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Empirical evaluation of interest barrier effects
Dreßler, Daniel; Scheuering, Uwe - 2012
We analyze the impact of changes in thin capitalization rules on corporations' capital structure. Thin capitalization rules prevent firms from deducting excessive interest expenses from their tax base. As of 2008, Germany has severely changed its thin capitalization rule by targeting interest...
Persistent link: https://www.econbiz.de/10009565731
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Corporate governance and current regulation in the German banking sector : an overview and assessment
Köhler, Matthias - 2010
for stock corporations. Recent empirical evidence, moreover, suggests that bank shareholders pushed for greater risk …-taking and not managers. This contrast with public view that the bank managers are pushed by aggressive remunerations schemes to …
Persistent link: https://www.econbiz.de/10003919056
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An information economics perspective on main bank relationships and firm R&D
Höwer, Daniel; Schmidt, Tobias; Sofka, Wolfgang - 2011
distributed between inventors and investors. As a result, bank lending for firm R&D has been rare. However, firms can signal the … potential to alter the risk assessment of the firm’s main bank. Additionally, we explore heterogeneities in these risk … assessments arising from the industry level and the main bank’s portfolio. We test our theoretical predictions for a sample of …
Persistent link: https://www.econbiz.de/10009270085
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Capital policy of German savings banks : a survey
Kleff, Volker (contributor) - 2005
In contrast to earlier field studies, we survey German public savings banks on their management of capital. We find that the most important determinants of the savings banks’ target capital ratio are risk aversion, the desired credit growth and profitability. Savings banks prefer to manage the...
Persistent link: https://www.econbiz.de/10003178539
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How do banks determine capital? : Empirical evidence for Germany
Kleff, Volker (contributor); Weber, Martin (contributor) - 2003
Persistent link: https://www.econbiz.de/10001911581
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How do banks screen innovative firms? : Evidence from start-up panel data
Brown, Martin; Degryse, Hans; Höwer, Daniel; Penas, … - 2012
-up firms over the period 2007-2009, we find that high-tech startups are less likely to use bank finance and face more … difficulties in raising bank finance than low-tech start-ups. We find that external credit scores do affect the availability of …-tech start-ups than low-tech start-ups. Start-ups that have their main relation with a small bank use more bank finance and …
Persistent link: https://www.econbiz.de/10009540878
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Empirical evaluation of interest barrier effects
Dreßler, Daniel; Scheuering, Uwe - 2015 - This version: July 2015
This paper empirically estimates the effects of a new thin-capitalization rule on the financing behavior of German corporations employing a fixed effects difference-in-difference approach. We compare treatment and control groups separated by a hypothetical application of the new rule in three...
Persistent link: https://www.econbiz.de/10011393141
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Time is money – how much money is time? : interest and inflation in competition law actions for damages
Bueren, Eckart; Hüschelrath, Kai; Veith, Tobias - 2014
Public and private action against cartels is an internationally recognized cornerstone of antitrust enforcement. Effective private enforcement requires that cartel victims can receive (at least) full compensation for the harm suffered. Academics and competition authorities support this goal with...
Persistent link: https://www.econbiz.de/10010233583
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Mind the gap : the difference between U.S. and European loan rates
Berg, Tobias; Saunders, Anthony; Steffen, Sascha; … - 2016
We analyze differences in the pricing of syndicated loans between U.S. and European loans. For credit lines, U.S. borrowers pay significantly higher spreads, but also lower fees, resulting in similar total costs of borrowing in both markets. For term loans, U.S. firms pay significantly higher...
Persistent link: https://www.econbiz.de/10011436380
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Monetary policy implementation and the federal funds rate
Nautz, Dieter (contributor); Schmidt, Sandra (contributor) - 2008
This paper investigates how the implementation of monetary policy affects the dynamics and the volatility of the federal funds rate. Since the early 1980s, the most important changes in the Fed's conduct of monetary policy refer to the role of the federal funds rate target and the reserve...
Persistent link: https://www.econbiz.de/10003721738