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Corporate debt and crisis severity in Europe

Niemczak, Kinga - In: E-Finanse : finansowy kwartalnik internetowy 9 (2013) 1, pp. 35-43

to the 2008 crisis and to determine whether the ex-ante differences in corporate financial structure had an impact on the … severity of the 2008 financial crisis in European countries. The analysis confirms a negative relationship between the … corporate debt ratio prior to the crisis and crisis-induced contractions in corporate investment and GDP. The results indicate a …

Persistent link: https://www.econbiz.de/10010188209

Capital structure, corporate taxation and firm age

Pfaffermayr, Michael; Stöckl, Matthias; Winner, Hannes - 2008

This paper analyzes the relationship between capital structure, corporate taxation and firm age. We adapt a standard model of optimal capital structure choice under corporate taxation, focusing on the financing and investment decisions a young firm is typically faced with. Our model allows to...

Persistent link: https://www.econbiz.de/10010293406

Testing the Modigliani-Miller theorem directly in the lab: a general equilibrium approach

Qiu, Jianying; Mahagaonkar, Prashanth - 2009

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/10010294759

The impact of thin-capitalization rules on multinationals' financing and investment decisions

Büttner, Thiess; Overesch, Michael; Schreiber, Ulrich; … - 2008

This paper analyzes the effectiveness of thin-capitalization rules in preventing debt finance by intercompany loans and explores their consequences for corporate decisions. A theoretical discussion emphasizes that limitations of the deduction of interest owed to foreign affiliates would not only...

Persistent link: https://www.econbiz.de/10010295875

How do banks adjust their capital ratios? Evidence from Germany

Memmel, Christoph; Raupach, Peter - 2007

We analyze the dynamics of banks' regulatory capital ratios. Using monthly data of regulatory capital ratios for a subset of large German banks, we estimate the target level and the adjustment speed of the capital ratio for each bank separately. We find evidence that, first, there exists a...

Persistent link: https://www.econbiz.de/10010295925

How Do Banks Determine Capital? Empirical Evidence for Germany

Weber, Martin; Kleff, Volker - 2003

This paper examines how capital is determined by German banks. We analyse whether the determinants found in the previous empirical literature hold for the special German banking sector with its three characteristic banking groups of savings banks, cooperative banks and other banks. On the basis...

Persistent link: https://www.econbiz.de/10010297333

How Does Owners' Exposure to Idiosyncratic Risk Influence the Capital Structure of Private Companies?

Müller, Elisabeth - 2005

This paper identifies the entrepreneur's exposure to idiosyncratic risk as an important determinant of the capital structure of private companies. The exposure to idiosyncratic risk is approximated by the share of personal net worth invested in one company (SNWI). Exposure to idiosyncratic risk...

Persistent link: https://www.econbiz.de/10010297423

Benefits of Control, Capital Structure and Company Growth

Mueller, Elisabeth - 2005

This paper studies the influence of the private benefits of control on the capital structure and the growth of private companies. It is argued that companies in which existing owners would lose more control if they expanded, have smaller equity increases, are more highly levered and grow more...

Persistent link: https://www.econbiz.de/10010297463

Finanzierungsstrukturen im Vergleich - Eine Analyse europäischer Unternehmen -

Ramb, Fred - 1998

Auch dreißig Jahre nach dem Artikel von Modigliani und Miller und zahllosen weiteren Veröffentlichungen ist die Frage zur Finanzierungsstruktur von Unternehmen weitgehend ungelöst. Dabei ist insbesondere in der empirischen Evidenz dieses Forschungsgebietes ein Defizit festzustellen. Unter...

Persistent link: https://www.econbiz.de/10010297585

Determinants of acquisition and failure: stylized facts and lessons for empirical studies

Köke, Jens - 2001

This study provides new stylized facts on the determinants of corporate failure and acquisition in Germany. It also offers important lessons for the design of empirical studies. We show that firms experiencing failure or acquisition are significantly different from surviving firms on a number of...

Persistent link: https://www.econbiz.de/10010297767

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