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Economics of voluntary information sharing
Liberti, José; Sturgess, Jason; Sutherland, Andrew - 2018
We show that lenders join a U.S. commercial credit bureau when information asymmetries between incumbents and entrants create an adverse selection problem that hinders market entry. Lenders also delay joining when information asymmetries protect them from competition in existing markets,...
Persistent link: https://www.econbiz.de/10011960063
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Aggregate consequences of credit subsidy policies : firm dynamics and misallocation
Jo, Hwan; Senga, Tatsuro - 2017
collateral constraints and endogenous entry and exit. A defining feature of our model is a non-Gaussian process of firm …
Persistent link: https://www.econbiz.de/10011756140
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From institutions to financial development and growth : what are the links?
Fernández, Andrés; Tamayo, César E. - 2015
This paper presents an integrated overview of the literature linking institutions, financial development and economic growth. From the large body of research on institutional development, the paper first selects those contributions that make it possible to study the role of institutional...
Persistent link: https://www.econbiz.de/10011290078
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Personal Taxes, Leverage, and Real Investment
Morellec, Erwan; Schürhoff, Norman - Institut für Schweizerisches Bankwesen <Zürich> - 2007
This paper examines the impact of capital gains taxation on firms’ investment and financing decisions. We develop a real options model in which the timing of investment, the decision to default, and the firm’s capital structure are endogenouslyand jointly determined. Our analysis shows that...
Persistent link: https://www.econbiz.de/10005858029
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Capital structure and financial flexibility : expectations of future shocks
Lambrinoudakis, Costas; Neumann, Michael; Skiadopoulos, … - 2014 - This draft: 3 October 2014
We test one of the main predictions of the financial flexibility paradigm that expectations about future firm-specific shocks affect the firm's leverage. We extract the expectations of small and large future shocks from the market prices of equity options. We find that expectations for future...
Persistent link: https://www.econbiz.de/10010472840
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Corporate debt and investment in the post-Covid world
Heresi, Rodrigo; Powell, Andrew - 2022
We study the relationship between corporate debt, corporate risk and firm-level investment, using a sample of 25,000 listed companies across 47 countries over the last two decades. We find higher leverage reduces investment but show the effect varies with risk, as measured by firm time-varying...
Persistent link: https://www.econbiz.de/10014495148
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Internationalising the currency while leveraging massively : the case of China
García Herrero, Alicia - 2015
This paper reviews the steps that China has taken towards financial reform with a particular focus on capital account …, China's debt has doubled, reaching levels that are clearly above those of most emerging markets. This increases the risks … embedded in financial reform and, in particular, capital account liberalisation. At this juncture, however, China has no option …
Persistent link: https://www.econbiz.de/10011384045
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As American as Apple Inc. : international tax and ownership nationality
Sanchirico, Chris William - 2014
The ownership nationality of large US multinational companies plays an implicit but important role in the current debate over how such companies should be taxed. This paper identifies that role and investigates what is actually known about where these companies’ shareholders reside
Persistent link: https://www.econbiz.de/10011387732
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Monitoring managers : does it matter?
Cornelli, Francesca; Kominek, Zbigniew; Ljungqvist, … - 2010
We test under what circumstances boards discipline managers and whether such interventions improve performance. We exploit exogenous variation due to the staggered adoption of corporate governance laws in formerly Communist countries coupled with detailed ‘hard’ information about the...
Persistent link: https://www.econbiz.de/10008702077
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On the market structure of central counterparties in the EU
Demange, Gabrielle; Piquard, Thibaut - 2021
Persistent link: https://www.econbiz.de/10012434604