Tuomas Takalo

Bank of Finland

P.O. Box 160

Helsinki 00101

Finland

SCHOLARLY PAPERS

41

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Top 15,159

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6,828

TOTAL CITATIONS
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SSRN RANKINGS

Top 7,315

in Total Papers Citations

271

Scholarly Papers (41)

1.
Downloads 1,317 (32,571)
Citation 2

Valuation of Innovation: The Case of Iphone

Bank of Finland Research Discussion Paper No. 24/2012
Number of pages: 44 Posted: 18 Jul 2012
Timo P. Korkeamaki and Tuomas Takalo
Hanken School of Economics - Department of Finance and Statistics and Bank of Finland
Downloads 883 (56,588)
Citation 2

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innovation management, intellectual property rights, valuation, event studies

Valuation of Innovation: The Case of iPhone

Number of pages: 36 Posted: 29 Dec 2010
Timo P. Korkeamaki and Tuomas Takalo
Hanken School of Economics - Department of Finance and Statistics and Bank of Finland
Downloads 434 (139,988)

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innovation, R&D, patent, iPhone

Technological Innovation and the Bank Lending Channel of Monetary Policy Transmission

Number of pages: 105 Posted: 24 Sep 2021 Last Revised: 10 Feb 2025
Iftekhar Hasan, Xiang Li and Tuomas Takalo
Fordham University, Halle Institute for Economic Research and Bank of Finland
Downloads 337 (186,204)
Citation 2

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Innovation, FinTech, Monetary Policy Transmission, Bank Lending Channel

Technological Innovation and the Bank Lending Channel of Monetary Policy Transmission

BOFIT Discussion Paper 9/2023
Number of pages: 41 Posted: 10 Jan 2024
Iftekhar Hasan, Xiang Li and Tuomas Takalo
Fordham University, Halle Institute for Economic Research and Bank of Finland
Downloads 70 (699,563)

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Innovation; FinTech; Monetary Policy Transmission; Bank Lending Channel

Technological Innovation and the Bank Lending Channel of Monetary Policy Transmission

Number of pages: 61 Posted: 21 May 2024
Iftekhar Hasan, Xiang Li and Tuomas Takalo
Fordham University, Halle Institute for Economic Research and Bank of Finland
Downloads 23 (1,099,757)

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Innovation, Fintech, Monetary Policy Transmission, bank lending channel

3.

Enhancing Bank Transparency: A Re-Assessment

Bank of Finland Discussion Paper No. 10/2000
Number of pages: 34 Posted: 07 Sep 2001
Ari Hyytinen and Tuomas Takalo
University of Jyväskylä and Bank of Finland
Downloads 346 (182,506)
Citation 4

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information disclosure, market discpline, bank transparency, deposit insurance, financial safety net

4.

Evaluating Innovation Policy: A Structural Treatment Effect Model of R&D Subsidies

Bank of Finland Research Discussion Paper No. 7/2008
Number of pages: 62 Posted: 12 Mar 2008
Tuomas Takalo, Tanja Tanayama and Otto Toivanen
Bank of Finland, Government of the Republic of Finland - National Audit Office of Finland and Aalto University - Department of Economics
Downloads 310 (205,345)
Citation 32

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applications, effort, investment, R&D, selection, subsidies, treatment programme, treatment effects, welfare

5.

Capital Market Development, Corporate Governance and the Credibility of Exchange Rate Pegs

Number of pages: 30 Posted: 12 Dec 2002
Olli Castren and Tuomas Takalo
European Central Bank (ECB) and Bank of Finland
Downloads 282 (226,889)

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Exchange Rate Pegs, Speculative Attacks, Output Persistence, Capital Market Frictions, Corporate Governance

6.

Adverse Selection and Financing of Innovation: Is There a Need for R&D Subsidies?

Bank of Finland Research Discussion Paper No. 19/2008
Number of pages: 44 Posted: 01 Jan 2009
Tuomas Takalo and Tanja Tanayama
Bank of Finland and Government of the Republic of Finland - National Audit Office of Finland
Downloads 270 (237,174)
Citation 18

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adverse selection, innovation finance, financial constraints, R&D subsidies, certification

7.

Consumer Awareness and the Use of Payment Media: Evidence from Young Finnish Consumers

Bank of Finland Research Discussion Paper No. 2/2008
Number of pages: 37 Posted: 27 Feb 2008
Ari Hyytinen and Tuomas Takalo
University of Jyväskylä and Bank of Finland
Downloads 261 (245,484)
Citation 29

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payment media, consumer awareness, adoption of financial technology

8.

Intellectual Property Rights and Standard Setting in Financial Services: The Case of the Single European Payments Area

FRB of Philadelphia Working Paper No. 07-20
Number of pages: 43 Posted: 03 Oct 2007
Robert M. Hunt, Samuli Simojoki and Tuomas Takalo
Consumer Finance Institute, Federal Reserve Bank of Philadelphia, Attorneys at Law Borenius & Kemppinen Ltd and Bank of Finland
Downloads 261 (245,484)
Citation 4

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SEPA, business method patents, electronic payments, standard setting, licensing

9.

Optimal Patent Policy for Pharmaceutical Industry

VATT Institute for Economic Research Working Papers 131
Number of pages: 62 Posted: 18 Jun 2020
Olena Izhak, Tanja Saxell and Tuomas Takalo
Heinrich Heine University Dusseldorf - Duesseldorf Institute for Competition Economics (DICE), VATT and Bank of Finland
Downloads 227 (281,603)

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patent policy, pharmaceuticals, generic entry, innovation, imitation

10.

Investor Protection and Business Creation

Bank of Finland Discussion Paper No. 17/2003
Number of pages: 36 Posted: 15 Oct 2003
Ari Hyytinen and Tuomas Takalo
University of Jyväskylä and Bank of Finland
Downloads 199 (318,970)
Citation 3

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investor protection, start-up financing, private equity market, entrepreneurship, corporate finance

11.

Law of Finance: Evidence from Finland

Bank of Finland Discussion Paper No. 8/2002
Number of pages: 60 Posted: 23 Jul 2003
Ari Hyytinen, Iikka Kuosa and Tuomas Takalo
University of Jyväskylä, Helsinki School of Economics and LTT Research Ltd. and Bank of Finland
Downloads 193 (328,044)
Citation 16

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corporate finance, financial intermediation, corporate governance

12.

Rationales and Instruments for Public Innovation Policies

Bank of Finland Research Discussion Paper No. 1/2013
Number of pages: 32 Posted: 14 Feb 2013
Tuomas Takalo
Bank of Finland
Downloads 186 (339,370)
Citation 15

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innovation policies, innovation, R&D, incentives, market failures

13.

Equilibrium in Financial Markets with Adverse Selection

Bank of Finland Discussion Paper No. 6/2003
Number of pages: 48 Posted: 02 Oct 2003
Tuomas Takalo and Otto Toivanen
Bank of Finland and Aalto University - Department of Economics
Downloads 186 (339,370)

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14.

Optimal Bank Transparency

Journal of Money, Credit, and Banking, Forthcoming, Bank of Finland Research Discussion Paper No. 9/2012
Number of pages: 34 Posted: 06 Mar 2012 Last Revised: 05 Jan 2015
Diego Moreno and Tuomas Takalo
Charles III University of Madrid - Department of Economics and Bank of Finland
Downloads 181 (347,928)
Citation 12

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financial stability, information disclosure, market discipline, Basel III, global games

Public Funding of Banks and Firms in a Time of Crisis

Number of pages: 94 Posted: 25 Apr 2023
Bank of Finland - Research, Bank of FinlandUniversity of Helsinki and Bank of Finland
Downloads 83 (634,610)

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Macro-finance, crisis management, public bailouts, economic and financial crises

Public Funding of Banks and Firms in a Time of Crisis

Bank of Finland Research Discussion Paper No. 8/2022
Number of pages: 97 Posted: 28 Jun 2022 Last Revised: 14 Apr 2023
Bank of Finland - Research, Bank of FinlandUniversity of Helsinki and Bank of Finland
Downloads 58 (771,911)

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economic crises, optimal public funding, financial frictions, macro-financial linkage

16.

Multihoming in the Market for Payment Media: Evidence from Young Finnish Consumers

Bank of Finland Research Discussion Paper No. 25/2004
Number of pages: 43 Posted: 29 Aug 2005
Ari Hyytinen and Tuomas Takalo
University of Jyväskylä and Bank of Finland
Downloads 138 (437,028)
Citation 15

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payment media, multihoming, consumer awareness, adoption of financial technology

Phoenix Rising: Legal Reforms and Changes in Valuations in Finland During the Economic Crisis

Bank of Finland Research Discussion Paper No. 1/2007, Boston University School of Management Working Paper No. 2006-18
Number of pages: 48 Posted: 28 Oct 2006 Last Revised: 27 Oct 2008
Timo P. Korkeamaki, Yrjo Koskinen and Tuomas Takalo
Hanken School of Economics - Department of Finance and Statistics, Haskayne School of Business, University of Calgary and Bank of Finland
Downloads 132 (454,189)
Citation 1

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corporate governance, bankruptcy, financial supervision, shareholder protection, creditors' rights, corporate valuations, political economy

Phoenix Rising: Legal Reforms and Changes in Valuations in Finland During the Economic Crisis

Journal of Financial Stability, Vol. 3, No. 1, 2007
Posted: 09 Nov 2007 Last Revised: 27 Oct 2008
Timo P. Korkeamaki, Yrjo Koskinen and Tuomas Takalo
Hanken School of Economics - Department of Finance and Statistics, Haskayne School of Business, University of Calgary and Bank of Finland

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corporate governance, bankruptcy, financial supervision, shareholder protection, creditors' rights, corporate valuations, political economy

18.

Candidate Quality

Number of pages: 35 Posted: 28 Jan 2004
Panu Poutvaara and Tuomas Takalo
University of Helsinki - Department of Economics and Bank of Finland
Downloads 131 (455,543)
Citation 24

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19.

Promoting Efficient Retail Payments in Europe

Journal of Payments Strategy & Systems, Volume 8 (2014-2015) Number 4 - Special issue on the future of retail payments in Europe , Bank of Finland Research Discussion Paper No. 20/2014
Number of pages: 21 Posted: 14 Oct 2014 Last Revised: 05 Mar 2015
Iftekhar Hasan, Emmi Martikainen and Tuomas Takalo
Fordham University, Finnish Competition and Consumer Authority and Bank of Finland
Downloads 118 (493,978)
Citation 1

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retail payment, SEPA, competition, consumer protection, economic performance

Welfare Effects of R&D Support Policies

Bank of Finland Research Discussion Paper No. 30/2017
Number of pages: 69 Posted: 18 Oct 2017 Last Revised: 21 Jan 2022
Tuomas Takalo, Tanja Tanayama and Otto Toivanen
Bank of Finland, Government of the Republic of Finland - National Audit Office of Finland and Aalto University - Department of Economics
Downloads 115 (506,845)

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R&D subsidies, R&D tax credits, extensive and intensive margin, welfare, counterfactual, economic growth

Welfare Effects of R&D Support Policies

CEPR Discussion Paper No. DP12155
Number of pages: 66 Posted: 25 Jul 2017
Tuomas Takalo, Tanja Tanayama and Otto Toivanen
Bank of Finland, Government of the Republic of Finland - National Audit Office of Finland and Aalto University - Department of Economics
Downloads 1 (1,359,257)
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Abstract:

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counterfactual, R&D subsidies, welfare

21.

Market Failures and the Additionality Effects of Public Support to Private R&D: Theory and Empirical Implications

Bank of Finland Research Discussion Paper No. 2/2013
Number of pages: 43 Posted: 18 Feb 2013
Tuomas Takalo, Tanja Tanayama and Otto Toivanen
Bank of Finland, Government of the Republic of Finland - National Audit Office of Finland and Aalto University - Department of Economics
Downloads 116 (500,516)
Citation 37

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R&D, entrepreneurial finance, R&D subsidies, innovation policy

22.

Switching Costs and Financial Stability

Bank of Finland Research Discussion Paper No. 2/2016
Number of pages: 28 Posted: 02 Mar 2016 Last Revised: 18 Nov 2021
Rune Stenbacka and Tuomas Takalo
Hanken School of Economics and Bank of Finland
Downloads 114 (507,091)

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deposit market competition, financial stability, bank failures, switching cost, competition versus stability tradeoff

23.

Intermediation in a Directed Search Model

Bank of Finland Research Discussion Paper No. 20/2018
Number of pages: 18 Posted: 29 Oct 2018 Last Revised: 18 Nov 2021
University of Helsinki, Department of Political and Economic Studies, Bank of Finland and University of TurkuBank of Finland - Research
Downloads 113 (510,411)
Citation 2

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directed search, intermediation, middlemen

24.

Evaluating the US Pharmaceutical Patent Policy

Bank of Finland Research Discussion Paper No. 16/2021
Number of pages: 67 Posted: 05 Jan 2022
Olena Izhak, Tanja Saxell and Tuomas Takalo
Heinrich Heine University Dusseldorf - Duesseldorf Institute for Competition Economics (DICE), Government of the Republic of Finland - VATT Institute for Economic Research and Bank of Finland
Downloads 112 (513,772)

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patent policy, pharmaceuticals, generic entry, innovation, imitation

25.

Competition before Sunset: The Case of the Finnish ATM Market

Review of Network Economics Volume 13, Issue 1, 2014: 1–33 , Bank of Finland Research Discussion Paper No. 32/2012
Number of pages: 34 Posted: 10 Nov 2012 Last Revised: 11 Feb 2015
Maria Kopsakangas-Savolainen and Tuomas Takalo
University of Oulu - Department of Economics, Accounting and Finance and Bank of Finland
Downloads 104 (542,437)
Citation 6

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ATM industry, regulation, competition policy, cash availability, retail payments

26.

Welfare Effects of R&D Support Policies

Bank of Finland Research Discussion Paper No. 2/2022
Number of pages: 70 Posted: 19 Jan 2022 Last Revised: 04 Mar 2024
Tuomas Takalo, Tanja Tanayama and Otto Toivanen
Bank of Finland, European Union - European Investment Bank and Aalto University - Department of Economics
Downloads 100 (557,720)

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R&D subsidies, R&D tax credits, extensive and intensive margin, financial market imperfections, welfare, counterfactual, economic growth

27.

Law and Stock Markets: Evidence from an Emerging Market

Bank of Finland Research Discussion Paper No. 1/2010
Number of pages: 37 Posted: 28 Feb 2010
Timo P. Korkeamaki, Elina Rainio and Tuomas Takalo
Hanken School of Economics - Department of Finance and Statistics, affiliation not provided to SSRN and Bank of Finland
Downloads 94 (580,703)

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corporate governance, investor protection, law and finance, transparency, Sarbanes-Oxley Act

28.

Does State Street Lead to Europe? The Case of Financial Exchange Innovations

Bank of Finland Research Discussion Paper No. 22/2009
Number of pages: 56 Posted: 28 Nov 2009
Mari Komulainen and Tuomas Takalo
National Board of Patents and Registration of Finland and Bank of Finland
Downloads 86 (613,413)
Citation 16

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finance patents, financial innovation, business method patents, patent policy, management of intellectual property in financial services

29.

Convergence in European Retail Payments

ECB Occasional Paper No. 147
Number of pages: 34 Posted: 24 Aug 2013
Emmi Martikainen, Heiko Schmiedel and Tuomas Takalo
University of Turku - Department of Economics, European Central Bank - Securities Settlement Systems Policy Division and Bank of Finland
Downloads 84 (622,007)
Citation 1

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convergence, financial integration, retail payments

30.

Enhancing Bank Transparency: A Re-Assessment

Bank of Finland Research Discussion Paper No. 10/2000
Number of pages: 1 Posted: 17 Aug 2017 Last Revised: 18 Nov 2021
Ari Hyytinen and Tuomas Takalo
University of Jyväskylä and Bank of Finland
Downloads 75 (663,029)
Citation 11

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31.

The Optimal Duration of Contracts

CESifo Working Paper Series No. 6808
Number of pages: 46 Posted: 21 Feb 2018
Panu Poutvaara, Tuomas Takalo and Andreas Wagener
Ludwig Maximilian University of Munich (LMU) - Faculty of Economics, Bank of Finland and Leibniz Universität Hannover - Economics and Business Administration Area
Downloads 73 (672,859)

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contract length, term length, screening

32.

Labour Market Reform and the Sustainability of Exchange Rate Pegs

Bank of Finland Research Discussion Paper No. 22/2004, ECB Working Paper No. 406, Cass Business School Research Paper
Number of pages: 37 Posted: 13 Dec 2004
Olli Castren, Tuomas Takalo and Geoffrey Wood
European Central Bank (ECB), Bank of Finland and Cass Business School
Downloads 72 (677,852)
Citation 13

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exchange rate policy, labour market flexibility, structural reform

33.

Staged Equity Financing

Bank of Finland Research Discussion Paper No. 15/2020
Number of pages: 53 Posted: 14 Jan 2021
Magnus Blomkvist, Timo Korkeamäki and Tuomas Takalo
EDHEC Business School, Hanken School of Economics and Bank of Finland
Downloads 55 (775,939)
Citation 2

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34.

Saving Wall Street or Main Street

Bank of Finland Research Discussion Paper No. 12/2016
Number of pages: 74 Posted: 16 May 2016
Bank of Finland - Research, Bank of FinlandUniversity of Helsinki and Bank of Finland
Downloads 55 (775,939)
Citation 2

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E44, G21, G28, G38, financial frictions, bank capitalization, public funding of non-financial firms

35.

Precision of Public Information Disclosures, Banks’ Stability and Welfare

Bank of Finland Research Discussion Paper No. 3/2021
Number of pages: 49 Posted: 08 Mar 2021
Tuomas Takalo and Diego Moreno
Bank of Finland and Charles III University of Madrid - Department of Economics
Downloads 47 (833,200)
Citation 2

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Stress Test Precision and Bank Competition

Bank of Finland Research Discussion Paper No. 3/2024
Number of pages: 19 Posted: 08 Mar 2024
Diego Moreno and Tuomas Takalo
Charles III University of Madrid - Department of Economics and Bank of Finland
Downloads 32 (993,787)

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financial stability, stress tests, bank transparency, banking regulation, bank competition

Stress Test Precision and Bank Competition

Number of pages: 12 Posted: 12 Feb 2024
Diego Moreno and Tuomas Takalo
Charles III University of Madrid - Department of Economics and Bank of Finland
Downloads 12 (1,249,949)

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Stress Tests, Risk-Taking, Financial Stability, Competitive Banking

37.

Relative Age Effects in Political Selection

Bank of Finland Research Discussion Paper No. 15/2018
Number of pages: 45 Posted: 30 May 2019
University of Turku - Turku School of Business - Department of EconomicsVATT Institute for Economic Research, Bank of Finland and StattFinn Ltd.
Downloads 39 (899,958)

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political selection, political competition, gender differences, regression discontinuity design, relative age effect

38.

Switching Costs in the Finnish Retail Deposit Market

Bank of Finland Research Discussion Paper No. 15/2019
Number of pages: 21 Posted: 15 Oct 2021
Tuomas Takalo
Bank of Finland
Downloads 20 (1,105,150)
Citation 1

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swithcing costs, bank competition, customer loyalty programs

39.

Secrecy Versus Patenting

University of Illinois at Urbana-Champaign's Academy for Entrepreneurial Leadership Historical Research Reference in Entrepreneurship
Posted: 04 Nov 2009
Juuso Toikka, Klaus Kultti and Tuomas Takalo
Department of Economics, MIT, University of Helsinki, Department of Political and Economic Studies and Bank of Finland

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Prior user rights, Innovations, Intellectual property, Inventors, Patent ownership, Patents, Trade secrets, Incentives, Information dissemination

40.

Corporate Law and Small Business Finance: Mandatory V. Enabling Rules

European Business Organization Law Review, Vol. 6, No. 3, pp. 449-468, 2005
Posted: 19 Oct 2005
Ari Hyytinen and Tuomas Takalo
University of Jyväskylä and Bank of Finland

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Investor protection, start-up financing, entrepreneurship, corporate finance, company law reform

41.

Selection or Self-Rejection? Applications into a Treatment Program: The Case of R&D Subsidies

RICAFE Working Paper No. 014
Posted: 16 Feb 2005
Tuomas Takalo, Tanja Tanayama and Otto Toivanen
Bank of Finland, Government of the Republic of Finland - National Audit Office of Finland and Aalto University - Department of Economics

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Applications, effort, investment, rate of return, R&D, selection, subsidies, treatment program, treatment effects, welfare