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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
-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
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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
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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
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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
a leading emerging market, namely China, using difference-in-differences and GARCH approaches. Before the crisis China …
Persistent link: https://www.econbiz.de/10011276389
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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
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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
The financing of infrastructures is a major topic in recent energy policy debates. Project finance, as a specialized 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...
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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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
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
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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