on two choice variables, the leverage and the ownership structure of the foreign affiliate, and we distinguish different … that as political risk increases the ownership share always decreases whereas leverage can both increase or decrease …

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 … exhibit substantially higher (lower) cash (net debt leverage) levels than predicted. The unexpected changes among established …

political risk. We focus on two choice variables, the leverage and the ownership structure of the foreign affiliate, and we … leverage can both increase or decrease, depending on the type of political risk. Using the Microdatabase Direct Investment of …

firm level panel data, indicate that firms increase their leverage when the tax rate on interest income decreases, albeit …