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Profit Taxation, Innovation and the Financing of Heterogeneous Firms
Keuschnigg, Christian; Ribi, Evelyn - C.E.P.R. Discussion Papers - 2010
endogenous share opts for innovation and faces credit constraints in the subsequent expansion phase. We emphasize four results …: (i) R&D subsidies not only encourage innovation but also relax finance constraints and help innovative firms to exploit … investment of constrained firms by reducing free cash-flow and thereby discourage innovation. (iii) A revenue neutral increase in …
Persistent link: https://www.econbiz.de/10008468605
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Political Connections and Firm Value: Evidence from the Regression Discontinuity Design of Close Gubernatorial Elections
Do, Quoc-Anh; Lee, Yen-Teik; Nguyen, Bang Dang - C.E.P.R. Discussion Papers - 2015
Using the regression discontinuity design of close gubernatorial elections in the U.S., we identify a significant and positive impact of the social networks of corporate directors and politicians on firm value. Firms connected to elected governors increase their value by 3.89%. Political...
Persistent link: https://www.econbiz.de/10011249372
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Profit Taxation and Finance Constraints
Keuschnigg, Christian; Ribi, Evelyn - C.E.P.R. Discussion Papers - 2009
In the absence of financing frictions, profit taxes reduce investment by their effect on the user cost of capital. With finance constraints due to moral hazard, investment becomes sensitive to cash-flow and own equity of firms. We propose a corporate finance model of investment and derive three...
Persistent link: https://www.econbiz.de/10005082537
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A Pyrrhic Victory? Bank Bailouts and Sovereign Credit Risk
Acharya, Viral V; Drechsler, Itamar; Schnabl, Philipp - C.E.P.R. Discussion Papers - 2011
We show that financial sector bailouts and sovereign credit risk are intimately linked. A bailout benefits the economy by ameliorating the under-investment problem of the financial sector. However, increasing taxation of the non-financial sector to fund the bailout may be inefficient since it...
Persistent link: https://www.econbiz.de/10009365002
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Voluntary Corporate Environmental Initiatives and Shareholder Wealth
Fisher-Vanden, Karen; Thorburn, Karin S - C.E.P.R. Discussion Papers - 2008
Researchers debate whether environmental investments reduce firm value or can actually improve financial performance. We provide some first evidence on shareholder wealth effects of voluntary corporate environmental initiatives. Companies announcing membership in Climate Leaders and Ceres - two...
Persistent link: https://www.econbiz.de/10005662265
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Business Environment and Firm Entry: Evidence from International Data
Klapper, Leora; Laeven, Luc; Rajan, Raghuram G - C.E.P.R. Discussion Papers - 2004
Using a comprehensive database of firms in Western and Eastern Europe, we study how the business environment in a country drives the creation of new firms. Our focus is on regulations governing entry. We find entry regulations hamper entry, especially in industries that naturally should have...
Persistent link: https://www.econbiz.de/10005662269
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Executive Compensation as an Agency Problem
Bebchuk, Lucian Arye; Fried, Jesse - C.E.P.R. Discussion Papers - 2003
This Paper provides an overview of the main theoretical elements and empirical underpinnings of a ‘managerial power’ approach to executive compensation. Under this approach, the design of executive compensation is viewed not only as an instrument for addressing the agency problem between...
Persistent link: https://www.econbiz.de/10005662270
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Where Do Firms Incorporate?
Becht, Marco; Mayer, Colin; Wagner, Hannes - C.E.P.R. Discussion Papers - 2006
Over the last few years, a series of rulings by the European Court of Justice (ECJ) has opened up the European Union to cross-border mobility in incorporation. In this paper we explore how deregulation and the costs of regulation have affected the location decisions of firms. Using a newly...
Persistent link: https://www.econbiz.de/10005666497
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On the Fortunes of Stock Exchanges and Their Reversals: Evidence from Foreign Listings
Fernandes, Nuno; Giannetti, Mariassunta - C.E.P.R. Discussion Papers - 2009
Using a sample that provides unprecedented detail on foreign listings, new listings, and delistings for 29 exchanges in 24 countries starting from the early 1980s, we document a growing tendency of listings to concentrate in the U.S. and the U.K. and large changes in all exchanges’ ability to...
Persistent link: https://www.econbiz.de/10004991544
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Monitoring the Monitors: Amakudari and the Ex-Post Monitoring of Private Banks
Hassink, Wolter; van Rixtel, Adrian - C.E.P.R. Discussion Papers - 1998
The paper investigates whether the Japanese monetary authorities use post-retirement employment of Ministry of Finance (MoF) and Bank of Japan (BoJ) officials as a policy instrument. The authors also investigate whether industrial groupings (keiretsu) and main banks have monitoring functions....
Persistent link: https://www.econbiz.de/10005789103