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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

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

More than connectedness – Heterogeneity of CEO social network and firm value

Fang, Yiwei; Francis, Bill; Hasan, Iftekhar - Suomen Pankki - 2012

This paper examines through various channels the effects of CEO social network heterogeneity on firm value. We construct four measures of heterogeneity based on demographic attributes, intellectual backgrounds, professional experience, and geographical exposures of individuals in the CEO social...

Persistent link: https://www.econbiz.de/10010584392

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

Descriptive analysis of Finnish equity, bond and money market returns

Nyberg, Peter; Vaihekoski, Mika - Suomen Pankki - 2011

This paper gathers the longest available historical monthly return series for the Finnish equity, bond and money markets as well as inflation. The series are analysed to calculate the statistical characteristics of the returns investors would have received in these markets. We also survey...

Persistent link: https://www.econbiz.de/10009643485

The effect of a transaction tax on exchange rate volatility

Lanne, Markku; Vesala, Timo - Suomen Pankki - 2006

We argue that a transaction tax is likely to amplify, not dampen, volatility in the foreign exchange mar-kets. Our … trades disproportionately, leading to increased volatil-ity. Empirical support for this prediction is found by investigating … the effect of transaction costs on the volatility of DEM/USD and JPY/USD returns. High-frequency data are used and an …

Persistent link: https://www.econbiz.de/10005423683

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

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

Does hedging tell the full story? Reconciling differences in US aggregate and industry-level exchange rate risk premia

Francis, Bill B; Hasan, Iftekhar; Hunter, Delroy M - Suomen Pankki - 2008

While the importance of currency movements to industry competitiveness is theoretically well established, there is little evidence that currency risk impacts US industries. Applying a conditional asset-pricing model to 36 US industries, we find that all industries have a significant currency...

Persistent link: https://www.econbiz.de/10005423685

The cost of sin: The effect of social norms on audit pricing

Leventis, Stergios; Hasan, Iftekhar; Dedoulis, Emmanouil - Suomen Pankki - 2013

In this paper we provide evidence for the effects of social norms on audit pricing by studying companies belonging to the alcohol, firearms, gambling, military, nuclear power, and tobacco industries, which are often described as “sin” companies. We hypothesize that the disparities between...

Persistent link: https://www.econbiz.de/10010818972