Narrow search
Showing 1 - 10 of 484
Cover Image
Optimal Firms's Dividend and Capital Structure for Mean Reverting Profitability
Menoncin, Francesco; Panteghini, Paolo M.; Regis, Luca - 2021
optimal dynamic control problem is characterized by two stochastic state variables: the equity value, and profitability (ROA …) of the _rm. According to the empirical evidence, we let profitability follow a mean reverting process. The problem is …
Persistent link: https://www.econbiz.de/10013314671
Cover Image
A Q-Theory of Banks
Begenau, Juliane; Bigio, Saki; Majerovitz, Jeremy; … - 2021
market equity values diverge, especially during crises; (2) Tobin’s Q predicts future bank profitability; (3) neither book …
Persistent link: https://www.econbiz.de/10013323873
Cover Image
On the Capital Structure of Foreign Subsidiaries : Evidence from a Panel Data Quantile Regression Model
Miniaci, Raffaele; Panteghini, Paolo - 2021
This paper studies how variations in tax rates and profitability affect the (unconditional) quantiles of the … of taxes and profitability on subsidiaries’ financial choices varies across different quantiles of the (skewed …, profitability (proxied by ROA) has either a negative or null impact, depending on the leverage ratio and the tax rate used (namely …
Persistent link: https://www.econbiz.de/10013226660
Cover Image
Flexible Prices and Leverage
D'Acunto, Francesco; Liu, Ryan; Pflueger, Carolin; … - 2017
The frequency with which firms adjust output prices helps explain persistent differences in capital structure across firms. Unconditionally, the most exible-price firms have a 19% higher long-term leverage ratio than the most sticky-price firms, controlling for known determinants of capital...
Persistent link: https://www.econbiz.de/10011615872
Cover Image
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
Cover Image
Taxes and the efficiency costs of capital distortions
Weichenrieder, Alfons J.; Klautke, Tina - 2008
Tax neutrality towards alternative financing instruments for corporate investment is a ubiquitous demand in the political debate. At the same time, the literature is surprisingly silent about the magnitude of possible efficiency costs of a departure from tax neutrality. Against this background,...
Persistent link: https://www.econbiz.de/10010277187
Cover Image
International debt shifting: Do multinationals shift internal or external debt?
Møen, Jarle; Schindler, Dirk; Schjelderup, Guttorm; … - 2011
Multinational companies can exploit the tax advantage of debt more aggressively than national companies by shifting debt from affiliates in low tax countries to affiliates in high tax countries. Previous papers have either omitted internal debt or external debt from the analysis. We are the...
Persistent link: https://www.econbiz.de/10010277407
Cover Image
Low Inflation: High Default Risk AND High Equity Valuations
Bhamra, Harjoat S.; Dorion, Christian; Jeanneret, Alexandre - 2018
coupons and sticky profitability. Taken together, these two frictions result in higher real equity prices and credit spreads …
Persistent link: https://www.econbiz.de/10011957207
Cover Image
A Q-Theory of Banks
Begenau, Juliane; Bigio, Saki; Majerovitz, Jeremy; … - 2021
market equity values diverge, especially during crises; (2) Tobin’s Q predicts future bank profitability; (3) neither book …
Persistent link: https://www.econbiz.de/10012799656
Cover Image
Fire Sales and Ex Ante Valuation of Systemic Risk: A Financial Equilibrium Networks Approach
Bougheas, Spiros; Spencer, Adam Hal - 2022
We introduce endogenous fire sales into a simple network model. For any given initial distribution of shocks across the network, we develop a clearing algorithm to solve for the financial equilibrium. We then utilise the results to perform ex ante risk assessment and derive risk premia for every...
Persistent link: https://www.econbiz.de/10013470369