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How effective is an incremental ACE in addressing the debt bias? : Evidence from corporate tax returns

Branzoli, Nicola - 2018

Persistent link: https://www.econbiz.de/10011936603

The high-yield segment of the corporate bond market

Bondt, Gabe de; Marqués, David - 2004

This study empirically examines the development of the high-yield segment of the corporate bond market in the United States, as a pioneer country, and the United Kingdom and the euro area, as later adopting countries. Estimated diffusion models show for the United States a significant pioneer...

Persistent link: https://www.econbiz.de/10009636536

International taxation and multinational firm location decisions

Barrios, Salvador - 2009

Using a large international firm-level data set, we estimate separate effects of host and parent country taxation on the location decisions of multinational firms. Both types of taxation are estimated to have a negative impact on the location of new foreign subsidiaries. In fact, the impact of...

Persistent link: https://www.econbiz.de/10009639913

Multimarket trading and the cost of debt

Petrasek, Lubomir - 2010

studies global bonds to examine the effects of multimarket trading on corporate bond liquidity, prices, and the cost of debt … significant liquidity and price advantage over comparable domestic bonds. On average, global bonds trade at yields 15 to 25 basis … of crisis. Global issues are more liquid, as evidenced by several trade-based liquidity measures, but the liquidity …

Persistent link: https://www.econbiz.de/10009640328

Growth strategies and value creation

Hasan, Iftekhar; Schmiedel, Heiko; Song, Liang - 2010

In recent years, demutualized stock exchanges have been increasingly engaging in M&A and alliance activities. To examine the effect of these growth strategies on exchange shareholders’ value creation, we focus on 14 public stock exchanges and investigate their short-run share price responses...

Persistent link: https://www.econbiz.de/10009640339

The impact of public guarantees on bank risk taking

Gropp, Reint; Gruendl, Christian; Guettler, Andre - 2010

In 2001, government guarantees for savings banks in Germany were removed following a law suit. We use this natural experiment to examine the effect of government guarantees on bank risk taking, using a large data set of matched bank/borrower information. The results suggest that banks whose...

Persistent link: https://www.econbiz.de/10009640419

The determinants of bank capital structure

Gropp, Reint; Heider, Florian - 2009

The paper shows that mispriced deposit insurance and capital regulation were of second order importance in determining the capital structure of large U.S. and European banks during 1991 to 2004. Instead, standard cross-sectional determinants of non-financial firms’ leverage carry over to...

Persistent link: https://www.econbiz.de/10009640517

Corporate bond spreads and real activity in the euro area

Buchmann, Marco - 2011

This paper aims at providing a detailed analysis of the leading indicator properties of corporate bond spreads for real economic activity in the euro area. In- and out-of-sample predictive content of corporate bond spreads are examined along three dimensions: the bonds’ quality , their term to...

Persistent link: https://www.econbiz.de/10009640612

The stock market reaction to the 2005 non-tradable share reform in China

Beltratti, Andrea; Bortolotti, Bernardo; Caccavaio, Marianna - 2011

During 2005-2006, the Chinese government implemented a reform aimed at eliminating the so-called non-tradable shares (NTS), shares typically held by the State or by politically connected institutional investors that were issued at the early stage of financial market development. Our analysis,...

Persistent link: https://www.econbiz.de/10009640778

The debt-equity tax bias : consequences and solutions

Fatica, Serena; Hemmelgarn, Thomas; Nicodeme, Gaetan - Europäische Kommission / Generaldirektion Steuern und …; … - 2012

Persistent link: https://www.econbiz.de/10009661740