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Taxes, keiretsu affiliation, and income shifting
Gramlich, Jeffrey D.; Limpaphayom, Piman; Rhee, S. Ghon - 2002
This paper provides evidence that keiretsu group member firms are subject to lowereffective tax rates than independent firms in Japan. As one explanation for this phenomenon, wedevelop a hypothesis that keiretsu firms strategically shift financially reported income amongaffiliates in order to...
Persistent link: https://www.econbiz.de/10011327833
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Disagreement and flexibility : a theory of optimal security issuance and capital structure
Boot, Arnoud W. A.; Thakor, Anjan V. - 2002
financed. Debt offers little flexibility relativeto equity. However, the flexibility offered by equity depends on the extent to …’s optimal security-issuance choice trades off the flexibilitybenefit of equity against the now-familiar debt tax shield, and the …’s stock price, implying that firms issue equity when stockprices are high and debt when stock prices are low. The theory …
Persistent link: https://www.econbiz.de/10011332820
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The (self-)funding of intangibles
Döttling, Robin; Ladika, Tomislav; Perotti, Enrico C. - 2016
response to reduced debt capacity. We model how firms' payout and cash holding policies are affected by this shift. Our insight …
Persistent link: https://www.econbiz.de/10011556238
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Corporate governance and leverage : evidence from a natural experiment
Arping, Stefan; Sautner, Zacharias - 2009
are consistent with the view that corporate governance improvements reduce the value of debt as a disciplining device. …
Persistent link: https://www.econbiz.de/10011380020
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Capital structure and the redeployability of tangible assets
Campello, Murillo; Giambona, Erasmo - 2011
Persistent link: https://www.econbiz.de/10010190656
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On risk, leverage and banks : do highly leveraged banks take on excessive risk?
Koudstaal, Martin; Wijnbergen, Sweder van - 2012
Persistent link: https://www.econbiz.de/10009722695
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Risk-taking, competition and uncertaint : do contingent convertible (CoCo) bonds increase the risk appetite of banks?
Fatouh, Mahmoud; Neamtu, Ioana; Wijnbergen, Sweder van - 2022
We assess the impact of contingent convertible (CoCo) bonds and the wealth transfers they imply conditional on conversion on the risk-taking behaviour of the issuing bank. We also test for regulatory arbitrage: do banks try to maintain risk-taking incentives by issuing CoCo bonds, when...
Persistent link: https://www.econbiz.de/10012887890
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On taxation in a two-sector endogenous growth model with endogenous labor supply
Hek, Paul A. de - 2003
This paper examines the effects of taxation on long-run growthin a two-sector endogenous growth model with (i) physical capitalas an input in the education sector and (ii) leisure as anadditional argument in the utility function. The analysis of theeffects of taxation - including income...
Persistent link: https://www.econbiz.de/10011333258
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Input versus output taxation in an experimental international economy
Riedl, Arno; Winden, Frans A. A. M. van - 2003
This paper is concerned with a policy oriented macroeconomic experiment involving an 'international' economy with a relatively small 'home' country and a large 'foreign' country. It compares the economic performance of two alternative tax systems as a means to finance unemployment benefits: a...
Persistent link: https://www.econbiz.de/10011333884
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Environmental tax reform and double dividend
Patuelli, Roberto; Pels, Eric; Nijkamp, Peter - 2002
In this paper we offer a meta-analysis approach to (simulation) studies on environmental tax reform (ETR). The underlying studies look both at environmental effects (e.g. reduction in CO2 emission) and economic effects (e.g. change in gross domestic product) following such a tax reform. The...
Persistent link: https://www.econbiz.de/10011327527