Employee Profile

Samuli Knüpfer

Adjunct Professor - Department of Finance


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Samuli Knüpfer serves as Professor of Ownership and Professor of Finance at Aalto University School of Business. He is also Adjunct Professor of Finance at BI Norwegian Business School. His key areas of expertise include financial decision-making, financial markets, investor behavior, and sustainable finance.

Professor Knüpfer's research regularly appears in top academic outlets, and he is a recipient of many research grants and awards. He has designed and delivered many courses and programs at all levels of business school education.


Knüpfer, Samuli (2023)

CEO health

Leadership Quarterly Doi: 10.1016/j.leaqua.2022.101672

Knüpfer, Samuli; Rantapuska, Elias & Sarvimäki, Matti (2022)

Social Interaction in the Family: Evidence from Investors’ Security Holdings

Review of Finance Doi: 10.1093/rof/rfac060

e show that investors tend to hold the same securities as their parents. This inter- generational correlation is stronger for mothers and family members who are more likely to communicate with each other. An instrumental variables estimation and a natural experiment suggest that the correlation reflects social influence. This influ- ence runs not only from parents to children, but also vice versa. The resulting hold- ings of identical securities increase intergenerational correlations in portfolio choice, exacerbate wealth inequality, and amplify the consequences of behavioral biases

Keloharju, Matti; Knüpfer, Samuli & Tåg, Joacim (2022)

What prevents women from reaching the top?

Financial Management Doi: 10.1111/fima.12390 - Full text in research archive

We use rich data on all business, economics, and engineering graduates in Sweden to study the lack of women among chief executive officers (CEOs). A comprehensive battery of graduates’ characteristics explains 40% of the gender gaps in CEO appointments and 60% among graduates with children. The explanatory power mostly comes from absences and unemployment, which are about twice as likely for women as men. These gender differences increase following childbirth, and they persist in the long run. We present and discuss potential explanations to the explained and remaining gaps. Although the large unexplained share makes it hard to pinpoint the exact reason for the gender gap in CEO appointments, the large contribution of labor market attachment to the explained share suggests work–family trade-offs are an important part of the story.

Adams, Renee Birgit; Keloharju, Matti & Knüpfer, Samuli (2018)

Are CEOs born leaders? Lessons from traits of a million individuals

Journal of Financial Economics, 130(2), s. 392- 408. Doi: 10.1016/j.jfineco.2018.07.006 - Full text in research archive

What makes a successful CEO? We combine a near-exhaustive sample of male CEOs from Swedish companies with data on their cognitive and noncognitive ability and height at age 18. CEOs differ from other high-skill professions most in noncognitive ability. The median large-company CEO belongs to the top 5% of the population in the combination of the three traits. The traits have a monotonic and close to linear relation with CEO pay, but their correlations with pay, firm size, and CEO fixed effects in firm policies are relatively low. Traits appear necessary but not sufficient for making it to the top.

Knüpfer, Samuli; Rantapuska, Elias & Matti, Sarvimäki (2017)

Formative Experiences and Portfolio Choice: Evidence from the Finnish Great Depression

Journal of Finance, 72(1), s. 133- 166. Doi: 10.1111/jofi.12469

Grinblatt, Mark; Ikäheimo, Seppo, Keloharju, Matti & Knüpfer, Samuli (2015)

IQ and mutual fund choice

Management science, 62(4), s. 924- 944. Doi: 10.1287/mnsc.2015.2166

Kaustia, Markku; Knüpfer, Samuli & Torstila, Samuli (2015)

Stock ownership and political behavior: Evidence from demutualizations

Management science, 62(4), s. 945- 963. Doi: 10.1287/mnsc.2014.2135

Academic Degrees
Year Academic Department Degree
2007 Helsinki School of Economics Ph.D Dr. Scient.
2002 Helsinki School of Economics Master Cand. Oecon
Work Experience
Year Employer Job Title
2015 - Present BI Norwegian Business School Professor
2008 - 2015 London Business School Assistant Professor