Tuomas Takalo

Bank of Finland, Monetary Policy and Research Department

Research Supervisor

P.O. Box 160

Helsinki, FIN-00101

Finland

http://https://sites.google.com/site/tuomastakalo/

VATT Institute for Economic Research

SCHOLARLY PAPERS

40

DOWNLOADS
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Top 11,926

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3,964

SSRN CITATIONS
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Top 4,318

in Total Papers Citations

22

CROSSREF CITATIONS

213

Scholarly Papers (40)

1.
Downloads 741 ( 33,024)
Citation 1

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, Monetary Policy and Research Department
Downloads 381 (76,269)

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innovation, R&D, patent, iPhone

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, Monetary Policy and Research Department
Downloads 360 (81,589)
Citation 1

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innovation management, intellectual property rights, valuation, event studies

2.

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, Monetary Policy and Research Department
Downloads 317 (94,893)
Citation 4

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

3.

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

ECB Working Paper No. 34
Number of pages: 30 Posted: 12 Dec 2002
Olli Castren and Tuomas Takalo
European Central Bank (ECB) and Bank of Finland, Monetary Policy and Research Department
Downloads 245 (124,757)

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

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, Monetary Policy and Research Department, Government of the Republic of Finland - National Audit Office of Finland and Aalto University - Department of Economics
Downloads 242 (126,332)
Citation 31

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

5.

Patent Duration, Breadth and Costly Imitation: Evidence from the US Pharmaceutical Market

Number of pages: 58 Posted: 24 Mar 2016
Olena Izhak, Tanja Saxell and Tuomas Takalo
affiliation not provided to SSRN, VATT and Bank of Finland, Monetary Policy and Research Department
Downloads 235 (130,098)
Citation 1

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patent policy, innovation, imitation, pharmaceuticals

6.

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, Monetary Policy and Research Department
Downloads 218 (140,024)
Citation 3

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

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, Monetary Policy and Research Department
Downloads 180 (167,164)
Citation 29

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payment media, consumer awareness, adoption of financial technology

8.

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, Monetary Policy and Research Department and Government of the Republic of Finland - National Audit Office of Finland
Downloads 171 (174,887)
Citation 14

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

9.

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, Monetary Policy and Research Department
Downloads 155 (190,207)
Citation 3

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

10.

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, Monetary Policy and Research Department
Downloads 155 (190,207)
Citation 13

Abstract:

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corporate finance, financial intermediation, corporate governance

11.

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, Monetary Policy and Research Department and Aalto University - Department of Economics
Downloads 152 (193,402)

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12.

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
Universidad Carlos III de Madrid - Department of Economics and Bank of Finland, Monetary Policy and Research Department
Downloads 145 (200,952)
Citation 6

Abstract:

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

13.

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, Monetary Policy and Research Department
Downloads 111 (246,564)
Citation 13

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

14.

Candidate Quality

IZA Discussion Paper No. 1195; CESifo Working Paper Series No. 1106
Number of pages: 35 Posted: 28 Jan 2004
Panu Poutvaara and Tuomas Takalo
University of Helsinki - Department of Economics and Bank of Finland, Monetary Policy and Research Department
Downloads 94 (276,027)
Citation 16

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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, Monetary Policy and Research Department
Downloads 93 (280,032)
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, Monetary Policy and Research Department

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

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, Monetary Policy and Research Department
Downloads 90 (283,809)
Citation 14

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

17.

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 - Gabelli School of Business, Finnish Competition and Consumer Authority and Bank of Finland, Monetary Policy and Research Department
Downloads 72 (324,218)
Citation 1

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

18.

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, Monetary Policy and Research Department, Government of the Republic of Finland - National Audit Office of Finland and Aalto University - Department of Economics
Downloads 71 (326,754)
Citation 32

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

19.

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, Monetary Policy and Research Department
Downloads 70 (329,357)

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

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, Monetary Policy and Research Department
Downloads 61 (358,666)
Citation 15

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

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

European Financial Management, Vol. 19, Issue 3, pp. 521-557, 2013
Number of pages: 37 Posted: 05 Jun 2013
Mari Komulainen and Tuomas Takalo
National Board of Patents and Registration of Finland and Bank of Finland, Monetary Policy and Research Department
Downloads 0
Citation 1
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Finance patents, business method patents, stock exchanges, management of financial innovations, patent policy

21.

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
Finnish Environment Institute and Bank of Finland, Monetary Policy and Research Department
Downloads 53 (378,460)
Citation 6

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

22.

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, Monetary Policy and Research Department
Downloads 49 (391,753)

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convergence, financial integration, retail payments

23.

Switching Costs and Financial Stability

Bank of Finland Research Discussion Paper No. 2/2016
Number of pages: 28 Posted: 02 Mar 2016
Rune Stenbacka and Tuomas Takalo
Hanken School of Economics and Bank of Finland, Monetary Policy and Research Department
Downloads 45 (405,739)

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G21, D43, deposit market competition, financial stability, bank failures, switching cost, competition versus stability tradeoff

24.

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, Monetary Policy and Research Department and Cass Business School
Downloads 44 (409,422)
Citation 9

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exchange rate policy, labour market flexibility, structural reform

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: 03 Dec 2017
Tuomas Takalo, Tanja Tanayama and Otto Toivanen
Bank of Finland, Monetary Policy and Research Department, Government of the Republic of Finland - National Audit Office of Finland and Aalto University - Department of Economics
Downloads 34 (459,967)

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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, Monetary Policy and Research Department, Government of the Republic of Finland - National Audit Office of Finland and Aalto University - Department of Economics
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counterfactual, R&D subsidies, welfare

26.

Saving Wall Street or Main Street

Bank of Finland Research Discussion Paper No. 12/2016
Number of pages: 74 Posted: 16 May 2016
Markus Haavio, Antti Ripatti and Tuomas Takalo
Bank of Finland - Research, University of Helsinki and Bank of Finland, Monetary Policy and Research Department
Downloads 28 (477,402)

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

27.

Preventing Systemic Crises Through Bank Transparency

Economic Notes, Vol. 33, No. 2, pp. 257-273, July 2004
Number of pages: 18 Posted: 19 Nov 2004
Ari Hyytinen and Tuomas Takalo
University of Jyväskylä and Bank of Finland, Monetary Policy and Research Department
Downloads 28 (477,402)
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28.

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, Monetary Policy and Research Department and Leibniz Universität Hannover - Economics and Business Administration Area
Downloads 23 (504,590)

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contract length, term length, screening

29.

Enhancing Bank Transparency: A Re-Assessment

Bank of Finland Research Discussion Paper No. 10/2000
Number of pages: 34 Posted: 17 Aug 2017 Last Revised: 20 Jun 2018
Ari Hyytinen and Tuomas Takalo
University of Jyväskylä and Bank of Finland, Monetary Policy and Research Department
Downloads 21 (516,292)

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30.

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: 16 Nov 2018
Klaus Kultti, Tuomas Takalo and Oskari Vähämaa
University of Helsinki - Department of Political and Economic Studies, Bank of Finland, Monetary Policy and Research Department and University of Turku
Downloads 9 (588,917)

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directed search, intermediation, middlemen

31.

Relative Age Effects in Political Selection

Bank of Finland Research Discussion Paper No. 15/2018
Number of pages: 45 Posted: 30 May 2019
Janne Tukiainen, Tuomas Takalo and Topi Hulkkonen
VATT Institute for Economic Research, Bank of Finland, Monetary Policy and Research Department and StattFinn Ltd.
Downloads 4 (622,212)

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

32.

Unemployment Persistence and the Sustainability of Exchange Rate Pegs

Scottish Journal of Political Economy, Vol. 57, Issue 1, pp. 85-102, February 2010
Number of pages: 18 Posted: 22 Dec 2009
Olli Castrén, Tuomas Takalo and Geoffrey Wood
affiliation not provided to SSRN, Bank of Finland, Monetary Policy and Research Department and Cass Business School
Downloads 3 (630,133)
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33.

Entrepreneurship, Financiership, and Selection

The Scandinavian Journal of Economics, Vol. 114, Issue 2, pp. 601-628, 2012
Number of pages: 28 Posted: 16 May 2012
Tuomas Takalo and Otto Toivanen
Bank of Finland, Monetary Policy and Research Department and Aalto University - Department of Economics
Downloads 2 (639,931)
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Asymmetric information, credit constraints, entrepreneurial finance, financial market efficiency, start‐up creation

34.

Who Searches?

Japanese Economic Review, Vol. 60, Issue 2, pp. 152-171, June 2009
Number of pages: 20 Posted: 20 May 2009
University of Helsinki - Department of Political and Economic Studies, affiliation not provided to SSRN, Bank of Finland, Monetary Policy and Research Department and University of Helsinki - Department of Political and Economic Studies
Downloads 2 (639,931)
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35.

Valuation of Innovation and Intellectual Property: The Case of Iphone

European Management Review, Vol. 10, Issue 4, pp. 197-210, 2013
Number of pages: 14 Posted: 10 Dec 2013
Timo Korkeamäki and Tuomas Takalo
Hanken School of Economics and Bank of Finland, Monetary Policy and Research Department
Downloads 1 (652,327)
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innovation management, intellectual property rights, valuation, event studies, resource‐based theory

36.

Reforming Corporate Law in an Emerging Market

Economics of Transition, Vol. 21, Issue 3, pp. 509-551, 2013
Number of pages: 43 Posted: 06 Jul 2013
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, Monetary Policy and Research Department
Downloads 0 (669,923)
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Investor protection, transparency, law and finance, corporate governance

37.

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, Monetary Policy and Research Department

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

38.

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, Monetary Policy and Research Department

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

39.

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, Monetary Policy and Research Department, 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

40.

Incomplete Contracting in an R&D Project: The Micronas Case

R&D Management, Vol. 30, No. 1, January 2000
Posted: 31 Jul 2000
Klaus Kultti and Tuomas Takalo
University of Helsinki - Department of Political and Economic Studies and Bank of Finland, Monetary Policy and Research Department

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