Browsing by Subject "suhteet"

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  • Woo, Wing Thye (2018)
    BOFIT Policy Brief 7/2018
    Our principal policy suggestion to China is that, because China’s economy in 2018 is very different from that in 1978, there should be more reciprocity in China’s trade and investment relations with the advanced economies. China should not only give national treatment in the near future to foreign firms but should also set up a mechanism to start easing up on foreign acquisition of Chinese firms in a manner that is consistent with China’s national security concerns. Our principal policy suggestion to the US is to stop equating strategic competition with economic competition. Strategic competition is normally a zero-sum game while economic competition is usually a zero-sum game in the short-run, but generally creates a win-win outcome in the long-run. National economic dynamism and economic resilience emerge from international economic competition and not from sheltering domestic high-tech firms permanently.
  • Castelli, Annalisa; Dwyer, Gerald P.; Hasan, Iftekhar (2009)
    Bank of Finland Research Discussion Papers 36/2009
    Published in European Financial Management, Volume 18, Issue 1, January 2012: 28–67
    We examine the connection between the number of bank relationships and firms performance using a unique data set on Italian small firms for which banks are a major source of financing. Our evidence indicates that return on equity and return on assets decrease as the number of bank relationships increases, the effects being stronger for small firms than for large firms. We also find that the ratio of interest expense to assets increases as the number of relationships increases. Particularly for small firms, these results are consistent with finding that suggest that having fewer bank relationships reduces the information asymmetries and agency problems and outweighs the hold-up problems.
  • Fung, K.C.; Korhonen, Iikka; Li, Ke; Ng, Francis (2008)
    BOFIT Discussion Papers 9/2008
    Published in Journal of Economic Integration, September 2009, v. 24, iss. 3, pp. 476–504
    China has emerged as one of the world's leading recipients of foreign direct investment (FDI). Meanwhile, the successful transition experience of many Central and Eastern Euro-pean countries (CEECs) also enables them to attract an increasing share of global foreign investment, particularly from the European Union (EU). What is the relationship between inward FDI of China and the CEECs? We conceptualize the relationship according to three alternative paradigms: 1) China and the CEECs each exist in its own regional pro-duction network, with no linkage between FDI flows into China and into CEECs; 2) China and the CEECs together comprise a global production network, so that FDI into China is positively related to FDI into CEECs; and 3) FDI into China is a substitute for FDI into the CEECs, so that the correlation between them is negative. In this paper, we employ pan-el data to study this issue in detail. Specifically, we compare empirical estimates for 15 CEECs over the 15-year period 1990-2004 using four different econometric approaches: FGLS with Random effects, FGLS with fixed effects, EC2SLS and GMM. The result supports the conclusion that China's inward FDI does not crowd out CEECs' inward FDI. In fact, it shows that in some circumstances FDI flows in these two regions are moderately complementary. In addition, our analysis confirms the importance for FDI flows of recipient-country characteristics such as market size, degree of trade liberalization and labor quality, as well as a healthy global capital market. JEL classification numbers: F20, F21, F43 Keywords: Foreign Direct Investment (FDI), Regional Networks, Global Supply Chain, China's FDI, Central and Eastern European Countries' FDI
  • Gu, Xian; Hasan, Iftekhar; Lu, Haitian (2019)
    Comparative Economic Studies 3 ; September
    Using a comprehensive dataset of corporate lawsuits in China, we investigate the implications of corporate misconduct on the cost of private debt. Evidence reveals that firms involved in litigations obtain subsequent loans with stricter pricing terms, 15.1 percent higher loan spreads, than non-litigated borrowers. Strong political connection and repeated relationship help to flatten the sensitivity of loan pricing to litigation. Nonbank financial institutions react in stronger manner to corporate misconduct than traditional banks in pricing loans. Overall, we show that private debt holders care about borrowers’ wrongdoing in the past.
  • Bai, Yiyi; Dang, Tri Vi; He, Qing; Lu, Liping (2018)
    BOFIT Discussion Papers 13/2018
    We examine China’s June 2013 liquidity crunch as a negative shock to banks and analyze the wealth effects on exchange-listed firms. Our findings suggest that liquidity shocks to financial institutions negatively impact borrower performance, particularly borrowers reporting outstanding loans at the end of 2012. Stock valuations of firms with long-term bank relationships, however, outperform the market and experience smaller subsequent declines in investment than peers lacking solid banking relationships. This effect is the strongest for firms that enjoy good relations with China’s large state-owned banks or foreign banks, and weakest for firms whose connections are solely with local banks. We document a positive correlation between the stock performances of firms and the stock performances of lender banks and the likelihood of lender banks operating as net lenders in the interbank market. These results suggest that banks transmit liquidity shocks to their borrowing firms and that a long-term bank-firm relationship may mitigate the negative effects of a liquidity shock.
  • (1971)
    Bank of Finland. Monthly Bulletin 45 ; 6 ; June
  • (2000)
    Euroopan keskuspankki. Kuukausikatsaus Lokakuu
    Euron käyttöönotto ja siihen liittyvä toimivaltuuksien siirto äskettäin perustetulle Euroopan keskuspankkijärjestelmälle (EKPJ)-jonka ytimessä on Euroopan keskuspankki (EKP)- johti myös siihen,että Euroopan yhteisön institutionaalinen rakenne muuttui merkittävästi.Euroalueen uuden,rahapolitiikasta astaavan vi- ranomaisen tehtävät ja altaoikeudet on selkeästi määritelty Euroopan yhteisön perustamissopimuksessa (jäljempänä perustamissopimus),ja se on uusi toimija Euroopassa.Tämän artikkelin tarkoituksena on tarkastella tätä uutta institutionaalista toimintaympäristöä,ja siinä esitetään yleiskatsaus EKP:n ja Euroopan yhteisön toimielinten ja laitosten välisiin suhteisiin.EKP:n suhteet näihin elimiin perustuvat yhtäältä sen lakisääteisiin velvollisuuksiin,koska jo perustamissopimuksen määräyksissä on mukana useita kanssakäymisen muotoja EKP:n ja Euroopan unionin (EU)muiden päättävien elinten välillä.Näitä kanssakäymisen muotoja o at mm.kuuleminen,politiikkaa koskeva vuoropuhelu ja sääntelyvaltuudet.Toisaalta EKP:n ja Euroopan yhteisön toimielinten ja laitosten väliset suhteet perustuvat toiminnallisuuteen,sillä yhteydet muihin päättäviin elimiin auttavat EKP:tä tehtäviensä täyttämisessä.Samaan aikaan EKPJ:n ja EKP:n institutionaalinen erityisasema ja erityisesti niiden riippumaton asema sekä ensisijainen tavoite eli hintavakauden säilyttäminen asettavat selkeät rajat keskinäiselle kanssakäymiselle.Tässä artikkelissa tarkastellaan siten EKP:n suhteita Euroopan parlamenttiin,EU:n neuvostoon,ns.euroryhmään,Euroopan komissioon,talous-ja rahoituskomiteaan ja talouspoliittiseen komiteaan.Artikkelissa tarkastellaan myös makrotaloudellista vuoropuhelua ja EKP:n yleisten tehtävien täyttämiseen liittyviä yhteyksiä.
  • (2001)
    Euroopan keskuspankki. Kuukausikatsaus Tammikuu
    Tämän artikkelin tarkoituksena on tarkastella EKP:n tähän asti kehittämiä suhteita kansainvälisiin järjestöihin (esim.IMF, OECD ja BIS) ja foorumeihin (esim.G7- ja G10-maiden kokoukset sekä G20-ryhmä).Talous- ja rahaliitolle (EMU) olennaisissa kysymyksissä EKP edustaa instituutiona Euroopan yhteisöä kansainvälisellä tasolla yhdessä Ecofin-neuvoston kanssa.Näin tehdessään EKP ja Ecofin-neuvosto noudattavat Euroopan yhteisön perustamissopimuksessa (jäljempänä perustamissopimus) määrättyä toimivallanjakoa ja perustamissopimuksen muita määräyksiä. Toimivaltuuksien ja erityisjärjestelyjen mukaan kansainvälisiin kokouksiin osallistuvat myös euroalueen kansalliset keskuspankit jo Euroopan komissio.EKP osallistuu kansainväliseen yhteistyöhön aina silloin, kun käsiteltävänä on eurojärjestelmälle kuuluvia tehtäviä. Tähän asti EKP:n läsnäolo kansainvälisten järjestöjen ja foorumien kokouksissa on perusteltu noudattamalla käytännöllistä lähestymistapaa, jonka mukaan kunkin järjestön ja foorumin sääntöjä ja/tai käytäntöjä on muutettu mahdollisimman vähän.Todennäköisesti EKP:n osallistuminen näihin kokouksiin tulee kuitenkin muuttumaan ajan myötä.Politiikkanäkökulmasta EKP:n kansainvälinen yhteistyö on pääasiassa tietojen ja näkemysten vaihtamista euroalueen ulkopuolisten päätöstentekijöiden kanssa.EKP osallistuu myös riippumattomien järjestöjen kuten IMF:n ja OECD:n työhön, kun ne valvovat euroalueen talouskehitystä ja -politiikkaa.Lisäksi EKP on mukana määrittelemässä parhaita käytäntöjä, joilla halutaan edistää hyvän hallintotavan tehokkuutta ja avoimuutta.Tämä yhteistyö ei vaaranna EKP:n riippumattomuutta tai sen ensisijaista tavoitetta, hintavakauden säilyttämistä.
  • Sutela, Pekka (2005)
    BOFIT Online 2005/3
    Russia is, with the exception of the USA, the single most important outside country for the European Union.Still, it just account for a few percentage points of EU global trade, even less of EU outward investment.The Union, on the other hand, accounts for about one half of Russia's foreign trade.The relation therefore is, though important, asymmetric. Institutionally the Union and Russia have been building their relation since the 1990´s, but development was much enhanced by the northern and eastern enlargements of the Union on the one hand, and by Russia´s "European Choice" as declared by President Putin. Still, developing the relation has not been simple, and in many instances this is caused by the underlying asymmetries of the relation.This paper outlines both the institutional and underlying economic basis of the relation and argues that it will remain a complicated one in the future as well. Key words: European Union; European Neighbourhood Policy; Russia/EU relations.
  • Rantakari, K. N. (1937)
    Bank of Finland. Monthly Bulletin 17 ; 2 ; February
  • Sutela, Pekka (2001)
    BOFIT Online 11/2001
    Sisällysluettelo: 1 The background 5 2 Aspects of the relation 9 2.1 The Northern Dimension 9 2.2 Economic Relations 13 2.3 Policies on Near-By Areas 20 2.4 Environmental Co-operation 20 2.5 Security: selected aspects 213 Conlusions 23 Sources 24
  • 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.
  • Yakovlev, Andrei (2013)
    BOFIT Online 7/2013
    This paper considers the reasons for increasing the interest of Russian leaders in improving the investment climate in Russia. The paper shows that this change in economic policy is connected not only to the natural rent decline but also reflects the search of the ruling coalition for a new social base represented by successful medium-sized business. These new trends can be interpreted in terms of the "limited access order" concept developed in the recent works of Douglass North and his co-authors. Keywords: Russian transition economy, rents, bureaucracy, large and medium-sized business, response to the crises, investment climate
  • Rautava, Jouko (2018)
    BOFIT Policy Brief 9/2018
    Tässä kirjoituksessa tarkastellaan Kiinan ja Venäjän kahdenvälisten taloussuhteiden kehitystä tällä vuosikymmenellä. Maiden välisen kaupan kasvu perustuu pääasiassa Kiinan vahvaan talouskehitykseen, energiaan ja Venäjän länsisuhteiden romahtamiseen, joka on saanut Venäjän pitkän hapuilun jälkeen tosissaan hakemaan vientimahdollisuuksia myös Aasiasta. Maiden kahdenvälisissä suhteissa ei ole tapahtunut sellaisia poliittisia tai institutionaalisia läpimurtoja tai muita muutoksia, jotka olisivat nostaneet taloussuhteet laadullisesti uudelle tasolle verrattuna vuosikymmenen alkuun. Suhteet perustuvat edelleen tavarakauppaan eikä merkkejä syvemmästä talousintegraatiosta ole helppo löytää. Kiinan talouskasvun hidastuminen luo uudenlaisia haasteita maiden kanssakäymiseen.
  • Fang, Yiwei; Francis, Bill; Hasan, Iftekhar (2012)
    Bank of Finland Research Discussion Papers 26/2012
    This paper examines through various channels the effects of CEO social network heterogeneity on firm value. We construct four measures of heterogeneity based on demographic attributes, intellectual backgrounds, professional experience, and geographical exposures of individuals in the CEO social network. We find that CEO social network heterogeneity leads to higher Tobin's Q of firms. Greater CEO social network heterogeneity also leads to: (i) more innovation, (ii) more foreign sales growth, (iii) higher investment sensitivity to Tobin's Q, and (iv) better M&A performance. Overall, our results indicate that CEO social network heterogeneity is an aspect of CEO social capital and soft skills that deserves the attention of shareholders. Keywords: CEO, social networks, corporate finance policy decisions, firm value JEL classification: G32, G30, D71, Z10
  • Deng, Yuping; Wu, Yanrui; Xu, Helian (2019)
    BOFIT Discussion Papers 4/2019
    A firm's top manager and a government official may be connected due to special circumstances. This social relationship or political connection may provide industrial polluters with protection or a “pollution shelter” which could lead to severe environmental deterioration. This paper aims to examine the link between political connections and firms’ pollution discharges by using Chinese data. Empirical results show that political connections are the institutional origin for firms to adopt strategic pollution discharges. Government officials who are young, of low education, promoted locally and in office for a relatively long time are more likely to build political connections with polluters. This phenomenon results in inadequate enforcement of regulation and emission control. The pollution discharges of politically connected firms also vary considerably due to firm heterogeneity. This study also shows that pollution shelter effects caused by political connections are more obvious in the central and western regions, prefecture cities and capital-intensive industries.
  • Hasan, Iftekhar; Jackowicz, Krzysztof; Kowalewski, Oskar; Kozłowski, Łukasz (2014)
    BOFIT Discussion Papers 2/2014
    Published in Communist and Post-Communist Studies, Volume 50, Issue 4, December 2017, Pages 245–261
    This study investigates the relationship between politically connected firms and their access to bank financing in a post-communist eras in Poland. Overall, it finds that "recent" political connections do influence access to bank financing and the value of such connections increased during the financial crisis. However, it also observes that the positive relationship mentioned above is substantially weaker in Poland relative to other emerging countries and we attribute this phenomenon to the instability of the Polish political climate. Keywords: political connections, bank financing, global financial crisis JEL: GO1, G18, G32
  • Hasan, Iftekhar; Jackowicz, Krzysztof; Kowalewski, Oskar; Kozlowski, Lukasz (2017)
    Communist and Post-Communist Studies 4
    Published in BOFIT DP 2/2014.
    This paper characterizes politically connected firms and their access to bank financing. We determine that the relationship between political connections and access to long-term bank loans is weaker in Poland than in other emerging economies. The most probable explanation for this result is related to the instability of the political climate in Poland. We find that only certain kinds of political connections, such as recent connections, positively influenced access to bank financing during the sample period from 2001 to 2011. Moreover, we obtain also some evidence that the value of political connections increased during the 2007 crisis period and onward.
  • Vesala, Timo (2005)
    Bank of Finland Research Discussion Papers 3/2005
    Published in Journal of Banking & Finance, 31, 2, 2007: 477-493
    This paper studies relationship lending in a framework where the cost of switching banks measures the degree of banking competition. The relationship lender's (insider bank's) informational advantage creates a lock-in effect, which is at its height when the switching cost is infinitesimal.This is because a low switching cost gives rise to a potential adverse selection problem, and outsider banks are thus reluctant to make overly aggressive bids.This effect gradually fades as the magnitude of the switching cost increases, which de facto reduces the insider bank's profits.However, after a certain threshold in the switching cost, the insider bank's 'mark-up' begins to increase again.Hence, relationship benefits are a non-monotonous (V-shaped) function of the switching cost.The 'dynamic implication' of this pattern is that relationship formation should be more common under extreme market structures ie when the cost of switching banks is either very low or sufficiently high.Recent empirical evidence lends support to this prediction. Key words: relationship lending, switching cost, banking competition JEL classification numbers: G21, G24, D82, D43
  • Anker, Morten; Fjaertoft, Daniel Buikema; Rautava, Jouko; Simola, Heli; Solanko, Laura (2009)
    BOFIT Online 2009/10
    Foreword 3 Eirik Wærness, Pöyry AS Energy and the Russian Economy 4 Laura Solanko, BOFIT Russian Gas - Has the 2009 economic crisis changed Russian gas fundamentals? 9 Daniel Buikema Fjærtoft, Pöyry AS Economic relations between Finland and Russia 22 Heli Simola, BOFIT The High North and Russo-Norwegian bilateral economic relations 32 Morten Anker, Pöyry AS A forecasting model for Russia's economy 42 Jouko Rautava, BOFIT Reflections on Modeling the Russian Economy 49 Daniel Buikema Fjærtoft, Pöyry AS