Sami Vähämaa


Faculty of Business Studies, Accounting and Finance
E-mail: (normalise scandinavian characters)
Telephone: +358 29 449 8455
Address: Wolffintie 34, 65200 Vaasa
Office: Tervahovi D343 
Office Hours: Wed 14:00-15:00


Curriculum Vitae


Current Positions:

Professor of Accounting and Finance

Member of the Board of the University of Vaasa

Research Fellow, Kiel Institute for the World Economy

Docent, Turku School of Economics

Editor, Nordic Journal of Business


Teaching 2016-2017:

Managing Doctoral Research

Research in Financial Analysis (jointly with Dr. Denis Davydov)

Financial Derivatives


Selected Publications:

Baselga-Pascual, L., Trujillo-Ponce, A., Vähämaa, E. & Vähämaa, S. (2017). Ethical reputation of financial institutions: Do board characteristics matter? Journal of Business Ethics, forthcoming. Abstract PDF

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. 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

Selected Working Papers:

Peltomäki, J., Swidler, S. & Vähämaa, S. (2017). Age, gender, and risk-taking: Evidence from the S&P 1500 executives and firm riskiness. Proceedings of the 50th Annual Meeting of the Eastern Finance AssociationPDF

Korkeamäki, T., Sihvonen, J. & Vähämaa, S. (2017). Evaluating publications across business disciplines: Inferring interdisciplinary "exchange rates" from intradisciplinary author rankings. Proceedings of the 20th Annual European Conference of the Financial Management Association. PDF

Palvia, A., Vähämaa, E. & Vähämaa, S. (2017). Do female CEOs and Chairwomen constrain bank risk-taking? Evidence from the effects of real estate shocks on bank performance. Proceedings of the 53rd Annual Meeting of the Eastern Finance Association.

Ittonen, K., Tronnes, P.C. & Vähämaa, S. (2017). 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

Grobys, K. & Vähämaa, S. (2017). Another look at value and momentum: Volatility spillovers. Proceedings of the 56th Annual Meeting of the Southern Finance AssociationPDF

See also: SSRN Google Scholar 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


Recent 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

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

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

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