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Disagreement and Flexibility: A Theory of Optimal Security Issuance and Capital Structure
Boot, Arnoud W.A.; Thakor, Anjan V. - 2003
ofthis theory of capital structure evolution is that optimal capital structure is essentiallydynamic, and depends on the firm …’s stock price, implying that firms issue equity when stockprices are high and debt when stock prices are low. The theory … testablepredictions. Moreover, the theory can rationalize the use of debt in the absence of taxes,agency costs or signaling considerations. …
Persistent link: https://www.econbiz.de/10010324789
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Corporate debt, hybrid securities and the effective tax rate
Panteghini, Paolo M. - 2008
In this article we use contingent-claim analysis to calculate the effective tax rate (ETR) under corporate debt finance. In particular, we deal with both pure debt and two of the most well-known hybrid securities, i.e., convertible, and reverse convertible bonds. We show that: 1) effective...
Persistent link: https://www.econbiz.de/10010276143
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The Impact of Personal and Corporate Taxation on Capital Structure Choices
Voeller, Dennis; Overesch, Michael - 2008
This paper empirically analyses whether both personal and corporate taxation have an impact on companies' capital structure decisions. We investigate the effect of the difference in taxation of debt and equity financing on capital structures. Our empirical results, based on a comprehensive panel...
Persistent link: https://www.econbiz.de/10010298029
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Capital structure choice and company taxation: A meta-study
Feld, Lars P.; Heckemeyer, Jost H.; Overesch, Michael - 2011
This paper provides a quantitative review of the empirical literature on the tax impact on corporate debt financing. Synthesizing the evidence from 46 previous studies, we find that this impact is substantial. In particular, the tax rate proxy determines the outcome of primary analyses. Measures...
Persistent link: https://www.econbiz.de/10010307852
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Corporate debt maturity choice in transition financial markets
Stephan, Andreas; Talavera, Oleksandr; Tsapin, Andriy - 2008
This paper investigates the determinants of liability maturity choice in transition markets. We formulate a model of firm value maximization that describes managers' choice of optimal debt structure. The theoretical predictions are tested using a unique panel of 4,300 Ukrainian firms during the...
Persistent link: https://www.econbiz.de/10010265007
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Capital structure choice and company taxation: A meta-study
Feld, Lars P.; Heckemeyer, Jost Henrich; Overesch, Michael - 2011
This paper provides a quantitative review of the empirical literature on the tax impact on corporate debt financing. Synthesizing the evidence from 46 previous studies, we find that this impact is substantial. In particular, the tax rate proxy determines the outcome of primary analyses. Measures...
Persistent link: https://www.econbiz.de/10010274978
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Profit shifting by debt financing in Europe
Barion, Francesca; Miniaci, Raffaele; Panteghini, Paolo M. - 2010
This article aims at analyzing the link between subsidiaries' capital structure and taxation in Europe. First we introduce a trade-off model, which studies a MNCs' financial strategy and shows how debt policy allows multinational groups to shift profits from low-tax to high-tax jurisdictions. By...
Persistent link: https://www.econbiz.de/10010276152
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International debt shifting: Do multinationals shift internal or external debt?
Møen, Jarle; Schindler, Dirk; Schjelderup, Guttorm; … - 2011
Multinational companies can exploit the tax advantage of debt more aggressively than national companies by shifting debt from affiliates in low tax countries to affiliates in high tax countries. Previous papers have either omitted internal debt or external debt from the analysis. We are the...
Persistent link: https://www.econbiz.de/10010277407
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Corporate credit and leverage in the EU: Recent evolution, main drivers and financial stability implications
Beck, Thorsten; Peltonen, Tuomo; Perotti, Enrico C.; … - 2023
This report presents a long-term view of the evolution of financing of EU non-financial corporations (NFCs) in recent decades. It finds a decline in NFC leverage since at least 2008, and across countries, size categories and industries. It also documents a growing role of non-bank financial...
Persistent link: https://www.econbiz.de/10014327946
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Leasing by small enterprises
Neuberger, Doris; Räthke-Döppner, Solvig - 2012
Using internal data of a leasing company in Germany, we examine the determinants of the probability and use of leasing by small firms. We find that small and young firms are likely to be constrained on the leasing market but use leasing to increase their debt capacity. Beyond contract- and...
Persistent link: https://www.econbiz.de/10010319296