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Asymmetric information, corporate finance, and investment

Hubbard, R. Glenn (ed.) - 1990

Persistent link: https://www.econbiz.de/10013480872

Capital Budgeting vs. Market Timing : An Evaluation Using Demographics

DellaVigna, Stefano - 2009

An ongoing debate sets capital budgeting against market timing. The primary difficulty in evaluating these theories is finding distinct exogenous proxies for investment opportunities and mispricing. We use demand shifts induced by demographics to address this problem, and hence, provide a more...

Persistent link: https://www.econbiz.de/10012463465

Investor Sentiment and Corporate Finance : Micro and Macro

Lamont, Owen A. - 2005

We document that net equity issuance is considerably more sensitive to aggregate stock returns and Q's than to firm-level stock returns and Q's. Very similar patterns also emerge when we look at merger activity. In light of earlier work (Campbell 1991, Vuolteenaho 2002) which finds that...

Persistent link: https://www.econbiz.de/10012466789

Firms' Perceived Cost of Capital

Gormsen, Niels; Huber, Kilian - National Bureau of Economic Research - 2024

We study hand-collected data on firms' perceptions of their cost of capital. Firms with higher perceived cost of capital earn higher returns on invested capital and invest less, suggesting that the perceived cost of capital shapes long-run capital allocation. The perceived cost of capital is...

Persistent link: https://www.econbiz.de/10014576640

Tracing the International Transmission of a Crisis Through Multinational Firms

Biermann, Marcus; Huber, Kilian - National Bureau of Economic Research - 2023

credit supply shock to parent firms in Germany. International affiliates outside Germany supported their parents through …

Persistent link: https://www.econbiz.de/10014247983

Financial Factors and Investment in Belgium, France, Germany and the UK : A Comparison Using Company Panel Data

Bond, Stephen - 1997

We construct company panel datasets for manufacturing firms in Belgium, France, Germany and the UK, covering the period …

Persistent link: https://www.econbiz.de/10012472928

A Model of Intangible Capital

Crouzet, Nicolas; Eberly, Janice C.; Eisfeldt, Andrea L.; … - National Bureau of Economic Research - 2022

We propose a model that starts from the premise that intangible capital needs to be stored on some medium --- software, patents, essential employees --- before it can be utilized in production. Storage implies that intangible capital may be partially non-rival within the firm, leading to scale...

Persistent link: https://www.econbiz.de/10013362030

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

Corporate Taxes and Internal Borrowing within Multinational Firms

Egger, Peter - 2012

This paper develops a theoretical model of multinational firms with an internal capital market. Main reasons for the emergence of such a market are tax avoidance through debt shifting and the existence of institutional weaknesses and financial frictions across host countries. The model serves to...

Persistent link: https://www.econbiz.de/10012460245

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

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