Sami Vähämaa
Professor
Tervahovi D343
Wed 14:00-15:00

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 Association. PDF
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 Conference. PDF
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 Conference. PDF 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
Forbes
Beyond Pride: LGBTQ+ Communities Still Need Stronger Support Networks, Research Reveals
Forbes
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?
BusinessBecause
4 Ways Companies Benefit from Being LGBTQ+ Allies
DiversityQ
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
TheStreet
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)
Finansfeminisme
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
Podcasts:
Oivalluksia-podcast (on Spotify)
Näkökulma naisjohtajiin
Oivalluksia-podcast (on Spotify)
Miten sijoittaa epävarmoina aikoina?
Keywords:
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