global games methodologies. Contingent convertible bonds are meant to act as a bail-in mechanism for banks, where CoCo debt …

’ possibilities of engaging in tax planning via debt shifting. This paper analyzes the effects of thin capitalization rules in the …

regulated firm, A key aspect of the referred relationship pertains a leverage effect according to which debt could be increased … set of local exchange carriers-LECs in the U.S. and investigate Granger causality between changes in long-term debt (NDEBT … uni-directional causality from INV to NDEBT and therefore is, to a large extent, consistent with a leverage effect and …

on financially constrained firms; (ii) ACE and cashflow tax systems, which are investment neutral in the neoclassical … banks, investment is subject to double moral hazard and the timing of tax payments becomes important. The ACE system gives … tax relief at the return stage and provides better incentives than a cash-flow tax which gives tax relief upfront …

-up investment decisions. We find that, although tax rates are usually higher than the developed countries’ ones, taxation has an …

This paper considers the implications of asymmetric information in capital markets for entrepreneurial entry and tax … tax policy should discourage rather than subsidize entrepreneurial entry. We also nalyse the welfare effects of project …