The University of Vaasa is the largest and the most prolific academic institution in banking research in Finland. Over recent years, banking research by the current and former faculty members has been published in peer-reviewed journals such as the Journal of Banking and Finance, Journal of Corporate Finance, Journal of Business Ethics, Journal of Financial Stability, Journal of Empirical Finance, Journal of Financial Research, Journal of International Money & Finance, Journal of Financial Services Research, European Financial Management, Oxford Economic Papers, Journal of International Financial Markets, Institutions & Money, and The Financial Review.

Recent Publications

2024:

Ali, Searat, Iqbal, Jamshed, Malik, Ihtisham & Rahman, Dewan (2024). Does managerial pay disparity influence BHC default risk? International Review of Economics and Finance, Vol. 92, pp. 1250-1269.

Bowe, Michael, Kolokolova, Olga & Yu, Lijie (2024). Born after the Volcker Rule: Regulatory change, managerial remuneration and hedge fund performance. European Financial Management, Vol. 30, No. 3, pp. 1668-1707.

Citterio, Alberto, King, Timothy & Locatelli, Rossella (2024). Is digital transformation profitable for banks? Evidence from Europe. Finance Research Letters, Vol. 70, 106269.

Davydov, Denis, King, Tatiana & Weill, Laurent (2024). Managing bank liquidity hoarding during uncertain times: The role of board gender diversity. Financial Markets, Institutions & Instruments, Vol. 33, No. 3, pp. 323-348.

Rautiainen, Antti, Scapens, Robert W., Järvenpää, Marko & Auvinen, Tommi & Sajasalo, Pasi (2024). Towards fluid role identity of management accountants: A case study of a Finnish bank. The British Accounting Review, Vol. 56, No. 4, 101341.

2023:

Ahmed, Shaker, Ranta, Mikko, Vähämaa, Emilia & Vähämaa, Sami (2023). Facial attractiveness and CEO compensation: Evidence from the banking industry. Journal of Economics and Business, Vol. 123, No. 106095.

Baselga-Pascual, Laura, Dimic, Nebojsa & Vähämaa, Emilia (2023). Corporate social responsibility and bank credit ratings. In Naifar, N. & Elsayed, A. (Eds.), Green Finance Instruments, FinTech, and Investment Strategies. Springer.

Citterio, Alberto & King, Timothy (2023). The role of Environmental, Social, and Governance (ESG) in predicting bank financial distress. Finance Research Letters, Vol. 51, 103411.

Ebrahim, Alireza, Palvia, Ajay, Vähämaa, Emilia & Vähämaa, Sami (2023). Poor performance and CEO changes in community banks: The role of gender in successions. FDIC Center for Financial Research Working Paper Series, No. 2023-02.

2022:

Andreou, Christoforos, Dimic, Nebojsa, Piljak, Vanja & Savvides, Andreas (2022). Unconventional monetary policy and international equity capital flows to emerging markets. European Financial Management, Vol. 28, No. 2, pp. 482-509.

Davydov, Denis, Garanina, Tatiana & Weill, Laurent (2022). Managing bank liquidity hoarding during uncertain times: The role of board gender diversity. BOFIT Discussion Papers, No. 11/2022, Bank of Finland.

Kalmi, Panu, Auvinen, Tommi & Järvenpää, Marko (2022). Responsible Finance and Digitalization: Implications and Developments. Routledge; Routledge International Studies in Money and Banking.

2021:

Addo, Kwabena Aboah, Hussain, Nazim & Iqbal, Jamshed (2021). Corporate governance and banking systemic risk: A test of the bundling hypothesis. Journal of International Money and Finance, Vol. 115, 102327.

Ali, Searat, Hussain, Nazim & Iqbal, Jamshed (2021). Corporate governance and the insolvency risk of financial institutions. North American Journal of Economics and Finance, Vol. 55, 101311.

Davydov, Denis, Vähämaa, Sami & Yasar, Sara (2021). Bank liquidity creation and systemic risk. Journal of Banking and Finance, Vol. 123, 106031.

El Diri, Malek, King, Timothy, Spokeviciute, Laima, & Williams, Jonathan (2021). Hands in the cookie jar: Exploiting loan loss provisions under bank financial distress. Economics Letters, Vol. 209, No. 110098.

Högholm, Kenneth, Knif, Johan, Koutmos, Gregory & Pynnönen, Seppo (2021). Financial crises and the asymmetric relation between returns on banks, risk factors, and other industry portfolio returns. The Financial Review, Vol. 56, No. 1, pp.179-198.

Jiang, Junhua (2021). Can real estate regulatory policies constrain real estate risks to banks? Evidence from China. Journal of Chinese Economic and Business Studies, Vol. 19, No. 1, pp. 35-53.

King, Timothy, Saverio, Francesco, Lopes, Stentella,  Srivastav, Abhishek & Williams, Jonathan (2021). Disruptive Technology in Banking and Finance: An International Perspective on FinTech. Palgrave Macmillan; Palgrave Studies in Financial Services Technology.

Vaahtoniemi, Saara (2021). The finance wage premium: Finnish evidence from a gender perspective. Labour, Vol. 35, pp. 412-431.

2020:

Cornée, Simon, Kalmi, Panu & Szafarz, Ariane (2020). The business model of social banks. Kyklos Vol. 73, No. 2, pp. 196-226.

Meriläinen, Jari‐Mikko (2020). Bank ownership type and temporal evolution of long‐term bank funding in the period 2005–2017. Annals of Public and Cooperative Economics Vol. 91, No. 2, pp. 237-268.

Meriläinen, Jari-Mikko & Junttila, Juha (2020). The relationship between credit ratings and asset liquidity: Evidence from Western European banks. Journal of International Money and Finance Vol. 108, 102224.

Palvia, Ajay, Vähämaa, Emilia & Vähämaa, Sami (2020). Female leadership and bank risk-taking: Evidence from the effects of real estate shocks on bank lending performance and default risk. Journal of Business Research Vol. 117, pp. 897-909.

2019:

Ahmed, Shaker, Sihvonen, Jukka & Vähämaa, Sami (2019). CEO facial masculinity and bank risk-taking. Personality and Individual Differences, Vol. 138, pp. 133-139.

Iqbal, Jamshed & Vähämaa, Sami (2019). Managerial risk-taking incentives and the systemic risk of financial institutions. Review of Quantitative Finance and Accounting, Vol. 53, No. 4, pp. 1229-1258.

Meriläinen, Jari-Mikko (2019). Western European stakeholder banks’ loan loss accounting. Journal of Financial Services Research, Vol. 56, pp. 185–207.

Sajasalo, Pasi, Auvinen, Tommi, Järvenpää, Marko, Takala, Tuomo, & Sintonen, Teppo (2019). The development of mobile banking services in a large Finnish financial organization. In Shaikh, A. & Karjaluoto, H. (Eds.), Marketing and Mobile Financial Services: A Global Perspective on Digital Banking Consumer Behaviour (pp. 73-91). Routledge.

2018:

Baselga-Pascual, Laura, Trujillo-Ponce, Antonio, Vähämaa, Emilia & Vähämaa, Sami (2018). Ethical reputation of financial institutions: Do board characteristics matter? Journal of Business Ethics, Vol. 148, No. 3, pp. 489–510.

Davydov, Denis, Fungácová, Zuzana & Weill, Laurent (2018). Cyclicality of bank liquidity creation. Journal of International Financial Markets, Institutions and Money, Vol. 55, pp. 81-93.

Davydov, Denis (2018). Does state ownership of banks matter? Russian evidence from the financial crisis. Journal of Emerging Market Finance, Vol. 17, pp. 250-285.

Jiang, Junhua & Äijö, Janne (2018). Equity volatility connectedness across China’s real estate firms and financial institutions. Journal of Chinese Economic and Business Studies, Vol. 16, No. 2, pp. 215-231.

Komulainen, Hanna & Makkonen, Hannu (2018). Customer experience in omni-channel banking services. Journal of Financial Services Marketing, Vol. 23, pp. 190-199.

Srivastav, Abhishek, Armitage, Seth, Hagendorff, Jens, & King, Timothy (2018). Better safe than sorry? CEO inside debt and risk-taking in bank acquisitions. Journal of Financial Stability, Vol. 36, pp. 208-224.

2017:

Kleinow, Jacob, Moreira, Fernando, Strobl, Sascha & Vähämaa, Sami (2017). Measuring systemic risk: A comparison of alternative market-based approaches. Finance Research Letters, Vol. 21, pp. 40–46.

2016:

Catturani, Ivana, Kalmi, Panu & Stefani, Maria Lucia (2016). Social capital and credit cooperative banks. Economic Notes, Vol. 45, No. 2, pp. 205-234.

Cornée, Simon, Kalmi, Panu & Szafarz, Ariane (2016). Selectivity and transparency in social banking: Evidence from Europe. Journal of Economic Issues, Vol. 50, No. 2, pp. 494-502.

Davydov, Denis (2016). Debt structure and corporate performance in Emerging Markets. Research in International Business and Finance, Vol. 38, pp. 299-311.

Davydov, Denis & Swidler, Steve (2016). Reading Russian tea leaves: Assessing the quality of bank financial statements with the Benford distribution. Review of Pacific Basin Financial Markets and Policies, Vol. 19, pp. 1-20.

Heikkilä, Anni, Kalmi, Panu, & Ruuskanen, Olli-Pekka (2016). Social capital and access to credit: Evidence from Uganda. Journal of Development Studies, Vol. 52, No. 9, pp. 1273-1288.

Jones, Derek, Jussila, Iiro & Kalmi, Panu (2016). The determinants of membership in cooperative banks: Common bond versus private gain. Annals of Public and Cooperative Economics, Vol. 87, No. 3, pp. 411-432.

King, Timothy, Srivastav, Abhishek, & Williams, Jonathan (2016). What’s in an education? implications of CEO education for bank performance. Journal of Corporate Finance, Vol. 37, pp. 287-308.

Meriläinen, Jari-Mikko (2016). Lending growth during the financial crisis and the sovereign debt crisis: The role of bank ownership type. Journal of International Financial Markets, Institutions and Money, Vol. 41, pp. 168-182.

Sajasalo, Pasi, Auvinen, Tommi, Takala, Tuomo, Järvenpää, Marko & Sintonen, Teppo (2016). Strategy implementation as fantasising-becoming the leading bank. Accounting and Business Research, Vol. 46, No. 3, pp. 303-325.

Strobl, Sascha (2016). Stand-alone vs systemic risk-taking of financial institutions. Journal of Risk Finance, Vol. 17, No. 4, pp. 374-389.

2015:

Ferri, Giovanni, Kalmi, Panu & Kerola, Eeva (2015). Organizational structure and performance of European banks: A reassessment. Advances in the Economic Analysis of Participatory and Labor-Managed Firms, Vol. 16, pp. 109-141

Iqbal, Jamshed, Strobl, Sascha & Vähämaa, Sami (2015). Corporate governance and the systemic risk of financial institutions. Journal of Economics and Business, Vol. 82, pp. 42–61.

Jones, Derek & Kalmi, Panu (2015). Membership and performance in Finnish financial cooperatives: A new view of cooperatives? Review of Social Economy, Vol. 73, No. 3, pp. 283-309.

Palvia, Ajay, Vähämaa, Emilia & Vähämaa, Sami (2015). Are female CEOs and Chairwomen more conservative and risk averse? Evidence from the banking industry during the financial crisis. Journal of Business Ethics, Vol. 131, No. 3, pp. 577–594.

2009-2014:

Ferri, Giovanni, Kalmi, Panu & Kerola, Eeva (2014). Does bank ownership affect lending behaviour? Evidence from Euro area. Journal of Banking and Finance, Vol. 48, pp. 194-209.

Ferri, Giovanni, Kalmi, Panu & Kerola, Eeva (2014). Organizational structure and exposure to crisis among European banks: Evidence from rating changes. Journal of Entrepreneurial and Organizational Diversity, Vol. 3, No. 1, pp. 35-55.

Ferri, Giovanni & Kalmi, Panu (2014). Co-operative banks: Their contribution to the stability and diversity of the financial system. In Gijselinckx, C., Zhao, L., & Novkovic, S. (Eds.) Co-operative Innovations in China and the West (pp. 113-125). Palgrave Macmillan.

Sihvonen, Jukka & Vähämaa, Sami (2014). Forward-looking monetary policy rules and option-implied interest rate expectations. Journal of Futures Markets, Vol. 34, No. 4, pp. 346–373.

Ferri, Giovanni, Kalmi, Panu & Kerola, Eeva (2013). Governance and performance: Reassessing the pre-crisis situation of European banks. In Goglio, S. & Alexopoulos, Y. (Eds.), Financial Cooperatives and Local Development (pp. 37-54). Routledge.

Peni, Emilia, Smith, Stanley D. & Vähämaa, Sami (2013). Bank corporate governance and real estate lending during the financial crisis. Journal of Real Estate Research, Vol. 35, No. 3, pp. 313–343.

Jones, Derek, Kalmi, Panu & Kauhanen, Antti (2012). The effects of general and firm-specific training on wages and performance: Evidence from banking. Oxford Economic Papers, Vol. 64, No. 1, pp. 151-175.

Kalmi, Panu (2012). Cooperative banking. In Toporowski, J. (Ed.), Handbook of Critical Issues in Finance (pp. 56-65). Edward Elgar.

Peni, Emilia & Vähämaa, Sami (2012). Did good corporate governance improve bank performance during the financial crisis? Journal of Financial Services Research, Vol. 41, No. 1–2, pp. 19–35.

Fraser, Donald R., Kolari, James W., Pynnönen, Seppo & Tippens, Kyle T. (2011). Market power, bank megamergers, and the welfare of bank borrowers. Journal of Financial Research, Vol 34, No. 4, pp. 641-658.

Vähämaa, Sami & Äijö, Janne (2011). The Fed’s policy decisions and implied volatility. Journal of Futures Markets, Vol. 31, No. 10, pp. 995–1010.

Nikkinen, Jussi & Vähämaa, Sami (2009). Central bank interventions and implied exchange rate correlations. Journal of Empirical Finance, Vol. 16, No. 5, pp. 862–873.