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A general free cash flow theory of capital structure
Buus, Tomáš - In: Journal of business economics and management 16 (2015) 3, pp. 675-695
Persistent link: https://www.econbiz.de/10011516535
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Creditor rights and debt allocation within multinationals
Akbel, Basak; Schnitzer, Monika - 2009
We analyze the optimal debt structure of multinational corporations choosing between centralized or decentralized borrowing. We identify how this choice is affected by creditor rights and bankruptcy costs, taking into account managerial incentives and coinsurance considerations. We find that...
Persistent link: https://www.econbiz.de/10003935683
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Empirical evaluation of interest barrier effects
Dreßler, Daniel; Scheuering, Uwe - 2015 - This version: July 2015
This paper empirically estimates the effects of a new thin-capitalization rule on the financing behavior of German corporations employing a fixed effects difference-in-difference approach. We compare treatment and control groups separated by a hypothetical application of the new rule in three...
Persistent link: https://www.econbiz.de/10011393141
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Leasing decisions and credit constraints : empirical analysis on a sample of Italian firms
Cosci, Stefania; Guida, Roberto; Meliciani, Valentina - In: European financial management : the journal of the … 21 (2015) 2, pp. 377-398
Persistent link: https://www.econbiz.de/10010516659
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Accelerated depreciation, default risk and investment decisions
Panteghini, Paolo; Vergalli, Sergio - 2016
In this article we focus on a representative firm that can decide when to invest under default risk. On the one hand, this firm can benefit from generous tax depreciation allowances, on the other hand it faces a default risk. Our aim is to study the effects of tax depreciation allowances in a...
Persistent link: https://www.econbiz.de/10011416013
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An empirical application of the trade-off model for companies in the Dow Jones industrial average
Gallizo Larraz, José L.; Vendrell Vilanova, Ana; … - In: Modern economy 5 (2014) 13, pp. 1229-1239
Persistent link: https://www.econbiz.de/10011285546
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The structure and pricing of corporate debt covenants
Bradley, Michael H.; Roberts, Michael R. - In: The quarterly journal of finance 5 (2015) 2, pp. 1-37
Persistent link: https://www.econbiz.de/10011300192
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Disagreement and flexibility : a theory of optimal security issuance and capital structure
Boot, Arnoud W. A.; Thakor, Anjan V. - 2002
ofthis theory of capital structure evolution is that optimal capital structure is essentiallydynamic, and depends on the firm …’s stock price, implying that firms issue equity when stockprices are high and debt when stock prices are low. The theory … testablepredictions. Moreover, the theory can rationalize the use of debt in the absence of taxes,agency costs or signaling considerations. …
Persistent link: https://www.econbiz.de/10011332820
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Fire sale bank recapitalizations
Bertsch, Christoph; Mariathasan, Mike - 2015
We develop a general equilibrium model of banks' capital structure, featuring heterogeneous portfolio risk and an imperfectly elastic supply of bank equity stemming from financial market segmentation. In our model, equity is costly and serves as a buffer against insolvency. Banks are ex-ante...
Persistent link: https://www.econbiz.de/10011341895
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Productivity relevance of capital structure choices
Uddin, Nasir - In: International journal of economics and finance 7 (2015) 9, pp. 31-49
Persistent link: https://www.econbiz.de/10011346729