Vesa Puttonen
Professor of Finance
Room: G-215 (Chydenia 2nd floor)
Office hours: Mondays 14:00-15:00
Tel: +358 40 353 8062, +358 40 709 0284
Email: vesa.puttonen [at] aalto [dot] fi
Professional employment record
Aalto University (formerly Helsinki School of Economics)
- Professor in Finance 8/2001 to present
New York University, Stern Business School
- Visiting Scholar, 2010-11
Conventum Fund Management Ltd
- Managing Director 1/1999-7/2001
HEX Helsinki Exchanges
- Senior Vice President, Equity products and markets 8/1998-1/1999
Helsinki School of Economics
- Assistant Professor in Accounting and Finance 8/1993-7/1998
Selected Positions of Trust
The Finnish Foundation for Share Promotion
- Member of the Board, 2011-
Sitra, the Finnish Innovation Fund
- Member of the Investment Committee, 2004-
VER, the State Pension Fund
- Member of the Investment Committee, 2003-
Taaleritehdas Asset Management Ltd, www.taaleritehdas.fi
- Chairman of the Board of Directors 2010-
HSE Executive Education Ltd, www.hseee.fi
- Member of the Board of Directors 2007-
- Chairman of the Board of Directors 2002-2007
Oras Invest Ltd, www.orasinvest.fi
- Member of the Board of Directors 2003-
Orion Corporation, www.orion.fi
- Member of the Board of Directors 2004-2010
Rocla Oyj, www.rocla.fi
- Chairman of the Board of Directors 2008-2009
- Member of the Board of Directors 2007-
Arvo Asset Management Oy, www.arvovalue.fi
- Chairman of the Board of Directors 2005-2008
The Finnish Journal of Business Economics
- Editor, 2002-2007
D.Carnegie & Co Ab, www.carnegie.se
- Member of the Board of Directors 2004-2005
Suomi Mutual Life Assurance, www.suomi-yhtio.com
- Member of the Board of Directors 2004-2005
Pohjola Fund Management Ltd (and its predecessors Conventum Fund Management 1999-2001, and Arctos Fund Management 1996-1998)
- Chairman/Member of the Board of Directors 2001-2004
VR-Yhtymä Oy
- Chairman of the Board of Directors 3/2003-6/2003
Medical Investment Trust Oy
- Member of the Board of Directors 1994-1998
Research
Selected Journal Articles
“External corporate governance and performance - Evidence from the Nordic countries”, European Journal of Finance, 17(5-6), 427-450, 2011. With Seppo Ikäheimo and Tuomas Ratilainen.
“Market pricing of executive stock options and implied risk preferences”, Journal of Empirical Finance, 17(3), 394-412, 2010. With Antti Pirjetä and Seppo Ikäheimo.
“Does portfolio manager ownership affect fund performance? Finnish evidence”, Finnish Journal of Business Economics, 58(2), 95-111, 2009. With Lia Kumlin.
“Should good stocks have high prices or high returns?”, Financial Analysts Journal, 65(3), 55-62, 2009. With Markku Kaustia and Heidi Laukkanen.
“Fundamental Indexation in Europe”, Journal of Asset Management, 8(6), 401-405, 2008. With Julius Hemminki.
“How much does expertise reduce behavioral biases? The case of anchoring effects in stock return estimates”, Financial Management, 37(3), 391-411, 2008. With Eeva Alho and Markku Kaustia.
“Price setting and the reluctance to realize losses in apartment markets”, Journal of Economic Psychology, 29, 19-34, 2008. With Mikko Einiö and Markku Kaustia.
“Advertising and mutual fund flows”, International Journal of Bank Marketing, 25(7), 434-451, 2007. With Timo Korkeamäki and Thomas Smythe.
“The effect of distribution channels on mutual fund flows”, Journal of Financial Services Marketing, 12(1), 88-96, 2007. With Mikko Knuuttila and Tom Smythe.
“Do style benchmarks differ?”, Journal of Asset Management, 7(6), 425-428, 2007. With Tatu Seppä.
“The true and fair view of executive stock option valuation”, European Accounting Review, 15(3), 351-366, 2006. With Seppo Ikäheimo and Nuutti Kuosa.
“Mutual fund expenses: Evidence on the effect of distribution channels”, Journal of Financial Services Marketing, 11(1), 17-29, 2006. With Mari Korpela.
“Asset allocation in Finnish pension funds”, Journal of Pension Economics and Finance 5(1), 27-44, 2006. With Noora Alestalo.
“Risk management in Finnish pension funds: A survey”, Finnish Journal of Business Economics 52, 31-46, 2003. With Sami Torstila.
“What determines mutual fund growth: Evidence from Finland”, Finnish Journal of Business Economics 227-259, 2001. With Eero Kasanen and Ville Lipponen.
“The foreign exchange exposure management practices of Finnish industrial firms”, Journal of International Financial Management and Accounting, 9(1), 34-57, 1998. With Antti Hakkarainen, Nathan Joseph, and Eero Kasanen.
“Prudent margin levels in the Finnish stock index futures market”, Management Science, 43(8), 1177-1188, 1997. With G. Geoffrey Booth, John Broussard, and Teppo Martikainen.
“Interest rate risk management in major Finnish firms”, European Financial Management 3(3), 255-268, 1997. With Antti Hakkarainen and Eero Kasanen.
“Predicting index returns with morphological filters”, Computational Economics 10, 1-14, 1997. with Antti Kanto and Eero Kasanen.
“International price discovery in Finnish stock index futures and cash markets”, Journal of Banking and Finance 18(5), 809-822, 1994. With Teppo Martikainen.
“Short sales restrictions and the temporal relationship between stock index cash and derivatives markets”, Journal of Futures Markets 13(6), 645-664, 1993.
“Boundary conditions for stock index options: Empirical evidence from the Finnish markets”, Journal of Futures Markets 13(5), 545-562, 1993.
Books, Chapters, and Articles in Books
Samuli Knüpfer & Vesa Puttonen (2004, 1st ed.; 2006, 2nd ed.; 2007, 3rd ed.; 2009, 4th ed.; 2011, 5th ed.). Moderni rahoitus (an introductory finance textbook). WSOY.
Vesa Puttonen & Eljas Repo (2003, 1st ed.; 2006, 2nd ed.; 2007, 3rd ed.; 2009, 4th ed.; 2011, 5th ed.). Miten sijoitan rahastoihin. WSOY, 208 p.
Vesa Puttonen (2009). Osta halvalla, myy kalliilla. WSOYpro, 152 p.
Vesa Puttonen (2009). Finanssikriisi. Elämää taantuman keskellä. Talentum, 126 p.
Vesa Puttonen (2004). Onko omistamisella väliä? EVA-raportti.
Jarmo Leppiniemi & Vesa Puttonen (2002). Corporate Finance (in Finnish: Yrityksen Rahoitus). WSOY Ekonomia-Sarja, 316 p.
Vesa Puttonen (2001). Investment book (in Finnish: Sijoituskirja). WSOY, 168 p.
Antti Saarnio & Anne Eronen & Vesa Puttonen (2000). Value Based Management (in Finnish: Omistajalähtöinen Johtaminen). WSOY Ekonomia-Sarja, 224 p.
Vesa Puttonen & Tero Kivisaari (1999). Mitä, Missä, Miljoona. WSOY, 220 p.
Vesa Puttonen & Tero Kivisaari (1998). Vaurastuminen - Varteenotettava Vaihtoehto. WSOY, 234 p.
Vesa Puttonen & Tero Kivisaari (1997). Investing and Mutual Funds in Finland (in Finnish: Sijoittaminen ja Sijoitusrahastot Suomessa). KY-Palvelu Oy, Helsinki, 220 p.
Eero Kasanen & Thomas Lundström & Vesa Puttonen & Risto Veijola (1996). Financial Risk Management (in Finnish: Rahoitusriskit Yrityksissä). SVH Coopers & Lybrand, 256 p. (published 1997 in WSOY Ekonomia-Sarja).
Vesa Puttonen & Erik Valtonen (1996), Derivatives Markets (in Finnish: Johdannaismarkkinat). WSOY Ekonomia-Sarja, 284 p.
Teaching
Financial Institutions and Capital Markets
Marketing Financial Services
Master’s Thesis Seminar
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