Helsinki Finance Summit 2025 Program
Conference Program
Sunday, August 17, 2025
Hotel Hobo Helsinki, Playground (2nd floor)
| 18:00-20:00 |
WELCOME RECEPTION Food and drinks will be served. |
Monday, August 18, 2025
Aalto University School of Business, Lecture halls V001 and V002 (ground floor)
| 09:00-09:15 | COFFEE |
| 09:15-09:20 |
OPENING WORDS Timo Korkeamäki, Dean of the Aalto University School of Business |
| 09:20-10:40 |
SESSION 1: Investment Horizons Chair: Matthijs Lof (Aalto University) |
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Disagreement on the Horizon Anthony Cookson (University of Colorado at Boulder), Chukwuma Dim (George Washington University) and Marina Niessner (Indiana University) Discussant: David McLean (Georgetown University) |
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Risk-Taking Over Very Long Horizons: Investors’ Lifetime Returns and Exit from the Stock Market Neil Pearson (University of Illinois at Urbana-Champaign & Canadian Derivatives Institute), Sina Ghavamabadi (Aalto University), Zhishu Yang (Tsinghua University School of Economics and Management) and Qi Zhang (Shanghai Jiaotong University) Discussant: Zwetelina Iliewa (University of Bonn & CESifo) |
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| 10:40-10:50 | POSTER PITCHES |
| 10:50-11:10 | BREAK |
| 11:10-12:30 |
SESSION 2: Structured Products and Options Chair: Antti Suhonen (Aalto University) |
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Product Complexity, Investor Experience, and Returns Alan De Genaro (Sao Paulo School of Business Administration), José Liberti (Northwestern University), Pedro Saffi (University of Cambridge) and Jason Sturgess (Queen Mary University of London) Discussant: Petra Vokata (Ohio State University) |
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Some Anonymous Options Trades Are More Equal than Others Xing Huang (Washington University in St. Louis), Philippe Jorion (University of California at Irvine) and Christopher Schwarz (University of California at Irvine) Discussant: Matteo Vacca (Hanken School of Economics) |
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| 12:30-13:40 | LUNCH |
| 13:40-15:00 |
SESSION 3: Faith and Football Chair: Samuli Knüpfer (Aalto University) |
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Social Interaction Intensity and Investor Behavior Michael Gelman (University of Delaware), David Hirshleifer (University of Southern California), Yaron Levi (University of Southern California) and Liron Reiter-Gavish (Netanya Academic College) Discussant: Andrew Conlin (Aalto University) |
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Trading on Faith: Religion and Financial Markets Maxime Bonelli (London Business School), Pulak Ghosh (Indian Institute of Management, Bangalore), S. Lakshmi Naaraayanan (London Business School) and Purnoor Tak (London Business School) Discussant: Vesa Pursiainen (University of St. Gallen and Swiss Finance Institute) |
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| 15:00-15:20 | BREAK |
| 15:20-16:40 |
SESSION 4: Value(s) Chair: Christoph Huber (Aalto University) |
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Corporate Actions as Moral Issues Zwetelina Iliewa (University of Bonn & CESifo), Elisabeth Kempf (Harvard Business School, CEPR, and NBER) and Oliver Spalt (University of Mannheim and ECGI) Discussant: Renée Adams (University of Oxford) |
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The Real Effects of Valuation Mistakes: Estimates from Mergers and Acquisitions François Derrien (HEC Paris), Johan Hombert (HEC Paris and CEPR), Alexei Ovchinnikov (HEC Paris) and Philip Valta (University of Bern) Discussant: Tomislav Ladika (University of Amsterdam) |
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| 19:00 |
DINNER Restaurant Garden by Olo, Helenankatu 2, Helsinki |
Tuesday, August 19, 2025
Aalto University School of Business, Lecture halls V001 and V002 (ground floor)
| 09:00-09:20 | COFFEE |
| 09:20-10:40 |
SESSION 5: Fintech and Interest Rates Chair: Matti Keloharju (Aalto University) |
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Deposit Insurance: Believers and Doubters Utpal Bhattacharya (Hong Kong University of Science and Technology), Thomas Johann (University of Mannheim), Benjamin Loos (University of New South Wales) and Tilman Rochow Discussant: Alexandru Barbu (INSEAD) |
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“No-Interest” Advertising in High-Interest Loan Markets Yufeng Huang (University of Rochester), Yukun Liu (University of Rochester), Bowen Luo (University of Houston) and Xi Wu(University of California Berkeley) Discussant: Michael Ungeheuer (Aalto University) |
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| 10:40-11:00 | BREAK |
| 11:00-13:00 |
SESSION 6: Subjective Beliefs Chair: Peter Nyberg (Aalto University) |
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Investor Beliefs and Asset Prices Under Selective Memory Maximilian Voigt (HEC Montréal) Discussant: Petri Jylhä (Aalto University) |
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Analysts’ Belief Formation in Their Own Words Barry Ke (Yale School of Management) Discussant: Felix Wilke (Nova School of Business and Economics) |
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Institutional Investors’ Subjective Risk Premia: Time Variation and Disagreement Spencer Couts (University of Southern California), Andrei Gonçalves (Ohio State University), Yicheng Liu (Ohio State University) and Johnathan Loudis (University of Notre Dame) Discussant: Pekka Honkanen (University of Georgia) |
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| 13:00-13:05 | CLOSING WORDS |
| 13:05 | LUNCH |
Poster Session
Presented in the conference lobby area throughout the conference.
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How Do Individual Investors Learn? Sina Ghavamabadi (Aalto University) |
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Technology Literacy and Deep-Tech Investment: Evidence from VC Industry Yuchen Chen (University of Illinois at Urbana-Champaign), Can Huang (University of Illinois at Urbana-Champaign) and Xuelai Li (Imperial College London) |
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Information Partitioning, Learning, and Beliefs Pascal Kieren (Heidelberg University), Lukas Mertes (University of Mannheim) and Martin Weber (University of Mannheim and CEPR) |
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Asset (and Data) Managers Marco Zanotti (Swiss Finance Institute, USI Lugano) |