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Finance and Financial Accounting

About the research group

The Finance and Financial Accounting research group (FRG) focuses on finance and external accounting. The group's areas of expertise cover the field from finance markets to financial statement analysis. Researchers of finance and financial accounting at the University of Vaasa are pioneers in their field of research in Finland. During the past decades they have published hundreds of scientific articles in journals that follow international assessment procedures.

The research tradition is also strongly reflected in the group's current operations and areas of emphasis. Recent projects have focused on the examination of the way financial markets operate and connections with corporate financing and investor decision-making.

The research group is headed by Professor Jussi Nikkinen.

Key research themes of the group

Financial markets

  • Emerging financial markets
  • Derivatives markets
  • Macroeconomic factors and financial markets

Monetary policy and financial markets
Banking and bank performance
Corporate finance

  • Female executives and corporate governance

Earnings management and the quality of financial reporting
Econometrics of event studies
Microstructure of financial markets

News and events

2024
  • Assessing the Risk of Bitcoin Futures Market: New Evidence

    Dutta, Anupam, 2024, Annals of data science, Published 14 February 2024, DOI: 10.1007/s40745-024-00517-4, A1 Journal article (peer-reviewed)

  • Fuel demand, carbon tax and electric vehicle adoption in India's road transport

    Yadav, Purushottam; Kanjilal, Kakali; Dutta, Anupam; Ghosh, Sajal, 2024, Transportation research part d: transport and environment, 127, 104010, DOI: 10.1016/j.trd.2023.104010, A1 Journal article (peer-reviewed)

  • No reward—no effort: Will Bitcoin collapse near to the year 2140?

    Grobys, Klaus, 2024, Finance research letters, 63, 105294, DOI: 10.1016/j.frl.2024.105294, A1 Journal article (peer-reviewed)

  • On co-dependent power-law behavior across cryptocurrencies

    Grobys, Klaus, 2024, Finance research letters, 63, 105295, DOI: 10.1016/j.frl.2024.105295, A1 Journal article (peer-reviewed)

2023
  • Climate risk and sustainable investing: New evidence from Chinese renewable energy firms

    Dutta, Anupam; Bhuiyan, Mohammad Rakib Uddin; Ahmed, Ali; Uddin, Gazi Salah, 2023, Phoumin, Han; Taghizadeh-Hesary, Farhad; Kimura, Fukunari, Green Finance and Renewable Energy in ASEAN and East Asia, Routledge-ERIA Studies in Development Economics, 57-79, Chapter 3, DOI: 10.4324/9781003397670-4, A3 Book chapter (peer-reviewed)

  • The impact of the Russia-Ukraine crisis on the stock market: Evidence from Australia

    Kamal, Md Rajib; Ahmed, Shaker; Hasan, Mostafa Monzur, 2023, Pacific-basin finance journal, 79, 102036, DOI: 10.1016/j.pacfin.2023.102036, A1 Journal article (peer-reviewed)

  • Does corporate environmental performance affect corporate biodiversity reporting decision? The Finnish evidence

    Dutta, Probal; Dutta, Anupam, 2023, Journal of applied accounting research, 25, 1, 24-41, DOI: 10.1108/JAAR-06-2022-0148, A1 Journal article (peer-reviewed)

  • Did mega-regional trade agreements reshuffle the financial influence of the US, China, and Japan in ASEAN? Evidence from the volatility-spillover effects

    Cao, Li; Jiang, Junhua; Piljak, Vanja, 2023, Research in international business and finance, 65, 101937, DOI: 10.1016/j.ribaf.2023.101937, A1 Journal article (peer-reviewed)

  • Facial attractiveness and CEO compensation: Evidence from the banking industry

    Ahmed, Shaker; Ranta, Mikko; Vähämaa, Emilia; Vähämaa, Sami, 2023, Journal of economics and business, 123, 106095, DOI: 10.1016/j.jeconbus.2022.106095, A1 Journal article (peer-reviewed)

  • Oil Price Uncertainty and IPOs

    Blomkvist, Magnus; Dimic, Nebojsa; Vulanovic, Milos, 2023, Energy journal, 44, 6, 43-64, DOI: 10.5547/01956574.44.6.mblo, A1 Journal article (peer-reviewed)

  • Revisiting the pricing impact of commodity market spillovers on equity markets

    Pinto-Ávalos, Francisco; Bowe, Michael; Hyde, Stuart, 2023, Journal of commodity markets, 33, 100369, DOI: 10.1016/j.jcomm.2023.100369, A1 Journal article (peer-reviewed)

  • Mutual coupling between stock market and cryptocurrencies

    Ahmed, Maruf Yakubu; Sakordie, Samuel Asumadu; Leirvik, Thomas, 2023, Heliyon, 9, 5, e16179, DOI: 10.1016/j.heliyon.2023.e16179, A1 Journal article (peer-reviewed)

  • Better Not Forget: On the Memory of S&P 500 Survivor Stock Companies

    Grobys, Klaus; Han, Yao; Kolari, James W., 2023, Journal of risk and financial management, 16, 2, 126, DOI: 10.3390/jrfm16020126, A1 Journal article (peer-reviewed)

  • Assessment of Bitcoin carbon footprint

    Sarkodie, Samuel Asumadu; Amani, Mohammad Amin; Ahmed, Maruf Yakubu; Owusu, Phebe Asantewaa, 2023, Sustainable horizons, 7, 100060, DOI: 10.1016/j.horiz.2023.100060, A1 Journal article (peer-reviewed)

  • Poor performance and CEO changes in community banks: The role of gender in successions

    Ebrahim, Alireza; Palvia, Ajay; Vähämaa, Emilia; Vähämaa, Sami, 2023, The Center for Financial Research (CFR) Working Paper Series, 2023-02, 1-74, D4 Published development or research report or study

  • Does oil price volatility matter for the US transportation industry?

    Dutta, Anupam; Bouri, Elie; Rothovius, Timo; Azoury, Nehme; Salah Uddin, Gazi, 2023, Energy, 290, 130194, DOI: 10.1016/j.energy.2023.130194, A1 Journal article (peer-reviewed)

  • Green SPACs

    Dimic, Nebojsa; Goodell, John W.; Piljak, Vanja; Vulanovic, Milos, 2023, European financial management, 30, 2, 770–799, DOI: 10.1111/eufm.12453, A1 Journal article (peer-reviewed)

  • A Fractal and Comparative View of the Memory of Bitcoin and S&P 500 Returns

    Grobys, Klaus, 2023, Research in international business and finance, 66, 102021, DOI: 10.1016/j.ribaf.2023.102021, A1 Journal article (peer-reviewed)

  • A finite-time singularity in the dynamics of the US equity market: Will the US equity market eventually collapse?

    Grobys, Klaus, 2023, International review of financial analysis, 89, 102787, DOI: 10.1016/j.irfa.2023.102787, A1 Journal article (peer-reviewed)

  • Oil Price Uncertainty and M&A Activity

    Barrows, Sam; Blomkvist, Magnus; Dimic, Nebojsa; Vulanovic, Milos, 2023, Energy journal, 44, 4, 1-20, DOI: 10.5547/01956574.44.4.sbar, A1 Journal article (peer-reviewed)

  • Corporate Social Responsibility and Bank Credit Ratings

    Baselga-Pascual, Laura; Dimic, Nebojsa; Vähämaa, Emilia, 2023, Naifar, Nader; Elsayed, Ahmed, Green Finance Instruments, FinTech, and Investment Strategies : Sustainable Portfolio Management in the Post-COVID Era, Sustainable Finance, 47–63, 3, DOI: 10.1007/978-3-031-29031-2_3, A3 Book chapter (peer-reviewed)

  • Correlation versus co-fractality: Evidence from foreign-exchange-rate variances

    Grobys, Klaus, 2023, International review of financial analysis, 86, 102531, DOI: 10.1016/j.irfa.2023.102531, A1 Journal article (peer-reviewed)

  • Acquisition determinants of energy SPACs: Reflecting a closed group?

    Dimic, Nebojsa; Goodell, John W.; Piljak, Vanja; Vulanovic, Milos, 2023, Finance research letters, 55, Part B, 104001, DOI: 10.1016/j.frl.2023.104001, A1 Journal article (peer-reviewed)

  • Born after the Volcker Rule: Regulatory change, managerial remuneration and hedge fund performance

    Bowe, Michael; Kolokolova, Olga; Yu, Lijie, 2023, European financial management, First published: 06 September 2023, 1-40, DOI: 10.1111/eufm.12457, A1 Journal article (peer-reviewed)

  • Why do corporations embrace the LGBTQ+ cause?

    Fatmy, Veda; Kihn, John; Sihvonen, Jukka; Vähämaa, Sami, 2023, LSE Business Review, D1 Article in a trade journal

  • Essays on Executive Characteristics, Risk-taking, and Compensation in the Banking Industry

    Ahmed, Shaker, 2023, Acta wasaensia, 520, G5 Doctoral dissertation (articles)

  • Impact of crude oil volatility jumps on sustainable investments: Evidence from India

    Dutta, Anupam; Kanjilal, Kakali; Ghosh, Sajal; Park, Donghyun; Uddin, Gazi Salah, 2023, Journal of futures markets, 43, 10, 1450-1468, DOI: 10.1002/fut.22442, A1 Journal article (peer-reviewed)

  • Advancing COP26 climate goals: Leveraging energy innovation, governance readiness, and socio-economic factors for enhanced climate resilience and sustainability

    Sarkodie, Samuel Asumadu; Ahmed, Maruf Yakubu; Owusu, Phebe Asantewaa, 2023, Journal of cleaner production, 431, 139757, DOI: 10.1016/j.jclepro.2023.139757, A1 Journal article (peer-reviewed)

  • Public service management reform: an institutional work and collective framing approach

    Bertz, Julie; Quinn, Martin; Burns, John, 2023, Public management review, Online First 01 May 2023, 1-25, DOI: 10.1080/14719037.2023.2207576, A1 Journal article (peer-reviewed)

  • Russia–Ukraine crisis: The effects on the European stock market

    Ahmed, Shaker; Hasan, Mostafa M.; Kamal, Md Rajib, 2023, European financial management, 29, 4, 1078-1118, DOI: 10.1111/eufm.12386, A1 Journal article (peer-reviewed)

  • FinTech and ESG: A Happy Union?

    King, Timothy, 2023, Łasak, Piotr; Williams, Jonathan, Digital Transformation and the Economics of Banking: Economic, Institutional, and Social Dimensions, 135-148, Chapter 9, DOI: 10.4324/9781003340454-9, A3 Book chapter (peer-reviewed)

  • A multifractal model of asset (in)variances

    Grobys, Klaus, 2023, Journal of international financial markets, institutions and money, 85, 101767, DOI: 10.1016/j.intfin.2023.101767, A1 Journal article (peer-reviewed)

  • Fear sells: On the sentiment deceptions and fundraising success of initial coin offerings

    Sapkota, Niranjan; Grobys, Klaus, 2023, Journal of international financial markets, institutions and money, 83, 101716, DOI: 10.1016/j.intfin.2022.101716, A1 Journal article (peer-reviewed)

  • Updated 8 April 2024
Project Duration Actors
Business Renewal using Digital Finance and Blockchain - InnoLab, Finance and financial accounting, Accounting and Finance

Earlier research projects

Using Bank Option Prices to Assess Financial Sector Conditions (2014-2016)
Project leader: Dr. Jukka Sihvonen
External funding from: OP-Pohjola Bank Research Foundation

Gender and Financial Decision Making (2012-2015)
Project leader: Prof. Sami Vähämaa
External funding from: Academy of Finland

Females and Corporate Governance (2009-2014)
Project leader: Prof. Sami Vähämaa
External funding from: NASDAQ OMX Nordic Foundation

The Use of Derivatives by the Energy Sector Companies (2010-2013)
Project leader: Prof. Timo Rothovius & Prof. Jussi Nikkinen
External funding from: The Finnish Funding Agency for Innovation (Tekes); Lahti Energia, Oulun Energia, Vaasan Sähkö and Vantaan Energia

Corporate Risk Management and Financial Vulnerability (2011-2012)Consortium project of Hanken School of Economics, Lappeenranta University of Technology and University of Vaasa
Project leader: (Vaasassa) Prof. Jussi Nikkinen
External funding from: Academy of Finland; University of Vaasa

Research group members

Kuva
Timo Rothovius

Timo Rothovius

Professor
School of Accounting and Finance, Finance Group
firstname.lastname@uwasa.fi
Puhelin
+358294498430
Toimisto
Fabriikki F635
Open profile page
Kuva
Sami Vähämaa

Sami Vähämaa

Professor
School of Accounting and Finance, Finance Group
firstname.lastname@uwasa.fi
Puhelin
+358294498455
Toimisto
Fabriikki F636
Open profile page
Kuva
Janne Äijö

Janne Äijö

Professor
School of Accounting and Finance, Finance Group
firstname.lastname@uwasa.fi
Puhelin
+358294498519
Toimisto
Fabriikki F640
Open profile page
Kuva
Jussi Nikkinen

Jussi Nikkinen

Professor
School of Accounting and Finance, Finance Group
firstname.lastname@uwasa.fi
Puhelin
+358294498429
Toimisto
Fabriikki
Open profile page
Kuva
Veda Fatmy

Veda Fatmy

Postdoctoral Researcher
School of Accounting and Finance, Finance Group
Toimisto
Fabriikki F643
Open profile page
Kuva
Maruf Ahmed

Maruf Ahmed

Doctoral Researcher
School of Accounting and Finance, Finance Group
firstname.lastname@uwasa.fi
Toimisto
Fabriikki F650
Open profile page
Kuva
Probal Dutta

Probal Dutta

Doctoral Researcher
School of Accounting and Finance, Finance Group
firstname.lastname@uwasa.fi
Toimisto
Fabriikki F642
Open profile page
Kuva
Masoumeh Fathi

Masoumeh Fathi

Doctoral Researcher
School of Accounting and Finance, Finance Group
firstname.lastname@uwasa.fi
Toimisto
Fabriikki
Open profile page
Kuva
Enamul Hasan

Enamul Hasan

Doctoral Researcher
School of Accounting and Finance, Finance Group
firstname.lastname@uwasa.fi
Toimisto
Fabriikki F650
Open profile page
Kuva
Alamgir Hossain

Alamgir Hossain

Doctoral Researcher
School of Accounting and Finance, Finance Group
firstname.lastname@uwasa.fi
Open profile page
Kuva
Kanying Xu

Kanying Xu

Doctoral Researcher
School of Accounting and Finance, Finance Group
firstname.lastname@uwasa.fi
Open profile page
Kuva
Maria Zhukova

Maria Zhukova

Doctoral Researcher
School of Accounting and Finance, Finance Group
firstname.lastname@uwasa.fi
Toimisto
Fabriikki F634
Open profile page
Kuva
Bonnie Buchanan

Bonnie Buchanan

Docent
School of Accounting and Finance, Finance Group
firstname.lastname@uwasa.fi
Open profile page
Kuva
Nebojsa Dimic

Nebojsa Dimic

Assistant Professor (tenure track)
School of Accounting and Finance, Finance Group
firstname.lastname@uwasa.fi
Puhelin
+358294498516
Toimisto
Fabriikki F641
Open profile page
Kuva
Anupam Dutta

Anupam Dutta

Associate Professor (tenure track)
School of Accounting and Finance, Finance Group
firstname.lastname@uwasa.fi
Puhelin
+358294498128
Toimisto
Fabriikki F642
Open profile page
Kuva
Klaus Grobys

Klaus Grobys

Associate Professor (tenure track)
School of Accounting and Finance, Finance Group
firstname.lastname@uwasa.fi
Puhelin
+358294498524
Toimisto
Fabriikki
Open profile page
Kuva
John Kihn

John Kihn

University Teacher
School of Accounting and Finance, Finance Group
firstname.lastname@uwasa.fi
Puhelin
+358294498537
Toimisto
Fabriikki F649
Open profile page
Kuva
Timothy King

Timothy King

Professor
School of Accounting and Finance, Finance Group
firstname.lastname@uwasa.fi
Puhelin
+358294498724
Toimisto
Fabriikki F639
Open profile page
Kuva
Jouni Laitinen

Jouni Laitinen

University Teacher
Levón Institute, Open University
firstname.lastname@uwasa.fi
Puhelin
+358294498765
Open profile page
Kuva
Vanja Piljak

Vanja Piljak

Associate Professor (tenure track)
School of Accounting and Finance, Finance Group
firstname.lastname@uwasa.fi
Puhelin
+358294498503
Toimisto
Fabriikki F637
Open profile page
Kuva
Petri Sahlström

Petri Sahlström

Docent
School of Accounting and Finance, Finance Group
firstname.lastname@uwasa.fi
Open profile page
Kuva
Niranjan Sapkota

Niranjan Sapkota

Assistant Professor (tenure track)
School of Accounting and Finance, Finance Group
Toimisto
Fabriikki F648
Open profile page
Kuva
Jaakko Tyynelä

Jaakko Tyynelä

Senior Researcher
School of Accounting and Finance, Finance Group
firstname.lastname@uwasa.fi
Puhelin
+358294498512
Toimisto
Fabriikki D322
Open profile page
Kuva
Emilia Vähämaa

Emilia Vähämaa

Docent
School of Accounting and Finance, Finance Group
firstname.lastname@uwasa.fi
Open profile page
Kuva
Buddhi Weerasekara

Buddhi Weerasekara

Project Researcher
School of Accounting and Finance, Finance Group
firstname.lastname@uwasa.fi
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