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

 

E. Gerald Corrigan Chair in Finance and Academic Director PhD Programme

Gabelli School of Business, Fordham University

 

Scientific Advisor

Bank of Finland

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 the 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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Publications

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Does Social Capital Matter in Corporate Decisions? Evidence from Corporate Tax Avoidance

Iftekhar Hasan Chun-Keung (Stan) Hoi Qiang Wu Hao Zhang

in: Journal of Accounting Research, No. 3, 2017

Abstract

We investigate whether the levels of social capital in U.S. counties, as captured by strength of civic norms and density of social networks in the counties, are systematically related to tax avoidance activities of corporations with headquarters located in the counties. We find strong negative associations between social capital and corporate tax avoidance, as captured by effective tax rates and book-tax differences. These results are incremental to the effects of local religiosity and firm culture toward socially irresponsible activities. They are robust to using organ donation as an alternative social capital proxy and fixed effect regressions. They extend to aggressive tax avoidance practices. Additionally, we provide corroborating evidence using firms with headquarters relocation that changes the exposure to social capital. We conclude that social capital surrounding corporate headquarters provides environmental influences constraining corporate tax avoidance.

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Social Capital and Debt Contracting: Evidence from Bank Loans and Public Bonds

Iftekhar Hasan Chun-Keung (Stan) Hoi Qiang Wu Hao Zhang

in: Journal of Financial and Quantitative Analysis, No. 3, 2017

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Working Papers

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Financial Technologies and the Effectiveness of Monetary Policy Transmission

Iftekhar Hasan Boreum Kwak Xiang Li

in: IWH Discussion Papers, No. 26, 2020

Abstract

This study investigates whether and how financial technologies (FinTech) influence the effectiveness of monetary policy transmission. We use an interacted panel vector autoregression model to explore how the effects of monetary policy shocks change with regional-level FinTech adoption. Results indicate that FinTech adoption generally mitigates monetary policy transmission to real GDP, consumer prices, bank loans, and housing prices. A subcategorical analysis shows that the muted transmission is the most pronounced in the adoption of FinTech payment and credit, compared to that of insurance. The regulatory arbitrage and competition between FinTech and banks are the possible mechanisms leading a mitigated monetary policy transmission.

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Cultural Norms and Corporate Fraud: Evidence from the Volkswagen Scandal

Iftekhar Hasan Felix Noth Lena Tonzer

in: IWH Discussion Papers, No. 24, 2020

Abstract

We investigate whether cultural norms shaped by religion drive consumer decisions after a corporate scandal. We exploit the notice of violation by the US Environmental Protection Agency in September 2015 accusing Volkswagen (VW) of using software to manipulate car emission values during test phases. We show that new registrations of VW cars decline significantly in German counties with a high share of Protestants following the VW scandal. Our findings document that the enforcement culture in Protestantism facilitates penalising corporate fraud. We corroborate this channel with a survey documenting that Protestants respond significantly different to fraud but not to environmental issues.

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Cultural Resilience and Economic Recovery: Evidence from Hurricane Katrina

Iftekhar Hasan Stefano Manfredonia Felix Noth

in: IWH Discussion Papers, No. 16, 2020

Abstract

This paper investigates the critical role of culture for economic recovery after natural disasters. Using Hurricane Katrina as our laboratory, we find a significant adverse treatment effect for plant-level productivity. However, local religious adherence and larger shares of ancestors with disaster experiences mutually mitigate this detrimental effect from the disaster. Religious adherence further dampens anxiety after Hurricane Katrina, which potentially spur economic recovery. We also detect this effect on the aggregate county level. More religious counties recover faster in terms of population, new establishments, and GDP.

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