Browsing by Subject "liittoumat"

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  • Fang, Yiwei; Francis, Bill; Hasan, Iftekhar; Wang, Haizhi (2011)
    Bank of Finland Research Discussion Papers 4/2011
    Published in Journal of Empirical Finance, Volume 19, Issue 5, December 2012: 653-674
    This paper examines the effects of strategic alliances on non-financial firms bank loan financing. We construct several measures to capture firms alliance activities using the frequency of alliance activities, the prominence of the alliance partner and the relative networking position in the overall alliance network. We find that firms with active alliance involvement experience a lower cost of debt from banks. We also document that allying with a prestigious partner (ie S&P 500 firms) can provide an endorsement effect and benefit the borrowers by reducing the price of bank loans. Moreover, a borrowing firm positioned at the centre of an alliance network enjoys a lower cost of bank loans. Finally, we find that borrowing firms with alliance experience are less likely to use collateral and covenants in their loan contracts.
  • Shy, Oz; Tarkka, Juha (2001)
    Suomen Pankin keskustelualoitteita 22/2001
    This paper investigates the market consequences of alliance formation among stock exchanges.These alliances enable brokers to match investors internationally at their local market, thereby eliminating the need for brokers to maintain memberships in foreign stock exchanges.We sort out the conditions under which alliance formation increases profits for stock exchanges and brokers, and how changes in fee structures affect investors' participation rates and welfare.Finally, we examine several methods for implementing access fees and their welfare implications.Key words: stock exchange alliances, access fees, competition among stock exchanges