Similar Search Results

Asymmetric benchmarking in bank credit rating

Shen, Chung-Hua; Huang, Yu-Li; Hasan, Iftekhar - Suomen Pankki - 2012

This study proposes an information asymmetry hypothesis to examine why bank credit ratings vary among countries even when bank financial ratios remain constant. Countries are divided among those with low and high information asymmetry. The former include high-income countries, those in North...

Persistent link: https://www.econbiz.de/10010548599

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

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

Leverage and growth: effect of stock options

Francis, Bill; Hasan, Iftekhar; Sharma, Zenu - Suomen Pankki - 2011

firm’s growth or, alternatively, on its leverage-growth relationship. To structure the analysis addressing this issue, the … paper utilizes a framework establishing a negative relationship between leverage and the firm’s growth. However, in contrast … relationship between leverage and growth has changed significantly. Primarily this paper documents that, as options based …

Persistent link: https://www.econbiz.de/10009358948

Rating targeting and the confidence levels implicit in bank capital

Jokivuolle, Esa; Peura, Samu - Suomen Pankki - 2006

The solvency standards implicit in bank capital levels, as reported eg in Jackson et al (2002), are much higher than those required for top ratings, if standard single period economic capital models are taken se-riously. We explain this excess capital puzzle by forward looking rating targeting...

Persistent link: https://www.econbiz.de/10005207164

Capital Structure, Wage Bargaining and Employment

Koskela, Erkki; Stenbacka, Rune - Suomen Pankki - 2000

offset the negative dilution effect in equilibrium. Leverage is shown to reduce employment and to have a strategic commitment …

Persistent link: https://www.econbiz.de/10005648909

Law of finance: Evidence from Finland

Hyytinen, Ari; Kuosa, Iikka; Takalo, Tuomas - Suomen Pankki - 2002

-based debt finance towards increasing dominance by the stock market. We find evidence that the development of shareholder …

Persistent link: https://www.econbiz.de/10005648951

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

What determines bank stock price synchronicity? Global evidence

Francis, Bill; Hasan, Iftekhar; Song, Liang; Yeung, Bernard - Suomen Pankki - 2012

This paper examines what institutional and bank-specific factors determine bank stock price synchronicity. Using data on 37 countries from 1996–2007, we find that bank stocks are more aligned with the whole market (1) during the financial crisis; (2) in countries that have more credit provided...

Persistent link: https://www.econbiz.de/10010945107

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