Haku
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Do managerial risk-taking incentives influence firms’ exchange rate exposure?
(05.08.2017)
Bank of Finland Research Discussion Papers 16/2017
Bank of Finland Research Discussion Papers 16/2017
There is scant evidence on how risk-taking incentives impact specific firm risks. This has implications for board oversight of managerial risk taking, firms’ development of comparative advantage in taking particular risks, ...
The impacts of intellectual property rights protection on cross-border M&As
(06.08.2017)
Bank of Finland Research Discussion Papers 17/2017
Bank of Finland Research Discussion Papers 17/2017
We investigate the impacts of improved intellectual property rights (IPR) protection on cross-border M&A performance. Using multiple measures of IPR protection and based on generalized difference-in-differences estimates, ...
The risk-taking channel of monetary policy in the US : Evidence from corporate loan data
(07.08.2017)
Bank of Finland Research Discussion Papers 18/2017
Bank of Finland Research Discussion Papers 18/2017
To study the presence of a risk-taking channel in the US, we build a comprehensive dataset from the syndicated corporate loan market and measure monetary policy using different measures, most notably Taylor (1993) and Romer ...
Bond finance, bank credit, and aggregate fluctuations in an open economy
(05.08.2016)
Bank of Finland Research Discussion Papers 22/2016
Bank of Finland Research Discussion Papers 22/2016
Corporate sectors in emerging markets have noticeably increased their reliance on foreign financing, presumably reflecting low global interest rates. The evidence also shows a rebalancing from bank loans towards bonds. To ...
On the effect of business and economic university education on political ideology : An empirical note
(11.08.2017)
Bank of Finland Research Discussion Papers 22/2017
Bank of Finland Research Discussion Papers 22/2017
We empirically test the hypothesis that a major in economics, management, business administration or accounting (for simplicity referred to as business/economics) leads to more-conservative (right-wing) political views. ...
The effect of foreign institutional ownership on corporate tax avoidance: international evidence
(23.08.2016)
Bank of Finland Research Discussion Papers 26/2016
Bank of Finland Research Discussion Papers 26/2016
This study examines whether foreign institutional investors (FIIs) help explain variation in corporate tax avoidance and whether mechanisms such as tax morality, investment horizon, and corporate governance underlie the ...
Securitization and crash risk : Evidence from large European banks
(11.12.2018)
Bank of Finland Research Discussion Papers 26/2018
Bank of Finland Research Discussion Papers 26/2018
The 2008 global financial crisis highlights the importance of securitization and crash risk. Yet there is a dearth of papers exploring the link between securitization and crash risk. We analyze 7,096 securitization deals ...
Use of unit root methods in early warning of financial crises
(03.11.2016)
Bank of Finland Research Discussion Papers 27/2016
Bank of Finland Research Discussion Papers 27/2016
Unit root methods have long been used in detection of financial bubbles in asset prices. The basic idea is that fundamental changes in the autocorrelation structure of relevant time series imply the presence of a rational ...
Q, investment, and the financial cycle
(02.09.2017)
Bank of Finland Research Discussion Papers 26/2017
Bank of Finland Research Discussion Papers 26/2017
The empirical performance of the Q theory of investment can be significantly improved by simultaneously considering the time- and the frequency-varying features of the investment-Q relationship. Using continuous wavelet ...
Expectations, stagnation and fiscal policy
(11.08.2016)
Bank of Finland Research Discussion Papers 25/2016
Bank of Finland Research Discussion Papers 25/2016
Stagnation as the new norm and fiscal policy are examined in a New Keynesian model with adaptive learning determining expectations. We impose inflation and consumption lower bounds, which can be relevant when agents are ...