Browsing by Subject "omistus"

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  • Rantala, Olavi (1986)
    Suomen Pankki. B = Bank of Finland. B 40
    1 INTRODUCTION 7 2 DEMAND FOR HOUSING IN THE LIFE CYCLE MODEL OF CONSUMER BEHAVIOUR 11 2.1 Introduction 11 2.2 A finite horizon model 14 2.3 An infinite horizon model 18 2.4 The effects of transaction and moving costs on the demand for housing and saving 20 2.5 The effect of progressive income taxation on home-ownership and tenure choice 23 3 DEMAND FOR HOUSING AND PORTFOLIO CHOICE UNDER UNCERTAINTY 27 3.1 Introduction 27 3.2 The effect of asset price uncertainty on consumption and demand for housing 28 3.3 The implications of housing as a necessity for the portfolio distribution 36 3.4 Demand for housing under inflation and income uncertainty 38 3.5 Hedging against inflation risk 48 3.6 The determination of housing prices and rents in a partial equilibrium 49 4 CREDIT AND RENTAL MARKET IMPERFECTIONS AND THE HOUSING INVESTMENT PROCESS 53 4.1 Introduction 53 4.2 Tenure choice in imperfect capital and rental markets 56 4.3 The effect of an expected borrowing constraint on consumption and demand for owner-occupied housing stock 59 4.4 The demand for rental housing and saving for a house purchase 65 4.5 Implications for the household portfolio distribution 69 5 HOUSING MARKET ADJUSTMENT UNDER PERFECT FORESIGHT CONDITIONS 73 5.1 Introdution 73 5.2 Consumer behaviour and price determination on the demand side of the housing market 74 5.3 Flow supply in the housing market 79 5.4 The dynamics of price and quantity adjustment in the housing market 80 5.5 Changes in the steady state housing stock and house prices 84 5.6 Empirical implications 87 6 CONCLUDING REMARKS AND A REFERENCE TO FINNISH HOUSEHOLDS' PORTFOLIO DISTRIBUTIONS 90 APPENDICES 95 BIBLIOGRAPHY 113
  • Pyle, William; Schoors, Koen (2011)
    BOFIT Discussion Papers 33/2011
    Published in The Journal of Law & Economics, Vol. 58, No. 2 (May 2015), pp. 451-480 by Alexei Karas, William Pyle and Koen Schoors
    Russia's tremendous inter-regional variation in the pace of industrial land rights reform has meant that geography has helped determine the current tenure status of firms' production plots as much as any individual firm characteristics. By exploiting both this difference in the pace with which land reform has been carried out across Russia's federal subjects and a unique micro-level dataset, we present evidence strongly consistent with the proposition that more secure rights to land facilitate access to external financing. This finding is confirmed by other evidence from the survey that points to private land serving as an important source of collateral for Russian lenders and borrowers. JEL: 016, P25, P31, R14, R52 Keywords: industrial land, property rights, Russia, collateral
  • Karas, Alexei; Schoors, Koen; Weill, Laurent (2008)
    BOFIT Discussion Papers 3/2008
    Published in Economics of Transition Vol 18, Issue 1 (January 2010), pp. 123-141
    We study whether bank efficiency is related to bank ownership in Russia. We find that foreign banks are more efficient than domestic private banks and - surprisingly - that domes-tic private banks are not more efficient than domestic public banks. These results are not driven by the choice of production process, the bank's environment, management's risk preferences. the bank's activity mix or size, or the econometric approach. The evidence in fnicl suggests that domestic public banks arc more efficient than domestic private banks and that the efficiency gap between these two ownership types did not narrow after the introduction of deposit insurance in 2004. This may be due to increased switching costs or to the moral hazard effects of deposit insurance. The policy conclusion is that the efficiency of the Russian banking system may benefit more from increased levels of competition and greater access of foreign banks than from bank privatization. JEL classification: G21; P30; P34; P52 Keywords: Bank efficiency; state ownership; foreign ownership; Russia
  • Molyneux, Philip; Liu, Hong; Jiang, Chunxia (2014)
    BOFIT Discussion Papers 16/2014
    We investigate ownership effects on capital and adjustments speed to the target capital ratio in China from 2000 to 2012 and find that state-owned banks hold higher levels of capital than banks of other ownership types. Foreign banks are more highly capitalized than local non-state banks but under-capitalized compared with the bigger non-state banks with nationwide presence. Foreign banks adjust risk-weighted capital towards their optimal targets at a slower speed than domestic banks, while foreign minority ownership results in a faster adjustment process. Capital is positively influenced by profitability, asset diversification and liquidity risk, but negatively influenced by bank market power. Capital ratios typically co-move with the business cycle although this relationship is reversed during the crisis period due to active government intervention. Our results are robust to various modelling specifications and have important policy implications. Publication keywords: banking, capital, adjustment, ownership, China
  • Berger, Allen N.; Hasan, Iftekhar; Zhou, Mingming (2007)
    Bank of Finland Research Discussion Papers 16/2007
    Published in Journal of Banking & Finance, Volume 33, Issue 1, January 2009, Pages 113-130
    China is reforming its banking system, partially privatizing and permitting minority foreign ownership of three of the dominant 'big four' state-owned banks. This paper seeks to help predict the effects of this change by analysing the efficiency of virtually all Chinese banks in the years 1994-2003. Our findings suggest the big four banks are by far the least efficient and foreign banks the most efficient while minority foreign ownership is associated with significantly improved efficiency. We present corroborating robustness checks and offer several credible mechanisms through which minority foreign owners can increase Chinese bank efficiency. These findings suggest that minority foreign ownership of the big four is likely to significantly improve performance. Keywords: China, foreign banks, efficiency, foreign ownership JEL classification numbers: G21, G28, G34, F23
  • Belousova, Veronika; Karminsky, Alexander; Kozyr, Ilya (2018)
    BOFIT Discussion Papers 5/2018
    The paper examines how the type of ownership affects the profit efficiency of Russian banks. Using bank-quarter data for selected banks in the period 2004–2015, we combine stochastic frontier anal-ysis (SFA) methodology with an intermediary approach to assess profit efficiency. Our key findings show that foreign-owned banks are the most efficient, followed by state-owned banks and private domestic banks. We also find that the profit efficiency of foreign-owned banks was higher than that of other banks during the economically stable periods of 2004Q1 to 2008Q2 and 2014Q1 to 2015Q3, and that state-owned banks were more efficient than others in the period of financial turmoil from 2008Q3 to 2013Q4 due to state support. These results are robust when we consider these banks in terms of branch network diversity, risk preferences, and specialization.
  • Bonin, John P.; Hasan, Iftekhar; Wachtel, Paul (2004)
    BOFIT Discussion Papers 7/2004
    Published in Journal of Banking & Finance vol. 29, no 1 (2005), pp. 31-53
    Using data from 1996 to 2000, we investigate the effects of ownership, especially by a strategic foreign owner, on bank efficiency for eleven transition countries in an unbalanced panel consisting of 225 banks and 856 observations.Applying stochastic frontier estimation procedures, we compute profit and cost efficiency scores taking account of both time and country effects directly.In second-stage regressions, we take these efficiency measures along with return on assets as dependent variables with dummy variables for ownership type, a variable controlling for bank size, and dummy variables for year and country effects as explanatory variables.Methodologically, our results demonstrate the importance of including fixed effects, especially country effects, and also suggest a preference for efficiency measures over financial measures of bank performance in empirical work on transition countries. With respect to the impact of ownership, we conclude that privatization by itself is not sufficient to increase bank efficiency as government-owned banks are not appreciably less efficient than domestic private banks.Our results do support the hypothesis that foreign ownership leads to more efficient banks in transition countries.We find that foreign-owned banks are more cost-efficient than other banks and that they also provide better service, in particular if they have a strategic foreign owner. Moreover, the participation of international institutional investors is shown to have a considerable additional positive impact on profit efficiency, which is consistent with the notion that these investors facilitate the transfer of technology and know how to newly privatized banks.In addition, we find that the remaining government-owned banks are less efficient in providing services, which is consistent with the hypothesis that the better banks were privatized first in transition countries.Finally, efficiency declines with bank size, which could call into question government-orchestrated bank consolidation strategies.We conjecture that the presence of many small and efficient foreign greenfield operations in these transition countries may be responsible for this result. JEL Classifications: P30, P34, P52.
  • Lehtoranta, Antti (2014)
    Bank of Finland Research Discussion Papers 30/2014
    Using data from the Panel Study of Income Dynamics (PSID), I document that childhood experience of father's job loss decreases the propensity to own stocks as an adult. If this experience takes place at the age of 5–10 years, the probability of owning stocks decreases by 2.9 percentage points in a sample with mean stock market participation rate of 17%. This finding is robust to alternative definitions of age ranges and controlling for random unobserved effects. I also find an effect of similar magnitude in the Health and Retirement Study (HRS) data. Keywords: stock market participation, personal experience, job loss
  • Shen, Jian-Guang (2003)
    BOFIT Online 2003/2
    2002 was a significant year for China s economic development in many ways.The economy continued to grow rapidly in 2002.Domestic investment - particularly public investment - surged ahead.Home buying and private car purchases became the pillars of private consumption.Exports surged despite a global economic slowdown. Expansionary fiscal policy continued to be the main policy instrument to stimulate growth in 2002.Despite this strong performance, Chinese economic growth was also deflation-prone, jobless and profitless due mainly to the distorted structure of the economy.State-owned enterprises still dominate many sectors and enjoy preferential treatment such as easy access to bank loans. Policymakers face substantial challenges in sustaining high growth in the medium term.The leadership change and the restructuring of the state asset management system could have a significant impact on the outlook for 2003 and beyond. Key words: China, macroeconomic development, policy challenges
  • Jones, Derek C.; Kalmi, Panu; Mygind, Niels (2003)
    BOFIT Discussion Papers 7/2003
    Published in Post-Communist Economies vol 17, no 1 (2005), pp. 83-108
    In this paper we use rich panel data for a representative sample of Estonian enterprises to analyse diverse issues related to the determinants of ownership structures and ownership changes after privatisation.A key focus is to determine whether ownership changes are related to economic efficiency.While employee owned firms are found to be much more prone than other firms to switch ownership categories, often "employee owned" firms remain "insider-owned" as ownership passes from current employees to managers and former employees.Logit analyses of the determinants of ownership structures and ownership changes provides mixed support for several hypotheses.As predicted: (i) wealth and resource constraints play a crucial role in the determination of ownership, with foreigners buying firms with the highest equity levels and insiders buying firms with the lowest equity valuations; (ii) risk aversion explains subsequent ownership changes, especially away from employee ownership; (iii) allocation of ownership depends on the pre-privatisation origin and location of the firm, and these factors also influence subsequent ownership changes.Finally we compare our findings with those achieved by using more conventional approaches to analyze efficiency that use very similar data.Reassuringly the evidence presented in this paper is consistent with the view that efficiency considerations drive ownership changes (while earlier analysis for Estonia and for many other transition economies has identified the impact of ownership on economic performance.)However, the findings in this paper also establish that there are important influences besides economic efficiency that affect enterprise ownership and ownership changes.JEL-numbers: G3, J5, P2, P3 Key words: Privatisation, ownership change, employee ownership, transition economies, Estonia
  • Hildén, N. A. (1933)
    Bank of Finland. Monthly Bulletin 13 ; 6 ; June
  • Westman, Hanna (2014)
    Bank of Finland Research Discussion Papers 28/2014
    Failure in bank corporate governance has been seen as a contributing factor to excessive risk-taking pre-crisis with devastating implications as risks realised during the financial crisis. Unfortunately, the empirical evidence on the impact of managerial incentives on bank crisis performance is scarce. Moreover, bank strategy has not previously been accounted for. Hence, this paper presents novel findings on drivers for risk-taking and crisis performance. Specifically, I find a positive impact of management ownership in small diversified banks and non-traditional banks, the monitoring of which is challenging due to their opacity. The impact is negative in traditional banks and large diversified banks, indicating that shareholders induce managers to take risk where the safety net creates incentives for risk-shifting to debt holders and taxpayers. These findings have implications for both academic research as well as policy making particularly in the domain of corporate governance. Keywords: banks crisis performance, management ownership, traditional vs. nontraditional banking, diversification, safety net, bank opacity and complexity
  • Davydov, Denis; Fungáčová, Zuzana; Weill, Laurent (2018)
    Journal of International Financial Markets, Institutions and Money July ; 2018
    This paper investigates the cyclicality of bank liquidity creation. Since liquidity creation is a major economic function of banks, their liquidity creation behavior may amplify business cycle fluctuations. Using the methodology of Berger and Bouwman (2009) to compute liquidity creation measures, we analyze the relation between GDP growth and liquidity creation of Russian banks from 2004 to 2015. Detailed quarterly data on a very large sample of banks and coexistence of different bank ownership types (state-owned, domestic private and foreign banks), makes Russia an ideal natural laboratory for study of cyclicality of liquidity creation for banks. We find that liquidity creation of banks is procyclical. We show that the liquidity creation behavior of state-owned banks and foreign-owned banks is similar to that of domestic private banks in terms of procyclicality. We further find that the magnitude of procyclicality is higher for liquidity creation than for lending. Thus, while ownership of banks does not influence the cyclicality of bank liquidity creation, liquidity creation behavior of banks can amplify business cycle fluctuations.
  • Fungáčová, Zuzana; Poghosyan, Tigran (2009)
    BOFIT Discussion Papers 22/2009
    Published in Economic Systems 35 (2011) pp. 481-495.
    This paper analyzes interest margin determinants in the Russian banking sector with a particular emphasis on the bank ownership structure. Using a unique bank-level data covering Russia's entire banking sector for the 1999-2007 period, we find that the impact of a number of commonly used determinants such as market structure, credit risk, liquidity risk and size of operations differs across state-controlled, domestic-private and foreign-owned banks. At the same time, the influence of operational costs and bank risk aversion is homogeneous across ownership groups. The results overall suggest the form of bank ownership needs to be considered when analyzing interest margin determinants. JEL classification: G21, P34 Keywords: bank interest margins, financial intermediation, Russia
  • Pessarossi, Pierre; Weill, Laurent (2012)
    BOFIT Discussion Papers 21/2012
    Published in Journal of Economics and Business, Volume 70, November–December 2013, Pages 27–42
    We study the consequences of CEO turnover announcements on the stock prices of firms in China, where most listed firms remain majority-owned by the state. Our proposition is that state ownership may affect stock market reaction to CEO replacement because state-owned firms often pursue multiple, potentially contradictory, objectives, i.e. economic performance and social objectives. Applying standard event study methodology to a sample of 1,094 announcements from 2002 to 2010, we find that CEO turnover typically produces a positive stock market reaction. The reaction is significantly positive, however, only for enterprises owned by the central government, and not significant for enterprises owned by local governments or privately owned enterprises. These results suggest that a CEO turnover in a central state-owned enterprise signals a renewed commitment to the economic performance objective by state officials. The small size of CEO labor market suggests that other shareholders have a relatively small pool of CEO talent to proceed to managerial improvement when a CEO turnover takes place. JEL Classification: G30; M51; P34; O16 Keywords: CEO turnover; corporate governance; state ownership; China; event study
  • Polterovich, Victor (2000)
    BOFIT Discussion Papers 1/2000
    The paper is intended to explain low sensitivity of employment decisions observed in transition economies where insider ownership prevails and capital markets are not highly developed.We introduce a stability concept for employment levels of a labor-managed firm and prove that there exists a segment of stable employment levels. If a level belongs to the interior of the segment then the firm keeps the same labor input level under any not too large changes. By contrast, the wage rate is responsive.Only the firms on the boundaries of the segment may reconsider employment decisions. Deterioration of market conditions entails decreasing labor inputs for firms with much excess labor and, the same time, increases employment for firms with low levels of labor input.This creates inter-firm flows of workforce and restrains the rise of total unemployment.Stability segments exist also for firms where employment-wage decisions are made by bargaining between workers and managers, and may exist for manager-dominated firms as well. Several concepts of labor hoarding are discussed.
  • Herrala, Risto (2012)
    Suomen Pankki. E 48
    Chapter 1 Introduction 11 Chapter 2 Reserve pools 23 Chapter 3 Public intervention and financial crises: an empirical study 43 Chapter 4 Credit conditions and durable consumption: evidence of a strong link 67 Chapter 5 The influence of bank ownership on credit supply: evidence from Russia's recent financial crisis 89 Chapter 6 Conclusions 109
  • (1982)
    Bank of Finland. Monthly Bulletin 56 ; 4 ; April
  • Muravyev, Alexander (2002)
    BOFIT Discussion Papers 12/2002
    This paper studies the impact of federal state shareholdings on the performance of Russian companies.It differs from most similar studies in two respects.Firstly, it focuses on mixed ownership companies rather than conventional state enterprises.Secondly, it distinguishes between several types of federal state shareholdings, namely elected blocks, residual blocks (which may be held by two bodies with different functions - the Ministry for State Property and the Russian Fund for Federal Property) and golden shares.The paper describes the origin of federal state shareholdings and discusses their possible implications for company performance. Econometric analysis shows that companies with state ownership generally perform worse than the average firm in terms of labour productivity and profitability.However, there are remarkable differences in the performance of companies with different types of state shareholdings.Companies with residual blocks held by the Property Fund are the worst performers, followed by companies with residual blocks held by the Ministry for State Property.Companies with elected shareholdings as well as with golden shares do not differ from the average enterprises in the respective industries. These differences in performance are explained by the different degrees of control the federal state has over enterprises with various types of shareholdings - greater control is associated with better performance.The paper concludes that the government should avoid keeping equity stakes in companies unless there is a good reason to retain them.If the state wants to keep an ownership stake in a company, reliable control structures must be created. Finally, the issue of golden shares in strategically important companies seems to be a reasonable alternative to retaining some control over them through equity ownership. Keywords: Corporate governance, state ownership, firm performance, Russia
  • Laakso, Jyrki (1980)
    Bank of Finland. Monthly Bulletin 54 ; 4 ; April