Elias Rantapuska

Household finance scholar

My research interests cover the entire wealth spectrum of households. Questions to answer include why individuals end up in financial distress, which investor beliefs and preferences are universal, and why some individuals do not participate in the financial market.

Photo Kalle Kataila

Academic appointments

Associate professor of finance, Aalto University School of Business

Director, Aalto University Data Hub

Principal investigator, FINGIPS-project

Curriculum Vitae

Working papers

“Does General Education Prevent Personal Financial Distress?”, 2025. With Yu Xiang.
“Social Financial Advice”, 2025. With Samuli Knüpfer and Theresa Spickers.
“What Matters to Investors in a Welfare State?”, 2023. With Matthijs Lof and Alexander Wirtz.

Publications

“Social Interaction in the Family: Evidence from Investors’ Security Holdings”, 2023. With Samuli Knüpfer and Matti Sarvimäki. Review of Finance 27 (4), 1297-1327.
“Ability, Educational Attainment, and Household Financial Distress” 2022. With Vesa Puttonen and Niilo Luotonen. Journal of Consumer Policy, Vol. 45, pages 655–672.
“Maksuhäiriöt Suomessa 2015–2020”, 2022. With Niilo Luotonen and Vesa Puttonen. Kansantaloudellinen aikakauskirja 2/2022, 118(2), 194-216.
“Mutual Fund and Share Ownership in Finland: Trends and Patterns in 2004–2016” 2021. Nordic Journal of Business Vol. 70, No. 4 (Winter 2021), With Nikolas Breitkopf and Samuli Knüpfer.
”Irrevocable Commitments and Tender Offer Outcomes” 2021. With Tomi Fyrqvist and Sami Torstila. Irrevocable commitment data. Journal of Business Finance and Accounting 48, 1290–1331.
“Does Short-Term Hunger Increase Trust and Trustworthiness in a High Trust Society?” 2017. With Riitta Freese, Kaisa Hytönen and Iiro Jääskeläinen. Frontiers in Psychology, 07 November 2017.
“Formative Experiences and Portfolio Choice: Evidence from the Finnish Great Depression”, 2017. Featured in The Economist. Internet Appendix. With Samuli Knüpfer and Matti Sarvimäki. Journal of Finance 73 (1), 133-166. Featured in the Economist. Internet Appendix.
“Does mood affect trading behavior?” 2016. With Markku Kaustia. Journal of Financial Markets 29, 1-26, 2016. Internet appendix.
“Mutual fund and share ownership in Finland” With Matti Keloharju and Samuli Knüpfer. Finnish Journal of Business Economics 61, 178-198, 2012.
“Rational and behavioral motives to trade: Evidence from reinvestment of dividends and tender offer proceeds”, With Markku Kaustia. Journal of Banking and Finance, 36(8), 2366–2378, 2012.
“Which investors leave money on the table? Evidence from rights issues”, With Samuli Knüpfer. Review of Finance, 12(4), 701-733, 2008.
“Ex-dividend day trading: Who, how and why? Evidence from the Finnish market” Journal of Financial Economics, 88(2), 355-374, 2008.

Teaching

I am mostly a corporate finance educator and an educational leader. I have been teaching courses in corporate finance and valuation for more than 15 years at B.Sc., M.Sc. and MBA-programs as well as at tailor-made executive education programs.

Consulting
Kishimiki Oy