets; stocks; derivatives; investing; banks; boards; board of directors; board members; CEOs; female leadership; female executives; gender quotas; diversity; sexual minorities; executive compensation; corporate social responsibility; sustainability; responsible investing