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 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 ...
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 ...
The net worth trap: investment and output dynamics in the presence of financing constraints
(16.11.2014)
Bank of Finland Research Discussion Papers 26/2014
Bank of Finland Research Discussion Papers 26/2014
We study the impact of financing constraints on investment and output dynamics, in a continuous time setting with output a linear function of capital. Decline of net worth reduces investment and, if firms can rent capital ...
Firm growth : Adjustment and fluctuations
(09.11.1988)
Bank of Finland Research Discussion Papers 26/1988
Bank of Finland Research Discussion Papers 26/1988
Firm growth is analysed using panel data for a sample of Finnish firms over the period 1978 - 1985. The paper focuses on the relationship between firm characteristics and growth, paying attention to both latent and measured ...