Browsing by Subject "Europe"

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  • Kemppainen, Kari (2020)
    Journal of Payments Strategy & Systems 4 ; Winter 2020
    Changing consumer expectations are shaping the retail payments market at the global level. Within the European Union, the renewed regulatory framework, the revised Payment Services Directive, gives a further boost by fostering innovation and com-petition in the European retail payments market. In this evolving payment landscape, assessing the current state and forecasting potential development paths may benefit from a look at the past.This paper reviews past developments, discusses potential regulatory implications, and outlines a vision of future developments in the European retail payments market. It concludes that an evolutionary path is more likely than a revolutionary one. Regarding the future regulatory framework for retail payments, it proposes that the movement from entity-based towards more activity-based regulation should be continued.
  • Fungáčová, Zuzana; Godlewski, Christophe J.; Weill, Laurent (2020)
    Quarterly Review of Economics and Finance February
    We study the effect of syndicated loan and bond announcements on the stock price of borrowers. No work since James (1987) on US data has compared the impact of both types of announcements on the same sample. Applying an event study methodology on a sample of companies from 17 Western European countries, we find that debt announcements tend to generate a positive stock market reaction. Our main conclusion is that loan issuance exerts a significantly stronger reaction than a bond issuance. This finding supports the hypothesis that loan issuance has a positive certification effect. The analysis of determinants of abnormal returns following debt announcements shows a positive impact for financial development and a negative effect for the Eurozone crisis.
  • Fungáčová, Zuzana; Godlewski, Christophe J.; Weill, Laurent (2015)
    Bank of Finland Research Discussion Papers 19/2015
    Published online in Quarterly Review of Economics and Finance, April 2019
    We study the effect of bank loan and bond announcements on borrower’s stock price. We apply an event study methodology on a sample of companies from 17 European countries and find that debt announcement generates a positive stock market reaction. However, our main conclusion is that the issuance of a loan exerts a significantly stronger reaction than does the issuance of a bond. This finding supports the hypothesis that loan issuance has a positive certification effect. The analysis of determinants of abnormal returns following debt announcements shows a positive impact of financial development and a negative effect of the Eurozone crisis.
  • Bank of Finland (2017)
    Bank of Finland. Bulletin 3/2017
    Finnish exports have lost market share in world trade continually since the financial crisis. This partly reflects a general trend in the advanced economies. The export shares of advanced economies have contracted as emerging economies have gained a stronger foothold in the global economy. The dwindling demand for Finnish exports may also be related to the current low level of investment in the advanced economies, especially in Europe.
  • Bank of Finland (2013)
    Research Newsletter 3/2012
    Editorial: Are search frictions important for aggregate adjustment? 1 Search frictions and labour market dynamics 2 Conference on European Economic Integration 8 Events 10 Recent Bank of Finland research publications 11
  • Francis, Bill B.; Hasan, Iftekhar; Kostova, Gergana L.; Ben Naceur, Sami (2020)
    Asia-Pacific Journal of Financial Studies 2
    This paper tests how capital markets value the international diversification of banks in good and in bad economic times by investigating changes in domestic and foreign sovereign debt ratings before and during the European sovereign debt crisis. Tracing 320 European banks in 29 countries and 226 credit rating announcements for European sovereigns between 1 January 2001 and 15 August 2012, we show that the market values banks with access to foreign funds. Despite occasional adverse effects immediately following negative news regarding sovereign credit rating changes, international diversification was found to be beneficial to European banks, especially during periods of distress.