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Leverage and growth: effect of stock options

Francis, Bill; Hasan, Iftekhar; Sharma, Zenu - Suomen Pankki - 2011

This paper investigates the potential effects of stock options on managers’ investment decisions and therefore on a firm’s growth or, alternatively, on its leverage-growth relationship. To structure the analysis addressing this issue, the paper utilizes a framework establishing a negative...

Persistent link: https://www.econbiz.de/10009358948

Corporate boards and bank loan contracting

Francis, Bill; Hasan, Iftekhar; Koetter, Michael; Wu, Qiang - Suomen Pankki - 2012

independent, both price and nonprice loan terms (e.g., interest rates, collateral, covenants, and performance-pricing provisions …

Persistent link: https://www.econbiz.de/10010548600

Are firm- and country-specific governance substitutes? Evidence from financial contracts in emerging markets

Francis, Bill; Hasan, Iftekhar; Song, Liang - Suomen Pankki - 2012

We investigate how borrowers’ corporate governance influences bank loan contracting terms in emerging markets and how this relation varies across countries with different country-level governance. We find that borrowers with stronger corporate governance obtain favorable contracting terms with...

Persistent link: https://www.econbiz.de/10010548603

Do corporate boards affect firm performance? New evidence from the financial crisis

Francis, Bill; Hasan, Iftekhar; Wu, Qiang - Suomen Pankki - 2012

boards affect the performance of firms. Using cumulative stock returns over the crisis to measure of firm performance, we … find that board independence, as traditionally defined, does not significantly affect firm performance. However, when we re … a positive and significant relationship between this measure and firm performance. Second, outside financial experts are …

Persistent link: https://www.econbiz.de/10010542073

The impact of CFO gender on bank loan contracting

Francis, Bill; Hasan, Iftekhar; Wu, Qiang - Suomen Pankki - 2011

Motivated by recent studies that show female CFOs are more risk averse than male CFOs when making various corporate decisions, we examine whether banks take into consideration the gender of CFOs when pricing bank loans. We find that in our sample, firms under the control of female CFOs on...

Persistent link: https://www.econbiz.de/10009358946

The benefits of conservative accounting to shareholders: Evidence from the financial crisis

Francis, Bill; Hasan, Iftekhar; Wu, Qiang - Suomen Pankki - 2013

conservatism and firm stock performance during the current crisis. The result holds for alternative measures of conservatism and is …

Persistent link: https://www.econbiz.de/10010818993

Gender differences in financial reporting decision-making: Evidence from accounting conservatism

Francis, Bill; Hasan, Iftekhar; Park, Jong Chool; Wu, Qiang - Suomen Pankki - 2014

This paper investigates the effect of CFO gender on corporate financial reporting decision-making. Focusing on firms that experience changes of CFO from male to female, the paper compares the firms’ degree of accounting conservatism between pre- and post-transition periods. We find that female...

Persistent link: https://www.econbiz.de/10010819003