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Does Debt Maturity Matter for Investment Decisions?
Nam, Chang Woon; Radulescu, Doina Maria - CESifo - 2004
In the conventional literature related to investment decisions, less attention has been paid to the length of maturity … when investment is debt-financed. In such a case a firm pays the creditor not only the sum of annual interest (initial … investment cost multiplied by real interest rate) for the entire borrowing years but also the total amount of initial investment …
Persistent link: https://www.econbiz.de/10005181322
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Shadow Economies around the World: What Do We Know?
Schneider, Friedrich; Klinglmair, Robert - CESifo - 2004
Using various statistical procedures, estimates about the size of the shadow economy in 110 developing, transition and OECD countries are presented. The average size of the shadow economy (in percent of official GDP) over 1999-2000 in developing countries is 41 percent, in transition countries...
Persistent link: https://www.econbiz.de/10005765767
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Early Retirement and Social Security: A Long Term Perspective
Conde-Ruiz, J. Ignacio; Galasso, Vincenzo; Profeta, Paola - CESifo - 2005
We provide a long-term perspective on the individual retirement behaviour and on the future of retirement. In a Markovian political economic theoretical framework, in which incentives to retire early are embedded, we derive a political equilibrium with positive social security contribution rates...
Persistent link: https://www.econbiz.de/10005094389
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Size and Development of the Shadow Economy and of Do-it-yourself Activities in Germany
Bühn, Andreas; Karmann, Alexander; Schneider, Friedrich - CESifo - 2007
This paper presents the first MIMIC (multiple indicator multiple causes) model estimate of the size and development of the shadow economy and of do-it-yourself (DIY) activities in Germany from 1970 to 2005. By 2005, they reached a level of about 17% and 4.94%. While the shadow economy has...
Persistent link: https://www.econbiz.de/10005196190
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Sustainable Social Spending in a Greying Economy with Stagnant Public Services: Baumol’s Cost Disease Revisited
Ploeg, Frederick Van der - CESifo - 2006
Baumol’s cost disease states that relatively high productivity growth in manufacturing induces a steady increase in the relative price of human services. If demand for these services is inelastic or manufactured goods are necessities, the budget share of these services inexorably rises over...
Persistent link: https://www.econbiz.de/10005405791
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Shadow Economies and Corruption all over the World: What do we really Know?
Schneider, Friedrich - CESifo - 2006
Estimations of the size and development of the shadow economy for 145 countries, including developing, transition and highly developed OECD economies over the period 1999 to 2003 are presented. The average size of the shadow economy (as a percent of “official” GDP) in 2002/03 in 96...
Persistent link: https://www.econbiz.de/10005406249
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Corruption and the Shadow Economy: An Empirical Analysis
Dreher, Axel; Schneider, Friedrich - CESifo - 2006
This paper analyzes the influence of the shadow economy on corruption and vice versa. We hypothesize that corruption and shadow economy are substitutes in high income countries while they are complements in low income countries. The hypotheses are tested for a cross-section of 120 countries and...
Persistent link: https://www.econbiz.de/10005406312
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MIMIC Models, Cointegration and Error Correction: An Application to the French Shadow Economy
Bühn, Andreas; Schneider, Friedrich - CESifo - 2008
The analysis of economic loss attributed to the shadow economy has attracted much attention in recent years by both academics and policy makers. Often, multiple indicators multiple causes (MIMIC) models are applied to time series data estimating the size and development of the shadow economy for...
Persistent link: https://www.econbiz.de/10005406427
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Taxation and Capital Structure Choice – Evidence from a Panel of German Multinationals
Buettner, Thiess; Overesch, Michael; Schreiber, Ulrich; … - CESifo - 2006
This paper analyzes the impact of taxes and lending conditions on the financial structure of multinationals' foreign affiliates. The empirical analysis employs a large panel of affiliates of German multinationals in 26 countries in the period from 1996 until 2003. In accordance with the...
Persistent link: https://www.econbiz.de/10005181569
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The Impact of Thin-Capitalization Rules on Multinationals’ Financing and Investment Decisions
Büttner, Thiess; Overesch, Michael; Schreiber, Ulrich; … - CESifo - 2006
This paper analyzes the role of Thin-Capitalization rules for capital structure choice and investment decisions of … investment but also their tax-sensitivity. An empirical investigation of leverage and investment reported for affiliates of …. While Thin-Capitalization rules are found to be effective in restricting debt finance, investment is found to be more …
Persistent link: https://www.econbiz.de/10005405727