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Capital Budgeting vs. Market Timing : An Evaluation Using Demographics

DellaVigna, Stefano - 2010

An ongoing debate sets capital budgeting against market timing. The primary difficulty in evaluating these theories is finding distinct exogenous proxies for investment opportunities and mispricing. We use demand shifts induced by demographics to address this problem, and hence, provide a more...

Persistent link: https://www.econbiz.de/10013152090

Investor Sentiment and Corporate Finance : Micro and Macro

Lamont, Owen A. - 2006

We document that net equity issuance is considerably more sensitive to aggregate stock returns and Q's than to firm-level stock returns and Q's. Very similar patterns also emerge when we look at merger activity. In light of earlier work (Campbell 1991, Vuolteenaho 2002) which finds that...

Persistent link: https://www.econbiz.de/10012783338

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

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

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

Market Timing, Investment, and Risk Management

Bolton, Patrick - 2011

Firms face uncertain financing conditions and are exposed to the risk of a sudden rise in financing costs during financial crises. We develop a tractable model of dynamic corporate financial management (cash accumulation, investment, equity issuance, risk management, and payout policies) for a...

Persistent link: https://www.econbiz.de/10013129213

What Determines the Structure of Corporate Debt Issues?

Julio, Brandon - 2008

Publicly-traded debt securities differ on a number of dimensions, including quality, maturity, seniority, security, and convertibility. Finance research has provided a number of theories as to why firms should issue debt with different features; yet, there is very little empirical work testing...

Persistent link: https://www.econbiz.de/10012773126

Taxation, Corporate Financial Policy and the Cost of Capital

Auerbach, Alan J. - 2021

The cost of capital plays an important role in the allocation of resources among competing uses in a decentralized market system. The purpose of this paper is to organize and present what is known and what is hypothesized about the effects of taxation on the incentive to invest, via the cost of...

Persistent link: https://www.econbiz.de/10013232028

Leverage, Investment, and Firm Growth

Lang, Larry - 2010

We show that there is a negative relation between leverage and future growth at the firm level and, for diversified firms, at the segment level. Further, this negative relation between leverage and growth holds for firms with low Tobin's q, but not for high-q firms or firms in high-q industries....

Persistent link: https://www.econbiz.de/10013138668

Firm Heterogeneity and the Long-Run Effects of Dividend Tax Reform

Gourio, Francois - 2010

To study the long-run effect of dividend taxation on aggregate capital accumulation, we build a dynamic general equilibrium model in which there is a continuum of firms subject to idiosyncratic productivity shocks. We find that a dividend tax cut raises aggregate productivity by reducing the...

Persistent link: https://www.econbiz.de/10013152567

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