Browsing by Subject "omistus"

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Now showing items 21-40 of 63
  • Pylkkönen, Pertti (2006)
    Bank of Finland. Financial market report 2
    Ownership structure of Finnish listed shares changed significantly in the 1990s. In recent years, changes have been company-specific and, in terms of shareholder groups, the changes have been negligible.
  • Fan, Yiwei; Hasan, Iftekhar; Sau Leung, Woon; Wang, Qingwei (2019)
    Journal of International Business Studies 9 ; December
    This paper investigates how foreign ownership shapes bank information environments. Using a sample of listed banks from 60 countries over 1997–2012, we show that foreign ownership is significantly associated with greater (lower) informativeness (synchronicity) in bank stock prices. We also find that stock returns of foreign-owned banks reflect more information about future earnings. In addition, the positive association between price informativeness and foreign ownership is stronger for foreign-owned banks in countries with stronger governance, stronger banking supervision, and lower monitoring costs. Overall, our evidence suggests that foreign ownership reduces bank opacity by exporting governance, yielding important implications for regulators and governments.
  • Kuusela, Kullervo (1979)
    Bank of Finland. Monthly Bulletin 53 ; 1 ; January
  • Kuusela, Kullervo (1972)
    Bank of Finland. Monthly Bulletin 46 ; 1 ; January
  • Pekkala Kerr, Sari; Kerr, William R. (2017)
    Bank of Finland Research Discussion Papers 3/2017
    We study the prevalence and traits of global collaborative patents for U.S. public companies, where the inventor team is located both within and outside of the United States. Collaborative patents are frequently observed when a corporation is entering into a new foreign region for innovative work, especially in settings where intellectual property protection is weak. We also connect collaborative patents to the ethnic composition of the firm s U.S. inventors and cross-border mobility of inventors within the firm. The inventor team composition has important consequences for how the new knowledge is exploited within and outside of the firm.
  • Housing 
    Bank of Finland. Monthly Bulletin 46 ; 7 ; July
  • Pekkala Kerr, Sari; Kerr, William (2020)
    Research Policy 3 ; April
    We study immigrant entrepreneurship in 2007 and 2012 using the Survey of Business Owners. First-generation immigrants create about 25% of new firms in America, but this share exceeds 40% in some states. Conditional on basic regression controls, immigrant-owned firms tend to create fewer jobs than native-owned firms, have comparable pay levels, offer fewer benefits, and engage more in international activities. Prominent tech clusters display quite pronounced shares of immigrant entrepreneurs. Our results suggest that most of the impact of immigrant high-tech entrepreneurship for tech centers happens through the quantity dimension: Silicon Valley and similar tech hubs attract many immigrant founders.
  • Vajanne, Laura (2006)
    Bank of Finland. Financial market report 4
    Households' fund investments have increased rapidly in the current decade. Another saving channel which has rapidly gained popularity is personal life and pension insurance. By contrast, net purchases of equities have remained modest, and changes in equity wealth are mainly due to changes in share prices.
  • Grönlund, Marian (2021)
    Finanssivalvonta. Blogi 6/2021
    Vakuutusyhtiön varojen käyttö, hallinto ja johdon sopivuus ovat Suomessa tarkkaan säänneltyjä. Säänneltyä on myös se, kuka saa omistaa vakuutusyhtiön osakkeita tai osuuksia. Finanssivalvonta arvioi muun muassa vakuutusyhtiöiden suurimpien omistajien sopivuutta osana omistajavalvontaansa, jossa keskeisessä roolissa on osakkeita hankkivan sekä luovuttavan tahon ilmoitusvelvollisuus suunnitellusta kaupasta. Kauppaa ei saa toteuttaa, ennen kuin Finanssivalvonta on antanut kaupalle hyväksyntänsä.
  • Haataja, Kyösti (1928)
    Bank of Finland. Monthly Bulletin 8 ; 12 ; December
  • Fungáčová, Zuzana; Korhonen, Iikka (2011)
    BOFIT Discussion Papers 32/2011
    This paper provides an overview of the Chinese banking sector, which has expanded tremendously over the past two decades. We first describe aggregate developments of the sector and compare them to the situation in other countries. Also, various financial institutions that operate in China are analyzed. Our results confirm that the Chinese banking sector is truly in a class of its own, especially given the level of China's economic development. Despite significant reforms, the state and various public organizations still own controlling shares in the largest commercial banks. The state is also present on the borrowers' side; it is estimated that about half of state-owned commercial bank lending still goes to state-controlled companies. In this way, the banking system can serve as an important policy tool. Another distinctive feature of the Chinese banking sector is the variety of its banking institutions. New types of banking institutions, especially those serving rural areas, are emerging all the time. While equity and debt markets are still tiny relative to the banking sector and their importance as sources of financing of investment remain minor, they have evolved rapidly in recent years. JEL: G28, P34, G21 Keywords: China, banking sector, state banks
  • Hällfors, Arvi (1927)
    Bank of Finland. Monthly Bulletin 7 ; 10 ; October
  • Pyle, William (2007)
    BOFIT Discussion Papers 18/2007
    Published in Journal of Law, Economics and Organization, (2011) 27(1): 2-31.
    This article explores the inter-relationship of collective action within the business community, the nature of the political regime and the security of firms' property rights. Drawing on a pair of surveys recently administered in Russia, we present evidence that post-communist business associations have begun to coordinate business influence over state actors in a manner that is sensitive to regional politics. A firm's ability to defend itself from government predation and to shape its institutional environment as well as its propensity to invest in physical capital are strongly related to both its membership in a business association and the level of democratization in its region. Of particular note, the positive effect of association membership on securing property rights increases in less democratic regions. The evidence, that is, suggests that collective action in the business community substitutes for democratic pressure in constraining public officials. Key words: collective action, property rights, political institutions, business associations JEL codes: D7, K4, P48
  • Haavio, Markus; Kauppi, Heikki (2011)
    Bank of Finland Research Discussion Papers 24/2011
    We develop a dynamic multi-region model, with fluctuating regional house prices, where an owner-occupied household´s location choice depends on its current wealth and its current type and involves both consumption and investment considerations. The relative strength of the consumption motive and the investment motive in the location choice determines the equilibrium pattern of residential sorting, with a strong investment (consumption) motive implying sorting according to the type (wealth). The model predicts a negative relation between the size of house price fluctuations and the degree of residential sorting in the type dimension. Also, movers should be more sorted than stayers in the type dimension. These predictions are consistent with evidence from US metropolitan areas when income, education and age are used as proxies for household type. Keywords: Residential sorting, House prices, Consumption motive, Investment motive, Incomplete markets, Household mobility JEL Classification: D52, G11, R13, R21, R23
  • Pyle, William (2009)
    Bofit. Focus/Opinion. Expert view 4/2009
  • Chatterjee, Sris; Gu, Xian; Hasan, Iftekhar; Lu, Haitian (2019)
    BOFIT Discussion Papers 18/2019
    Drawing upon evidence from the Chinese corporate bond market, we study how ownership structure affects the cost of debt for firms. Our results show that state, institutional and foreign ownership formats reduce the cost of debt for firms. The benefits of state ownership are accentuated when the issuer is headquartered in a province with highly developed market institutions, operates in an industry less dominated by the state or during the period after the 2012 anti-corruption reforms. Institutional ownership provides the most benefits in environments with lower levels of marketization, especially for firms with low credit quality. Our evidence sheds light on the nexus of ownership and debt cost in a political economy where state and private firms face productivity and credit frictions. It is also illustrative of how the market environment interacts with corporate ownership in affecting the cost of bond issuance.
  • Bonin, John P.; Hasan, Iftekhar; Wachtel, Paul (2004)
    BOFIT Discussion Papers 8/2004
    Published in Journal of Banking and Finance, (29), August-September 2005, pp. 2153-78 as "Privatization Matters: Bank Performance in Transition Countries"
    To investigate the impact of bank privatization in transition countries, we take the largest banks in six relatively advanced countries, namely, Bulgaria, the Czech Republic, Croatia, Hungary, Poland and Romania.Income and balance sheet characteristics are compared across four bank ownership types.Efficiency measures are computed from stochastic frontiers and used in ownership and privatization regressions having dummy variables for bank type.Our empirical results support the hypotheses that foreign-owned banks are most efficient and government-owned banks are least efficient. In addition, the importance of attracting a strategic foreign owner in the privatization process is confirmed.However, counter to the conjecture that foreign banks cream skim, we find that domestic banks have a local advantage in pursuing fee-for-service business. Finally, we show that both the method and the timing of privatization matter to efficiency; specifically, voucher privatization does not lead to increased efficiency and early-privatized banks are more efficient than later-privatized banks even though we find no evidence of a selection effect.JEL Classifications: P30, P34, and P52
  • Kasanen, Juha (1998)
    Suomen Pankin keskustelualoitteita 11/1998
    Pörssiyhtiöiden ilmoitusvelvollisten eli ns. sisäpiirin osakekaupat ovat arvopaperimarkkinalain perusteella julkisia.Vuoden 1997 lopussa pörssiyhtiöiden palveluksessa oli yhteensä noin 1500 ilmoitusvelvollista.Näillä oli yhteensä 150 sellaista alaikäistä lasta, jotka omistivat osakkeita siinä yhtiössä, jossa ilmoitusvelvollinen työskenteli.Tämän lisäksi ilmoitusvelvolliset omistivat työnantajansa osakkeita noin 150 määräysvaltayhteisön kautta. Ilmoitusvelvollisten kokonaisomistus oli vuoden 1997 lopussa oli noin 2 % (8,6 mrd. mk) Helsingin Pörssin koko markkina-arvosta. Ilmoitusvelvollisten osakeomistus on hyvin keskittynyttä: noin 200 henkilöä (11 %) omistaa 99 % kaikista ilmoitusvelvollisten yksityishenkilöiden omistamista osakkeista. Määräysvaltayhteisöt ovat omistajina keskeisessä asemassa.Niiden omistukset ovat suurempia kuin yksityishenkilöiden, ja niiden osakekaupankäynti on myös vilkkaampaa. 20 suurimmasta ilmoitusvelvollisesta 15 on määräysvaltayhteisöjä. Ilmoitusvelvolliset omistavat pienten pörssiyhtiöiden osakkeita sekä markkamääräisesti että yhtiön markkina-arvoon suhteutettuna selvästi enemmän kuin suurten. Ilmoitusvelvollisten osuus pörssikaupasta vastaa suunnilleen ilmoitusvelvollisten kokonaisomistusosuutta.Yhtiökohtaiset erot ovat kuitenkin huomattavia. Suurin osa (noin 90 %) ilmoitusvelvollisten osakekaupasta käydään määräysvaltayhteisöjen kautta.Määräysvaltayhteisöjen yksittäiset osakekaupat ovat myös selvästi suurempia kuin ilmoitusvelvollisten yksityishenkilöiden kaupat. Ilmoitusvelvollisten osakekaupat ovat erittäin keskittyneitä sekä ilmoitusvelvollisten henkilöiden että määräysvaltayhteisöjen kesken.Aktiivisimmin osakekauppaa käyvät eivät aina ole ilmoitusvelvollisista suurimpia omistajia. Asiasanat: sisäpiiri, sisäpiirin kauppa, sisäpiirikauppa, ilmoitusvelvollinen, ilmoitusvelvollisten osakekauppa
  • Pylkkönen, Pertti (2007)
    Bank of Finland. Financial market report 4
    While sovereign wealth funds have grown rapidly, their assets still account for only a small fraction of the international financial markets.
  • Holmberg, Saga (1998)
    This paper surveys the literature on ownership structure and corporate governance in Russia.The market structure is compared to traditional German and Anglo-Saxon market models.We argue that the Russian market constitutes a dynamic hybrid of the two models, i.e. its direction of development has yet to be resolved.As several current cases indicate, the risk of unfair treatment of minority shareholders in Russian companies is considerable.While we acknowledge that both the legal framework and the incentives of the management are equally important in protecting minority shareholder rights, the scope of the paper is deliberately limited to discussion of the legal framework.The information disclosure requirements of Russian companies are compared with the US requirements.Also the regulatory bodies in the two countries are discussed.Some differences between International Accounting Standards and Russian accounting practice are also reviewed.The final part of the paper is dedicated to the recent reforms proposed by the Russian government regarding disclosure and protection of minority shareholder rights. Keywords: ownership structure, shareholders, information disclosure, FCSM, Russia