Most of the peer reviewed articles below can be downloaded at http://www.academia.edu. If you need a paper not accessible from academia.edu, please contact the author

[1] Östermark, R.: Sensitivity analysis of fuzzy linear programs: An approach to parametric interdependence, Kybernetes 16, 1987, pp. 113-120.

[2] Östermark, R.: A graphical DSS for conflict zone analysis of commercial bank environment, In: DSS Transactions 1987, 15 p. Presented at the DSS-87 Conference in San Fransisco, California.

[3] Kasanen, E. and R. Östermark: The managerial viewpoint in interactive programming with multiple objectives, Kybernetes 16, 1987, pp. 235-240.

[4] Östermark, R.: Optimal compromising within a multicriterial conflict zone, European Journal of Operational Research 35, 1988, pp. 255-262.

[5] Östermark, R.: Aspiration profile preserving compromising within a multicriterial conflict zone, European Journal of Operational Research 35, 1988, pp. 263-270.

[6] Östermark, R.: Profit apportionment in concerns with mutual ownership. An application of fuzzy inequalities, Fuzzy Sets and Systems 26, 1988, pp. 283-297.

[7] Östermark, R. and H. Salmela: Connecting expert system features to a multiple criteria programming based decision support system, Computational Economics 1, 1988, pp. 175-188.

[8] Carlsson, C. and R. Östermark: Interactive heuristics vs. Optimization as planning strategies, In: Polska Akademia Nauk Instytut Badan Systemowych. Methodology and Applications of Decision Support Systems. Proceedings of the 3rd Polish-Finnish Symposium Gdansk-Sobieszewo, Poland, September 26-29, 1988. Editor: Roman Kulikowski.

[9] Östermark, R.: Predictability of Finnish and Swedish stock returns, OMEGA - International Journal of Management Science 17:3, 1989, pp. 223-236.

[10] Östermark, R.: Arbitrage pricing models for two Scandinavian stock markets, OMEGA - International Journal of Management Science 17:5, 1989, pp. 437-447.

[11] Östermark, R.: Fuzzy linear constraints in the capital asset pricing model, Fuzzy Sets and Systems 30, 1989, pp.93-102.

[12] Östermark, R. and E. Kasanen: Visualization of financial planning models. The case of MCDM in commercial banking, Kybernetes 18:2, 1989, pp. 39-46.

[13] Kasanen, E., M. Zeleny, and R. Östermark: Gestalt system of holistic graphics: New management support view of MCDM, In Lockett, A.G., Islei, G. (Eds.): Improving Decision Making in Organisations. Lecture Notes in Economics and Mathematical Systems. Springer-Verlag, Berlin Heidelberg 1989.

[14] Östermark, R.: Portfolio efficiency of univariate time series models, OMEGA - International Journal of Management Science 18:2, 1990, pp. 159-169.

[15] Östermark, R.: A super criterion for testing portfolio efficiency. Empirical evidence on Finnish stock data, European Journal of Operational Research 46:3, 1990, pp. 304-312.

[16] Östermark, R.: Portfolio efficiency of APT and CAPM in two Scandinavian stock exchanges, OMEGA - International Journal of Management Science 18:4, 1990, pp. 433-444.

[17] Östermark, R.: Vector forecasting and dynamic portfolio selection. Empirical efficiency of recursive multiperiod strategies, European Journal of Operational Research 55, 1991, pp. 46-56.

[18] Höglund, R. and R. Östermark: Automatic ARIMA modelling by the cartesian search algorithm, The Journal of Forecasting 10, 1991, pp. 465-476.

[19] Östermark, R.: Empirical evidence on the CAPM in two Scandinavian stock exchanges, OMEGA - International Journal of Management Science 19:4, 1991, pp. 223-234.

[20] Östermark, R.: A chance-constraint programming approach to the CAPM, Kybernetes - The International Journal of Systems & Cybernetics 20:5, 1991, pp. 42-49.

[21] Kasanen, E., M. Zeleny, and R. Östermark: Gestalt system of holistic graphics: New management support view of MCDM, Computers and Operations Research 18:2, 1991, pp.233-239.

[22] Östermark, R. and J. Aaltonen: Recursive portfolio management. Large-scale evidence from two Scandinavian stock markets. Computational Economics 5, 1992, pp. 81-103.

[23] Östermark, R.: Solving a linear multiperiod portfolio problem by interior point methodology, Computational Economics 5, 1992, pp. 283-302.

[24] Kasanen E., J. Kinnunen, R. Östermark, and J. Aaltonen: The performance of a newly emerged mutual fund industry on a thin security market: Empirical evidence from Finland, International Review of Financial Analysis 1:2, 1992, pp. 149-160.

[25] Östermark, R.: Portfolio efficiency of a dynamic capital asset pricing model. Empirical evidence on Finnish and Swedish stock data, Empirical Economics 18, 1993, pp. 75-93.

[26] Höglund, R. and R. Östermark: Multiple input transfer function noise modelling in the time and frequency domain: Empirical evidence from Monte Carlo simulations, Journal of Applied Statistics 20:1, 1993, pp. 69-93.

[27] Höglund, R. and R. Östermark: Modelling VARMAX-processes by extended sample autocorrelation and linear regression techniques.Åbo Akademi University A:347, 1991. Presented at the Third Finnish-Soviet Symposium on Probability Theory and Mathematical Statistics, Turku 08/1991. In: Frontiers in Pure and Applied Probability. Edited by: H Niemi, G HÖgnäs, A.N Shiryaev, A.V. Melnikov, TVP Sci. Publ., Moscow, Russia 1993.

[28] Östermark, R. and R. Höglund: Identification of multiple input transfer function noise models - a regression approach. Part I: Theory, Kybernetes 22:4, 1993, pp. 47-53.

[29] Östermark, R. and R. Höglund: Identification of multiple input transfer function noise models - a regression approach. Part II: Results and conclusions, Kybernetes 22:7, 1993, pp. 16-36.

[30] Östermark, R. and J. Aaltonen: The economic value of stocks and call options on the Swedish financial market, European Journal of Operational Research 74, 1994, Special issue in Financial Modelling, pp. 359-377.

[31] Östermark, R.: Using neural nets in modelling vector-time series, Kybernetes 23:9, 1994, pp. 12-22.

[32] Östermark, R. and M. Saarinen: Parallel implementation of a VARMAX - algorithm. Practical aspects and experiences, Parallel Computing 20, 1994, pp. 1711-1720.

[33] Östermark, R. and C. Carlsson: Approximate reasoning and fuzzy neural networks, Proceedings of Eufit '94, Second European Congress on Intelligent Techniques and Soft Computing, Aachen, Germany, September 20-23,1994, Volume 2, pp. 847-852.

[34] Östermark, R. and H. Hernesniemi: The impact of information timeliness on the predictability of stock index and stock index futures returns. An application of vector models, European Journal of Operational Research 85:1,1995, pp. 111-131.

[35] Östermark, R.: Modelling dynamic systems with biased regression and spectral methods. Comparative evidence in the time and frequency domains, Kybernetes 24:6, 1995.

[36] Östermark, R. and J. Aaltonen: The structural relationship between financial ratios and capital asset pricing,International Journal of Systems Science 26:5,1995, pp. 1129-1152.

[37] Östermark, R. and J. Aaltonen: Testing the relevance of accounting numbers in security valuation: A structural model with Scandinavian data, Applied Financial Economics 5, 1995, pp. 229-234.

[38] Östermark, R., T. Martikainen, and J. Aaltonen: The predictability of Finnish stock index futures and cash returns by derivatives volume, Applied Economics Letters 2, 1995, pp. 391-393.

[39] Östermark, R. and M. Aoki: State space modelling and spectral analysis of cointegrating vector processes. Evidence from the U.S. and Scandinavian economies, International Journal of Systems Science 26:12, 1995, pp. 2327-2353.

[40] Östermark, R.: A flexible multicomputer algorithm for artificial neural networks, Neural Networks 9:1, 1996, pp. 169-178.

[41] Östermark, R.: Separating trend and cyclical dynamics in state space models with exogenous inputs, Statistics and Computing 6, 1996, pp. 3-10.

[42] Östermark, R.: A fuzzy control model (FCM) for dynamic portfolio management, Fuzzy Sets and Systems 78, 1996, pp. 243-254.

[43] Saxén, H. and R. Östermark: State realization with exogenouos variables. A case study on blast furnace data, European Journal of Operational Research 89, 1996, pp. 34-52.

[44] Östermark, R. and H. Saxén: VARMAX - modeling of blast furnace process variables, European Journal of Operational Research 90, 1996, pp. 85-101.

[45] Östermark, R. and M. Saarinen: A multiprocessor interior point algorithm, Kybernetes 25:4, 1996, anniversary issue Studies in Systems and Cybernetics, pp. 84-100.

[46] Östermark, R.: Forecasting and statistical models, in: Malcolm Warner (Chief ed.): International Encyclopedia of Business and Management. Routledge, Business Reference, 1996, pp. 1480-1486.

[47] Östermark, R.: Modelling cointegrated processes by a vector-valued state space algorithm. Evidence on the impact of Japanese stock prices on the Finnish derivatives market. In Masanao Aoki and Arthur M. Havenner (Eds.): Applications of Computer Aided Time Series Modelling. Lecture Notes in Statistics 119, Springer-Verlag, New York, NY, 1997, pp. 141-179.

[48] Östermark, R.: Temporal interdependence in fuzzy MCDM problems, Fuzzy Sets and Systems 88:1, 1997, pp. 69-79.

[49] Östermark, R. and R. Höglund: Multivariate EGARCHX- modelling of the international asset return signal response mechanism, International Journal of Finance & Economics 2:3, 1997, pp. 249-262.

[50] Aaltonen, J. and R. Östermark: A rolling test of Granger causality between the Finnish and Japanese security markets, Omega 25:6, 1997, pp. 635-642.

[51] Höglund, R. and R. Östermark: Recursive least squares modelling: Empirical evidence from Finnish and Japanese markets. Kybernetes 26:8, 1997, pp. 893-907.

[52] Östermark, R.: Multivariate Granger causality in international asset pricing, Applied Financial Economics 8, 1998, pp. 67-72.

[53] Aaltonen, J. and R. Östermark: Mixed Markov modelling of financial success. Empirical evidence with Swedish data, Kybernetes 27:1, 1998, pp. 54-70.

[54] Östermark, R. and J. Aaltonen: Comparing mathematical, statistical and artificial intelligence based techniques in bankruptcy prediction. Accounting & Business Review 5:1, 1998, pp. 95-120.

[55] Östermark, R.: Call option pricing and replication under economic friction, European Journal of Operational Research 108:1, 1998, pp. 184-195.

[56] Östermark, R. and R. Höglund; Addressing the multigroup discriminant problem using multivariate statistics and mathematical programming , European Journal of Operational Research 108:1, 1998, pp. 224-237.

[57] Östermark, R.: A recursive partitioning algorithm for matrix inversion on parallel computers, Kybernetes 27:5, 1998, pp. 496-510.

[58] Östermark, R.: Solving irregular econometric and mathematical optimization problems with a genetic hybrid algorithm. Computational Economics 13:2, 1999, pp. 103-115.

[59] Östermark, R.: Solving a nonlinear nonconvex trim loss problem with a genetic hybrid algorithm, Computers & Operations Research 26, 1999, pp. 623-635.

[60] Östermark, R.: A fuzzy neural network algorithm for multigroup classification, Fuzzy Sets and Systems 105:1, July 1999, pp. 113-122.

[61] Östermark, R. and J. Aaltonen: Comparison of univariate and multivariate Granger causality in international asset pricing. Evidence from Finnish and Japanese financial economies, Applied Financial Economics 9, 1999, pp. 155-165.

[62] Östermark, R.: Structural modelling of global capital asset pricing, International Journal of Systems Science 30:6, 1999, pp. 601-610.

[63] Östermark, R. and J. Aaltonen: Comparing the causality patterns between some Scandinavian stock returns and global return factors, International Journal of Systems Science 30:6, 1999, pp. 611-626.

[64] Östermark, R. and R. Höglund: Simulating competing cointegration tests in a bivariate system, Journal of Applied Statistics 26:7, 1999, pp. 831-846.

[65] Östermark, R. and J. Aaltonen: Competing transformation models. Part I: Methodology: Part II: Empirical results, Kybernetes 28:4, 1999, pp. 441-460. Abstract

[66] Östermark, R. and K. Söderlund: A multiperiod firm model for strategic decision support, Kybernetes 28:5, 1999, pp. 538-556.

[67] Östermark, R., R. Höglund, and H. Saxén: Estimating system response to a regime shift. Some evidence on international asset pricing, Kybernetes 28:6/7, 1999, pp. 732-752.

[68] Östermark, R.: Forecasting stock returns with reference to global capital asset pricing forces, Kybernetes 28:9, 1999, pp. 1027-1041.

[69] Östermark, R.: A Neuro-genetic algorithm for heteroskedastic time series processes, Soft Computing 3:4, 1999, pp. 206-220.

[70] Östermark, R.: Monte Carlo tests of cointegration in a bivariate normal common factor system, Applied Financial Economics 10, 2000, pp. 81-93.

[71] Östermark, R.: A flexible multicomputer algorithm for elementary matrix operations, Computers & Operations Research 27, 2000, pp. 245-268.

[72] Östermark, R.: The forecasting performance of cartesian ARIMA search and a vector-valued state space model, Kybernetes 29:1, 2000, pp. 83-103.

[73] Östermark, R.: Multiple input transfer function noise modelling in the time domain. Empirical evidence on Scandinavian stock data, Kybernetes 29:3, 2000, pp. 355-380.

[74] Östermark, R: A hybrid genetic fuzzy neural network algorithm designed for classification problems involving several groups, Fuzzy Sets and Systems 114:2, 2000, pp. 311-324.

[75] Östermark, R., H. Skrifvars, and T. Westerlund: A nonlinear mixed integer multiperiod firm model, International Journal of Production Economics 67, 2000, pp. 183-199.

[76] Östermark, R. and R. Höglund, R.: Monte Carlo tests of cointegration with structural breaks, Kybernetes 29:9/10, 2000, pp. 1284-1297.

[77] Wang, P.Z., R. Östermark, R. Alex, and S.H. Tan: Using fuzzy bases to resolve non-linear programming problems, Fuzzy Sets and Systems 117:1, 2001, pp. 81-93.

[78] Östermark, R.: New tests with a parallel genetic hybrid algorithm, Kybernetes 30:2, 2001, pp. 193-203.

[79] Wang, P.Z., R. Östermark, R. Alex, and S.H. Tan: A fuzzy linear basis algorithm for nonlinear separable programming problems, Fuzzy Sets and Systems 119:1, 2001, pp. 21-30.

[80] Östermark, R.: Multivariate cointegration analysis of the Finnish-Japanese stock market. European Journal of Operational Research 134:3, 2001, pp. 498-507..

[81] Wang, P.Z., R. Östermark, R. Alex, and S.H. Tan: Polyhedral representation of fuzzy linear bases. Soft Computing. A Fusion of Foundations, Methodologies and Applications 5:3, June 2001, pp 208-214. Springer Verlag. Available online at http://link.springer.de link.springer-ny.com.

[82] Östermark, R.: Genetic modelling of multivariate EGARCHX-processes. Evidence on the international asset return signal response mechanism. Computational Statistics & Data Analysis, 38:1, November 2001, pp 71-94..

[83] Östermark, R.: Automatic detection of parsimony in heteroskedastic time series processes. Empirical tests on global asset returns with parallel geno-mathematical programming, Soft Computing 6:1, 2002, pp. 45-63..

[84] Östermark, R.: Designing a superstructure for parametric search for optimal search spaces in non-trivial optimization problems, Kybernetes 31:2, 2002, pp. 255-281.

[85] Östermark, R.: A flexible Genetic Hybrid Algorithm for nonlinear mixed-integer programming problems, Evolutionary Optimization 1:1, 2002, pp. 41-52.

[86] Höglund, R. and R. Östermark: Size and power of some cointegration tests under structural breaks and heteroskedastic noise. Statistical Papers 44, 1-22, 2003.

[87]  Östermark, R.: A multipurpose parallel Genetic Hybrid Algorithm for nonlinear nonconvex programming problems. European Journal of Operational Research,152, 195-214, 2003.

2004

[88] Östermark, R., J. Aaltonen, H. Saxén, and K. Söderlund: Nonlinear modelling of the Finnish banking and finance branch index, European Journal of Finance 10, 2004, pp. 277-289.

2005

[89] Östermark, R.: Dynamic Portfolio Management under Competing Representations. Kybernetes. The International Journal of Systems and Cybernetics. 34, No 9/10, 2005, pp. 1517-1550.

2007

[90] Östermark, R.: A flexible platform for mixed-integer non-linear programming problems. Kybernetes. The International Journal of Systems and Cybernetics. 36, No 5/6, 2007, pp. 652-670.

[1] Pitkän tähtäyksen strateginen tilinpäätössunnittelumalli (A long term strategic planning model). Presented at European IFPS User's Group Meeting, Amsterdam 1983. In: European IFPS User's Group Proceedings, 11, 1983, 14 p.

[2] Pienyrityksen verosuunnittelumahdollisuudet (Tax planning aspects of small scale business), Valtakunnallinen Pienyritysseminaari tutkijoille ja yrittäjille. Discussion Paper. Helsinki School of Business Economics, 7-8.10.1983, 14 p.

[3] Östermark, R. and E. Kasanen: A graphical decision support system for multiobjective financial modeling, Turku School of Economics, 1985. Presented at the EURO VII Conference in Lissabon, Portugal 09/1986.

[4] Östermark, R. and R. Höglund: The cartesian ARIMA search algorithm. Åbo Akademi University's series, A:261. Presented at The Nordic Congress on Mathematical Statistics, Åbo, June 1988, and The Eighth International Symposium on Forecasting, Amsterdam, June 1988.

[5] Höglund, R. and R. Östermark: Identification of multiple input transfer function noise models - a regression approach, Åbo Akademi University's series, A:298, 1990. Presented at IFORS 90, the 12th Triennal Conference on Operations Research, Athens, Greece, June 25 - 29, 1990.

[6] Östermark, R. and R. Höglund: Multiple input transfer function noise modelling: a time and frequency domain algorithm, Åbo Akademi's series 1991, A:323. Presented at IFORS'90 - 12th Triennal Conference on Operations Research Athens, June 25-29 1990, Hotel Athenaeum Intercontinental.

[7] Östermark, R. and M. Aoki: Time series evidence of impacts of the U.S. economy on the Scandinavian economy (by state space modeling), Åbo Akademi University, Ser. A:372, 1992. Presented at IFAC Workshop on Economic Time Series Analysis and Systems Identification, Vienna, July 1-3, 1992.

[8] Östermark, R. and J. Aaltonen: The efficiency of recursive investment strategies for a combined portfolio of stocks and call options. Empirical evidence on the Swedish stock market, Åbo Akademi University's series. A:377, 1992. Presented at the EURO XII/TIMS XXXI Joint International Conference, New Technologies for New Management, Helsinki, Finland, June 29-July 1 1992.

[9] Aaltonen, J. and R. Östermark: Predictability of financial distress in Finnish conditions, Åbo Akademi University. Meddelanden frÅn Ekonomisk-Statsvetenskapliga Fakulteten vid Åbo Akademi, Ser. A:388, 1992. Presented at the 16th Annual Congress of the European Accounting Association, Turku School of Economics, Finland, April 28-30, 1993.

[10] Höglund, R. and R. Östermark: Modelling heteroscedasticity in time series. Presented at the Fourteenth International Symposium on Forecasting, Stockholm, Sweden, June 12-15, 1994.

[11] Östermark, R. and R. Höglund: Lead-lag relations and cointegration in two Scandinavian stock markets, Åbo Akademi University, Department of Statistics, Ser. A:376, 1992, 25 p. Presented at The symposium on computer-aided time-series modelling. Själö, Finland, 1994.

[12] Höglund, R. and R. Östermark: Recursive least squares modelling. Empirical evidence from the Finnish and Japanese markets. Presented at the 75th Anniversary Meeting of the Finnish Statistical Society, Helsinki, Finland, November 6-8, 1995.

[13] Nihtilä, K., C. Sundqvist, K. Söderlund, and R.Östermark: Developing robust computer assisted learning systems, Presented at ASCILITE'95, The 12th Annual Conference of the Australian Society for Computers in Learning in Tertiary Education, December 4-6, 1995, Melbourne, Australia.

[14] Östermark, R. and C. Sundqvist: A parallel interior point algorithm. Accepted as a poster in HPCN Europe '96.

[15] A fuzzy neural network algorithm for multigroup classification . Proceedings of the ERUDIT European Symposium on Intelligent Techniques, Bari, Italy, March 20-21, 1997, pp. 239-243.

[16] Aaltonen, J. and R. Östermark: Multiple-input rolling Granger-causality between the Finnish stock return and global factor representing portfolios. Presented at the 5th Annual Conference of the Multinational Finance Society, Helsinki, Finland, June 24-27, 1998.

[17] Skrifvars, H., I. Harjunkoski, R. Östermark, and T. Westerlund: Comparison of solving non-convex NLP and MINLP problems with applications in process design. Presented at the 2nd International Conference on Engineering Design and Automation (ED&A '98), Aston Wailea Resort, Maui, Hawaii, August 9-12, 1998.

[18] A multipurpose parallel Genetic Hybrid Algorithm for nonlinear nonconvex programming problems. In: Theory of Stochastic Processes 5(21), No 1-2, 1999. ISSN 0321-3900. Proceedings of the Second International School on Actuarial and Financial Mathematics, Kiev, June 8-12, 1999.

[19] Brännback, M., Östermark, R., Carsrud, A., Renko, M., Aaltonen, J. Is it a lemon or a cherry? Markov modeling of entrepreneurial growth and profitability.  Accepted for Babson June 4-6 2009.

[1] Tilinpäätöksen merkitys tytäryhtiöfuusiossa (The impact of financial statements on subsidiary mergers), Tilintarkastus-Laskentatoimi-Revision-Redovisning, 4, 1982, joint paper with Juhani Geitel, 14 p.

[2] Poistokelpoisen käyttöomaisuusinvestoinnin nykyarvo-malli (A present value model for depreciable fixed asset investments), The Finnish Journal of Business Economics, 01, 1983, 11 p.

[3] Arvonkorotusrahaston kirjaaminen ja käyttö, Verotus, 2, 1984, 5 p.

[4] Arvonkorotusrahaston peruuttaminen, Verotus, 3, 1984, 5 p.

[5] DSS - filosofia yrityssuunnittelussa, Tilisanomat 5, 1985, 2 p.

[6] On the relationship between the empirical market line on Finnish data and international evidence, The Finnish Journal of Business Economics, 3, 1987, pp. 244-249.

[7] Kapitalmarknadsmodeller och portföljeffektivitet, Åbo Akademi University 03/1989. Ekonomiska Samfundets Tidskrift, nr 2, 1989, pp. 101-112.

[8] Analys av aktiemarknadsmodeller, Lectio praecursoria vid disputation vid Åbo Akademi den 11 maj 1990. Ekonomiska Samfundets Tidskrift nr 4, 1990, pp 311-314.

[9] Informationsteknologin utmanar ÅAs redovisningsekonomer. Åbo Underrättelser, onsdag 8.1.1997, p. 4.

[10] Gjorde Finlands Bank rätt? Åbo Underrättelser, onsdag 17.9.1997, p. 4.

[11] A Flexible multicomputer algorithm for elementary matrix operations. CSC News, p. 25-27, October 1997.

2005

[12] Om metoder i modern redovisning och finansiering. Åbo Underrättelser, fredag 29.4.2005, p. 4.

2010

[13] Östermark R, Brännback M. Fuusiolainsäädäntömme ei kaikin osin ole ajantasainen. Turun Sanomat, lauantai 23.1.2010, s. 2.

[14] Östermark R, Brännback M. Räcker fusionslagstiftningen till vid spekulativa företagskap? Forum för Ekonomi och Teknik, nr 1/10, 28.1.2010

[15] Östermark R. Fusionslagstiftningen och spekulativa företagskap. Åbo Underrättelser, fredag 29.1.2010, s. 5.

[16] Svårt hitta rätt i placeringsdjungeln. Temaintervju tillsammans med lektor Jaana Aaltonen och studerandena Anna Jaakkola, Anders Lindgren. Åbo Underrättelser, fredag 29.1.2010, s. 15.

[17] Östermark R, Effekten av LBO i företagsköp. Forum för Ekonomi och Teknik, nr 3/10, 19.3.2010, s. 14.

2011

[18] Östermark R, Tillväxtpotential och indikatorer för ekonomisk recession i internationell portföljförvaltning. Föredrag hållet vid Finska Vetenskaps-Societetens sammanträde den 17 januari 2011. Ingår i: Sphinx årsbok 2010-2011

[19] Östermark R, High-performance computing in accounting and finance. Keynote lecture given at the summer school on parallel computing at the Centre of Scientific Computing in Espoo, 23.5.2011.

[20] Östermark R, Vill minimera ekonomiska risker med superdatorn. Temaintervju. Åbo Underrättelser, lördag 28.5.2011, s. 20.

[21] Östermark R, Hägen N, Tunga beräkningar och snabba datorer. Meddelanden från Åbo Akademi nr 17, 24.11.2011.

[22] Östermark R, En Natokommentar. Åbo Underrättelser, tisdag 18.3.2014, s. 5.

[23] Östermark R, Valtio petti piensijoittajat. Arvopaperi, haastattelu perjantaina 13.3.2015.

[24] Erola M, Valtio olikin riski Talvivaarassa. Viisas Raha 3/2015. Osakesäästäjien Keskusliitto. Haastattelu.

[25] Östermark R, Rationell placerings-verksamhet baserad på värdepapprens tillväxtpotential. Forum för Ekonomi och Teknik, 25.5. http://www.forummag.fi/rationell-placerings-verksamhet-baserad-pa-vardepapprens-tillvaxtpotential/

[26] Suomalaisprofessorin salkkumalli päihittää indeksin. Arvopaperi, 26.5.

 https://www.arvopaperi.fi/kaikki_uutiset/suomalaisprofessorin-salkkumalli-paihittaa-indeksin-6726842

[27] Östermark R, Suomalaisprofessorin salkkumalli tuottaa tehokkaita sijoitussuosituksia. Salkunrakentaja, 26.5. https://www.salkunrakentaja.fi/2018/05/salkkumalli-tehokkaat-sijoitussuositukset/

[28] Östermark R, Yritysjohdon päätöksenteon tukijärjestelmien modernit periaatteet. Turun Sanomat, 12.6. http://www.ts.fi/mielipiteet/aliot/3981873/Yritysjohdon+paatoksenteon+tukijarjestelmien+modernit+periaatteet

[29] Östermark R, Paradigmskifte inom beslutsstöd för modern företagsledning. Forum för Ekonomi och Teknik, 14.6. http://www.forummag.fi/paradigmskifte-inom-beslutsstod-modern-foretagsledning/

[30] Östermark R, Executive decision support for modern business management. @CSC news, 20.6.

 https://www.csc.fi/web/atcsc/-/executive-decision-support-for-modern-business-management

[31] Östermark R, Tekoälypohjainen salkkumalli RMP arvioi kilpailevien ennustemallien ja salkkusuositusten downside riskiä suurteholaskennan menetelmin. Piksu.net 28.6. https://www.piksu.net/artikkeli/teko%C3%A4lypohjainen-salkkumalli-rmp-arvioi-kilpailevien-ennustemallien-ja-salkkusuositusten

[1] Finalismi ja yrityskybernetiikka (Finalism and Managerial Cybernetics). Working paper, Turku School of Business Economics 1983, 30 p.

[2] Strategisk bokslutsplanering (Strategic financial planning), Åbo Akademi University, Department of Business Administration, Working paper 95, 1984, 79 p.

[3] Portfolio simulation. A DSS approach to portfolio analysis, Åbo Akademi University, Department of Business Administration, Working paper 96, 1984, 132 p.

[4] Prioritering av bokslutsdispositioner. En kombinerad simulerings- och optimeringsansats, Åbo Akademi University, Department of Business Administration, Working paper 97, 1984, 56 p.

[5] Internationell finansiering med multipla valutor. En explorativ studie av kursdifferensredovisningens internlogik, Åbo Akademi University, Department of Business Administration, Working paper 102, 1985, 57 p.

[6] Synpunkter pÅ juridisk beslutslogik. En analys av metanormers beslutsdimensioner, Åbo Akademi University's series 1986, 52 p.

[7] General premises for DSS-oriented corporate planning, Åbo Akademi University, Department of Business Administration, Working paper 1986, 27 p.

[8] Räntedifferentiering och kreditransonering. Stokastiska optimalitetsvillkor för räntereglerade monopolbanker, Åbo Akademi University's Series, 1986, 23 p.

[9] Linear goal and multiobjective programming in financial planning. Theoretical observations and a set of applications, Åbo Akademi University's Series, 1986, 113 p.

[10] Designing financial model architectures. A study of managerial decision support, Turku School of Business Economics, 1986, 30 p.

[11] Partialmodeller för beslutsstödande redovisningssystem (Partial models of accounting systems for decision support), Åbo Akademi University's Series, 1986, 186 p.

[12] Privatdepositioners utvecklingsprocess och ekonometriska determinanter, Åbo Akademi University's Series 1986, 70 p.

[13] Optimal compromising within a multicriterial conflict zone, Åbo Akademi University, Department of Business Administration, Working paper, 1986, 34 p.

[14] Aspiration profile preserving compromising within a multicriterial conflict zone, Åbo Akademi University, Department of Business Administration, Working paper, 1986, 33 p.

[15] Parametrisk sensitivitetsanalys av kömodellen(M/M/C) : (GD/¥/¥), Turku School of Economics, 1987, 10 p.

[16] A computerized approach to Keynesian economics, Åbo Akademi University's Series, 1987, 75 p.

[17] Empirical testing of the arbitrage pricing theory on the Finnish stock market, Åbo Akademi University, Department of Business Administration, Working paper, 140, 03/1989.

[18] A Chance-constraint programming approach to the CAPM, Åbo Akademi University, Department of Business Administration, Working paper, 119, 02/1988.

[19] Portfolio efficiency of the Capital Asset Pricing Model based on Kalman filtered beta estimates, Åbo Akademi University, Department of Business Administration, Working paper, 120, 02/1988

[20] Connecting expert system features to a multiple criteria. programming based DSS, Working paper, 121, 03/1988

[21] Carlsson C, Östermark, R. Interactive heuristics vs. optimization as planning strategies, Working paper, 128, 10/1988.

[22] Östermark R, Höglund R. The Cartesian ARIMA search algorithm. Meddelanden från Eonomisk-Statsvetenskapliga Falulteten vid Åbo Akademi. Statistiska Institutionen Ser A:261.

[23] Efficient time series models of Finnish stock returns obtained with a Cartesian ARIMA search algorithm. Åbo Akademi University, Department of Business Administration, Working paper, 129, 02/1988

[24] Predictability of individual stock returns on the Finnish and Sewdish stock markets. Åbo Akademi University, Department of Business Administration, Working paper, 130, 10/1988

[25] Portfolio efficiency of univariate time series models. Empirical evidence on Finnish and Swedish stock data. Åbo Akademi University, Department of Business Administration, Working paper, 131, 11/1988

[26] Empirical evidence on the CAPM in two Scandinavian stock exchanges. Åbo Akademi University, Department of Business Administration, Working paper, 133, 11/1988

[27] Arbitrage pricing models for two Scandinavian stock markets. Åbo Akademi University, Department of Business Administration, Working paper, 134, 11/1988.

[28] Aaltonen J, Östermark R. Multiple-Input Rolling Granger-causality between the Finnish Stock return and global factor representing portfolios. Department of Business Administration, Unpublished working paper ,1998.

[29] Portfolio efficiency of APT and CAPM in two Scandinavian stock exchanges. Åbo Akademi University, Department of Business Administration, Working paper, 135, 11/1988.

[30] Portfolio efficiency of a dynamic Capital Asset Pricing Model. Empirical Evidence on Finnish and Swedish stock data. Meddelanden från Ekonomisk-Statsvetenskapliga Fakulteten vid Åbo Akademi Ser. A:271, 1988.

1989

[31] Östermark R, Kasanen E. Visualization of financial planning models. The case of MCDM in commercial banking. Åbo Akademi University, Department of Business Administration, Working paper, 137, 01/1989

[32] Portfolio efficiency of Capital Asset Pricing Models. Empirical evidence and theoretical extensions. Åbo Akademi University, Department of Business Administration, Working paper, 138, 01/1989

[33] Empirical evidence on the dynamics of economic forces on a tin stock market. Åbo Akademi University, Department of Business Administration, Working paper, 140, 03/1989

[34] Vector forecasting and dynamic portfolio selection. Empirical efficiency of recursive multiperiod strategies, Åbo Akademi University, Department of Business Administration, Working paper 144, 09/1989

[35] Höglund, R. and R. Östermark: Automatic ARIMA modelling by the cartesian search algorithm, Åbo Akademi University, Department of Business Administration, Working paper, 1990.

[36] Höglund, R. and R. Östermark: Identification of multiple input transfer function noise models - a regression approach, Åbo Akademi University's series, A:298, 1990.

[37] Östermark, R. and J. Aaltonen: Multivariate methods in accounting and finance, Åbo Akademi University, Department of Business Administration, Working paper 147, 1990.

[38] Aaltonen, J., E. Kasanen, J. Kinnunen, and R. Östermark: Technical vs. institutional portfolio management: empirical evidence on a thin security market, EIASM European Institute of Advanced Studies in Management, Working paper 90-16, 1990.

[39] Östermark, R. and R. Höglund: Multiple input transfer function noise modelling: a time and frequency domain algorithm, Åbo Akademi's series A:323, 1991.

[40] Polynomial convergence to the efficient set of polytopes by interior point methodology. Application: Multiperiod programming under risk, Åbo Akademi University, Department of Business Administration, Working paper, 01/1991.

[41] Modelling vector-valued multiple input stochastic processes with ridge, spectral and state space methodology, Åbo Akademi University, Department of Business Administration, Working paper, 01/1991.

[42] Modelling dynamic systems with biased regression and spectral methods. Comparative evidence in the time and frequency domains, Åbo Akademi University, Department of Business Administration, Working paper 159, 04/1991, 23 p.

[43] Östermark, R. and J. Aaltonen: Dynamic stability and cross-sectional invariance of the factor structures in two Scandinavian economies, Åbo Akademi University, Department of Business Administration, Working paper 162, 05/1991, 29 p.

[44] Östermark, R. and J. Aaltonen: Dynamic stability and cross-sectional invariance of the arbitrage pricing model in two Scandinavian economies, Åbo Akademi University, Department of Business Administration, Working paper 163, 10/1991, 44 p.

[45] Aaltonen, J., R. Östermark, and E. Kasanen: Optimal portfolio strategies given perfect information. Empirical evidence on thin stock markets, Åbo Akademi University, Department of Business Administration, Working paper 163, 1991.

[46] Hansen, S., E. Kasanen, M. Vieru, and R. Östermark: The performance of an intertemporal capital asset pricing model on a thin security market, Åbo Akademi University, Ser. A:348, 1991.

[47] Höglund, R. and R. Östermark: Modelling VARMAX-processes by extended sample autocorrelation and linear regression techniques, Åbo Akademi University, Department of Statistics, A:347, 1991, 31 p.

[48] Saarinen, M. and R. Östermark: Solving a diffusion equation on concurrent processors and a set of high performance computers, Åbo Akademi University, Department of Chemical Engineering, Heat Engineering Laboratory, Report 91-15, 13 p.

[49] Bengs, S., E. Kasanen, B. Roberts, and R. Östermark: Measuring the impact of transactions costs on the pricing of Swedish call options, Åbo Akademi University, Department of Business Administration, Working paper 167, 02/1992, 16 p. Abstract

[50] Modeling multiple-input vector-valued time series processes by a multi-layer neural net topology, Åbo Akademi University, Department of Business Administration, Working paper 168, 03/1992, 17 p.

[51] The forecasting performance of a VARMAX-search algorithm and a state space algorithm with exogenous variables, Åbo Akademi University, Department of Business Administration, Working paper 169, 03/1992, 24 p.

[52] Östermark, R. and H. Hernesniemi: Measuring the impact of information timeliness on the predictability of stock index and stock index futures returns. An application of vector models, Åbo Akademi University, Department of Business Administration, Working paper 171, 05/1992, 20 p. Abstract

[53] Östermark, R. and Masanao Aoki: Time series evidence of impacts of the U.S. economy on the Scandinavian economy (by state space modeling), Åbo Akademi University, Ser. A:372, 1992.

[54] Östermark, R. and J. Aaltonen: The efficiency of recursive investment strategies for a combined portfolio ofstocks and call options. Empirical evidence on the Swedish stock market, Åbo Akademi University, Ser. A:377, 1992.

[55] Östermark, R. and R. Höglund: Lead-lag relations and cointegration in two Scandinavian stock markets, Åbo Akademi University, Ser. A:376, 1992.

[56] Parametric stability of interior point methods for linear programming. Evidence on solving portfolio problems on high performance computers, Åbo Akademi University, Ser. A:380, 1992.

[57] Östermark, R. and M. Saarinen: Parallel implementation of a VARMAX algorithm, Åbo Akademi University, Department of Business Administration, Working paper 172, 1992.

[58] The forecasting performance of VARMAX and rotated state space algorithms, Åbo Akademi University, Ser. A:381, 1992.

[59] Aaltonen, J. and R. Östermark: Predictability of financial distress in Finnish conditions, Åbo Akademi University. Meddelanden frÅn Ekonomisk-Statsvetenskapliga Fakulteten vid Åbo Akademi, Ser. A:388, 1992.

[60] Introducing economic friction in option pricing, Institute of Advanced Management Systems Research, Åbo Akademi University, Report 1/93.

[61] Separating trend and cyclical dynamics in state space models with exogenous inputs, Institute of Advanced Management Systems Research, Åbo Akademi University, Research Report 2/93.

[62] A flexible multiprocessor algorithm for artificial neural networks, Åbo Akademi University, Ser. A:396, 1993.

[63] Östermark, R. and H. Saxén: VARMAX-modeling of blast furnace process variables, Åbo Akademi University, Department of Chemical Engineering. Heat Engineering Laboratory. Report 93-4, 1993.

[64] A fuzzy control model (FCM) for dynamic portfolio management,Åbo Akademi University, Department of Business Administration, Working paper, 01/1994.

[65] Saxén, H. and R. Östermark: State realization with exogenous variables. A case study on blast furnace data, Åbo Akademi University, Department of Chemical Engineering. Heat Engineering Laboratory. Report 94-4, 1994.

[66] Östermark, R. and J. Aaltonen: The structural relationship between financial ratios and capital asset pricing, Åbo Akademi University, Department of Business Administration, Working paper 175, 1994. Abstract

[67] Östermark, R. and J. Aaltonen: Testing the relevance of accounting numbers in security valuation. A structural model with Scandinavian data, Åbo Akademi University, Department of Business Administration, Working paper 178, 1994.

[68] Nihtilä, K. and R. Östermark: Unic Compact 2.0 / BokfÖring - användarinstruktion, Åbo Akademi, Department of Business Administration, Teaching material, 40, 10/1995, 17 p.

[69] Höglund, R. and R. Östermark: Modelling the heteroscedasticity of the Finnish stock index and stock index futures series, Åbo Akademi University, Department of Statistics, Ser. A:447, 1995, 21 p. Abstract

[70] Söderlund, K. and R. Östermark: A multiperiod firm model for strategic decision support, In A. Kjellman, S. Långström, and T. West (Eds.) Corporate success factors during times of crisis, Swedish School of Economics and Business Administration, Vasa, Finland, Research report 34, 1996.

[71] Östermark, R. and R. Höglund: On the heteroscedasticity of Finnish cash and derivatives markets, Åbo Akademi University, Department of Statistics, Ser. A:463, 1996, 47 p.

[72] Östermark, R., J. Aaltonen, H. Saxén, and K. SÖderlund: Nonlinear modelling of the Finnish banking and finance branch index, Åbo Akademi University, Department of Business Administration, Ser. A:473, 1997, 26 p.

[73] Östermark, R.: Multiple Factor-GARCH modelling of global asset returns, Åbo Akademi University, Department of Business Administration, Ser. A:476, 1997, 36 p.

[74] Östermark, R.: Structural modelling of global capital asset pricing models, Åbo Akademi University, Department of Business Administration, Ser. A:482, 1998, 17 p.

[1] Kirjanpidon sääntelyn tavoitteisuus (Goals of Juridical Regulation of Bookkeeping). Dissertation in commercial law. Turku school of business economics, 1983, 300 p.

[2] Portfolio Efficiency of Capital Asset Pricing Models. Empirical Evidence on Thin Stock Markets. Åbo Akademi University 1990, ISBN 951-649-703-9.

[1] En Shoppanalys fÖr Silja Line. Pro Gradu -treatise together with Filip Törnroos. Handelshögskolan vid Åbo Akademi, 1976, 362 p. (appendices 176 p.)

[2] Aktieägarens förvaltningsbefogenheter. En aktiebolagsrättslig studie. Laudatur-treatise in commercial law, 1978, 100 p.

[3] Om aktiebolagets Årsredovisning. En undersÖkning av bokslutsinformationen, särskilt ur aktieägares synvinkel sett. Licentiate treatise in commercial law. Handelshögskolan vid Åbo Akademi, 1980, 256 s.

[4] Strategisk Bokslutsplanering. Laudatur treatise in accounting. Åbo Akademi University, Department of Business Aministration, 1984, 65 p.

[5] Linear goal and multiobjective programming in financial planning. Theoretical observations and a set of applications. Laudatur treatise in management science, Åbo Akademi University, Department of Business Administration, 1986, 113 p.

[6] Privatdepositioners utvecklingsprocess och ekonometriska determinanter. Pro Gradu -treatise in economics. Åbo Akademi University, Department of Economics, 1986, 109 p.

[7] Three essays on the empirical market line and theoretical extensions of the CAPM. Licentiate treatise in Economics. Åbo Akademi University, Department of Economics, 1987, 90 p.

[8] Parametric stability of interior point methods for linear programming. Evidence on solving portfolio problems on high performance computers. Laudatur treatise in applied mathematics, Åbo Akademi University, Department of Applied Mathematics, December, 1993.

[9] The structural relationship between financial ratios and capital asset pricing. Laudatur treatise in statistics, Åbo Akademi University, Department of Statistics, September, 1994.

Obtained Research Grant from The Academy of Finland for the time period 1.8.1993 - 31.7.1994, and Project funds FIM 700000 for the time period 1.5.1993 - 31.12.1994.

1995 LITERATI club MCB Award for Excellence Highly Commended: Using neural nets in modelling vector-time series, Kybernetes 23:9, 1994, pp. 12-22.

1997 LITERATI club MCB Award for Excellence Highly Commended (joint author): A multiprocessor interior point algorithm, Kybernetes 25:4, 1996, anniversary issue Studies in Systems and Cybernetics, pp. 84-100.

1998 ANBAR Citation of Excellence (joint author): A rolling test of Granger causality between the Finnish and Japanese security markets, Omega 25:6, 1997, pp. 635-642.

1998 ANBAR Citation of Excellence: Multivariate Granger causality in international asset pricing, Applied Financial Economics 8, 1998, pp. 67-72.

2003 EMERALD Highly Commended Award: Designing a superstructure for parametric search for optimal search spaces in non-trivial optimization. Kybernetes. The International Journal of Systems and Cybernetics. 31, No 2, 2002, pp. 255-281.

2008 EMERALD Highly Commended Award: A flexible platform for mixed-integer non-linear programming problems. Kybernetes. The International Journal of Systems and Cybernetics. 36, No 5/6, 2007, pp. 652-670.

2008 Member of the Finnish Society of Sciences and Letters (Societas Scientiarium Fennica)

2018 Editorial Board Member at Science Publishing Group, New York, USA.

(i) Referee Assignments

[1] OMEGA, International Journal of Management Science

[2] European Journal of Operational Research

[3] Journal of Economic Dynamics and Control

[4] The Finnish Journal of Business Economics (Liiketaloudellinen Aikakauskirja)

[5] European Journal of Finance

[6] Scandinavian Journal of Management

[7] Control and Cybernetics

[8] Computational Economics

[9] Applied Financial Economics

[10] The Computer Journal

[11] Computers and Operations Research

[12] Information Sciences

[13] OR Spectrum

[14] Journal of Applied Statistics

[15] Oxford Bulletin of Economics and Statistics

[16] International Journal of Management Science and Engineering Management

[17] Journal of Small Business Management

[18] Advances in Fuzzy Systems

[19] Applied Mathematical Modelling

[20] Computers & Industrial Engineering

[21] Global Optimization

[22] International Journal of Accounting, Auditing and Performance Evaluation (IJAAPE). http://www.inderscience.com/ijaape

(ii) Reviewer/Opponent assignments

[1] Opponent of: Teppo Martikainen, The individual and incremental significance of the economic determinants of stock returns and systematic risk, University of Vaasa, 1990 (Doctoral Thesis).

[2] Reviewer of: Markku Vieru, Risk-return relationship in the Finnish stock market, University of Vaasa, 1990 (Licentiate Thesis).

[3] Reviewer of: Tom Strandström, En normativ referensram för planering av försäkringsbolagets resursutbyten - försäkringsbolaget som aktör på kapitalmarknaden (Licentiate Thesis).

[4] Reviewer of: Hannele Wallenius, Implementing interactive multiple criteria decision methods in public policy, University of Jyväskylä (Doctoral Thesis).

[5] Reviewer of: Staffan Hansén: Capital structure and financial management: static tradeoff models vs. Pecking order theories, the case of Finnish firms, (Licentiate Thesis)

[6] Reviewer of: Leena Lomakka-Pelttari: The informational impact of simultaneous annual earnings and dividend announcements: A study of the adjustment process in the Finnish stock market, University of Vaasa, 1994 (Licentiate Thesis).

[7] Reviewer of: Anders Kjellman: Essays on performance and financing decisions during the 1990s recession in Finland, Åbo Akademi University, 1997 (Doctoral Thesis).

[8] Reviewer of Arto Latukka: Maatalousyritysten tulorahoituksen riittävyyden ennustaminen neuroverkkomenetelmällä (Predicting the sufficiency of income financing for agricultural firms by neural networks), University of Helsinki, 1998 (Licentiate Thesis).

[9] Reviewer of Lauri Suoninen: Profitability of the contrarian investment strategies: tests in a thin market context with dominating firms. University of Vaasa, 2000 (Licentiate Thesis).

[10] Reviewer of Fransisco Alcaraz Garcia: Real options, default risk and soft applications. Åbo Akademi University, 2006 (Doctoral Thesis).

[11] Reviewer of Kang Li: Essays on Credit Risk in SMEs. University of Eastern Finland, 2016 (Doctoral Thesis).

(ii) Expert Opinions on applicants for professorships

[1] Statement of competence for applicants Dr.o.sc (econ) Teppo Martikainen, Dr.o.sc. (econ) Olavi Tuovila to Associate Professorship in Accounting at the University of Vaasa, 08/1991.

[2] Statement of competence for applicants to Professorship in Business economics at the University of Lapland 01/1996.

[3] Statement of competence for applicants to Professorship in Business economics at the University of Oulu 03/1998.

[4] Statement of competence for applicant Dr.o.sc (econ) Juha-Pekka Kallunki to Professorship in Accounting at the University of Vaasa 08/1999.

[5] Statement of competence for applicant Dr.o.sc (econ) Kenneth Högholm to Professorship in Financial Economics at the Swedish School of Economics, Vaasa 05/2000.

(iv) Expert Opinions on applicants for docentships

[1] Statement of competence for Professor Ph.D. Geoffrey Booth's application for Docentship in Financial Economics at Åbo Akademi University 03/1995.

[2] Statement of competence for Dr.o.sc. .(econ) Kenneth Högholm's application for Docentship in Financial Economics at Åbo Akademi University 02/1998.

[3] Statement of competence for Ph.D. (econ) Niklas Sarafoglous' application for Docentship in Economics with Specialization in Operations Research at Åbo Akademi University 09/1998.

[4] Statement of competence for Dr.o.sc. (econ) Juha-Pekka Kallunki's application for Docentship in Accounting with Specialization in Financial Statement Analysis at the University of Vaasa, 01/1999.

(v) Advisorships

Advisor of: Jaana Aaltonen, Financial risk classification of Finnish listed companies by accounting data, 1993 (Licentiate Thesis)

Advisor of the Ph.D - thesis of Damai Nasution: Essays on Auditor Independence. The assessment committee for the thesis consisted of: Professor, Ph.D. Bent Warming-Rasmussen, University of Southern Denmark, Campus Kolding and Professor, Ph.D.  Andreas Stephan, Jönköping International Business School. The public defense occured on 27.6.2013 at the School of Business and Economics at Åbo Akademi University. The oral examination was done by Professor, Ph.D. Bent Warming-Rasmussen, who acted as the opponent.

(vi) Courses

Doctoral course in mathematical programming/Section: Stochastic search.Arranged at the Process Design Laboratory, Faculty of Chemical Engineering, Åbo Akademi University, August 17-28, 1998 in process integration within the Nordic Energy Research Program (Nordiska Energiforskningsprogrammet, NEFP).

(vii) Other

Head of the Department of Business Administration at Åbo Akademi University 1994-1998

FORMAL COMPETENCE ACHIEVED IN PREVIOUS APPLICATIONS TO PROFESSORSHIPS

University of Stockholm (Sweden), Professor in Business Administration 11/1992

Turku School of Economics (Finland), Professor in Economics 02/1994.

University of UmeÅ (Sweden), Professor in Accounting and Finance 06/1994

The University of Trondheim (Norway), Professor in Production Economics 04/1996

Åbo Akademi University (Finland), Professor in Business Administration 05/1998.