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Role of personal taxes in capital structure decisions: Evidence from India
Sinha, Pankaj - In: Business and Economic Horizons (BEH) 9 (2013) 3, pp. 41-55
debt on leverage decisions of Indian firms. After including personal taxes, marginal taxes become insignificant. The study …The study investigates the role of personal taxes in corporate financing decisions and its impact on the corporate tax … advantage of debt in domestic manufacturing companies in India. Incremental financing decisions have been analyzed through …
Persistent link: https://www.econbiz.de/10010781944
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Basel III and CEO compensation in banks: Pay structures as a regulatory signal
Eufinger, Christian; Gill, Andrej - Research Center SAFE (Sustainable Architecture for … - 2013
This paper proposes a new regulatory approach that implements capital requirements contingent on managerial compensation. We argue that excessive risk taking in the financial sector originates from the shareholder moral hazard created by government guarantees rather than from corporate...
Persistent link: https://www.econbiz.de/10010955141
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Bank leverage and return on equity targeting: intrinsic procyclicality of short-term choices
Pagratis, Spyros; Karakatsani, Eleni; Louri, Helen - Bank of Greece - 2014
We find evidence that banks target return on equity (RoE) and make active use of leverage to affect the speed of … with above median leverage among their peer group. As a result, RoE targeting could affect leverage dynamics and amplify … cyclical fluctuations as banks take on more leverage to achieve high returns when risk premia are low, while ‘rush for the exit …
Persistent link: https://www.econbiz.de/10011099333
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Interrelationship between taxes, capital structure decisions and value of the firm: A panel data study on Indian manufacturing firms
Sinha, Pankaj; Bansal, Vishakha - Volkswirtschaftliche Fakultät, … - 2014
undertaken in this study is able to capture the tax effects of debt. It shows clearly that companies consider partial …Since the development of efficient proxies for taxes, many researchers have proved the existence of impact of tax on … study the tax implications of financing decisions on the firm’s value. In this study an attempt is made to study the …
Persistent link: https://www.econbiz.de/10011109655
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The Choice of Organizational Form by Closely-Held Firms in Sweden: Tax vs. Non-Tax Determinants
Edmark, Karin; Gordon, Roger - Swedish Entrepreneurship Forum - 2012
role of both tax and non-tax determinants in the choice to be a closely-held corporation vs. a proprietorship. While lower …-income individuals face relatively neutral incentives, higher income households face strong tax incentives to be corporate. The data … suggest a strong response to these tax incentives. Many conventional non-tax determinants are confirmed in the data as well. …
Persistent link: https://www.econbiz.de/10010616673
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Public policy, entrepreneurship, and venture capital in the United States
Cumming, Douglas; Li, Dan - In: Journal of Corporate Finance 23 (2013) C, pp. 345-367
This paper empirically examines business starts, deaths, venture capital and patents in relation to U.S. public policy. The most consistent evidence in the data shows that lower levels of labor frictions and higher levels of SBIR awards are associated with more business starts and higher levels...
Persistent link: https://www.econbiz.de/10010719631
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Public economics gone wild: Lessons from venture capital
Cumming, Douglas - In: International Review of Financial Analysis 36 (2014) C, pp. 251-260
A recent article in the Journal of Public Economics has asserted, among other things, that government venture capital funds in Europe have crowded out private venture capital. I explain that the findings in that paper are based on empirical measures that are completely flawed. Moreover, I show...
Persistent link: https://www.econbiz.de/10011117767
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The inner structure of pyramid and capital structure: Evidence from China
Su, Kun - Institut für Weltwirtschaft (IfW) - 2014
deeply. His results show that the longer the layers of pyramid structure, the stronger the leverage effect of pyramid … structure, as well as the ultimate controllers' motivation to expand debt financing will be. So the layers of pyramid structure …
Persistent link: https://www.econbiz.de/10010956110
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The Capital Structure of Regulated Firms
Spiegel, Yossef; Spulber, Daniel F. - Center for Mathematical Studies in Economics and … - 1991
debt and equity levels refelect regulatory responses. Moreover, debt financing weakens the incentive for regulators to …
Persistent link: https://www.econbiz.de/10005252357
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Evaluation of Different Approaches to Capital Structure Regulation
Schaeffler, Stephan - Fachbereich Wirtschaftswissenschaften, Universität … - 2012
, i.e. finding the right balance between equity financing and debt. Taggert (1981) shows that rate-of-return regulation … Spulber (1994) find that the firm chooses its equity and debt in order to affect the outcome of the regulatory process. As a … strategies solely financing with equity or debt. …
Persistent link: https://www.econbiz.de/10010553375