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Investment, protection, ownership, and the cost of capital
Himmelberg, Charles P.; Hubbard, R. Glenn; Love, Inessa - 2002
We investigate the cost of capital in a model with an agency conflict between inside managers and outside shareholders. Inside ownership reflects the classic tradeoff between incentives and risk diversification, and the severity of agency costs depends on a parameter representing investor...
Persistent link: https://www.econbiz.de/10011506547
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The Euro is good after all: Corporate evidence
Bris, Arturo; Koskinen, Yrjö - 2002
In this paper we study the changes in corporate valuation, investments, and financing choices induced by the formation of Economic and Monetary Union (EMU) in Europe. We use corporate-level data from ten countries that adopted the euro, the three EU countries that did not join EMU, as well as...
Persistent link: https://www.econbiz.de/10010281234
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A multiple factor model for European stocks
Stephan, Thomas G.; Maurer, Raimond; Dürr, Martin - 2000
We present an empirical study focusing on the estimation of a fundamental multi-factor model for a universe of European stocks. Following the approach of the BARRA model, we have adopted a cross-sectional methodology. The proportion of explained variance ranges from 7.3% to 66.3% in the weekly...
Persistent link: https://www.econbiz.de/10010316262
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Taxation of Entrepreneurs Relative to Well Diversified Investors - A Swedish Perspective
Normann, Göran - 2004
earlier results based on the capital asset pricing model (CAPM), it is shown that the difference can be as high as a factor …
Persistent link: https://www.econbiz.de/10010320062
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The Euro is good after all: Evidence from corporate valuations
Bris, Arturo; Koskinen, Yrjö; Nilsson, Mattias - 2003
In this paper we study the changes in corporate valuations induced by the adoption of the euro as the common currency in Europe. We use corporate-evel data from ten countries that adopted the euro, the three EU countries that did not start using the euro, as well as Norway and Switzerland. We...
Persistent link: https://www.econbiz.de/10010281165
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Firm Investment and Monetary Policy Transmission in the Euro Area
von Kalckreuth, Ulf; Hernando, Ignacio; Generale, Andrea; … - 2001
We present a comparable set of results on the monetary transmission channels on firm investment for the four largest … channel. For each of those countries, we estimate neoclassical investment relationships, explaining investment by its user … cost, sales and cash flow. We find investment to be sensitive to user cost changes in all those four countries. This …
Persistent link: https://www.econbiz.de/10010295717
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Investment behavior, user cost and monetary policy transmission: The case of Hungary
Kátay, Gábor; Wolf, Zoltán - 2004
In this paper we investigate corporate investment behavior using a large panel of Hungarian firms between 1993 and 2002 …, the effect of user cost changes on investment is significant and robust across several specifications providing strong … evidence against simple sales-accelerator models of investment. Firms' cash-flow proved to be a significant determinant of …
Persistent link: https://www.econbiz.de/10010322436
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Effects of Tax Depreciation Rules on Firms' Investment Decisions: A Comparison of European Transition Countries
Nam, Chang Woon; Radulescu, Doina Maria - In: CESifo DICE Report 01 (2003) 2, pp. 52-55
Persistent link: https://www.econbiz.de/10011696432
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The Equity Trap, the Cost of Capital and the Firm´s Growth Path
Lindhe, Tobias; Södersten, Jan - 2006
This paper reconsiders Sinn's (1991) nucleus theory of the corporation by comparing two different regimes for the …
Persistent link: https://www.econbiz.de/10010321558
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Economic Effects of Taxing Different Organizational Forms under a Dual Income Tax
Lindhe, Tobias; Södersten, Jan; Öberg, Ann - 2003
This paper analyzes the economic effects of different income splitting rules for closely held corporations and sole proprietorships/partnerships in a tax system with a dual income tax. We conclude that the tax rules for closed corporations offer roughly the same cost of capital as for widely...
Persistent link: https://www.econbiz.de/10010321596