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 ...
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 ...
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 ...
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 ...
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 ...
Model-based regulation and firms' access to finance
(15.02.2019)
Bank of Finland Research Discussion Papers 4/2019
Bank of Finland Research Discussion Papers 4/2019
This paper investigates the impact of the model-based approach to bank capital regulation (i.e. the Internal Ratings Based Approach; IRBA) on firms' access to finance. A difference-in-differences methodology is used given ...
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 ...