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Government bonds might provide reference entities that reduce corporate bond yield. We study China's 2017 issuance of two U.S. dollars (USD) denominated sovereign bonds when there were (effectively) no outstanding USD sovereigns. We find that USD-denominated Chinese corporate bonds experienced a...
Persistent link: https://www.econbiz.de/10012849861
Researchers have recently studied the interactions between corporate and government bond issuances within many countries. Some conclude that government bonds compete with private bond issuances, while others maintain that government bonds provide valuable reference entities that improve the...
Persistent link: https://www.econbiz.de/10012833336
Persistent link: https://www.econbiz.de/10008655975
In this paper, we directly test the Modigliani-Miller theorem in the lab. Applying a general equilibrium approach and not allowing for arbitrage among firms with different capital structures, we are able to address this issue without making any assumptions about individuals’ risk attitudes and...
Persistent link: https://www.econbiz.de/10003870995
In this paper, we directly test the Modigliani-Miller theorem in the lab. Applying a general equilibrium approach and not allowing for arbitrage among firms with different capital structures, we are able to address this issue without making any assumptions about individuals' risk attitudes and...
Persistent link: https://www.econbiz.de/10009734687
We provide evidence on how statutory corporate tax rate changes affect income-shifting behavior. Our difference-in-differences identification strategy exploits the 112 staggered changes in corporate income tax rates across the 33 U.S. states during the period 1989-2012. We find that accounting...
Persistent link: https://www.econbiz.de/10012889100
Persistent link: https://www.econbiz.de/10011870291
investment decisions. We find that firms’ investment decisions largely undo the effects of shifts in preferences on stock prices …
Persistent link: https://www.econbiz.de/10014349989
Persistent link: https://www.econbiz.de/10013339039
impact on the corporationś location of investment and its transfer pricing activities involving locations outside the … consolidated group. We use a 2-by-2 treatment design with two levels of tax-rate differential between two investment locations, and …
Persistent link: https://www.econbiz.de/10010259636