Browsing by Subject "naiset"

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  • Francis, Bill; Hasan, Iftekhar; Wu, Qiang; Yan, Meng (2014)
    Bank of Finland Research Discussion Papers 16/2014
    Published in Journal of American Taxation Association Volume 36, Issue 2 2014: 171-202
    This paper investigates the effect of CFO gender on corporate tax aggressiveness. Focusing on firms that experience a male-to-female CFO transition, the paper compares those firms' degree of tax aggressiveness during the pre- and post-transition periods. Using the probability of tax sheltering, the predicted unrecognized tax benefits, and the discretionary permanent book-tax differences to measure tax aggressiveness, we find that female CFOs are associated with less tax aggressiveness as compared to their male counterparts. The main findings are supported by additional tests based on propensity score matching, difference-in-difference tests, and tests with a female-to-male CFO transition sample. Overall, our study establishes CFO gender as an important determinant of tax aggressiveness.
  • 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.
  • Kauste, Ilsa (2020)
    Finanssivalvonta. Blogi 3/2020
    Ilsa kauste pohtii pohtii blogissaan EBAn raportin pohjalta monimuotoisuuden toteutumista luottolaitoksissa ja sijoituspalveluyhtiöissä.
  • Lahdenperä, Harri (1991)
    Bank of Finland. Series D 76
    The aim of this study is to analyze the female labour supply. In Finland very little work has thus far been done on the cross-section analysis of the labour supply. Even though our study focuses on the estimation of labour supply functions we also estimate a wage' equation which gives us information about the effects on hourly wage rates of education, age, work experience and occupational status. Cross-section analysis of hourly wage determination has thus far been almost non-existent in Finland. Lilja & Vartia (1980) studied the effects of education on household income using the 1971 Household Survey data. The labour supply studies mentioned above also contain estimated wage equations which, however, are not as detailed as in our study. Our study is largely based on a stochastic choice approach, and we utilize various econometric techniques. Special attention is devoted to the estimation of wage and income elasticities, as well as to the effects of fixed working costs and progressive taxes on the female labour supply in Finland. We use microdata from 1980 and concentrate on married women because in the last ten years the most important changes in the labour supply have taken place in this group and because other empirical studies of labour supply have pointed to this group as being the most sensitive to economic incentives.
  • Francis, Bill; Hasan, Iftekhar; Wu, Qiang; Park, Jong Chool (2014)
    Bank of Finland Research Discussion Papers 1/2014
    Published in Contemporary Accounting Research, Volume 32, Issue 3, September 2015: 1285–1318
    This paper investigates the effect of CFO gender on corporate financial reporting decision-making. Focusing on firms that experience changes of CFO from male to female, the paper compares the firms' degree of accounting conservatism between pre- and post-transition periods. We find that female CFOs are more conservative in their financial reporting. In addition, we find that the relation between CFO gender and conservatism varies with the levels of various firm risks such as litigation risk, default risk, systematic risk, and CFO specific risk such as job security risk. We further find that risk-aversion of female CFOs is associated with less equity-based compensation, lower firm risk, higher tangibility level, and lower dividend payout level. Overall, the study provides strong support for the notion that female CFOs are more risk averse than male CFOs, which leads female CFOs to adopt more conservative financial reporting policies. Keywords: Accounting Conservatism; Gender; CFO; Risk-Aversion. JEL Classification: M41; J16
  • Haavio, Markus; Schauman, Heidi; Vanhala, Juuso (2013)
    Suomen Pankki. BoF online 4
    1 Johdanto 4 2 Työmarkkinoiden toiminnan logiikka lyhyellä ja pitkällä aikavälillä 4 2.1 Työn kysyntä ja tarjonta 5 2.1.1 Työn tarjonnan lisäyksen lyhyen ja keskipitkän aikavälin vaikutus 6 2.1.2 Työn tarjonnan lisäyksen pitkän aikavälin vaikutus 6 2.2 Työttömyys 7 2.3 Voittajat ja häviäjät 9 2.3.1 Voittajat ja häviäjät lyhyellä aikavälillä 10 2.3.2 Voittajat ja häviäjät pitkällä aikavälillä 11 2.4 Muita näkökohtia 13 3 Konkreettisia esimerkkejä työn tarjonnan muutoksista 14 3.1 Naisten tulo työmarkkinoille 14 3.2 Suurten ikäluokkien tulo markkinoille 16 3.3 Viekö eläkeiän nostaminen nuorten työpaikat? 17 3.4 Työn jakaminen 19 3.5 Maahanmuutto ja työn tarjonta 22 4 Lopuksi 24 Lähdeluettelo 25 Kuvioluettelo Kuvio 1. Työmarkkinoiden tasapaino kilpailullisilla työmarkkinoilla 5 Kuvio 2. Työn tarjonnan lisäyksen lyhyen aikavälin vaikutus 6 Kuvio 3. Työn tarjonnan lisäyksen pitkän aikavälin vaikutus 7 Kuvio 4. Työn tarjonnan lisäyksen vaikutus palkkajäykkyyden vallitessa 8 Kuvio 5. Matalasti koulutetun työn tarjonnan lisäyksen vaikutus lyhyellä aikavälillä matalasti koulutettuihin työntekijöihin 10 Kuvio 6. Työn tarjonnan lisäyksen lyhyen aikavälin vaikutus korkeasti koulutettuihin kun tulokkaat ja korkeasti koulutetut ovat A) komplementteja B) substituutteja 11 Kuvio 7. Työn tarjonnan lisäyksen vaikutus matalasti koulutettuihin pitkällä aikavälillä kun tulokkaat ovat matalasti koulutettuja 12
  • Raijas, Anu (2021)
    Euro & talous. Blogi
    OECD:n talouskasvatuksen kansainvälisen verkoston (OECD International Network on Financial Education INFE) kokous pidettiin 18.-19.11. jälleen virtuaalisena. Otan tässä esille kokouksen kohokohtia.
  • Francis, Bill; Hasan, Iftekhar; Wu, Qiang (2011)
    Bank of Finland Research Discussion Papers 18/2011
    Motivated by recent studies that show female CFOs are more risk averse than male CFOs when making various corporate decisions, we examine whether banks take into consideration the gender of CFOs when pricing bank loans. We find that in our sample, firms under the control of female CFOs on average enjoy about 11% lower bank loan price than firms under the control of male CFOs. In addition, loans given to female CFO-led companies have longer maturities and are less likely to be required to provide collateral than loans given to male CFO led companies. Our results are robust to a series of robustness tests, such as a firm and year-fixed effect regression, a Heckman two-stage self selection model, a propensity score match method and a differences-in-differences approach. Overall, our results suggest that banks tend to recognize the role of female CFOs in providing more reliable accounting information ex ante and reducing default risk ex post, and grant firms with female CFOs lower loan price and more favourable contract terms.