Similar Search Results

Dividend Taxation, Share Repurchases and the Equity Trap

Lindhe, Tobias; Södersten, Jan - CESifo - 2009

This paper reconsiders the effects of dividend taxation. Particular attention is paid to the form of the “equity trap”, that is, the extent to which cash paid to the shareholders must be taxed as dividends. Our analysis shows that Sinn’s (1991) criticism of the well-known King and...

Persistent link: https://www.econbiz.de/10004979406

The Equity Trap, the Cost of Capital and the Firm’s Growth Path

Lindhe, Tobias; Södersten, Jan - CESifo - 2006

This paper reconsiders Sinn’s (1991) nucleus theory of the corporation by comparing two different regimes for the equity trap. In the first of these, all cash paid to the shareholders is taxed as dividends, in the second, shareholders are allowed a tax-free return of capital contributed...

Persistent link: https://www.econbiz.de/10005181510

Dividend Taxation and the Cost of New Share Issues

Lindhe, Tobias; Södersten, Jan - CESifo - 2014

This paper examines how the effects of dividend taxation on the cost of new equity funds depend on whether or not shareholders can recover their original equity injections without being subject to the dividend tax. We point out the alternative assumptions in the literature on this, and we...

Persistent link: https://www.econbiz.de/10010948888

Taxation of Shareholder Income and the Cost of Capital in a Small Open Economy

Sørensen, Peter Birch - CESifo - 2014

When companies finance their investment via the international markets for stocks and bonds, relief from domestic personal taxes on dividends and capital gains will not reduce the cost of capital. Some authors have shown that even for small domestic companies whose shares are not traded...

Persistent link: https://www.econbiz.de/10011086459

How to Sell a (Bankrupt) Company

Cornelli, Francesca; Felli, Leonardo - CESifo - 2000

The restructuring of a bankrupt company often entails the sale of such company. This paper suggests a way to sell the company that maximizes the creditors' proceeds. The key to this proposal is the option left to the creditors to retain a fraction of the shares of the company. Indeed, by...

Persistent link: https://www.econbiz.de/10005405745

The Scope of Auctions in the Presence of Downstream Interactions and Information Externalities

Koska, Onur A.; Onur, Ilke; Stähler, Frank - CESifo - 2015

-cost firm under incomplete information: a separating auction implies adverse selection and relies substantially on commitment to … allocation and transfer rules. A pooling auction serves as a commitment device against ex-post opportunistic behavior and … alleviates adverse selection. It can earn the investor a higher expected payoff than a separating auction, even when consistency …

Persistent link: https://www.econbiz.de/10011205382

Conflicts with Multiple Battlefields

Dan Kovenock J.; Roberson, Brian - CESifo - 2010

This paper examines conflicts in which performance is measured by the players' success or failure in multiple component conflicts, commonly termed “battlefields”. In multi-battlefield conflicts, behavioral linkages across battlefields depend both on the technologies of conflict within each...

Persistent link: https://www.econbiz.de/10008671699

Lender of Last Resort and Bank Closure Policy

Freixas, Xavier; Parigi, Bruno Maria - CESifo - 2008

developed considering this new paradigm and discuss how institutional features relating to bank closure policy influences lender …

Persistent link: https://www.econbiz.de/10005405802

Banking Supervision in Integrated Financial Markets: Implications for the EU

Stolz, Stéphanie - CESifo - 2002

imply that an individual bank failure in one country could trigger negative spillover effects in another country. Such cross … from a supranational perspective. In consequence, the probability of a bank failure will be inefficiently high. Against the …

Persistent link: https://www.econbiz.de/10005416491

Complex Financial Networks and Systemic Risk: A Review

Bougheas, Spiros; Kirman, Alan P. - CESifo - 2014

In this paper we review recent advances in financial economics in relation to the measurement of systemic risk. We start by reviewing studies that apply traditional measures of risk to financial institutions. However, the main focus of the review is on studies that use network analysis paying...

Persistent link: https://www.econbiz.de/10010764284