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Do Better Capitalized Banks Lend Less? Long-Run Panel Evidence from Germany
Buch, Claudia M. - 2013
of increased bank capital in terms of reduced loans could be substantial, there are good reasons to believe that the … between the capitalization of the banking sector and bank loans using panel cointegration models. We study the evolution of … the German economy for the past 60 years. We find no evidence for a negative impact of bank capital on business loans …
Persistent link: https://www.econbiz.de/10013090793
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Executive Compensation : A Survey of Theory and Evidence
Edmans, Alex - 2017
This paper reviews the theoretical and empirical literature on executive compensation. We start by presenting data on the level of CEO and other top executive pay over time and across firms, the changing composition of pay; and the strength of executive incentives. We compare pay in U.S. public...
Persistent link: https://www.econbiz.de/10012949331
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The Commitment Role of Equity Financing
Fahn, Matthias - 2014
theory are in line with a number of empirical results, which seem to stay in contrast to existing theories on capital …
Persistent link: https://www.econbiz.de/10013051377
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Market Structure and the Cost of Capital
Arouri, Mohamed El Hedi - 2013
(CAPM) to price assets in different market structures. Second, we use our model to analyze whether when markets are … partially segmented using the local or the global CAPM yields significant errors in the estimation of the cost of capital for a …
Persistent link: https://www.econbiz.de/10013086974
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Taxation of Shareholder Income and the Cost of Capital in a Small Open Economy
Birch Sørensen, Peter - 2014
When companies finance their investment via the international markets for stocks and bonds, relief from domestic personal taxes on dividends and capital gains will not reduce the cost of capital. Some authors have shown that even for small domestic companies whose shares are not traded...
Persistent link: https://www.econbiz.de/10013040485
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Taxes and the Efficiency Costs of Capital Distortions
Weichenrieder, Alfons J.; Klautke, Tina - 2021
departure from tax neutrality. Against this background, the present paper discusses the theory of capital structure and provides …
Persistent link: https://www.econbiz.de/10013316464
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Stakeholder Governance, Competition and Firm Value
Allen, Franklin - 2014
In many countries, the legal system or social norms ensure that firms are stakeholder oriented. We analyze the advantages and disadvantages of stakeholder-oriented firms that are concerned with employees and suppliers compared to shareholder-oriented firms in a model of imperfect competition....
Persistent link: https://www.econbiz.de/10013057260
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Top Incomes, Rising Inequality, and Welfare
Lansing, Kevin J. - 2012
This paper develops a general-equilibrium model of skill-biased technological change that approximates the observed shifts in the shares of wage and non-wage income going to the top decile of U.S. households since 1980. Under realistic assumptions, we find that all agents can benefit from the...
Persistent link: https://www.econbiz.de/10013098333
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Implementing Partial Tax Harmonization in an Asymmetric Tax Competition Game with Repeated Interaction
Itaya, Jun-ichi - 2015
This paper investigates the conditions under which partial harmonization for capital taxation is sustained in a repeated interactions model of tax competition when there are three countries with heterogenous capital endowments. We show that regardless of the structure of the coalition (i.e. full...
Persistent link: https://www.econbiz.de/10013023187
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Top Incomes, Rising Inequality, and Welfare
Lansing, Kevin J.; Markiewicz, Agnieszka - 2021
We introduce permanently-shifting income shares into a standard growth model with two types of agents. Capital owners represent the top quintile of U.S. households while workers represent the remainder. Our tractable model allows us to exactly replicate the observed U.S. time paths of the top...
Persistent link: https://www.econbiz.de/10013315527