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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
liquidity and market efficiency. The one-day program consisted of an opening speech, six presentations, including three keynotes …
Persistent link: https://www.econbiz.de/10011414459
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The determinants of option-adjusted delta credit spreads: a comparative analysis of the United States, the United Kingdom and the euro area
Becchetti, Leonardo; Carpentieri, Andrea; Hasan, Iftekhar - Suomen Pankki - 2009
OASs and find evidence of a significant impact of institutional investors’ purchases and sales on corporate bond risk. We …
Persistent link: https://www.econbiz.de/10008509440
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The bank lending channel reconsidered
Milne, Alistair; Wood, Geoffrey - Suomen Pankki - 2009
It has been widely accepted that constraints on the wholesale funding of bank balance sheets amplify the transmission of monetary policy through what is called the ‘bank lending channel’. We show that the effect of such bank balance sheet constraints on monetary transmission is in fact...
Persistent link: https://www.econbiz.de/10005648955
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Cross-Border Performance in European Banking
Hasan, Iftekhar; Lozano-Vivas, Ana; Pastor, Jesús T. - Suomen Pankki - 2000
Recent cross-country comparisons of bank efficiency have been based on pooled estimates of banks across countries and … efficiency of banks in each country that operate both within and outside their own environments. The results indicate that … technical efficiency is a significant deterrence to foreign competition. …
Persistent link: https://www.econbiz.de/10005423697
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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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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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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
acquirers take the entire risk of not realizing the expected synergy value. We also observe home preference among investors as …
Persistent link: https://www.econbiz.de/10010587737
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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