Browsing by Subject "sijoittajat"

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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
  • Huhtala, Heli (2008)
    Bank of Finland Research Discussion Papers 5/2008
    It is well known that under certain assumptions the strategy of an investor maximizing his expected utility coincides with the mean-variance optimal strategy. In this paper we show that the two strategies are not equal in general and find the connection between a utility maximizing and a mean-variance optimal strategy in a continuous semimartingale model. That is done by showing that the utility maximizing strategy of a CARA investor can be expressed in terms of expectation and the expected quadratic variation of the underlying price process. It coincides with the mean-variance optimal strategy if the underlying price process is a local martingale. Keywords: mean-variance portfolios, utility maximization, dynamic portfolio selection, quadratic variation JEL classification numbers: G11, C61
  • Brada, Josef C.; Chen, Chunda; Jia, Jingyi; Kutan, Ali M. (2020)
    BOFIT Discussion Papers 10/2020
    Using event study methodology, we investigate whether bilateral investment protection treaties afford protection to foreign investors. Examining arbitral decisions for firms from six countries shows that firms that received awards from arbitrators gained in market value by as much as 3%. Per dollar awarded, firms gained over $20 in market value. Thus, we conclude that the system of arbitration does afford significant benefits to firms that can demonstrate that they have been injured by host governments who violated the terms of the relevant investor protection treaty. We also find some evidence that arbitral decisions are anticipated by stock markets.
  • Garcia-Herrero, Alicia; Santabárbara, Daniel (2008)
    BOFIT Discussion Papers 11/2008
    We find empirical evidence that the Chinese banking system has benefited from the entry of foreign investors through higher profitability and increased efficiency of the banking system. Foreign participation, which consists of a minority stake in a Chinese bank (in con-trast to the typical pattern in emerging countries), appears to be most effective when the foreign bank acts as a strategic investor. Purely financial investors contribute little, if any-thing, to bank performance. Key words: China, banking system, foreign participation JEL classification: G21, G28 1
  • Vauhkonen, Jukka (2003)
    Suomen Pankin keskustelualoitteita 14/2003
    According to empirical studies of venture capital finance, the division of control rights between entrepreneur and venture capitalists is often contingent on certain measures of firm performance.If the indicator of the company's performance (eg earnings before taxes and interest) is low, the venture capital firm obtains full control of the company.If company performance improves, the entrepreneur retains or obtains more control rights. If company performance is very good, the venture capitalist relinquishes most of his control rights.In this article, we extend the incomplete contracting model of Aghion and Bolton to construct a theoretical model that is consistent with these empirical findings. Key words: incomplete contracts, financial contracting, contingent contracts, control rights, joint ownership JEL classification numbers: G32
  • Caglayan, Mustafa; Talavera, Oleksandr; Zhang, Wei (2019)
    BOFIT Discussion Papers 22/2019
    We explore individual lender behaviour on Renrendai.com, a leading Chinese peer-to-peer (P2P) crowdlending platform. Using a sample of roughly 5 million investor-loan-hour observations and applying a high-dimension fixed effect estimator, we establish evidence of herding behaviour: the investors in our sample tend to prefer assets that had attracted strong interest in previous periods. The herding behaviour relates to both the experience of the investor and the length of time of each investment session. The results show that herding happens mostly in the first or final hour of long sessions. Herding behaviour is further confirmed by estimates at the listing-hour data.
  • Gwilym, Owain Ap; Wang, Qvigwei; Hasan, Iftekhar; Xie, Ru (2013)
    Bank of Finland Research Discussion Papers 10/2013
    Published in European Financial Management, Volume 22, Issue 3, 1 June 2016: 427-449
    Using a novel proxy of investors' speculative demand constructed from online search interest in "concept stocks", we examine how speculative demand affects the returns and trading volume of Chinese stock indices. We find that returns and trading volume increase with the contemporaneous speculative demand. In addition, the high speculative demand causes lower near future returns, while recent high past returns cause the high speculative demand. Moreover, the speculative demand explains more variation in returns and trading volume of A shares (more populated by retail investors) than B shares (less populated by retail investors). Our findings support the attention theory of Barber and Odean (2008). Keywords: Investor Attention, Speculative Demand, Concept Stock, Market Returns, Trading Volume JEL: G02, G12, G14
  • Savolainen, Eero (2015)
    Bank of Finland. Bulletin 2/2015
    Insurance companies promote economic activity by offering savings products and protection against risks. At the same time, insurance companies themselves are also investors. The reliability of insurance business is important for the economy as a whole. The low level of interest rates weakens insurance companies’ investment returns and increases the market value of liabilities in the sector; when protracted, this poses problems, particularly for life insurers. Systemic risks in the insurance business have begun to attract attention, especially in consideration of insurance companies’ importance as significant institutional investors.
  • Järvenpää, Maija; Paavola, Aleksi (2021)
    Bank of Finland Research Discussion Papers 2/2021
    An asset is money-like if investors have no incentives to acquire costly private information on the underlying collateral. However, privately provided money-like assets—like prime money market fund (MMF) shares—are prone to runs if investors suddenly start to question the value of the collateral. Therefore, for risky assets, lack of money-likeness is a necessary condition for lack of run incentives. But is it a sufficient one? This paper studies the effect of the U.S. money market fund reform of 2014–2016 on investor monitoring, money-likeness and stability of institutional prime MMFs. Using the number of distinct IP addresses accessing MMFs’ regulatory reports as a proxy for investor monitoring, we find that the reform increased monitoring and thus decreased money-likeness of institutional prime funds. However, we also show that after the reform, institutional prime funds that are more likely to impose the newly introduced redemption restrictions are more monitored, suggesting that investors may monitor in order to avoid being hit by the restrictions. Overall, our results indicate that increased monitoring, or decreased money-likeness, has not made institutional prime MMFs run-free, and it may have actually created a new source of fragility for MMFs.
  • Hyytinen, Ari; Takalo, Tuomas (2003)
    Suomen Pankin keskustelualoitteita 17/2003
    Published in International Review Of Law And Economics, 28 , pp. 113-122
    We study the effects of investor protection on the availability of external finance, entrepreneurship, and creation of new firms in an equilibrium search model of private capital markets.In addition to search frictions, we examine contract frictions, specifically interim and ex post moral hazard problems stemming from entrepreneurs' possibilities to expropriate financiers.In our model, the government chooses the level of investor protection that determines the transferability of match surplus between entrepreneurs and financiers.The results indicate that anything that increases (decreases) entrepreneurship also increases (decreases) the creation of start-ups.The effect of investor protection on the creation of start-ups thus hinges on the relative importance of various search and contract frictions.Only when investor protection has a sufficiently large impact on the ex post moral hazard problem relative to the interim moral hazard does strengthening investor protection enhance start-up creation.We also find that search frictions dilute the beneficial effect of investor protection and that contract frictions modify the standard Hosios condition for efficiency. Key words: investor protection, start-up financing, private equity market, entrepreneurship, corporate finance JEL classification numbers: E50, G21, G24
  • Chahine, Salim; Colak, Gonul; Hasan, Iftekhar; Mazboudi, Mohamad (2020)
    Review of Accounting Studies 2 ; June
    We analyze the value of investor relations (IR) strategies to IPO firms. We find that firms that are less visible and have inexperienced management tend to hire IR consultants prior to the issue date. IR consultants help create positive news coverage before an IPO, as reflected in a more optimistic tone of published media. Their presence is associated with higher underpricing at the IPO date but with lower long-run returns. IR-backed IPOs also exhibit disproportionately higher insider-related agency problems, as IR-induced higher underpricing tends to occur primarily in IPOs where underwriter and venture capitalist agency conflicts are more severe. These findings suggest that the IR programs of IPO firm are mostly short-term oriented and facilitate the ulterior motives of some insiders (underwriters and venture capitalists) targeting higher first-day returns.
  • Heiskanen, Hanna (2017)
    Finanssivalvonta. Blogi 22.11.2017
  • Korkeamäki, Timo; Virk, Nader; Wang, Haizhi; Wang, Peng (2018)
    BOFIT Discussion Papers 19/2018
    We analyze preferences of foreign institutional investors in the Chinese stock market in a sample that covers 2003 to 2014. We find foreign investors changed their investment behavior during the sample period from generic patterns found in much of the world to China-specific patterns. The results suggest that foreign institutions learned to adjust their investment behavior to account for unique features of the Chinese market.
  • Rainio, Elina (2006)
    Bank of Finland Research Discussion Papers 16/2006
    Viimeaikaisten law and finance -tutkimusten mukaan yritysten ohjausjärjestelmien uudistamiseen ja sijoittajan suojan kohentamiseen tähtäävä lainsäädännön kehittäminen vaikuttaa suotuisasti rahoitusmarkkinoiden toimintaan ja kehitykseen. Suomessa osakeyhtiölaki on perinteisesti ollut keskeisessä asemassa yritystoiminnan ja rahoitusmarkkinoiden sääntelyssä, mutta sen konkreettisia vaikutuksia rahoitusmarkkinoiden toimintaan ei ole aikaisemmin tutkittu kattavasti.Tämän tutkimuksen tarkoituksena on selvittää, miten vuoden 1980 osakeyhtiölakiuudistus vaikutti sijoittajan suojaan ja yritysten osakkeiden arvoon.Tutkimus osoittaa, että käytetyillä mittareilla mitattuna vuoden 1980 lakimuutos paransi sekä osakesijoittajien että velkojien oikeuksia, mutta velkojien suoja parani huomattavasti enemmän kuin osakkeenomistajien suoja.Vaikutuksia yritysten arvoon on tutkittu selvittämällä, miten lakimuutokseen liittyvät uutiset vaikuttivat osakkeiden tuottoon 1970-luvun aikana.Useiden uutisten tapauksessa markkinoille tuleva uusi informaatio ei vaikuta merkitsevästi osakkeiden tuottoon.Lakimuutokseen ei liittynyt suuria yllätyksiä, koska informaation välittyminen pienillä, suljetuilla rahoitusmarkkinoilla oli tehokasta.Asiasanat: osakeyhtiölaki, rahoitusmarkkinat, sijoittajan suoja, uutiset, yritysten ohjausjärjestelmät JEL classification numbers: G14, G32, G38
  • Jantunen, Lauri (2020)
    Euro & talous. Analyysi
    Nate Most sai 25 vuotta sitten nerokkaan idean. Hän hahmotteli uuden sijoitustuotteen, jonka avulla voisi käydä kauppaa kokonaisia markkinoita kattavan sijoituskorin hintakehityksestä. Tämän rohkean vision perusteella syntyivät ensimmäiset pörssinoteeratut rahastot. Näiden nk. ETF-rahastojen (Exchange Traded Funds) nopeaa kasvua on kuvailtu varainhoitosektorin hiljaiseksi vallankumoukseksi. ETF-tuotteet eroavat kuitenkin rakenteellisesti muista avoimista sijoitusrahastoista. On siksi tärkeää, että sijoittajat ymmärtävät näiden rahastojen erityispiirteet.
  • Nuutilainen, Riikka (2014)
    BOFIT Policy Brief 14/2014
    Maanantaina 17.11. alkanut pörssiyhteistyö mahdollistaa ulkomaiset sijoitukset Shanghain pörssiin Hongkongin pörssin kautta ja mannerkiinalaisten investoinnit Hongkongin pörssiin Shanghain pörssin kautta. Ulkomaiset sijoittajat voivat sijoittaa suurimpaan osaan Shanghain A-sarjan osakkeita tiettyjen ehtojen puitteissa. Kuten useat aiemmat Kiinan toteuttamat uudistukset, pörssikaupan avaaminen tapahtuu asteittain ja ainakin toistaiseksi on rajoitettu kiintiöin. Pörssiyhteistyö on seuraava askel juanin kansainvälistymisessä, ja se myös vahvistaa Hongkongin asemaa Manner-Kiinan ulkopuolisena juankaupan keskuksena. Vaikka pörssikytkös on kaivattu uudistus, ensimmäisen viikon kaupankäynti ohjelman kautta jäi etukäteisodotuksia pienemmäksi.
  • Bohl, Martin T.; Schuppli, Michael; Siklos, Pierre L. (2009)
    BOFIT Discussion Papers 20/2009
    Published in China Economic Review, Volume 21, Issue 1, March 2010: 190–201
    This paper investigates whether seasonalities in daily stock returns are related to the trading behavior of individual and institutional investors. The change in the investor structure of B-share markets in Shanghai and Shenzhen after the abolition of ownership restrictions in 2001 provides a unique testing environment. We show that day-of-the-week effects are attenuated after the market entrance of Chinese individual investors, who had previously not been allowed to trade in B-shares. Our empirical results suggest that institutional rather than individual investors are a main driving force behind such anomalies. In addition, we find evidence of reduced index return autocorrelation and US spillover effects in the post-liberalization period. Keywords: institutional investors, individual investors, stock return seasonalities, Chinese stock markets, GARCH model JEL: G12, G14, G18
  • Kiviniemi, Arttu; Arala, Mika; Sinersalo, Mikko (2021)
    Valvottavien taloudellinen tila ja riskit 14.9.2021
    Suomen finanssisektorin pääriskeinä arvopaperimarkkinoiden riskihinnoittelun äkilliset muutokset ja pankkien luottoriskien realisoituminen 1 Suomen talous elpyy ripeästi 2 Talouskehityksen alasuuntaiset riskit edelleen koholla – kotitalouksien korkea velkaantuneisuus heikentää kriisinsietokykyä 5 Sijoittajille kuluva vuosi on ollut varsin suotuisa 7 Osakemarkkina on jatkanut tasaista nousua 7 Euroopassa korot pysyneet matalina 8
  • Mattinen, Olli (2018)
    Valvottavien taloudellinen tila ja riskit 30.6.2018
  • Becchetti, Leonardo; Carpentieri, Andrea; Hasan, Iftekhar (2009)
    Bank of Finland Research Discussion Papers 34/2009
    Published in European Financial Management, Volume 18, Issue 2, March 2012; 183-217
    We analyse the determinants of the variation of option-adjusted credit spreads (OASs) on a unique database that enlarges the traditional scope of analysis to more disaggregated indexes (combining industry, grade and maturity levels), new variables (volumes of sales and purchases of institutional investors) and a complete set of markets (besides the United States, the United Kingdom and the euro area). With our extended set of regressors we explain almost half of the variability of OASs and find evidence of a significant impact of institutional investors purchases and sales on corporate bond risk. We also find that US business cycle indicators significantly affect the variability of OASs in the United Kingdom and the euro area.