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Finance and Governance in Developing Economies

Morck, Randall - 2011

Classic Big Push industrialization envisions state planners coordinating economic activity to internalize a range of externalities that otherwise lock in a low-income equilibrium, but runs afoul of well-known government failure problems. Successful Big Push coordination may occur instead when a...

Persistent link: https://www.econbiz.de/10012461788

New Developments in Corporate Finance and Tax Avoidance : Some Evidence

Shoven, John B. - 1986

The financial behavior of corporations has changed greatly in the last ten years. Previously most of the cash that stockholders received from corporations took the form of dividends, and economists' models that have dividends as the ultimate determinant of equity values were not far off the...

Persistent link: https://www.econbiz.de/10012476978

Taxation, Corporate Financial Policy and the Cost of Capital

Auerbach, Alan J. - 1982

The cost of capital plays an important role in the allocation of resources among competing uses in a decentralized market system. The purpose of this paper is to organize and present what is known and what is hypothesized about the effects of taxation on the incentive to invest, via the cost of...

Persistent link: https://www.econbiz.de/10012478079

Taxation and Corporation Finance

Gordon, Roger H. - 1980

This paper analyzes the effects of the federal tax structure on corporate financial and investment behavior. We first develop a model of corporate behavior given taxes, taking into account both uncertainty and costs of bankruptcy. Simpler models abstracting from bankruptcy costs had clear...

Persistent link: https://www.econbiz.de/10012478553

Firm Heterogeneity and the Long-run Effects of Dividend Tax Reform

Gourio, Francois - 2009

To study the long-run effect of dividend taxation on aggregate capital accumulation, we build a dynamic general equilibrium model in which there is a continuum of firms subject to idiosyncratic productivity shocks. We find that a dividend tax cut raises aggregate productivity by reducing the...

Persistent link: https://www.econbiz.de/10012463605

Interest Allocation Rules, Financing Patterns, and the Operations of U.S. Multinationals

Froot, Kenneth A. - 1994

This paper examines the impact of the 1986 change in U.S. interest allocation rules on the investment and financing decisions of American multinationals. The 1986 change reduced the tax deductibility of the interest expenses of firms with excess foreign tax credits. The resulting increase in the...

Persistent link: https://www.econbiz.de/10012473980

Taxation, Corporate Capital Structure, and Financial Distress

Gertler, Mark L. - 1989

Is corporate leverage excessive? Is the tax code distorting corporate capital structure decisions in a way that increases the possibility of an economic crisis owing to "financial instability"? <bR><bR>Answering these kinds of questions first requires some precision in terminology. In this paper, we...

Persistent link: https://www.econbiz.de/10012475835

Do Taxes Affect Corporate Financing Decisions?

MacKie-Mason, Jeffrey - 1988

A new empirical method and data set are used to study the effects of tax policy on corporate financing choices. Clear evidence emerges that non-debt tax shields "crowd out" interest deductibility, thus decreasing the desirability of debt issues at the margin. Previous studies which failed to...

Persistent link: https://www.econbiz.de/10012476440

Dividend Taxes and the Allocation of Capital

Boissel, Charles; Matray, Adrien - National Bureau of Economic Research - 2022

This paper investigates the 2013 three-fold increase in the French dividend tax rate. Using administrative data covering the universe of firms from 2008-2017 and a quasi-experimental setting, we find that firms swiftly cut dividend payments and used this tax-induced increase in liquidity to...

Persistent link: https://www.econbiz.de/10013334318

Sources of Funds and Investment Activities of Venture Capital Funds : Evidence from Germany, Israel, Japan and the UK

Mayer, Colin - 2003

We compare sources of funds and investment activities of venture capital (VC) funds in Germany, Israel, Japan and the … particularly important in Germany, corporations in Israel, insurance companies in Japan, and pension funds in the UK. VC investment … countries; for example, bank backed VC funds in Germany and Japan are as involved in early stage finance as other funds in these …

Persistent link: https://www.econbiz.de/10012469053

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