University of Oulu Responsible Economics and Finance Master's Thesis Guide: 721330S, 30 ECTS, Econometrics, Maturity Test and Laturi

Quick answer: the exact REF thesis route

For the University of Oulu Responsible Economics and Finance master’s programme, the current 2026-2027 programme is 51827 / IMP2026ECONOMICS, a two-year 120 ECTS Master of Science (Economics and Business Administration). The exact thesis is 721330S Master’s Thesis in Economics, object 8314, worth 30 ECTS. Its current implementation is 721330S-3009, running 2026-07-31 to 2027-07-30. Seminar work is embedded in the thesis course. The related maturity course is 721010S, 0 ECTS.

1. What this guide covers

This guide is bounded to the 2026-2027 Responsible Economics and Finance MSc structure and the current Oulu Business School thesis process. It uses the exact Peppi programme, thesis and maturity objects, current OBS supervision guidance, Laturi, graduation guidance and REF-specific economics, finance, econometrics and responsibility courses. The separate Ruhr University Bochum double-degree opportunity is treated as an optional route rather than the default structure.

2. Exact REF programme

The programme root is 51827, code IMP2026ECONOMICS, named Responsible Economics and Finance (MSc) 2026-2027. The public programme page identifies the award as Master of Science (Economics and Business Administration), two years and 120 credits. Peppi also reports exactly 120 ECTS. This is the controlling regular route for the guide.

3. Programme structure and Ruhr double-degree boundary

The regular degree contains Advanced Studies in Responsible Economics and Finance, 51828 / IMP2026ECONOMICS-1001, 114 ECTS, plus General Studies, 51832 / IMP2026ECONOMICS-1002, 6 ECTS. The public programme page separately describes a competitive double-degree opportunity with Ruhr University Bochum, applied for during the first year. Students should not assume Ruhr-specific arrangements apply to the standard 51827 route.

4. Exact thesis object

The exact thesis is 721330S Master’s Thesis in Economics, object 8314, worth 30 ECTS. Its subject is Economics, listed teaching languages are Finnish and English, and the course is open only to students of the Master’s programme in Economics. The qualification is 723020A Bachelor’s Thesis or another university degree. This is the controlling thesis object for REF.

5. Current thesis implementation

The current thesis realization is 721330S-3009 and runs 2026-07-31 to 2027-07-30 in local time. This date window is slightly different from several other OBS thesis realizations, so it should not be normalized to 1 August through 31 July. The course also says discipline-based kick-off or information sessions are organized in September and the detailed progress timing is agreed at the kick-off.

6. Entry qualification

The thesis course lists 723020A Bachelor’s Thesis or another university degree as the qualification requirement. This exact wording should be used rather than importing the prerequisite of another programme. If prior studies or a transferred degree create an unusual case, the student should resolve eligibility through the current programme and PSP.

7. Seminar is embedded in 721330S

REF does not use a separate engineering-style thesis-seminar course in the regular 51827 tree. The 721330S thesis itself includes seminar sessions in which students present progress and receive supervisor guidance and feedback. Seminar work is therefore part of the 30 ECTS thesis. Do not import 521362S or add extra seminar ECTS.

8. Two required progress reports

The 721330S course explicitly requires students to prepare and present two reports: Research Plan and Intermediate Report. This differs from some other OBS thesis courses that use a different reporting pattern. The wider OBS supervision process still includes the manuscript and final seminar presentation, but the REF guide should not claim that 721330S itself requires a third manuscript report.

9. OBS group supervision

Current Oulu Business School guidance says the primary master’s-thesis supervision model is group supervision including seminar work. Supervised groups start in autumn under the current instructions, and a supervisor is appointed at the initial stage. Group supervision does not mean the thesis becomes group-authored. Each student still owns an individual research problem and manuscript, while the group provides structured presentation, discussion, opponent feedback and supervisor interaction around defined milestones.

10. The four OBS stages

OBS describes four supervision stages: topic selection, research plan, intermediate report and manuscript. Topic selection is the exploratory stage where a feasible research problem is shaped with supervisory input. The remaining stages combine group and individual supervision. For planning purposes, this means the thesis should be managed as a sequence of decisions, not as one long writing task. Each stage should reduce uncertainty about scope, method, evidence and interpretation before the next stage.

11. Choosing a REF thesis topic

A good REF thesis topic should be narrow enough for 30 ECTS and connect an economics or finance question to evidence that can realistically be obtained and analysed. The programme supports macroeconomic policy, sustainable banking, environmental and energy economics, green investment, real estate, behavioural economics and finance, international macro-finance, health economics and related responsibility questions. Responsibility is broad, so not every thesis must be about climate change.

12. Research plan

The research plan should align a bounded question, relevant economic or financial theory, prior evidence, feasible data, a defensible method and a realistic contribution. The 721330S learning outcomes emphasize choosing appropriate research methods rather than following one prescribed technique. A useful plan explains the identification or analytical logic, the required assumptions, data availability, foreseeable limitations and a fallback if the preferred data or method proves infeasible.

13. Intermediate report

The intermediate report should demonstrate that the thesis has moved beyond planning. Depending on the design, that may mean a developed literature framework, a cleaned dataset, defined variables, preliminary descriptive analysis, an implemented model, an experiment design, or a completed first empirical pass. The purpose is not to present final conclusions too early. It is to expose problems while there is still time to repair the research design, narrow the question or improve the evidence.

14. Manuscript stage

The manuscript stage should function as an integrated research argument rather than a collection of disconnected chapters. The research question, theory, hypotheses or expectations, data, method, results and conclusions should point in the same direction. Claims in the discussion should be traceable to the analysis, and limitations should identify where the evidence stops. Because OBS requires manuscript presentation in the seminar, the student should also be able to explain the study orally without relying on dense slides or unexplained statistical output.

15. Presentation requirement

OBS treats presentation as a mandatory part of the supervision process. Oral presentation skills are evaluated at the latest in the intermediate or manuscript stage, and the final manuscript must be presented in a thesis seminar. A strong presentation should state the problem, why it matters, the data, method, core result, limitation and contribution in a compact sequence. If the student cannot explain what a coefficient, factor, portfolio result or valuation output means, the written analysis is probably not yet sufficiently clear.

16. Opponent duty

Current OBS instructions require students to act as an opponent to another student’s thesis at least once and prepare an opponent report of about one A4 sheet. This is not just an attendance formality. Opponent work develops the same critical-reading skills needed for the student’s own literature review and discussion section. Useful comments address the clarity of the research question, consistency between theory and method, evidence quality, interpretation, missing robustness checks and whether the conclusions stay within the limits of the design.

17. Independent route boundary

OBS allows an independent alternative only after separate discussion with the Head of master’s thesis research. Under the current wording, a student using that route gives up the right to the normal process supervision and commits to working more independently, while still preparing the required manuscript presentation. This is an exception, not the default. A student should not quietly stop attending the normal process and assume that an independent route has been created automatically.

18. Laturi

The University uses Laturi for the master’s-thesis process. Current general guidance says the process is started there and that guidance, monitoring, reviewing, Turnitin Similarity and publication are handled through the updated Laturi workflow. OBS guidance also links final upload permission to the supervisor’s comments and any required corrections. Therefore, a locally saved PDF or a supervisor-approved draft is not automatically the same thing as a formally submitted and processed thesis in Laturi.

19. Maturity test object

The related maturity course is 721010S Maturity Test, Master’s Degree, Business, object 5194, worth 0 ECTS. Current course information lists Jaakko Simonen as the Economics person in charge. The current realization is 721010S-3006 for 2026-08-01 to 2027-07-31. This is separate from the 30 ECTS thesis.

20. When to take the maturity test

Current OBS instructions say the master’s maturity test can be completed after the manuscript presentation has been accepted by the supervisor. That sequencing matters. The maturity test is not a substitute for a thesis stage and should not be scheduled merely because the course is visible in Peppi. Agree the timing with the supervisor after the required manuscript presentation milestone has been reached and verify that the correct 721010S exam has been created for the student.

21. Maturity test practical process

OBS currently describes the maturity test as an electronic exam in the camera-supervised room PR106. The student agrees the timing with the supervisor. The supervisor creates a personal exam in the Exam system and publishes it for a defined period, after which the student receives the notification and reserves a date, time and workstation through the Exam calendar. Because this is a managed examination workflow, students should follow the current booking instructions rather than treating it like an ordinary take-home assignment.

22. Maturity language rule

The maturity-course API lists Finnish as the primary teaching language, but that field must not be turned into a universal rule. Current OBS-specific guidance says the maturity test is written in Finnish or Swedish, unless the student received previous education in a foreign language, in which case English can be used. The student’s own language route therefore depends on the current OBS rule and personal education-language background, not on one isolated API label.

23. What the maturity test evaluates

For OBS master’s students, the maturity task is designed to test written presentation of the thesis outcome in relation to prior scientific research and its possible use in business life or economic decision-making. The practical implication is that the student should be able to explain the thesis contribution without reproducing the whole manuscript. A concise answer needs the central result, its relationship to existing research, its limits and a reasoned statement about practical or decision-making relevance.

24. Method choice is not one-size-fits-all

REF has a strong quantitative and econometric curriculum, but the thesis learning outcomes still require students to choose and apply appropriate research methods. The current programme supports mathematical, econometric, computational, theoretical, policy, financial and behavioural approaches. No official source says every thesis must use one software package, one regression model or one responsibility theme. Method choice should follow the question, theory, evidence and identification logic.

25. Mathematical Economics

721338S Mathematical Economics provides the formal toolkit used across advanced economics: linear algebra, differential and integral calculus, mathematical optimization and dynamic analysis. These tools can support theoretical derivations, constrained optimization and model interpretation in REF research. Formal mathematics should serve the research question. A thesis is not stronger merely because it contains more notation; assumptions, economic meaning and links to observable evidence still need to be clear.

26. Principles of Econometrics

721066S Principles of Econometrics provides the first empirical foundation for REF. It covers regression analysis for cross-sectional data, binary dependent variables, time-series contexts, statistical software and critical assessment of model validity and bias. A regression thesis should therefore explain the sample, variable construction, specification, assumptions and likely sources of bias, and should keep causal language within what the design can support.

27. Advanced Microeconomics

721348S Advanced Microeconomics develops constrained optimization, general equilibrium, strategic behaviour, game theory and decision-making under uncertainty. This supports REF theses that model incentives, market interaction, policy responses or resource allocation. A theoretical model should identify agents, objectives, constraints and equilibrium logic explicitly. If the model is used to interpret empirical results, the bridge between theoretical assumptions and measured variables should be explained.

28. Responsible Macroeconomic Policy and Analysis

BO00AV02 Responsible Macroeconomic Policy and Analysis connects macroeconomic institutions, instability, inequality, financial systems, climate policy and complex-system thinking. It supports thesis questions on fiscal or monetary policy, distributional effects, financial stability, climate transition and macro-financial resilience. Policy claims should distinguish model-based mechanisms, descriptive evidence and identified causal effects rather than treating every correlation as a policy impact.

29. Applied Econometrics

721351S Applied Econometrics is especially important for thesis preparation. It covers cross-sectional, time-series and panel methods for economics and financial-economics questions, explicitly aims to lower the threshold for MSc-thesis empirical analysis, and uses EViews and R in tutorials. Students should choose the data structure because it fits the question, not because one model is familiar. Diagnostics, dependence, dynamics and interpretation differ across these designs.

30. Quantitative Economics

721072S Quantitative Economics develops computational and quantitative methods for economic problems using Python and relevant digital and AI-based applications. It can support simulation, numerical analysis, data processing and computational implementation where appropriate. Code or AI-assisted outputs still require documented inputs, assumptions, transformations and human verification. Tool sophistication is not a substitute for economic identification or careful interpretation.

31. Sustainable Banking and Financial Economics

BO00AR11 Sustainable Banking and Financial Economics covers banking, financial intermediation, regulation, alternative finance, decentralized finance, digital banking, ESG information, sustainable finance, central banking, CBDC and the green transition. This supports thesis work on sustainable finance and financial stability, but constructs must be defined precisely. ESG ratings, green taxonomies, carbon exposure and sustainable-finance labels are not interchangeable measures.

32. Environmental and Energy Economics and Green Investments

BO00AR12 Environmental and Energy Economics and Green Investments covers market failure, externalities, public goods, property rights, cost-benefit analysis, environmental valuation, pollution-control instruments, energy-system incentives and socially or environmentally responsible investing. These topics support REF’s responsibility focus. A thesis using valuation or policy instruments should state the assumptions behind prices, discounting, welfare measures and counterfactual comparisons.

33. Behavioral Economics and Finance

BO00AR00 Behavioral Economics and Finance covers biases, heuristics, prospect theory, narratives, investor behaviour, corporate-finance behaviour and experimental economics. Its coursework can culminate in a literature review or small empirical study. This supports behavioural REF theses, but a market pattern should not be labelled a cognitive mechanism without evidence. Survey, experiment, market-data and literature-review designs answer different questions and require different inferential claims.

34. Real Estate Economics and Investments

BO00AV03 Real Estate Economics and Investments covers housing and commercial real estate, valuation models, direct and listed real-estate investment, portfolio context and sustainability. Real-estate theses should specify the market, property type, geography, sample period and valuation assumptions. Hedonic prices, cap rates, discounted cash flow and listed-security returns measure different aspects of the market and should not be treated as substitutes without justification.

35. International Macroeconomics and Finance

721350S International Macroeconomics and Finance covers current accounts, small open economies, real exchange rates, terms of trade, uncertainty, international financial markets and monetary unions. This supports cross-country and macro-financial thesis work. International datasets require careful treatment of currencies, revisions, frequency and policy regimes. A result from one crisis or monetary arrangement should not automatically be generalized across countries or periods.

36. Asset Pricing

721383S Asset Pricing covers utility and risk aversion, CAPM, APT, stochastic discount factors, consumption-based models, factor tests, portfolio sorts, anomalies and return predictability. It is an optional domain in REF. An asset-pricing thesis should define returns, factors, risk-free rate, frequency and sample construction reproducibly. Model rejection or an anomaly in one sample is not by itself evidence that all asset-pricing theory fails.

37. Financial Risk Management

721960S Financial Risk Management covers forwards, futures, options, swaps and derivative-pricing methods. It can support thesis topics on hedging, market risk or derivative valuation. Model assumptions, market conventions and data frequency should be stated explicitly. A risk metric is useful only when the thesis explains what risk it measures, over what horizon and under what assumptions; technical complexity alone does not establish practical relevance.

38. Portfolio Management

721952S Portfolio Management covers portfolio optimization, asset classes, factor theory, return predictability, risk management, performance evaluation, equity strategies and asset allocation. It also includes implementation and testing of an equity trading strategy. Thesis work in this area should distinguish in-sample fit from out-of-sample performance, account for transaction or implementation assumptions where relevant, and avoid presenting backtest results as guaranteed future returns.

39. Globally Responsible Business

721070S Globally Responsible Business adds a multidisciplinary responsibility perspective across economics, finance and other business disciplines. It is useful for REF because responsibility is not limited to one market or one metric. A thesis should define which social, environmental or economic responsibility dimension is material to the research question. Responsibility language should sharpen the analysis rather than become a generic label attached to every topic.

40. Responsibility is broader than climate alone

The public REF programme highlights climate change, biodiversity, renewable-energy integration, resilience, welfare measurement, financial markets, real estate and macro-financial analysis. Current course evidence also includes banking, inequality, behavioural economics, health economics and international finance. Therefore, a defensible REF thesis can address responsibility through several economic mechanisms. The programme focus does not require every project to use climate data or an ESG score.

41. Data selection and access

A Responsible Economics and Finance thesis should select data after the research question and theoretical mechanism are sufficiently clear. Possible evidence can include market prices, accounting statements, macroeconomic series, firm events, survey responses, experiments, institutional records or company data, but the current sources do not prescribe one universal type. Before committing to a design, verify access, coverage, frequency, identifiers, missingness and legal or confidentiality limits. A sophisticated model cannot rescue a dataset that cannot answer the question.

42. Reproducibility

Reproducibility is especially important when the analysis involves many data filters, transformations or model specifications. Keep a clear record of the raw source, inclusion and exclusion rules, date handling, currency conversions, winsorisation or trimming, variable formulas, missing-data decisions and final estimation sample. If code is used, preserve a clean analysis script and environment notes. If spreadsheets are used, avoid hidden manual edits that cannot be reconstructed. The aim is that another competent reader could follow the analytical path.

43. Regression design and identification

If a Responsible Economics and Finance thesis uses regression, the student should distinguish association, prediction and causal inference. A statistically significant coefficient does not automatically establish causality. Explain why variables enter the model, what confounding or reverse-causality risks exist, how standard errors are handled and what robustness checks address plausible weaknesses. If the design cannot support causal language, descriptive or associational conclusions can still be academically valuable. Precision about what the design can establish is a strength, not a weakness.

44. Time-series, panel and cross-sectional choices

The current Responsible Economics and Finance method environment supports cross-sectional, time-series and panel analysis, but these designs answer different questions. Cross-sectional work compares units at a point or period, time-series work emphasizes dynamics over time, and panel data combine unit and time dimensions. The choice affects dependence, fixed effects, lag structure, stationarity concerns and interpretation. Do not select a panel model merely because the dataset has many years. Start from the theoretical variation needed to answer the research question.

45. Environmental, energy and policy evidence

REF research can use policy, environmental, energy or regional data in addition to conventional financial datasets. Define the jurisdiction, policy regime, market boundary, units and time period before modelling. If environmental valuation, carbon pricing, energy prices or policy changes are involved, document how the variable is constructed and what counterfactual or comparison gives it meaning. A policy coefficient is not automatically a welfare effect or causal impact.

46. Financial, market and firm-level evidence

Finance-related REF studies may use asset prices, bank data, firm characteristics, portfolio returns, real-estate measures or macro-financial series. Align dates, identifiers, frequencies and currencies carefully. Define return, risk, exposure and sustainability variables before estimation. If several sources are merged, document the matching logic. Market reactions, ESG associations or portfolio performance should not be interpreted as managerial intention or long-run causality without a design that supports those claims.

47. Ethics, privacy and confidential data

The 721330S learning outcomes explicitly include good scientific practice, confidentiality, informed consent, responsible data management and ethical use of AI. University privacy and responsible-research guidance therefore belong in the project design when relevant. If personal data or confidential company data are involved, access, storage, disclosure and publication limits should be resolved early. Ethics-committee review is not automatic for every Responsible Economics and Finance thesis, so do not claim approval is always required. Check the actual study design against current guidance.

48. Ethical use of AI

The thesis course now explicitly includes the ethical use of AI within sustainability, responsibility and ethics skills. That does not create a blanket permission or a blanket ban. Students should follow current University and course instructions, document material AI-assisted work where required, protect confidential or personal data and verify outputs rather than treating generated text, code or references as authoritative. The student’s academic responsibility for the research question, evidence, analysis and final claims remains unchanged.

49. Literature review

A Responsible Economics and Finance literature review should do more than summarize papers one by one. Organize prior research around the theoretical mechanism, competing explanations, measurement choices and empirical findings that are relevant to the exact question. Distinguish foundational theory from recent empirical evidence and identify where the proposed study fits. The review should help justify variable definitions, hypotheses or expectations and method choice. If the literature section cannot explain why the analysis is designed as it is, the two parts are not yet sufficiently integrated.

50. Interpreting results

Responsible Economics and Finance results should be interpreted economically as well as statistically. Report effect size, units and practical meaning where possible, not only p-values. Compare the result with theory and prior evidence, explain plausible reasons for agreement or disagreement and avoid expanding the conclusion beyond the sample, period and design. For valuation or portfolio work, assumptions may drive results as much as estimated parameters. For behavioural or sustainability work, construct validity may be the main limitation. Interpretation should reflect those design-specific risks.

51. Thesis assessment boundary

The 30 ECTS 721330S thesis and 0 ECTS 721010S maturity test are separate requirements. The thesis course is assessed through the written research report under its defined criteria, while oral communication is developed and evaluated through seminar presentations and discussions. The two required progress reports are not separate thesis credits. Students should check the live course and OBS materials for the exact grading criteria used in their own thesis cycle.

52. Working-life cooperation

The 721330S course says working-life cooperation depends on the particular project. A company-linked thesis can therefore be appropriate, but the external project context does not replace academic standards. Agree early on what data can be used, what may be published, who provides technical or business input and how the academic research question remains independent enough for examination. Commercial usefulness and academic contribution can overlap, but they are not identical. The manuscript must still support its claims with transparent research reasoning.

53. Graduation after thesis completion

University graduation is handled through the Peppi Graduation service once the required studies are registered and the relevant thesis and maturity steps are complete. Current guidance emphasizes keeping the PSP and registered studies in order before applying. Faculty-specific timetables can set practical deadlines for Laturi upload and the reviewing phase. Because these dates change, use the current graduation page for the intended graduation month instead of copying a deadline from an older guide or another faculty.

54. 2027-2030 curriculum transition

The University of Oulu has announced a move to a three-year curriculum period beginning in academic year 2027-2028, covering 2027-2030. This guide is deliberately bounded to the verified 2026-2027 Responsible Economics and Finance objects and instructions. A student beginning under the new curriculum should recheck programme structure, thesis realization, maturity arrangements and faculty process before relying on these exact codes or dates. Stable-looking course codes can survive a transition while surrounding rules change.

55. Practical thesis workflow

A practical current workflow is: verify the Responsible Economics and Finance programme and thesis implementation, enrol according to OBS instructions, participate in the kick-off, agree the topic and supervision, prepare the research plan, build the evidence and analysis, present the intermediate report, revise toward the manuscript, complete the opponent duty, present the final manuscript, make required corrections, proceed through Laturi, complete the maturity test under the current OBS procedure, and then use the current Peppi graduation process. Recheck live instructions at every administrative handoff.

56. Common mistakes to avoid

Common avoidable errors are using the wrong thesis code, importing a separate seminar course from another programme, treating every optional methods course as compulsory, assuming every Responsible Economics and Finance thesis must be econometric, relying on a software package without a research rationale, using the maturity API language field as the whole language rule, confusing maturity assessment with thesis grading, and copying future-year dates from 2026-2027. Each of these errors comes from collapsing programme-specific boundaries that the current sources keep separate.

57. Final checklist

Before final submission, confirm the exact 721330S implementation, supervisor and seminar requirements; ensure the research question, theory, data and method still align; make data handling and analysis reproducible; complete required presentations and opponent work; resolve confidential or personal-data issues; obtain the supervisor’s final manuscript feedback; use the current Laturi workflow; complete 721010S under the correct language and Exam procedure; verify all study registrations; and check the current graduation timetable. If any rule has moved into the 2027-2030 curriculum, recheck it rather than assuming continuity.