Research Outcomes

The banking research at the University of Vaasa has led to numerous publications in peer-reviewed journals such as the Journal of Banking and Finance, Journal of Business Ethics, Journal of Empirical Finance, Journal of Financial Research, Oxford Economic Papers, Journal of International Financial Markets, Institutions and Money, Journal of Financial Services Research, and others.

Recent Publications:

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.

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. 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.

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.

2009-2019

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.

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.

Meriläinen, Jari-Mikko (2018). Western European stakeholder banks’ loan loss accounting. Journal of Financial Services Research, Vol. 56, No. 2, pp. 185-207.

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.

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.

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.

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.

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.

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.

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.

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.

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.