Advanced Financial Statement Analysis

Time and place: August 9-12, 2021. Course will be run remotely as an online course organized by Oulu Business School, University of Oulu, Finland

Course description:

This course covers selected topics in empirical research in financial analysis. We aim at understanding how accounting research questions are addressed using empirical-archival methods. To obtain a broad understanding of empirical research in financial analysis, it is necessary to read thoroughly, and understand the required readings. For each paper, you should be able to answer three questions: (1) what is the research question? (2) how is it answered, i.e., what is the approach, what is the setting? (3) what answer is reached? We will use these questions in our discussions. You need to come prepared to discuss the topics in class.

Learning goal and objectives:

After active participation in the course, students will have a thorough understanding of research results and key techniques used in empirical archival capital market based accounting research. This includes both the classical foundational studies and the research frontier as it is today.

Instruction and examination:

Active participation in online lectures, pre-course preparation and an assignment.
Active participation in online lectures and the pre-course preparation:
The papers that will be discussed in class are assigned to class participants (about three papers per person). Please read your assigned paper very carefully and prepare a summary of one page along the following sub-topics:

  1. Objective of the study/ Research question(s).
  2. Methodology.
  3. Summary of results.
  4. Conclusions.


Students continue working on the assigned paper to complete an assignment of about 10 pages. The final assignment contains the same sub-topics as the one page summary required for the pre-course preparation.

Credits: 5 ECTS Credits

Prerequisites: Article package

Registration: Send an e-mail to Prof. Juha-Pekka Kallunki ( by July 20, 2021

Prof. Per Olsson, ESMT European School of Management and Technology, Berlin

Course coordinator and contact information:
Juha-Pekka Kallunki