Professional employment record
Helsinki School of Economics
- Professor in Finance 8/2001 to present
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
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-
Rocla Oyj, www.rocla.fi
- Chairman of the Board of Directors 2008-2009
- Member of the Board of Directors 2007-2008
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
Working papers
Selected Journal Articles
“Does portfolio manager ownership affect fund performance? Finnish evidence”, Finnish Journal of Business Economics, forthcoming in 2/2009. 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.
“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.). Moderni rahoitus (an introductory finance textbook). WSOY.
Vesa Puttonen & Eljas Repo (2003, 1st ed.; 2006, 2nd ed.; 2007, 3rd ed.). Miten sijoitan rahastoihin. WSOY, 195 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 (28E00800)
Marketing Financial Services (28E00400)
Master’s Thesis Seminar (28E99901)