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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

Law of finance: Evidence from Finland

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

with a reorganisation of the Finnish financial market in which a bank-centred financial system shifted from relationship …

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

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

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

Yearbook / Suomen Pankki

Suomen Pankki; Taloustieteellinen Tutkimuslaitos <Helsinki>; … - Helsinki [u.a.] : Gov. Print. Off. - 1.1914/20 - 76.1995(1996)

Persistent link: https://www.econbiz.de/10000450105

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

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

Does State Street lead to Europe? The case of financial exchange innovations

Komulainen, Mari; Takalo, Tuomas - Suomen Pankki - 2009

We study whether and to what extent financial exchange innovations are in practice patentable in Europe. We find that exchange-related applications initially increased significantly after the State Street decision but subsequently decreased. The clear majority (65%) of applications come from the...

Persistent link: https://www.econbiz.de/10008496439

Relationship lending and competition: Higher switching cost does not necessarily imply greater relationship benefits

Vesala, Timo - Suomen Pankki - 2005

competition. The relationship lender’s (insider bank’s) informational advantage creates a lock-in effect, which is at its height … the switching cost increases, which de facto reduces the insider bank’s profits. However, after a certain threshold in the … switching cost, the insider bank’s ‘mark-up’ begins to increase again. Hence, relationship benefits are a non-monotonous (V …

Persistent link: https://www.econbiz.de/10005190762

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 characteristics problem. Although an investor cannot precisely estimate the future returns of an entrepreneur’s projects, the investor can mitigate the asymmetric information...

Persistent link: https://www.econbiz.de/10005648914