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

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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The Effects of Antitrust Laws on Horizontal Mergers: International Evidence

Chune Young Chung Iftekhar Hasan JiHoon Hwang Incheol Kim

in: Journal of Financial and Quantitative Analysis, forthcoming


This study examines how antitrust law adoptions affect horizontal merger and acquisition (M&A) outcomes. Using the staggered introduction of competition laws in 20 countries, we find antitrust regulation decreases acquirers’ five-day cumulative abnormal returns surrounding horizontal merger announcements. A decrease in deal value, target book assets, and industry peers' announcement returns are consistent with the market power hypothesis. Exploiting antitrust law adoptions addresses a downward bias to an estimated effect of antitrust enforcement (Baker (2003)). The potential bias from heterogeneous treatment effects does not nullify our results. Overall, antitrust policies seem to deter post-merger monopolistic gains, potentially improving customer welfare.

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Trust, Politics and Post-IPO Performance: SOEs vs. the Private Sector

Bill Francis Iftekhar Hasan Xian Sun Mingming Zhou

in: Economic and Political Studies, forthcoming


This paper empirically investigates the role of social trust in the long-term performance of the initial public offerings (IPOs) in China, controlling for the formal institutional environment. We find that privately owned or smaller IPO firms experience significantly better post-IPO performance when they are incorporated in regions with more social trust. The state-owned and bigger IPO firms, on the other hand, experience better long-term post-IPO performance when they are incorporated in regions with stronger formal institutions (e.g. court enforcement and contract holding). Political pluralism turns out to benefit all IPOs in the long term. In addition, our evidence shows that stronger social trust substitutes for the quality of court enforcement but complements the role of contract holding. These results are robust after controlling for alternative definitions of ownership, outliers, non-linear effects of institutions, and the potential endogeneity of institutions in the model.

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Creditor-control Rights and the Nonsynchronicity of Global CDS Markets

Iftekhar Hasan Miriam Marra Eliza Wu Gaiyan Zhang

in: Review of Corporate Finance Studies, forthcoming


We analyze how creditor rights affect the nonsynchronicity of global corporate credit default swap spreads (CDS-NS). CDS-NS is negatively related to the country-level creditor-control rights, especially to the “restrictions on reorganization” component, where creditor-shareholder conflicts are high. The effect is concentrated in firms with high investment intensity, asset growth, information opacity, and risk. Pro-creditor bankruptcy reforms led to a decline in CDS-NS, indicating lower firm-specific idiosyncratic information being priced in credit markets. A strategic-disclosure incentive among debtors avoiding creditor intervention seems more dominant than the disciplining effect, suggesting how strengthening creditor rights affects power rebalancing between creditors and shareholders.

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Working Papers


Banking Market Deregulation and Mortality Inequality

Iftekhar Hasan Thomas Krause Stefano Manfredonia Felix Noth

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


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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Technology Adoption and the Bank Lending Channel of Monetary Policy Transmission

Iftekhar Hasan Xiang Li

in: IWH Discussion Papers, No. 14, 2021


This paper studies whether and how banks‘ technology adoption affects the bank lending channel of monetary policy transmission. We construct a new measurement of bank-level technology adoption, which can tell whether the technology is related to the bank‘s lending business and which specific technology is adopted. We find that lending-related technology adoption significantly strengthens the transmission of the bank lending channel, meanwhile, adopting technologies that are not related to lending activities significantly mitigates that. By technology categories, the adoption of cloud computing technology displays the largest impact on strengthening the bank lending channel. Moreover, higher exposure to BigTech competition is significantly associated with a weaker reaction to monetary policy shocks.

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Cultural Resilience, Religion, and Economic Recovery: Evidence from the 2005 Hurricane Season

Iftekhar Hasan Stefano Manfredonia Felix Noth

in: IWH Discussion Papers, No. 9, 2021


This paper investigates the critical role of religion in the economic recovery after high-impact natural disasters. Exploiting the 2005 hurricane season in the southeast United States, we document that establishments in counties with higher religious adherence rates saw a significantly stronger recovery in terms of productivity for 2005-2010. Our results further suggest that a particular religious denomination does not drive the effect. We observe that different aspects of religion, such as adherence, shared experiences from ancestors, and institutionalised features, all drive the effect on recovery. Our results matter since they underline the importance of cultural characteristics like religion during and after economic crises.

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