Roine Vestman

Stockholm University
Department of Economics
SE-106 91 Stockholm

+46 (0)8 163045

+46 (0)70 959 55 88


Short Presentation

Roine Vestman holds an M.Sc. degree in Business and Economics from Stockholm School of Economics and a Ph.D. degree in Economics from New York University, USA.

Research Interests

Roine Vestman's research interests include Household Finance, Asset Pricing, Macroeconomics and Applied Microeconomics.



"Are Mutual Fund Managers Paid For Investment Skill?" (with Markus Ibert, Ron Kaniel, and Stijn Van Nieuwerburgh). Forthcoming, The Review of Financial Studies. VOX column.

"On the Asset Allocation of a Default Pension Fund" (with Magnus Dahlquist and Ofer Setty). Forthcoming, The Journal of Finance. SSRN version dated November 26 2017 includes Online Appendix. Co-author Magnus wins prize for best presentation at Inquire Europe, October 2016. Paper also presented at e.g. the 2016 AQR Asset Management Institute at London Business School, the 2016 JOIM-EDHEC-Oxford Retirement Investing Conference, and the 2017 NBER Summer Institute.

Risk taking, Behavioral Biases, and Genes: Results from 149 Active Investors”, Journal of Behavioral and Experimental Finance, 93-100, June 2015 (with Anders Anderson and Anna Dreber Almenberg).

Judging the Quality of Survey Data by Comparison with “Truth” as Measured By Administrative Records: Evidence from Sweden”, Chapter 11 (267 Kb)  in the NBER Book “Improving the Measurement of Consumer Expenditures”, edited by Christopher Carroll, Thomas Crossley and John Sabelhaus. NBER Book Series Studies in Income and Wealth, University of Chicago Press (with Ralph Koijen and Stijn Van Nieuwerburgh), 2015.

The Labor Market Returns to Cognitive and Noncognitive Ability: Evidence from the Swedish Enlistment”, American Economic Journal: Applied Economics, 3(1), 101-128, 2011 (with Erik Lindqvist).

Working Papers (links to SSRN and PDFs)

"Limited Stockmarket Participation Among Renters and Homeowners". Online Appendix. (583 Kb) Revise & Resubmit, The Review of Financial Studies.

"Identifying the Benefits from Home Ownership: A Swedish Experiment" (with Paolo Sodini, Stijn Van Nieuwerburgh, and Ulf von Lilienfeld-Toal). NBER working paper 22882. Presented at e.g. Utah Winter Finance 2017, CEPR 2017 European Summer Symposium in Financial Markets (Gerzensee), and the 2018 special joint AREUEA-AFA session (Philadelphia).

"Household Debt and Monetary Policy: Revealing the Cash-Flow Channel" (with Martin Flodén, Matilda Kilström, and Jósef Sigurdsson). CEPR Discussion Paper 12270.

"Swedish Equity Mutual Funds 1993-2013: Performance, Persistence and Presence of Skill" (with Harry Flam). Version dated March 2017. (1315 Kb)


SSRN web site



Current teaching:

  • Financial Economics EC2206 (Undergraduate)


Svensk ekonomisk politik och populärvetenskapliga presentationer

Presentation vid Finansinspektionens konsumentskyddsdag (676 Kb) den 11 maj 2017.

Populärvetenskaplig presentation om individanpassad tillgångsallokering i fonderade pensionssystem (290 Kb) den 9 maj 2017.