Pekka Hietala

Pekka Hietala is a Professor of Finance and the chair of the Finance Area at INSEAD. He received an MBA from the Helsinki School of Economics (Finland), an MSc in Industrial Engineering from the Helsinki University of Technology, and a MA in Economics and a PhD in Finance from Stanford University. From 2001 to 2004, Professor Hietala served as dean of the MBA Programme. He has directed and taught on various topics in finance in several Executive Education programmes in Europe, Asia and the United States. He is currently directing the Finance for Executives programme. He is a member of the board of the Scandinavian Financial Research Ltd. and a consultant to several organisations and companies. In 1994-1995 he was a visiting professor at the University of Chicago.

His main research interests lie in the areas of corporate finance, capital market efficiency, warrant and options pricing and international finance. He has published in several academic journals, including Financial Management, Journal of Finance, Journal of Banking and Finance, and Journal of Multinational Financial Management, and serves as an editor of the European Financial Management journal.

PUBLICATIONS

• JOURNAL ARTICLES - What is the Price of Hubris? Using Takeover Battles to Infer Overpayments and Synergies - Financial Management
• JOURNAL ARTICLES - The Ex-Dividend Day Behaviour of Finnish Restricted and Unrestricted Shares - Applied Economics Letters
• JOURNAL ARTICLES - The Efficiency of the Finnish Market for Rights Issues - Journal of Banking and Finance
• JOURNAL ARTICLES - Rights Issues for Companies with Dual-Class Shares - Journal of Multinational Financial Management
• BOOK CHAPTERS - Rights Issues for Companies with Dual-Class Shares
• JOURNAL ARTICLES - Equity Markets and Personal Taxation: The Ex-Dividend Day Behaviour of Finnish Stock Prices - Journal of Banking and Finance
• JOURNAL ARTICLES - Asset Pricing in Partially Segmented Markets: Evidence from the Finnish Market - Journal of Finance
• JOURNAL ARTICLES - Super Premiums in the Finnish Stock Market

Research Areas

International Finance, Option Pricing, Market Efficiency Tests, Corporate Finance

Teaching Areas

Corporate Finance, Investments, International Finance, Options

Education

• Stanford University, Ph.D. in Finance, December 1986, Graduate School of Business. Concentration in both theoretical and empirical research: Capital asset pricing theories; Option pricing theory and its applications; Capital market efficiency tests, including equity, option and bond markets; International Finance, including financing and investing in international markets; Corporate Finance.
• Stanford University, M.A. in Economics, August 1985, Department of Economics.
• Helsinki School of Economics and Business Administration, M.B.A December 1981. Concentration in Finance and Accounting. Thesis on Options and Convertible Securities.
• Helsinki University of Technology, M.Sc. in Industrial Engineering, September 1989. Concentration in Applied Mathematics.