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Equilibrium in financial markets with adverse selection
Takalo, Tuomas; Toivanen, Otto - Suomen Pankki - 2003
We study a financial market adverse selection model where all agents are endowed with initial wealth and choose to invest as entrepreneurs or financiers, or not to invest. We show that often a lack of outside finance leads to the emergence of financial markets where availability of outside...
Persistent link: https://www.econbiz.de/10005648911
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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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Legislation, investor protection and financial growth
Rainio, Elina - Suomen Pankki - 2006
According to recent law and finance research, legislation is essential to financial development. More effi-cient financial markets would be achieved by reforming the laws governing investor protection and cor-porate governance systems. The Companies Act has traditionally played a very important...
Persistent link: https://www.econbiz.de/10005648829
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The signalling hypothesis revisited: Evidence from foreign IPOs
Francis, Bill B; Hasan, Iftekhar; Lothian, James R; … - Suomen Pankki - 2008
While the signalling hypothesis has played a prominent role as the economic rationale associated with the initial public offering (IPO) underpricing puzzle (Welch, 1989), the empirical evidence on it has been mixed at best (Jegadeesh, Weinstein and Welch, 1993; Michaely and Shaw, 1994). This paper...
Persistent link: https://www.econbiz.de/10005648961
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Home preference at selecting financial advisors in cross-border M&As
Francis, Bill B.; Hasan, Iftekhar; Sun, Xian - Suomen Pankki - 2012
This paper examines the determinants of the choice of financial advisors and their impact on the announcement effects of US acquirers in cross-border M&As. Two hypotheses are tested: one pertains to the acquiring firms’ home preference in selecting financial advisors, and the other relates to...
Persistent link: https://www.econbiz.de/10010587737
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Corporate social responsibility and shareholder's value: an empirical analysis
Becchetti, Leonardo; Ciciretti, Rocco; Hasan, Iftekhar - Suomen Pankki - 2009
In today’s global economy, corporate social responsibility (CSR) is a core component of corporate strategy. Due in part … crucial instrument for minimizing conflicts with stakeholders. While corporations are busy adopting and enhancing CSR … 400 Social Index (a recognized CSR benchmark) between 1990 and 2004. Our paper highlights two main findings: i) a …
Persistent link: https://www.econbiz.de/10005648877
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Liquidity and market efficiency : alive and well?
Liikanen, Erkki; Jylhä, Petri; Pennacchi, George G.; … - Joint Conference with the Bank of Finland in Helsinki …; … - 2015
On 3 July 2015, SUERF organized its sixth joint conference with the Bank of Finland in Helsinki on the subject of liquidity and market efficiency. The one-day program consisted of an opening speech, six presentations, including three keynotes, and a lunchtime address. The present SUERF Study...
Persistent link: https://www.econbiz.de/10011414459
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Are firm- and country-specific governance substitutes? Evidence from financial contracts in emerging markets
Francis, Bill; Hasan, Iftekhar; Song, Liang - Suomen Pankki - 2012
We investigate how borrowers’ corporate governance influences bank loan contracting terms in emerging markets and how this relation varies across countries with different country-level governance. We find that borrowers with stronger corporate governance obtain favorable contracting terms with...
Persistent link: https://www.econbiz.de/10010548603
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Essays on financial contracting
Vauhkonen, Jukka - Suomen Pankki - 2004
This thesis consists of an introductory chapter and four essays on financial contracting theory. In the first essay, we argue that many adverse selection models of standard one-period loan contracts are not robust to changes in market structure. We argue that debt is not an optimal contract in...
Persistent link: https://www.econbiz.de/10008774213
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What determines bank stock price synchronicity? Global evidence
Francis, Bill; Hasan, Iftekhar; Song, Liang; Yeung, Bernard - Suomen Pankki - 2012
synchronized with the whole market, similarly, in developed markets, lower banking freedom enhances bank stock price synchronicity …
Persistent link: https://www.econbiz.de/10010945107