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Descriptive research

The Nordic Ownership Miracle

This paper documents an underappreciated feature that distinguishes Nordic countries from others. Sweden, Finland, and Denmark have some of the highest household stock market participation rates around the world. Perhaps surprisingly, the egalitarian Nordic countries host the world's most widespread household capitalism.

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Mutual fund and share ownership, 2009-2023

This project documents patterns and trends in ownership of mutual funds and stocks in Finland. 47% of Finnish households held these securities in 2023. The top 1% of the population holds 63% of total
wealth in 2023. This wealth share has decreased by 7 percentage points in 2009-2023.

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Who opens a stock savings account in Finland?

This paper documents the take-up and investor-level implications of the stock savings account
(SSA) introduced in Finland in January 2020. SSA adoption has grown rapidly, corresponding to 4% of individuals and 7% of households. SSA investors are younger, more likely to be male, more urban, and more highly educated than other investors and the population.   

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Anatomy of family firms in Finland

This project analyzes the prevalence, importance, and characteristics of family firms in Finland. It also documents patterns and trends in their ownership.

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Ownership of privately held firms

This project documents patterns and trends in ownership of privately held firms in Finland. Privately held firms majority-owned by individuals account for 30% of revenue and 49% of employment. Only 3% of the population own shares in these firms and the top 1% of owners hold 48% of total business wealth. 

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Mutual fund and share ownership, 2004-2016

This project studies ownership of mutual funds and listed stocks. 27% of Finnish individuals held these securities in 2016. This participation substantially increased from 2004 mostly due to new entries through mutual funds. The top 1% of investors hold 44% of total fund and stock wealth. 

Publications and working papers

Investor factors. What do the characteristics of a stock's owners tell us about its expected returns?

Household responses to phantom riches. What happens to people when they fall prey to an investment scam?

Social financial advice. Do financial experts spread their knowledge to their social connections?

Social interaction in the family: Evidence from investors' security holdings. How are investment ideas transmitted across generations?