Browsing by Subject "johtaminen"

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  • Hasan, Iftekhar; Xie, Ru (2012)
    BOFIT Discussion Papers 8/2012
    Published in Emerging Markets Finance and Trade, Volume 49, Issue 2, 1 March 2013, Pages 4-18 as Foreign bank entry and bank corporate governance in China
    China employs a unique foreign bank entry model. Instead of allowing full foreign control of domestic banks, foreign investors are only permitted to be involved in the local banks as minority shareholders. At the same time, foreign strategic investors are expected to commit to bank corporate governance improvement and new technology support. In this context, the paper examines the effect of foreign strategic investors on Chinese bank performance. Based on a unique data set of bank ownership, performance, corporate governance and stock returns from 2003 to 2007, our regression and event study analysis results suggest that active involvement of foreign strategic investors in bank management have improved the corporate governance model of Chinese banks from a control based model to a market oriented model, and accordingly have promoted bank performance. JEL Classification Code: G21, G28, G34, F23 Keywords: China, Foreign Market Entry, Corporate Governance
  • Bank of Finland (2015)
    Bank of Finland. Annual report
    Foreword 7 Bank of Finland 8 Bank of Finland activities 2014 11 Monetary Policy 11 Financial system 26 Financial asset management 34 Banknotes and coins 41 Other operations 45 Management and personnel 56 Review of the strategy 56 Management system 58 Personnel 62 Budget and operative costs 64 Environment 67 Total risk exposure 69 Financial statements 73 Balance sheet 74 Profit and loss account 76 The Board’s proposal on the distribution of profit 77 Accounting conventions 78 Notes on the balance sheet 83 Notes on the profit and loss account 97 Appendices to the financial statements 103 Notes on risk management 107 Auditor’s report 112 Statement regarding the audit as defined in Article 27 of the Statute of the European System of Central Banks and the European Central Bank 113 Appendices 114 Monetary policy measures of the Eurosystem in 2014 114 Key measures affecting the financial markets in 2014 116 Main opinions issued by the Bank of Finland in 2014 120 Bank of Finland publications in 2014 122 Supplementary tables 125 Organisation of the Bank of Finland 140
  • Bank of Finland (2016)
    Bank of Finland. Annual report
    Foreword 7 Bank of Finland 8 Bank of Finland activities 2015 11 Monetary Policy 11 Financial system 26 Financial asset management 34 Banknotes and coins 39 Other operations 43 Management and personnel 54 Strategy 54 Management system 56 Personnel 60 Budget and operative costs 62 Environment 65 Total risk exposure 67 Financial statements 71 Balance sheet 72 Profit and loss account 74 The Board’s proposal on the distribution of profit 75 Accounting conventions 76 Notes on the balance sheet 81 Notes on the profit and loss account 96 Appendices to the financial statements 102 Notes on risk management 106 Auditor’s report 111 Statement regarding the audit as defined in Article 27 of the Statute of the European System of Central Banks and the European Central Bank 112 Appendices 113 Monetary policy measures of the Eurosystem in 2015 113 Key measures affecting the financial markets in 2015 115 Main opinions issued by the Bank of Finland in 2015 118 Bank of Finland publications in 2015 120 Supplementary tables 123 Organisation of the Bank of Finland 138
  • Francis, Bill; Hasan, Iftekhar; Song, Liang (2012)
    Bank of Finland Research Discussion Papers 12/2012
    Published in Journal of Financial Research, Volume 35, Issue 3, October 2012: 343-374
    We investigate how borrowers corporate governance influences bank loan contracting terms in emerging markets and how this relation varies across countries with different country-level governance. We find that borrowers with stronger corporate governance obtain favorable contracting terms with respect to loan amount, maturity, collateral requirements, and spread. Firm-level and country-level corporate governance are substitutes in writing and enforcing financial contracts. We also find that the distinctiveness of borrowers characteristics affect the relation between firm-level corporate governance and loan contracting terms. Our findings are robust, irrespective of types of regression methods and specifications. JEL Classification: G20, G30, G31, G34, G38.
  • Francis, Bill; Hasan, Iftekhar; Wu, Qiang; Koetter, Michael (2012)
    Bank of Finland Research Discussion Papers 14/2012
    Published in Journal of Financial Research, Volume 35, Issue 4, December 2012: 521-552
    We investigate the role of corporate boards in bank loan contracting. We find that when corporate boards are more independent, both price and nonprice loan terms (e.g., interest rates, collateral, covenants, and performance-pricing provisions) are more favorable, and syndicated loans comprise more lenders. In addition, board size, audit committee structure, and other board characteristics influence bank loan prices. However, they do not consistently affect all nonprice loan terms except for audit committee independence. Our study provides strong evidence that banks tend to recognize the benefits of board monitoring in mitigating information risk ex ante and controlling agency risk ex post, and they reward higher quality boards with more favorable loan contract terms. JEL Classification: G21, G34
  • Francis, Bill B.; Hasan, Iftekhar; Shen, Yinjie (Victor); Wu, Qiang (2021)
    Journal of Financial Economics 1 ; July
    Using a comprehensive US hedge fund activism dataset from 2003 to 2018, we find that activist hedge funds are about 52% more likely to target firms with female CEOs compared to firms with male CEOs. We find that firm fundamentals, the existence of a “glass cliff,” gender discrimination bias, and hedge fund activists’ inherent characteristics do not explain the observed gender effect. We also find that the transformational leadership style of female CEOs is a plausible explanation for this gender effect: instead of being self-defensive, female CEOs are more likely to communicate and cooperate with hedge fund activists to achieve intervention goals. Finally, we find that female-led targets experience greater increases in market and operational performance subsequent to hedge fund targeting.
  • Finlands Bank (2015)
    Finlands Banks årsberättelse
    Företal 7 Finlands Bank 8 Verksamheten 2014 11 Penningpolitik 11 Finanssystemet 26 Tillgångsförvaltning 34 Sedlar och mynt 41 Övrig verksamhet 45 Ledning och personal 56 Strategin 56 Ledningssystem 58 Personal 62 Budget och verksamhetskostnader 64 Miljö 67 Totala risker 69 Bokslut 73 Balansräkning 74 Resultaträkning 76 Direktionens förslag till vinstutdelning 77 Redovisningsprinciper 78 Noter till balansräkningen 83 Noter till resultaträkningen 97 Bokslutsbilagor 103 Noter om riskhanteringen 107 Revisionsberättelse 112 Utlåtande om revision i enlighet med artikel 27 i stadgan för Europeiska centralbankssystemet och Europeiska centralbanken 113 Bilagor 114 Penningpolitiska åtgärder inom Eurosystemet 2014 114 Viktigaste finansmarknadsåtgärder 2014 116 Finlands Banks viktigaste remissyttranden 2014 120 Finlands Banks publikationer 2014 122 Tabellbilagor 125 Finlands Banks organization 140
  • Finlands Bank (2016)
    Finlands Banks årsberättelse
    Företal 7 Finlands Bank 8 Verksamheten 2015 11 Penningpolitik 11 Finanssystemet 26 Tillgångsförvaltning 34 Sedlar och mynt 39 Övrig verksamhet 43 Ledning och personal 54 Strategin 54 Ledningssystem 56 Personal 60 Budget och verksamhetskostnader 62 Miljö 65 Totala risker 67 Bokslut 71 Balansräkning 72 Resultaträkning 74 Direktionens förslag till vinstutdelning 75 Redovisningsprinciper 76 Noter till balansräkningen 81 Noter till resultaträkningen 96 Bokslutsbilagor 102 Noter om riskhanteringen 106 Revisionsberättelse 111 Utlåtande om revision i enlighet med artikel 27 i stadgan för Europeiska centralbankssystemet och Europeiska centralbanken 112 Bilagor 113 Penningpolitiska åtgärder inom Eurosystemet 2015 113 Viktigaste finansmarknadsåtgärder 2015 115 Finlands Banks viktigaste remissyttranden 2015 118 Finlands Banks publikationer 2015 120 Tabellbilagor 123 Finlands Banks organization 138
  • Delis, Manthos D.; Hasan, Iftekhar; Tsionas, Efthymios G. (2015)
    Bank of Finland Research Discussion Papers 16/2015
    Published in British Journal of Management, Volume 26, Issue 4, October 2015: 637–656
    Use of variability of profits and other accounting-based ratios in order to estimate a firm's risk of insolvency is a well-established concept in management and economics. This paper argues that these measures fail to approximate the true level of risk accurately because managers consider other strategic choices and goals when making risky decisions. Instead, we propose an econometric model that incorporates current and past strategic choices to estimate risk from the profit function. Specifically, we extend the well-established multiplicative error model to allow for the endogeneity of the uncertainty component. We demonstrate the power of the model using a large sample of U.S. banks, and show that our estimates predict the accelerated bank risk that led to the subprime crisis in 2007. Our measure of risk also predicts the probability of bank default both in the period of the default, but also well in advance of this default and before conventional measures of bank risk.
  • Suomen Pankki (1946)
    - henkilökunta (1919-1969) - huonetilat (1943-1972) - juhlat (1954-1969) - Bruno Suvirannalle 14.3.1946 (juhlakirja) - tutkimusyhteistyö (1969-1970) - tutkimusharjoittelijat 1971
  • Aarnio, Lasse (1999)
    Bank of Finland. Bulletin 73 ; 2
  • Suomen Pankki (1919)
    - historiaa (1919-1943) - tehtävät ja organisaatio - tulevaisuus ja kehittäminen (1940-71)
  • Suomen Pankki (2015)
    Suomen Pankin vuosikertomus
    Esipuhe 7 Suomen Pankki 8 Toiminta vuonna 2014 11 Rahapolitiikka 11 Rahoitusjärjestelmä 26 Varallisuuden hallinnointi 34 Setelit ja kolikot 41 Muu toiminta 45 Johtaminen ja henkilöstö 56 Strategia 56 Johtamisjärjestelmä 58 Henkilöstö 62 Budjetti ja operatiiviset kustannukset 64 Ympäristö 67 Kokonaisriskit 69 Tilinpäätös 73 Tase 74 Tuloslaskelma 76 Johtokunnan esitys voitonjaosta 77 Tilinpäätöksen laatimisperiaatteet 78 Taseen liitetiedot 83 Tuloslaskelman liitetiedot 97 Tilinpäätöksen liitteet 103 Riskienhallinnan liitetiedot 107 Tilintarkastuskertomus 112 Lausunto Euroopan keskuspankkijärjestelmän ja Euroopan keskuspankin perussäännön artiklan 27 mukaisesta tilintarkastuksesta 113 Liitteet 114 Eurojärjestelmän rahapolitiikkaan liittyvät toimenpiteet vuonna 2014 114 Rahoitusmarkkinoita koskevat keskeiset viranomaistoimenpiteet vuonna 2014 116 Suomen Pankin vuonna 2014 antamia lausuntoja 120 Suomen Pankin julkaisuja vuonna 2014 122 Liitetaulukot 125 Suomen Pankin organisaatio 140
  • Suomen Pankki (2016)
    Suomen Pankin vuosikertomus
    Esipuhe 7 Suomen Pankki 8 Toiminta vuonna 2015 11 Rahapolitiikka 11 Rahoitusjärjestelmä 26 Varallisuuden hallinnointi 34 Setelit ja kolikot 39 Muu toiminta 43 Johtaminen ja henkilöstö 54 Strategia 54 Johtamisjärjestelmä 56 Henkilöstö 60 Budjetti ja operatiiviset kustannukset 62 Ympäristö 65 Kokonaisriskit 67 Tilinpäätös 71 Tase 72 Tuloslaskelma 74 Johtokunnan esitys voitonjaosta 75 Tilinpäätöksen laatimisperiaatteet 76 Taseen liitetiedot 81 Tuloslaskelman liitetiedot 96 Tilinpäätöksen liitteet 102 Riskienhallinnan liitetiedot 106 Tilintarkastuskertomus 111 Lausunto Euroopan keskuspankkijärjestelmän ja Euroopan keskuspankin perussäännön artiklan 27 mukaisesta tilintarkastuksesta 112 Liitteet 113 Eurojärjestelmän rahapolitiikkaan liittyvät toimenpiteet vuonna 2015 113 Rahoitusmarkkinoita koskevat keskeiset viranomaistoimenpiteet vuonna 2015 115 Suomen Pankin vuonna 2015 antamia lausuntoja 118 Suomen Pankin julkaisuja vuonna 2015 120 Liitetaulukot 123 Suomen Pankin organisaatio 138
  • Korkeamäki, Timo; Takalo, Tuomas (2012)
    Bank of Finland Research Discussion Papers 24/2012
    We study the value of innovation in a case study of one of the most visible innovative products in recent years, Apple s iPhone. The value effects of news announcements, patent publications, and trademarks relating to iPhone are taken into account. Our estimate of the lower bound on the value of iPhone is fairly high, 30 billion U.S. (event-day) dollars or 10% to 13% of the firm s market cap (at the end of 2009). We find that patentable technology explains about 25% of the total value, which derives from market reactions to publication of patent applications rather than grants. We also observe a weak negative reaction among Apple s rivals to news about iPhone. Apple appears to capture most of the value within the iPhone supply chain.