Department of Finance

Matti Keloharju

Research Teaching

Photography by Kreetta Järvenpää

Eero Kasanen Professor of Finance

Room: G-205 (Chydenia 2nd floor)
Office hours: Fridays 14:15 - 15:15

Tel: +358 40 353 8043
Email: matti.keloharju [at] aalto [dot] fi


“Do investors buy what they know? Product market choices and investment decisions”, Review of Financial Studies, 25(10), 2921-2958, 2012, with Samuli Knüpfer and Juhani Linnainmaa. Lead article.

“IQ, trading behavior, and performance”, Journal of Financial Economics, 104(2), 339-362, 2012, with Mark Grinblatt and Juhani Linnainmaa. Winner of Best Conference Paper Award at the 2010 European Finance Association Conference. (Previously titled: "Do smart investors outperform dumb investors?")

“IQ and stock market participation”, Journal of Finance, 66(6), 2121-2164, 2011, with Mark Grinblatt and Juhani Linnainmaa.

“Sensation seeking, overconfidence, and trading activity”, Journal of Finance 64(2), 549-578, 2009, with Mark Grinblatt. Lead article.

“Social influence and consumption: Evidence from the automobile purchases of neighbors”, Review of Economics and Statistics 90(4), 735–753, 2008, with Mark Grinblatt and Seppo Ikäheimo.

“What's new in finance?”, European Financial Management 14(3), 564-608, 2008.

“Do retail incentives work in privatizations?”, Review of Financial Studies 21, 2061-2095, 2008, with Samuli Knüpfer and Sami Torstila.

“Strategic behavior and underpricing in uniform price auctions: Evidence from Finnish treasury auctions”, Journal of Finance 60, 1865-1902, 2005, with Kjell G. Nyborg and Kristian Rydqvist.

“Tax-loss trading and wash sales”, Journal of Financial Economics 71, 51-76, 2004, with Mark Grinblatt.

“What makes investors trade?”, Journal of Finance 56, 589-616, 2001, with Mark Grinblatt. Winner of Smith Breeden Distinguished Paper prize.

“How distance, language, and culture influence stockholdings and trades”, Journal of Finance 56, 1053-1073, 2001, with Mark Grinblatt.

“The investment behavior and performance of various investor types: A study of Finland's unique data set”, Journal of Financial Economics 55, 43-67, 2000, with Mark Grinblatt.

“Why do firms raise foreign currency denominated debt? Evidence from Finland”, European Financial Management 7, 481-496, 2001, with Mervi Niskanen. Winner of EFM 2001 Best Paper Award.

“A descriptive analysis of the Finnish treasury bond market 1991-99”, Finnish Journal of Business Economics 51, 259-279, 2002, with Markku Malkamäki, Kjell G. Nyborg, and Kristian Rydqvist.

“Shareownership in Finland 2000”, Finnish Journal of Business Economics 50, 188-226, 2001, with Jussi Karhunen.


Advanced Corporate Finance, lectures

Master’s Thesis Seminar

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