Markku Kaustia

Aalto University School of Business

P.O. Box 1210

Helsinki, 00100

Finland

SCHOLARLY PAPERS

17

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42

Scholarly Papers (17)

1.

Stock Market Aversion? Political Preferences and Stock Market Participation

Number of pages: 40 Posted: 06 Mar 2008 Last Revised: 17 Jun 2010
Markku Kaustia and Sami Torstila
Aalto University School of Business and Aalto University
Downloads 892 (25,049)
Citation 8

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Stock Market Participation, Personal values

2.

Social Learning and Corporate Peer Effects

AFA 2013 San Diego Meetings Paper, Midwest Finance Association 2013 Annual Meeting Paper
Number of pages: 46 Posted: 26 Mar 2012 Last Revised: 04 Nov 2014
Markku Kaustia and Ville Rantala
Aalto University School of Business and University of Miami - Department of Finance
Downloads 884 (25,355)

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Peer effect, stock splits, social learning

Do Investors Overweight Personal Experience? Evidence from IPO Subscriptions

AFA 2008 New Orleans Meetings Paper, EFA 2007 Ljubljana Meetings Paper
Number of pages: 31 Posted: 01 Mar 2007 Last Revised: 12 Dec 2007
Markku Kaustia and Samuli Knüpfer
Aalto University School of Business and BI Norwegian Business School
Downloads 880 (25,095)
Citation 21

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Investor behavior, learning, reinforcement, sentiment, initial public offering

Do Investors Overweight Personal Experience? Evidence from IPO Subscriptions

Journal of Finance, Vol. 63, No. 6, 2008
Posted: 27 Oct 2008
Markku Kaustia and Samuli Knüpfer
Aalto University School of Business and BI Norwegian Business School

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4.

Peer Performance and Stock Market Entry

AFA 2010 Atlanta Meetings Paper, EFA 2009 Bergen Meetings Paper
Number of pages: 41 Posted: 14 Mar 2009 Last Revised: 06 Apr 2011
Markku Kaustia and Samuli Knüpfer
Aalto University School of Business and BI Norwegian Business School
Downloads 837 (27,380)
Citation 10

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Investor behavior, peer effect, social interaction, social influence, stock market participation

5.

Does Mood Affect Trading Behavior?

Journal of Financial Markets, Forthcoming
Number of pages: 57 Posted: 30 Jun 2011 Last Revised: 13 Oct 2015
Markku Kaustia and Elias Henrikki Rantapuska
Aalto University School of Business and Aalto University
Downloads 679 (36,460)
Citation 2

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mood, trading behavior, weather, seasonal affective disorder (SAD), stock market

6.

Common Analysts –Method for Defining Peer Firms

Number of pages: 55 Posted: 30 Dec 2012 Last Revised: 10 Jan 2019
Markku Kaustia and Ville Rantala
Aalto University School of Business and University of Miami - Department of Finance
Downloads 499 (54,393)

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Peer firms, industry classification, analysts

An Optimist Gets the Job Done? Financial Advisers’ Sophistication and Stock Return Expectations

SAFE Working Paper
Number of pages: 48 Posted: 21 Dec 2012 Last Revised: 29 Jun 2017
Markku Kaustia, Antti Lehtoranta and Vesa Puttonen
Aalto University School of Business, Bank of Finland and Aalto University - School of Business
Downloads 321 (91,286)

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stock return expectations, financial advisers, financial sophistication, financial literacy

Does Sophistication Affect Long-Term Return Expectations? Evidence from Financial Advisers’ Exam Scores

SAFE Working Paper No. 3
Number of pages: 50 Posted: 01 Feb 2013
Markku Kaustia, Antti Lehtoranta and Vesa Puttonen
Aalto University School of Business, Bank of Finland and Aalto University - School of Business
Downloads 79 (304,639)

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stock return expectations, sophistication, financial literacy, adviser

8.

Stock Ownership and Political Behavior: Evidence from Demutualizations

SAFE Working Paper No. 2
Number of pages: 50 Posted: 01 Feb 2013 Last Revised: 12 Dec 2013
Markku Kaustia, Samuli Knüpfer and Sami Torstila
Aalto University School of Business, BI Norwegian Business School and Aalto University
Downloads 313 (94,456)
Citation 1

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Stock ownership, political behavior, salience, attention, identity

9.

Rational and Behavioral Motives to Trade: Evidence from Reinvestment of Dividends and Tender Offer Proceeds

AFFI/EUROFIDAI, Paris December 2008 Finance International Meeting AFFI - EUROFIDAI
Number of pages: 38 Posted: 14 Oct 2008 Last Revised: 25 Sep 2009
Markku Kaustia and Elias Henrikki Rantapuska
Aalto University School of Business and Aalto University
Downloads 193 (154,067)

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Dividend, reinvestment, investor behavior

10.

What Drives the Heterogeneity in Portfolio Choice? The Role of Institutional, Traditional, and Behavioral Factors

Number of pages: 59 Posted: 12 Oct 2016 Last Revised: 21 Apr 2018
Markku Kaustia, Andrew Conlin and Niilo Luotonen
Aalto University School of Business, University of Oulu and Hanken Centre for Corporate Governance
Downloads 189 (156,972)

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Household Finance, Portfolio Choice, Stock Market Participation, Investments, Risky Share

11.

Expecting a Stock Market Miracle

Number of pages: 44 Posted: 02 Apr 2016
Markku Kaustia, Joni Kokkonen and Vesa Puttonen
Aalto University School of Business, Catolica-Lisbon School of Business and Economics and Aalto University - School of Business
Downloads 181 (163,212)

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Return expectations, Optimism, Miscalibration

12.

Are Risk-Preferences Dynamic? Within-Subject Variation in Risk-Taking as a Function of Background Music

Number of pages: 22 Posted: 02 Feb 2012
Marja-Liisa Halko and Markku Kaustia
Aalto University and Aalto University School of Business
Downloads 134 (210,188)

Abstract:

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risk-taking, music, preference interactions

13.

The Gender Effect in Risky Asset Holdings

Journal of Economic Behavior and Organization, Forthcoming
Posted: 03 Feb 2012
Marja-Liisa Halko, Markku Kaustia and Elias Alanko
Aalto University, Aalto University School of Business and affiliation not provided to SSRN

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risk preferences, portfolio choice, gender difference

14.

Should Good Stocks Have High Prices or High Returns?

Financial Analysts Journal, Vol. 65, No. 3, 2009
Posted: 07 Jun 2009
Markku Kaustia, Heidi Laukkanen and Vesa Puttonen
Aalto University School of Business, BlackRock Investment Management and Aalto University - School of Business

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Investment Theory, Behavioral Finance, CAPM, APT, and Other Pricing Theories, Equity Investments, Fundamental Analysis and Valuation Models, Private Wealth Management, Other

15.

Prospect Theory and the Disposition Effect

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Posted: 29 Aug 2008
Markku Kaustia
Aalto University School of Business

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Prospect theory, disposition effect, trading behavior

16.

How Much Does Expertise Reduce Behavioral Biases? The Case of Anchoring Effects in Stock Return Estimates

Financial Management, Vol. 37, No. 3, pp. 391-411, Autumn 2008
Posted: 07 Dec 2007 Last Revised: 06 May 2009
Markku Kaustia, Eeva Alho and Vesa Puttonen
Aalto University School of Business, Aalto University - Department of Accounting and Finance and Aalto University - School of Business

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Behavioral bias, anchoring, return expectations, experience

17.

Market-Wide Impact of the Disposition Effect: Evidence from Ipo Trading Volume

Journal of Financial Markets, Vol. 7, No. 2, pp. 207-235, 2004
Posted: 03 Dec 2003 Last Revised: 02 Mar 2008
Markku Kaustia
Aalto University School of Business

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IPO, Loss aversion, Disposition effect, Trading volume