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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
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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
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Corporate Debt Maturity Choice in Transition Financial Markets
Stephan, Andreas; Talavera, Oleksandr; Tsapin, Andriy - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2008
firm value maximization that describes managers' choice of optimal debt structure. The theoretical predictions are tested … addition, we find that companies do not react uniformly to determinants of debt maturity. Firms that mainly rely on external … funds are sensitive to signaling and they consider the variability of firm value an important determinant of their debt …
Persistent link: https://www.econbiz.de/10004963773
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The Effects of Short-Term Liabilities on Profitability: The Case of Germany
Baum, Christopher F.; Schäfer, Dorothea; Talavera, … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2006
Using data from Germany this paper examines the direct effect of non-financial firms' use of short-term versus long-term liabilities. We develop a structural model of a firm's value maximization problem that predicts that profitability of the firm will change if firms alter their use of...
Persistent link: https://www.econbiz.de/10005068970
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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/10005069147
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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/10005069149
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Financing LNG Projects and the Role of Long-Term Sales-and-Purchase Agreements
Rüster, Sophia - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2015
form of debt finance, thereby has become a well-established financing tool. This paper contributes a qualitative and … quantitative analysis of the determinants of the debt ratio in project finance, using data on 26 liquefied natural gas (LNG) export … show that the debt ratio of an LNG project decreases with increasing risks associated to future cash flows. Estimation …
Persistent link: https://www.econbiz.de/10011185759
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Power Market Design beyond 2020: Time to Revisit Key Elements?
Neuhoff, Karsten; Ruester, Sophia; Schwenen, Sebastian - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2015
We revisit key elements of European power market design with respect to both short term operation and longer-term investment and re-investment choices. For short term markets, the European policy debate focuses on the definition of common interfaces, like for example gate closure time. We argue...
Persistent link: https://www.econbiz.de/10011189058
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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
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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