This paper is a study of default risk on Finnish government debt. The objectives of the study are to estimate the size of the default risk and to shed some light to the causes of default risk, using simple regression runs.To estimate the Finnish government default risk premium, we measured the...

While the scale of informal finance in many developing countries has long been known to be extensive, data at the national level and particularly in Africa has been scarce. Moreover, financial sector development policy has firmly shifted its attention away from informal finance and towards...

Tässä selvityksessä analysoidaan rahoitusmarkkinoiden vapautumisen ja nopeasti kehittyneiden maksu- ja informaatiojärjestelmien aikaansaamat maksutapamuutokset Suomessa ja ulkomailla. Selvityksen alussa todetaan rahoitusmarkkinoiden vapautumisen muuttaneen pankkien kilpailukeinoja ....

Tässä selvityksessä kartoitetaan maksujärjesteimien kansainvälinen kehityssuunta ja eri maiden keskuspankki en rooli maksujärjestelmien kehittämisessä ja tulevaisuuden järjestelmissä. Kansainvälisen analyysin perusteella esitetään joitain näkökohtia, jotka olisi otettava huomioon...

This paper examines the Sharpe-Lintner Capital Asset Pricing Model (CAPM) in which time-varying-parameter models are altemative to the static market model. Prior evidence does not support the CAPM and suggests that market risk is not priced or the price of the beta risk is significantly negative...

This paper examines the sensitivity of tests of the Sharpe-Lintner Capital Asset Pricing Model (CAPM) to different estimation methods and asset return samples in a thin European asset market, i.e. the Finnish asset market. A time-varying-parameter model is introduced as an altemative to the...

This paper examines eointegration and Granger eatisality among the stock markets in the United States, the United Kindom, Germany, Sweden and Finland. The first three nations are the biggest trading partners of the two small open Nordie eeonomies, Finland and Sweden. We apply standard univariate...

This paper studies the driving forces of predictable variation in Finnish stock returns. The dynamics of Ferson and Harvey's (1991) methodology are extended and applied within the Sharpe-Lintner CAPM. We find that market risk is conditionally priced in the thin Finnish stock market. Most of the...

This is the first paper that examines economies of scale in stock exchanges.The data employed in the study include cost and output statistics for 37 stock exchanges in four continents around the world for the year 1997.I estimate two traditional cost functions and find that ray (overall) scale...

A common feature of major trends in securities and derivative markets is that they facilitate cross-border competition between financial institutions and markets.These trends include financial deregulation, technological developments that increase network externalities and the introduction of...