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Can firms learn by observing? Evidence from cross-border M&As

Francis, Bill B.; Hasan, Iftekhar; Sun, Xian; Waisman, Maya - Suomen Pankki - 2014

In the presence of high uncertainty and limited experience, can observing the actions of other acquiring predecessors help firms make better acquisition decisions? Using a sample of cross-border M&As conducted by US acquirers in developing countries, we document a positive and significant...

Persistent link: https://www.econbiz.de/10010945113

Cross-border bank M&As and risk: evidence from the bond market

Choi, Sungho; Francis, Bill B; Hasan, Iftekhar - Suomen Pankki - 2010

increase in risk-taking incentives for bank managers and stockholders following these transactions. This paper empirically …

Persistent link: https://www.econbiz.de/10008626085

Pre-emptive horizontal mergers: theory and evidence

Molnar, Jozsef - Suomen Pankki - 2007

This paper proposes and tests an explanation as to why rational managers seeking to maximize shareholder value can …

Persistent link: https://www.econbiz.de/10005190742

Cross-Border Performance in European Banking

Hasan, Iftekhar; Lozano-Vivas, Ana; Pastor, Jesús T. - Suomen Pankki - 2000

Recent cross-country comparisons of bank efficiency have been based on pooled estimates of banks across countries and have typically assumed a common frontier and that differences in performance among banks are primarily due to disparities in certain country-specific aspects of banking...

Persistent link: https://www.econbiz.de/10005423697

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

Does relationship matter? The choice of financial advisors

Francis, Bill B.; Hasan, Iftekhar; Sun, Xian - Suomen Pankki - 2012

Using a sample of U.S. mergers and acquisitions, this study evaluates how banking relationships influence acquirers’ choice of financial advisors. Specifically, it examines: i) acquirers’ previous relationships with advisors in various financial activities: M&A advisories, equity issuings...

Persistent link: https://www.econbiz.de/10010584390

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

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

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