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capital investment. We argue that this is due to the emergence of new corporate giants rather than the growth of existing ones …
Persistent link: https://www.econbiz.de/10009640458
It has often been argued during the recent credit crisis that commercial banks’ involvement in investment banking … to the complete revocation of the Glass-Steagall Act in the United States and analyze whether investment banks or … underwritten by investment houses. This evidence is stronger in the case of ex-ante riskier and more competitive issues, and during …
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on speculative-grade and BBB-rated investment-grade bonds. These findings suggest that the diffusion of new financial …
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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
Global bonds are international securities designed to be traded and settled efficiently in multiple markets. This paper studies global bonds to examine the effects of multimarket trading on corporate bond liquidity, prices, and the cost of debt. Using a sample of primary and secondary market...
Persistent link: https://www.econbiz.de/10009640328
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
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