This study analyzes the role of personal guarantees and collateral in the context of two different lending structures, one transaction - and the other relationship-based. The Finnish bank data which were uniquely accessible for the study enabled an exploration of credit files with specific...

This study focuses on whether IFRS (International Financial Reporting Standards) adjustments to consolidated financial statements and fees paid to statutory auditors are related in the samples of Finnish first-time IFRS users. The Finnish data are employed since prior research findings suggest...

This study focuses on the value relevance and market responses of mandatory transition to International Financial Reporting Standards (IFRS), using samples of Finnish first-time IFRS adopters. The Finnish data is used since prior research findings suggest large differences between Finnish...

This study focuses on post-earnings-announcement drift in an emerging market and whether it is associated with the trading activity of non-institutional trading around interim earnings announcements. We separate the stock trading activity of Finnish households into five trading classes. Data is...

In this paper we study how the market uses the information on current and past interim earnings. Our hypothesis is that investors focus on a comparison of year-to-year changes in interim earnings. We provide further evidence on how the market acts in the face interim earnings announcements in an...

This study focuses on non-institutional trading behavior around interim earnings announcements in the emerging market. We separate the stock trading activity of Finnish households into five trading classes and compare the results to institutional trading. Data covering the years 1996-2000 shows...

Using data over a ten-year period from the Finnish tourism sector comprising more than 15 000 firm-year observations, as well as various models, this paper studies whether firms with a female CEO (Chief Executive Officer) hold a larger level of cash than those with a male CEO. The study controls...

This paper tests the hypothesis that an anticipated information event affects the use of trading venues. Data from the Helsinki Stock Exchange are used where an upstairs market co-exists with a downstairs market. Trades are classified also as in-house trades and externalized trades. This paper...

This paper tests the hypothesis that an anticipated information event (e.g. interim earnings announcement) affects the use of trading venues. Data from the Helsinki Stock Exchange are used where an upstairs market co-exists with an anonymous downstairs market. Trades are classified also as...

This study focuses on the implementation and valuation impacts of mandatory transition to International Financial Reporting Standards (IFRS), using samples of Finnish first-time IFRS users. The Finnish data is used since prior research findings suggest large differences between Finnish...