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Financial Factors and Investment in Belgium, France, Germany and the UK : A Comparison Using Company Panel Data
Bond, Stephen - 1997
We construct company panel datasets for manufacturing firms in Belgium, France, Germany and the UK, covering the period …
Persistent link: https://www.econbiz.de/10012472928
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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
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Lending Booms, Reserves, and the Sustainability of Short-Term Debt : Inferences from the Pricing of Syndicated Bank Loans
Eichengreen, Barry - 1999
This paper analyzes the determinants of spreads on syndicated bank lending to emerging markets, treating the loan-extension and pricing decisions as jointly determined. Compared to the bond market, our findings highlight the role of international banks in providing credit to smaller borrowers...
Persistent link: https://www.econbiz.de/10012471681
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Lending to Lemons : Landschafts-Credit in 18th Century Prussia
Wandschneider, Kirsten - 2013
The following paper describes the emergence of cooperative mortgage credit associations, called "Landschaften" in 18th century Prussia, and thereby tells the history of mortgage-covered bonds. Landschaften facilitated the refinancing of loans for Prussian estates by issuing covered bonds...
Persistent link: https://www.econbiz.de/10012459502
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Financial Risk Capacity
Bigio, Saki - 2019
Financial crises are particularly severe and lengthy when banks fail to recapitalize after bearing large losses. We present a model that explains the slow recovery of bank capital and economic activity. Banks provide intermediation in markets with information asymmetries. Large equity losses...
Persistent link: https://www.econbiz.de/10012480505
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Financing Durable Assets
Rampini, Adriano A. - 2016
This paper studies the effect of durability on the financing of durable assets. We show that more durable assets … the price of an asset and hence the overall financing need more than its collateral value. This insight has implications … dominated technologies. More durable assets are more likely to be rented given their larger financing need. Legal enforcement …
Persistent link: https://www.econbiz.de/10012271598
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Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts
Axelson, Ulf - 2010
on the financing of 1157 worldwide private equity deals from 1980 to 2008. Buyout leverage is cross-sectionally unrelated … availability of financing impacts booms and busts in the private equity market, and that agency problems between private equity …
Persistent link: https://www.econbiz.de/10012462699
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Credit within the firm
Pistaferri, Luigi - 2010
We exploit time variation in the degree of development of local credit markets and matched employer-employee data to assess the role of the firm as an internal credit market. In less developed local credit markets firms can offer a flatter wage-tenure profile than firms in more developed credit...
Persistent link: https://www.econbiz.de/10012462727
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Decoupling and Recoupling
Korinek, Anton - 2010
We develop a stylized model that captures the phenomena of decoupling and recoupling in an environment where heterogeneous entrepreneurial sectors face financial constraints in their relationship with a common set of lenders. In response to adverse shocks, a financially constrained sector must...
Persistent link: https://www.econbiz.de/10012462744
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Household Leverage and the Recession of 2007 to 2009
Mian, Atif R. - 2010
We show that household leverage as of 2006 is a powerful statistical predictor of the severity of the 2007 to 2009 recession across U.S. counties. Counties in the U.S. that experienced a large increase in household leverage from 2002 to 2006 showed a sharp relative decline in durable consumption...
Persistent link: https://www.econbiz.de/10012462755