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The Commitment Role of Equity Financing
Fahn, Matthias; Merlo, Valeria; Wamser, Georg - CESifo - 2014
theory are in line with a number of empirical results, which seem to stay in contrast to existing theories on capital …
Persistent link: https://www.econbiz.de/10010877665
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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 … cost at the end of the borrowing period. In this study, the effects of selecting different maturity years on firms … suggest that (1) ceteris paribus an optimum maturity year appears to exist that maximises the NVP, and (2) the change of …
Persistent link: https://www.econbiz.de/10005181322
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Long-Term Interest Rates and Public Debt Maturity
Sakalauskaite, Ieva; Beetsma, Roel; Giuliodori, Massimo - CESifo - 2013
the maturity of the public debt by one year lowers its long-term interest rate by around 20-30 basis points. This effect …
Persistent link: https://www.econbiz.de/10010697222
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Preemption, Start-Up Decisions and the Firms’ Capital Structure
Moretto, Michele; Panteghini, Paolo - CESifo - 2007
In this article, we analyse the interactions between financial and start-up decisions in an oligopolistic framework, where firms compete to enter a new market. We show that preemption can substantially reduce the negative effects of credit rationing on start-up investment decisions.
Persistent link: https://www.econbiz.de/10005405785
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Firms’ Financial Choices and Thin Capitalization Rules under Corporate Tax Competition
Haufler, Andreas; Runkel, Marco - CESifo - 2008
internal debt flows. In a symmetric tax competition equilibrium each country chooses inefficiently low tax rates and … countries, even though it intensifies competition via tax rates. When countries differ in size, the smaller country not only …
Persistent link: https://www.econbiz.de/10005406343
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Corporate Debt, Hybrid Securities and the Effective Tax Rate
Panteghini, Paolo - CESifo - 2008
) existing measures of ETR can be dramatically biased, since they do not account for debt maturity, default risk or the ability …
Persistent link: https://www.econbiz.de/10005406347
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Capital Structure and Regulation in U.S. Local Telephony: An Exploratory Econometric Study
Resende, Marcelo - CESifo - 2009
The paper aims at empirically investigating the relationship between regulation and the capital structure of the regulated firm, A key aspect of the referred relationship pertains a leverage effect according to which debt could be increased as a response to previous physical capital investment...
Persistent link: https://www.econbiz.de/10004979410
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Corporate Taxation and Financial Strategies Under Asymmetric Information
Cohen, Francesco; Fedele, Alessandro; Panteghini, Paolo - CESifo - 2014
In this article we study the corporate tax effects on credit market equilibria. In particular, we develop a model that accounts for five pieces of evidence: i) the existence of a tax incentive to borrow, ii) the negative relationship between leverage and profitability, iii) the existence of...
Persistent link: https://www.econbiz.de/10010764291
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Thin Capitalization Rules and Multinational Firm Capital Structure
Blouin, Jennifer; Huizinga, Harry; Laeven, Luc; … - CESifo - 2014
This paper examines the impact of thin capitalization rules that limit the tax deductibility of interest on the capital structure of the foreign affiliates of US multinationals. We construct a new data set on thin capitalization rules in 54 countries for the period 1982-2004. Using confidential...
Persistent link: https://www.econbiz.de/10010877952