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Investment and Capital Constraints : Repatriations Under the American Jobs Creation Act

Faulkender, Michael - 2009

The American Jobs Creation Act (AJCA) significantly lowered US firms' tax cost when accessing their unrepatriated foreign earnings. Using this temporary shock to the cost of internal financing, we examine the role of capital constraints in firms' investment decisions. Controlling for the...

Persistent link: https://www.econbiz.de/10012463401

Does Financial Constraint Affect Shareholder Taxes and the Cost of Equity Capital?

Chen, Chongyang - 2011

explanation for the heretofore puzzling finding that, following the unprecedented 2003 reduction in dividend tax rates, non-dividend …-paying firms outperformed dividend-paying firms. Not surprisingly, we find that non-dividend-paying firms are more financial … constrained than dividend-paying firms are. When a firm's financial constraint and dividend choice are jointly considered, we find …

Persistent link: https://www.econbiz.de/10012461488

Borrowing Constraints and the Returns to Schooling

Cameron, Stephen - 2000

To a large degree, the expansion of student aid programs to potential college students over the past 25 years in the United States has been based on the presumption that borrowing constraints present an obstacle to obtaining a college education. Economists and sociologists studying schooling...

Persistent link: https://www.econbiz.de/10012470989

Savings and the Terms of Trade Under Borrowing Constraints

Agenor, Pierre-Richard - 2000

This paper examines the extent to which permanent terms-of-trade shocks have an asymmetric effect on private savings. The first part uses a simple three-period model to show that, if households expect to face binding borrowing constraints in bad states of nature, savings rates will respond...

Persistent link: https://www.econbiz.de/10012471007

Credit Constraints in the Market for Consumer Durables : Evidence from Micro Data on Car Loans

Attanasio, Orazio - 2000

We investigate the empirical significance of borrowing constraints in the market for consumer loans. We set up a theoretical model of consumer loan demand, which in the presence of credit rationing implies restrictions on the elasticities of loan demand with respect to the interest rate and the...

Persistent link: https://www.econbiz.de/10012471067

Investment-Cash Flow Sensitivities are not Valid Measures of Financing Constraints

Kaplan, Steven N. - 2000

Kaplan and Zingales [1997] provide both theoretical arguments and empirical evidence that investment-cash flow sensitivities are not good indicators of financing constraints. Fazzari, Hubbard and Petersen [1999] criticize those findings. In this note, we explain how the Fazzari et al. [1999]...

Persistent link: https://www.econbiz.de/10012471108

Quantitative Asset Pricing Implications of Endogenous Solvency Constraints

Alvarez, Fernando - 1999

We study the asset pricing implications of an economy where solvency constraints are determined to efficiently deter agents from defaulting. We present a simple example for which efficient allocations and all equilibrium elements are characterized analytically. The main model produces large...

Persistent link: https://www.econbiz.de/10012471854

Finite Lifetimes, Borrowing Constraints, and Short-Run Fiscal Policy

Hubbard, R. Glenn - 1987

Recent developments in public finance in the analysis of dynamic government debt policies have emphasized effects on the distribution of real resources across generations. At the same time, macroeconomists have emphasized the importance of the length of the time horizon over which agents...

Persistent link: https://www.econbiz.de/10012476911

International Borrowing to Finance Investment

Engel, Charles - 1986

The motives of a small country for borrowing to purchase capital equipment on international markets are studied. The country produces tradable capital and a nontradable consumption good and borrows or lends capital to achieve higher levels of welfare. A shift in time-preference favoring future...

Persistent link: https://www.econbiz.de/10012477211

Money, Credit Constraints, and Economic Activity

Blinder, Alan S. - 1983

of why money has real effects,and to suggest a new theory, or rather resurrect an old one--the loanable funds theory …

Persistent link: https://www.econbiz.de/10012478018

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