a) Downloadable Papers

Learning, earning, and incentives

• R&D Data Sharing in New Product Development (with Zhi Chen), this version: October 3, 2023

• Information Salience and Vehicle Idling Behavior: Evidence from Taxis in Singapore (with Sumit Agarwal, Shih-Fen Cheng, Long Wang, and Zoe Yang), this version: August 22, 2023

• Bayesian Herd Detection for Dynamic Data (with Ville Satopää), this version: March 1, 2023

• Misconduct in Organizations (with Minglong Zhou and Esa Jokivuolle), this version: September 25, 2022

• Causal Effects of Alcohol Consumption on Health-related Consequences: Evidence from Finland (with Sumit Agarwal, Zhiwen Wang, and Zoe Yang), this version: March 16, 2022

• Herding in Probabilistic Forecasts (with Yanwei Jia and Ville Satopää), this version: January 14, 2022

  • Runner-up for INFORMS Decision Analysis Society 2020 Student Paper Award (Yanwei Jia)

• Learning Manipulation Through Information Dissemination (with Michael Jong Kim and Xinyuan Zhang), this version: September 7, 2021

  • Finalist for INFORMS Decision Analysis Society 2022 Student Paper Award (Xinyuan Zhang)

• Preferences of Public Transit Commuters: Evidence from Smart Card Data in Singapore (with Sumit Agarwal, Mi Diao, and Tien Foo Sing), this version: October 5, 2020

• Fickle Fingers: Ride-Hail Surge Factors and Taxi Bookings (with Sumit Agarwal, Ben Charoenwong, and Shih-Fen Cheng), this version: June 24, 2020

• Learning by Driving: Evidence from Taxi Driver Wages in Singapore (with Sumit Agarwal, Shih-Fen Cheng, and Ryoko Sato), this version: November 5, 2016

• Hiring, Firing, and Relocation under Employment Protection (with Min Dai and Tim Maull), this version: December 2, 2014

• Optimal electoral timing: exercise wisely and you may live longer (with Lones Smith and Dmitry Davydov), this version: October 5, 2007

• The demand for information: more heat than light (with Giuseppe Moscarini and Lones Smith), this version: February 24, 2005

  Pricing, investment, and risk

• The Crowdfunding Effects on Venture Capital Investments (with Ming Hu and Yannan Jin), this version: March 25, 2024

• Incentive Design and Pricing under Limited Inventory (with Ruiting Zuo and Tinglong Dai), this version: March 4, 2024

• Dynamic Contracting in Asset Management under Investor-Partner-Manager Relationship (with Nizar Touzi and Ruiting Zuo), this version: December 20, 2023

• Risky Investments under Static and Dynamic Information Acquisition (with Hong Ming Tan and Chao Zhou), this version: November 12, 2023

• Do Hacker Groups Pose a Risk to Organizations? Study on Financial Institutions Targeted by Hacktivists (with Mikko Niemelä), this version: July 1, 2021

• Are Monthly Market Returns Predictable? (with Tyler Shumway and Daniel Weagley), this version: January 8, 2021

• The Impact of Volcker Rule on Bank Profits and Default Probabilities (with Sohhyun Chung and Xuchuan Yuan), this version: April 28, 2020

• Bonus Caps, Deferrals and Bankers' Risk-Taking (with Esa Jokivuolle and Xuchuan Yuan), this version: October 1, 2019

• Discrete dividend payments in continuous time (with Max Reppen and H. Mete Soner), this version: July 22, 2019

• Opaque Bank Assets and Optimal Equity Capital (with Min Dai and Shan Huang), this version: January 19, 2019

• Risk Targeting and Policy Illusions - Evidence from the Announcement of the Volcker Rule (with Josef Korte), this version: June 12, 2016

• What is the true cost of active management? A comparison of hedge funds and mutual funds (with Antti Petajisto), this version: October 28, 2013

• The credits that count: How credit growth and financial aid affect college tuition and fees (with Katharina Ley), this version: November 16, 2011

• Unintended consequences of the market risk requirement in banking regulation (with Leonard Kofman and Xu Meng), this version: March 29, 2010

• Risk, financing and the optimal number of suppliers (with Volodymyr Babich, Goker Aydin, Pierre-Yves Brunet, and Romesh Saigal), this version: May 28, 2010

• A computational scheme for the optimal strategy in an incomplete market (with Xu Meng and Michael G. Sullivan), this version: November 18, 2006

• Optimal bank capital with costly recapitalization (with Samu Peura), this version: February 4, 2005

AI applications

• X-Adapter: Adding Universal Compatibility of Plugins for Upgraded Diffusion Model (authors: Lingmin Ran, Xiaodong Cun, Jia-Wei Liu, Rui Zhao, Song Zijie, Xintao Wang, Jussi Keppo, and Mike Zheng Shou), this version: December 6, 2023

• MotionDirector: Motion Customization of Text-to-Video Diffusion Models (authors: Rui Zhao, Yuchao Gu, Jay Zhangjie Wu, David Junhao Zhang, Jiawei Liu, Weijia Wu, Jussi Keppo, and Mike Zheng Shou), this version: October 12, 2023

b) Published Papers

Learning, earning, and incentives

• "Bayesian Herd Detection for Dynamic Data," (co-authored with V. Satopää), International Journal of Forecasting, 2023. DOI link: https://doi.org/10.1016/j.ijforecast.2023.03.001

• "Evaluation of a new antiresistic strategy to manage antibiotic resistance," (co-authored with S. Chen, A. Lall, and H. M. Tan), Journal of Global Antimicrobial Resistance, 2023. DOI link: https://doi.org/10.1016/j.jgar.2023.03.006

• "Herding in Probabilistic Forecasts," (co-authored with Y. Jia and V. Satopää), Management Science, 2022. DOI link: https://doi.org/10.1287/mnsc.2022.4487

  • Runner-up for INFORMS Decision Analysis Society 2020 Student Paper Award (Yanwei Jia)

• "Learning Manipulation Through Information Dissemination," (co-authored with M. J. Kim and X. Zhang), Operations Research, 2022. DOI link: https://doi.org/10.1287/opre.2021.2209

  • Finalist for INFORMS Decision Analysis Society 2022 Student Paper Award (Xinyuan Zhang)

• "Data Sharing in Innovations," (co-authored with Z. Chen), Foundations and Trends® in Technology, Information and Operations Management, Volume 15 (edited by P. Kouvelis), now publishers, 2022. DOI link: http://dx.doi.org/10.1561/0200000102-3

• "The Impact of Ride-Hail Surge Factors on Taxi Bookings," (co-authored with S. Agarwal, B. Charoenwong, and S.-F. Cheng), Transportation Research Part C: Emerging Technologies, 2022, 136. DOI link: https://doi.org/10.1016/j.trc.2021.103508

• "Preferences of public transit commuters: Evidence from smart card data in Singapore," (co-authored with S. Agarwal, M. Diao, and T. F. Sing), Journal of Urban Economics, 2020, 120. DOI link: https://doi.org/10.1016/j.jue.2020.103288

• "Risk-Aversion and B2B Contracting under Asymmetric Information: Evidence from Managed Print Services," (co-authored with J. Ning, V. Babich, and J. Handley), Operations Research, 2018, 66, pp. 392-408. DOI link: https://doi.org/10.1287/opre.2017.1673

• "Hiring, Firing, and Relocation under Employment Protection," (co-authored with M. Dai and T. Maull), Journal of Economic Dynamics and Control, 2015, 56, pp. 55-81. DOI link: https://doi.org/10.1016/j.jedc.2015.04.005

• "Optimal Electoral Timing: Exercise Wisely and You May Live Longer," (co-authored with L. Smith and D. Davydov), Review of Economic Studies, 2008, 75, pp. 597-628. DOI link: https://doi.org/10.1111/j.1467-937X.2008.00493.x

• "The demand for information: more heat than light," (co-authored with G. Moscarini and L. Smith), Journal of Economic Theory, 2008, 138, pp. 21-50. DOI link: https://doi.org/10.1016/j.jet.2007.03.003

  Pricing, investment, and risk

• “Dynamic Contracting in Asset Management under Investor-Partner-Manager Relationship,” (co-authored with N. Touzi and R. Zuo), Operations Research, 2024. DOI link: https://doi.org/10.1287/opre.2021.0031

• “Gender Animus Can Still Exist Under Favorable Disparate Impact: a Cautionary Tale from Online P2P Lending,” (authors: X. Shen, T. Tan, T. Phan, and J. Keppo), Proceedings of the 2023 ACM Conference on Fairness, Accountability, and Transparency (FAccT ’23), 2023. DOI link: https://doi.org/10.1145/3593013.3594042

• "Microbanks in Online Peer-to-Peer Lending: A Tale of Dual Roles," (co-authored with T. Q. Phan and T. Tan), Innovative Technology at the interface of Finance and Operations, Volume II (edited by V. Babich, J. Birge, and G. Hilary), Springer Series in Supply Chain Management, Springer, 2022. Link: https://link.springer.com/chapter/10.1007/978-3-030-81945-3_9

• "Are Monthly Market Returns Predictable?" (co-authored with T. Shumway and D. Weagley), Review of Asset Pricing Studies, 2021, 11, pp. 806-836. DOI link: https://doi.org/10.1093/rapstu/raab010

• "Discrete dividend payments in continuous time," (co-authored with M. Reppen and H. M. Soner), Mathematics of Operations Research, 2021, 46, pp. 835-1234. DOI link: https://doi.org/10.1287/moor.2020.1081

• "The Role of Financial Literacy in Online Peer-to-Peer Lending: An Empirical Approach," (co-authored with X. Ran, T. Tan, and T. Q. Phan), in Proceedings of the 40th International Conference on Information Systems (ICIS 2019), Munich, Germany, December 15-18, 2019. Link: https://aisel.aisnet.org/icis2019/blockchain_fintech/blockchain_fintech/15/

• "Opaque Bank Assets and Optimal Equity Capital," (co-authored with M. Dai and S. Huang), Journal of Economic Dynamics and Control, 2019, 100, pp. 369-394. DOI link: https://doi.org/10.1016/j.jedc.2019.01.005

• "Implied Efficiency Curves from Analysis of Operational Patterns," (co-authored with S. Brelin, M.A. Lien, S.-E. Fleten, and A. Pichler), in Proceedings of the 6th International Workshop on Hydro Scheduling in Competitive Electricity Markets (edited by A. Helseth), Springer, 2019. DOI link: https://doi.org/10.1007/978-3-030-03311-8_9

• "Risk Targeting and Policy Illusions - Evidence from the Announcement of the Volcker Rule," (co-authored with J. Korte), Management Science, 2018, 64, pp. 215-234. DOI link: https://doi.org/10.1287/mnsc.2016.2583

• "What is the true cost of active management? A comparison of hedge funds and mutual funds," (co-authored with A. Petäjistö), Journal of Alternative Investments, 2014, 17, pp. 9-24. DOI link: https://doi.org/10.3905/jai.2014.17.2.009

• "The Credits that Count: How Credit Growth and Financial Aid Affect College Tuition and Fees," (co-authored with K. Best), Education Economics, 2012, pp. 1-25. DOI link: https://doi.org/10.1080/09645292.2012.687102

• "Risk Management in Electric Utilities," (co-authored with S.-E. Fleten and E. Näsäkkälä) in Handbook of Integrated Risk Management in Global Supply Chains (edited by O. Boyabatli, L. Dong, P. Kouvelis, and R. Li), John Wiley & Sons, 2012. DOI link: https://doi.org/10.1002/9781118115800.ch18

• "Risk, Financing and the Optimal Number of Suppliers," (co-authored with V. Babich, G. Aydin, P-Y. Brunet, and R. Saigal) in Supply Chain Disruptions (edited by H. Gurnani, A. Mehrotra, and S. Ray), Springer-Verlag, 2010. DOI link: https://doi.org/10.1007/978-0-85729-778-5_8

• "Unintended Consequences of the Market Risk Requirement in Banking Regulation," (co-authored with L. Kofman and X. Meng), Journal of Economic Dynamics and Control, 2010, 34, pp. 2192-2214. DOI link: https://doi.org/10.1016/j.jedc.2010.06.006

• "Optimal Consumption and Portfolio Decisions with Partially Observed Real Prices," (co-authored with A. Bensoussan and S.P. Sethi), Mathematical Finance, 2009, 19, pp. 215-236. DOI link: https://doi.org/10.1111/j.1467-9965.2009.00362.x

• "Hydropower with Financial Information," (co-authored with E. Näsäkkälä), Applied Mathematical Finance, 2008, 15, pp. 1 – 27. DOI link: https://doi.org/10.1080/13504860701852494

• "A Computational Scheme for the Optimal Strategy in an Incomplete Market," (co-authored with X. Meng and M. G. Sullivan), Journal of Economic Dynamics and Control, 2007, 31, pp. 3591-3613. DOI link: https://doi.org/10.1016/j.jedc.2006.12.006

• "Optimal bank capital with costly recapitalization," (co-authored with S. Peura), Journal of Business, 2006, 79, pp. 2163-2201. DOI link: http://dx.doi.org/10.1086/503660

• "Pricing of point-to-point bandwidth contracts," Mathematical Methods of Operations Research, 2005, 61, pp. 191-218. DOI link: https://doi.org/10.1007/s001860400401

• "Electricity load pattern hedging with static forward strategies," (co-authored with E. Näsäkkälä), special issue on Energy Pricing and Risk Management, Managerial Finance, 2005, 6, pp. 115-136. DOI link: https://doi.org/10.1108/03074350510769721

• "Pricing of Swing Options," Journal of Derivatives, 2004, 11, pp. 26-43. DOI link: https://doi.org/10.3905/jod.2004.391033

• "Modeling Electricity Forward Curve Dynamics in the Nordic Market," (co-authored with N. Audet, P. Heiskanen, and I. Vehviläinen) in Modeling Prices in Competitive Electricity Markets (edited by D. W. Bunn), Wiley Series in Financial Economics, 2004. ISBN: 978-0-470-84860-9

• "Timing of investments in oligopoly under uncertainty: A framework for numerical analysis," (co-authored with P. Murto and E. Näsäkkälä), European Journal of Operational Research, 2004, 157, pp. 486-500. DOI link: https://doi.org/10.1016/S0377-2217(03)00234-0

• "Real Options and a Large Producer: the Case of Electricity Markets," (co-authored with H. Lu), Energy Economics, 2003, 25, pp. 459-472. DOI link: https://doi.org/10.1016/S0140-9883(03)00048-3

• "Optimality with telecommunications network," IMA Journal Management Mathematics, 2003, 13, pp. 211-224. DOI link: https://doi.org/10.1093/imaman/13.3.211

• "Managing electricity market price risk," (co-authored with I. Vehviläinen), European Journal of Operational Research, 2003, 145, pp. 136-147. DOI link: https://doi.org/10.1016/S0377-2217(01)00399-X

• "Option pricing for large agents," (co-authored with M. Jonsson), Applied Mathematical Finance, 2002, 9, pp. 261-272. DOI link: https://doi.org/10.1080/1350486022000025471

• "Optimality with hydropower system," IEEE Transactions on Power Systems, 2002, 3, pp. 583-589. DOI link: https://doi.org/10.1109/MPER.2002.4312286

• "A Game Model of Irreversible Investment under Uncertainty," (co-authored with P. Murto), International Game Theory Review, 2002, 4, pp. 127-140. DOI link: https://doi.org/10.1142/S0219198902000604

• "The impact of delivery lags on irreversible investment under uncertainty," (co-authored with L. Alvarez), European Journal of Operational Research, 2002, 136, pp. 173-180. DOI link: https://doi.org/10.1016/S0377-2217(01)00057-1

• "Optimal portfolio hedging with nonlinear derivatives and transactions costs," (co-authored with S. Peura), Computational Economics, 1999, 13, pp. 117-145. DOI link: https://doi.org/10.1023/A:1008651416896

• "Pricing of electricity tariffs in competitive markets," (co-authored with M. Räsänen), Energy Economics, 1999, 21, pp. 213-223. DOI link: https://doi.org/10.1016/S0140-9883(99)00005-5

• "Calling for the true margin," Applied Financial Economics, 1997, 7, pp. 207-212. DOI link: https://doi.org/10.1080/096031097333781

  AI applications

• "DR-FER: Discriminative and Robust Representation Learning for Facial Expression Recognition," (authors: M. Li, H. Fu, S. He, H. Fan, J. Liu, J. Keppo, M. Z. Shou), IEEE Transactions on Multimedia, 2023. DOI link: https://doi.org/10.1109/TMM.2023.3347849

• "Transdiagnostic Clustering of Self-Schema from Self-Referential Judgements identifies subtypes of healthy Personality and Depression," (authors: G. C. Tan, Z. Wang, R. J. M. Ong, D. Lee, N. Rane, S. Y. X. Tey, S. Y. Chua, N. S. E. Goh, G. W. Lam, A. Chakraborty, A. K. L. Yew, S. K. Ong, J. L. Kee, X. Y. Lim, N. Hashim, S. H. Lu, M. J. Meaney, S. Tolomeo, C. L. Asplund, H. M. Tan, J. Keppo), Frontiers in Neuroinformatics, 2023. Link: https://www.frontiersin.org/articles/10.3389/fninf.2023.1244347/abstract

• "Comparing feature selection and machine learning approaches for predicting CYP2D6 methylation from genetic variation," (authors: W. J. Fong, H. M. Tan, R. Garg, H. Pan, V. Gupta, B. Krishna, Z. H. Chen, N. Y. Purwanto, F. Yap, K. H. Tan, K. Y. Chan, S.-Y. Chan, N. Goh, N. Rane, M. Han, M. J. Meaney, D. Wang, J. Keppo, and G. C. Tan), Frontiers in Neuroinformatics, 2023. Link: https://www.frontiersin.org/articles/10.3389/fninf.2023.1244336/abstract

• "STPrivacy: Spatio-Temporal Privacy-Preserving Action Recognition," (authors: M. Li, X. Xu, H. Fan, P. Zhou, J. Liu, J.-W. Liu, J. Li, J. Keppo, M. Z. Shou, and S. Yan), Proceedings of the IEEE/CVF International Conference on Computer Vision (ICCV), 2023, pp. 5106-5115. Link: https://openaccess.thecvf.com/content/ICCV2023/html/Li_STPrivacy_Spatio-Temporal_Privacy-Preserving_Action_Recognition_ICCV_2023_paper.html

• "DeVRF: Fast Deformable Voxel Radiance Fields for Dynamic Scenes," (authors: J. W. Liu, Y. P. Cao, W. Mao, W. Zhang, D. J. Zhang, J. Keppo, Y. Shan, X. Qie, and M. Z. Shou), Thirty-sixth Conference on Neural Information Processing Systems (NeurIPS), 2022. Link: https://openreview.net/pdf?id=Pu-QtT0h2E

• "Project IDentif.AI: Harnessing Artificial Intelligence to Rapidly Optimize Combination Therapy Development for Infectious Disease Intervention," (authors: A. Abdulla, B. Wang, F. Qian, T. Kee, A. Blasiak, Y. H. Ong, L. Hooi, F. Parekh, R. Soriano, G. G. Olinger, J. Keppo, C. L. Hardesty, E. K. Chow, D. Ho, and X. Ding), Advanced Therapeutics, 2020. DOI link: https://doi.org/10.1002/ADTP.202000034