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Systemic Crises and Growth
Ranciere, Romain; Tornell, Aaron; Westermann, Frank - CESifo - 2005
risk-taking increase leverage and investment. This leads to higher growth, but also to a greater incidence of crises …
Persistent link: https://www.econbiz.de/10005405758
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What is the Relation (if any) Between a Firm's Corporate Governance Arrangements and its Financial Performance?
Wessels, Roberto E.; Wansbeek, Tom J.; Dam, Lammertjan - CESifo - 2014
reduced-form bivariate equation. We modelgovernance, performance and the constraints on the firm’s investment decisions as …
Persistent link: https://www.econbiz.de/10011249564
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What Explains the Rise in CEO Pay in Germany? A Panel Data Analysis for 1977-2009
Fabbri, Francesca; Marin, Dalia - CESifo - 2012
The compensation of executive board members in Germany has become a highly controversial topic since Vodafone’s hostile takeover of Mannesmann in 2000 and it is again in the spotlight since the outbreak of the financial crisis of 2009. Based on unique panel data evidence of the 500 largest...
Persistent link: https://www.econbiz.de/10009653374
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Optimal Delegation when the Large Shareholder has Multiple Tasks
Graziano, Clara; Luporini, Annalisa - CESifo - 2010
gather information on investment projects. The initial owner has two tasks: monitoring the manager and supervising project …
Persistent link: https://www.econbiz.de/10008596583
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Corporate Deductibility Provisions and Managerial Incentives
Köthenbürger, Marko; Stimmelmayr, Michael - CESifo - 2013
Using an agency model of firm behavior, the paper analyzes whether the cost of investment should be tax exempt. The … findings suggest that, when managers engage in wasteful capital expenditures, welfare may decline if the cost of investment is … tax deductible, as commonly advocated. The extent to which the return on investment should be taxed depends on how the …
Persistent link: https://www.econbiz.de/10010732350
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A Theory of Tax Avoidance - Managerial Incentives for Tax Planning in a Multi-Task Principal-Agent Model
Ewert, Ralf; Niemann, Rainer - CESifo - 2014
We derive determinants of tax avoidance by means of a multi-task principal-agent model. We extend prevailing models by integrating both corporate and individual income taxation as well as by including tax planning effort in the agent’s action portfolio. Our model shows novel and apparently...
Persistent link: https://www.econbiz.de/10010786744
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The Effect of Corporate Taxation and Ownership on Raising Shareholder Capital
Krämer, Robert; Lipatov, Vilen - CESifo - 2013
We analyze how interactions between corporate taxation and corporate governance affect shareholder capital. Using a model with strategic interaction between managers and outside shareholders, we hypothesize that, while an increase in the corporate tax rate decreases shareholder capital, an...
Persistent link: https://www.econbiz.de/10010701082
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A Revealed Preference Approach to Understanding Corporate Governance Problems: Evidence from Canada
Chirinko, Robert S.; Schaller, Huntley - CESifo - 2002
their actual investment spending. Our empirical work is based on panel data for 193 Canadian firms. For the firms most … likely to be affected by Free Cash Flow agency problems, investment behavior appears to be guided by discount rates that are …
Persistent link: https://www.econbiz.de/10005765749
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Ownership Concentration, Monitoring and Optimal Board Structure
Graziano, Clara; Luporini, Annalisa - CESifo - 2005
on new investment projects without reducing the large shareholder’s incentive to monitor the manager. This results in …
Persistent link: https://www.econbiz.de/10005765820
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The Positive Economics of Labor Market Rigidities and Investor Protection
Fehn, Rainer; Meier, Carsten-Patrick - CESifo - 2001
This paper presents a positive model which shows that institutional setups on capital and labor markets might be intertwined by politicoeconomic forces. Some countries especially in continental Europe exhibit a corporatist politicoeconomic equilibrium with a substantial protection of insiders on...
Persistent link: https://www.econbiz.de/10005766256