Media release 15 April 2016

OP Financial Group’s scientific foundations award grants worth 1.2 million euros

The scholarship foundations established by OP Financial Group to support scientific research awarded a total of 1,224,300 euros in research grants based on the applications for 2016. Both the quantity and quality of the applications increased considerably over the previous year.

– High-quality education and research provides a sustained basis for Finnish prosperity across the board. OP Financial Group’s scientific foundations make their contribution in this important role by financing research done by post-graduate students and postdoctoral researchers in particular. This year we can offer financial support to 30 young talented researchers. This is a major contribution to Finnish research and future, says Jaakko Pehkonen, Chairman of the Board of OP Financial Groups´s Research Foundation and the Kyösti Haataja Foundation.

Established in 1972, OP Financial Group’s Research Foundation is one of the largest Finnish economic research foundations. The Research Foundation supports economic research, especially research into financing and cooperative banking.

The Kyösti Haataja Foundation established in 1951 supports research into financial, social and judicial conditions in rural areas, especially among farmers.

For more information, please contact:

Heli Kangasluoma, Representative, OP Financial Group’s Research Foundation and Kyösti Haataja Foundation: +358 (0)40 500 6608


In 2016, the Board of Directors of OP Financial Group’s Research Foundation awarded 1,124,300 million euros in grants to the following researchers and projects:

Post doc grants


Jari Hännikäinen Korkokäyrän ennustaminen (Yield Curve Forecasting) €65 000
Pekka Tolonen New Evidence from Hedge fund Option Holdings: Preferences and Selection Skills €65 000  
Saara Hämäläinen Studies on effects and origins of market frictions €32 500  
Paula Mäkelä Screening by Decision Making Mechanisms €65 000  
Miikka Voutilainen Yhtenäiskasvuteoriat ja Suomen taloudellinen kehitys 1600‒2000 (Unified Growth Theories and Finnish Economic Development 1600‒2000). Aikasarjojen estimointi ja analyysi (Time Series Estimation and Analysis). €65 000  
Mats Godenhielm Information, costs, and liquidity in OTC- and other decentralized markets €65 000  
Mao Yaping Catch me if you can: the role of client-auditor IQ compatibility in earnings manipulation and audit report €65 000  


Grants for full-time postgraduate studies


Ville Seppälä Kotitalouskohtainen työvoiman tarjonta – tutkimuksia puolisoiden yhteisestä päätöksenteosta (Labour Supply by Household ‒ Studies on Spouses’ Joint Decision-making) €25 000
Annika Kuusela Epätavanomaisen rahapolitiikan globaalit vaikutukset (Global Effects of Unconventional Monetary Policy) €25 000
Susanne Syrén Doctoral dissertation project: Koulutus, työmarkkinat ja persoonallisuus (Education, Labour Markets and Personality) €25 000
Annika Lindblad Time-variation in stock market volatility forecasts €25 000
Julia Salmi Doctoral dissertation on the role of information and its sharing in economic decision-making €25 000
Laura Ansala The economic and social integration of immigrants in Finland and Sweden €12 500
Eero Sillasto Exploiting Heterogeneous Deposits of a Resource €12 500
Ramin Izadi Foreign exchange at UC Berkley €15 000
Kim Ristolainen Robustness of banking crises prediction: A study within the Eurozone. (Final article of doctoral dissertation) €25 000
Krista Riukula Research studies in the field of labour and health economics €25 000
Kim Lien Nguyen Hedging Risk in Risk Arbitrage: New Evidence from Arbitrageurs’ Option Holdings €25 000
Mats Ekman Essays on Social Economics €12 500
Petteri Juvonen Työmarkkinainstituutiot ja talouden sopeutuminen (Labour market institutions and economic adjustment) €12 500
Jenni Mikkonen Insider Trading and Corporate Insiders’ Personal Characteristics €25 000
Andrey Zhukov Doctoral Studies and Research Visit to Northwestern University, Evanston, Illinois €15 000
Mikko Salonen Essays on the allocation of indivisible goods €25 000
Kristine Koponen Macroeconomic implications of financial crises, sudden stops, and firm entry dynamics €25 000
Yijie Li The impact of macroeconomic variables on stock returns in different regimes €25 000
Saara Tuuli Essays in macroprudential policy and supply potential in the economy €25 000
Michele Crescenzi Essays on Information Economics and Mechanism Design €25 000
Niclas Meyer Research project: Corporate Social Responsibility Controversies and Director Reputation €20 000
Joona Karlsson Course stage of doctoral studies and start of doctoral dissertation project €12 500
Saara Vaahtoniemi The development of finance sector wages and human capital in Finland €25 000
Ville Savolainen Esseitä osaketuottojen ennustettavuudesta (Essays on the predictability of stock returns) €12 500


Grants for project group costs


Juha Joenväärä Institutional Investors: Data infrastructure €20 000
Timo Korkeamäki CEO mobility and corporate policy risk €23 000
Marko Järvenpää Ohjaus ja strategisen muutoksen johtaminen osuustoiminnallisissa organisaatioissa – Tapaus OP Ryhmä (Steering and Strategic Change Management in a Cooperative Organisation ‒ Case OP Financial Group) €30 000
Marlene Isore Banks’ Decisions under Uncertainty and their Macroeconomic Impact €75 000


Personal grants


Hannu Vartiainen Visit to the Cambridge University and research project “Mechanism design without commitment” €10 000
Michaela Schmöller Secular Stagnation in a Monetary Union €2 900
Salla Simola Postgraduate visit to the University College London €10 000
Kristiina Huttunen Research visit to the University College London €5 000
Tuomas Pekkarinen Research visit to the London School of Economics €5 000
Milla Siikanen Liquidity in FX market: Research Visit to Fraunhofer ITWM and Big-xyt GmbH €3 900
Jaana Kari (os. Jaako) Lifelong Physical Activity and Long-term Labor Market Performance €10 000
Nebojsa Dimic Project: Reverse cross-listing in the Emerging markets
Research visit at: Alliance Manchester Business School, University of Manchester, UK
€2 000
Juha Junttila Research visit to the State University of New York Albany, project “Effect of uncertainty in economic policy on forecasting real economy” €5 000


Grants awarded by Kyösti Haataja Foundation in 2016

The Board of Directors of the Kyösti Haataja Foundation awarded 100,000 euros in grants to the following researchers and projects:


Lauri Turpeinen A multi-sited ethnography of rural-urban migration of young adults in Finland €10 000
Kimmo Huttunen Legal research into forest use knowledge base and its exploitation €20 000
Suvi Borgström Law for green economy: the future of natural resources and nature conservation law €11 000
Tanja Kähkönen Towards a sustainable change in the bioeconomy: values, attitudes and views in the local forest-based energy driven change dynamics €20 000
Benjamin Anang Microcredit, production system and efficiency of smallholder rice production in Northern Ghana €19 000
Hanna-Mari Ikonen Once there were entrepreneurs ‒ follow-up study on rural women in entrepreneurial society €10 000
Henri Wallen Research into cumulative social effects in the mining industry: Case Sokli €10 000