With Elias Rantapuska and Matti Sarvimäki, working paper, 2016
The returns individuals earn on financial wealth correlate positively across generations. The intergenerational spread in returns implies sizeable differences in wealth accumulation over time. Asset holdings reveal that returns correlate mostly because family members choose the same securities.
With Matti Keloharju and Joacim Tåg, working paper, 2016
At most one-eight of the gender gaps in CEO appointments and executive pay can be attributed to observable gender differences in executives’ and their firms’ characteristics. Unobservable gender differences in characteristics are unlikely to account for the remaining gaps. Featured in HBS Working Knowledge, Helsingin Sanomat (in Finnish), and Dagens Nyheter (in Swedish)
With Renée Adams and Matti Keloharju, working paper, 2015
Large-company CEOs belong to the top 5% of the population in their traits, but to top 0.2% in pay. The mismatch between the moderately high trait values and the exceptionally high pay explains why less than a quarter of the CEO pay premium over the population can be attributed to the traits. Featured in Harvard Business Review, Financial Times, Wall Street Journal, Helsingin Sanomat (in Finnish), and Dagens Nyheter (in Swedish).
With Elias Rantapuska and Matti Sarvimäki, Journal of Finance, forthcoming, 2016
Workers adversely affected by labor market shocks are permanently less likely to invest in risky assets. This finding shows that experiences can be a source of persistent disagreement or preference heterogeneity. Featured in the Economist.
With Mark Grinblatt, Seppo Ikäheimo, and Matti Keloharju, Management Science, 2016
With Markku Kaustia and Sami Torstila, Management Science, 2016
With Markku Kaustia, Journal of Financial Economics, 2012
With Matti Keloharju and Juhani Linnainmaa, Review of Financial Studies, 2012
With Markku Kaustia, Journal of Finance, 2008
With Matti Keloharju and Sami Torstila, Review of Financial Studies, 2008
With Elias Rantapuska, Review of Finance, 2008