Similar Search Results

The Effects of Industry-Level Uncertainty on Cash Holdings: The Case of Germany

Baum, Christopher F.; Schäfer, Dorothea; Talavera, … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2006

This paper investigates the link between the optimal level of non-financial firms' liquid assets and industry-level uncertainty. We develop a structural model of a firm's value maximization problem that predicts that as industry-level uncertainty increases the firm will increase its optimal...

Persistent link: https://www.econbiz.de/10005068997

How Has the Global Financial Crisis Affected Syndicated Loan Terms in Emerging Markets?: Evidence from China

Caporale, Guglielmo Maria; Lodh, Suman; Nandy, Monomita - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2015

This paper examines the impact of the recent global financial crisis on the cost of debt capital (syndicated loans) in …

Persistent link: https://www.econbiz.de/10011276389

Asymmetric Information and Roll-over Risk

König, Philipp; Pothier, David - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2014

How do banks choose their debt maturity structure when credit markets are subject to information frictions? This paper …

Persistent link: https://www.econbiz.de/10011266595

Differential Taxation and Firms' Financial Leverage: Evidence from the Introduction of a Flat Tax on Interest Income

Fossen, Frank M.; Simmler, Martin - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2012

such differential taxation on the debt ratio of firms. We exploit a 2009 tax reform in Germany as a quasi-experiment, which …

Persistent link: https://www.econbiz.de/10009651334

Funding Self-Employment: The Role of Consumer Credit

Kneiding, Christoph; Kritikos, Alexander S. - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2011

This paper investigates whether self-employed households use consumer loans - in particular instalment loans and overdrafts - to finance business activities. Controlling for financial and non-financial household variables we show that self-employed households particularly use personal overdrafts...

Persistent link: https://www.econbiz.de/10009401160

The Impact of Introducing an Interest Barrier: Evidence from the German Corporation Tax Reform 2008

Buslei, Hermann; Simmler, Martin - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2012

to avoid the limited deductibility of interest expenses: They either decrease their debt ratio or split their assets to … interest barrier. In case the debt ratio is reduced, our results present evidence for a proportional increase of firms' tax … firms is able to substitute equity for debt at low costs or expects to be able to circumvent the regulation. However …

Persistent link: https://www.econbiz.de/10010552491

Bank Market Structure and Firm Capital Structure

Baert, Lieven; Vennet, Rudi Vander - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2008

We explore the impact of concentration in the banking markets on the capital structure of publicly quoted non-financial firms in the EU15 over the period 1997- 2005, an era marked by intensive merger activity in the banking sector. Our main finding is a negative and significant relationship...

Persistent link: https://www.econbiz.de/10010896118

Bank Ownership, Firm Value and Firm Capital Structure in Europe

Baert, Lieven; Vennet, Rudi Vander - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009

We investigate whether or not banks play a positive role in the ownership structure of European listed firms. We distinguish between banks and other institutional investors as shareholders and examine empirically the relationship between financial institution ownership and the performance of the...

Persistent link: https://www.econbiz.de/10010896122

Impact of Renewable Energy Act Reform on Wind Project Finance

Tisdale, Matthew; Grau, Thilo; Neuhoff, Karsten - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2014

investors reduces the scale of debt that can be accessed by projects and thus increases financing costs. …

Persistent link: https://www.econbiz.de/10010896182

Local Banking and Local Economic Growth in Italy: Some Panel Evidence

Caporale, Guglielmo Maria; Colli, Stefano Di; Salvo, … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2014

This paper provides new evidence on the contribution of local banking to local economic growth (i.e. at county level - the Italian "province") in Italy. A comprehensive dataset is used, which includes control variables for social capital and human capital as well as indicators of the quality of...

Persistent link: https://www.econbiz.de/10010896183