Prof. Ilkka Tapio Virtanen |
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University of Vaasa Mathematics and Statistics Section of OR&MS ProfessorAppointed: 1981 University of Vaasa Faculty of Technology DeanAppointed: 1998 Lappeenranta University of Technology Economic Mathematics and Statistics DocentAppointed: 1981 Turku School of Economics and Business Administration Economic Mathematics and Statistics DocentAppointed: 1979 |  |
Mailing AddressUniversity of Vaasa P.O. Box 700 Vaasa, FI-65101Finland | Contact InformationPhone: +358-6-3248256 Fax: +358-6-3248557 Mobile: +358-50-5377909 itv@uwasa.fi http://www.uwasa.fi/~itv/ |
Qualifications
D.Sc., University of Turku, Applied Mathematics, 1977.
Lic. Sc., University of Turku, Applied Mathematics, 1974.
M.Sc., University of Turku, Applied Mathematics, 1968.
B.Sc., University of Turku, Mathematics, 1966.
Expertise and Research Interests
My main interest over the last two decades has been the application of mathematical and statistical modelling, especially in industry and business.
In the 1970s, I mainly worked on maintenance and reliability problems. I studied both practically oriented and theoretical problems using mathematical modelling or operational research methodology.
By studying service-life problems of equipment using optimal control theory, I became more and more interested in investment analysis problems. Especially, the effects of inflation on investment decisions formed a large group of studies in the early 1980s.
Since 1985, my main interest has been in financial statement analysis and stock market applications. Classification of financial ratios, stability and invariance of financial ratio patterns, predictability of stock prices, capital asset pricing (CAP) and arbitrage pricing (AP) models in thin stock markets, and the association between financial statements and security characteristics are typical problemsI have studied in this area. Future studies, its methodological and philosophical questions form the topic of my current research.
University evaluation, accreditation of higher education (HE) and Quality Assurance (QA) work form the latest topic in my expertise. In connection with this, my interest has focused on regional and other societal influence of higher education institutions.
For the list of publications, see http://www.uwasa.fi/~itv/ind_eng.html#Publications
In the 1970s, I mainly worked on maintenance and reliability problems. I studied both practically oriented and theoretical problems using mathematical modelling or operational research methodology.
By studying service-life problems of equipment using optimal control theory, I became more and more interested in investment analysis problems. Especially, the effects of inflation on investment decisions formed a large group of studies in the early 1980s.
Since 1985, my main interest has been in financial statement analysis and stock market applications. Classification of financial ratios, stability and invariance of financial ratio patterns, predictability of stock prices, capital asset pricing (CAP) and arbitrage pricing (AP) models in thin stock markets, and the association between financial statements and security characteristics are typical problemsI have studied in this area. Future studies, its methodological and philosophical questions form the topic of my current research.
University evaluation, accreditation of higher education (HE) and Quality Assurance (QA) work form the latest topic in my expertise. In connection with this, my interest has focused on regional and other societal influence of higher education institutions.
For the list of publications, see http://www.uwasa.fi/~itv/ind_eng.html#Publications
Other Expertise
Referee of several scientific journals
Member of several scientific societies
Member of the administrative boards of several research foundations
Member of the scientific pool of the Academy of Finland
Member of several international Peer Review Teams in evaluating universities
Chairman of the Board of Finnish Future Studies
Chairman of the Board for the Accreditation of Professional Higher Education Courses
Member of several scientific societies
Member of the administrative boards of several research foundations
Member of the scientific pool of the Academy of Finland
Member of several international Peer Review Teams in evaluating universities
Chairman of the Board of Finnish Future Studies
Chairman of the Board for the Accreditation of Professional Higher Education Courses
Future Research
My present and future research interest is in future studies, in its methodological and philosophical issues.
Industrial Relevance
Member of the administrative board co-operative concern KPO
Chairman and member of boards of several cultural societies
Chairman and member of boards of several cultural societies
Keywords
COS Keywords:
Applied Mathematics, Chaos, Control Theory (Computer Sciences), Finance, Information Theory, Mathematics, Quality Or Product Control.Additional Terms:
Accreditation, Chaos Theory, Entropy, Financial Modelling, Forecasting, Future Studies, HE Evaluation, Information Theory, Investment Model, Maintenance, Quality Assurance, Reliability Theory.Languages
(Reading, Writing, Speaking)
Finnish: (Fluent, Fluent, Fluent)
English: (Fluent, Functional, Functional)
Swedish: (Fluent, Functional, Functional)
German: (Basic, Basic, Basic)
Memberships
Finnish Economic Society
Finnish Mathematical Society
Finnish Operations Research Society
Finnish Society for Futures Studies
Finnish Statistical Society
Institute for Operation Research and Management Sciences (INFORMS)
Honors and Awards
2005, PHF - member,
Rotary Club of Vaasa
2000, Honorary Member,
Finnish Society for Futures Studies
1998, Portrait (by Fritz Jacobsson),
University of Vaasa & Vaasa University Foundation
1994, Commander decoration of honour,
The Finnish Lion Order of Knights
1994, Finnish Military Bagde of Merit,
1994, Silver Medallion N:o 18,
University of Vaasa
1993, Medaillon of Merit of National Defense,
1971, Honorary Diploma No. 67
The Battalion of the Guards
Previous Positions
1987-1994, Rector,
University of Vaasa
1984-1987, Vice Rector,
University of Vaasa
1978-1981, Senior Lecturer,
Lappeenranta University of Technology
1968-1978, Assistant,
Turku School of Economics and Business Administration
Funding Received
- Academy of Finland: Senior Scientist's Grant, Jan 1, 1983 to Jul 31, 1983.
- Academy of Finland: Senior Scientist's Grant, Aug 1, 1994 to Jul 31, 1995.
- from several Finnish research foundations: Research Grants, 1972 to .
Publications
- J. Goddard, H. Etzkowitz, J. Puukka, I. Virtanen, Supporting the Contribution of Higher Education Institutions to Regional Development; Peer Review Report of The Jyväskylä Region of Finland, http://www.oecd.org/dataoecd/27/24/36809119.pdf, OECD/IMHE, (67 p.), May 2006
- J. Sipilä, T. Haavisto, T. Jauhiainen, P. Pajakkala, E. Rekilä, P. Ståhle, E. Suominen, M. Vartiainen, M. Tammeaid, I. Virtanen, Towards University Governance. Report on the external evaluation of the administration of the University of Helsinki 2004-2005, http://www.helsinki.fi/julkaisut/aineisto/hallinnon_julkaisuja_14_2005.pdf, University of Helsinki Administrative Publications, 14/2005, (65 p.), 2006, ISBN=952-10-2844-0
- Malaska, P., Virtanen, I. (2005) Theory of Futuribles, Futura, 2005 (2-3), 10-28
- Malaska, P., Virtanen, I. (2005) Orienteering in the Futures Universe; A Map-Analogy-Based Set-Theoretic Approach to the Theory of Futuribles, Contributions to Accounting, Finance and Management Science. Essays in Honour of Professor Timo Salmi, Acta Wasaensia 143, 261-284, University of Vaasa (bookchapter)
- J. Goddard, B. Asheim and T. Cronberg & I. Virtanen, Learning Regional Engagement; a Re-evaluation of the Third Role of Eastern Finland Universities, Publications of Finnish Higher Education Evaluation Council, Helsinki, Finland, Edita, 11:2003(105 p.), 2003, ISBN=951-37-3
- J. Goddard, U. Teichler, P. West, I. Virtanen & J. Puukka, Progressing External Engagement; a Re-evaluation of the Third Role of the University of Turku, Publications of Finnish Higher Education Evaluation Council, 16:2003, Helsinki, Finland, Edita, 16:2003(58 p.), 2003, ISBN=951-37-4090-0
- I. Virtanen, Yliopistojen kolmas tehtävä, Kunnallisalan kehittämissäätiö, Polemia-sarja, 44, 84 p., 2002
- T. Salmi & I. Virtanen, Economic Value Added: A simulation analysis of the trendy, owner-oriented management tool, Acta Wasaensia, 90, 33 p., 2001
- J. Goddard, I. Moses, U. Teichler, I. Virtanen & P. West, External Engagement and Institutional Adjustment; An Evaluation of the University of Turku, Publications of Finnish Higher Education Evaluation Council Council, 3:2000, 49 p., 2000
- T. Salmi, I. Virtanen, P. Yli-Olli & J-P. Kallunki, Association between accounting and market-based variables; a canonical correlation approach with U.S. data, Advances in Financial Planning and Forecasting, 9, 97-114, 2000
- U. Dahllöf, J. Goddard, I. Virtanen, J. Huttunen, C. O'Brien & O. Román, Towards the responsive university; The regional role of Eastern Finland Universities, Publications of Finnish Higher Education Evaluation Council, 8:1998, 76 p., 1998
- T. Salmi, I. Virtanen & P. Yli-Olli, The generalized association between financial statements and security characterstics, Scandinavian Journal of Management, 13(2), 121 - 136, 1997
- T. Salmi & I. Virtanen, Measuring the long-run profitability of the firm; A simulation evaluation of the financial statement based IRR estimation methods, Acta Wasaensia, 54, 66 p., 1997
- T. Salmi & I. Virtanen, A simulation assesment of three methods for deriving the long-run profitability of the firm as its internal rate of return, The Finnish Journal of Business Economics, 46(3), 256-281, 1997
- I. Luhta & I. Virtanen, Non-linear advertising capital model with time delayed feedback between advertising and stock of goodwill, Chaos, Solitons and Fractals, 7(12), 2083-2103, 1996
- I. Luhta & I. Virtanen, Analyzing the behavior of a non-linear advertising capital model; an application of bifurcation theory, Lyapunov exponents and correlationdimension, In P. Walden, M. Brännback, B. Back and H. Vanharanta (eds.): The Art and Science of Decision-Making, 138-151, 1996
- T. Martikainen, I. Virtanen & P. Yli-Olli, Editorial, European Journal of Operational Research, 74(2), 197, 1994
- G.G.Booth, T. Martikainen, S. Sarkar, I. Virtanen & P. Yli-Olli, Nonlinear dependence of Finnish stock returns, European Journal of Operational Research, 74(2), 273283, 1994
- T. Martikainen, I. Virtanen & P. Yli-Olli, Integration of the Finnish stock market into the Swedish and US stock markets, Economic Systems Research, 5(4), 409417, 1993
- G.G. Booth, J. Hatem, I. Virtanen & P Yli-Olli, Stochastic modelling of security returns: evidence from the Helsinki Stock Exchange, European Journal of Operational Research, 56(1), 98-106, 1992
- I. Virtanen & P. Yli-Olli, The long-term stability and structural invariance of financial ratio patterns: a comparative analysis between US and Finnish firms on the aggregate level, American Journal of Mathematical and Management Sciences, 10(2-1), 73-125, 1990
- T. Martikainen, I. Virtanen & P. Yli-Olli, Common factors in the Arbitrage Pricing Model in two Scandinavian countries, Omega, 18(6), 1990
- I. Virtanen & P. Yli-Olli, Working's effect revisited fitting univariate time series to stock price data: a reply, Omega, 18(3), 229230, 1990
- T. Salmi, I. Virtanen, P. Yli-Olli, On the classification of financial ratios: a factor and transformation analysis of accrual, cash flow, and market-based ratios, Acta Wasaensia, 25, 1990
- I. Virtanen & P. Yli-Olli, On the long-term stability and cross-country invariance of financial ratio patterns, European Journal of Operational Research, 39(1), 4053, 1989
- I. Virtanen & P. Yli-Olli, Forecasting stock market prices in a thin security market, Omega, 15(2), 145-155, 1987
- T. Aho & I. Virtanen, On relationships between ROI and IRR under inflation A constant real cash-flow case, European Journal of Operational Research, 13(3), 256267, 1983
- I. Virtanen, Optimal maintenance policy and planned sale date for a machine subject to deterioration and random failure, European Journal of Operational Research, 9(1), 3340, 1982
Profile Details
Last Updated: 7/24/2006
COS Expertise ID #698557
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