Sami Vähämaa

Current Positions:

Professor of Accounting and Finance

Chairman of the University Collegium

Head of the Finance Group

Senior Research Fellow, Federal Deposit Insurance Corporation

Research Fellow, Kiel Institute for the World Economy

Docent, Turku School of Economics

Editorial Positions:

Editor, Nordic Journal of Business

Associate Editor, Emerging Markets Review

Editorial Board Member, Corporate Governance: An International Review

Teaching 2025-2026:

Managing Doctoral Research

Financial Derivatives

Selected Publications:

Ebrahim, A., Palvia, A., Vähämaa, E. & Vähämaa, S. (2025). Poor performance and CEO changes in community banks: The role of gender in successions. European Journal of Finance, forthcoming. Abstract | PDF

Afzali, A., Silvola, H. & Vähämaa, S. (2025). Co-opted directors and corporate social responsibility. Journal of Accounting, Auditing & Finance, forthcoming. Abstract | PDF

Fatmy, V., Sihvonen, J. & Vähämaa, S. (2025). LGBTQ-friendly employee policies and corporate innovation. International Review of Financial Analysis, Vol. 105, No. 104414. Abstract |PDF | Press release | The London School of Economics Business Review Blog

Afzali, M., Colak, G. & Vähämaa, S. (2025). Climate change denial and corporate environmental responsibility. Journal of Business Ethics, Vol. 196, No. 1, pp. 31-59. Climate Finance Award at the 7th Liechtenstein Workshop of Sustainable Finance | Abstract | PDF | Press release

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 | Press release | MustRead Akatemia Blog

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 | Press release

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. (2014). Forward-looking monetary policy rules and option-implied interest rate expectations. Journal of Futures Markets, Vol. 34, No. 4, pp. 346-373. Outstanding Paper Award at the 47th Annual Meeting of the Eastern Finance Association | Abstract | PDF

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. Outstanding Paper Award the 46th Annual Meeting of the Southern Finance Association | Abstract

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

See also: ORCID | Google Scholar | SSRN | ResearchGate | RePEc | ECB

Selected Working Papers:

Agapova, A., Vähämaa, E. & Vähämaa, S. (2025). Female executives and voluntary earnings guidance. Proceedings of the 2024 Annual Meeting of the European Financial Management Association.

Vähämaa, S. & Zhukova, M. (2025). Breaking the glass ledger: A survey of gender disparities in the banking industry. Proceedings of the 13th Portuguese Finance Network Conference.

Ittonen, K., Tronnes, P.C. & Vähämaa, S. (2025). 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 Association. PDF

Ahmed, S., Sihvonen, J. & Vähämaa, S. (2025). Executive age and bank risk-taking. Proceedings of the 12th International Conference of the Financial Engineering and Banking Society.PDF

Arte, P. & Vähämaa, S. (2025). The impact of formal and informal institutions on stock market reactions to divestment announcements: A meta-analysis. Proceedings of the 49th Conference of the European International Business Academy. The FinReg Blog of the Duke University Financial Economics Center

Selected Awards:

Climate Finance Award at the 7th Liechtenstein Workshop of Sustainable Finance

Best Paper Award at the 2023 International Workshop on ESG Values

Outstanding Paper Award at the 47th Annual Meeting of the Eastern Finance Association

The 2010 Excellence Award in Global Economic Affairs

The University of Vaasa Business Teacher of the Year 2009 Award

Outstanding Paper Award at the 46th Annual Meeting of the Southern Finance Association

Research-Based Blogs:

Fatmy, V., Sihvonen, J. & Vähämaa, S. (2025). LGBTQ-friendly companies produce more patents and innovation. The London School of Economics Business Review Blog.

Vähämaa, S. & Ranta, M. (2024). Hyvännäköinen pankinjohtaja saa parempaa palkkaa. MustRead Akatemia Blog.

Fatmy, V., Kihn, J., Sihvonen, J. & Vähämaa, S. (2023). Why do corporations embrace the LGBTQ+ cause? The London School of Economics Business Review Blog.

Arte, P. & Vähämaa, S. (2022). The impact of institutions on stock market reactions to divestment announcements. The FinReg Blog of the Duke University Financial Economics Center.

Korkeamäki, T., Sihvonen, J. & Vähämaa, S. (2018). How to compare apples with oranges: Using interdisciplinary "exchange rates" to evaluate publications across disciplines. The London School of Economics Impact Blog.

Podcasts:

Oivalluksia-podcast (on Spotify)
Ilmastoskeptiset kansalaiset – vastuuttomat yritykset?

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

Oivalluksia-podcast (on Spotify)
Näkökulma naisjohtajiin