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Playing Easy or Playing Hard to Get : When and How to Attract FDI
Gresik, Thomas A. - 2020
We study the link between a country's institutional quality in tax collection and its optimal corporate tax policies in a model of heterogeneous multinationals that can shift income using both debt and transfer prices. Countries with weak institutional quality can be made worse off adopting...
Persistent link: https://www.econbiz.de/10012828784
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Information Frictions, Investment Promotion, and Multinational Production : Firm-Level Evidence
Carballo, Jerónimo; Artiñano, Ignacio Marra; Volpe … - 2021
-specific information from Costa Rica’s investment promotion agency (IPA) over time, we find that IPA support significantly increases the …
Persistent link: https://www.econbiz.de/10013229704
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The Impact of Tax Uncertainty on Irreversible Investment
Niemann, Rainer - 2021
that anticipate the actual tax base incorrectly. I analyze the effects of stochastic taxation on investment behavior in a … the effects of both tax base and tax rate uncertainty, the investment's tax payment is modelled as a stochastic process …. Increased tax uncertainty has an ambiguous impact on investment timing. The view that tax uncertainty depresses real investment …
Persistent link: https://www.econbiz.de/10013316889
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How Do Corporate Tax Hikes Affect Investment Allocation within Multinationals?
Marsi, Antonio; Jacob, Martin; Schindler, Dirk; Xu, Guosong - 2023
between countries generates positive investment spillover, intra-firm production linkages predict negative spillover. Using … subsidiary-level data and exogenous corporate tax hikes, we find that local business units cut investment by 0.4% for a 1 …
Persistent link: https://www.econbiz.de/10014261020
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The Impact of Peer-to-Peer Lending on Small Business Loans
Kim, Jin-Hyuk - 2020
We investigate the impact of peer-to-peer lending on the small business loans originated by US depository institutions that are subject to the Community Reinvestment Act. We present a model where a borrower can choose between a traditional bank and a crowdlending platform and show that the entry...
Persistent link: https://www.econbiz.de/10012834364
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A Theory of Outside Equity : Financing Multiple Projects
Bougheas, Spiros - 2019
In the financial economics literature debt contracts provide efficient solutions for addressing managerial moral hazard problems. We analyze a model with multiple projects where the manager obtains private information about their quality after the contract with investors is agreed. The...
Persistent link: https://www.econbiz.de/10012892115
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Credit Frictions, Selection into External Finance, and Gains from Trade
Unger, Florian - 2019
This paper analyzes the effects of credit frictions in a trade model where heterogeneous firms select both into exporting and into two types of external finance. In our framework, small producers face stronger credit frictions, pay a higher borrowing rate and rely on bank finance, whereas large...
Persistent link: https://www.econbiz.de/10012866403
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The Dollar and Corporate Borrowing Costs
Meisenzahl, Ralf - 2020
We show that U.S. dollar movements affect syndicated loan terms for U.S. borrowers, even for those without trade exposure. We identify the effect of dollar movements using spread and loan amount adjustments during the syndication process. Using this high-frequency, within loan variation, we find...
Persistent link: https://www.econbiz.de/10012830351
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Corporate Debt and Stock Returns : Evidence from U.S. Firms During the 2020 Oil Crash
Arezki, Rabah; Cho, Caleb; Nguyen, Ha; Nguyen, Kate; … - 2022
This paper explores the effect of oil price fluctuations on the stock returns of U.S. oil firms using a strategy of identification through heteroskedasticity exploiting the 2020 oil crash. Results are twofold. First, we find that a decline in oil prices statistically significantly reduces stock...
Persistent link: https://www.econbiz.de/10014083040
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Jobs and Intimate Partner Violence - Evidence from a Field Experiment in Ethiopia
Kotsadam, Andreas - 2020
Ethiopia to randomly assign jobs to equally qualified female applicants. The job offers increase formal employment, earnings …
Persistent link: https://www.econbiz.de/10012841138