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The effects of COVID-19 on U.S. small businesses: evidence from owners, managers, and employees
Alekseev, Georgij; Amer, Safaa; Gopal, Manasa; Kuchler, … - 2020
We analyze a large-scale survey of owners, managers, and employees of small businesses in the United States to …
Persistent link: https://www.econbiz.de/10012291877
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The effect of adversity on process innovations and managerial incentives
Dostie, Benoît; Jayaraman, Rajshri - 2009
This paper asks whether adversity spurs the introduction of process innovations and increases the use of managerial incentives by firms. Using a large panel data set of workplaces in Canada, our identification strategy relies on exogenous variation in adversity arising from increased border...
Persistent link: https://www.econbiz.de/10003854411
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The measurement of firm ownership and its effect on managerial pay
Edwards, Jeremy S. S. (contributor);  … - 2006
Persistent link: https://www.econbiz.de/10003364727
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'By a silken thread' : regional banking integration and pathways to financial development in Japan's Great Recession
Hoffmann, Mathias; Okubo, Toshihiro - 2013
How do financial development and financial integration interact? We focus on Japan's Great Recession after 1990 to … reference to prefectures' different historical pathways to financial development. After Japan's opening to trade in the 19th …, the main export hub for silk, provided silk reelers with trade loans. Many regional banks in Japan were founded as local …
Persistent link: https://www.econbiz.de/10009691621
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Taxing multinationals in the presence of internal capital markets
Köthenbürger, Marko; Stimmelmayr, Michael - 2013 - This version: July 2013
There is ample evidence that internal capital markets incur efficiency costs for multinational enterprises (MNEs). This paper analyzes whether tax avoidance behavior interacts with the costs of running an internal capital market and how policies of competing governments respond to it. We show...
Persistent link: https://www.econbiz.de/10009773919
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The commitment role of equity financing
Fahn, Matthias; Merlo, Valeria; Wamser, Georg - 2014
firm and its managers/employees. Equity financing generally strengthens a firm’s credibility to honor implicit promises …
Persistent link: https://www.econbiz.de/10010366170
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Size matters : "Over" investments in a relational contracting setting
Englmaier, Florian; Fahn, Matthias - 2015
The corporate finance literature documents that managers tend to overinvest into physical assets. A number of … shareholders and managers. The present paper shows that overinvestments are not necessarily the (negative) consequence of agency … problems between shareholders and managers, but instead might be a second-best optimal response if the scope of court …
Persistent link: https://www.econbiz.de/10010469958
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On the capital structure of foreign subsidiaries : evidence from a panel data quantile regression model
Miniaci, Raffaele; Panteghini, Paolo - 2021
This paper studies how variations in tax rates and profitability affect the (unconditional) quantiles of the distribution of the leverage of European foreign owned subsidiaries in the presence of unobserved company characteristics, possibly correlated with their observable dimensions. To achieve...
Persistent link: https://www.econbiz.de/10012514927
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Convertible securities and venture capital finance
Schmidt, Klaus M. - 1999
This paper offers a new explanation for the prevalent use of convertible securities in venture capital finance. Convertible securities can be used to endogenously allocate cash flow rights as a function of the realized quality of the project. This property can be used to mitigate the double...
Persistent link: https://www.econbiz.de/10009781712
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Relational contracts, the cost of enforcing formal contracts, and capital structure choice : theory and evidence
Fahn, Matthias; Merlo, Valeria; Wamser, Georg - 2017
This paper shows that the cost of enforcing contracts governing non-financial relationships between firms affects a firm's financing structure. We analyze the interaction between a firm's capital structure and the type of contracts it uses to deal with its suppliers. We first develop a...
Persistent link: https://www.econbiz.de/10011674383