1. About the IWH
  2. Team
  3. Economists

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

read CV
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.

Your contact

Professor Iftekhar Hasan, PhD
Professor Iftekhar Hasan, PhD
- Department Financial Markets
Send Message Personal page

Publications

Citations
32954

cover_review-of-quantitative-finance-and-accounting.jpg

CEO Personality Traits and Compensation: Evidence from Investment Efficiency

Yao Du Iftekhar Hasan Chih-Yung Lin Chien-Lin Lu

in: Review of Quantitative Finance and Accounting, forthcoming

Abstract

<p>We examine the effects of the big five personalities of CEOs (openness, conscientiousness, extroversion, agreeableness, and neuroticism) on their annual compensation. We hand-collect the tweets of S&amp;P 1500 CEOs and use IBM's Watson Personality Insights to measure their personalities. CEOs with high ratings of agreeableness and conscientiousness get more compensation. We further find that the firms with these CEOs outperform their peers due to better investment efficiency. Firms are willing to pay higher compensation for talent, especially for firms with better operations, located in states with higher labor unionization, or facing higher competition in the product market. Overall, CEO personality is a valid predictor of CEOs' compensation.</p>

read publication
Cover_JMCB.jpg

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>

read publication
cover_the-journal-of-financial-research.jpg

Social Connections and Information Leakage: Evidence from Target Stock Price Run-up in Takeovers

Iftekhar Hasan Lin Tong An Yan

in: Journal of Financial Research, forthcoming

Abstract

<p>Does information leakage in a target's social networks increase its stock price prior to a merger announcement? Evidence reveals that a target with more social connections indeed experiences a higher pre-announcement price run-up. This effect does not exist during or after the merger announcement, or in windows ending two months before the announcement. It is more pronounced among targets with severe asymmetric information, and weaker when the information about the upcoming merger is publicly available prior to the announcement. It is also weaker in expedited deals such as tender offers.</p>

read publication
Browse all refereed publications

Working Papers

cover_DP_2023-23.jpg

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.

read publication
cover_bank-of-finland-discussion-papers.png

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.

read publication
cover_DP_2021-14.jpg

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.

read publication
Browse all working papers

Topics

Financial Markets Policy Evaluation Monetary Policy Risk Regulation Financial Institutions
Mitglied der Leibniz-Gemeinschaft LogoTotal-Equality-LogoSupported by the BMWK