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The rat race of capital structure research for REITs and REOCs: Two spotlights on leverage
Hohenstatt, Ralf; Steininger, Bertram - 2011
This paper presents a dynamic multi-equation model based on a balance sheet identity, where technical aspects of capital structure are highlighted through separately observing debt and equity and their relationship to investment. Additionally, leverage dynamics are interpreted in their role for...
Persistent link: https://www.econbiz.de/10010307836
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Neutral taxation of shareholder income?: corporate responses to an announced dividend tax
Alstadsæter, Annette; Fjaerli, Erik - 2009
large panel of non-listed corporations, with a surge of dividends prior to 2006 and a sharp drop after. Mature firms are … more likely to pay dividends, and high asset growth increases the probability of retaining all earnings. Intertemporal … income shifting through the timing of dividends seems to be a drain on internal equity and cause increases in the …
Persistent link: https://www.econbiz.de/10010264543
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Caught between Scylla and Charybdis? Regulating bank leverage when there is rent seeking and risk shifting
Acharya, Viral V.; Mehran, Hamid; Thakor, Anjan - 2010
Banks face two different kinds of moral hazard problems: asset substitution by shareholders (e.g., making risky, negative net present value loans) and managerial rent seeking (e.g., investing in inefficient 'pet' projects and consuming perquisites that yield private benefits). The privately...
Persistent link: https://www.econbiz.de/10010287043
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Dividend Policy and Institutional Ownership: Empirical Evidence using a Propensity Score Matching Estimator
Elston, Julie Ann; Hofler, Richard; Lee, Junsoo - Max-Planck-Institut für Ökonomik <Jena> - 2004
This study investigates the relationship between institutional ownership and dividend payout behavior of the firm in Germany. Using a propensity scoring method estimator to control for endogeneity problems, we find evidence that neither institutional ownership nor bank control is statistically...
Persistent link: https://www.econbiz.de/10005865219
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Neutral taxation of shareholder income? : corporate responses to an announced dividend tax
Alstadsæter, Annette; Fjaerli, Erik - 2009
large panel of non-listed corporations, with a surge of dividends prior to 2006 and a sharp drop after. Mature firms are … more likely to pay dividends, and high asset growth increases the probability of retaining all earnings. Intertemporal … income shifting through the timing of dividends seems to be a drain on internal equity and cause increases in the …
Persistent link: https://www.econbiz.de/10003806745
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Dividend decisions in the property and liability insurance industry: mutual versus stock companies
Zou, Hong; Yang, Chuanhou; Wang, Mulong; Zhu, Minglai - In: Review of quantitative finance and accounting 33 (2009) 2, pp. 113-139
Persistent link: https://www.econbiz.de/10003880531
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Caught between Scylla and Charybdis? : regulating bank leverage when there is rent seeking and risk shifting
Acharya, Viral V.; Mehran, Hamid; Thakor, Anjan V. - 2010 - Rev.
Banks face two different kinds of moral hazard problems: asset substitution by shareholders (e.g., making risky, negative net present value loans) and managerial rent seeking (e.g., investing in inefficient “pet” projects and consuming perquisites that yield private benefits). The privately...
Persistent link: https://www.econbiz.de/10008657183
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The rat race of capital structure research for REITs and REOCs : two spotlights on leverage
Hohenstatt, Ralf; Steininger, Bertram - 2011
This paper presents a dynamic multi-equation model based on a balance sheet identity, where technical aspects of capital structure are highlighted through separately observing debt and equity and their relationship to investment. Additionally, leverage dynamics are interpreted in their role for...
Persistent link: https://www.econbiz.de/10009424101
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The (self-)funding of intangibles
Döttling, Robin; Ladika, Tomislav; Perotti, Enrico C. - 2016
. They also tend to grant more deferred equity and prioritize repurchases over dividends in particular when their stock …
Persistent link: https://www.econbiz.de/10011556238
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The shadow cost of repos and bank liability structure
Klimenko, Nataliya; Moreno-Bromberg, Santiago - 2015
Making use of a structural model that allows for optimal liquidity management, we study the role that repos play in a bank's financing structure. In our model the bank's assets consist of illiquid loans and liquid reserves and are financed by a combination of repos, long–term debt, deposits...
Persistent link: https://www.econbiz.de/10011293473