Publications

Research Articles:

• Parental Education and Invention: The Finnish Enigma, International Economic Review [P. Aghion, U. Akcigit, A. Hyytinen, and O. Toivanen], accepted.
• Ex ante predictability of rapid growth: A design science approach, Entrepreneurship Theory and Practise [A. Hyytinen, M. Pajarinen, P. Rouvinen, J. Virtanen], 2022 (online).
• A year older, a year wiser (and farther from frontier): Invention spillovers and human capital depreciation, Review of Economics and Statistics.  [Aghion, P., Akcigit, U., Hyytinen, A., and Toivanen, O.], 2022 (online).
• Enhancing the adoption of digital public services: Evidence from a large-scale field experiment, Government Information Quarterly, Volume 39, Issue 3, July 2022 [A. Hyytinen, M. Hammar, J. Tuimala].
• Temporary and persistent overweight and long-term labor market outcomes, International Journal of Health Economics and Management, 22, pp. 181–203 (2022) [Hyytinen, A. and Laine, L.].
• Shared problem solving and design thinking in entrepreneurship research, Journal of Business Venturing Insights, Vol. 16, November 2021, e00254.
• Norske karteller: De var mange og de var fremdeles lovlige så sent som i 1992 Samfunnsøkonomen, 2020, 1, p. 21-32 [Hyytinen, A., Steen, F. & Toivanen, O.]
• Heritability of lifetime earnings, Journal of Economic Inequality, 17, pp. 319–335 (2019) [Hyytinen, A., P. Ilmakunnas, E. Johansson and O. Toivanen].
• Anatomy of cartel contracts, Economic Journal, Volume 129, Issue 621, July 2019, pp. 2155–2191, [Hyytinen, A.,  Steen F. and Toivanen, O.].
• If you drink, don't smoke: Joint associations between risky health behaviors and labor market outcomes, Social Science & Medicine, 2018 [Böckerman, P., Hyytinen, A., Kaprio, J., and Maczulskij, T.].
• On the returns to invention within firms: Evidence from Finland, American Economic Review, Papers&Proceedings, 2018 [Aghion, P., Akcigit, U., Hyytinen, A., and Toivanen, O.].
• Cartels uncovered, American Economic Journal: Microeconomics, 2018  [Hyytinen, A., Steen F. and Toivanen, O.].
• Design of public procurement auctions: Evidence from cleaning contracts, Rand Journal of Economics, 2018  [with Lundberg, S. and Toivanen, O.]. Online appendix.
• When does regression discontinuity design work? Evidence from random election outcomes, Quantitative Economics, 2018 [with Meriläinen, J. Saarimaa, T., Toivanen, O. Tukiainen, J.].
• Public Employees as Politicians: Evidence from Close Elections, American Political Science Review, 2018 [with J. Meriläinen, T. Saarimaa, O. Toivanen and J. Tukiainen].
• Household optimism and overborrowing, 2018, Journal of Money, Credit and Banking, Vol. 50, No. 1, 55-76 [with H. Putkuri].
• Alcohol consumption and long-term labor market outcomes, 2017, Health Economics, Vol. 26, Issue 3, pp. 275–291, [with P. Böckerman and T. Maczulskij].
• Devil in disguise: does drinking lead to a disability pension?, 2016, Preventive Medicine, Vol. 86,  pp. 130–135 [with P. Böckerman and T. Maczulskij].
• Olley-Pakes productivity decomposition: Computation and inference, 2016, Journal of the Royal Statistical Society, Series A, Statistics in Society, 179 (3), 749-761. doi:10.1111/rssa.12135 [with P. Ilmakunnas and M. Maliranta].
• Does innovativeness reduce startup survival rates?, 2015,  Journal of Business Venturing, Vol. 30(4), pp. 564–581 [with M. Pajarinen and P. Rouvinen].
• Smoking and long-term labour market outcomes, 2015, Tobacco Control, Vol. 24, pp. 348–353  [with P. Böckerman and J. Kaprio].
• Electoral vulnerability and size of local governments: Evidence from voting on municipal mergers, 2014, Journal of Public Economics, Vol. 120, pp.  193–204 [with T. Saarimaa, T. and J. Tukiainen]. 
• Forecasting errors of new venture survival, 2014, Strategic Entrepreneurship Journal, Vol. pp. 283-302 [with J. Lahtonen and M. Pajarinen].
• Problems in launching the mobile Internet: Evidence from a pricing experiment, Journal of Economics and Management Strategy, 2014, Vol. 23(3), pp. 483-506. [with Gao, M. and Toivanen O.].
• The effect of physical activity on long-term income, Social Science & Medicine, 2013, Vol. 96, pp. 129–137, [with Lahtonen, J.].
• The return-to-entrepreneurship puzzle, Labour Economics, 2013, Vol. 20, pp. 57–67, [with Ilmakunnas, P. and Toivanen O.].
• Firm lifecycles and evolution of industry productivity, Research Policy, 2013, Vol. 42, Issue 5, pp. 1080–1098, [with Maliranta, M.].
• Income inequality and technology diffusion: Evidence from developing countries, Scandinavian Journal of Economics, 2011, Vol. 113, Issue 2, pp. 364–387, [with Toivanen, O.].
• Consumer awareness and the use of payment media: Evidence from young Finnish consumers, Review of Network Economics, 2009, Vol.8, Issue 2, June, [with Takalo, T.].
• Opacity of young businesses: Evidence from rating disagreements, Journal of Banking and Finance, 2008, Vol. 32 (7), pp. 1234-1241, [with Pajarinen, M.].
• When do employees leave their job for entrepreneurship?, Scandinavian Journal of Economics, 2008, Vol. 110 (1), pp. 1-21, [with Maliranta, M.].
• Investor protection and business creation, International Review of Law and Economics, 2008, Vol. 28, pp. 113-122, [with Takalo, T.].
• The labour market consequences of self-employment spells: European evidence, Labour Economics, 2008, Vol. 15, pp. 246-271, [with Rouvinen, P.].
• What distinguishes a serial entrepreneur?, Industrial and Corporate Change, 2007, Vol. 16 (5), pp. 793-821, [with Ilmakunnas, P.].
• Time use of the self-employed, Kyklos, 2007, Vol. 60, No. 1, pp. 87-103, [with Ruuskanen, O-P.].
• Is the cost of debt capital higher for younger firms?, Scottish Journal of Political Economy, 2007, Vol. 54, No. 1, pp. 55-71, [with Pajarinen, M.].
• Entrepreneurial aspirations: Another form of job search?, Small Business Economics, 2007, Vol. 29, Numbers 1-2 / June, pp. 63-80, [with Ilmakunnas, P.].
• Where do financial constraints come from? An empirical analysis of adverse selection and moral hazard in capital markets, Small Business Economics, 2006, Vol. 27, No. 4-5, pp. 323-348, [with Väänänen, L.].
• Corporate law and small business finance: Mandatory v. enabling rules, European Business Organization Law Review, 2005, Vol. 6, Issue 3, pp. 449-466, [with Takalo, T.].
• Do financial constraints hold back innovation and growth? Evidence on the role of public policy, Research Policy, 2005, Vol. 34, Issue 9, pp. 1385-1403, [with Toivanen, O.].
• Does patenting increase the probability of being acquired? Evidence from cross-border and domestic acquisitions, Applied Financial Economics, 2005, Vol. 15, pp. 1007–1017, [with Ali-Yrkkö, J. and Pajarinen, M.].
• External finance, firm growth and the benefits of information disclosure: Evidence from Finland, European Journal of Law and Economics, 2005, Vol. 19, pp. 69-93, [with Pajarinen, M.].
• Financing of technology-intensive small businesses: Some evidence on the uniqueness of the ICT sector, Information Economics and Policy, 2005, Vol. 17, Issue 1, pp. 115-132, [with Pajarinen, M.].
• Preventing systemic crises through bank transparency, Economic Notes, 2004, Vol. 33, Issue 2, pp. 257-274, [with Takalo, T.].
• Vertical differentiation, asymmetric information and endogenous bank screening, Topics in Theoretical Economics, 2004, Vol. 4., No. 1, Article 5, [with Toivanen, O.].
• Monitoring and market power in credit markets, International Journal of Industrial Organization, 2004, Vol. 22, Issue 2, pp. 269-288, [with Toivanen, O.].
• Law or finance? Evidence from Finland, European Journal of Law and Economics, 2003, Vol. 16, pp. 59-89, [with Kuosa, I. and Takalo, T.].
• Asymmetric information and the market structure of the venture capital industry, Journal of Financial Services Research, 2003, Vol. 23:3, pp. 241-249, [with Toivanen, O.].
• Information production and lending market competition, Journal of Economics and Business, 2003, Vol. 55, pp. 233-253.
• Loan market equilibrium with difference of opinion and imperfect competition, Economics Letters, 2003, Vol. 78, pp. 125-129.
• Enhancing bank transparency: A re-assessment, Review of Finance, 2002, Vol. 6, Issue 3, 429-445, [with Takalo, T.].
• The time profile of risk in banking crises: Evidence from Scandinavian banking sectors, Applied Financial Economics, 2002, Vol. 12, pp. 613-623.

Chapters in International Books:

• Finland’s emergence as a global ICT player: Lessons from the Finnish wireless cluster [with L. Paija, P. Rouvinen and P. Ylä-Anttila], In: How Revolutionary Was the Digital Revolution?: National Responses, Market Transitions, and Global Technology (eds. A. Newman and J. Zysman), Stanford University Press, 2006.
• How important are exits for venture capital finance: Evidence from Finland, In: Venture Capital, Entrepreneurship and Public Policy (eds. C. Keuschnigg and V. Kanniainen), The MIT Press, 2005, pp. 127-150.

Other Publications:

• Auditing, Encyclopedia of Law and Economics, 2014, pp. 1-2 [with J-P. Kallunki].
• Comment on B. Hall: Innovation and productivity, Nordic Economic Policy Review, 2011, No. 2, pp. 205-208.
• Who owns mobile money?, The Lydian Payments Journal, November 2009, [with Takalo, T.].
• Growth Entrepreneurship and Finance [with Murray, G. and Maula, M.], In: Evaluation of the Finnish National Innovation System - Full Report (eds. R. Veugelers, K. Aiginger, D. Breznitz, C. Edquist, G. Murray, G. Ottaviano, A. Hyytinen, A., Kangasharju, M. Ketokivi, T. Luukkonen, M. Maliranta, M. Maula, P. Okko, P. Rouvinen, M., Sotarauta, T. Tanayama, O. Toivanen & P. Ylä-Anttila), Taloustieto Oy (on behalf of the Ministry of Education and the Ministry of Employment and the Economy), 2009, pp.147-201.
• What’s ahead for Finland, its venture capital and private equity in particular?, The Finnish Venture Capital Association Year Book 2005, pp. 10-12, [with Maula, M.].
• What’s ahead for Finland?, The Finnish Venture Capital Association Year Book 2004, pp. 10-13, [with Rouvinen, P.].