Room: T303 (School of Business building, 3rd floor)
Tel: +358 40 709 0284
Email: vesa.puttonen@aalto.fi
Twitter: @InvestmentTraps
***
New white paper 鈥溾 available at SSRN.
***
Professional employment record
Aalto University (formerly Helsinki School of Economics)
- Professor in Finance 8/2001 to present
Esade Business School, Barcelona
- Visiting professor 1/2021-6/2021
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
Finnish Hockey League
- Chairman of the Board, 2013-2016
The Finnish Foundation for Share Promotion
- Member of the Board, 2011-2022
Sitra, the Finnish Innovation Fund
- Member of the Investment Committee, 2004-
VER, the State Pension Fund
- Member of the Investment Committee, 2003-2018
Taaleri Ltd,
- Member of the Board of Directors, 2013-2020
Oras Invest Ltd,
- Member of the Board of Directors, 2003-2016
Rocla Oyj,
- Member of the Board of Directors 2007-2019
Suomi Mutual Life Assurance
- Member of the Board of Directors, 2013-2018
- Member of the Board of Directors, 2004-2005
TA-Yhtym盲 LTD
- Member of the Board of Directors, 2016-
Research
Selected Journal Articles
"", Journal of Consumer Policy, Vol. 45, pages 655鈥672, 2022. With Elias Rantapuska and Niilo Luotonen.
"", Kansantaloudellinen aikakauskirja, 118(2), 194-216, 2022. With Elias Rantapuska and Niilo Luotonen.
"Life After Death: Acquired Fund Performance", Managerial Finance 44(3), 389-402, 2018. With Anni Lapatto.
鈥淪tyle migration in Europe鈥. European Financial Management, 22(5), 797-816, 2016. With John Paul Broussard and Jussi Mikkonen.
"Domestic contrarians win in the long run: A case study", Journal of Asset Management, 15(5), 279-283, 2014. With Michael St氓hle.
鈥淓xternal corporate governance and performance - Evidence from the Nordic countries鈥, European Journal of Finance, 17(5-6), 427-450, 2011. With Seppo Ik盲heimo and Tuomas Ratilainen.
, Journal of Empirical Finance, 17(3), 394-412, 2010. With Antti Pirjet盲 and Seppo Ik盲heimo.
鈥淒oes portfolio manager ownership affect fund performance? Finnish evidence鈥, Finnish Journal of Business Economics, 58(2), 95-111, 2009. With Lia Kumlin.
鈥淪hould good stocks have high prices or high returns?鈥, Financial Analysts Journal, 65(3), 55-62, 2009. With Markku Kaustia and Heidi Laukkanen.
鈥淔undamental Indexation in Europe鈥, Journal of Asset Management, 8(6), 401-405, 2008. With Julius Hemminki.
, Financial Management, 37(3), 391-411, 2008. With Eeva Alho and Markku Kaustia.
鈥淧rice setting and the reluctance to realize losses in apartment markets鈥, Journal of Economic Psychology, 29, 19-34, 2008. With Mikko Eini枚 and Markku Kaustia.
鈥淎dvertising and mutual fund flows鈥, International Journal of Bank Marketing, 25(7), 434-451, 2007. With Timo Korkeam盲ki and Thomas Smythe.
鈥淭he effect of distribution channels on mutual fund flows鈥, Journal of Financial Services Marketing, 12(1), 88-96, 2007. With Mikko Knuuttila and Tom Smythe.
鈥淒o style benchmarks differ?鈥, Journal of Asset Management, 7(6), 425-428, 2007. With Tatu Sepp盲.
鈥淭he true and fair view of executive stock option valuation鈥, European Accounting Review, 15(3), 351-366, 2006. With Seppo Ik盲heimo and Nuutti Kuosa.
鈥淢utual fund expenses: Evidence on the effect of distribution channels鈥, Journal of Financial Services Marketing, 11(1), 17-29, 2006. With Mari Korpela.
鈥淎sset allocation in Finnish pension funds鈥, Journal of Pension Economics and Finance 5(1), 27-44, 2006. With Noora Alestalo.
鈥淩isk management in Finnish pension funds: A survey鈥, Finnish Journal of Business Economics 52, 31-46, 2003. With Sami Torstila.
鈥淲hat determines mutual fund growth: Evidence from Finland鈥, Finnish Journal of Business Economics 227-259, 2001. With Eero Kasanen and Ville Lipponen.
鈥淭he foreign exchange exposure management practices of Finnish industrial firms鈥, Journal of International Financial Management and Accounting, 9(1), 34-57, 1998. With Antti Hakkarainen, Nathan Joseph, and Eero Kasanen.
鈥淧rudent margin levels in the Finnish stock index futures market鈥, Management Science, 43(8), 1177-1188, 1997. With G. Geoffrey Booth, John Broussard, and Teppo Martikainen.
鈥淚nterest rate risk management in major Finnish firms鈥, European Financial Management 3(3), 255-268, 1997. With Antti Hakkarainen and Eero Kasanen.
鈥淧redicting index returns with morphological filters鈥, Computational Economics 10, 1-14, 1997. with Antti Kanto and Eero Kasanen.
鈥淚nternational price discovery in Finnish stock index futures and cash markets鈥, Journal of Banking and Finance 18(5), 809-822, 1994. With Teppo Martikainen.
鈥淪hort sales restrictions and the temporal relationship between stock index cash and derivatives markets鈥, Journal of Futures Markets 13(6), 645-664, 1993.
鈥淏oundary conditions for stock index options: Empirical evidence from the Finnish markets鈥, Journal of Futures Markets 13(5), 545-562, 1993.
Working papers
"Expecting a Stock Market Miracle", 2016, with Markku Kaustia and Joni Kokkonen.
Books, Chapters, and Articles in Books
H. Kent Baker, John R. Nofsinger, and Vesa Puttonen (2020). The Savvy Investor's Guide to Avoiding Pitfalls, Frauds, and Scams. Emerald.
H. Kent Baker & Vesa Puttonen (2019). Navigating the Investment Minefield - A Practical Guide to Avoiding Mistakes, Biases, and Traps. Emerald publishing.
H. Kent Baker & Vesa Puttonen (2017). Investment Traps Exposed. Emerald.
Vesa Puttonen (2015). Nine 鈥漷ricks鈥 in financial services marketing. The Routledge Companion to Financial Services Marketing, pages 471-481 (eds Tina Harrison & Hooman Estelami). Routledge.
Samuli Kn眉pfer & Vesa Puttonen (2018, 10th ed.). Moderni rahoitus (an introductory finance textbook). Talentum.
Vesa Puttonen (2012). Velka tikitt盲盲 鈥 hy枚dy siit盲! Aalto Executive Education Publishing, 135 p.
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. El盲m盲盲 taantuman keskell盲. Talentum, 126 p.
Vesa Puttonen (2004). Onko omistamisella v盲li盲? 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: Omistajal盲ht枚inen Johtaminen). WSOY Ekonomia-Sarja, 224 p.
Vesa Puttonen & Tero Kivisaari (1999). Mit盲, Miss盲, 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 Lundstr枚m & Vesa Puttonen & Risto Veijola (1996). Financial Risk Management (in Finnish: Rahoitusriskit Yrityksiss盲). 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
Fundamentals of Financial Markets and Institutions
Financial Markets and Institutions
Master鈥檚 Thesis Seminar