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Product market relationships and cost of bank loans: evidence from strategic alliances
Fang, Yiwei; Francis, Bill; Hasan, Iftekhar; Wang, Haizhi - Suomen Pankki - 2011
This paper examines the effects of strategic alliances on non-financial firms’ bank loan financing. We construct several measures to capture firms’ alliance activities using the frequency of alliance activities, the prominence of the alliance partner and the relative networking position in...
Persistent link: https://www.econbiz.de/10008867449
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Asymmetric information in credit markets and entrepreneurial risk taking
Vesala, Timo - Suomen Pankki - 2004
equilibrium depends negatively/positively on the credit market ´tightness´/liquidity. In general equilibrium, where the underlying …
Persistent link: https://www.econbiz.de/10005207166
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Shadow banking : financial intermediation beyond banks
Adrian, Tobias; Chrétien, Edouard; Chui, Michael; … - Shadow Banking: Financial Intermediation beyond Banks …; … - 2018
Persistent link: https://www.econbiz.de/10011790739
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Markets, Reserves and Lenders of Last Resort as Sources of Bank Liquidity
Herrala, Risto - Suomen Pankki - 2000
We study the long standing issue of whether markets can supply banks with sufficient liquidity or whether markets … model of Holmström and Tirole (1998) on the supply of liquidity to firms. H&Ts original model analyses liquidity supply to … problems associated with transitory liquidity outflows, even absent any change in a bank's value. Our premise is that the scope …
Persistent link: https://www.econbiz.de/10005419679
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An assessment of alternative lender of last resort schemes
Herrala, Risto - Suomen Pankki - 2001
We sketch a theoretical framework for comparing the properties of funded LOLR schemes. We construct an idealized lender of last resort and investigate how it formulates policy under alternative public and private governance structures. The alternatives are a (first-best) social utility maximizer...
Persistent link: https://www.econbiz.de/10005648930
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Bank runs, liquidity and credit risk
Topi, Jukka - Suomen Pankki - 2008
In this paper, I develop a model that addresses the links between banks’ liquidity outlook and their incentives to take … credit risk. Assuming that both bank-specific liquidity shocks and credit losses are necessary to provoke bank runs, the …-specific liquidity shock declines. This suggests that the benign liquidity outlook prevailing prior to the subprime crisis may have …
Persistent link: https://www.econbiz.de/10005648970
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Diagnostics for the financial markets – computational studies of payment system: Simulator Seminar Proceedings 2009–2011
Hellqvist, Matti; Laine, Tatu - Suomen Pankki - 2012
systemic risks, to analyze liquidity usage, to test or develop new system structures, and to study participants’ behavior. The …
Persistent link: https://www.econbiz.de/10010584387
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Can firms learn by observing? Evidence from cross-border M&As
Francis, Bill B.; Hasan, Iftekhar; Sun, Xian; Waisman, Maya - Suomen Pankki - 2014
In the presence of high uncertainty and limited experience, can observing the actions of other acquiring predecessors help firms make better acquisition decisions? Using a sample of cross-border M&As conducted by US acquirers in developing countries, we document a positive and significant...
Persistent link: https://www.econbiz.de/10010945113
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Adaptive learning and multiple equilibria in a natural rate monetary model with unemployment persistence
Rantala, Anssi - Suomen Pankki - 2003
This paper demonstrates that the adaptive learning approach to modelling private sector expectations can be used as an equilibrium selection mechanism in a natural-rate monetary model with unemployment persistence. In particular, it is shown that only one of the two rational expectations...
Persistent link: https://www.econbiz.de/10005207142
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Information acquisition during a Dutch auction
Miettinen, Paavo - Suomen Pankki - 2012
In this paper we consider equilibrium behavior in a Dutch (descending price) auction where the bidders are uninformed of their valuations with probability q and can acquire information about their valuation at a positive cost during the auction. We assume that the information acquisition...
Persistent link: https://www.econbiz.de/10009651894