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 ...
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. ...
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 ...
Social interaction in the family: Evidence from investors’ security holdings
(01.09.2017)
Bank of Finland Research Discussion Papers 25/2017
Bank of Finland Research Discussion Papers 25/2017
We show investors tend to hold the same securities as their parents. This intergenerational correlation is stronger for mothers and family members who are more likely to communicate with each other. An instrumental variables ...
Enforceability of non-complete agreements : When does state stifle productivity?
(16.08.2017)
Bank of Finland Research Discussion Papers 24/2017
Bank of Finland Research Discussion Papers 24/2017
Non-compete agreements (also known as Covenants Not to Compete or CNCs) are frequently used by many businesses in an attempt to maintain their competitive advantage by safeguarding their human capital and the associated ...
Real effects of bank capital regulations : Global evidence
(12.08.2017)
Bank of Finland Research Discussion Papers 23/2017
Bank of Finland Research Discussion Papers 23/2017
We examine the effect of the full set of bank capital regulations (capital stringency) on loan growth, using bank-level data for a maximum of 125 countries over the period 1998-2011. Contrary to standard theoretical ...
Information acquisition during a descending price auction with asymmetrically informed players
(27.01.2017)
Bank of Finland Research Discussion Papers 5/2017
Bank of Finland Research Discussion Papers 5/2017
This paper considers equilibrium behavior in a descending price auction with two players that are asymmetrically informed. The ”informed” player knows his valuation while the other does not. The uninformed player can acquire ...
High-skilled migration and agglomeration
(13.02.2017)
Bank of Finland Research Discussion Papers 7/2017
Bank of Finland Research Discussion Papers 7/2017
This paper reviews recent research regarding high-skilled migration. We adopt a data-driven perspective, bringing together and describing several ongoing research streams that range from the construction of global migration ...