Narrow search
Showing 1 - 10 of 67
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
The Capital Structure of Multinational Companies under Tax Competition
Panteghini, Paolo - CESifo - 2006
This article studies the relationship between debt policies of multinational companies (MNCs) and governments’ tax strategies. In the first part, it is shown that the ability to shift income from high- to low-tax countries affects MNCs’ financial choices. In the second part we show how...
Persistent link: https://www.econbiz.de/10005765711
Cover Image
S-Based Taxation under Default Risk
Panteghini, Paolo - CESifo - 2005
This article studies the characteristics of a S-based tax system under default risk. In particular we show that its neutrality properties depend on whether debt is protected or unprotected. In the former case, this system is neutral. In the latter case, where default timing is optimally chosen...
Persistent link: https://www.econbiz.de/10005766105
Cover Image
Taxes and the Efficiency Costs of Capital Distortions
Weichenrieder, Alfons; Klautke, Tina - CESifo - 2008
departure from tax neutrality. Againstthis background, the present paper discusses the theory of capital structure and provides …
Persistent link: https://www.econbiz.de/10005766235
Cover Image
Profit Shifting by Debt Financing in Europe
Barion, Francesca; Miniaci, Raffaele; Panteghini, Paolo; … - CESifo - 2010
This article aims at analyzing the link between subsidiaries’ capital structure and taxation in Europe. First we introduce a trade-off model, which studies a MNCs’ financial strategy and shows how debt policy allows multinational groups to shift profits from low-tax to high-tax...
Persistent link: https://www.econbiz.de/10008534057
Cover Image
Debt Financing and Sharp Currency Depreciations: Wholly vs. Partially Owned Multinational Affiliates
Hebous, Shafik; Weichenrieder, Alfons - CESifo - 2009
This paper provides empirical evidence on two potential costs of shared ownership of German affiliates abroad. First, in periods of currency crises, wholly-owned affiliates, in contrast to partially-owned affiliates, seem to circumvent financial constraints by accessing capital from their parent...
Persistent link: https://www.econbiz.de/10008572531
Cover Image
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