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A simple model of the firm life cycle
Schenk-Hoppé, Klaus Reiner; Schweri, Urs - 2010
The optimal investment-dividend policy of a financially constrained firm whose earnings are subject to additive shocks …
Persistent link: https://www.econbiz.de/10008797762
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Financial Constraints and Dividend Policy
Pathan, Shams - 2014
Using a sample of US listed firms over the 1989-2012 period, we find that financially constrained dividend increasing … performance. Likewise, constrained firms that increase dividends during the financial crisis also deliver post-dividend … reaction to new equity issue announcements following dividend increase but display a positive market response if they …
Persistent link: https://www.econbiz.de/10013063595
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Credit crunches from occasionally binding bank borrowing constraints
Holden, Tom D.; Levine, Paul; Swarbrick, Jonathan M. - 2019
We present a model in which banks and other financial intermediaries face both occasionally binding borrowing constraints, and costs of equity issuance. Near the steady state, these intermediaries can raise equity finance at no cost through retained earnings. However, even moderately large...
Persistent link: https://www.econbiz.de/10011962846
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Optimal financing with tokens
Gryglewicz, Sebastian; Mayer, Simon; Morellec, Erwan - 2019
We develop a model in which a startup firm issues tokens to finance a digital platform, which creates agency conflicts between platform developers and outsiders. We show that token financing is generally preferred to equity financing, unless the platform expects strong cash flows or faces severe...
Persistent link: https://www.econbiz.de/10012179618
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Dividend policy and earnings management : do agency problem and financing constraints matter?
Hussain, Ammar; Akbar, Minhas - In: Borsa Istanbul Review 22 (2022) 5, pp. 839-853
The present study aims to examine the relationship between dividend policy and earnings management by explicitly … from 2009 to 2018. This study uses fixed- and random effect models as econometric techniques. Dividend policy is measured … with dividend yield, payout ratio, large and small dividend payment status. Earnings management is measured with …
Persistent link: https://www.econbiz.de/10013426686
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Dividend taxation and financial business cycles
Ghilardi, Matteo F.; Zilberman, Roy - In: Economics letters 238 (2024), pp. 1-5
Persistent link: https://www.econbiz.de/10015075552
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Credit crunches from occasionally binding bank borrowing constraints
Holden, Tom D.; Levine, Paul; Swarbrick, Jonathan M. - 2017
We present a model in which banks and other financial intermediaries face both occasionally binding borrowing constraints, and costs of equity issuance. Near the steady state, these intermediaries can raise equity finance at no cost through retained earnings. However, even moderately large...
Persistent link: https://www.econbiz.de/10011730681
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Investment and capital constraints : repatriations under the American Jobs Creation Act
Faulkender, Michael; Petersen, Mitchell A. - 2009
Persistent link: https://www.econbiz.de/10003874378
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Capital income taxation incentives during economic downturns : re-thinking theory and evidence
Longobardi, Ernesto; Polito, Vito - 2011
firms tax payments, in turn increasing the present value of dividend distribution. However, this theory does not consider … corporate tax rate cuts, and tax base incentives (TBIs), such as increased capital allowances. The standard economic theory … accounting constraints on dividend policy into the model for the computation of the ETR and employs the new model to recalculate …
Persistent link: https://www.econbiz.de/10009229216
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Up or down? : capital income taxation in the United States and the United Kingdom
Polito, Vito - 2011
take into account financial constraints on dividend policy faced by firms investing in both the United States and the … United Kingdom. The paper incorporates financial constraints on dividend policy into the analytical framework for the … stable. -- Capital income taxation ; dividend policy ; effective marginal tax rates ; financial constraints …
Persistent link: https://www.econbiz.de/10009229224