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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 respect to loan amount, maturity, collateral requirements, and …
Persistent link: https://www.econbiz.de/10010548603
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Are firm- and country-specific governance substitutes? Evidence from financial contracts in emerging markets
Francis, Bill; Hasan, Iftekhar; Song, Liang - 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 respect to loan amount, maturity, collateral requirements, and …
Persistent link: https://www.econbiz.de/10012148146
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Are Firm- and Country-Specific Governance Substitutes? Evidence from Financial Contracts in Emerging Markets
Francis, Bill B. - 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 respect to loan amount, maturity, collateral requirements, and …
Persistent link: https://www.econbiz.de/10013107612
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Corporate governance and investment-cash flow sensitivity: Evidence from emerging markets
Francis, Bill; Hasan, Iftekhar; Song, Liang; Waisman, Maya - In: Emerging Markets Review 15 (2013) C, pp. 57-71
Controlling for country-level governance, we investigate how firms' corporate governance influences financing … constraints. Using firm-level corporate governance rankings across 14 emerging markets, we find that better corporate governance …-level corporate governance matters more significantly in countries with weaker country-level governance. This suggests …
Persistent link: https://www.econbiz.de/10010666217
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Retail payments and economic growth
Hasan, Iftekhar; De Renzis, Tania; Schmiedel, Heiko - Suomen Pankki - 2012
This paper examines the fundamental relationship between retail payments and overall economic growth. Using data from across 27 European markets over the period 1995–2009, the results confirm that migration to efficient electronic retail payments stimulates overall economic growth, consumption...
Persistent link: https://www.econbiz.de/10010548604
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Retail payments and the real economy
Hasan, Iftekhar; De Renzis, Tania; Schmiedel, Heiko - 2013
This paper examines the fundamental relationship between retail payments and the real economy. Using data from across 27 European markets over the period 1995-2009, the results confirm that migration to efficient electronic retail payments stimulates the overall economy, consumption and trade....
Persistent link: https://www.econbiz.de/10011605617
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Retail payments and economic growth
Hasan, Iftekhar; De Renzis, Tania; Schmiedel, Heiko - 2012
This paper examines the fundamental relationship between retail payments and overall economic growth. Using data from across 27 European markets over the period 1995-2009, the results confirm that migration to efficient electronic retail payments stimulates overall economic growth, consumption...
Persistent link: https://www.econbiz.de/10012148153
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Technology, automation, and productivity of stock exchanges: International evidence
Hasan, Iftekhar; Malkamäki, Markku; Schmiedel, Heiko - Suomen Pankki - 2002
The paper stresses on the importance of understanding the operational choices, strategies, and performances of stock exchanges as regular operating firms (Arnold et al (1999), and Pirrong (1999)) Using unbalanced panel data on 49 stock exchanges over the period 1989–1998, the paper traces the...
Persistent link: https://www.econbiz.de/10005648934
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Are Expansions Cost Effective for Stock Exchanges? A Global Perspective
Hasan, Iftekhar; Malkamäki, Markku - Suomen Pankki - 2000
This paper investigates the existence and extent of economies of scale and scope among stock exchanges. Evidence from 38 exchanges in 32 countries and 4 continents around the world for the years 1989-1998 indicates the existence of significant economies of scale and scope. The degree of such...
Persistent link: https://www.econbiz.de/10005648960
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Do Firms Adjust Toward Target Capital Structures? Some International Evidence
Clark, Brian J. - 2009
In a sample of 26,395 firms from 40 countries, we find evidence in support of the dynamic trade-off theory for capital structure. Firms in every country of our sample partially adjust toward target capital structures. We show that legal, institutional, and other country-level factors explain...
Persistent link: https://www.econbiz.de/10012718531