Browsing by Subject "tuotot"

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  • Toivanen, Mervi (2008)
    Bank of Finland. Financial market report 3
    Banks advertise their offerings of fixedterm deposits with attractive interest rates. They promise to pay attractive interest on deposits held for long periods. But rising inflation lowers the real yield on fixedterm deposits.
  • Nyberg, Peter; Vaihekoski, Mika (2009)
    Bank of Finland Research Discussion Papers 21/2009
    This paper presents a new monthly value-weighted, all-share total return index for the Finnish stock market. The index covers the period from the establishment of the Helsinki Stock Exchange in October 1912 to the beginning of 1970, after which the WI index by Berglund et al (1983) and later in December 1990, the Exchange s own HEX index are available. When combined, these can be used to study the development of the Finnish equity market without a break from the beginning of the stock market until the present day. We also provide a detailed description of the construction methodology and a comparison between our index and those available earlier. The new index replaces the Unitas price index, which has been the only index available for long-term studies from 1928 onwards. The new index also provides an alternative to the book equity weighted Poutvaara (1996) price index for the period 1912 1929.
  • Anatolyev, Stanislav (2005)
    BOFIT Discussion Papers 9/2005
    Published in Research in International Business and Finance, Vol. 22, 2008: 56-67
    We study three aspects of the Russian stock market - factors influencing stock returns, integration of the stock market with world .financial markets, and market efficiency - from 1995 to present, putting emphasis on how these evolved over time.We .find many highly unstable relationships, and indeed, greater instability than that generated by financial crises alone.While most computed statistics exhibit constant ups and downs, there are recently clear tendencies in the development of the Russian stock market: a sharp rise in explainability of returns, an increased role of international financial markets, and a decrease in the profitability of trading. Key words: Russia, transition, stock returns, integration, efficiency. JEL codes: C22, F36, G14, G15
  • Francis, Bill; Hasan, Iftekhar; Li, Lingxiang (2014)
    Bank of Finland Research Discussion Papers 19/2014
    Published in Review of Quantitative Finance and Accounting, Volume 46, Issue 2, February 2016: 217–260
    We study the impact of firms' abnormal business operations on their future crash risk in stock prices. Computed based on real earnings management (REM) models, firms' deviation in real operations from industry norms (DRO) is shown to be positively associated with their future crash risk. This association is incremental to that between discretionary accruals (DA) and crash risk found by prior studies. Moreover, after Sarbanes-Oxley Act (SOX) of 2002, DRO's predictive power for crash risk strengthens substantially, while DA's predictive power essentially dissipates. These results are consistent with the prior finding that managers shift from accrual earnings management (AEM) to REM after SOX. We further develop a suspect-firm approach to capture firms' use of DRO for REM purposes. This analysis shows that REM-firms experience a significant increase in crash risk in the following year. These findings suggest that the impact of DRO on crash risk is at least partially through REM.
  • Arala, Mika (2018)
    Valvottavien taloudellinen tila ja riskit 30.6.2018
  • 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
  • Toivanen, Mervi (2008)
    Suomen Pankki. Rahoitusmarkkinaraportti 4
    Tammi-syyskuussa 2008 pohjoismaisten suurten finanssikonsernien liikevoitot laskivat edellisen vuoden vastaavasta ajanjaksosta arvonalentumistappioiden kasvua sekä kaupankäynnin ja sijoitustoiminnan tuottojen laskun takia. Pohjoismaisten finanssikonsernien markkina-arvot ovat pienentyneet keskimäärin saman verran kuin suurten eurooppalaisten pankkien markkina-arvot.
  • Toivanen, Mervi (2009)
    Suomen Pankki. Rahoitusmarkkinaraportti 2
    Suurten pohjoismaisten finanssikonsernien yhteenlasketut liikevoitot olivat tammi-maaliskuussa 2009 noin 26 % pienemmät kuin vuoden 2008 ensimmäisellä neljänneksellä. Erityisesti arvonalentumistappioiden nopea kasvu supisti liikevoittoja.
  • Crowley, Patrick M.; Habibdoust, Amir (2013)
    Bank of Finland Research Discussion Papers 34/2013
    This paper aims to examine the relationship between exchange rate movements and the stock return of firms at different time horizons by employing wavelet analysis. In particular, we use the maximum overlap discrete wavelet transform (MODWT) to decompose the exchange rate movement and the US firm's stock return over the period January 2006 to July 2012. The results reveal that at longer horizons not only does the number of firms which are exposed to exchange rate volatility increase but also the degree of exchange rate exposure increases. What is more, the sensitivity to exchange rate volatility is stronger at longer horizons for importing firms than for exporting firms, which shows an asymmetry in the usage of hedging strategies between importers and exporters. Key words: Discrete Wavelet analysis, Exchange Rate Volatility, Hedging strategy JEL Classification: C32, F31, F23
  • Jokivuolle, Esa; Keppo, Jussi (2014)
    Bank of Finland Research Discussion Papers 2/2014
    The global financial crisis of 2007-2008 has given rise to new regulatory initiatives to put restrictions on the size and term of bankers' pay. We revisit the question whether these regulations are justified, both theoretically and empirically. We model bonuses as a series of sequential call options on profits and show that they provide the higher risk-taking incentives the shorter is the time between the payment points. However, using data on CEO bonuses at the end of 2006 and our model, we find no robust relationship between risk-taking incentives and US banks' stock returns during the global financial crisis. The crisis returns are related negatively to leverage and positively to the market to book equity ratio. Our findings suggest that regulating leverage would be more effective than regulating bankers' compensation. Keywords: Banking, bonuses, regulation, compensation
  • Savolainen, Eero (2010)
    Bank of Finland. Financial market report 2
    The profitability of Finnish banking has remained roughly unchanged since spring 2009. Net interest income has declined while other income has increased. In future, banks profitability will depend largely on developments in market interest rates and loan losses.
  • Toivanen, Mervi (2004)
    Bank of Finland. Financial market report 1
    Net operating profit of banks (excl. Nordea) improved in 2003. Although banks' net interest income declined in response to lower market rates and narrower interest rate margins, an improvement in other income bolstered the results. The trend in expenses varied across banking groups but, in the aggregate, expenses remained almost un-changed from 2002. Capital adequacy continues to be sound.
  • Alhonsuo, Sampo (2006)
    Bank of Finland. Financial market report 1
    Banks and financial groups have posted good results in the Nordic and Baltic countries as well as in Europe and the United States. Improved results are mainly due to growth in income. Banks' total assets and business volumes have increased rapidly. Financial results show that banks' operating environment is currently favourable.
  • Toivanen, Mervi (2007)
    Bank of Finland. Financial market report 1
    Finnish banks' business continued to grow in 2006. Lending grew rapidly and banks extended their range of other services and products. Banks also expanded their operations abroad and in other business lines. Growth in business operations was accompanied by improved operating profits. This was due to growth in income, which exceeded that of expenses, as well as one-off capital gains and virtually zero net loan losses.
  • Toivanen, Mervi (2005)
    Bank of Finland. Financial market report 3
    Cost-efficiency improved in nearly all banks operating in Finland. Banks' income-expense ratio decreased as a result of increased income and moderate developments in expenses. Banks' operating profits were also improved by the reversal of impairment losses.
  • Toivanen, Mervi (2006)
    Bank of Finland. Financial market report 03
    Banks' aggregate expenses rose in the first half of 2006. This development is currently disguised by banks' high income, as a result of favourable developments in net fee income and net interest income. Overall, banks' operating profits continued to increase in January June 2006.
  • Alhonsuo, Sampo (2004)
    Bank of Finland. Financial market report 3
    Globally speaking, the performance of banking groups has been relatively good. The large banks in the United States, Japan, China and Europe reported improved results and good profits. This is attributable to lower loan losses, greater efficiency of opera-tions and an increase in other income offsetting the decline in net interest income.
  • Toivanen, Mervi (2004)
    Bank of Finland. Financial market report 4
    Banks' total operating profits increased in January September 2004. Lower interest rates and narrower interest rate margins led to a decline in net interest income, in both absolute terms and as a proportion of total income. The concurrent increase in net fee income is thus the main factor behind the improvement in banks' operating profits. Cost control and low loan losses also contributed to an improvement in results.
  • Toivanen, Mervi (2006)
    Bank of Finland. Financial market report 1
    Banks' performance was strong in 2005. Income increased more than expenses, which improved banks' cost efficiency. The profitability of retail banking is also reflected in the growth in return on equity. At the same time, capital adequacy remained sound on average.
  • Toivanen, Mervi (2005)
    Bank of Finland. Financial market report 2
    Banks' net interest income improved in January March 2005, due to the rapid growth of lending stock and stabilising of market interest rates. Finnish banking groups' total operating profits thus improved by about 2%. The capital adequacy of banks has also remained high on average. IFRS standards for the accounting of quoted companies entered into force at the beginning of 2005.