Haku
Viitteet 1-10 / 33
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 ...
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 ...
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 ...
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 ...
Switching costs and financial stability
(01.03.2016)
Bank of Finland Research Discussion Papers 2/2016
Bank of Finland Research Discussion Papers 2/2016
We establish that the effect of intensified deposit market competition, measured by reduced switching costs, on the probability of bank failures depends critically on whether we focus on competition with established customer ...
When do peers matter?: A cross-country perspective
(21.04.2016)
Bank of Finland Research Discussion Papers 8/2016
Bank of Finland Research Discussion Papers 8/2016
We assess the importance of industry peers for a firm’s own decision making strategy, using a rich sample of data covering 47 countries and 87 different industries between 1990 and 2011. Following the instrumental variable ...
Immigrant entrepreneurship
(21.12.2016)
Bank of Finland Research Discussion Papers 33/2016
Bank of Finland Research Discussion Papers 33/2016
We examine immigrant entrepreneurship and the survival and growth of immigrant-founded businesses over time relative to native-founded companies. Our work quantities immigrant contributions to new firm creation in a wide ...
Relative peer quality and firm performance
(12.04.2016)
Bank of Finland Research Discussion Papers 6/2016
Bank of Finland Research Discussion Papers 6/2016
This study examines the performance impact of the relative quality of a CEO’s compensation peers (peers selected to determine a CEO’s overall compensation) and bonus peers (peers selected to determine a CEO’s relative-p ...
Corporate social responsibility and firm financial performance: the mediating role of productivity
(20.04.2016)
Bank of Finland Research Discussion Papers 7/2016
Bank of Finland Research Discussion Papers 7/2016
This study treats firm productivity as an accumulation of productive intangibles and posits that stakeholder engagement associated with better corporate social performance helps develop such intangibles. We hypothesize ...
How large banks use CDS to manage risks: bank-firm-level evidence
(29.04.2016)
Bank of Finland Research Discussion Papers 10/2016
Bank of Finland Research Discussion Papers 10/2016
We test five hypotheses on whether banks use CDS to hedge corporate loans, provide credit enhancements, obtain regulatory capital relief, and exploit banking relationship and private information. Linking large banks’ CDS ...