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A Q-Theory of Banks
Begenau, Juliane; Bigio, Saki; Majerovitz, Jeremy; … - 2022
We propose a dynamic bank theory with a delayed loss recognition mechanism and a regulatory capital constraint at its …
Persistent link: https://www.econbiz.de/10013290998
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Transparency, Risk Management and International Financial Fragility
Draghi, Mario - 2003
Discussions of financial risk often fail to distinguish between risks that are consciously borne and those that are not. To understand the breeding conditions for financial crises the prime focus of concern should not be simply on large risk-taking per se, but on the unintended, or unanticipated...
Persistent link: https://www.econbiz.de/10012786498
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Corporate Taxes and Internal Borrowing within Multinational Firms
Egger, Peter H. - 2012
This paper develops a theoretical model of multinational firms with an internal capital market. Main reasons for the emergence of such a market are tax avoidance through debt shifting and the existence of institutional weaknesses and financial frictions across host countries. The model serves to...
Persistent link: https://www.econbiz.de/10013100410
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Accounting Standards, Information Flow, and Firm Investment Behavior
Cummins, Jason G. - 2009
. 'One-book' countries, e.g. Germany, use their tax books as the basis for financial reporting and 'two-book' countries, e …
Persistent link: https://www.econbiz.de/10012767938
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Repossession and the Democratization of Credit
Assunção, Juliano J. - 2014
We exploit a 2004 credit reform in Brazil that simplified the sale of repossessed cars used as collateral for auto loans. We show that the change has led to larger loans with lower spreads and longer maturities. The reform expanded credit to riskier, low-income borrowers for newer, more...
Persistent link: https://www.econbiz.de/10013066574
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The Central-Bank Balance Sheet as an Instrument of Monetary Policy
Cúrdia, Vasco - 2010
While many analyses of monetary policy consider only a target for a short-term nominal interest rate, other dimensions of policy have recently been of greater importance: changes in the supply of bank reserves, changes in the assets acquired by central banks, and changes in the interest rate...
Persistent link: https://www.econbiz.de/10013139902
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Financial Factors and Investment in Belgium, France, Germany and the Uk : A Comparison Using Company Panel Data
Bond, Stephen R. - 2010
We construct company panel datasets for manufacturing firms in Belgium, France, Germany and the UK, covering the period …
Persistent link: https://www.econbiz.de/10012763672
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Sources of Funds and Investment Activities of Venture Capital Funds : Evidence from Germany, Israel, Japan and the UK
Mayer, Colin - 2014
We compare sources of funds and investment activities of venture capital (VC) funds in Germany, Israel, Japan and the … particularly important in Germany, corporations in Israel, insurance companies in Japan, and pension funds in the UK. VC investment … countries; for example, bank backed VC funds in Germany and Japan are as involved in early stage finance as other funds in these …
Persistent link: https://www.econbiz.de/10012752733
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The Real and Financial Implications of Corporate Hedging
Campello, Murillo - 2010
of financial distress. In theory, this should ease a firm's access to credit. Using a tax-based instrumental variable …
Persistent link: https://www.econbiz.de/10013134932
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Behavioral Corporate Finance : An Updated Survey
Baker, Malcolm P. - 2011
We survey the theory and evidence of behavioral corporate finance, which generally takes one of two approaches. The … on their decisions. We review relevant psychology, economic theory and predictions, empirical challenges, empirical …
Persistent link: https://www.econbiz.de/10013121051