Browsing by Subject "sijoituspankit"

Sort by: Order: Results:

Now showing items 1-4 of 4
  • Francis, Bill B.; Hasan, Iftekhar; Sun, Xian (2012)
    Bank of Finland Research Discussion Papers 28/2012
    Using a sample of U.S. mergers and acquisitions, this study evaluates how banking relationships influence acquirers choice of financial advisors. Specifically, it examines: i) acquirers previous relationships with advisors in various financial activities: M&A advisories, equity issuings and lending activities; ii) the optimism of analyst recommendations; and iii) how acquirers past satisfaction with their financial advisors determines the choice of financial advisors. Overall, the findings suggest that the influence of banking relationships on a firm s choice of financial institutions is limited in the area of M&A advisory business. The implications from the traditional relationship banking studies may not be suitable to explain how firms choose advisors, due to the wide variety of practices in investment banking activities. The evidence portrays that firms with M&A experience are more likely to switch financial advisors with poor deal outcomes. Firms without M&A experience, on the other hand, are more likely to choose their underwriters as financial advisors, especially when they provide overly optimistic analyst coverage prior to the transactions.
  • Komulainen, Mari; Takalo, Tuomas (2009)
    Bank of Finland Research Discussion Papers 22/2009
    Published in European Financial Management, Volume 19, Issue 3, June 2013: 521-557
    We study whether and to what extent financial exchange innovations are in practice patentable in Europe. We find that exchange-related applications initially increased significantly after the State Street decision but subsequently decreased. The clear majority (65%) of applications come from the U.S. investment banks and exchanges themselves being among the most active innovators. But patents were not easly granted in response to these applications (only 3% of them led to valid patent). The high post-grant opposition rate (41%) for granted patents indicated that competitors tightly monitored each other s patents. The evidence, as augmented with clinical case studies, supports the notion that, for an invention to pass the inventive step requirement for obtaining a European patent, it should have technical features for solving a sufficiently challenging technical problem. Our evidence suggests that patentability standards for financial methods have not weakened in Europe in the aftermath of the State Street decision and that the inventive step requirement constitutes a major obstacle for applicants to overcome in order to obtain a financial exchange patent in Europe.
  • Francis, Bill B.; Hasan, Iftekhar; Sun, Xian (2012)
    Bank of Finland Research Discussion Papers 31/2012
    Published in International Review of Financial Analysis, Volume 32, March 2014, Pages 143-158
    This paper examines the determinants of the choice of financial advisors and their impact on the announcement effects of US acquirers in cross-border M&As. Two hypotheses are tested: one pertains to the acquiring firms' home preference in selecting financial advisors, and the other relates to advisors' experience in target countries. Evidence supports the home preference hypothesis in the selection of advisors in cross-border M&As, particularly in all-cash paid transactions where acquirers take the entire risk of not realizing the expected synergy value. We also observe home preference among investors as acquirers that picked US advisors experience significantly higher positive abnormal returns in all-cash paid transactions than those without US advisors, even when the chosen US advisors do not have significant experience in the target country. Finally, home preference at the choice of financial advisor may be costly if US acquirers pass by more experienced because of home preference.
  • Aland, Richard (1968)
    Suomen Pankki. D 20
    Rahoitusmarkkinat, joista liikeyritykset ovat ensisijaisesti riippuvaisia rahoitustarpeissaan, ovat luoneet monia laitoksia, joiden tarkoituksena on siirtää varoja tarjoavilta tarvitseville. Tällä tavoin on kehittynyt varsin pitkälle erikoistunut ala, sijoituspankkitoiminta. Sijoituspankkien päätehtävänä on koota suoraan tai rahalaitosten kautta, säästäjiltä varoja ja asettaa varat liikeyritysten tai julkisten yhteisöjen (ei yksityishenkilöiden) käyttöön. Sijoituspankit suorittavat tämän tehtävän uusia arvopapereita kehittäen ja myyden.