Room: T310 (School of Business building, 3rd floor)
Office hours: By appointment.
Tel: +358 40 353 8043
Email: matti.keloharju@aalto.fi
Research
鈥溾, 2025, Economics of Education Review 104, 102607, with Nikolas Breitkopf.
鈥溾, 2024, Research Policy, 105078, with Samuli Kn眉pfer, Dagmar M眉ller, and Joacim T氓g."鈥, 2023, Leadership Quarterly, 101672, with Samuli Kn眉pfer and Joacim T氓g.
, 2022, Financial Management, 51, 711鈥738, with Samuli Kn眉pfer and Joacim T氓g. Lead article. Pearson award for the second-best paper published in Financial Management in 2020-2022.
, 2022, Journal of Applied Corporate Finance 34 (Summer), 116鈥128, with Juhani Linnainmaa and Peter Nyberg.
, 2021b, Journal of Financial Economics 141, 946鈥967, with Juhani Linnainmaa and Peter Nyberg.
鈥濃, 2021a, Journal of Financial Economics 139, 138-161, with Juhani Linnainmaa and Peter Nyberg.
鈥淚nitial Offer Precision and M&A Outcomes鈥, 2019, Financial Management 48, 291-310, with Petri Hukkanen.
鈥, Journal of Financial Economics 130, 392-408, 2018, with Ren茅e Adams and Samuli Kn眉pfer.
, Journal of Finance 71(4), 1557-1590, 2016, with Juhani Linnainmaa and Peter Nyberg. Honourable Mention, AQR Insight Award.
"IQ and Mutual Fund Choice", Management Science 62(4), 924-944, 2016, with Mark Grinblatt, Seppo Ik盲heimo, and Samuli Kn眉pfer.
鈥淒o investors buy what they know? Product market choices and investment decisions鈥, Review of Financial Studies 25(10), 2921-2958, 2012, with Samuli Kn眉pfer and Juhani Linnainmaa. Lead article.
鈥淚Q, trading behavior, and performance鈥, 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?")
, Journal of Finance 66(6), 2121-2164, 2011, with Mark Grinblatt and Juhani Linnainmaa.
鈥淪ensation seeking, overconfidence, and trading activity鈥, Journal of Finance 64(2), 549-578, 2009, with Mark Grinblatt. Lead article.
鈥淪ocial influence and consumption: Evidence from the automobile purchases of neighbors鈥, Review of Economics and Statistics 90(4), 735鈥753, 2008, with Mark Grinblatt and Seppo Ik盲heimo.
鈥淒o retail incentives work in privatizations?鈥, Review of Financial Studies 21, 2061-2095, 2008, with Samuli Kn眉pfer and Sami Torstila.
鈥淪trategic behavior and underpricing in uniform price auctions: Evidence from Finnish treasury auctions鈥, Journal of Finance 60, 1865-1902, 2005, with Kjell G. Nyborg and Kristian Rydqvist.
鈥淭ax-loss trading and wash sales鈥, Journal of Financial Economics 71, 51-76, 2004, with Mark Grinblatt.
鈥淲hat Makes Investors Trade?鈥, Journal of Finance 56, 589-616, 2001, with Mark Grinblatt. Winner of Smith Breeden Distinguished Paper prize.
鈥淗ow distance, language, and culture influence stockholdings and trades鈥, Journal of Finance 56, 1053-1073, 2001, with Mark Grinblatt.
鈥淭he investment behavior and performance of various investor types: A study of Finland's unique data set鈥, Journal of Financial Economics 55, 43-67, 2000, with Mark Grinblatt.
鈥淲hy do firms raise foreign currency denominated debt? Evidence from Finland鈥, European Financial Management 7, 481-496, 2001, with Mervi Niskanen. Winner of EFM 2001 Best Paper Award.
"The Winner's Curse, Legal Liability, and the Long-Run Price Performance of Initial Public Offerings in Finland", Journal of Financial Economics 34, 251-277, 1993.
Descriptive Research
鈥A Quarter Century of Shareholdings and Trades鈥, Nordic Journal of Business 70, 5-38, 2021, with Antti Lehtinen.
, Nordic Journal of Business 67(3-4), 209-221, 2018, with Antti Lehtinen.
鈥淵ear-end purchases in Finnish municipalities鈥, Nordic Journal of Business 66, 49-67, 2017.
鈥漇hareownership in Finland 2015鈥, Nordic Journal of Business 64(3), 2015, with Antti Lehtinen. Internet appendix.
"Mutual Fund and Share Ownership in Finland", Finnish Journal of Business Economics 60, 180-200, 2012, with Samuli Kn眉pfer and Elias Rantapuska.
鈥淲hat's new in finance?鈥, European Financial Management 14(3), 564-608, 2008.
鈥淎 descriptive analysis of the Finnish treasury bond market 1991-99鈥, Finnish Journal of Business Economics 51, 259-279, 2002, with Markku Malkam盲ki, Kjell G. Nyborg, and Kristian Rydqvist.
鈥淪hareownership in Finland 2000鈥, Finnish Journal of Business Economics 50, 188-226, 2001, with Jussi Karhunen.
, Finnish Journal of Business Economics 48, 257-285, 1999, with Matti Ilmanen.
Teaching
Entrepreneurial Finance
BSc Thesis
MSc Thesis