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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

' capital structure, investment and profitability. The identification of the causal effects is based on the escape clauses in …

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

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

-term liabilities. We develop a structural model of a firm's value maximization problem that predicts that profitability of the firm …

Persistent link: https://www.econbiz.de/10005068970

Why Do Firms Switch Their Main Bank?: Theory and Evidence from Ukraine

Stephan, Andreas; Tsapin, Andriy; Talavera, Oleksandr - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009

We examine why firms change their main bank and how this affects loans, interest payments and firm performance after …, appears to be one of the main drivers of firm switching behavior. Furthermore, we find that firms have lower performance after …

Persistent link: https://www.econbiz.de/10005068870

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 a leading emerging market, namely China, using difference-in-differences and GARCH approaches. Before the crisis China adopted banking reforms allowing entry of foreign banks...

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 proposes a model of equilibrium maturity choice with asymmetric information and endogenous roll-over risk. We show that in the presence of public signals about firms'...

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

Tax competition for the mobile factor capital has led to a trend in many countries to levy lower taxes on interest income, often introducing differential taxation between interest and business income. In this study, we analyze the effect of such differential taxation on the debt ratio of firms....

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

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

financial institution ownership and the performance of the firms in which they hold equity. Our main finding is that after …We investigate whether or not banks play a positive role in the ownership structure of European listed firms. We … controlling for the capital structure decision of the firms and the ownership decision of financial institutions in a simultaneous …

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

The 2014 reform of the German Renewable Energy Act introduces a mandatory shift from a fixed feed-in tariff to a floating premium system. This is envisaged to create additional incentives for project developers, but also impacts revenues and costs for new investments in wind generation. Thus...

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