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Neutral taxation of shareholder income? : corporate responses to an announced dividend tax

Alstadsæter, Annette; Fjaerli, Erik - 2009

large panel of non-listed corporations, with a surge of dividends prior to 2006 and a sharp drop after. Mature firms are … more likely to pay dividends, and high asset growth increases the probability of retaining all earnings. Intertemporal … income shifting through the timing of dividends seems to be a drain on internal equity and cause increases in the …

Persistent link: https://www.econbiz.de/10003806745

Dividend decisions in the property and liability insurance industry: mutual versus stock companies

Zou, Hong; Yang, Chuanhou; Wang, Mulong; Zhu, Minglai - In: Review of quantitative finance and accounting 33 (2009) 2, pp. 113-139

Persistent link: https://www.econbiz.de/10003880531

Caught between Scylla and Charybdis? : regulating bank leverage when there is rent seeking and risk shifting

Acharya, Viral V.; Mehran, Hamid; Thakor, Anjan V. - 2010 - Rev.

Banks face two different kinds of moral hazard problems: asset substitution by shareholders (e.g., making risky, negative net present value loans) and managerial rent seeking (e.g., investing in inefficient “pet” projects and consuming perquisites that yield private benefits). The privately...

Persistent link: https://www.econbiz.de/10008657183

The rat race of capital structure research for REITs and REOCs : two spotlights on leverage

Hohenstatt, Ralf; Steininger, Bertram - 2011

This paper presents a dynamic multi-equation model based on a balance sheet identity, where technical aspects of capital structure are highlighted through separately observing debt and equity and their relationship to investment. Additionally, leverage dynamics are interpreted in their role for...

Persistent link: https://www.econbiz.de/10009424101

The (self-)funding of intangibles

Döttling, Robin; Ladika, Tomislav; Perotti, Enrico C. - 2016

. They also tend to grant more deferred equity and prioritize repurchases over dividends in particular when their stock …

Persistent link: https://www.econbiz.de/10011556238

The shadow cost of repos and bank liability structure

Klimenko, Nataliya; Moreno-Bromberg, Santiago - 2015

Making use of a structural model that allows for optimal liquidity management, we study the role that repos play in a bank's financing structure. In our model the bank's assets consist of illiquid loans and liquid reserves and are financed by a combination of repos, long–term debt, deposits...

Persistent link: https://www.econbiz.de/10011293473

The Effect of Corporate Governance, Corporate Financing Decision and Ownership Structure on Firm Performance : A Panel Data Approach from Kuwait Stock Exchange

Al Mutairi, Mohammad Eid - 2010

The aim of this paper is to examine the effect of corporate governance, corporate financing decision, and ownership structure on firm performance. The study uses panel based regression approach; the analysis is based on a sample of 80 listed Kuwait Stock Exchange Market firms, over a period of 9...

Persistent link: https://www.econbiz.de/10013135649

Capital Structure Irrelevance : The Modigliani-Miller Theorem

Cheremushkin, Sergei Vasilievich - 2012

The paper provides review of Modigliani-Miller capital structure irrelevance proposition and its development since 1958. The paper suggests some pedagogical insights and introduce risk-shifting interpretations of the MM model. We also discuss shapes of cost of debt and cost of equity functions...

Persistent link: https://www.econbiz.de/10013102169

Simultaneous Analysis of Corporate Investment, Dividend, and Finance : Empirical Evidence Under High Uncertainty

2012

This paper analyzes interdependence of three financial policies, investment decision, financing decision, and dividend policy. Interdependent relationship between the three has been extensively debated within literature of finance. While many studies have been conducted to normal economic...

Persistent link: https://www.econbiz.de/10013107134

Optimal Leverage and Investment Under Uncertainty

Személy, Béla - 2012

This paper studies the effects of changes in uncertainty on optimal leverage and investment in a dynamic firm-financing model in which firms have access to complete markets subject to collateral constraints. Entrepreneurs finance projects with their net worth and by issuing state-contingent...

Persistent link: https://www.econbiz.de/10013109171

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