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Chludek, Astrid K. - 2011

In contrast to common literature that suggests that trade credit is an extremely expensive source of financing with annual interest rates exceeding 40 percent, this paper argues that the average interest rate of trade credit does not exceed the cost of alternative funds, with estimated average...

Persistent link: https://www.econbiz.de/10013133213

Financing constraints revisited : is there a role for taxation and internal funds?

Hoenig, Anja - 2012 - This version: October 2012

theoretical approach that explains how profit taxes, internal funds and other firm characteristics impact firms' access to …

Persistent link: https://www.econbiz.de/10009667488

Tax incentives and the location of FDI: evidence from a panel of German multinationals

Buettner, Thiess; Ruf, Martin - 2005

Using a firm-level dataset this paper investigates the impact of taxation on the decision of German multinationals to hold direct investments in other European countries or abroad. Controlling for firm-specific differences in the valuation of potential locations, the results confirm significant...

Persistent link: https://www.econbiz.de/10010295685

Does lowering dividend tax rates increase dividends repatriated?: evidence of intra-firm cross-border dividend repatriation policies by German Multinational Enterprises

Leibrecht, Markus; Bellak, Christian; Wild, Michael - 2009

This paper explores the impact dividend taxes exert on the dividends repatriated from foreign affiliates to their … German parent company. Based on an augmented Lintner model of firms' dividend payout decisions, the paper focusses on cross …. Secondly, results from an augmented Lintner model imply that increases in dividend taxes indeed have a statistically …

Persistent link: https://www.econbiz.de/10010298835

Steuern, Wettbewerb und Wettbewerbsneutralität

Haucap, Justus - 2011

Bei der Besteuerung nicht oder nur begrenzt handelbarer Dienstleistungen (wie z.B. lokale Postdienstleistungen) entfällt der Anpassungsdruck des internationalen Steuerwettbewerbs weitgehend, sodass etwaige Wettbewerbsverzerrungen insbesondere zwischen verschiedenen inländischen...

Persistent link: https://www.econbiz.de/10009312208

Is underpricing a deliberate choice? Evidence from Germany

Petersen, Markus - 2009

This study tests whether underpricing is subject to the controlling shareholder group's discretion in a sample of German IPOs from 1997 to 2002. This question is important since previous researchers (Allen and Faulhaber (1989), Welch (1998), Grinblatt and Hwang (1989), Brennan and Franks (1997)...

Persistent link: https://www.econbiz.de/10014223888

Cash Holdings and Leverage of German Listed Firms – Evidence from 1992 to 2011

Rapp, Marc Steffen - 2015

We examine cash holdings and leverage levels of German listed (non-financial and non-utility) firms. We document a secular increase in cash ratios over the last twenty years (1992–2011), reducing the net debt book leverage ratio for the average sample firm close to zero. Using pre-diction...

Persistent link: https://www.econbiz.de/10013033638

The Effects of the Financial Crisis on Delisting Decisions : Evidence from Family and Non-Family Firms in Germany

Bessler, Wolfgang - 2018

The global financial crisis significantly affected the viability of the financial system and the structure of equity markets. In this study, we investigate the phenomenon of family and non-family firms' delisting decisions from the Prime Standard, the highest regulated stock market segment in...

Persistent link: https://www.econbiz.de/10012907626

Investor Orientations and Endowment Portfolio Investments in German Foundations

Kremer, Maximilian; Achleitner, Ann‐Kristin - 2021

Germany benefits from an especially lively philanthropic sector, with over twenty three thousand active charitable foundations. An empirical assessment of the portfolio preferences of German foundations yields fundamental intragroup differences in their approach to asset allocation. We build on...

Persistent link: https://www.econbiz.de/10013226243

Delistings of Secondary Listings : Price and Volume Effects

von Wyss, Rico - 2010

. This article investigates whether a delisting is accompanied by any price or volume effects on the company's primary …

Persistent link: https://www.econbiz.de/10013134946