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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
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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
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Student Loans : When is Risk Sharing Desirable?
Eckwert, Bernhard - 2016
In higher education, pure credit market funding leads to underinvestment due to insufficient risk pooling, while pure income-contingent loan funding leads to overinvestment. We analyze whether funding diversity – a market structure in which credit markets coexist alongside income-contingent...
Persistent link: https://www.econbiz.de/10012997605
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Risk Sharing in Defined-Contribution Funded Pension Systems
Beetsma, Roel M. W. J. - 2011
This paper explores the introduction of collective risk-sharing elements in defined contribution pension contracts. We consider status-contingent, age-contingent and asset contingent risk-sharing arrangements. All arrangements raise aggregate welfare, as measured by equivalent variations. While...
Persistent link: https://www.econbiz.de/10013118167
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Complex Financial Networks and Systemic Risk : A Review
Bougheas, Spiros - 2014
In this paper we review recent advances in financial economics in relation to the measurement of systemic risk. We start by reviewing studies that apply traditional measures of risk to financial institutions. However, the main focus of the review is on studies that use network analysis paying...
Persistent link: https://www.econbiz.de/10013054029
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Risk-Sharing and Contagion in Networks
Cabrales, Antonio - 2014
We investigate the trade-off between the risk-sharing gains enjoyed by more interconnected firms and the costs resulting from an increased risk exposure. We find that when the shock distribution displays “fat” tails, extreme segmentation into small components is optimal, while minimal...
Persistent link: https://www.econbiz.de/10013055377
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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
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Demographic Change and Bank Profitability - Empirical Evidence from German Savings Banks
Berlemann, Michael - 2013
, allows us estimating the socio-demographic determinants of retail profitability. Using a simulation model, we are able to … predict the development of bank profitability due to demographic shifts up to 2025. One of the main findings is that the … the population reduces the customer base, ageing per se increases profitability as older customers typically generate …
Persistent link: https://www.econbiz.de/10013095185
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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
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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