Browsing by Subject "arvopaperimarkkinat"

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  • Kaukoranta, Ilkka (2010)
    Bank of Finland. Financial market report 2
    US stock indices tumbled in a few minutes, and then recovered just as quickly. Preliminary investigations failed to provide a full explanation of the disruption. Authorities and stock exchanges have taken action to prevent further market disruptions.
  • Keloharju, Matti; Malkamäki, Markku; Nyborg, Kjell G.; Rydqvist, Kristian (2002)
    Suomen Pankin keskustelualoitteita; Bank of Finland. Discussion papers 16/2002
    This paper presents a descriptive analysis of the primary and secondary market for Finnish treasury bonds.The paper focuses on three issues.First, we report basic descriptive statistics such as auction volumes and secondary market yields and volumes.Second, we estimate the revenues earned by primary dealers from the treasury bond market.Third, we analyse the development of the price of the auctioned bonds, relative to other benchmark bonds, around the time of the auction.We find evidence of a price decrease in the auctioned bond series before the auction and a price increase after the auction.This pattern is strongest for 1992-1994 when Treasury funding needs were heavy and secondary market trading volume of treasury bonds was modest. Key words: treasury bond auctions, secondary market JEL classification numbers: D44, G12, G20
  • Myller, Marko; Pylkkönen, Pertti (2010)
    Suomen Pankki. Rahoitusmarkkinaraportti 2
    Finanssikriisin seurauksena Euroopan arvopaperimarkkinoilla on käynnistetty useita sääntelyhankkeita. Osassa hankkeista saatetaan voimaan uutta sääntelyä ja osassa tarkistetaan jo voimassa olevia määräyksiä.
  • Korhonen, Kari (2004)
    Euroopan unionissa panostetaan siihen, että arvopaperikauppojen selvitys- ja toimitusprosessit toimisivat tulevaisuudessa nykyistä kitkattomammin ja että ulkomaisten arvopapereiden hankintakustannukset pienenisivät.Tämä edellyttää suuria rakennemuutoksia näihin prosesseihin ja sääntelyn modernisoimista. Miksi arvopaperikaupan selvitysja toimitusprosessit ovat tärkeitä?
  • Lof, Matthijs; Bommel, Jos van (2018)
    Bank of Finland Research Discussion Papers 1/2018
    We propose the Volume Coefficient of Variation (VCV), the ratio of the standard deviation to the mean of trading volume, as a new and easily computable measure of information asymmetry in security markets. We use a simple microstructure model to demonstrate that VCV is strictly increasing in the proportion of informed trade. Empirically, we find that firm-year observations of VCV, computed from daily trading volumes, are correlated with extant firm-level measures of asymmetric information in the cross-section of US stocks. Moreover, VCV increases following exogenous reductions in analyst coverage induced by brokerage closures, and steeply decreases around earnings announcements.
  • Korhonen, Iikka; Kuus, Toivo; Zirnask, Villu (2000)
    BOFIT Online 2000/5
    Securities markets are important for economic growth, providing a channel for savings flows from sectors of the economy with surpluses to sectors where the investment opportunities exceed current resources.This study describes the emergence and evolution of securities markets in three small transition economies: Estonia, Latvia, and Lithuania.While these markets are still in early stages of development, much of the requisite institutional and regulatory framework are already in place.The equity market has developed most rapidly in Estonia.In Latvia and Lithuania, the financing needs of the central government have prompted development of treasury-bill markets.Work on integrating the equity markets is underway, part of a general trend toward integration of the securities markets in the three Baltic states.
  • Delis, Manthos D.; Hasan, Iftekhar; Kazakis, Pantelis (2012)
    Bank of Finland Research Discussion Papers 18/2012
    Published in Review of Finance, 18,5,2014: 1811-1846
    This paper provides cross-country evidence that variations in bank regulatory policies result in differences in income distribution. In particular, the overall liberalization of banking systems decreases the Gini coefficient and the Theil index significantly. However, this effect fades away for countries with low levels of economic and institutional development and for market-based economies. Among the different liberalization policies, the most significant negative effect on inequality is that of credit controls, which also seem to have a lasting effect on the Gini coefficient. Banking supervision and the abolition of interest rate controls also have a negative yet short-run impact on income inequality. A notable finding is that liberalization of securities markets increases income inequality substantially and over a long time span, suggesting that securitization widens the distribution of income. We contend that these findings have new implications for the effects of bank regulations, besides those related to their impact on financial stability. Keywords: Bank regulations; Income inequality; Cross-country panel data; Instrumental variables; Panel VAR JEL classification: G28; O15; O16
  • Ripatti, Kirsi (2004)
    Suomen Pankin keskustelualoitteita 30/2004
    A Central Counterparty (CCP) is an entity that interposes itself between transacting counterparties - a seller vis-à-vis the original buyer and a buyer vis-àvis the original seller - to guarantee execution of the transaction.Thus, the original transacting parties substitute their contractual relationships with each other with contracts with the CCP.Central Counterparty Clearing has become increasingly popular in Europe, not just in derivatives markets, where, due to the high risk involved, it has been common for decades, but also in equities markets.Within the European Union, the main factor motivating the increased sophistication in clearing arrangements is the ongoing process of European economic integration, ie the euro's introduction, the ongoing organisation of an internal market for financial services and the corresponding objective of creating a pan-European financial infrastructure for payments and securities clearing and settlement.Central counterparty clearing houses exert a broad influence on the functioning of financial markets.They can increase the efficiency and stability of financial markets to the extent that their smooth functioning results in a more efficient use of collateral, lower operating costs and greater liquidity.As market players actively try to achieve economies of scale and scope with mergers and through harmonising their technical processes, they inevitably have had to focus on one of the most fragmented areas in Europe's securities market infrastructure - clearing and settlement.Because of the importance of its role, a CCP must have sound risk management.The CCP assumes responsibility in the aggregate and reallocates risk among participants.Moreover, if the CCP fails to perform risk management well, it can increase risk in the markets.While the big market players dominate the current CCP market in Europe, it is not only the big players who can benefit from a functioning CCP.With the right structure, a CCP enables small players to stay in the market and makes it possible for issuers in a regional marketplace to achieve market funding. Indeed, this is the tendency currently seen in the newest EU member states - and one of the main arguments against the single European CCP model.Although, the purpose has been to leave CCP questions to market participants, regulatory, oversight and supervisory issues can drive the actions of market participants.Indeed, authorities must sometimes be actively involved in boosting a CCP project to keep their home markets competitive.This may well be the situation faced by the Nordic/Baltic market in the near future.Thus, this paper attempts to give a neutral evaluation of the risks and benefits related to the functionality of CCPs in integrating markets and construct a framework for possible future risk-benefit analysis in a Finnish/Nordic-Baltic clearing and settlement infrastructure that incorporates a CCP solution.This is an updated version of a Bank of Finland working paper (Financial Markets Department 01/04).1 Key words: central counterparty clearing, clearing, settlement, securities markets, infrastructure, integration JEL classification numbers: G15, G20, G28, G33, G34
  • Myller, Marko (2010)
    Bank of Finland. Financial market report 1
    The fragmentation of cash equity trading continues in Europe. Some of the multilateral trading facilities now play a major role alongside traditional stock exchanges.
  • Pylkkönen, Pertti (2006)
    Bank of Finland. Financial market report 4
    Hedge funds continue to grow in both international and domestic markets. Yield differentials between hedge funds and other investments have narrowed.
  • Pylkkönen, Pertti (1994)
    Bank of Finland. Bulletin 68 ; 4 ; April
  • Nyberg, Peter; Vaihekoski, Mika (2011)
    Bank of Finland Research Discussion Papers 14/2011
    This paper gathers the longest available historical monthly return series for the Finnish equity, bond and money markets as well as inflation. The series are analysed to calculate the statistical characteristics of the returns investors would have received in these markets. We also survey existing literature concerning the history of these markets and review the main developments to facilitate future research on the long-term development of the Finnish markets. Using a new total return stock market index for Finland in an approach similar to Mehra and Prescott (2003), we find the equity premium for Finland to be 10.14 per cent from 1913 to 2009.
  • Nyberg, Peter; Vaihekoski, Mika (2014)
    Bank of Finland Research Discussion Papers 10/2014
    This paper continues the data collection procedure and analysis set forth in Nyberg and Vaihekoski (2009). A number of new time series that are commonly used in finance literature are collected, created, and analyzed for the first time. These series include, among others, monthly dividend yields and market capitalization values. The series are also compared with GDP to evaluate the overall role of the stock market in the Finnish economy. The value-weighted average dividend yield from 1912 to 1988 is 4.98%. The average stock market capitalization to GDP ratio is found to be 15.14%. JEL-classification: G10, G11, N24 Keywords: Stock market, financial history, dividend yield, capitalization values, trading turnover, Finland, Helsinki Stock Exchange, Nasdaq OMX
  • Kuokkanen, Onerva (1982)
    Bank of Finland. Monthly Bulletin 56 ; 6-7 ; June-July
  • (1979)
    Bank of Finland. Monthly Bulletin 53 ; 6 ; June
  • (1978)
    Bank of Finland. Monthly Bulletin 52 ; 6 ; June
  • Rantala, Olavi (1980)
    Bank of Finland. Monthly Bulletin 54 ; 7 ; July
  • (1977)
    Bank of Finland. Monthly Bulletin 51 ; 6 ; June
  • (1976)
    Bank of Finland. Monthly Bulletin 50 ; 8 ; August
  • Godlewski, Christophe J.; Turk-Ariss, Rima; Weill, Laurent (2014)
    BOFIT Discussion Papers 21/2014
    Published in Journal of Economic Behavior and Organization, Volume 132, December 2016: 63-76
    ​Sukuk, the shari’a-compliant alternative mode of financing to conventional bonds, have considerably expanded over the last decade. We analyze the stock market reaction to two key features of this instrument: sukuk type and characteristics of the shari’a scholar certifying the issue. We use the event study methodology to measure abnormal returns for a sample of 131 sukuk from eight countries over the period 2006-2013 and find that Ijara sukuk structures exert a positive influence on the stock price of the issuing firm. We observe a similar positive impact from shari’a scholar reputation and proximity to issuer. Overall our results support the hypotheses that the type of sukuk and the choice of scholars hired to certify these securities matter for the market valuation of the issuing company. Publication keywords: financial instruments, Islamic finance, shari’a scholars