Narrow search
Showing 1 - 10 of 3,893
Cover Image
The financial and non-financial performance of token-based crowdfunding : certification arbitrage, investor choice, and the optimal time of ICOs
Dombrowski, Niclas; Drobetz, Wolfgang; Hornuf, Lars; … - 2023
financial and operating performance are consistent with our theory of certification arbitrage; i.e., institutional investors use …
Persistent link: https://www.econbiz.de/10014252496
Cover Image
Investor tax breaks and financing for start-ups : evidence from China
Güçeri, İrem; Hou, Xipei; Xing, Jing - 2024
We examine how investor-level tax incentives affect financing for start-ups using the introduction of a generous tax deduction for qualified angel and VC investment in China as a quasi-natural experiment. We find that the tax incentive increases funding for eligible start-ups, with stronger...
Persistent link: https://www.econbiz.de/10014564279
Cover Image
Towards a theory of trade finance
Schmidt-Eisenlohr, Tim - 2011
enforcement probabilities and decreases in financing costs proportional to the time needed for trade. Empirical results from …
Persistent link: https://www.econbiz.de/10009011800
Cover Image
Taxing multinationals in the presence of internal capital markets
Köthenbürger, Marko; Stimmelmayr, Michael - 2013 - This version: July 2013
There is ample evidence that internal capital markets incur efficiency costs for multinational enterprises (MNEs). This … paper analyzes whether tax avoidance behavior interacts with the costs of running an internal capital market and how … high (low) from a social perspective, provided the costs are attenuated (magnified) by higher profit taxes. We also show …
Persistent link: https://www.econbiz.de/10009773919
Cover Image
Credit supply shocks and firm dynamics : evidence from Brazil
Bazzi, Samuel; Muendler, Marc-Andreas; Oliveira, Raquel F. - 2023
We explore how financial constraints distort the entry decisions among otherwise productive entrepreneurs and limit growth of promising young firms. A model of liquidity-constrained entrepreneurs suggests that the easing of credit constraints can induce more entry of firms with greater long-run...
Persistent link: https://www.econbiz.de/10014391287
Cover Image
Public policy for start-up entrepreneurship with venture capital and bank finance
Keuschnigg, Christian; Nielsen, Søren Bo - 2003
This paper proposes and analyses a model of start-up investment. Innovative entrepreneurs are commercially inexperienced and can benefit from venture capital support. Only part of them succeed in matching with a venture capitalist while the rest must resort to standard bank finance. We consider...
Persistent link: https://www.econbiz.de/10011514147
Cover Image
Size matters : "Over" investments in a relational contracting setting
Englmaier, Florian; Fahn, Matthias - 2015
The corporate finance literature documents that managers tend to overinvest into physical assets. A number of theoretical contributions have aimed to explain this stylized fact, most of them focussing on a fundamental agency problem between shareholders and managers. The present paper shows that...
Persistent link: https://www.econbiz.de/10010469958
Cover Image
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 but also during the recovery period. Cash-rich SMEs could maintain their capital stock during the global financial crisis, while cash-poor rivals reduced theirs. This gave...
Persistent link: https://www.econbiz.de/10012509557
Cover Image
Tax policy and entrepreneurship in the presence of asymmetric information in capital markets
Fuest, Clemens; Huber, Bernd; Tillessen, Philipp - 2003
This paper considers the implications of asymmetric information in capital markets for entrepreneurial entry and tax policy. In many countries, governments subsidize the creation of new firms. One possible justification for these subsidies is that capital markets for the financing of new firms...
Persistent link: https://www.econbiz.de/10011506206
Cover Image
Investor taxation, firm heterogeneity and capital structure choice
Haring, Magdalena; Niemann, Rainer; Rünger, Silke - 2016
We analyze the effect of investor level taxes, firm-specific ownership structure and firm-specific payout policy on firms' capital structure choice. Our analysis is based on data for 10,983 firms from 13 Central and Eastern European (CEE) countries over the time period 2002-2012. Our results...
Persistent link: https://www.econbiz.de/10011541065