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Capital Budgeting vs. Market Timing : An Evaluation Using Demographics
DellaVigna, Stefano - 2009
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/10012463465
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Investor Sentiment and Corporate Finance : Micro and Macro
Lamont, Owen A. - 2005
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/10012466789
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Tracing the International Transmission of a Crisis Through Multinational Firms
Biermann, Marcus; Huber, Kilian - National Bureau of Economic Research - 2023
credit supply shock to parent firms in Germany. International affiliates outside Germany supported their parents through …
Persistent link: https://www.econbiz.de/10014247983
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The determinants of corporate venture capital success : organizational structure, incentives, and complementarities
Gompers, Paul A.; Lerner, Joshua - 1998
Persistent link: https://www.econbiz.de/10004378662
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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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A Model of Intangible Capital
Crouzet, Nicolas; Eberly, Janice C.; Eisfeldt, Andrea L.; … - National Bureau of Economic Research - 2022
We propose a model that starts from the premise that intangible capital needs to be stored on some medium --- software, patents, essential employees --- before it can be utilized in production. Storage implies that intangible capital may be partially non-rival within the firm, leading to scale...
Persistent link: https://www.econbiz.de/10013362030
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Sources of Funds and Investment Activities of Venture Capital Funds : Evidence from Germany, Israel, Japan and the UK
Mayer, Colin - 2003
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/10012469053
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Corporate Taxes and Internal Borrowing within Multinational Firms
Egger, Peter - 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/10012460245
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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
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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