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A Theory of Income Smoothing When Insiders Know More than Outsiders
Acharya, Viral V. - 2011
We consider a setting in which insiders have information about income that outside shareholders do not, but property rights ensure that outside shareholders can enforce a fair payout. To avoid intervention, insiders report income consistent with outsiders' expectations based on publicly...
Persistent link: https://www.econbiz.de/10013117203
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Bank Capital and Dividend Externalities
Acharya, Viral V. - 2013
In spite of mounting losses banks continued to pay dividends during the crisis. We present a model that addresses this behavior. By paying out dividends, a bank transfers value to its shareholders away from creditors, among whom are other banks. This way, one bank's dividend payout policy...
Persistent link: https://www.econbiz.de/10013071913
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Uncertainty Shocks, Asset Supply and Pricing Over the Business Cycle
Bianchi, Francesco - 2014
This paper estimates a business cycle model with endogenous financial asset supply and ambiguity averse investors. Firms' shareholders choose not only production and investment, but also capital structure and payout policy subject to financial frictions. An increase in uncertainty about profits...
Persistent link: https://www.econbiz.de/10013054525
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The Taxation of Income from Capital : A Comparative Study of the U.S., U.K., Sweden and West Germany--Comparisons of Effective Tax Rates--
King, Mervyn; Fullerton, Don - 2021
This working paper presents Chapter 7 of a book to be published for the National Bureau of Economic Research by the University of Chicago Press. The point of the book is to compare taxes on income from capital in four countries,accounting for corporate, personal, and property taxes, and...
Persistent link: https://www.econbiz.de/10013224427
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Consumer Behavior and Immigrant Assimilation : a Comparison of the United States, Britain and Germany, 1889/1890
Haines, Michael R. - 2022
taken into account. Comparisons of Engel curves are also made to households in Great Britain and Germany. Results from …
Persistent link: https://www.econbiz.de/10013309366
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The Taxation of Income from Capital : A Comparative Study of the U.S., U.K., Sweden, and West Germany--The Theoretical Framework--
King, Mervyn; Fullerton, Don - 2021
This working paper presents Chapter 2 of a book that has been submitted to the University of Chicago Press for publication consideration. The point of the book is to compare taxes on income from capital infour countries,accounting for corporate, personal, and property taxes, and including...
Persistent link: https://www.econbiz.de/10013226949
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Aging in Germany and the United States : International Comparisons
Börsch-Supan, Axel H. - 2021
subsidies on retirement, savings and housing choices in the two countries. Germany faces a particularly pronounced aging process … percent at its peak in 2030. In this respect, changes that are occurring in Germany now may be regarded as indicative for … changes to come in the United States. Retirement, savings and housing behavior differ quite markedly between Germany and the …
Persistent link: https://www.econbiz.de/10013227208
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Law and Finance C. 1900
Musacchio, Aldo - 2010
How persistent are the effects of legal institutions adopted or inherited in the distant past? A substantial literature argues that legal origins have persistent effects that explain clear differences in investor protections and financial development around the world today (La Porta et al, 1998,...
Persistent link: https://www.econbiz.de/10013139896
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Fiduciary Duties and Equity-Debtholder Conflicts
Becker, Bo - 2011
We use an important legal event as a natural experiment to examine the effect of management fiduciary duties on equity-debt conflicts. A 1991 Delaware bankruptcy ruling changed the nature of corporate directors' fiduciary duties in firms incorporated in that state. This change limited managers'...
Persistent link: https://www.econbiz.de/10013117403
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Do Borrower Rights Improve Borrower Outcomes? Evidence from the Foreclosure Process
Gerardi, Kristopher - 2014
We evaluate laws designed to protect borrowers from foreclosure. We find that these laws delay but do not prevent foreclosures. We first compare states that require lenders to seek judicial permission to foreclose with states that do not. Borrowers in judicial states are no more likely to cure...
Persistent link: https://www.econbiz.de/10013066978