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Taxation, Corporate Financial Policy and the Cost of Capital

Auerbach, Alan J. - 1982

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/10012478079

What Determines the Structure of Corporate Debt Issues?

Julio, Brandon - 2007

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/10012464940

Market Timing, Investment, and Risk Management

Bolton, Patrick - 2011

financial crises. We develop a tractable model of dynamic corporate financial management (cash accumulation, investment, equity … issuance, risk management, and payout policies) for a financially constrained firm facing time-varying external financing costs …. The stochastic financing conditions have rich implications for investment and risk management: (1) investment can be …

Persistent link: https://www.econbiz.de/10012461849

Tracing the International Transmission of a Crisis Through Multinational Firms

Biermann, Marcus; Huber, Kilian - National Bureau of Economic Research - 2023

We show that multinational firms transmit shocks across countries through their internal capital markets. We study a credit supply shock to parent firms in Germany. International affiliates outside Germany supported their parents through internal lending, became financially constrained...

Persistent link: https://www.econbiz.de/10014247983

Dividend Taxes and the Allocation of Capital

Boissel, Charles; Matray, Adrien - National Bureau of Economic Research - 2022

This paper investigates the 2013 three-fold increase in the French dividend tax rate. Using administrative data covering the universe of firms from 2008-2017 and a quasi-experimental setting, we find that firms swiftly cut dividend payments and used this tax-induced increase in liquidity to...

Persistent link: https://www.econbiz.de/10013334318

Innovation in the U.S. Government

Bruce, Joshua R. - 2020

This paper examines the U.S. government's intramural research and development efforts over a 40-year period, drawing together multiple human capital, government spending, and patent datasets. The U.S. Federal Government innovates along four dimensions: technological, organizational, regulatory,...

Persistent link: https://www.econbiz.de/10012481764

State Capacity as an Organizational Problem : Evidence from the Growth of the U.S. State Over 100 Years

Mastrorocco, Nicola; Teso, Edoardo - National Bureau of Economic Research - 2023

We study how the organization of the state evolves over the process of development of a nation, using a new dataset on the internal organization of the U.S. federal bureaucracy over 1817-1905. First, we show a series of facts, describing how the size of the state, its presence across the...

Persistent link: https://www.econbiz.de/10014337824

Behavioral Corporate Finance : An Updated Survey

Baker, Malcolm - 2011

We survey the theory and evidence of behavioral corporate finance, which generally takes one of two approaches. The market timing and catering approach views managerial financing and investment decisions as rational managerial responses to securities mispricing. The managerial biases approach...

Persistent link: https://www.econbiz.de/10012461325

Corporate Flexibility in a Time of Crisis

Barry, John W.; Campello, Murillo; Graham, John R.; Ma, … - National Bureau of Economic Research - 2022

We use the COVID shock to study the direct and interactive effects of several forms of corporate flexibility on short- and long-term real business plans. We find that i) workplace flexibility, namely the ability for employees to work remotely, plays a central role in determining firms'...

Persistent link: https://www.econbiz.de/10012938715

Economic Growth and Bank Innovation

Gorton, Gary; He, Ping - National Bureau of Economic Research - 2021

Based on archival and survey data we show that the maturity of U.S. business loans has been continuously increasing since the mid-1930s when banks invented the term loan. Concurrently, bank innovation first involved the invention of credit analysis and covenant design. Later, bank innovation...

Persistent link: https://www.econbiz.de/10012660004

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