Descriptive Analysis of Finnish Equity, Bond, and Money Markets

54 Pages Posted: 6 Sep 2005 Last revised: 2 Apr 2011

See all articles by Peter M. Nyberg

Peter M. Nyberg

Aalto University

Mika Vaihekoski

University of Turku - Turku School of Economics

Multiple version iconThere are 2 versions of this paper

Date Written: March 31, 2011

Abstract

This paper gathers the longest available historical monthly return series for the Finnish equity, bond, and money markets as well as inflation. The series are analyzed to calculate the statistical characteristics of the returns investors would have received in these markets. We also survey existing literature concerning the history of these markets and review the main developments to facilitate future research on the long-term development of the Finnish markets. Using a new total return stock market index for Finland in an approach similar to Mehra and Prescott (2003), we find the equity premium for Finland to be 10.14 percent from 1913 to 2009.

Keywords: Equity, bond, money market, risk premium, Finland, Helsinki Stock Exchange

JEL Classification: G10, G11, N24

Suggested Citation

Nyberg, Peter Mikael and Vaihekoski, Mika, Descriptive Analysis of Finnish Equity, Bond, and Money Markets (March 31, 2011). Available at SSRN: https://ssrn.com/abstract=790444 or http://dx.doi.org/10.2139/ssrn.790444

Peter Mikael Nyberg (Contact Author)

Aalto University ( email )

P.O. Box 21210
Helsinki, 00101
Finland

Mika Vaihekoski

University of Turku - Turku School of Economics ( email )

Turku, 20014
Finland

HOME PAGE: http://users.utu.fi/moovai/

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