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Corporate capital structures in the United States

Friedman, Benjamin M. (ed.) - 1985

Persistent link: https://www.econbiz.de/10013480853

Hart, Oliver - 2001

This paper discusses how economists' views of firms' financial structure decisions have evolved from treating firms' profitability as given; to acknowledging that managerial actions affect profitability; to recognizing that firm value depends on the allocation of decision or control rights. The...

Persistent link: https://www.econbiz.de/10012470439

Cash Flow and Investment : Evidence from Internal Capital Markets

Lamont, Owen - 1996

profitability of investment, and 2) the finance costs of different parts of the same corporation are interdependent. The results …

Persistent link: https://www.econbiz.de/10012473360

Financing the American Corporation : The Changing Menu of Financial Rela-tionships

Calomiris, Charles W. - 1996

history that underlies various measures of historical change in corporate finance is the range of feasible relationships … over time. That changing menu has been the driving force behind the history of American corporate finance. Changes in … American corporate finance history, which is traceable to regulatory distortions that limited particular kinds of relationships …

Persistent link: https://www.econbiz.de/10012473415

Accounting Standards, Information Flow, and Firm Investment Behavior

Cummins, Jason G. - 1994

We present a description of two different accounting regimes that govern reporting practice in most developed countries. 'One-book' countries, e.g. Germany, use their tax books as the basis for financial reporting and 'two-book' countries, e.g. the United States, keep the books largely separate....

Persistent link: https://www.econbiz.de/10012474247

What do Firms do with Cash Windfalls?

Blanchard, Olivier J. - 1993

Suppose that a firm receives a cash windfall which does not change its investment opportunity set, or equivalently its marginal Tobin's Q. What will this firm do with the money? We provide empirical answers to this question using a sample of firms with such windfalls in the form of a won or...

Persistent link: https://www.econbiz.de/10012474704

Taxation, Corporate Capital Structure, and Financial Distress

Gertler, Mark L. - 1989

would otherwise. It does so in two respects: First, it provides a relative subsidy to debt finance; second, it restricts …

Persistent link: https://www.econbiz.de/10012475835

Do Taxes Affect Corporate Financing Decisions?

MacKie-Mason, Jeffrey - 1988

A new empirical method and data set are used to study the effects of tax policy on corporate financing choices. Clear evidence emerges that non-debt tax shields "crowd out" interest deductibility, thus decreasing the desirability of debt issues at the margin. Previous studies which failed to...

Persistent link: https://www.econbiz.de/10012476440

New Developments in Corporate Finance and Tax Avoidance : Some Evidence

Shoven, John B. - 1986

The financial behavior of corporations has changed greatly in the last ten years. Previously most of the cash that stockholders received from corporations took the form of dividends, and economists' models that have dividends as the ultimate determinant of equity values were not far off the...

Persistent link: https://www.econbiz.de/10012476978

Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have

Myers, Stewart C. - 1984

This paper considers a firm that must issue common stock to raise cash to undertake a valuable investment opportunity. Management is assumed to know more about the firm's value than potential investors. Investors interpret the firm's actions rationally. An equilibrium model of the issue-invest...

Persistent link: https://www.econbiz.de/10012477693