Narrow search
Showing 1 - 10 of 144
Cover Image
Law of finance: Evidence from Finland
Hyytinen, Ari; Kuosa, Iikka; Takalo, Tuomas - Suomen Pankki - 2002
Although it is widely acknowledged that the benefits of corporate governance reform could be substantial, systematic evidence on such reforms is scant. We both document and evaluate a contemporary corporate governance reform by constructing 18 measures of shareholder and creditor protection for...
Persistent link: https://www.econbiz.de/10005648951
Cover Image
Political connections and the process of going public: evidence from China
Francis, Bill B; Hasan, Iftekhar; Sun, Xian - Suomen Pankki - 2009
We examine how political connections impact the process of going public. Specifically, we test how political connections impact the pricing of newly offered shares, the magnitude of underpricing, and the fixed cost of going public. Based on experiences of the new public firms in the Chinese...
Persistent link: https://www.econbiz.de/10005648924
Cover Image
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
Cover Image
Investor protection and business creation
Hyytinen, Ari; Takalo, Tuomas - Suomen Pankki - 2003
We study the effects of investor protection on the availability of external finance, entrepreneurship, and creation of new firms in an equilibrium search model of private capital markets. In addition to search frictions, we examine contract frictions, specifically interim and ex post moral...
Persistent link: https://www.econbiz.de/10005207158
Cover Image
Asymmetric information in credit markets and entrepreneurial risk taking
Vesala, Timo - Suomen Pankki - 2004
The paper constructs a search-theoretic model of credit markets with a bilateral trading mechanism that enables the manageable introduction of asymmetric information. Borrowers´ success probabilities are unobservable to financiers, but the degree of risk in observable projects can be used as a...
Persistent link: https://www.econbiz.de/10005207166
Cover Image
Relationship lending and competition: Higher switching cost does not necessarily imply greater relationship benefits
Vesala, Timo - Suomen Pankki - 2005
This paper studies relationship lending in a framework where the cost of switching banks measures the degree of banking competition. The relationship lender’s (insider bank’s) informational advantage creates a lock-in effect, which is at its height when the switching cost is infinitesimal....
Persistent link: https://www.econbiz.de/10005190762
Cover Image
The role of comparing in financial markets with hidden information
Niinimäki, Juha-Pekka; Takalo, Tuomas; Kultti, Klaus - Suomen Pankki - 2006
This paper studies how comparing can be used to provide information in financial markets in the presence of a hidden …. Information asymmetry can be eliminated with certainty if the number of compared projects is sufficiently large. Because comparing …
Persistent link: https://www.econbiz.de/10005648914
Cover Image
The risk of financial intermediaries
Delis, Manthos D.; Hasan, Iftekhar; Tsionas, Efthymios G. - Suomen Pankki - 2014
This paper reconsiders the formal estimation of bank risk using the variability of the profit function. In our model, point estimates of the variability of profits are derived from a model where this variability is endogenous to other bank characteristics, such as capital and liquidity. We...
Persistent link: https://www.econbiz.de/10010945115
Cover Image
Simulation-based stress testing of banks’ regulatory capital adequacy
Peura, Samu; Jokivuolle, Esa - Suomen Pankki - 2003
problem potentially exacerbated by the rating-sensitive capital charges of Basel II. Determining the required buffer size is … testing. We present here a simulation-based approach to stress testing of capital adequacy where rating transitions are … requirements within the Basel II framework are driven by rating transitions. The joint dynamics of these determine the necessary …
Persistent link: https://www.econbiz.de/10005207153
Cover Image
Rating targeting and the confidence levels implicit in bank capital
Jokivuolle, Esa; Peura, Samu - Suomen Pankki - 2006
excess capital puzzle by forward looking rating targeting behaviour by banks, which aims at maintaining rating above a … rated bank to maintain at least a single A rating. The calibrated confidence level is in line with the historical …
Persistent link: https://www.econbiz.de/10005207164