Private independent limited partnership venture capital funds receive capital from institutional investors, without tax … Labour Sponsored Venture Capital Corporations (LSVCCs) receive capital only from individual investors who receive tax breaks … governance and tax incentives: (1) on the distribution of venture capital funding between private and LSVCC funds; (2) on the …

corporations' debt-equity ratios. The debt ratios drop sharply after the implementation of the reform. -- Neutral dividend tax …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 …

or employment. Using U.S. firm level data, we document systematic patterns of cash and debt financing around lumpy … productivity are leading indicators of the lumpy adjustment. Cash and debt capacity are actively manipulated, and contribute … debt. During and after contractions, firms rebuild cash and reduce debt growth significantly in a concerted effort to …

firms rely heavily on equity financing, even though benefits associated with debt (like tax shields) appear to be high and …. Debt, on the other hand, has an adverse effect on the enforceability of these arrangements because too much debt increases … creditors. Our analysis provides an explanation for why some firms only use little debt financing. Predictions made by our …

model predicts the negative impact of inflation on real equity values is stronger for low leverage firms. We find empirical …

) distribution of leverage. In particular, when the leverage ratio is low enough, an increase in a subsidiary's tax rate stimulates …’s tax rate has a positive impact on a subsidiary’s leverage ratio only if its starting leverage ratio is low enough. Finally …, profitability (proxied by ROA) has either a negative or null impact, depending on the leverage ratio and the tax rate used (namely …