marginal tax rates affect the debt policies of Spanish listed companies, and the existence of non-debt tax shields constitutes … an alternative to the use of debt as a tax shelter. Consistent with theoretical expectations, there is a stronger … relation between debt and taxation in less levered firms. Finally, we empirically estimate the impact of the new thin …

marginal tax rates affect the debt policies of Spanish listed companies, and the existence of non-debt tax shields constitutes … an alternative to the use of debt as a tax shelter. Consistent with theoretical expectations, there is a stronger … relation between debt and taxation in less levered firms. Finally, we empirically estimate the impact of the new thin …

This paper explores whether corporate tax bias toward debt finance differs between banks and nonbanks, using a large …

We analyze the optimal debt structure of multinational corporations choosing between centralized or decentralized …

This paper develops a new model of debt renegotiation in a structural framework, that accounts for both taxes and … coupon reduction to creditors, given that the new coupon is chosen such that debt value remains constant. Our result shows … firm without hurting the creditors. This model of debt renegotiation can be viewed as a way of passing from a junk bond to …

This paper studies whether debt renegotiation mitigates debt overhang and improves investment efficiency. Using mergers … unsecured loans, providing further support that lender mergers improves investment efficiency for firms suffering from debt …

In this paper we build a theoretical model of a firm repurchasing its corporate debt. We find that firm creditors as a … group sell debt to the firm only at face value. However, because of the cross-creditor externalities buying back debt is … cheaper and easier when there are many creditors, e.g., when debt is traded on the open market. We further show that …

.3 percent higher domestic liabilities relative to other multinationals, equivalent to $152.2 million more domestic debt per firm …

's overinvestment. We posit that when external funds are easily available, as in expansionary monetary periods, debt loses its … disciplinary role of debt might become a false friend when money abounds. …