Finance and Financial Accounting
About the research group
The Finance and Financial Accounting research group (FRG) focuses on finance and external accounting. The group's areas of expertise cover the field from finance markets to financial statement analysis. Researchers of finance and financial accounting at the University of Vaasa are pioneers in their field of research in Finland. During the past decades they have published hundreds of scientific articles in journals that follow international assessment procedures.
The research tradition is also strongly reflected in the group's current operations and areas of emphasis. Recent projects have focused on the examination of the way financial markets operate and connections with corporate financing and investor decision-making.
The research group is headed by Professor Jussi Nikkinen.
Key research themes of the group
Financial markets
- Emerging financial markets
- Derivatives markets
- Macroeconomic factors and financial markets
Monetary policy and financial markets
Banking and bank performance
Corporate finance
- Female executives and corporate governance
Earnings management and the quality of financial reporting
Econometrics of event studies
Microstructure of financial markets
News and events
Natural environment is declining: are companies doing their part to save it?
Honorary doctor Iftekhar Hasan: Global political affinities can have an impact on borrowing costs
Publications
- New publications (2023-2024)
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2024
Assessing the Risk of Bitcoin Futures Market: New Evidence
Dutta, Anupam, 2024, Annals of data science, Published 14 February 2024, DOI: 10.1007/s40745-024-00517-4, A1 Journal article (peer-reviewed)
Fuel demand, carbon tax and electric vehicle adoption in India's road transport
Yadav, Purushottam; Kanjilal, Kakali; Dutta, Anupam; Ghosh, Sajal, 2024, Transportation research part d: transport and environment, 127, 104010, DOI: 10.1016/j.trd.2023.104010, A1 Journal article (peer-reviewed)
No reward—no effort: Will Bitcoin collapse near to the year 2140?
Grobys, Klaus, 2024, Finance research letters, 63, 105294, DOI: 10.1016/j.frl.2024.105294, A1 Journal article (peer-reviewed)
On co-dependent power-law behavior across cryptocurrencies
Grobys, Klaus, 2024, Finance research letters, 63, 105295, DOI: 10.1016/j.frl.2024.105295, A1 Journal article (peer-reviewed)
2023
Climate risk and sustainable investing: New evidence from Chinese renewable energy firms
Dutta, Anupam; Bhuiyan, Mohammad Rakib Uddin; Ahmed, Ali; Uddin, Gazi Salah, 2023, Phoumin, Han; Taghizadeh-Hesary, Farhad; Kimura, Fukunari, Green Finance and Renewable Energy in ASEAN and East Asia, Routledge-ERIA Studies in Development Economics, 57-79, Chapter 3, DOI: 10.4324/9781003397670-4, A3 Book chapter (peer-reviewed)
The impact of the Russia-Ukraine crisis on the stock market: Evidence from Australia
Kamal, Md Rajib; Ahmed, Shaker; Hasan, Mostafa Monzur, 2023, Pacific-basin finance journal, 79, 102036, DOI: 10.1016/j.pacfin.2023.102036, A1 Journal article (peer-reviewed)
Does corporate environmental performance affect corporate biodiversity reporting decision? The Finnish evidence
Dutta, Probal; Dutta, Anupam, 2023, Journal of applied accounting research, 25, 1, 24-41, DOI: 10.1108/JAAR-06-2022-0148, A1 Journal article (peer-reviewed)
Did mega-regional trade agreements reshuffle the financial influence of the US, China, and Japan in ASEAN? Evidence from the volatility-spillover effects
Cao, Li; Jiang, Junhua; Piljak, Vanja, 2023, Research in international business and finance, 65, 101937, DOI: 10.1016/j.ribaf.2023.101937, A1 Journal article (peer-reviewed)
Facial attractiveness and CEO compensation: Evidence from the banking industry
Ahmed, Shaker; Ranta, Mikko; Vähämaa, Emilia; Vähämaa, Sami, 2023, Journal of economics and business, 123, 106095, DOI: 10.1016/j.jeconbus.2022.106095, A1 Journal article (peer-reviewed)
Oil Price Uncertainty and IPOs
Blomkvist, Magnus; Dimic, Nebojsa; Vulanovic, Milos, 2023, Energy journal, 44, 6, 43-64, DOI: 10.5547/01956574.44.6.mblo, A1 Journal article (peer-reviewed)
Revisiting the pricing impact of commodity market spillovers on equity markets
Pinto-Ávalos, Francisco; Bowe, Michael; Hyde, Stuart, 2023, Journal of commodity markets, 33, 100369, DOI: 10.1016/j.jcomm.2023.100369, A1 Journal article (peer-reviewed)
Mutual coupling between stock market and cryptocurrencies
Ahmed, Maruf Yakubu; Sakordie, Samuel Asumadu; Leirvik, Thomas, 2023, Heliyon, 9, 5, e16179, DOI: 10.1016/j.heliyon.2023.e16179, A1 Journal article (peer-reviewed)
Better Not Forget: On the Memory of S&P 500 Survivor Stock Companies
Grobys, Klaus; Han, Yao; Kolari, James W., 2023, Journal of risk and financial management, 16, 2, 126, DOI: 10.3390/jrfm16020126, A1 Journal article (peer-reviewed)
Assessment of Bitcoin carbon footprint
Sarkodie, Samuel Asumadu; Amani, Mohammad Amin; Ahmed, Maruf Yakubu; Owusu, Phebe Asantewaa, 2023, Sustainable horizons, 7, 100060, DOI: 10.1016/j.horiz.2023.100060, A1 Journal article (peer-reviewed)
Poor performance and CEO changes in community banks: The role of gender in successions
Ebrahim, Alireza; Palvia, Ajay; Vähämaa, Emilia; Vähämaa, Sami, 2023, The Center for Financial Research (CFR) Working Paper Series, 2023-02, 1-74, D4 Published development or research report or study
Does oil price volatility matter for the US transportation industry?
Dutta, Anupam; Bouri, Elie; Rothovius, Timo; Azoury, Nehme; Salah Uddin, Gazi, 2023, Energy, 290, 130194, DOI: 10.1016/j.energy.2023.130194, A1 Journal article (peer-reviewed)
Green SPACs
Dimic, Nebojsa; Goodell, John W.; Piljak, Vanja; Vulanovic, Milos, 2023, European financial management, 30, 2, 770–799, DOI: 10.1111/eufm.12453, A1 Journal article (peer-reviewed)
A Fractal and Comparative View of the Memory of Bitcoin and S&P 500 Returns
Grobys, Klaus, 2023, Research in international business and finance, 66, 102021, DOI: 10.1016/j.ribaf.2023.102021, A1 Journal article (peer-reviewed)
A finite-time singularity in the dynamics of the US equity market: Will the US equity market eventually collapse?
Grobys, Klaus, 2023, International review of financial analysis, 89, 102787, DOI: 10.1016/j.irfa.2023.102787, A1 Journal article (peer-reviewed)
Oil Price Uncertainty and M&A Activity
Barrows, Sam; Blomkvist, Magnus; Dimic, Nebojsa; Vulanovic, Milos, 2023, Energy journal, 44, 4, 1-20, DOI: 10.5547/01956574.44.4.sbar, A1 Journal article (peer-reviewed)
Corporate Social Responsibility and Bank Credit Ratings
Baselga-Pascual, Laura; Dimic, Nebojsa; Vähämaa, Emilia, 2023, Naifar, Nader; Elsayed, Ahmed, Green Finance Instruments, FinTech, and Investment Strategies : Sustainable Portfolio Management in the Post-COVID Era, Sustainable Finance, 47–63, 3, DOI: 10.1007/978-3-031-29031-2_3, A3 Book chapter (peer-reviewed)
Correlation versus co-fractality: Evidence from foreign-exchange-rate variances
Grobys, Klaus, 2023, International review of financial analysis, 86, 102531, DOI: 10.1016/j.irfa.2023.102531, A1 Journal article (peer-reviewed)
Acquisition determinants of energy SPACs: Reflecting a closed group?
Dimic, Nebojsa; Goodell, John W.; Piljak, Vanja; Vulanovic, Milos, 2023, Finance research letters, 55, Part B, 104001, DOI: 10.1016/j.frl.2023.104001, A1 Journal article (peer-reviewed)
Born after the Volcker Rule: Regulatory change, managerial remuneration and hedge fund performance
Bowe, Michael; Kolokolova, Olga; Yu, Lijie, 2023, European financial management, First published: 06 September 2023, 1-40, DOI: 10.1111/eufm.12457, A1 Journal article (peer-reviewed)
Why do corporations embrace the LGBTQ+ cause?
Fatmy, Veda; Kihn, John; Sihvonen, Jukka; Vähämaa, Sami, 2023, LSE Business Review, D1 Article in a trade journal
Essays on Executive Characteristics, Risk-taking, and Compensation in the Banking Industry
Ahmed, Shaker, 2023, Acta wasaensia, 520, G5 Doctoral dissertation (articles)
Impact of crude oil volatility jumps on sustainable investments: Evidence from India
Dutta, Anupam; Kanjilal, Kakali; Ghosh, Sajal; Park, Donghyun; Uddin, Gazi Salah, 2023, Journal of futures markets, 43, 10, 1450-1468, DOI: 10.1002/fut.22442, A1 Journal article (peer-reviewed)
Advancing COP26 climate goals: Leveraging energy innovation, governance readiness, and socio-economic factors for enhanced climate resilience and sustainability
Sarkodie, Samuel Asumadu; Ahmed, Maruf Yakubu; Owusu, Phebe Asantewaa, 2023, Journal of cleaner production, 431, 139757, DOI: 10.1016/j.jclepro.2023.139757, A1 Journal article (peer-reviewed)
Public service management reform: an institutional work and collective framing approach
Bertz, Julie; Quinn, Martin; Burns, John, 2023, Public management review, Online First 01 May 2023, 1-25, DOI: 10.1080/14719037.2023.2207576, A1 Journal article (peer-reviewed)
Russia–Ukraine crisis: The effects on the European stock market
Ahmed, Shaker; Hasan, Mostafa M.; Kamal, Md Rajib, 2023, European financial management, 29, 4, 1078-1118, DOI: 10.1111/eufm.12386, A1 Journal article (peer-reviewed)
FinTech and ESG: A Happy Union?
King, Timothy, 2023, Łasak, Piotr; Williams, Jonathan, Digital Transformation and the Economics of Banking: Economic, Institutional, and Social Dimensions, 135-148, Chapter 9, DOI: 10.4324/9781003340454-9, A3 Book chapter (peer-reviewed)
A multifractal model of asset (in)variances
Grobys, Klaus, 2023, Journal of international financial markets, institutions and money, 85, 101767, DOI: 10.1016/j.intfin.2023.101767, A1 Journal article (peer-reviewed)
Fear sells: On the sentiment deceptions and fundraising success of initial coin offerings
Sapkota, Niranjan; Grobys, Klaus, 2023, Journal of international financial markets, institutions and money, 83, 101716, DOI: 10.1016/j.intfin.2022.101716, A1 Journal article (peer-reviewed)
- Updated 8 April 2024
Research projects
Project | Duration | Funders |
---|---|---|
Business Renewal using Digital Finance and Blockchain | - |
Earlier research projects
Using Bank Option Prices to Assess Financial Sector Conditions (2014-2016)
Project leader: Dr. Jukka Sihvonen
External funding from: OP-Pohjola Bank Research Foundation
Gender and Financial Decision Making (2012-2015)
Project leader: Prof. Sami Vähämaa
External funding from: Academy of Finland
Females and Corporate Governance (2009-2014)
Project leader: Prof. Sami Vähämaa
External funding from: NASDAQ OMX Nordic Foundation
The Use of Derivatives by the Energy Sector Companies (2010-2013)
Project leader: Prof. Timo Rothovius & Prof. Jussi Nikkinen
External funding from: The Finnish Funding Agency for Innovation (Tekes); Lahti Energia, Oulun Energia, Vaasan Sähkö and Vantaan Energia
Corporate Risk Management and Financial Vulnerability (2011-2012)Consortium project of Hanken School of Economics, Lappeenranta University of Technology and University of Vaasa
Project leader: (Vaasassa) Prof. Jussi Nikkinen
External funding from: Academy of Finland; University of Vaasa