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Taxes and the efficiency costs of capital distortions
Weichenrieder, Alfons J. (contributor);  … - 2008
Tax neutrality towards alternative financing instruments for corporate investment is a ubiquitous demand in the political debate. At the same time, the literature is surprisingly silent about the magnitude of possible efficiency costs of a departure from tax neutrality. Against this background,...
Persistent link: https://www.econbiz.de/10003771865
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International taxation and multinational firm location decisions
Barrios Cobos, Salvador; Huizinga, Harry; Laeven, Luc; … - 2008
Using a large international firm-level data set, we estimate separate effects of host and parent country taxation on the location decisions of multinational firms. Both types of taxation are estimated to have a negative impact on the location of new foreign subsidiaries. In fact, the impact of...
Persistent link: https://www.econbiz.de/10003805989
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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
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Subprime crisis and board (in-)competence : private vs. public banks in Germany
Hau, Harald; Thum, Marcel - 2009
We examine evidence for a systematic underperformance of Germany's state-owned banks in the current financial crisis … are then related directly to the magnitude of bank losses in the recent financial crisis. Our data confirms that … supervisory board (in-)competence in finance is related to losses in the financial crisis. Improved bank governance is therefore a …
Persistent link: https://www.econbiz.de/10003850179
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Capital structure and regulation in US local telephony: an exploratory econometric study
Resende, Marcelo - 2009
The paper aims at empirically investigating the relationship between regulation and the capital structure of the regulated firm, A key aspect of the referred relationship pertains a leverage effect according to which debt could be increased as a response to previous physical capital investment...
Persistent link: https://www.econbiz.de/10003854388
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Growth and earnings persistence in banking firms: a dynamic panel investigation
Shehzad, Choudhry Tanveer; Haan, Jakob de; Scholtens, Bert - 2009
This paper investigates (i) whether growth and profitability persist in banking firms, (ii) whether the level and volatility of growth and profitability are bank-size dependent, and (iii) the relationship between growth and profitability of a bank. Using a dynamic panel model estimated by GMM...
Persistent link: https://www.econbiz.de/10003883061
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Towards a macroprudential surveillance and remedial policy formulation system for monitoring financial crisis
Bhattacharyay, Biswanath - 2009
1997-98 Asian financial crisis, the 1998 Russian crisis and the ongoing financial crisis of 2008-2009 suggest that … unprecedented systemic financial crisis originated from USA in September 2008 together with a deep worldwide economic recession … appropriate and effective monitoring and policy formulation system for detecting and addressing vulnerabilities leading to crisis …
Persistent link: https://www.econbiz.de/10003887495
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Early warning system for economic and financial risks in Kazakhstan
Bhattacharyay, Biswanath; Dlugosch, Dennis; Kolb, Benedikt - 2009
transformation countries with or without crisis experience as well as by developed countries with limited data. The objective is to … data which until now have not been used much in this area of research. -- banking crisis ; leading indicators ; Kazakhstan …
Persistent link: https://www.econbiz.de/10003897420
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Optimal liability sharing and court errors : an exploratory analysis
Boyer, Marcel; Porrini, Donatella - 2010
We focus in this paper on the effects of court errors on the optimal sharing of liability between firms and financiers, as an environmental policy instrument. Using a structural model of the interactions between firms, financial institutions, governments and courts we show, through numerical...
Persistent link: https://www.econbiz.de/10003974501
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Politics-business interaction paths
Belloc, Marianna; Pagano, Ugo - 2009
Most pre-crisis explanations of the various corporate governance systems have considered the separation between …
Persistent link: https://www.econbiz.de/10003923223