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Commodity Windfalls, Polarization, and Net Foreign Assets : Panel Data Evidence on the Voracity Effect

Arezki, Rabah - 2013

panel of 145 countries during the period 1970-2007. The main finding is that windfalls from international commodity price …

Persistent link: https://www.econbiz.de/10013092044

Aggregation in Large Dynamic Panels

Pesaran, M. Hashem - 2015

Carlo experiments, where we also study the estimation of the aggregate effects of micro and macro shocks. The paper …

Persistent link: https://www.econbiz.de/10013038262

Panel Data Gravity Models of International Trade

Baltagi, Badi H. - 2014

their panel econometric generic structure. The issues covered range from the estimation of double-indexed versus higher …One of the oldest and largest literatures in empirical economics is concerned with the estimation of demand and supply … equations across pairs or regional units or even across cross-sectional units and time inevitably leads to a panel data …

Persistent link: https://www.econbiz.de/10013058498

Flexible Prices and Leverage

D'Acunto, Francesco - 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/10012962123

Thin Capitalization Rules and Multinational Firm Capital Structure

Blouin, Jennifer - 2014

This paper examines the impact of thin capitalization rules that limit the tax deductibility of interest on the capital structure of the foreign affiliates of US multinationals. We construct a new data set on thin capitalization rules in 54 countries for the period 1982-2004. Using confidential...

Persistent link: https://www.econbiz.de/10013055986

Firms' Financial Choices and Thin Capitalization Rules under Corporate Tax Competition

Haufler, Andreas - 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/10012769702

Taxation and the Optimal Constraint on Corporate Debt Finance

Birch Sørensen, Peter - 2014

The tax bias in favour of debt finance under the corporate income tax means that corporate debt ratios exceed the socially optimal level. This creates a rationale for thin-capitalization rules limiting the amount of debt that qualifies for interest deductibility. This paper sets up a model of...

Persistent link: https://www.econbiz.de/10013039997

Multinational Capital Structure and Tax Competition

Wrede, Matthias - 2010

This paper analyzes tax competition when welfare maximizing jurisdictions levy source-based corporate taxes and multinational enterprises choose tax-efficient capital-to-debt ratios. Under separate accounting, multinationals shift debt from low-tax to high-tax countries. The Nash equilibrium of...

Persistent link: https://www.econbiz.de/10013143833

Optimal Investment and Financial Strategies Under Tax Rate Uncertainty

Fedele, Alessandro - 2010

In this paper we apply a real-option model to study the effects of tax rate uncertainty on a firm's decisions. In doing so, we depart from the relevant literature, which focuses on fully equity-financed investment project. By letting a representative firm borrow optimally, we show that debt...

Persistent link: https://www.econbiz.de/10013144647

Preemption, Start-Up Decisions and the Firms' Capital Structure

Moretto, Michele; Panteghini, Paolo M. - 2021

In this article, we analyse the interactions between financial and start-up decisions in an oligopolistic framework, where firms compete to enter a new market. We show that preemption can substantially reduce the negative effects of credit rationing on start-up investment decisions

Persistent link: https://www.econbiz.de/10013317029

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