behavioral Finance

Time: June 10-14, 2024

Place: Otaniemi, Espoo, Aalto University School of Business

Instructor: Professor Markku Kaustia (Aalto University)

NFN Travel Grant: NFN offers travel stipends to PhD students in finance who come from one of the NFN member institutions, located outside of Finland. To apply for a travel stipend, please use this this form (excel), and send the application to nfn (at)

Lectures: 20 h of lectures. (20 x 45 minutes)

Otaniemi Campus Map
Monday 10.6.2024 13:30-15:00 &
T004, Ekonominaukio 1
Tuesday 11.6.2024 10:30-12:00 &
T004, Ekonominaukio 1
Wednesday 12.6.2024 10:30-12:00 &
U262 KPMG, Otakaari 1
Thursday 13.6.2024 10:30-12:00 &
T004, Ekonominaukio 1
Friday 14.6.2024 10:30-12:00 &
T004, Ekonominaukio 1

Learning Goal and Objectives: Behavioral Finance is an approach to the analysis of asset prices, corporate finance, and financial decision-making in general, that relaxes some key assumptions of neoclassical financial economics. Namely, it considers a larger class of objective functions, not always compatible with expected utility. Second, it entertains the possibility that expectations are sometimes biased, and not updated in a Bayesian manner. Third, it considers how various financial market frictions can form strong 'limits to arbitrage'. This course is designed to introduce doctoral students to these concepts, and to support them in developing behavioral research ideas of their own. 

Syllabus PDF

Access to the articles is subject to your home institutions' subsciptions to the databases. If you have a problem with accessing the articles, please contact GSF office gsf @ for advice. 

Lecture Notes: TBA

Password for opening the course material will be e-mailed to the participants.

Grading: The grading is based on three parts (a written exam, a term paper and classroom activity). The total points of this course are 100. In order to pass the course one needs at least 50% of points (i.e. 50 points). In addition, one has to get at least 50% of the points from the written exam and the term paper.

  • a written exam (60% weight)
  • a term paper (30% weight)
  • classroom activity (10% weight)

Term paper deadline: Sunday, June 30, 2024. Please return the term paper directly to Professor Kaustia by e-mail. Please respect the deadline promptly.

Examination date and time: Monday, August 12, 2024 at 10:00-14:00 in V001, Aalto University School of Business (Ekonominaukio 1). Please register for the exam through this link. The registration link will be closed one week prior to the exam.

 If you wish to take the exam in your home university (other than GSF member university), please see instructions below.

Examination places:

  • In Helsinki: Aalto University School of Business
  • In Oulu: University of Oulu
  • In Vaasa: University of Vaasa
  • In Lappeenranta: Lappeenranta University of Technology
  • In Turku: Turku School of Economics
  • In Jyväskylä: University of Jyväskylä
  • Other locations: Doctoral students in other universities are requested to inform GSF by sending an e-mail to if they wish to take the exam in their home universities. Please note that the exam must be written in presence of an exam supervisor. Thus, please submit the name of the exam supervisor at least 14 days before the examination. The exam can also be taken abroad where suitable exam supervision can be arranged. Possible payment and arrangements for supervision should be made by the student. In case you wish to take the exam abroad, please contact GSF by sending an e-mail to at least 14 days before the examination. 

Credit units: 6 ECTS cr.

List of Participants: PDF

Registration / Application 

  • Doctoral students of GSF, FDPE and Helsinki GSE: Please register through this link.
  • Doctoral students in related fields and doctoral students at foreign universities: Application form can be found here: PDF file or Word file. Please, send in addition to your complete contact information, a report on the status of your doctoral studies, and a brief CV. Please ask also your thesis advisor to send us a short letter of recommendation by-email. All the required documents should be sent by e-mail to

The deadline for registering for this course is May 26, 2024.