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Social capital and debt contracting : evidence from bank loans and public bonds
(20.11.2015)
Bank of Finland Research Discussion Papers 21/2015
Bank of Finland Research Discussion Papers 21/2015
We find that firms headquartered in U.S. counties with higher levels of social capital incur lower bank loan spreads. This finding is robust to using organ donation as an alternative social-capital measure and incremental ...
Growing like Germany : Local public debt, local banks, low private investment
(22.08.2022)
Bank of Finland Research Discussion Papers 9/2022
Bank of Finland Research Discussion Papers 9/2022
Over 2010-2016, municipal debt in Germany crowded out private investment worth 1 percent of GDP. Forced to lend to municipalities by their statutes, local public banks compensated for declining municipal-debt yields by ...
Viitekorot eivät ole ikuisia – mitä jos euribor lakkaa olemasta?
(21.01.2022)
Euro & talous. Blogi
Euro & talous. Blogi
Päivittäin julkaistavat erilaiset viitekorot ovat rahoitusmarkkinoiden toiminnan selkäranka. Viitekorkoja käytetään laajasti taloudellisissa sopimuksissa sekä rahoitusinstrumenttien ja johdannaisten hinnoittelussa ja ...
Suurimmat kansainväliset vakausuhat kohdistuvat arvopaperimarkkinoihin
(28.04.2017)
Euro & talous 2/2017
Euro & talous 2/2017
Sijoittajien optimismi rahoitusmarkkinoilla voi kääntyä nopeasti riskin kaihtamiseksi, jos taloudellinen tai poliittinen epävarmuus maailmalla lisääntyy. Pitemmän aikavälin velkaantumiseen ja asuntomarkkinoihin liittyvät ...
Kassavarantotalletukset ja rahapolitiikka
(15.01.1989)
Suomen Pankki. Yleistajuiset selvitykset. A 70
Suomen Pankki. Yleistajuiset selvitykset. A 70
Suomen rahoitusmarkkinat
(15.11.1986)
Suomen Pankki. Yleistajuiset selvitykset. A 64
Suomen Pankki. Yleistajuiset selvitykset. A 64
Can lenders discern managerial ability from luck? Evidence from bank loan contracts
(15.02.2018)
Journal of Banking and Finance February
Journal of Banking and Finance February
We investigate the effect of managerial ability versus luck on bank loan contracting. Borrowers showing a persistently superior managerial ability over previous years (more likely due to ability) enjoy a lower loan spread, ...
Most significant international threats to stability relate to securities markets
(29.05.2017)
Bank of Finland. Bulletin 2/2017
Bank of Finland. Bulletin 2/2017
Investors’ optimism on the financial markets can rapidly turn to risk aversion if global economic or political uncertainty increases. Longer-term risks related to indebtedness and the housing markets are considerable, ...
Social Capital and Debt Contracting : Evidence from Bank Loans and Public Bonds
(03.05.2017)
Journal of Financial and Quantitative Analysis 3; June
Journal of Financial and Quantitative Analysis 3; June
We find that firms headquartered in U.S. counties with higher levels of social capital incur lower bank loan spreads. This finding is robust to using organ donation as an alternative social capital measure and incremental ...
Slightly negative central bank interest rates ease financial conditions
(12.11.2019)
Bank of Finland. Bulletin 4/2019
Bank of Finland. Bulletin 4/2019
Negative interest rates have been an integral part of the ECB's overall monetary accommodation for just over five years now. The ECB lowering its deposit facility below zero has especially reduced the cost of market-based ...