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Tax incentives and capital structure choice: Evidence from Germany

Hartmann-Wendels, Thomas; Stein, Ingrid; Stöter, Alwin - Deutsche Bundesbank - 2012

tax benefit of debt (net and gross of investor taxes) and the debt ratio. A 10% increase in the net (gross) marginal tax … simulate marginal tax rates, we find a statistically and economically significant positive relationship between the marginal … benefit of debt causes a 1.5% (1.6%) increase in the debt ratio, ceteris paribus. The results are robust to various …

Persistent link: https://www.econbiz.de/10010984727

Who is afraid of political risk? Multinational firms and their choice of capital structure

Kesternich, Iris; Schnitzer, Monika - Deutsche Bundesbank - 2009

political risk. We focus on two choice variables, the leverage and the ownership structure of the foreign affiliate, and we … leverage can both increase or decrease, depending on the type of political risk. Using the Microdatabase Direct Investment of …

Persistent link: https://www.econbiz.de/10005083161

The impact of thin-capitalization rules on multinationals' financing and investment decisions

Büttner, Thiess; Overesch, Michael; Schreiber, Ulrich; … - Deutsche Bundesbank - 2008

This paper analyzes the effectiveness of thin-capitalization rules in preventing debt finance by intercompany loans and … 1996 and 2004. The results indicate that thin-capitalization rules are effective in curbing tax planning via intercompany …

Persistent link: https://www.econbiz.de/10005083238

Extraordinary measures in extraordinary times: Public measures in support of the financial sector in the EU and the United States

Stolz, Stéphanie Marie; Wedow, Michael - Deutsche Bundesbank - 2010

The extensive public support measures for the financial sector have been key for the management of the current financial crisis. This paper gives a detailed description of the measures taken by central banks and governments and attempts a preliminary assessment of the effectiveness of such...

Persistent link: https://www.econbiz.de/10008548749

Contingent capital to strengthen the private safety net for financial institutions: Cocos to the rescue?

Furstenberg, George M. von - Deutsche Bundesbank - 2011

voluntary or mandated addition of contingently convertible debt securities to their long-term financing mix. I model the …

Persistent link: https://www.econbiz.de/10008923005

Corporate finance in Germany and France : a joint research project of the Deutsche Bundesbank and the Banque de France

Sauvé, Annie (ed.); Scheuer, Manfred (contributor); … - 1999

Persistent link: https://www.econbiz.de/10001412017

The SSM at 1

Laeven, Luc; Draghi, Mario; Dombret, Andreas R.; … - SUERF - The European Money and Finance Forum; Deutsche …; … - 2016

On 3 December EY hosted a SUERF conference on banking reform with Sir Howard Davies, the Chairman of RBS, and Dame Colette Bowe, the Chairman of the Banking Standards Board, as the two keynote speakers. Professor David Miles (Imperial College) gave the SUERF 2015 Annual Lecture on Capital and...

Persistent link: https://www.econbiz.de/10011557140

Does it pay to have friends? Social ties and executive appointments in banking

Berger, Allen N.; Kick, Thomas; Koetter, Michael; … - Deutsche Bundesbank - 2011

Social capital theory predicts individuals establish social ties based on homophily, i.e., affinities for similar others. We exploit a unique sample to analyze how similarities and social ties affect career outcomes in banking based on age, education, gender, and employment history to examine if...

Persistent link: https://www.econbiz.de/10010954916

Bank risk taking and competition: Evidence from regional banking markets

Kick, Thomas; Prieto, Esteban - Deutsche Bundesbank - 2013

This study investigates the bank competition-stability nexus using a unique regulatory dataset provided by the Deutsche Bundesbank over the period 1994 to 2010. First, we use outright bank defaults as the most direct measure of bank risk available and contrast the results to weaker forms of bank...

Persistent link: https://www.econbiz.de/10010957108

Restructuring counterparty credit risk

Albanese, Claudio; Brigo, Damiano; Oertel, Frank - Deutsche Bundesbank - 2013

We introduce an innovative theoretical framework for the valuation and replication of derivative transactions between defaultable entities based on the principle of arbitrage freedom. Our framework extends the traditional formulations based on credit and debit valuation adjustments (CVA and...

Persistent link: https://www.econbiz.de/10010957120