I am an Assistant Professor of Finance at the Hanken School of Economics, in Finland. In 2024, I received a PhD from Aalto University, also in Finland.

In my research, I focus on the decision-making of retail investors, employees, and executives.

For my CV, please click here.

Publications

Insider Trading With Options: Evidence From Rank-And-File Employees
Journal of Corporate Finance (2026) | DOI | SSRN |

Purchases of own-company options by rank-and-file employees in Finland predict weekly stock returns.

• Engelbert Dockner Memorial Prize for the Best Paper by Young Researchers at the 52nd EFA (runner-up)
• Best PhD student paper at the 6th FutFinInfo Conference

Comments to the Editor on "The Willingness to Pay for Diversification" (with Aleksi Pitkäjärvi)
Management Science (2025) | DOI | PDF | Data & Code |

This work grew out of an assignment in the Management Science Reproducibility Project. We document numerous discrepancies between the results reported in Mahmoud (2022) and the results calculated from the experimental data.


Panic Herding: COVID-19 Experiences and the Interpretation of Earnings News
Journal of Economics and Business (2024) | DOI | PDF | Analysts' Information |

This work is based on my second-year summer PhD paper. Local experiences of the COVID-19 pandemic affect sell-side analysts' interpretation of earnings news.


Reproducibility in Management Science (with Miloš Fišar et al.)
Management Science (2023) | DOI | PDF |

As part of a team of over 700 reviewers, I assessed the reproducibility of two articles published in Management Science.

• Note: as member of the Management Science Reproducibility Collaboration

Working Papers

Remote Work and the Corporate Hierarchy (with Emanuele Bajo and Aleksi Pitkäjärvi)
SSRN |

Using population-wide data on WFH, we study how the allocation of WFH across the corporate hierarchy relates to wages and firm performance.

• Selected presentations: Paris December, RBFC

Investment Targets as Reference Points (with Aleksi Pitkäjärvi and Petra Vokata)
SSRN |

We provide novel evidence of forward-looking reference points in investor behavior.

• Selected presentations: Tilburg Finance Summit, Helsinki Finance Summit, NFA, CDI, SGF

The Rich Get Richer: Wealth Inequality and Employee Stock Options (with Aleksi Pitkäjärvi)

Wealthier employees extract more value from their ESOs.