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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
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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
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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
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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
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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
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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
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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
premium is explained by foreign income, industry competitiveness, leverage, liquidity and other industry characteristics …
Persistent link: https://www.econbiz.de/10005423685
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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
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Urban agglomeration and CEO compensation
Francis, Bill; Hasan, Iftekhar; John, Kose; Waisman, Maya - Suomen Pankki - 2012
An underlying assumption in the executive compensation literature is that there is a national labor market for CEOs. The urban economics literature, however, documents higher ability among workers in large metropolitans, which results in a real and stable urban wage premium. In this paper, we...
Persistent link: https://www.econbiz.de/10010818975
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Professors in the boardroom and their impact on corporate governance and firm performance
Francis, Bill B.; Hasan, Iftekhar; Wu, Qiang - Suomen Pankki - 2014
Directors from academia served on the boards of around 40% of S&P 1,500 firms over the 1998–2011 period. This paper investigates the effects of academic directors on corporate governance and firm performance. We find that companies with directors from academia are associated with higher...
Persistent link: https://www.econbiz.de/10010818982