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Tax incentives and capital structure choice: Evidence from Germany
Hartmann-Wendels, Thomas; Stein, Ingrid; Stöter, Alwin - Deutsche Bundesbank - 2012
tax benefit of debt (net and gross of investor taxes) and the debt ratio. A 10% increase in the net (gross) marginal tax … simulate marginal tax rates, we find a statistically and economically significant positive relationship between the marginal … benefit of debt causes a 1.5% (1.6%) increase in the debt ratio, ceteris paribus. The results are robust to various …
Persistent link: https://www.econbiz.de/10010984727
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Tax incentives and capital structure choice: Evidence from Germany
Hartmann-Wendels, Thomas; Stein, Ingrid; Stöter, Alwin - 2012
tax benefit of debt (net and gross of investor taxes) and the debt ratio. A 10% increase in the net (gross) marginal tax … simulate marginal tax rates, we find a statistically and economically significant positive relationship between the marginal … benefit of debt causes a 1.5% (1.6%) increase in the debt ratio, ceteris paribus. The results are robust to various …
Persistent link: https://www.econbiz.de/10010310489
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Tax incentives and capital structure choice : evidence from Germany
Hartmann-Wendels, Thomas; Stein, Ingrid; Stöter, Alwin - 2012
tax benefit of debt (net and gross of investor taxes) and the debt ratio. A 10% increase in the net (gross) marginal tax … also be identified in a partial adjustment model. -- Debt ; capital structure ; marginal tax rate ; corporate taxes … simulate marginal tax rates, we find a statistically and economically significant positive relationship between the marginal …
Persistent link: https://www.econbiz.de/10009625689
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Tax Incentives and Capital Structure Choice : Evidence from Germany
Hartmann-Wendels, Thomas - 2016
tax benefit of debt (net and gross of investor taxes) and the debt ratio. A 10% increase in the net (gross) marginal tax … simulate marginal tax rates, we find a statistically and economically significant positive relationship between the marginal … benefit of debt causes a 1.5% (1.6%) increase in the debt ratio, ceteris paribus. The results are robust to various …
Persistent link: https://www.econbiz.de/10012988817
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Tax Incentives and Capital Structure Choice : Evidence from Germany
Hartmann-Wendels, Thomas - 2012
tax benefit of debt (net and gross of investor taxes) and the debt ratio. A 10% increase in the net (gross) marginal tax … simulate marginal tax rates, we find a statistically and economically significant positive relationship between the marginal … benefit of debt causes a 1.5% (1.6%) increase in the debt ratio, ceteris paribus. The results are robust to various …
Persistent link: https://www.econbiz.de/10013101183
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The price impact of lending relationships
Stein, Ingrid - Deutsche Bundesbank - 2011
This study analyzes the impact of bank relationships on a firm's cost of debt. We focus on relationships with the main … bank. We find that a firm's cost of debt decreases with relationship strength, proxied by the share of bank debt provided …-dependent borrowers face a significant premium after several relationship years. Moreover, cost of debt increases with concentration in …
Persistent link: https://www.econbiz.de/10008923006
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Relationship lending - empirical evidence for Germany
Memmel, Christoph; Schmieder, Christian; Stein, Ingrid - 2008
Relationship lending is a common practice in credit financing all over the world, notably also in the European Union, which has been assumed to be particularly beneficial for Small and Medium-Sized Enterprises (SMEs). During recent years, there has been the impression that relationship lending...
Persistent link: https://www.econbiz.de/10010273541
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Relationship lending: empirical evidence for Germany
Schmieder, Christian; Memmel, Christoph; Stein, Ingrid - 2007
Relationship lending is a common practice in credit financing all over the world, particularly in Germany. On the basis of a comprehensive data set comprising information on firm-bank relationships for more than 16,000 observations, this study analyses the determinants of relationship lending in...
Persistent link: https://www.econbiz.de/10010295933
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The price impact of lending relationships
Stein, Ingrid - 2011
This study analyzes the impact of bank relationships on a firm's cost of debt. We focus on relationships with the main … bank. We find that a firm's cost of debt decreases with relationship strength, proxied by the share of bank debt provided …-dependent borrowers face a significant premium after several relationship years. Moreover, cost of debt increases with concentration in …
Persistent link: https://www.econbiz.de/10010304353
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RELATIONSHIP LENDING - EMPIRICAL EVIDENCE FOR GERMANY
Memmel, Christoph; Schmieder, Christian; Stein, Ingrid - Economics Department, European Investment Bank (EIB) - 2008
Relationship lending is a common practice in credit financing all over the world, notably also in the European Union, which has been assumed to be particularly beneficial for Small and Medium-Sized Enterprises (SMEs). During recent years, there has been the impression that relationship lending...
Persistent link: https://www.econbiz.de/10005069915