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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
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The Impact of Basel III on Trade Finance : The Potential Unintended Consequences of the Leverage Ratio
Auboin, Marc - 2014
Trade finance, particularly in the form of short-term letters of credit has received favourable capital treatment new Basel III rules. However, concerns have been expressed over the potential negative “unintended consequences” of the newly created leverage ratio for trade. This paper offers...
Persistent link: https://www.econbiz.de/10013046587
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Collateral and its Substitutes in Emerging Markets' Lending
Menkhoff, Lukas - 2013
Due to opaque information and weak enforcement in emerging loan markets, the need for collateral is high, whereas … borrowers lack adequate assets to pledge as collateral. How is this puzzle solved? We find for a representative sample from … Northeast Thailand that indeed most loans do not include any tangible assets as collateral. Instead, lenders enforce collateral …
Persistent link: https://www.econbiz.de/10013092366
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Analyzing Systemic Risk in the Chinese Banking System
Huang, Qiubin - 2015
China. Although these measures show different patterns, our results suggest that systemic risk in the Chinese banking system …
Persistent link: https://www.econbiz.de/10013013708
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How Has the Global Financial Crisis Affected Syndicated Loan Terms in Emerging Markets? Evidence from China
Caporale, Guglielmo Maria - 2015
a leading emerging market, namely China, using difference-in-differences and GARCH approaches. Before the crisis China …
Persistent link: https://www.econbiz.de/10013021756
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Investor Taxation, Firm Heterogeneity and Capital Structure Choice
Haring, Magdalena - 2016
We analyze the effect of investor level taxes, firm-specific ownership structure and firm-specific payout policy on firms' capital structure choice. Our analysis is based on data for 10,983 firms from 13 Central and Eastern European (CEE) countries over the time period 2002-2012. Our results...
Persistent link: https://www.econbiz.de/10012979608
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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
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Capital Structure and Regulation in U.S. Local Telephony : An Exploratory Econometric Study
Resende, Marcelo - 2021
The paper aims at empirically investigating the relationship between regulation and the capital structure of the regulated firm, A key aspect of the referred relationship pertains a leverage effect according to which debt could be increased as a response to previous physical capital investment...
Persistent link: https://www.econbiz.de/10013316358
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Taxation and Capital Structure Choice - Evidence from a Panel of German Multinationals
Buettner, Thiess; Overesch, Michael; Schreiber, Ulrich; … - 2021
This paper analyzes the impact of taxes and lending conditions on the financial structure of multinationals' foreign affiliates. The empirical analysis employs a large panel of affiliates of German multinationals in 26 countries in the period from 1996 until 2003. In accordance with the...
Persistent link: https://www.econbiz.de/10013317343
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The Tax-Efficient Use of Debt in Multinational Corporations
Møen, Jarle - 2018
Some multinationals use the parent company as a lender to the group, whereas others set up an internal bank in a low tax jurisdiction. This paper discusses the link between capital structure choices and tax planning motives in multinational groups. We model the trade-off between the use of...
Persistent link: https://www.econbiz.de/10012912670