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The Real Effects of Private Equity Buyouts

Tåg, Joacim - 2010

Private equity buyouts have become a common element in the industrial development process. I survey the literature on the real economic effect of buyouts: employment, wages, productivity, and long-run investments. Employment tend to marginally fall after a buyout in most countries studied, with...

Persistent link: https://www.econbiz.de/10010320213

The convergence of financial systems in Europe

Schmidt, Reinhard H.; Hackethal, Andreas; Tyrell, Marcel - 2001

Since the beginning of the 1990s, it has been widely expected that the implementation of the European Single Market would lead to a rapid convergence of Europe’s financial systems. In the present paper we will show that at least in the period prior to the introduction of the common currency...

Persistent link: https://www.econbiz.de/10010316232

Integration, Regulation, and Corporate Governance in the EU Banking Sector

Köhler, Matthias - 2010

Persistent link: https://www.econbiz.de/10010302116

CEO preferences and acquisitions

Jenter, Dirk; Lewellen, Katharina - 2011

of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs' private merger costs are the forgone … costs, we find strong evidence that target CEO preferences affect merger patterns. The likelihood of receiving a takeover … in takeover activity appears discretely at the age-65 threshold, with no gradual increase as CEOs approach retirement age …

Persistent link: https://www.econbiz.de/10010280635

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

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

Disagreement and Flexibility: A Theory of Optimal Security Issuance and Capital Structure

Boot, Arnoud W.A.; Thakor, Anjan V. - 2003

In this paper we introduce flexibility as an economic concept and apply it to the firm’ssecurity issuance decision and capital structure choice. Flexibility is the ability to makedecisions that one thinks are best even when others disagree. The firm’s management valuesflexibility because it...

Persistent link: https://www.econbiz.de/10010324789

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

Capital structure choice and company taxation: A meta-study

Feld, Lars P.; Heckemeyer, Jost Henrich; Overesch, Michael - 2011

Persistent link: https://www.econbiz.de/10010274978

Bank capital and value in the cross section

Mehran, Hamid; Thakor, Anjan - 2009

We address two questions: (i) Are bank capital structure and value correlated in the cross section, and if so, how? (ii) If bank capital does affect bank value, how are the components of bank value affected by capital? We first develop a dynamic model with a dissipative cost of bank capital that...

Persistent link: https://www.econbiz.de/10010287142

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