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What Slice of the Pie? The Corporate Bond Market Boom in Emerging Economies
Ayala, Diana - 2017
This paper studies the determinants of shifts in debt composition among emerging market non-financial corporates. We show that the determinants of bond market access in EMs vary with global cyclical conditions and across local and foreign currency markets. We find that the role for institutions...
Persistent link: https://www.econbiz.de/10012960099
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Do Dividend Taxes Affect Corporate Investment
Alstadsæter, Annette - 2014
We test whether dividend taxes affect corporate investments. We exploit Sweden's 2006 dividend tax cut of 10 percentage points for closely held corporations and five percentage points for widely held corporations. Using rich administrative panel data and triple-difference estimators, we find...
Persistent link: https://www.econbiz.de/10013047347
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Do Dividend Taxes Affect Corporate Investment?
Alstadsæter, Annette; Jacob, Martin; Michaely, Roni - CESifo - 2014
We test whether dividend taxes affect corporate investments. We exploit Sweden’s 2006 dividend tax cut of 10 percentage points for closely held corporations and five percentage points for widely held corporations. Using rich administrative panel data and triple-difference estimators, we find...
Persistent link: https://www.econbiz.de/10011067198
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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
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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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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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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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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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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