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Debt maturity and the liquidity of secondary debt markets

Bruche, Max; Segura, Anatoli - London School of Economics (LSE) - 2013

We develop an equilibrium model of debt maturity choice of firms, in the presence of fixed issuance costs in primary … to offer on debt. Long maturities reduce re-issuance costs. The optimally chosen maturity trades of both considerations …. Firms individually do not internalize that choosing a longer maturity increases the expected gains from trade in the …

Persistent link: https://www.econbiz.de/10010746682

Loan maturity and renegotiation evidence from the lending practices of large and small banks

Albertazzi, Ugo - London School of Economics (LSE) - 2007

Italian banks, this study presents a cross-sectional analysis of the maturity of loans to firms and shows a first evidence … relevant in the determination of loan maturity. …

Persistent link: https://www.econbiz.de/10010745643

Taxation and Capital Structure: evidence from a transition economy

Klapper, Leora; Tzioumis, Konstantinos - London School of Economics (LSE) - 2008

We examine the effect of taxation on financing policy using the corporate tax reform in 2001 in Croatia as a natural experiment. Since the extant literature on tax effects on capital structure studies listed firms in developed countries, it is worth investigating whether the same results apply...

Persistent link: https://www.econbiz.de/10005797595

Capital structure, investment, and fire sales

Gale, Douglas; Gottardi, Piero - London School of Economics (LSE) - 2014

We study a dynamic general equilibrium model in which firms choose their investment level and their capital structure, trading off the tax advantages of debt against the risk of costly default. The costs of bankruptcy are endogenously determined, as bankrupt firms are forced to liquidate their...

Persistent link: https://www.econbiz.de/10011170093

Borrow cheap, buy high?: the determinants of leverage and pricing in buyouts

Axelson, Ulf; Jenkinson, Tim; Strömberg, Per; … - London School of Economics (LSE) - 2012

Private equity funds pay particular attention to capital structure when executing leveraged buyouts, creating an interesting setting for examining capital structure theories. Using a large, detailed, international sample of buyouts from 1980-2008, we find that buyout leverage is unrelated to the...

Persistent link: https://www.econbiz.de/10011071252

Capital structure and investment dynamics with fire sales

Gale, Douglas; Gottardi, Piero - London School of Economics (LSE) - 2013

We study a general equilibrium model in which firms choose their capital structure optimally, trading off the tax advantages of debt against the risk of costly default. The costs of default are endogenous: bankrupt firms are forced to liquidate their assets, resulting in a fire sale if there is...

Persistent link: https://www.econbiz.de/10011163502

A British industrial success: productivity in the Lancashire and New England cotton spinning industries a century ago

Leunig, Tim - London School of Economics (LSE) - 2003

stems from more intensive competition, manifested through external economies of scale and longer production runs. We finish …

Persistent link: https://www.econbiz.de/10010884525

Does hospital competition save lives?: evidence from the English NHS patient choice reforms

Cooper, Zack; Gibbons, Stephen; Jones, Simon; McGuire, … - London School of Economics (LSE) - 2010

This paper examines whether or not hospital competition in a market with fixed reimbursement prices can prompt …. This paper assesses whether this aim has been achieved and competition led to improvements in quality. For our estimation … improved) for patients living in more competitive markets after the introduction of hospital competition in January 2006. Our …

Persistent link: https://www.econbiz.de/10010884675

Endogenous industry structure in vertical duopoly

Halonen, Maija - London School of Economics (LSE) - 1994

integration emerges whether there is Cournot or Bertrand competition in the input market. The degree of integration in the …

Persistent link: https://www.econbiz.de/10010928628

Ownership and managerial competition: employee, customer, or outside ownership

Bolton, Patrick; Xu, Cheng-Gang - London School of Economics (LSE) - 2001

This paper centres around the question of ownership of firms and managerial competition and how these affect managers … affected by both ownership and competition since both ownership structure and competition provide bargaining chips to employees … fierce market competition and no lock-in the allocation of ownership does not play a role (as one might expect), provided …

Persistent link: https://www.econbiz.de/10010928689