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Firm Investment, Corporate Finance, and Taxation

Palomba, Geremia - 2002

This paper examines the intertemporal effect of corporate income taxation on the investment behavior of a firm that faces imperfect capital markets. It shows that when capital markets are imperfect, the optimizing firm goes through different phases of growth. In this dynamic setting, the effect...

Persistent link: https://www.econbiz.de/10014399717

Asia’s Stock Markets : Are There Crouching Tigers and Hidden Dragons?

Lipinsky, Fabian - 2014

Stock markets play a key role in corporate financing in Asia. However, despite their increasing importance in terms of … theory, as well as accounting literature, we find evidence of greater idiosyncratic influences in the pricing of Asia’s stock … stock pricing, which suggests that improvements in the regulation of securities markets in Asia could enhance the role of …

Persistent link: https://www.econbiz.de/10014411156

Asia’s stock markets : are there crouching tigers and hidden dragons?

Lipinsky, Fabian; Ong, Li Lian - 2014

Persistent link: https://www.econbiz.de/10010359852

Strategic Investment in a Debt Bargaining Framework

International Monetary Fund - 1989

This paper analyzes the strategic role of investment from a debtor country’s perspective. The framework is one in which, if the debtor country is unable to meet debt obligations, a bargaining regime determines the amount of debt repayment. In the context of a two-country real trade model, debt...

Persistent link: https://www.econbiz.de/10014396211

Asymmetric Effects of the Financial Crisis : Collateral-Based Investment-Cash Flow Sensitivity Analysis

Khramov, Vadim - 2012

This paper uses the financial crisis of 2008 as a natural experiment to demonstrate that when measuring investment-cash flow sensitivity, the value of a firm''s assets that can be used as collateral should be taken into account. Using panel data on U.S. firms from 1990 to 2011, it was found that...

Persistent link: https://www.econbiz.de/10014396632

Asymmetric effects of the financial crisis : collateral-based investment-cash flow sensitivity analysis

Khramov, Vadim - 2012

This paper uses the financial crisis of 2008 as a natural experiment to demonstrate that when measuring investment-cash flow sensitivity, the value of a firm's assets that can be used as collateral should be taken into account. Using panel data on U.S. firms from 1990 to 2011, it was found that...

Persistent link: https://www.econbiz.de/10009614528

Financial decisions and investment outcomes in developing countries : the role of institutions

Turk Ariss, Rima - 2015

This paper analyzes how differences in legal origin, judicial efficiency, and investor protection affect firm leverage and earnings volatility across developing countries. Using a large number of developing countries, four main findings are highlighted. First, firms in civil legal origin...

Persistent link: https://www.econbiz.de/10011281895

Production offshoring and investment by Japanese firms

Kang, Joong Shik; Piao, Shi - 2015

We trace Japanese corporate investment across different types of firms over the past decades and estimate the main determinants of investment. We find that there are differences in investment behavior between firms expanding abroad and those operating mainly in domestic markets. On the back of a...

Persistent link: https://www.econbiz.de/10011373921

How does post-crisis bank capital adequacy affect firm investment?

Sun, Yangfan; Tong, Hui - 2015

We examine the effect of bank capital levels on firm investment drawing on a sample of 11,106 non-financial firms from 2007 to 2013 in 16 advanced economies. We examine two measures of bank capital adequacy, the Tier 1 ratio and a simple leverage ratio, and find that firms with larger external...

Persistent link: https://www.econbiz.de/10011374768

Does balance sheet strength drive the investment cycle? : evidence from pre- and post-crisis Cyprus

Chen, Sophia; Lu, Yinqiu - 2016

Fixed investment was the most important contributing factor to the boom-bust cycle in Cyprus over the last decade. Investment boomed during a credit boom in mid-2000s, during which the corporate sector borrowed heavily. Investment collapsed after 2008 when the credit boom ended. Investment and...

Persistent link: https://www.econbiz.de/10011716317