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All you need is cash : corporate cash holdings and investment after the global financial crisis
Joseph, Andreas; Kneer, Christiane; Horen, Neeltje van - 2021
Cash holdings at the onset of a financial crisis are a key determinant of investment by SMEs not only during the crisis … persistent and growing investment gap. The amplification effect was present for SMEs with both volatile and stable cash holdings …
Persistent link: https://www.econbiz.de/10012509557
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The heterogeneous impact of Brexit : early indications from the FTSE
Davies, Ronald B.; Studnicka, Zuzanna - 2017
The UK's decision to leave the EU is surrounded by several studies simulating its potential effects. Alternatively, we examine expectations embodied in stock returns using a two-part estimation process. While most firms' prices fell, there was considerable heterogeneity in their relative...
Persistent link: https://www.econbiz.de/10011654631
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Investment and financing strategy of a multinational enterprise under alternative tax designs
Gérard, Marcel; Princen, Savina - 2012
multinational enterprise regarding the cross border distribution of its investment and the choice of its financing behavior. We …
Persistent link: https://www.econbiz.de/10009570036
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Competition for natural resources and the hold-up problem
Hefeker, Carsten; Kessing, Sebastian - 2016
We study the role of competition for the hold-up problem in foreign direct investment in resource-based industries. The … host country government is not only unable to commit not to expropriate investment ex post, but is also unable to commit to … higher investment levels and increases host country revenues, but hurts pro.ts of international investors. …
Persistent link: https://www.econbiz.de/10011547727
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Efficient economic rent taxation under a global minimum corporate tax
Hebous, Shafik; Mengistu, Andualem T. - 2024
The international agreement on a corporate minimum tax is a milestone in global corporate tax arrangements. The minimum tax disturbs the equivalence between otherwise equivalent forms of efficient economic rent taxation: cash-flow tax and allowance for corporate equity. The marginal effective...
Persistent link: https://www.econbiz.de/10014551068
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Expectation dispersion, uncertainty, and the reaction to news
Born, Benjamin; Dovern, Jonas; Enders, Zeno - 2020
Releases of key macroeconomic indicators are closely watched by financial markets. We investigate the role of expectation dispersion and economic uncertainty for the stock-market reaction to indicator releases. We find that the strength of the financial market response to news decreases with the...
Persistent link: https://www.econbiz.de/10012404549
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Monetary policy surprises and exchange rate behavior
Gürkaynak, Refet S.; Kara, Ali Hakan; Kısacıkoğlu, … - 2020
Central banks unexpectedly tightening policy rates often observe the exchange value of their currency depreciate, rather than appreciate as predicted by standard models. We document this for Fed and ECB policy days using eventstudies and ask whether an information effect, where the public...
Persistent link: https://www.econbiz.de/10012287994
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Measuring euro area monetary policy
Altavilla, Carlo; Brugnolini, Luca; Gürkaynak, Refet S.; … - 2019
We study the information flow from the ECB on policy dates since its inception, using tick data. We show that three factors capture about all of the variation in the yield curve but that these are different factors with different variance shares in the window that contains the policy decision...
Persistent link: https://www.econbiz.de/10012029090
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Stock market's assessment of monetary policy transmission : the cash flow effect
Gürkaynak, Refet S.; Karasoy-Can, Hatice Gökçe; Lee, … - 2019
exposure at the time of monetary policy actions predicts future net worth, investment, and assets, verifying the stock pricing …
Persistent link: https://www.econbiz.de/10012119797
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Tech in Fin before FinTech : blessing or curse for financial stability?
Pierri, Nicola; Timmer, Yannick - 2020
Motivated by the world-wide surge of FinTech lending, we analyze the implications of lenders' information technology adoption for financial stability. We estimate bank-level intensity of IT adoption before the global financial crisis using a novel dataset that provides information on hardware...
Persistent link: https://www.econbiz.de/10012158713