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major theories of entrepreneurial finance and some more recent ideas (e.g., crowdfunding-related ideas/theories) with … also found that the likelihood of using crowdfunding is consistent with local bias ideas and internet access. We also …
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Securities-based crowdfunding has evolved into an important source of financing for small and medium-sized enterprises … (SME), but little is known about how crowdfunding campaigns fit into the capital structure decisions of SMEs. Combining … insights from SME capital structure and crowdfunding literatures results in high ambiguity, as crowdfunding seems to change SME …
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The corporate finance literature documents that managers tend to overinvest into physical assets. A number of theoretical contributions have aimed to explain this stylized fact, most of them focussing on a fundamental agency problem between shareholders and managers. The present paper shows that...
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This paper provides a model-based analysis of special tax rules for corporations that invest in stocks of other corporations. To avoid double taxation the returns from such stock investments (dividends and capital gains) are usually tax-exempted or taxed at a reduced tax rate. This allows for...
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Existing theories of a firm’s optimal capital structure seem to fail in explaining why many healthy and profitable firms rely heavily on equity financing, even though benefits associated with debt (like tax shields) appear to be high and the bankruptcy risk low. This holds in particular for...
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