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Credit Rationing and Public Support of Commercial Credit
Janda, Karel - 2011
government support in the form of credit guarantees or interest rate subsidies. This paper compares different forms of government … support and concludes that credit guarantees and interest rate subsidies have a nonambiguous positive effect on social …Credit contracting between a lender with monopoly market power and a small start-up entrepreneur may lead to the …
Persistent link: https://www.econbiz.de/10013125484
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Management compensation, monitoring and aggressive corporate tax planning
Steinhoff, Melanie - 2015
The empirical literature shows that management incentives often reduce corporate tax aggressiveness. Focussing on the riskiness of tax aggressiveness this paper offers one explanation for the observed negative relation. Using an agency framework, I analyze the manager's choice of effort...
Persistent link: https://www.econbiz.de/10010530039
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Costs, benefits, and tax-induced distortions of stock option plans
Niemann, Rainer; Simons, Dirk - 2002
In recent years stock option plans (SOPs) have become an important component of managerial remuneration in most industrialized countries. Commonly accepted, corporate as well as individual taxes have a major impact on the costs of a SOP. In contrast, the tax influence on the benefits of a SOP...
Persistent link: https://www.econbiz.de/10011514043
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VAT Compliance Incentives
Miceli, Maria-Augusta - 2020
In this work I clarify VAT evasion incentives through a game theoretical approach. Traditionally, evasion has been linked to the decreasing risk aversion in higher revenue (Allingham and Sandmo (1972), Cowell (1985) (1990)). I claim tax evasion to be a rational choice when compliance is...
Persistent link: https://www.econbiz.de/10012842403
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Costs, benefits, and tax-induced distortions of stock option plans
Niemann, Rainer; Simons, Dirk - 2002
In recent years stock option plans (SOPs) have become an important component of managerial remuneration in most industrialized countries. Commonly accepted, corporate as well as individual taxes have a major impact on the costs of a SOP. In contrast, the tax influence on the benefits of a SOP...
Persistent link: https://www.econbiz.de/10001718476
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Principal Trading Arrangements : When Are Common Contracts Optimal?
Baldauf, Markus - 2020
Many financial arrangements reference market prices that are yet to be realized at the time of contracting and consequently susceptible to manipulation. Two of the most common such arrangements are: (i) market-on-close contracts, which reference the price prevailing at the end of an execution...
Persistent link: https://www.econbiz.de/10012852314
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Information Chasing Versus Adverse Selection
Pinter, Gabor; Wang, Chaojun; Zou, Junyuan - 2022
Contrary to the prediction of the classic adverse selection theory, a more informed trader could receive better pricing relative to a less informed trader in over‑the‑counter financial markets. Dealers chase informed orders to better position their future quotes and avoid winner’s curse in...
Persistent link: https://www.econbiz.de/10013290336
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The Downside of Precise Public Information for Delegated Asset Management
Donaldson, Jason - 2015
We theoretically investigate the effect of public information — such as credit ratings and securities analysts' reports … decreasing the precision of the information is Pareto improving. Interpreting public information as credit ratings, this suggests …
Persistent link: https://www.econbiz.de/10013034896
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IMF Conditionality and Country Ownership of Programs
Khan, Mohsin S. - 2021
The paper uses finance and agency theory to establish two main propositions: First, that the conditionality attached to adjustment programs supported by the IMF is justified. Second, that ownership of programs by the borrowing country is crucial for their success. Hence, since both IMF...
Persistent link: https://www.econbiz.de/10013211946
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Hidden insurance in a moral hazard economy
Bertola, Giuseppe; Koeniger, Winfried - 2013
We consider an economy where individuals privately choose effort and trade competitively priced securities that pay off with effort-determined probability. We show that if insurance against a negative shock is sufficiently incomplete, then standard functional form restrictions ensure that...
Persistent link: https://www.econbiz.de/10010225898