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Creditor Rights and Debt Allocation within Multinationals
Akbel, Basak; Schnitzer, Monika - C.E.P.R. Discussion Papers - 2010
We analyze the optimal debt structure of multinational corporations choosing between centralized or decentralized borrowing. We identify how this choice is affected by creditor rights and bankruptcy costs, taking into account managerial incentives and coinsurance considerations. We find that...
Persistent link: https://www.econbiz.de/10008466341
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When is FDI a Capital Flow?
Marin, Dalia; Schnitzer, Monika - Volkswirtschaftliche Fakultät, … - 2006
In this paper we analyze the conditions under which a foreign direct investment (FDI) involves a net capital flow … across countries. Frequently, foreign direct investment is financed in the host country without an international capital … movement. We develop a model in which the optimal choice of financing an international investment trades off the relative costs …
Persistent link: https://www.econbiz.de/10005785878
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Who is Afraid of Political Risk? Multinational Firms and their Choice of Capital Structure
Kesternich, Iris; Schnitzer, Monika - Volkswirtschaftliche Fakultät, … - 2007
, depending on the type of political risk. Using the Microdatabase Direct Investment of the Deutsche Bundesbank, we find …
Persistent link: https://www.econbiz.de/10005785916
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Inside versus Outside Financing and Product Market Competition
Schnitzer, Monika; Wambach, Achim - C.E.P.R. Discussion Papers - 1998
This paper investigates the interaction of firms' financial structure and their competitive behaviour on oligopolistic product markets. We consider risk-averse entrepreneurs who produce with uncertain production costs. To reduce their exposure to risk they can sell stocks to risk-neutral...
Persistent link: https://www.econbiz.de/10005791383
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When is FDI a Capital Flow?
Marin, Dalia; Schnitzer, Monika - C.E.P.R. Discussion Papers - 2006
In this paper we analyze the conditions under which a foreign direct investment (FDI) involves a net capital flow … across countries. Frequently, foreign direct investment is financed in the host country without an international capital … movement. We develop a model in which the optimal choice of financing an international investment trades off the relative costs …
Persistent link: https://www.econbiz.de/10005791956