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Can the Fed talk the Hind Legs off the Stock Market? (replaces CentER DP 2011-072)

Eijffinger, Sylvester; Mahieu, Ronald; Raes, Louis - Tilburg University, Center for Economic Research - 2012

Abstract: Central banks in fluence financial markets' expectations of its future policy. By providing its stance on the prospects of the economy, rationalizing past decisions or announcing future actions, central banks affect financial markets' forecasts. In bad times monetary policy...

Persistent link: https://www.econbiz.de/10011090377

Hazardous Times for Monetary Policy : What do Twenty-three Million Bank Loans Say about the Effects of Monetary Policy on Credit Risk?

Jiminez, G.; Ongena, S.; Saurina, J. - Tilburg University, Center for Economic Research - 2007

We investigate the impact of the stance and path of monetary policy on the level of credit risk of individual bank … with a bad credit history and with high uncertainty. Lower interest rates, by contrast, reduce the credit risk of … outstanding loans. Loan credit risk is maximized when both interest rates are very low prior to loan origination and interest …

Persistent link: https://www.econbiz.de/10011092338

Credit Supply versus Demand : Bank and Firm Balance-Sheet Channels in Good and Crisis Times

Jimenez Porras, G.; Ongena, S.; Peydro, J.L.; Saurina, J. - Tilburg University, Center for Economic Research - 2012

therefore hold important implications for both theory and policy. …

Persistent link: https://www.econbiz.de/10011092853

The Disciplining Role of Leverage in Dutch Firms

de Jong, A. - Tilburg University, Center for Economic Research - 2001

In this study we investigate the role of leverage in disciplining overinvestment problems.We measure the relationships between leverage, Tobin s q and corporate governance characteristics for Dutch listed firms.Besides, our empirical analysis tests for determinants of leverage from tax and...

Persistent link: https://www.econbiz.de/10011090661

The Impact of Firm and Industry Characteristics on Small Firms' Capital Structure : Evidence from Dutch Panel Data

Degryse, Hans; de Goeij, Peter; Kappert, P. - Tilburg University, Center for Economic Research - 2009

is consistent with the pecking order theory: SMEs use profits to reduce their debt level, and growing firms increase …

Persistent link: https://www.econbiz.de/10011090758

Determinants of Leverage and Agency problems

de Jong, A.; Dijk, R. - Tilburg University, Center for Economic Research - 1998

In this paper we empirically investigate the determinants of leverage and agency problems and we examine the relationships between leverage and agency problems. As in Titman and Wessels (1988) we use structural equations modeling with latent variables. In contrast to Titman and Wessels (1988),...

Persistent link: https://www.econbiz.de/10011091145

Is Leverage Effective in Increasing Performance Under Managerial Moral Hazard?

Calcagno, R. - Tilburg University, Center for Economic Research - 2000

firm value.We study the effect of financing the project with risky debt in changing the incentive for a risk …

Persistent link: https://www.econbiz.de/10011091167

A Dilution Cost Approach to Financial Intermediation and Securities Markets

Bolton, P.; Freixas, X. - Tilburg University, Center for Economic Research - 1998

Persistent link: https://www.econbiz.de/10011091806

Thin Capitalization Rules and Multinational Firm Capital Structure

Huizinga, Harry P.; Blouin, J.; Laeven, L.; Nicodeme, G. - Tilburg University, Center for Economic Research - 2014

Abstract: This paper examines the impact of thin capitalization rules that limit the tax deductibility of interest on the capital structure of the foreign affiliates of US multinationals. We construct a new data set on thin capitalization rules in 54 countries for the period 1982-2004. Using...

Persistent link: https://www.econbiz.de/10011092339

An Empirical Analysis of Incremental Capital Structure Decisions Under Managerial Entrenchment

de Jong, A.; Veld, C.H. - Tilburg University, Center for Economic Research - 1998

We study incremental capital structure decisions of Dutch companies. From 1977 to 1996 these companies have made 110 issues of public and private seasoned equity and 137 public issues of straight debt. Managers of Dutch companies are entrenched. For this reason a discrepancy exists between...

Persistent link: https://www.econbiz.de/10011092453