when investment is debt-financed. In such a case a firm pays the creditor not only the sum of annual interest (initial … the investment is debt-financed, the interest payment additionally reduces the corporate tax base. The research findings … optimum debt maturity tends to correlate positively with the corporate tax rate but negatively with the interest rate. In the …

recent subprime mortgage crisis. Why did the financial markets fail to anticipate the recent debt crisis, despite the large … capital gain, the return on capital and the interest rate. An optimal debt ratio is derived where the drift is probabilistic …, does not depend upon the actual debt/net worth per se. Instead it increases in proportion to the difference between the …

to a 0.44 percent decline in stock prices. Second, results point to the "irrelevance" of debt in mediating the effect of … the role of debt for oil firms. …

credit enforcement is prohibitively costly. The theory helps to explain how the three observed phenomena of output decline …

estimate the impact on firm performance from smart sanctions deployed by the U.S. and EU against Russia beginning in 2014. We …

equivalent income. These differences are illustrated using household-level panel data from Russia and Vietnam. -- Prospect Theory …-dependence, loss aversion and diminishing sensitivity - aspects emphasized in Prospect Theory - to social welfare measurement. We …

Using evidence from Russia, we explore the effect of the introduction of deposit insurance on bank risk. Drawing on …

Russia and other Former Soviet Union (FSU) economies. Before the crisis banks do not lend to the real sector of the economy …