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Thin capitalization rules and multinational firm capital structure
Blouin, Jennifer L.; Huizinga, Harry; Laeven, Luc; … - 2014
This paper examines the impact of thin capitalization rules that limit the tax deductibility of interest on the capital structure of the foreign affiliates of US multinationals. We construct a new data set on thin capitalization rules in 54 countries for the period 1982-2004. Using confidential...
Persistent link: https://www.econbiz.de/10010256736
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Optimal firm's dividend and capital structure for mean reverting profitability
Menoncin, Francesco; Panteghini, Paolo; Regis, Luca - 2021
We model a risk-averse firm owner who wants to maximize the intertemporal expected utility of firm’s dividends. The optimal dynamic control problem is characterized by two stochastic state variables: the equity value, and profitability (ROA) of the _rm. According to the empirical evidence, we...
Persistent link: https://www.econbiz.de/10012668498
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A Q-theory of banks
Begenau, Juliane; Bigio, Saki; Majerovitz, Jeremy; … - 2021
We propose a dynamic bank theory with a delayed loss recognition mechanism and a regulatory capital constraint at its core. The estimated model matches four facts about banks' Tobin's Q that summarize bank leverage dynamics. (1) Book and market equity values diverge, especially during crises;...
Persistent link: https://www.econbiz.de/10012649212
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The location of cross-border mergers & acquisitions in the USA
Brakman, Steven; Garretsen, Harry; Marrewijk, Charles van - 2015 - First version: October 2014, this version: April 2015
neglected. In this paper we analyze the within country location-target selection of M&As in the USA. Extending Guadalupe (2012 … the USA for the period 1985-2012, we compare location choices of cross-border M&As to that of national M&As. We find that … across the USA than national M&As, and that for both forms of M&As location specific market access in the USA as well as …
Persistent link: https://www.econbiz.de/10010515424
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How do financial crises redistribute risk?
Mitchener, Kris; Vossmeyer, Angela - 2023
the system, and that merger policies commonly used to deal with troubled financial institutions during crises have …
Persistent link: https://www.econbiz.de/10014323137
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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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A critique of the literature on the US financial debt crisis
Stein, Jerome L. - 2010
A healthy financial system encourages the efficient allocation of capital and risk. The collapse of the house price bubble led to the financial crisis that started in 2007. There is a large empirical literature concerning the relation between asset price bubbles and financial crises. I evaluate...
Persistent link: https://www.econbiz.de/10003936616
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A two stage approach to spatiotemporal analysis with strong and weak cross-sectional dependence
Bailey, Natalia; Holly, Sean; Pesaran, M. Hashem - 2014
to real house price changes at the level of Metropolitan Statistical Areas in the USA, and estimate a heterogeneous …
Persistent link: https://www.econbiz.de/10010234528
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Horizontal merger under strategic tax policy
Liu, Chih-Chen; Mukherjee, Arijit; Wang, Leonard F. S. - 2014
We show that the presence of a strategic tax policy increases the incentive for a horizontal merger compared to the … a horizontal merger that has been ignored in the existing literature. In contrast to the usual belief, we also show that … a horizontal merger may benefit the consumers and the society. …
Persistent link: https://www.econbiz.de/10010412755
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Merger in contests
Huck, Steffen; Konrad, Kai A.; Müller, Wieland - 2000
Competition in some markets is a contest. This paper studies the merger incentives in such markets. Merger can be … profitable. The profitability depends on the post-merger contest st ructure, the discriminatory power of the contest and on the …
Persistent link: https://www.econbiz.de/10009781515