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Miksi Suomi säästyi pankkikriisiltä?
(18.12.2017)
Kansantaloudellinen aikakauskirja 4/2017
Kansantaloudellinen aikakauskirja 4/2017
Suomen pankkikriisi ja sen syventämä suuri lama 1990-luvun alussa on vakavuudessaan opettavainen tarina siitä, miten pankkisektori ja koko talous voi joutua ennakoimattoman suuriin vaikeuksiin yrityssektorin huonon ...
The economic impact of changes in local bank presence
(04.05.2019)
Regional Studies 5
Regional Studies 5
This study analyzes the economic consequences of changes in the local bank presence. Using a unique data set of banks, firms and counties in Poland over the period 2009–14, it is shown that changes strengthening the ...
Uncertainty shocks and firm creation : Search and monitoring in the credit market
(15.02.2019)
Journal of Economic Dynamics and Control February
Journal of Economic Dynamics and Control February
We develop a business cycle model where endogenous firm creation stems from two credit market frictions. First, entrepreneurs search for a lending relationship with a bank. Second, an optimal debt contract with monitoring ...
Enforcement of banking regulation and the cost of borrowing
(01.04.2019)
Journal of Banking and Finance April
Journal of Banking and Finance April
We show that borrowing firms benefit substantially from important enforcement actions issued on U.S. banks for safety and soundness reasons. Using hand-collected data on such actions from the main three U.S. regulators and ...
Employee Treatment and Contracting with Bank Lenders : An Instrumental Approach for Stakeholder Management
(15.08.2019)
Journal of Business Ethics 4
Journal of Business Ethics 4
Adopting an instrumental approach for stakeholder management, we focus on two primary stakeholder groups (employees and creditors) to investigate the relationship between employee treatment and loan contracts with banks. ...
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, ...
The Risk-Taking Channel of Monetary Policy in the U.S. : Evidence from Corporate Loan Data
(27.01.2017)
Journal of Money, Credit and Banking 1 ; February
Journal of Money, Credit and Banking 1 ; February
To study the presence of a risk-taking channel in the U.S., we build a comprehensive data set from the syndicated corporate loan market and measure monetary policy using different measures, most notably Taylor (1993) and ...
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 ...