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Professor Iftekhar Hasan, PhD

Professor Iftekhar Hasan, PhD
Current Position

since 12/16

Research Fellow Department of Financial Markets

Halle Institute for Economic Research (IWH) – Member of the Leibniz Association

since 1/11

University Professor and E. Gerald Corrigan Chair in Finance

Gabelli School of Business, Fordham University

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Research Interests
  • corporate finance
  • banking
  • finance and accounting

Iftekhar Hasan joined the Department of Financial Markets as a Research Fellow in December 2016. His research focuses on financial institutions and capital markets, applied corporate finance, entrepreneurial finance and venture capital, financial accounting, emerging markets, and international banking.

Iftekhar Hasan is University Professor, E. Gerald Corrigan Chair in Finance, and the academic director of the PhD programme at the Gabelli School of Business at Fordham University. He serves as a scientific advisor of the Bank of Finland and as managing editor for the Journal of Financial Stability.

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Professor Iftekhar Hasan, PhD
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Publications

Citations
32954

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Aggregate Dynamics with Sectoral Price Stickiness Heterogeneity and Aggregate Real Shocks

Alessandro Flamini Iftekhar Hasan

in: Journal of Money, Credit and Banking, forthcoming

Abstract

<p>This paper investigates the relationship between heterogeneity in sectoral price stickiness and the response of the economy to aggregate real shocks. We show that sectoral heterogeneity reduces inflation persistence for a constant average duration of price spells, and that inflation persistence can fall despite duration increases associated with increases in heterogeneity. We also find that sectoral heterogeneity reduces the persistence and volatility of interest rate and output gap for a constant price spells duration, while the qualitative impact on inflation volatility tends to be positive. A relevant policy implication is that neglecting price stickiness heterogeneity can impair the economic dynamics assessment.</p>

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State Ownership and Financial Statement Comparability

William Francis Xian Gu Iftekhar Hasan Joon Ho Kong

in: Journal of Business Finance and Accounting, forthcoming

Abstract

<p>This paper investigates how state ownership affects financial reporting practices in China. Using several measures of state (government) ownership, we show that a one-standard-deviation increase in state ownership decreases financial statement comparability by 36.61%, and the impact is more pronounced when the central authority has majority control of the company. Moreover, lower earnings quality and lower levels of accounting conservatism among state-owned enterprises (SOEs) may explain the lower accounting comparability between SOEs and non-SOEs (NSOEs). Additionally, similar (different) managerial objectives converge (diverge) financial statement comparability between SOEs and NSOEs. Last, the geographical locations of firms also contribute to financial statement comparability. We employ a difference-in-differences design, changes regression and entropy balancing to mitigate potential endogeneity bias.</p>

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Church Membership and Economic Recovery: Evidence from the 2005 Hurricane Season

Iftekhar Hasan Stefano Manfredonia Felix Noth

in: Economic Journal, forthcoming

Abstract

<p>This paper investigates the critical role of church membership in the process of economic recovery after high-impact natural disasters. We document a significant adverse treatment effect of the 2005 hurricane season in the Southeastern United States on establishment-level productivity. However, we find that establishments in counties with higher rates of church membership saw a significantly stronger recovery in terms of productivity for 2005–10. We also show that church membership is correlated with post-disaster entrepreneurship activities and population growth.</p>

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Working Papers

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Global Political Ties and the Global Financial Cycle

Gene Ambrocio Iftekhar Hasan Xiang Li

in: IWH Discussion Papers, No. 23, 2023

Abstract

We study the implications of forging stronger political ties with the US on the sensitivities of stock returns around the world to a global common factor – the global financial cycle. Using voting patterns at the United Nations as a measure of political ties with the US along with various measures of the global financial cycle, we document evidence indicating that stronger political ties with the US amplify the sensitivities of stock returns in developing countries to the global financial cycle. We explore several channels and find that a deepening of financial linkages along with a reduction in information asymmetries and an amplification of sentiment are potentially important factors behind this result.

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Banking Market Deregulation and Mortality Inequality

Iftekhar Hasan Thomas Krause Stefano Manfredonia Felix Noth

in: Bank of Finland Research Discussion Papers, No. 14, 2022

Abstract

This paper shows that local banking market conditions affect mortality rates in the United States. Exploiting the staggered relaxation of branching restrictions in the 1990s across states, we find that banking deregulation decreases local mortality rates. This effect is driven by a decrease in the mortality rate of black residents, implying a decrease in the black-white mortality gap. We further analyze the role of mortgage markets as a transmitter between banking deregulation and mortality and show that households' easier access to finance explains mortality dynamics. We do not find any evidence that our results can be explained by improved labor outcomes.

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Technological Innovation and the Bank Lending Channel of Monetary Policy Transmission

Iftekhar Hasan Xiang Li Tuomas Takalo

in: IWH Discussion Papers, No. 14, 2021

Abstract

This paper studies whether and how banks’ technological innovations affect the bank lending channel of monetary policy transmission. We first provide a theoretical model in which banks’ technological innovation relaxes firms’ earning-based borrowing constraints and thereby enlarges the response of banks’ lending to monetary policy changes. To test the empirical implications, we construct a patent-based measurement of bank-level technological innovation, which can specify the nature of technology and tell whether it is related to the bank’s lending business. We find that lending-related innovations significantly strengthen the transmission of the bank lending channel.

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Browse all working papers

Topics

Financial Markets Policy Evaluation Monetary Policy Risk Regulation Financial Institutions
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