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Keuschnigg, Christian (contributor); … - 2005

demonstrates the neutrality properties of the reform with respect to investment, firm financial decisions and organizational choice …. Tax rates are chosen to prevent income shifting from labor to capital income. The reform decisively strengthens investment …

Persistent link: https://www.econbiz.de/10003113308

Capital structure and regulation in US local telephony: an exploratory econometric study

Resende, Marcelo - 2009

as a response to previous physical capital investment with an ultimate goal of inducing higher rates. Theoretical models …) and gross investment (INV) in physical capital. The evidence accruing from a dynamic panel data estimation indicates an … with the notion that the size of the firmś investment project can impose a restriction on the amount of new debt. The …

Persistent link: https://www.econbiz.de/10003854388

The impact of thin-capitalization rules on multinationals' financing and investment decisions

Büttner, Thiess; Overesch, Michael; Schreiber, Ulrich; … - 2006

Persistent link: https://www.econbiz.de/10003379792

Accelerated depreciation, default risk and investment decisions

Panteghini, Paolo; Vergalli, Sergio - 2016

risk. This result has a strong policy implication, in that it shows that an investment stimulus pack is expected neither to …

Persistent link: https://www.econbiz.de/10011416013

Corporate taxation and financial strategies under asymmetric information

Cohen, Francesco; Fedele, Alessandro; Panteghini, Paolo - 2014

lenders and v) the business cycle effects on the spread between the high-yield and the investment-grade interest rates on …

Persistent link: https://www.econbiz.de/10010347029

Microeconometric evidence of financing frictions and innovative activity

Tiwari, Amaresh K.; Mohnen, Pierre A.; Palm, Franz C.; … - 2014

Using Dutch data we empirically investigate how financing and innovation vary across firm characteristics. We find that when firms face financial constraints, debt financing and innovation choices are not independent of firm characteristics, and R&D slows down. In the absence of financial...

Persistent link: https://www.econbiz.de/10010249680

Debt shifting and transfer pricing in a volatile world

Comincioli, Nicola; Panteghini, Paolo; Vergalli, Sergio - 2020

In this article we introduce a stochastic model with a multinational company (MNC) that exploits tax avoidance practices. We focus on both transfer pricing (TP) and debt shifting (DS) activities and show how their optimal level is chosen by the shareholders. In addition, we perform an extensive...

Persistent link: https://www.econbiz.de/10012404654

Flexible prices and leverage

D'Acunto, Francesco; Liu, Ryan; Pflueger, Carolin; … - 2017

The frequency with which firms adjust output prices helps explain persistent differences in capital structure across firms. Unconditionally, the most exible-price firms have a 19% higher long-term leverage ratio than the most sticky-price firms, controlling for known determinants of capital...

Persistent link: https://www.econbiz.de/10011597779

Equilibrium theory of banks' capital structure

Gale, Douglas; Gottardi, Piero - 2017

We study an environment where the capital structure of banks and firms are jointly determined in equilibrium, so as to balance the benefits of the provision of liquidity services by bank deposits with the costs of bankruptcy. The risk in the assets held by firms and banks is determined by the...

Persistent link: https://www.econbiz.de/10011688427

Business tax policy under default risk

Comincioli, Nicola; Vergalli, Sergio; Panteghini, Paolo - 2019

In this article we use a stochastic model with one representative firm to study business tax policy under default risk. We will show that, for a given tax rate, the government has an incentive to reduce (increase) financial instability and default costs if its objective function is welfare (tax...

Persistent link: https://www.econbiz.de/10012024508

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