The predictability of Finnish stock index futures and cash returns by the volume of stock index options and futures is investigated. Relying on Granger causality tests and vector autoregression, the results support the hypothesis that derivatives trading volume cannot be used to predict returns.

The paper investigates the predictability of Finnish stock and stock index futures returns by the volume of index options. Absolute stock market returns are predictable by options volume while returns per se are not. However, call and put volume offer useful information on the future behaviour...

This note investigates the behaviour of small and large traders on different days of the week in the Finnish stock market. The results suggest that small traders increase their sell orders after the weekend. This suggests that the selling pressure of small individual investors in the beginning...

This paper investigates the impact of earnings news on the trading behaviour of different types of traders in Finland. The results indicate that small and large traders behave differently around the earnings announcements, small traders increasing their sell orders after negative earnings surprises.

The results of this note indicate that the return-leverage relation turned from negative to positive in Finland in the late 1980s. This finding is explained by the liberalization of Finnish financial markets and the decrease in the degree of financial leverage of Finnish listed firms. The...