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Capacity Investment Under Demand Uncertainty - An Empirical Study of the US Cement Industry, 1994-2006

Ponssard, Jean-Pierre - 2010

implications of the theory literature on this topic in an empirical study of the US cement industry between 1994 and 2006. Firms in … these markets via both domestic production and imports. Consistent with the theory, we find a negative relationship between …

Persistent link: https://www.econbiz.de/10013138028

Profit Shifting and Investment Effects : The Implications of Zero-Taxable Profits

Koethenbuerger, Marko - 2018

Recent empirical research documents a tendency of affiliates of multinational enterprises to bunch around zero reported profit. Setting up a model that allows for profitable and loss-making affiliates of multinationals, we show that profit shifting to a low-tax country as well as a loss-related,...

Persistent link: https://www.econbiz.de/10012921411

Mergers and Partial Ownership

Foros, Øystein - 2010

In this paper we compare the profitability of a merger to the profitability of a partial ownership arrangement and find …

Persistent link: https://www.econbiz.de/10013148773

An Equilibrium Model of the Market for Bitcoin Mining

Prat, Julien - 2018

We propose a model which uses the Bitcoin/US dollar exchange rate to predict the computing power of the Bitcoin network. We show that free entry places an upper-bound on mining revenues and we devise a structural framework to measure its value. Calibrating the model's parameters allows us to...

Persistent link: https://www.econbiz.de/10012924447

Market Liberalization in the European Natural Gas Market - The Importance of Capacity Constraints and Efficiency Differences

Brakman, Steven; van Marrewijk, Charles; van … - 2021

In the European Union, energy markets are increasingly being liberalized. A case in point is the European natural gas industry. The general expectation is that more competition will lead to lower prices and higher volumes, and hence higher welfare. This paper indicates that this might not happen...

Persistent link: https://www.econbiz.de/10013316347

Accelerated Depreciation, Default Risk and Investment Decisions

Panteghini, Paolo M. - 2016

In this article we focus on a representative firm that can decide when to invest under default risk. On the one hand, this firm can benefit from generous tax depreciation allowances, on the other hand it faces a default risk. Our aim is to study the effects of tax depreciation allowances in a...

Persistent link: https://www.econbiz.de/10012998270

Electoral Cycles in Savings Bank Lending

Englmaier, Florian - 2013

We provide evidence that German savings banks – where local politicians are by law involved in their management – systematically adjust lending policies in response to local electoral cycles. The different timing of county elections across states and the existence of a control group of...

Persistent link: https://www.econbiz.de/10013075619

Tax Competition in a Simple Model with Heterogeneous Firms : How Larger Markets Reduce Profit Taxes

Haufler, Andreas - 2009

simultaneously risen in most countries. Moreover, the gross profitability of firms seems to be lower in high-tax countries, even …

Persistent link: https://www.econbiz.de/10013153228

The Information Content of Dividends : Safer Profits, Not Higher Profits

Michaely, Roni - 2018

Contrary to the central prediction of signaling models, changes in profits do not empirically follow changes in dividends. We show both theoretically and empirically that dividends signal safer, rather than higher, future profits. Using the Campbell (1991) decomposition, we are able to estimate...

Persistent link: https://www.econbiz.de/10012930075

There's No Place Like Home : The Profitability Gap between Headquarters and their Foreign Subsidiaries

Dischinger, Matthias; Riedel, Nadine - 2021

quantitatively large. Our findings suggest that the profitability gap is partly driven by agency costs which arise if value … communication and travel costs over the last decade, the profitability gap is shown to decline over time. Apart from that, our … profitability gap. We discuss various implications of our findings …

Persistent link: https://www.econbiz.de/10013316283

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