Vanja Piljak

Curriculum Vitae

Current Positions

Associate Professor in Finance, School of Accounting & Finance (University of Vaasa)

Docent (Adjunct Professor) in International Finance, University of Jyväskyla

Research

My research interests focus on international, green and climate finance. The research topics of interest: climate risk, bond markets, emerging markets finance, green finance, financial integration, asset comovement, contagion, financial crises, and political risk in financial markets.

Articles in refereed journals

Ceballos, L., Piljak, V., Swinkels, L. (2024). Is firm-level political risk priced in the corporate bond markets? Journal of Empirical Finance 79, 101562. https://doi.org/10.1016/j.jempfin.2024.101562

Dimic, N., Tinoco, M.H., Piljak, V., Vulanovic, M. (2024). Carbon VIIX: A case of decarbonized SPACs. Finance Research Letters, 106360. https://doi.org/10.1016/j.frl.2024.106360

Dimic, N., Goodell, J.W., Piljak, V., Vulanovic, M. (2024). Green SPACs. European Financial Management 30:2, 770-799. https://doi.org/10.1111/eufm.12453

Dimic, N., Goodell, J.W., Piljak, V., Vulanovic, M. (2023). Acquisition determinants of energy SPACs: Reflecting a closed group? Finance Research Letters 104001.https://doi.org/10.1016/j.frl.2023.104001

Cao, L., Jiang, J., Piljak. V. (2023). Did mega-regional trade agreements reshuffle the financial influence of the US, China, and Japan in ASEAN? Evidence from the volatility-spillover effects. Research in International Business and Finance 65, 101937.https://doi.org/10.1016/j.ribaf.2023.101937

Dimic, N., Orlov, V., Piljak, V. (2022). First offshore bond issuances and firm valuation. International Review of Financial Analysis, 102246. https://doi.org/10.1016/j.irfa.2022.102246

Du, Y., Goodell, J.W., Piljak, V., Vulanovic, M. (2022). Subsidiary financing choices: The roles of institutional distances from home countries. International Review of Financial Analysis, 102280. https://doi.org/10.1016/j.irfa.2022.102280

Andreou, C., Dimic, N., Piljak, V., Savvides, A. (2022). Unconventional monetary policy and international equity capital flows to emerging markets. European Financial Management 28(2), 482-509. https://doi.org/10.1111/eufm.12312

Dimic, N., Piljak, V., Swinkels, L., Vulanovic, M. (2021). The Structure and Degree of Dependence in Government Bond Markets. Journal of International Financial Markets, Institutions and Money 74, 101385. https://doi.org/10.1016/j.intfin.2021.101385

Boubaker, S., Nguyen, D.K., Piljak, V. & Savvides, A. (2019). Financial Development, Government Bond Returns, and Stability: International Evidence. Journal of International Financial Markets, Institutions and Money 61, 81-96. https://doi.org/10.1016/j.intfin.2019.02.006

Jiang, J., Piljak, V., Tiwari, A.K., Äijö, J. (2020). Frequency volatility connectedness across different industries in China. Finance Research Letters 37, 101376. https://doi.org/10.1016/j.frl.2019.101376

Nikkinen, J., Piljak, V., Rothovius, T. (2020). Impact of the 2008/2009 financial crisis on the external and internal linkages of European frontier stock markets. Global Finance Journal 46, 100481. https://doi.org/10.1016/j.gfj.2019.100481

Lucey et al. (2018). Future Directions in International Financial Integration Research - A Crowdsourced Perspective. International Review of Financial Analysis 55, 35-49. https://doi.org/10.1016/j.irfa.2017.10.008

Piljak, V. & Swinkels, L. (2017). Fundamental Indexation for Developed, Emerging, and Frontier Government Bond Markets. Journal of Asset Management 18, 405-420. https://doi.org/10.1057/s41260-017-0045-8

Piljak, V. & Swinkels, L. (2017). Frontier and Emerging Government Bond Markets. Emerging Markets Review 30, 232-255. https://doi.org/10.1016/j.ememar.2015.10.002

Dimic, N., Orlov, V. & Piljak, V. (2016). The Effect of Political Risk on Currency Carry Trades. Finance Research Letters 19, 75-78. https://doi.org/10.1016/j.frl.2016.06.005

Dimic, N., Kiviaho, J., Piljak, V. & Äijö, J. (2016). Impact of Financial Market Uncertainty and Macroeconomic Factors on Stock-Bond Correlation in Emerging Markets. Research in International Business and Finance 36, 41-51. https://doi.org/10.1016/j.frl.2016.06.005

Graham, M., Peltomäki, J. & Piljak, V. (2016). Global Economic Activity as an Explicator of Emerging Market Equity Returns. Research in International Business and Finance 36, 424-435. https://doi.org/10.1016/j.ribaf.2015.09.030

Dimic, N., Orlov, V. & Piljak, V. (2015). The Political Risk Factor in Emerging, Frontier, and Developed Stock Markets. Finance Research Letters 15, 239-245. https://doi.org/10.1016/j.frl.2015.10.007

Kiviaho, J., Nikkinen, J., Piljak, V. & Rothovius, T. (2014). The Co-movement Dynamics of European Frontier Stock Markets. European Financial Management 20, 574-595. https://doi.org/10.1111/j.1468-036X.2012.00646.x

Piljak, V. (2013). Bond Markets Co-movement Dynamics and Macroeconomic Factors: Evidence from Emerging and Frontier Markets. Emerging Markets Review 17, 29-43. https://doi.org/10.1016/j.ememar.2013.08.001

Nikkinen, J., Piljak, V. & Äijö, J. (2012). Baltic Stock Markets and the Financial Crisis of 2008-2009. Research in International Business and Finance, 26:3, 398-409. https://doi.org/10.1016/j.ribaf.2012.03.003

Research profile:

Google Scholar

LinkedIn

Research Gate

https://orcid.org/0000-0002-2066-5208">ORCID

Editorial activities:

Associate Editor in Research in International Business and Finance

Managing Guest Editor in Research in International Business and Finance: Special Issue on "Recent Trends and New Developments in Sustainable, Green and International Finance" in Research in International Business and Finance

Co-chair of the Workshop: "Recent Trends and New Developments in Sustainable, Green and International Finance", IESEG School of Management, Paris, May 2024

Associate Editor in International Review of Economics and Finance

Teaching

I have been teaching in the EFMD-accredited Master's Degree Programme in Finance at the University of Vaasa since 2013.

Courses in the Master's Programme in Finance at the University of Vaasa:

Research in Financial Markets

Investments

Introduction to Master's Thesis

Doctoral, Master's, and Bachelor's theses supervision

Courses at the University of Jyväskyla:

International Finance

Conference presentations

2024 AFS (Afrimed Finance Society) Conference, July 2024, Cagliari, Italy

30th Annual Conference of the Multinational Finance Society, July 2024, Vaasa, Finland

17th International Accounting & Finance Doctoral Symposium (IAFDS), June 2024, Naples, Italy

3rd Conference  on International Finance; Sustainable and Climate Finance, June 2024, Reading, the UK

International Workshop: "Recent Trends and New Developments in Sustainable, Green and International Finance", IESEG School of Management, May 2024, Paris

2nd International Conference on Sustainability, Environment, and Social Transition in Economics and Finance (SESTEF), December 2023, Southampton

2nd Conference on International Finance; Sustainable and Climate Finance and Growth, June 2023, Ljubljana, Slovenia

16th International Accounting & Finance Doctoral Symposium (IAFDS), June 2023, Paris, France

International Conference on Sustainability, Environment, and Social Transition in Economics and Finance (SESTEF), December 2022, Paris

4th Rajagiri Conference on Economics and Finance (RCEF), November 2022, virtual (keynote speaker)

1st Conference on International Finance; Sustainable and Climate Finance and Growth, June 2022, Naples, Italy

61st Annual Meeting of the Southern Finance Association (SFA)
November 2021, USA

60th Annual Meeting of the Southern Finance Association (SFA)
November 2020

7th Paris Financial Management Conference, December 2019, Paris, France

59th Annual Meeting of the Southern Finance Association (SFA)
November 2019, Orlando, USA

17th INFINITI Conference on International Finance, June 2019, Glasgow, UK

16th INFINITI Conference on International Finance, June 2018, Poznan, Poland

8th International Conference of the Financial Engineering and Banking Society, June 2018, University of "Roma Tre", Rome, Italy

54th Annual Meeting of the Eastern Finance Association (EFA)
April 2018, Philadelphia, USA

92nd Annual Conference of the Western Economic Association International, June 2017, San Diego, USA

15th INFINITI Conference on International Finance, June 2017, Valencia, Spain

25th International Rome Conference on Money, Banking and Finance (MBF), December 2016, Rome, Italy

51st Annual Meeting of the Eastern Finance Association (EFA)
April 2015, New Orleans, USA

64th Annual Meeting of the Midwest Finance Association (MFA)
March 2015, Chicago, USA

2nd Paris Financial Management Conference
December 2014, IPAG Business School, Paris, France

4th International Conference of the Financial Engineering and Banking Society, June 2014, University of Surrey, the UK

6th International Finance and Banking Society Conference
June 2014, Lisbon, Portugal

11th INFINITI Conference on International Finance,
June 2013, Aix-en-Provence, France

49th Annual Meeting of the Eastern Finance Association (EFA)
April 2013, St.Pete Beach, USA

25th Australasian Finance and Banking Conference
December 2012, Sydney, Australia

48th Annual Meeting of the Eastern Finance Association (EFA)
April 2012, Boston, USA

61st Annual Meeting of the Midwest Finance Association (MFA)
February 2012, New Orleans, USA

51st Annual Meeting of the Southern Finance Association (SFA)
November 2011, Key West, USA

9th INFINITI Conference on International Finance
June 2011, Trinity College Dublin, Ireland

15th International Conference on Macroeconomic Analysis and International Finance, May 2011, University of Crete, Greece

18th Conference on the Theories and Practices of Securities and Financial Markets, December 2010, National Sun Yat-sen University, Taiwan

3rd International Conference on Accounting and Finance, August 2010, Skiathos, Greece

Annual London Conference on Money, Economy and Management,
July 2008, Imperial College, London, UK

Research visits

IESEG School of Management, France

University of St. Gallen, Switzerland

Cyprus University of Technology, Limassol

IPAG Business School, Paris, France

Auburn University, USA

Workshop and seminar presentations

Research Seminar, Corvinus University of Budapest, October 2024

Research Seminar, Swansea University, March 2023

Research Seminar, Audencia Business School, January 2023, Nantes, France

2022 International Workshop on ESG Values, June 2022, Deusto Business School, Bilbao (keynote speaker)

Summer Seminar of Finnish Economists, June 2021

Research Seminar in Economics and Finance, September 2020, University of Jyväskylä, Finland

Research Seminar in Finance, April 2017, Cyprus University of Technology, Limassol

Research Seminar in Finance, October 2015, Champagne School of Management / Groupe ESC Troyes, France

Research Seminar in Finance, October 2012, Auburn University, USA

Nordic Finance Network (NFN) Research Workshop, May 2011, Helsinki, Finland

Graduate School of Finance (GSF) Winter Research Workshop, November 2010 - Lappeenranta, Finland

PhD supervision:

Junhua Jiang

Alamgir Hossain

Kanying Xu

Arttu Havuluoto