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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

Contagion and interdependence: measuring CEE banking sector co-movements

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

Making use of ten years of daily data, this paper examines whether banking sector co-movements be-tween the three largest Central and Eastern European Countries (CEECs) can be attributed to contagion or to interdependence. Our tests based on simple unadjusted correlation analysis uncover...

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

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

Further evidence on the link between finance and growth: An international analysis of community banking and economic performance

Berger, Allen N.; Hasan, Iftekhar; Klapper, Leora F. - Suomen Pankki - 2004

We seek to contribute to both the finance-growth literature and the community banking literature by testing the effects of the relative health of community banks on economic growth and investigating potential transmission mechanisms for these effects using data from 1993–2000 on 49 nations....

Persistent link: https://www.econbiz.de/10005649013

Do networks in the stock exchange industry pay off? European evidence

Hasan, Iftekhar; Schmiedel, Heiko - Suomen Pankki - 2003

The economic theory of network externalities provides the rationale for this paper, which investigates whether adoption of network strategies in European stock exchanges creates additional value in the provision of trading services. Using unbalanced panel data from all major European exchanges...

Persistent link: https://www.econbiz.de/10005648905

Financial market integration and the value of global diversification: evidence from US acquirers in cross-border mergers and acquisitions

Francis, Bill B; Hasan, Iftekhar; Sun, Xian - Suomen Pankki - 2006

Using theories of internal capital markets, this paper examines the link between financial market integration and the value of global diversification. Based on a sample of 1,491 completed cross-border mergers and acquisitions (M&As) conducted by US acquirers during the 1990–2003 period, we...

Persistent link: https://www.econbiz.de/10005419680

Central counterparty clearing: constructing a framework for evaluation of risks and benefits

Ripatti, Kirsi - Suomen Pankki - 2004

A Central Counterparty (CCP) is an entity that interposes itself between transacting counterparties – a seller vis-à-vis the original buyer and a buyer vis-à-vis the original seller – to guarantee execution of the transaction. Thus, the original transacting parties substitute their...

Persistent link: https://www.econbiz.de/10005419682

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

Leverage and growth: effect of stock options

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

This paper investigates the potential effects of stock options on managers’ investment decisions and therefore on a … compensation in manager’s portfolio increases, the negative effect of leverage on growth disappears. The paper argues that this is … an important finding, because it implies that when managers are compensated with options debt ceases to pre …

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

Corporate boards and bank loan contracting

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

We investigate the role of corporate boards in bank loan contracting. We find that when corporate boards are more independent, both price and nonprice loan terms (e.g., interest rates, collateral, covenants, and performance-pricing provisions) are more favorable, and syndicated loans comprise...

Persistent link: https://www.econbiz.de/10010548600