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Illiquidity and under-valuation of firms

Gale, Douglas; Gottardi, Piero - 2009

firms' investment decisions. We characterize the conditions under which fire sales occur in equilibrium and their … consequences on firms' investment decisions. We also show that endogenous financial crises may arise in this environment, with … investment …

Persistent link: https://www.econbiz.de/10003923631

Ownership and control in a competitive industry

Karle, Heiko; Klein, Tobias J.; Stahl, Konrad - 2011

We study a differentiated product market in which an investor initially owns a controlling stake in one of two competing firms and may acquire a non-controlling or a controlling stake in a competitor, either directly using her own assets, or indirectly via the controlled firm. While industry...

Persistent link: https://www.econbiz.de/10009011193

Optimal factor taxation under wage bargaining : a dynamic perspective

Koskela, Erkki; Thadden, Leopold von - 2003

We consider the issue of steady-state optimal factor taxation in a Ramsey-type dynamic general equilibrium setting with two distinct distortions: i) taxes on capital and labour are the only available tax instruments for raising revenues, and ii) labour markets are subject to a static...

Persistent link: https://www.econbiz.de/10011514112

Equilibrium unemployment and capital intensity under product and labor market imperfections

Kauppi, Heikki (contributor); Koskela, Erkki (contributor); … - 2004

We study the implications of product and labor market imperfections for equilibrium unemployment under both exogenous and endogenous capital intensity. With endogenous capital intensity, stronger labor market imperfections always increase equilibrium unemployment. The relationship between the...

Persistent link: https://www.econbiz.de/10002521703

Profit shifting and investment effects : the implications of zero-taxable profits

Köthenbürger, Marko; Mardan, Mohammed; Stimmelmayr, … - 2018

-tax country induces bunching. Such bunching promotes investment incentives in the low-tax as well as the high-tax country. In … equilibrium, affiliates might over-invest and the bunching-related investment effects generate a tendency for too high profit … investment incentives and transfer pricing induces inefficiently low taxes. …

Persistent link: https://www.econbiz.de/10011794726

Institutions and structural unemployment : do capital-market imperfections matter?

Belke, Ansgar; Fehn, Rainer - 2001

This paper analyzes whether differences in institutional structures on capital markets contribute to explaining why some OECD-countries, in particular the Anglo-Saxon countries, have been much more successful over the last two decades in producing employment growth and in reducing unemployment...

Persistent link: https://www.econbiz.de/10011398923

Imperfect financial markets as a commitment device for the government

Simon, Jenny - 2014

When the government lacks the ability to commit to a tax policy over time, agents' involvement in imperfect financial markets can be welfare improving. Agents borrow against their promised income in markets that are incomplete in the sense that claims cannot be resold without loss. Taking these...

Persistent link: https://www.econbiz.de/10010383198

The effects of international financial integration in a model with heterogeneous firms and credit frictions

Clemens, Christiane; Heinemann, Maik - 2013

This paper examines the consequences of international financial integration in a two-sector heterogeneous-agent dynamic general equilibrium model of occupational choice with financial constraints and idiosyncratic risks. We discuss the macroeconomic and distributional effects of financial market...

Persistent link: https://www.econbiz.de/10010199729

International capital markets structure, preferences and puzzles : the US-China case

Caporale, Guglielmo Maria; Donadelli, Michael; Varani, … - 2014

A canonical two country-two good model with standard preferences does not address three classic international macroeconomic puzzles as well as two well-known asset pricing puzzles. Specifically, under financial autarky, it does not account for the high real exchange rate (RER) volatility...

Persistent link: https://www.econbiz.de/10010250047

Reforms, finance, and current accounts

Bertola, Giuseppe; Prete, Anna Lo - 2015

We analyze the implications of labor market reforms for an open economy's human capital investment and future …

Persistent link: https://www.econbiz.de/10010479333

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