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 …

affiliate's debt to assets ratio by 0.8%, which shows that rules targeting internal leverage have an indirect effect on the …This paper examines the impact of thin capitalization rules that limit the tax deductibility of interest on the capital … countries for the period 1982-2004. Using confidential data on the internal and total leverage of foreign affiliates of US …

solved in a quasi-explicit form by computing both the optimal dividend and the optimal debt. Finally, we calibrate the model … particular, our results show that the optimal dividend is smooth over time and that leverage is predominantly constant over time …

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 …

transformation is empirically associated with lower leverage and greater cash holdings, and commonly explained as a precautionary … response to reduced debt capacity. We model how firms' payout and cash holding policies are affected by this shift. Our insight …