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Capital Structure, Credit Risk, and Macroeconomic Conditions

Hackbarth, Dirk; Miao, Jianjun; Morellec, Erwan - Institut für Schweizerisches Bankwesen <Zürich> - 2004

This paper develops a quantitative framework for analyzing the impact of macroeconomic conditions on credit risk and …

Persistent link: https://www.econbiz.de/10005858794

Personal Taxes, Leverage, and Real Investment

Morellec, Erwan; Schürhoff, Norman - Institut für Schweizerisches Bankwesen <Zürich> - 2007

This paper examines the impact of capital gains taxation on ﬁrms investment and ﬁnancing decisions. We develop a real options model in which the timing of investment, the decision to default, and the ﬁrms capital structure are endogenouslyand jointly determined. Our analysis shows that...

Persistent link: https://www.econbiz.de/10005858029

Financing and Takeovers

Morellec, Erwan; Zhdanov, Alexei - Institut für Schweizerisches Bankwesen <Zürich> - 2006

This paper analyzes the interaction between financial leverage and takeover activity. We develop a dynamic model of takeovers in which the financing strategies of bidding firms and the timing and terms of takeovers are jointly determined. In the paper, capital structure plays the role of a...

Persistent link: https://www.econbiz.de/10005858240

The Informational Content of Equity Offerings with Rights and Firm Value

Dubois, Michel; Jeanneret, Pierre - Institut für Schweizerisches Bankwesen <Zürich>; … - 2004

The aim of this study is to test whether the relation between the informational content of equity offering announcements and their impact on the firm value depends on the motive of the offering. The use of the proceeds allows differentiating the equity issues according to the theories that...

Persistent link: https://www.econbiz.de/10005858305

What are the Determinants of the Capital Structure? : Some Evidence for Switzerland

Drobetz, Wolfgang; Fix, Roger - Institut für Schweizerisches Bankwesen <Zürich>; … - 2003

We test leverage predictions of the trade-off and pecking order models usingSwiss data. At an aggregate level, leverage of Swiss ﬁrms is comparativelylow, but the results depend crucially on the exact deﬁnition of leverage.Conﬁrming the pecking order model but contradicting the trade-off...

Persistent link: https://www.econbiz.de/10005858714

Stock Market Performance andthe Term Structure of Credit Spreads

Demchuk, Andriy; Gibson, Rajna - Institut für Schweizerisches Bankwesen <Zürich>; … - 2003

also show that our model may explain actual yield spreads better than other well known structural credit risk models. …

Persistent link: https://www.econbiz.de/10005858716

Capital Gains Taxes, Irreversible Investment, and Capital Structure

Schürhoff, Norman - Institut für Schweizerisches Bankwesen <Zürich> - 2005

This paper studies the corporate policy distortions caused by realization-based capital gains taxation at the personal level in a dynamic trade-off theory model. The lock-in effect of embedded capital gains creates severe conflicts of interest between incumbent and new investors. The firms...

Persistent link: https://www.econbiz.de/10005858786

Introducing Capital Structure in a Production Economy : Implications for Investment, Debt and Dividends

Alessandrini, Fabio - Institut für Schweizerisches Bankwesen <Zürich>; … - 2003

This model adds to the standard neoclassical model of business fluctuations by introducing a more realistic capital structure problem, where firms have to balance the tax benefits of debt with the costs of potential financial distress. Therefore, firms solve a dynamic problem with both an...

Persistent link: https://www.econbiz.de/10005859002

Optionstheoretische Überlegungen zur Kapitalstrukturgestaltung und zur Kreditfinanzierung

Volkart, Rudolf - Institut für Schweizerisches Bankwesen <Zürich> - 1998

Die Kapitalstruktur, insbesondere das Finanzierungsverhältnis Fremdkapital/Eigenkapital (Financial Leverage), hat einen …

Persistent link: https://www.econbiz.de/10005857037

Hybrid Cat-bonds

Barrieu, Pauline; Loubergé, Henri - Institut für Schweizerisches Bankwesen <Zürich> - 2007

analyzed in this pap er reinsurance markets are unable to cope with this risk completely. Insurance-linked securities, such as … cat bonds, have been issued to complete the international risk transfer process, but their development is disappointing so … far. This paper argues that downside risk aversion and ambiguity aversion explain the limited success of cat bonds. Hybrid …

Persistent link: https://www.econbiz.de/10005857781