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Hjelström, Tomas

Assistant Professor
Department of Accounting
Program Director
SSE Executive Education

I hold a PhD from the Stockholm School of Economics (Department of Accounting). My primary research interests are within behavioral aspects of financial accounting, particularly application of accounting standards, and financial analysis and valuation. I participated in the International Teachers’ Programme (ITP) at Stern Business School, New York, 1999/2000.

Academic Publications

Hjelström, T., Kallunki, J-P., Nilsson, H., Tylaite, M. (2019), "Executives' Personal Tax Behavior and Corporate Tax Avoidance Consistency", European Accounting Review, vol 29 (3), pp. 493-520 

Johansson, S-E.; Hjelström, T.; Hellman, N. (2016), ”Accounting for Goodwill under IFRS: A Critical Analysis”, Journal of International Accounting, Auditing and Taxation, (27), pp. 13-25

Douglas, E., Carlsson-Wall, M., & Hjelstrom, T. (2014), “Negotiating equity share and management control of the entrepreneurial new venture”, Venture Capital: An International Journal of Entrepreneurial Finance, Vol 16, no 4, pp. 287-307

Hjelström, T. (2007), "The Closed-End Investment Company Premium Puzzle", EFI Stockholm, Doctoral dissertation


Hjelström, T., Isaksson, A., Nilsson, H. (2022), Företagsvärdering med fundamental analys, Studentlitteratur, 2nd edition 

Other Publications

Hjelström, A., Hjelström, T. & Sjögren, E. (2014), Decision usefulness explored - An investigation of capital market actors´ use of financial reports. Stockholm: Confederation of Swedish Enterprise/Svenskt näringsliv

Carlsson-Wall, M., Eugster, F., Hjelström, T., Nilsson, H., (2021), ”Corporate Governance and Short-Termism: An In-Depth Analysis of Swedish Data”, submitted to the EU Commission in response to the Commission initiative on financing sustainable growth. 

Current Working Papers

Fredelind, J., Hellman, M., Hellman, N., Hjelström, T., (2021), "The Influence of Transaction Factors on Accounting Policy Choice: European Evidence on the IFRS 3 Options for Reporting Non-Controlling Interest”, 2nd round in Abacus

Hellman, N., Hjelström, T., (2021), A Comment on the Pre-Acquisition Headroom Approach for Goodwill Impairment Tests, 2nd round in Journal of International Accounting, Auditing and Taxation

Henriksson-Rahm, P., Hjelström, T., Olsson, A., Sjögren, E., (2019), Reflecting Reality or Shaping Reality? A Qualitative Case Study of the Intra-Organisational Interpretation and Mobilisation of IFRS 15, working paper presented the EIASM workshop on Accounting and Regulation Siena 2019

Ecker. F., Hjelström, T., Olsson, P., Setterberg, H., (2015) "IFRS Adoption and Analysts' Earnings Adjustments"

Hjelström, A., Hjelström, T., Sjögren, E. (2014), "Through the Looking Glass: An Empirical Analysis of Capital Market Actors' Use of Financial Information"

Hjelström, T. (2012), "Diversification and Discounts on Closed-End Investment Companies”, August 2012,

Hjelström, T.; Schuster, W.; (2011), “Consolidated Reporting for Step-Wise Acquisitions”;

Hjelström, T.; Schuster, W.; (2011), “Preparers’ Application of IFRS – Sources of Guidance and Communication to Investors”

Teaching MSc and BSc

Course Director and Lecturer: Banks: Understanding the Business and the Reports (3312), MSc in Business & Economics, specialization in Accounting, Valuation and Financial Management 

Course director and Lecturer: Corporate Valuation (3304), MSc in Business & Economics, specialization in Accounting, Valuation and Financial Management

Lecturer: Financial Accounting from A Preparer Perspective (3305), MSc in Business & Economics, specialization in Accounting, Valuation and Financial Management 

Lecturer: Accounting II: Analyzing Performance (BE 302), BSc in Business & Economics

Teaching Executive Education
SSE Executive MBA, Accounting and Financial Management, 2004-, Course Director since 2010 and developed several modules and designs of the program regarding Accounting and Financial Management
Several programs in assignment, consortia and open enrolment over the past 25 years at SSE Executive Education. References can be provided on request.
Responsible for coordination and new recruiting of faculty in the area of accounting and financial management for SSE Executive Education.

Teacher of the Year Award Executive MBA, Stockholm School of Economics, during the period 2011-2022 (9 times award winner, twice one year)

Pedagogical Prize for Outstanding Pedagogical Achievements awarded by the Corporate Partners at the Stockholm School of Economics, 2018, First time the prize was awarded