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Do better capitalized banks lend less? : long-run panel evidence from Germany
Buch, Claudia M.; Prieto, Esteban - 2012
of increased bank capital in terms of reduced loans could be substantial, there are good reasons to believe that the … between the capitalization of the banking sector and bank loans using panel cointegration models. We study the evolution of … the German economy for the past 60 years. We find no evidence for a negative impact of bank capital on business loans …
Persistent link: https://www.econbiz.de/10009570042
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Voluntary equity, project risk, and capital requirements
Haufler, Andreas; Lülfesmann, Christoph - 2022
choose their portfolio risk, bank size, and capital holdings. Banks voluntarily hold equity when the buffer effect against … larger, choose riskier portfolios, and have less equity. Binding capital requirements or levies on bank borrowing are shown …
Persistent link: https://www.econbiz.de/10012797734
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Corporate taxation and corporate governance
Köthenbürger, Marko; Stimmelmayr, Michael - 2009
The effects of corporate taxation on firm behavior have been extensively discussed in the neoclassical model of firm behavior which abstracts from agency problems. As emphasized by the corporate governance literature, corporate investment behavior is however crucially influenced by diverging...
Persistent link: https://www.econbiz.de/10003923146
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Italy's ACE tax and its effect on a firm's leverage
Panteghini, Paolo; Parisi, Maria Laura; Pighetti, Francesca - 2012
This article describes the new ACE-type system implemented in Italy since 2012. We have first shown that this system reduces but does not eliminate the financial distortion due to interest deductibility. Using a dataset of Italian companies, we analyzed the impact of this relief on Italian firm...
Persistent link: https://www.econbiz.de/10009571259
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Re-examining the decline in the US saving rate : the impact of mortgage equity withdrawal
Caporale, Guglielmo Maria; Costantini, Mauro; Paradiso, … - 2012
In this paper we examine the role of mortgage equity withdrawal in explaining the decline of the US saving rate, since when house prices rise and mortgage rates are low, homeowners have an incentive to withdraw housing equity and this may affect the saving rate. We estimate a Vector Error...
Persistent link: https://www.econbiz.de/10009571747
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Taxes do affect corporate financing decisions : the case of Belgian ACE
Princen, Savina - 2012
In this paper, I use difference-in-differences regressions to measure how the debt tax shield affects the capital structure of a company. By comparing the financial leverage of treatment and control companies before and after the introduction of an equity tax shield, I infer the impact of the...
Persistent link: https://www.econbiz.de/10009488958
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The commitment role of equity financing
Fahn, Matthias; Merlo, Valeria; Wamser, Georg - 2014
Existing theories of a firm’s optimal capital structure seem to fail in explaining why many healthy and profitable firms rely heavily on equity financing, even though benefits associated with debt (like tax shields) appear to be high and the bankruptcy risk low. This holds in particular for...
Persistent link: https://www.econbiz.de/10010366170
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Taxation and the optimal constraint on corporate debt finance
Sørensen, Peter Birch - 2014
The tax bias in favour of debt finance under the corporate income tax means that corporate debt ratios exceed the socially optimal level. This creates a rationale for thin-capitalization rules limiting the amount of debt that qualifies for interest deductibility. This paper sets up a model of...
Persistent link: https://www.econbiz.de/10010438191
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Mortgage-related bank penalties and systemic risk among U.S. banks
Brož, Václav; Kočenda, Evžen - 2021
the public, long-term systemic risk among banks tends to increase. From the dynamic perspective, bank penalties represent … long-term. In this respect, bank penalties resemble still waters that run deep. In contrast, a settlement with regulatory …
Persistent link: https://www.econbiz.de/10012697108
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Identification of segments of European banks with a latent class frontier model
Barros, Carlos Pestana (contributor);  … - 2007
Persistent link: https://www.econbiz.de/10003599497