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Long-term contracting in a changing world
Pavan, Alessandro - 2007
I study the properties of optimal long-term contracts in an environment in which the agent's type evolves stochastically over time. The model stylizes a buyer-seller relationship but the results apply quite naturally to many contractual situations including regulation and optimal...
Persistent link: https://www.econbiz.de/10008665285
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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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Three essays in international finance and financial economics
Hu, Xiaoqiang - 1994
Persistent link: https://www.econbiz.de/10000916084
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Optimal firm's dividend and capital structure for mean reverting profitability
Menoncin, Francesco; Panteghini, Paolo; Regis, Luca - 2021
We model a risk-averse firm owner who wants to maximize the intertemporal expected utility of firm’s dividends. The optimal dynamic control problem is characterized by two stochastic state variables: the equity value, and profitability (ROA) of the _rm. According to the empirical evidence, we...
Persistent link: https://www.econbiz.de/10012668498
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The rat race of capital structure research for REITs and REOCs: Two spotlights on leverage
Hohenstatt, Ralf; Steininger, Bertram - 2011
capital structure are highlighted through separately observing debt and equity and their relationship to investment …
Persistent link: https://www.econbiz.de/10010307836
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The rat race of capital structure research for REITs and REOCs : two spotlights on leverage
Hohenstatt, Ralf; Steininger, Bertram I. - 2011
capital structure are highlighted through separately observing debt and equity and their relationship to investment … Estate Investment Trust (REIT) ; Real Estate Operating Company (REOC) ; financial flexibility ; cash flow sensitivities …
Persistent link: https://www.econbiz.de/10009424101
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Outlasting the Pandemic : Corporate Payout and Financing Decisions During COVID-19
Pettenuzzo, Davide; Sabbatucci, Riccardo; Timmermann, Allan - 2021
portion of the cross-sectional variation in firms’ payout and financing decisions and show that the expansive monetary …
Persistent link: https://www.econbiz.de/10013233950
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The (self-)funding of intangibles
Döttling, Robin; Ladika, Tomislav; Perotti, Enrico - 2016
response to reduced debt capacity. We model how firms' payout and cash holding policies are affected by this shift. Our insight … is that the creation of intangibles is largely achieved by human capital investment and requires lower upfront outlays … dilution. Our empirical evidence confirms that firms with higher intangible investment have lower upfront investment needs …
Persistent link: https://www.econbiz.de/10011556238
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Foreign Investment of US Multinationals : The Effect of Tax Policy and Agency Conflicts
Albertus, James F. - 2019
from a worldwide to territorial tax system, enacted under the TCJA, affects foreign investment. Although a worldwide system … imposes a higher tax liability on foreign income, we show it encourages excess foreign investment by depressing the … opportunity cost of capital. In our estimated model, the TCJA reduces foreign investment by 10.2% on average, with larger declines …
Persistent link: https://www.econbiz.de/10012899398
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CEO preferences and acquisitions
Jenter, Dirk; Lewellen, Katharina - 2011 - This draft: December 2011
This paper explores the impact of target CEOs' retirement preferences on takeovers. Using retirement age as proxy for CEOs' private merger costs, we find strong evidence that target CEOs' preferences affect merger activity. The likelihood of receiving a successful takeover bid is sharply higher...
Persistent link: https://www.econbiz.de/10009504779