Timo Korkeamäki

TL;DR: In this article, the authors examine call provisions in convertible bonds and argue that firms with investment options expected to expire sooner (later) will offer weaker (stronger) call protection, and find that issues with weak or no call protection are offered by firms that invest greater amounts soon after issuance than those issuing convertibles with strong protection Moreover, capital expenditure levels during the 5-year period following issuance are inversely related to the length of call-protection periods

TL;DR: In this paper, the authors explore the effect of tax reform on the distribution of corporate dividends in Finland and find that Finnish firms altered their dividend policies based on the changed tax incentives of their largest shareholders.

TL;DR: In this article, the authors find evidence that bank-managed and older funds charge higher expenses but investors are not compensated for paying higher expenses with higher risk-adjusted returns, suggesting a potential agency problem.

TL;DR: This paper found that while stock returns in most countries in Western Europe were negatively correlated with interest rate changes prior to the euro, that correlation has disappeared since 1999, revealing that recent growth in European corporate bond markets has played an important role in enabling firms to better manage their interest rate risk.

TL;DR: In this article, the authors examined the effect of advertising on mutual fund cash flows in the Finnish fund market and found that neither past year's performance nor advertising alone is sufficient to produce increased cash flows.