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Evaluating the German Inventory Cycle – Using Data from the Ifo Business Survey

Knetsch, Thomas A. - CESifo - 2004

Inventory fluctuations are an important phenomenon in business cycles. However, the preliminary data on inventory investment as published in the German national accounts are tremendously prone to revision and therefore ill-equipped to diagnose the current stance of the inventory cycle. The Ifo...

Persistent link: https://www.econbiz.de/10005406202

Taxation and the Financial Structure of German Outbound FDI

Mintz, Jack; Weichenrieder, Alfons - CESifo - 2005

The paper analyzes the financial structure of outbound FDI during the period 1996-2002 by drawing on up to 54,022 firm-year observations of 13,758 German-owned subsidiaries. We find that the tax rate in the host country has a sizeable and significantly positive effect on leverage for...

Persistent link: https://www.econbiz.de/10005181570

The Political Economy of Financial Systems: Evidence from Suffrage Reforms in the Last Two Centuries

Degryse, Hans; Lambert, Thomas; Schwienbacher, Armin - CESifo - 2013

Initially, voting rights were limited to wealthy elites providing political support for stock markets. The franchise expansion induces the median voter to provide political support for banking development as this new electorate has lower financial holdings and benefits less from the uncertainty...

Persistent link: https://www.econbiz.de/10010877814

The Role of Tax Depreciation for Investment Decisions: A Comparison of European Transition Countries

Nam, Chang Woon; Radulescu, Doina Maria - CESifo - 2003

This study compares incentive effects of various tax depreciation methods currently adopted in European transition economies. In these countries straight-line, geometric-degressive and accelerated depreciation measures are quite popular in combination with different corporate tax rates. Their...

Persistent link: https://www.econbiz.de/10005094476

A Growth Oriented Dual Income Tax

Dietz, Martin D.; Keuschnigg, Christian - CESifo - 2005

This paper proposes a growth-oriented dual-income tax by combining an allowance for corporate equity with a broadly defined flat tax on personal capital income. Revenue losses are compensated by an increase in the value added tax. The paper demonstrates the neutrality properties of the reform...

Persistent link: https://www.econbiz.de/10005181471

Taxes and the Financial Structure of German Inward FDI

Ramb, Fred; Weichenrieder, Alfons - CESifo - 2004

The paper analyses the financial structure of German inward FDI. From a tax perspective, intra-company loans granted by the parent should be all the more strongly preferred over equity the lower the tax rate of the parent and the higher the tax rate of the German affiliate. From our study of a...

Persistent link: https://www.econbiz.de/10005406009

Thin-Capitalization Rules and Company Responses Experience from German Legislation

Weichenrieder, Alfons; Windischbauer, Helen - CESifo - 2008

By granting intracompany loans to their foreign affiliates, multinational firms may reduce their tax liability abroad. Many countries have legislated thin-capitalization rules (TCRs) that limit the allowable levels of intracompany loans or restrict interest deductibility if certainthresholds are...

Persistent link: https://www.econbiz.de/10005406131

Geography, Institutions, and the Making of Comparative Development

Auer, Raphael A. - CESifo - 2012

, geography has also affected colonization policies and, therefore, institutional outcomes. Using non-colonized countries as a …

Persistent link: https://www.econbiz.de/10010556461

Geography vs. Institutions at the Village Level

Grimm, Michael; Klasen, Stephan - CESifo - 2008

There is a well-known debate about the roles of geography versus institutions in explaining the long-term development … Robinson (2001) was to address this last point by using settler mortality as an instrument for geography-induced endogenous … mechanisms from geography via institutions to economic development outcomes. In particular, we examine the determinants of …

Persistent link: https://www.econbiz.de/10005094269

The Commitment Role of Equity Financing

Fahn, Matthias; Merlo, Valeria; Wamser, Georg - CESifo - 2014

Existing theories of a firm’s optimal capital structure seem to fail in explaining why many healthy and profitable firms rely heavily on equity financing, even though benefits associated with debt (like tax shields) appear to be high and the bankruptcy risk low. This holds in particular for...

Persistent link: https://www.econbiz.de/10010877665