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The Secular Decline in Private Firm Leverage

Dobridge, Christine L.; Gilje, Erik P.; Whitten, Andrew - National Bureau of Economic Research - 2022

Using firm-level administrative tax data on the 43% of business liabilities in the United States tied to privately held firms, we document dramatic reductions in leverage since the Great Recession. Leverage for the average private firm fell fifteen percent between 2004 and 2018. In contrast,...

Persistent link: https://www.econbiz.de/10013210062

Financial Reporting Quality of U.S. Private and Public Firms

Hope, Ole-Kristian - 2013

Using a new database that contains accounting data for a large sample of U.S. private firms, we provide an investigation of financial reporting quality (FRQ) of U.S. private versus public firms. We find that in general public firms have higher accrual quality and are more conservative. The...

Persistent link: https://www.econbiz.de/10013087095

Financial Reporting Quality of U.S. Private and Public Firms

Hope, Ole-Kristian - 2013

Persistent link: https://www.econbiz.de/10013091719

U.S. Skilled Immigrant Employment and Public Firms

Ashraf, Rasha - 2018

Characteristics of skilled immigrant workers – age, educational attainment, and occupational skills – changed after the U.S. immigration policy shock of 2004 when the maximum number of new skilled immigrant visas was reduced to 90,000. We observe a higher (lower) probability of hiring...

Persistent link: https://www.econbiz.de/10012930794

Investment Differences Between Public and Private Firms : Evidence From U.S. Tax Returns

Feldman, Naomi E. - 2020

We develop a method for identifying public firms in tax records in order to compare the investments of public and private firms using a representative sample of all US corporations. Despite private firms being significantly smaller than public firms on average, in aggregate, they account for an...

Persistent link: https://www.econbiz.de/10012825621

Mavericks, Universal, and Common Owners - the Largest Shareholders of U.S. Public Firms

Amel-Zadeh, Amir; Kasperk, Fiona; Schmalz, Martin - 2022

We construct a novel data set to show that, between 2003-2020, up to one-fifth of America’s largest firms had a non-financial blockholder or insider as their largest shareholder. Blockholders and insiders tend to be less diversified than institutional investors. Measures of “universal” and...

Persistent link: https://www.econbiz.de/10014077008

Mavericks, universal, and common owners : the largest shareholders of U.S. public firms

Amel-Zadeh, Amir; Kasperk, Fiona; Schmalz, Martin C. - 2022

We construct a novel data set to show that, between 2003-2020, up to one-fifth of America's largest firms had a non-financial blockholder or insider as their largest shareholder. Blockholders and insiders tend to be less diversified than institutional investors. Measures of "universal" and...

Persistent link: https://www.econbiz.de/10013365123

Why Is Corporate Venture Capital Activity Among U.S. Public Firms Sticky?

2023

Corporate venture capital (CVC) activity is strongly correlated with past activity and is increasingly more permanent among U.S. public firms: the average number of years a firm invests in ventures relative to the number of years passed since its first investment neared 0.25 in 2019 from 0.05 in...

Persistent link: https://www.econbiz.de/10014354194

Are Corruption and Corporate Tax Avoidance in the U.S. Related?

Al-Hadi, Ahmed; Taylor, Grantley; Richardson, Grant - 2021

In this study, we examine whether state-level corruption and corporate tax avoidance in the U.S. are related. Using a … sample of 36,078 U.S. firm-year observations from 1998 to 2014, we find that corruption is significantly positively related …-level, we observe that corruption is significantly positively related to corporate tax avoidance in states that have low levels …

Persistent link: https://www.econbiz.de/10013248446

When heirs become major shareholders : evidence on tunneling and succession through related-party transactions

Kim, U-chʾan; Hwang, Sunwoo - 2014

In family firms, the succession of controlling equity stake to next generation is an issue of paramount importance. This, however, can be a major challenge in the presence of heavy inheritance or gift tax burden (high tax rate and absence of tax-saving vehicles, such as trusts or foundations)...

Persistent link: https://www.econbiz.de/10010355189

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