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Choi, Jaewon; Hackbarth, Dirk; Zechner, Josef - Center for Financial Studies - 2013

We study to what extent firms spread out their debt maturity dates across time, which we call granularity of corporate … debt. We consider the role of debt granularity using a simple model in which a firm's inability to roll over expiring debt … single large one, firms may diversify debt rollovers across maturity dates. We construct granularity measures using data on …

Persistent link: https://www.econbiz.de/10010958706

How does tax progressivity and household heterogeneity affect Laffer curves?

Holter, Hans A.; Krueger, Dirk; Stepanchuk, Serhiy - Center for Financial Studies - 2014

How much additional tax revenue can the government generate by increasing labor income taxes? In this paper we provide a quantitative answer to this question, and study the importance of the progressivity of the tax schedule for the ability of the government to generate tax revenues. We develop...

Persistent link: https://www.econbiz.de/10010986367

Evidence on the insurance effect of marginal income taxes

Grant, Charles; Koulovatianos, Christos; Michaelides, … - Center for Financial Studies - 2008

Marginal income taxes may have an insurance effect by decreasing the effective fluctuations of after-tax individual income. By compressing the idiosyncratic component o personal income fluctuations, higher marginal taxes should be negatively correlated with the dispersion of consumption across...

Persistent link: https://www.econbiz.de/10010958517

Evidence on the Insurance Effect of Marginal Income Taxes

Grant, Charles; Koulovatianos, Christos; Michaelides, … - Center for Financial Studies - 2008

Persistent link: https://www.econbiz.de/10005007624

Private equity returns and disclosure around the world

Walz, Uwe; Cumming, Douglas - Center for Financial Studies - 2004

We study the returns the venture capital and private equity investment from 221 venture capital and private equity funds that are part of 72 venture capital and private equity firms, 5040 entrepreneurial firms (3826 venture capital and 1214 private equity), and spanning 32 years (1971 2003) and...

Persistent link: https://www.econbiz.de/10010986361

Is the Behavior of German Venture Capitalists Different? Evidence from the Neuer Mark

Tykvová, Tereza - Center for Financial Studies - 2003

Using a unique, hand-collected database of all venture-backed firms listed on Germany´s Neuer Markt, we analyze the history of venture capital financing of these firms before the IPO and the behavior of venture capitalists at the IPO. We can detect significant differences in the behavior and...

Persistent link: https://www.econbiz.de/10010986397

Die Vertragsbeziehungen zwischen Investoren und Venture Capital-Fonds: Eine empirische Untersuchung des europäischen Venture Capital-Marktes

Feinendegen, Stefan; Schmidt, Daniel; Wahrenburg, Mark - Center for Financial Studies - 2002

Die vorliegende empirische Studie analysiert die Vertragsgestaltung zwischen Investoren und europäischen Venture Capital-Fonds. Im Zentrum steht die Analyse der Vergütung des Fondsmanagements sowie der zum Einsatz kommenden Vertragsklauseln. Deren Ausgestaltung ist entscheidend für die...

Persistent link: https://www.econbiz.de/10010986400

Private benefits and minority shareholder expropriation: Empirical evidence from IPOs of German family-owned firms

Ehrhardt, Olaf; Nowak, Eric - Center for Financial Studies - 2001

Our study examines the existence and the nature of private benefits of control in Germany. We do this by analyzing initial public offerings of founding-family owned firms and tracking their fate up to ten years following the IPO. Our sample includes a uniquely rich data set of 105 IPOs of...

Persistent link: https://www.econbiz.de/10010986426

Governance und Vertragsstrukturen in der deutschen VC Industrie: Eine empirische Einschätzung

Bienz, Carsten; Hirsch, Julia; Walz, Uwe - Center for Financial Studies - 2008

Diese Arbeit analysiert die wesentlichen Elemente der Vertragsstrukturen in der Venture Capital-Industrie. Aufbauend auf einem sehr umfangreichen und detaillierten Datensatz, der die Verträge zwischen Venture Capital-Investoren und deren Portfoliounternehmen abbildet, werden die Kontroll-,...

Persistent link: https://www.econbiz.de/10010986442

The dynamics of venture capital contracts

Bienz, Carsten; Hirsch, Julia - Center for Financial Studies - 2005

We analyze the degree of contract completeness with respect to staging of venture capital investments using a hand-collected German data set of contract data from 464 rounds into 290 entrepreneurial firms. We distinguish three forms of staging (pure milestone financing, pure round financing and...

Persistent link: https://www.econbiz.de/10010986443