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Optimal Firms's Dividend and Capital Structure for Mean Reverting Profitability
Menoncin, Francesco; Panteghini, Paolo M.; Regis, Luca - 2021
solved in a quasiexplicit form by computing both the optimal dividend and the optimal debt. Finally, we calibrate the model … particular, our results show that the optimal dividend is smooth over time and that leverage is predominantly constant over time …
Persistent link: https://www.econbiz.de/10013314671
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Uncertainty and the Cost of Bank vs. Bond Finance
Grimme, Christian - 2019
How does uncertainty affect the costs of raising finance in the bond market and via bank loans? Empirically, this paper finds that heightened uncertainty is accompanied by an increase in corporate bond yields and a decrease in bank lending rates. This finding can be explained with a model that...
Persistent link: https://www.econbiz.de/10012892132
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Dividend Taxation and Firm Performance with Heterogeneous Payout Responses
Bilicka, Katarzyna Anna; Güçeri, Irem; Koumanakos, … - 2023
We analyze the short and long-run performance of firms that were differentially affected by a new tax on dividends in the lead-up to the Global Financial Crisis. We use exogenous policy variation for firms with different legal statuses and financial year-end dates to causally identify the...
Persistent link: https://www.econbiz.de/10014263915
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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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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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Dividend taxation, share repurchases and the equity trap
Lindhe, Tobias; Södersten, Jan - 2009
This paper reconsiders the effects of dividend taxation. Particular attention is paid to the form of the equity trap …
Persistent link: https://www.econbiz.de/10010267266
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The start-up and growth stages in enterprise formation : the"new view" of dividend taxation reconsidered
Kanniainen, Vesa; Kari, Seppo; Ylä-Liedenpohja, Jouko - 2005
to a dividend tax is above the old view double-tax one, (iii) the start-up investment is not affected by undervaluation …, but the discouragement engendered by dividend taxation is compensated by realization-based capital gains tax, (iv) with … suggests, (v) without undervaluation, the dividend tax boosts expansion investment. …
Persistent link: https://www.econbiz.de/10010261281
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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