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Leading indicators of systemic banking crises: Finland in a panel of EU countries

Lainà, Patrizio; Nyholm, Juho; Sarlin, Peter - Suomen Pankki - 2014

This paper investigates leading indicators of systemic banking crises in a panel of 11 EU countries, with a particular focus on Finland. We use quarterly data from 1980Q1 to 2013Q2, in order to create a large number of macro-financial indicators, as well as their various transformations. We make...

Persistent link: https://www.econbiz.de/10010818986

Toward robust early-warning models: A horse race, ensembles and model uncertainty

Holopainen, Markus; Sarlin, Peter - Suomen Pankki - 2015

This paper presents first steps toward robust early-warning models. We conduct a horse race of conventional statistical methods and more recent machine learning methods. As early-warning models based upon one approach are oftentimes built in isolation of other methods, the exercise is of high...

Persistent link: https://www.econbiz.de/10011210508

Financial interlinkages and risk of contagion in the Finnish interbank market

Toivanen, Mervi - Suomen Pankki - 2009

Using the maximum entropy method, this paper estimates the danger of contagion in the Finnish interbank market in 2005 …–2007 as well as the existence of contagion during a Finnish banking crisis. The contagion analysis of the early 1990s is able … that five of ten deposit banks are possible starting points for contagious effects. The magnitude of contagion is …

Persistent link: https://www.econbiz.de/10005648959

Contagion in the interbank network: An epidemiological approach

Toivanen, Mervi - Suomen Pankki - 2013

method to model the spreading of the contagion in the interbank network by implementing an epidemiologic model. Actual data … on European banks is exploited with simulated scale-free networks. The average contagion affected 70% and 40% of European … of contagion. Bank clustering, large incoming interbank loans and bank reputation are more prominent explanatory …

Persistent link: https://www.econbiz.de/10010818996

Contagion and interdependence: measuring CEE banking sector co-movements

Jokipii, Terhi; Lucey, Brian - Suomen Pankki - 2006

largest Central and Eastern European Countries (CEECs) can be attributed to contagion or to interdependence. Our tests based … on simple unadjusted correlation analysis uncover evidence of conta-gion between all pairs of countries. Adjusting for … market volatility during turmoil, however, produces dif-ferent results. We then find contagion from the Czech Republic to …

Persistent link: https://www.econbiz.de/10005648954

The 1990’s financial crises in Nordic countries

Honkapohja, Seppo - Suomen Pankki - 2009

The current financial crisis, which has lasted almost one and a half years, is the 19th such crisis in the post-war period in advanced economies. Recent literature classifies the Nordic crises in Norway, Sweden and Finland in late 1980's and early 1990’s among the Big Five crises that have...

Persistent link: https://www.econbiz.de/10005207165

The benefits of conservative accounting to shareholders: Evidence from the financial crisis

Francis, Bill; Hasan, Iftekhar; Wu, Qiang - Suomen Pankki - 2013

Using the recent financial crisis as a natural quasi-experiment, we test whether and to what extent conservative accounting affects shareholder value. We find that there is significantly positive and economically meaningful relation between conservatism and firm stock performance during the...

Persistent link: https://www.econbiz.de/10010818993

Do corporate boards affect firm performance? New evidence from the financial crisis

Francis, Bill; Hasan, Iftekhar; Wu, Qiang - Suomen Pankki - 2012

This study uses the current financial crisis as a quasi-experiment to examine whether and to what extent corporate boards affect the performance of firms. Using cumulative stock returns over the crisis to measure of firm performance, we find that board independence, as traditionally defined,...

Persistent link: https://www.econbiz.de/10010542073

Which financial stocks did short sellers target in the subprime crisis?

Hasan, Iftekhar; Massoud, Nadia; Saunders, Anthony; … - Suomen Pankki - 2015

Tracing the SEC ban on the short selling of financial stocks in September 2008, this paper investigates whether such selling activity before the 2008 short ban reflected financial companies’ risk exposures in the subprime crisis. The evidence suggests that short sellers sold short stocks that...

Persistent link: https://www.econbiz.de/10011188494

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