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Risk Pooling, Leverage, and the Business Cycle
Dindo, Pietro - 2020
This paper studies the impact of financial sector size and leverage on the business cycle and risk-free rates dynamics. We develop a general equilibrium model of a productive economy where financial intermediaries provide costly risk mitigation to households by pooling the idiosyncratic risks of...
Persistent link: https://www.econbiz.de/10012848320
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The Role of Human Capital in Structural Change and Growth in an Open Economy : Innovative and Absorptive Capacity Effects
Bye, Brita; Faehn, Taran - 2021
Since the financial crisis in 2008, slow growth has riddled Europe and the Covid-19 pandemic is amplifying the challenge. Promoting economic growth and transforming to a more knowledge-based industrial structure will be high on the agenda for the coming decades. We study how more and better...
Persistent link: https://www.econbiz.de/10013249658
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Firms' financial choices and thin capitalization rules under corporate tax competition
Haufler, Andreas; Runkel, Marco - 2008
Thin capitalization rules have become an important element in the corporate tax systems of developed countries. This paper sets up a model where national and multinational firms choose tax-efficient financial structures and countries compete for multinational firms through statutory tax rates...
Persistent link: https://www.econbiz.de/10010264461
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Corporate debt, hybrid securities and the effective tax rate
Panteghini, Paolo M. - 2008
In this article we use contingent-claim analysis to calculate the effective tax rate (ETR) under corporate debt finance. In particular, we deal with both pure debt and two of the most well-known hybrid securities, i.e., convertible, and reverse convertible bonds. We show that: 1) effective...
Persistent link: https://www.econbiz.de/10010276143
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Taxes and the efficiency costs of capital distortions
Weichenrieder, Alfons J.; Klautke, Tina - 2008
departure from tax neutrality. Against this background, the present paper discusses the theory of capital structure and provides …
Persistent link: https://www.econbiz.de/10010277187
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An Equilibrium Theory of Nominal Exchange Rates
Hagedorn, Marcus - 2021
This paper proposes an equilibrium theory of nominal exchange rates, which offers a new perspective on various issues … features of this theory are that the nominal exchange rate is determined in international financial markets, that the risk … from the nominal exchange rate. In terms of policy, this novel theory implies that a country with an exchange rate peg and …
Persistent link: https://www.econbiz.de/10013212261
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Capital structure and regulation in US local telephony: an exploratory econometric study
Resende, Marcelo - 2009
The paper aims at empirically investigating the relationship between regulation and the capital structure of the regulated firm, A key aspect of the referred relationship pertains a leverage effect according to which debt could be increased as a response to previous physical capital investment...
Persistent link: https://www.econbiz.de/10010265976
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Capital structure choice and company taxation: A meta-study
Feld, Lars P.; Heckemeyer, Jost Henrich; Overesch, Michael - 2011
This paper provides a quantitative review of the empirical literature on the tax impact on corporate debt financing. Synthesizing the evidence from 46 previous studies, we find that this impact is substantial. In particular, the tax rate proxy determines the outcome of primary analyses. Measures...
Persistent link: https://www.econbiz.de/10010274978
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Profit shifting by debt financing in Europe
Barion, Francesca; Miniaci, Raffaele; Panteghini, Paolo M. - 2010
This article aims at analyzing the link between subsidiaries' capital structure and taxation in Europe. First we introduce a trade-off model, which studies a MNCs' financial strategy and shows how debt policy allows multinational groups to shift profits from low-tax to high-tax jurisdictions. By...
Persistent link: https://www.econbiz.de/10010276152
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Taxation and the financial structure of German outbound FDI
Mintz, Jack; Weichenrieder, Alfons J. - 2005
The paper analyzes the financial structure of outbound FDI during the period 1996-2002 by drawing on up to 54,022 firm-year observations of 13,758 German-owned subsidiaries. We find that the tax rate in the host country has a sizeable and significantly positive effect on leverage for...
Persistent link: https://www.econbiz.de/10010277174