Timo Rothovius Head of Department

Occupation

Professor of Finance
Department of Accounting and Finance
Faculty of Business Studies
University of Vaasa, Finland

Contact information

Student reception: Office hour on Wednesday at 10-11. Note: 24.10.2007 on Wednesday at 15-16!
Tel: +358-6-3248568
Fax: +358-6-3248344
E-mail: tr@uwasa.fi
Address: P.O.Box 700, FIN-65101, Finland

Teaching

Program chairman:
The Master's Degree Programme in Finance
- Structure and Course description

Individual courses:
Theory of Corporate Finance (In English)
Research in Financial Analysis (In English)

Master's Thesis instruction:
Research plan phase (Alkuraportti)
Progress report phase (Väliraportti)

Research Interests

Financial Accounting, Analysts' earnings forecasts, Market efficiency, Market microstructure.

Scientific Publications

On the Informational Characteristics of Earnings and Cash Dividends in the Finnish Stock Market. Acta Wasaensia (1991). (Co-authers: Teppo Martikainen and Paavo Yli-Olli)

On the individual and incremental information content of accrual earnings, cash flows and cash dividends in the Finnish stock market. European Journal of Operational Research, Volume 68, No. 3. (1993). (Co-authors: Teppo Martikainen and Paavo Yli-Olli).

The linear and non-linear dependence of stock returns and trading volume in the Finnish stock market. Applied Financial Economics, 4, 159-169, (1994). (Co-authors: Martti Luoma, Teppo Martikainen and Vesa Puttonen).

The financing of residential real estate in Finland: An overview. Journal of Housing Research. Volume 5, Issue 2, Fannie Mae, (1994). (Co-authors: Geoffrey Booth, John Glascock and Teppo Martikainen).

Net Income, Cash flows and Cash Dividends: Return and Volume Reactions in the Finnish Stock Market. Licentiate's Dissertation, University of Vaasa (1993).

On the Significance of Accrual Earnings, Cash Flows and Cash Dividends. ORSA/TIMS Joint International Meeting, Anaheim, California (1993).

Earnings and Cash Dividends: Return and Volume Reactions in the Finnish Stock Market. EAA, El Escorial, Spain (1992).

Finnish Housing Conditions and Building and Dwelling Construction. International Real Estate Conference. University of Connecticut/AREUEA/Fannie Mae, Mystic, Connecticut, USA (1993). (Co-authors: Geoffrey Booth and Teppo Martikainen).

The Functional Form of Sales and Stock Prices: Implications for the Sales-to-Price Anomaly. European Accounting Association - 18th Annual Congress. Birmingham, UK (1995).

The Information Content of Different Financial Disclosures: Earnings in Non Anglo-Saxon markets. Global Finance Conference, Honolulu, Hawaii, USA (1996).

The Analysts' Earnings Forecast Accuracy: Positive vs. Negative Earnings Changes. The Fifth Annual Global Finance Conference, Mexico City, Mexico, (1998).

The Analysts' Ability to Forecast Decreasing Earnings. The 20th Annual Conference of the EAA, Bordeaux, France, (1999).

Dissertation

Empirical Evidence on Earnings and Analysts' Earnings Forecasts. Acta Wasaensia. No. 110. Business Administration 45, Accounting and Finance. Reviewed by Professor Manuel Garcia-Ayuso from University of Seville and Professor Baruch Lev from New York University.
Lectio Praecursoria
Abstract

Books

Arvopaperisijoittaminen (Investments). WSOY, 2002. ISBN 951-0-26627-2. (Co-authors: Jussi Nikkinen and Petri Sahlström).

Working Papers

The Corroboration of Accrual Earnigs, Cash Flows and Cash Dividends: Implications to Market Efficiency.

The relative performance of the EPR and SPR filters: Evidence from the Finnish stock market.

The Analysts' Earnings Forecast Accuracy in Two Markets with Different Forecasting Environments.

Market Responses to Brokerage Analysts' Earnings Forecast Revisions: Upstairs vs. Downstairs Markets.

Vaasan Arvopaperisijoittajat ry

Osakesäästäjien keskusliitto edistää osakesäästämistä ja parantaa yksityisen sijoittajan asemaa.

Vaasan Arvopaperisijoittajat ry on edellisen paikallisyhdistys, tästä linkistä pääset suoraan paikallisyhdistyksen toimintapalstalle.

Personal information

Hobbies:
Skydiving (Silver medal in the Finnish Formation Championship 2000 and 2002, bronze in 2003)
Scuba Diving
Flying (Grob G109B Motorglider)
Sea Kayaking
Surfing (nowadays more mentally than physically)
Stock market speculation (provides also financial sources for the other hobbies :)