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Room: T301 (School of Business building, 3rd floor)

Email: markku.kaustia@aalto.fi

Research

Refereed publications

, Journal of Finance, Forthcoming 2023 (with 342 co-authors).

, Journal of Banking and Finance 148, 2023 (with Andrew Conlin and Niilo Luotonen).

. Journal of Financial and Quantitative Analysis, 56(5), 1505-1536, 2021. With Ville Rantala.

. Journal of Financial Markets 29, 1-26, 2016 (with Elias Rantapuska).

. Management Science, 62(4), 946-963, 2016. With Samuli Knüpfer and Sami Torstila.

"". PLOS One 10(8): e0135436, 2015. With Marja-Liisa Halko.

 Journal of Financial Economics 117(3), 653-669, 2015. With Ville Rantala.

, Review of Behavioral Finance, 4(1), 46-62, 2012. With Milla Perttula.

“The gender effect in risky asset holdings”, Journal of Economic Behavior and Organization, 83(1), 66–81, 2012. With Marja-Liisa Halko and Elias Alanko.

, Journal of Banking and Finance, 36(8), 2366–2378, 2012. With Elias Rantapuska.

, Journal of Financial Economics, 104(2), 321–338, 2012. With Samuli Knüpfer.

, Journal of Financial Economics, 100(1), 98-112, 2011. With Sami Torstila.

“Prospect theory and the disposition effect”, Journal of Financial and Quantitative Analysis, 45(3), 791-812, 2010.

“Should good stocks have high prices or high returns?”, Financial Analysts Journal 65(3), 55-62, 2009. With Heidi Laukkanen and Vesa Puttonen.

, Journal of Finance 63(6), 2679-2702, 2008. With Samuli Knüpfer.

“How much does expertise reduce behavioral biases? The case of anchoring effects in stock return estimates”, Financial Management 37(3), 391-411, 2008. With Eeva Alho and Vesa Puttonen.

“Price setting and the reluctance to realize losses in apartment markets”, Journal of Economic Psychology 29(1), 19-34, 2008. With Mikko Einiö and Vesa Puttonen.

“Market-wide impact of the disposition effect: Evidence from IPO trading volume”, Journal of Financial Markets 7(2), 207-235, 2004.

Book chapters

“Disposition effect”, Chapter 10 in Behavioral Finance (Robert W. Kolb Series in Finance), H. Kent Baker and John R. Nofsinger, eds., John Wiley & Sons, Inc., 2010.

Current Working Papers

. With Wenjia Yu.

. With Joni Kokkonen and Vesa Puttonen.

. With Antti Lehtoranta and Vesa Puttonen.

Teaching

Behavioral and Sustainable Finance

Portfolio Management

MSc Thesis