2024

• Westerholm, P. (2024). Lecture Notes in Entrepreneurial Finance for the Digital Economy. Singapore: World Scientific Publishing. [More Information]
• Weh, R., Westerholm, P., Wilkens, M., Yao, J. (2024). Liquidity provision and trading skill: Evidence from mutual funds' daily transactions. Review of Financial Economics, 42(2), 206-238. [More Information]
• Menkveld, A., Dreber, A., Holzmeister, F., Huber, J., Johanneson, M., Kirchler, M., Neusuess, S., Razen, M., Weitzel, U., Abad-Diaz, D., Westerholm, P., et al (2024). Nonstandard Errors. The Journal of Finance, 79(3), 2339-2390. [More Information]

2023

• Della Vedova, J., Grant, A., Westerholm, P. (2023). Investor Behavior at the 52 Week High. Journal of Financial and Quantitative Analysis, 58(7), 2852-2889. [More Information]
• van Kervel, V., Kwan, A., Westerholm, P. (2023). Order splitting and interacting with a counterparty. Journal of Financial Markets, 66, 100850. [More Information]
• Lepone, G., Westerholm, P., Wright, D. (2023). Speculative trading preferences of retail investor birth cohorts. Accounting and Finance, 63(1), 555-574. [More Information]
• Berkman, H., Koch, P., Westerholm, P. (2023). The Other Insiders: Personal Trading by Brokers, Analysts, and Fund Managers. Review of Asset Pricing Studies, 13(3), 481-522. [More Information]

2022

• Prodromou, T., Westerholm, P. (2022). Are High Frequency Traders Responsible for Extreme Price Movements? Economic Analysis and Policy, 73, 94-111. [More Information]
• Grant, A., Kalev, P., Subrahmanyam, A., Westerholm, P. (2022). Retail trading activity and major lifecycle events: The case of divorce. Journal of Banking & Finance, 135, 106394. [More Information]

2021

• Schattmann, L., Strych, J., Westerholm, P. (2021). Information processing skills of short sellers: Empirical evidence from the Covid-19 pandemic. Covid Economics, (65), 108-152. [More Information]

2020

• Fong, K., Krug, J., Leung, H., Westerholm, P. (2020). Determinants of Household Broker Choices and Their Impacts on Performance. Journal of Banking & Finance, 112, 105573. [More Information]
• Berkman, H., Koch, P., Westerholm, P. (2020). Inside the director network: When directors trade or hold inside, interlock, and unconnected stocks. Journal of Banking & Finance, 118, 105892. [More Information]

2019

• Mao, R., Segara, R., Westerholm, P. (2019). Analyst Tipping: Evidence on Finnish Stocks. International Review of Financial Analysis, 66, 1-12. [More Information]
• Leung, H., Tse, J., Westerholm, P. (2019). CEO Traders and Corporate Acquisitions. Journal of Corporate Finance, 54, 107-127. [More Information]
• Da Dalt, C., Feldman, D., Garvey, G., Westerholm, P. (2019). Contrarians or momentum chasers? Individual investors' behavior when trading exchange-traded funds. The Journal of Futures Markets, 39(5), 553-578. [More Information]
• Westerholm, P. (2019). Lecture Notes in Market Microstructure and Trading. Singapore: World Scientific Publishing. [More Information]
• Swan, P., Westerholm, J. (2019). Market Architecture and Global Exchange Efficiency: One Design Need Not Fit All Stock Sizes. In I. Venezia (Eds.), Behavioral Finance: The Coming of Age, (pp. 187-243). Singapore: World Scientific Publishing. [More Information]
• van Kervel, V., Kwan, A., Westerholm, P. (2019). Order Splitting and Searching for a Counterparty. Society for Financial Studies (SFS) Cavalcade Asia-Pacific 2019, Hong Kong, China: Society for Financial Studies (SFS).

2018

• Segara, R., Westerholm, P. (2018). Analyst Tipping: Evidence on Finnish Stocks. World Finance Conference, Mauritius: World Finance Conference.
• Mao, R., Segara, R., Westerholm, P. (2018). Analyst Tipping: Evidence on Finnish Stocks. Research workshop at School of Management, Zheijiang University, China: Zheijiang University.
• Mao, R., Segara, R., Westerholm, P. (2018). Analyst Tipping: Evidence on Finnish Stocks. 2nd INFINITI Conference on International Finance ASIA-PACIFIC, Sydney, Australia, 10-11 December 2018: The University of Sydney Business School.
• Mao, R., Segara, R., Westerholm, P. (2018). Analyst Tipping: Evidence on Finnish Stocks. 8th New Zealand Finance Meeting, New Zealand: Auckland University of Technology.
• Frijns, B., Huynh, T., Tourani-Rad, A., Westerholm, P. (2018). Institutional trading and asset pricing. Journal of Banking & Finance, 89, 59-77. [More Information]
• Leung, H., Hamann, J., Westerholm, P., Wilkens, M. (2018). Mutual Funds and Trading Around Earnings Announcements. World Finance & Banking Symposium, Taichung Taiwan 13-14 December.
• Berkman, H., Koch, P., Westerholm, P. (2018). Personal Trading by Brokers, Analysts, and Fund Managers. Mutual Funds, Hedge Funds, & Investment Industry eJournal, 10(164), 1-67. [More Information]
• Wu, V., Westerholm, P., Akhtar, S. (2018). Who Moves First? Price Discovery by Institutional and Retail Investors. 22nd European Financial Management Association FMA Conference, Kristiansand, Norway, 13-15 June 2018: European Financial Management Association.

2017

• Frino, A., Viljoen, T., Wang, G., Westerholm, P., Zheng, H. (2017). An empirical analysis of algorithmic trading around earnings announcements. Pacific-Basin Finance Journal, 45, 34-51. [More Information]
• Swan, P., Westerholm, P. (2017). Are Domestic Household Investors Better Performers than Foreign Institutions? New Evidence from Finland. In Itzhak Venezia (Eds.), Behavioral Finance: Where do Investors' Biases Come From?, (pp. 115-155). Singapore: World Scientific Publishing. [More Information]
• Reza Bradrania, M., Grant, A., Westerholm, P., Wu, W. (2017). Fool's mate: What does CHESS tell us about individual investor trading performance? Accounting and Finance, 57(4), 981-1017. [More Information]
• Aspris, A., Foley, S., Rigney, D., Westerholm, P. (2017). Intended and Unintended Consequences of Dark and Block Trading Regulation. 7th Auckland Finance Meeting, Auckland, New Zealand: Auckland Centre for Financial Research.

2016

• Reza Bradrania, M., Westerholm, P., Yeoh, J. (2016). Do CEOs who trade shares adopt more aggressive corporate investment strategies? Pacific-Basin Finance Journal, 40, 349-366. [More Information]
• Westerholm, P. (2016). Guest editorial. International Journal of Managerial Finance, 12(4). [More Information]
• Westerholm, P. (2016). High Frequency Trading, Market Volatility and Trading Counterparty Performance. 20th Annual European Conference of the Financial Management Association International (FMA), Tampa FL, United States: Financial Management Association (FMA).
• Berkman, H., Bradrania, R., Viljoen, T., Westerholm, P. (2016). Insiders' Profits in the Australian Equities Market, March 2016 Working Paper No.108/2016/Project T009, (pp. 3 - 35). Sydney, Australia: The Centre for International Finance and Regulation.
• Huynh, T., Westerholm, P., Frijns, B., Tourani-Rad, A. (2016). Institutional Trading and Asset Pricing. Society for Financial Studies (SFS) Cavalcade North America 2016, Toronto, Canada: Society for Financial Studies (SFS).
• Lepone, G., Westerholm, P., Wright, D. (2016). Investor Characteristics and Macro-Economic Conditions' Impact on Disposition Effect and Stock Market Gambling. 6th Behavioral Finance and Capital Markets Conference 2016, Adelaide, Australia: University Of South Australia.
• Berkman, H., Koch, P., Westerholm, P. (2016). Personal Trading by Employees of Financial Institutions. Society for Financial Studies (SFS) Cavalcade North America 2016, Toronto, Canada: Society for Financial Studies (SFS).
• Berkman, H., Koch, P., Westerholm, P. (2016). Personal Trading by Employees of Financial Institutions. 2016 Midwest Finance Association (MFA) Annual Meeting, Edmond, OK United States: Midwest Finance Association.

2015

• Berkman, H., Koch, P., Westerholm, P. (2015). Beware of Children Trading. Journal of Investment Management, 13(3), 80-92.
• Leung, H., Krug, J., Westerholm, P., Schiereck, D., Fong, K. (2015). Determinants of Household Broker Choice and the Impact on Performance. 28th Australasian Finance and Banking Conference, Rochester, NY, USA: Social Science Research Network. [More Information]
• Westerholm, P., Akhtar, S. (2015). Who Moves First? Price Discovery by Institutional and Retail Investors. 5th Auckland Finance Meeting, Auckland, New Zealand: Auckland University of Technology.

2014

• Viljoen, T., Westerholm, P., Zheng, H. (2014). Algorithmic Trading, Liquidity, and Price Discovery: An Intraday Analysis of the SPI 200 Futures. The Financial Review (Statesboro), 49(2), 245-270. [More Information]
• Berkman, H., Koch, P., Westerholm, P. (2014). Informed Trading through the Accounts of Children. The Journal of Finance, 69(1), 363-404. [More Information]
• Leung, H., Rose, A., Westerholm, P. (2014). Systematic Trading Behavior and the Cross-Section of Stock Returns on the OMXH. Review of Finance, 18(6), 2325-2374. [More Information]

2013

• Pham, T., Westerholm, P. (2013). An international trend in market design: Endogenous effects of limit order book transparency on volatility, spreads, depth and volume. Journal of International Financial Markets, Institutions and Money, 27, 202-223. [More Information]
• Westerholm, P., Mostafa, M. (2013). Price discovery and success factors for individual stock futures. International Journal of Bonds and Derivatives, 1(1), 3-18.

2012

• Leung, H., Westerholm, P., Rose, A. (2012). Informational Effect and Market Quality Impact of Crossed Trades and Fleeting Orders on the Australian Securities Exchange. 2012 World Finance & Banking Symposium - "Asian Finance & Banking", Shanghai, China: Cheung Kong Graduate School of Business.

2011

• Westerholm, P., Leung, H. (2011). Execution Costs of Market Designs Worldwide during the Global Credit Crisis. Journal of Trading, 6(4), 60-81.
• Ben Sita, B., Westerholm, P. (2011). The Role of Trading Intensity Estimating the Implicit Bid-Ask Spread and Determining Transitory Effects. International Review of Financial Analysis, 20(5), 306-310. [More Information]

2010

• Berglund, T., Westerholm, P. (2010). Foreign Investors' Reaction to Lower Profitability - The Role of Information Asymmetry. International Review of Finance, 10(4), 455-483. [More Information]
• Pham, T., Swan, P., Westerholm, P. (2010). The public Limit Order Book of the Korea Exchange: Market capitalization dependent endogenous effects on spreads, volatility and volume. 59th Midwest Finance Association 2010 Conference, USA: Midwest Finance Association.

2009

• Westerholm, P. (2009). Do uninformed crossed and internalized trades tap into unexpressed liquidity? The case of Nokia. Accounting and Finance, 49(2), 407-424. [More Information]

2008

• Kato, K., Fabre, J., Westerholm, P. (2008). Are Poison Pills Poison for Shareholders? Evidence from Japan. Asian Finance Association - Nippon Finance Association International Conference(AsianFA-NFA 2008), Japan: Asian Finance Association/Nippon Finance Association.
• Do, V., Tan, M., Westerholm, P. (2008). Correlated Trading in Concentrated Market. Journal of International Finance and Economics, 8(4), 148-163.
• Westerholm, P. (2008). Dealing and Market Making. In Frino A & Segara R (Eds.), Trade Execution, Arbitrage and Dealing in Australia, (pp. 99-122). Sydney, Australia: Pearson Education.
• Jarnecic, E., Segara, R., Segara, L., Westerholm, P. (2008). The Scholarly Output of Universities and Academics in the Asia-Pacific Region Who Publish in Major Finance Journals: 2000-2007. Australasian Accounting Business and Finance Journal, 2(3), 26-56.

2007

• Comerton-Forde, C., O'Brien, M., Westerholm, P. (2007). An Empirical Analysis of Strategic Behaviour Models. Australian Journal of Management, 32(2), 181-203. [More Information]
• Keller, A., Westerholm, P. (2007). Benchmarking a Transition Economy Capital Market. Australasian Accounting Business and Finance Journal, 1(3), 49-60.
• Berglund, T., Farooq, O., Westerholm, P. (2007). Do Analysts Revise Their Recommendations To Increase Trading By Clients. 2007 Financial Management Association European Conference FMA 2007, USA: Financial Management Association (FMA).
• Westerholm, P. (2007). Industry Clustering in Nordic Initial Public Offering Markets. International Review of Finance, 6(1-2), 25-41.
• Cohn-Urbach, B., Westerholm, P. (2007). Trading Frequency, Investor Returns & Behavioral Biases. 2007 Financial Management Association Annual Meeting (FMA 2007), USA: Financial Management Association (FMA).
• Cristea, M., Westerholm, P. (2007). World Pension Systems- Comparison between Europe and Australia. Annals of the University of Craiova (Economics Science Series), 35(1), 99-102.

2006

• Keller, A., Westerholm, P. (2006). A Market-Microstructural Comparison of a Well Established Capital Market with a Transition Economy Competitor: Euronext (France) vs. the Warsaw Stock Exchange. The 4th International Conference on Accounting and Finance in Transition (ICAFT 2006), Adelaide SA: University of South Australia, Centre for Research in Education, Equity and Work.
• Ben Sita, B., Westerholm, P. (2006). The Role of Time in Price Discovery: Ultra-high frequency trading in a Limit Order Book Market. Financial Management Association (FMA) European Conference 2006 - 2006 FMA European Conference, USA: Financial Management Association (FMA).

2005

• Comerton-Forde, C., O'Brien, M., Westerholm, P. (2005). An empirical analysis of strategic behavior models. European Financial Management Association (EFMA) 2005 Annual Conference, USA: European Financial Management Association.

2004

• Comerton-Forde, C., O'Brien, M., Westerholm, P. (2004). An empirical analysis of strategic trading models. 17th Australasian Finance and Banking Conference.

2003

• Westerholm, P., Kuuskoski, M. (2003). Do direct stock market investments outperform mutual funds? A study of finnish retail investors and mutual funds. LTA- The Finnish Journal of Business Economics Liiketaloudellinen Aikakauskirja, 2(3), 197-212.
• Westerholm, P. (2003). Do exchange listings bring the desired improvement in liquidity? Observations from the Nordic markets for venture capital and IPOs. In Hasan, Hunter (Eds.), Research in Banking and Finance, (pp. 331-346). UK: JAI Press.
• Westerholm, P., Ollila, M. (2003). Impact of gender, age and language on investment strategy. LTA- The Finnish Journal of Business Economics Liiketaloudellinen Aikakauskirja, 2(3), 179-196.
• Sandstrom, A., Westerholm, P. (2003). Post-issue performance of hot IPOs. In Ginsberg, Hasan (Eds.), New Venture Investment: Choices and Consequences, (pp. 227-251). Netherlands: Elsevier.
• Westerholm, P. (2003). The impact of transaction costs on turnover, asset prices and volatility: The cases of Sweden's and Finland's security transaction tax reductions. LTA- The Finnish Journal of Business Economics Liiketaloudellinen Aikakauskirja, 38778, 213-241.

2002

• Westerholm, P. (2002). The Relationship Between Liquidity, Trading Activity and Return: Studies of the Finnish and Swedish Stock Markets. Economi Och Samhalle, 107, 1-157.

2001

• Westerholm, P. (2001). The Importance of Liquidity in Initial Public Offerings: Findings from the Finnish Stock Market. Ekonomiska Samfundets Tidskrift (Journal of the Economic Society of Finland), 83.377083333, 135-145.