Bank and financial market efficiency: global perspectives
In: Research in banking and finance 5.2004
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In: Research in banking and finance 5.2004
In: Bank of Finland Research Discussion Paper No. 10/2022
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In: Journal of international economics, Band 133, S. 103523
ISSN: 0022-1996
In: CEIS Working Paper No. 507
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In: Finance Research Letters, Forthcoming
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In: Bank of Finland Research Discussion Paper No. 13/2019
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Do closer political ties with a global superpower improve sovereign borrowing conditions? We use data on voting at the United Nations General Assembly along with foreign aid flows to construct an index of political ties and find evidence that suggests closer political ties leads to both better sovereign credit ratings and lower yields on sovereign bonds. We use heads-of-state official visits and coalition forces troop contributions as exogenous instruments to further strengthen the findings.
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In: Bank of Finland Research Discussion Paper No. 17/2018
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In: Bank of Finland Research Discussion Paper No. 23/2017
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In: Bank of Finland Research Discussion Paper No. 19/2017
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This study examines how national culture affects corporate investment. We argue that national culture affects corporate investment efficiency through the level of secrecy that national culture exhibits. Using a sample of firms from eight culturally-diverse European Union countries, we find that the level of secrecy that national culture exhibits is negatively related to corporate investment efficiency after controlling for a number of firm- and country-level factors. We also find that the negative relation between national culture and corporate investment efficiency is mitigated by an exogenous shock to the information asymmetry problem between managers and investors. Our study highlights the importance of the cultural value of secrecy/transparency as a determinant of investment efficiency at the firm-level.
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