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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
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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
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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
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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
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The Relationship Between Leverage and Profitability: The Role of Tax Depreciation Allowances
Koussis, Nicos; Menoncin, Francesco; Panteghini, Paolo M. - 2025
allowances on leverage. We show that TDA act as a complement to debt leverage, generating a negative leverage-profitability …
Persistent link: https://www.econbiz.de/10015434625
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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
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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
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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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Crisis Credit, Employment Protection, Indebtedness, and Risk
Huneeus, Federico; Kaboski, Joseph P.; Larrain, Mauricio; … - 2025
This paper studies how credit guarantee and employment protection programs interact in assisting firms during crises times. The paper analyzes how these government programs influence credit allocation, indebtedness, and risk at both the micro and macro levels. The programs provide different...
Persistent link: https://www.econbiz.de/10015339387
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Connected Lending of Last Resort
Mitchener, Kris James; Monnet, Eric - 2023
Because of secrecy, little is known about the political economy of central bank lending. Utilizing a novel, hand-collected historical daily dataset on loans to commercial banks, we analyze how personal connections matter for lending of last resort, highlighting the importance of governance for...
Persistent link: https://www.econbiz.de/10014290136