Showing 1 - 10 of 134
It is known that the incompleteness of asset markets causes inefficiency in almost every equilibrium. Yet unexplored is the ”size” of this inefficiency. The size of a Pareto improvement is the total willingness to pay for it, out of current consumption. Inefficiency is the maximum size of...
Persistent link: https://www.econbiz.de/10010318933
We develop a generalized approach to the treatment of household inequality aspects of social welfare in general equilibrium models of trade. We follow a dual approach, highlighting how general equilibrium distributional aspects of social welfare related to import protection may be examined...
Persistent link: https://www.econbiz.de/10010294852
This study examines how family firm characteristics affect capital structure decisions. In our analysis we disentangle the influence of three distinct components of a family firm: ownership, supervisory and management board activities by the founding family. Thereby, we use a unique panel...
Persistent link: https://www.econbiz.de/10010305690
Empirical studies examining the financing decisions of the firm focus exclusively on publicly held firms, not family-controlled firms despite their economic importance. This study investigates the external financing behavior of family-controlled firms, using a comprehensive sample of 777 large...
Persistent link: https://www.econbiz.de/10010273646
This article tests the modell of Brander and lewis under ertrand and Cournot competition.
Persistent link: https://www.econbiz.de/10005840866
We extend the literature on the effects of managerial entrenchment on capital structure to consider how safety-net subsidies and financial distress costs interact with managerial incentives to influence capital structure in U.S. commercial banking. Using cross-sectional data on publicly traded,...
Persistent link: https://www.econbiz.de/10010318364
This study examines how family firm characteristics affect capital structure decisions. In our analysis we disentangle the influence of three distinct components of a family firm: ownership, supervisory and management board activities by the founding family. Thereby, we use a unique panel...
Persistent link: https://www.econbiz.de/10005870297
This paper develops a model of corporate investment and financing decisions thatdiffers from previous contributions by recognizing that firms face uncertainty regardingtheir future access to credit markets and may have to search for creditors when raisingdebt financing. We show that accounting...
Persistent link: https://www.econbiz.de/10009305075
This paper develops a dynamic trade-off model of optimal capital structure that takes intoaccount the fact that most firms have both invested assets and growth opportunities. Thesetwo sources of value react quite differently to business cycle risk. In particular, growth optionsare more sensitive...
Persistent link: https://www.econbiz.de/10009305114
This paper analyzes the interaction between financial leverage and takeover activity. We develop a dynamic model of takeovers in which the financing strategies of bidding firms and the timing and terms of takeovers are jointly determined. In the paper, capital structure plays the role of a...
Persistent link: https://www.econbiz.de/10005858240