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What if firms could borrow more? : evidence from a natural experiment

Brown, James R.; Martinsson, Gustav; Thomann, Christian - 2015

Swedish firms show that firms borrowing from the program have higher rates of debt growth, investment spending, and employment …

Persistent link: https://www.econbiz.de/10011300345

Does a local bias exist in equity crowdfunding?

Hornuf, Lars; Schmitt, Matthias; Stenzhorn, Eliza - 2020

We use hand-collected data of 20,460 investment decisions and two distinct portals to analyze whether investors in …

Persistent link: https://www.econbiz.de/10012175802

Are sustainability-oriented investors different? : evidence from equity crowdfunding

Hornuf, Lars; Stenzhorn, Eliza; Vintis, Tim - 2020

In this article, we examine how investor motives affect investment behavior in equity crowdfunding. In particular, we … compare the investment behavior of sustainability-oriented with ordinary crowd investors on six leading equity crowdfunding … contribute to recent literature on equity crowdfunding, socially responsible investing, and how individual investment motives and …

Persistent link: https://www.econbiz.de/10012226560

Disagreement and optimal security design

Ortner, Juan M.; Schmalz, Martin C. - 2018

We study optimal security design when the issuer and market participants agree to disagree about the characteristics of the asset to be securitized. We show that pooling assets can be optimal because it mitigates the effects of disagreement between issuer and investors, whereas tranching a...

Persistent link: https://www.econbiz.de/10011795041

How do banks interact with fintechs? : forms of alliances and their impact on bank value

Hornuf, Lars; Klus, Milan Frederik; Lohwasser, Todor S.; … - 2018 - This Version: July 18, 2018

The increasing pervasiveness of technology-driven firms that offer banking services has led to a growing pressure on traditional banks to modernize their core business activities. Banks attempt to confront the challenges of digitalization by cooperating with financial technology firms (fintechs)...

Persistent link: https://www.econbiz.de/10011882455

Uncertainty and the cost of bank vs. bond finance

Grimme, Christian - 2019

How does uncertainty affect the costs of raising finance in the bond market and via bank loans? Empirically, this paper finds that heightened uncertainty is accompanied by an increase in corporate bond yields and a decrease in bank lending rates. This finding can be explained with a model that...

Persistent link: https://www.econbiz.de/10011958806

Taxation and the optimal constraint on corporate debt finance

Sørensen, Peter Birch - 2014

interest deductibility. This paper sets up a model of corporate finance and investment in a small open economy to quantify the … would arise partly from a fall in the social risks associated with corporate investment, and partly from the cut in the …

Persistent link: https://www.econbiz.de/10010438191

Drivers and obstacles to banking SMEs : the role of competition and the institutional framework

Torre, Augusto de la; Martínez Pería, María Soledad; … - 2009

Small and medium enterprises (SMEs) are important for employment and economic activity; however, they are perceived to lack adequate financing, which hampers their growth. As a consequence, governments have implemented a number of programs to foster SME lending and attention has focused on...

Persistent link: https://www.econbiz.de/10003850504

On the legitimacy of coercion for the financing of public goods

Bierbrauer, Felix - 2009

The literature on public goods has shown that efficient outcomes are impossible if participation constraints have to be respected. This paper addresses the question whether they should be imposed. It asks under what conditions efficiency considerations justify that individuals are forced to pay...

Persistent link: https://www.econbiz.de/10003850517

Neutral taxation of shareholder income? : corporate responses to an announced dividend tax

Alstadsæter, Annette; Fjaerli, Erik - 2009

The introduction of the 2006 Norwegian shareholder income tax was announced in advance, and it increased top marginal tax rates on individual dividend income from zero to 28 percent. We document strong timing effects on dividend payout on a large panel of non-listed corporations, with a surge of...

Persistent link: https://www.econbiz.de/10003806745