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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

Research Governance in Academia: Are there Alternatives to Academic Rankings?

Osterloh, Margit; Frey, Bruno S. - CESifo - 2009

Peer reviews and rankings today are the backbone of research governance, but recently came under scrutiny. They take explicitly or implicitly agency theory as a theoretical basis. The emerging psychological economics opens a new perspective. As scholarly research is a mainly curiosity driven...

Persistent link: https://www.econbiz.de/10008583736

Sovereigns versus Banks: Credit, Crises, and Consequences

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - CESifo - 2013

Two separate narratives have emerged in the wake of the Global Financial Crisis. One interpretation speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet over the private and...

Persistent link: https://www.econbiz.de/10010877944

The Effect of Household Debt on Aggregate Demand - The Case of Spain

Jauch, Sebastian; Watzka, Sebastian - CESifo - 2012

Households in some European countries increased their indebtedness massively over the past 20 years. Besides household debt, also government debt and corporate debt are in some countries at levels not seen before. While there is a common agreement that these high debt levels are not sustainable...

Persistent link: https://www.econbiz.de/10010877972

Homeownership and Entrepreneurship: The Role of Mortgage Debt and Commitment

Bracke, Philippe; Hilber, Christian; Silva, Olmo - CESifo - 2014

leverage makes a homeowner 10-12 percent less likely to become an entrepreneur. …

Persistent link: https://www.econbiz.de/10010948829

The Great Mortgaging: Housing Finance, Crises, and Business Cycles

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - CESifo - 2014

This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for 17 advanced economies since 1870. The new data show that the share of mortgages on banks’ balance sheets doubled in the course of the 20th century, driven by a sharp rise of...

Persistent link: https://www.econbiz.de/10010948836

Italy's ACE Tax and its Effect on a Firm's Leverage

Panteghini, Paolo; Parisi, Maria Laura; Pighetti, Francesca - CESifo - 2012

its gradual implementation, the ACE relief is estimated to reduce significantly leverage. By decreasing default risk it is …

Persistent link: https://www.econbiz.de/10010556080

The Impact of Thin-Capitalization Rules on Multinationals’ Financing and Investment Decisions

Büttner, Thiess; Overesch, Michael; Schreiber, Ulrich; … - CESifo - 2006

multinationals. A theoretical analysis shows that the imposition of such rules tends to affect not only the leverage and the level of … investment but also their tax-sensitivity. An empirical investigation of leverage and investment reported for affiliates of …

Persistent link: https://www.econbiz.de/10005405727

Thin Capitalization Rules and Multinational Firm Capital Structure

Blouin, Jennifer; Huizinga, Harry; Laeven, Luc; … - CESifo - 2014

countries for the period 1982-2004. Using confidential data on the internal and total leverage of foreign affiliates of US … affiliate’s debt to assets ratio by 0.8%, which shows that rules targeting internal leverage have an indirect effect on the … overall indebtedness of affiliate firms. The impact of capitalization rules on affiliate leverage is higher if their …

Persistent link: https://www.econbiz.de/10010877952

International Debt Shifting: Do Multinationals Shift Internal or External Debt?

Møen, Jarle; Schindler, Dirk; Schjelderup, Guttorm; … - CESifo - 2011

Multinational companies can exploit the tax advantage of debt more aggressively than national companies by shifting debt from affiliates in low tax countries to affiliates in high tax countries. Previous papers have either omitted internal debt or external debt from the analysis. We are the...

Persistent link: https://www.econbiz.de/10009221552