Janne Äijö

Grobys, K., Hartikainen, E., & Äijö, J. (2025). Low-risk anomalies: evidence from the Nordic equity markets. Applied Economics, 1-20

Grobys, K., Kolari, J., Sandretto, D., Shahzad, S., & Äijö, J. (2025). Cryptocurrency momentum has (not) its moments. Financial Markets and Portfolio Management, 1-34

Fatmy, V., Haavisto, V., & Äijö J., (2025). Corporate social responsibility and financial performance in Europe: The moderating effects of industry, culture, and governance. Available at SSRN 5089023

Fathi, M., Grobys, K., & Äijö, J., (2025). A common component of Fama and French factor variances. The North American Journal of Economics and Finance 75. 

Grobys, K., Silvasti, V.-P., & Äijö, J. (2021), Is Smart Beta Investing Profitable? Evidence from the Nordic Stock Market, Applied Economics, 1826-1839.

Jiang, J., Piljak, V., Tiwari, A., & Äijö, J (2020). Frequency volatility connectedness across different industries in China. Finance Research Letters 37, 101376.

Dimic, N., Orlov, V. & Äijö, J. (2019). Bond-equity yield ratio investing in Emerging markets. Journal of Emerging Market Finance 18, 52-79.

Tikkanen, J., & Äijö J., (2018). Does the F-score improve the performance of different value investment strategies in Europe? Journal of Asset Management 19, 495-506.

Award: Ben Graham Center for value investing award at the 25th MFS conference.

Grobys, K., Ruotsalainen, J., & Äijö, J. (2018). Risk-managed industry momentum and momentum crashes. Quantitative Finance 18, 1715-1733.

Junhua, J., Äijö, J. (2018). Equity volatility connectedness across China’s real estate firms and financial institutions. Journal of Chinese Economics and Business Studies 16, 215-231.

Dimic, N., Neudl, M., Orlov, V. & Äijö, J. (2018). Investor sentiment, soccer games and stock returns. Research in International Business and Finance 43, 90-98. 

J. Peltomäki & J. Äijö (2017). Where is the meat' in smart beta strategies? Journal of Wealth Management 20, 24-32.

D. Davydov, J., Tikkanen & J., Äijö (2016). Magic formula vs. traditional value investment strategies in the Finnish stock market. Nordic Jounal of Business 65, 38-54.

N. Dimic, J., Kiviaho, V., Piljak & J., Äijö (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.

J. Peltomäki & J. Äijö (2015). Cross-sectional anomalies and volatility risk in different economic and market cycles. Finance Research Letters 12, 17-22.

V. Orlov & J. Äijö (2015). Benefits of wavelet-based carry trade diversification. Research in International Business and Finance 34, 17-32.

M. Kaurijoki, J. Nikkinen & J. Äijö (2014). Return-implied volatility dynamics of high and low yielding currencies. Journal of Futures Markets 35, 1026-1041.

T. Hahl, S. Vähämaa & J. Äijö (2014). Value vs. growth in IPOs: New evidence from Finland. Research in International Business and Finance 31, 17-31.

Kotkatvuori-Örnberg, J., Nikkinen, J., & Äijö J. (2013). Stock market correlations during the financial crisis of 2008–09: Evidence from 50 equity markets. International Review of Financial Analysis 28, 70-78.

Nikkinen, J., Piljak, V., Äijö, J., (2012). Baltic stock markets and the financial crisis of 2008-09. Research in International Business and Finance, vol 26, 398-409.

Vähämaa, S., Äijö, J., (2011). The Fed´s policy decisions and implied volatility. Journal of Futures Markets, vol 31, 995-1010.

Äijö, J., (2011). Option-implied stock market expectations across the week: New evidence from the FTSE-100 index options. International Review of Applied Financial Issues and Economics. vol 3, 558-573. 

Jalonen, E., Vähämaa, S., Äijö, J., (2010). Turn-of-the-month and intramonth effects in government bond markets: Is there a role for macroeconomic news? Research in International Business and Finance, vol 23, 75-81.

Nikkinen, J., Takko, K., Sahlström, P., Äijö, J., (2009). Turn-of-the-month and intramonth anomalies and U.S. macroeconomic news announcements on the thinly traded Finnish stock market. International Journal of Economics and Finance, vol 1, 3-12.

Nikkinen, J., Omran, M., Sahlström, P., Äijö, J., (2008). The effects U.S. macroeconomic news announcements on emerging stock markets in the Asia-Pacific region. Asia Pacific Journal of Economic Business, vol 12, 3-14.

Äijö, J., (2008). Impact of US and UK macroeconomic news announcements on the return distribution implied by FTSE-100 options. International Review of Financial Analysis, vol 17, 242-258.

Äijö, J., (2008). Implied volatility term structure linkages between VDAX, VSMI and VSTOXX volatility indices. Global Finance Journal, vol 18, 290-302.

Nikkinen, J., Omran, M., Sahlström, P., Äijö, J., (2008). Stock returns and volatility following September 11th attacks: evidence from 53 international equity markets. International Review of Financial Analysis, vol 17, 27-46.

Nikkinen J., Sahlström, P., Äijö, J., (2007). Do the US macroeconomic news announcements explain the turn-of-the-month and intramonth anomalies on European stock markets? Journal of Applied Business & Economics, vol 7, 48-62.

Nikkinen J., Sahlström, P., Äijö, J., (2007). Turn-of-the-month and intramonth effects: Explanation from the important macroeconomic news announcements. Journal of Futures Markets, vol 27, 105-126.

Äijö, J., (2007). Essays on macroeconomic news announcements and option-implied information. Acta Wasaensia no 175. 

Kallunki J-P., Sahlström, P., Äijö, J., (2007). Importance of the U.S. macroeconomic news information on the Finnish stock market. In: Contributions to Accounting and Finance. Essays in Honour of Professor Paavo Yli-Olli. Acta Wasaensia No. 173, 127–138. Eds T. Rothovius and J. Nikkinen. 

Nikkinen, J., Omran, M., Sahlström, P., Äijö, J., (2006). Global stock market reactions to the scheduled U.S. macroeconomic news announcements. Global Finance Journal, vol 17, 92-104.

Vähämaa, S., Watska, S., Äijö, J., (2005). What moves option-implied bond market expectations? Journal Futures Markets, vol 25, 817-843.