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Fiscal and trade distorting effects of capital gains tax on land sales - empirical evidence from agricultural land market in Finland
Pietola, Kyosti; Myyra, Sami; Pouta, Eija - 2009
Capital gains taxes are likely to distort the market and resource allocations through so called “lock-in” effect, meaning discouraging trade transactions that trigger the tax payments. When it comes to agricultural land, the lock-in effect implies that the land ownership and active farming...
Persistent link: https://www.econbiz.de/10009444800
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ZUM DESINVESTITIONSVERHALTEN LANDWIRTSCHAFTLICHER UNTERNEHMER: ERGEBNISSE EINER EXPERIMENTELLEN UNTERSUCHUNG
Maart, Syster Christin; Musshoff, Oliver; Odening, Martin; … - 2010
Bedeutungzu. In diesem Beitrag wird untersucht, inwiefern das klassische Kapitalwertkriteriumund der Realoptionsansatz einen … Investitionstheorieund gemäß dem Realoptionsansatz bestimmt wurden. Bei der Bestimmung der normativenBenchmarks wird die individuelle … Risikoeinstellung der Teilnehmer berücksichtigt. DieErgebnisse zeigen, dass der Realoptionsansatz besser als das Kapitalwertkriterium …
Persistent link: https://www.econbiz.de/10009442716
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ESSAYS IN DYNAMIC CORPORATE FINANCE
Michaux, Michael - 2010
My dissertation aims at understanding the financing and investment decisions of firms. It contains two chapters.Chapter One studies the currency composition of debt for firms in emerging economies. Using a dataset of traded Mexican firms, I document two stylized facts about firms in the...
Persistent link: https://www.econbiz.de/10009439046
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Cash-Flow Risks, Financial Leverage and the Cross Section of Equity Returns
Maia, Marcelo V - 2010
What is the cross-sectional relationship between financial leverage and expected equity returns? How is the empirical relationship associated with firm's financial decisions? This dissertation investigates the potential explanations for the flatness relation between financial leverage and...
Persistent link: https://www.econbiz.de/10009439047
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The Levered Equity Risk Premium and Credit Spreads: A Unified Framework
Bhamra, Harjoat S.; Kuehn, Lars-Alexander; Strebulaev, … - 2009
We embed a structural model of credit risk inside a dynamic continuous-time consumption-based asset pricing model, which allows us to price equity and corporate debt in a unified framework. Our key economic assumptions are that the first and second moments of earnings and consumption growth...
Persistent link: https://www.econbiz.de/10009441109
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How capital structure adjusts dynamically during financial crises
Ariff, Mohamed; Taufiq, Hassan; Shamsher, Mohamad - 2008
The availability of a unique data set of financially distressed firms enabled this study to apply the dynamic capital structure adjustment model to a study of capital structure. In addition, the factors driving capital structure adjustment of financially distressed and of healthy firms were...
Persistent link: https://www.econbiz.de/10009441702
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Three essays on earnings management, financial irregularities, and capital structure
Pungaliya, Raunaq Sushil - 2010
, we document higher ROA-matched discretionary accruals for stock acquirers than for cash acquirers. However, simulation …
Persistent link: https://www.econbiz.de/10009466088
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Overconfident Managers and Capital Structure in the Hospitality Firms
Seo, Kwanglim; Amit, Sharma - 2011
This study examines capital structure of hospitality firms from a behavioral perspective based on the hubris theory that emphasizes the effect of managerial overconfidence on corporate decisions. Specifically, we investigate the relationship between manager overconfidence and financing...
Persistent link: https://www.econbiz.de/10009468142
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Which version of the equity market timing affects capital structure, perceived mispricing or adverse selection?
Chazi, Abdelaziz - 2004
Baker and Wurgler (2002) define a new theory of capital structure. In this theory capital structure evolves as the cumulative outcome of past attempts to time the equity market. Baker and Wurgler extend market timing theory to long-term capital structure, but their results do not clearly...
Persistent link: https://www.econbiz.de/10009475093
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Epistemology of capital structure decisions by building contractors in Hong Kong
Chiang, Yat-Hung; Cheng, Eddie WL; Lam, Patrick TI - 2010
Purpose – This paper aims to identify a set of potential determinants of capital structure. By knowing the key determinants, it is possible to understand how building contractors make decisions on capital structure.Design/methodology/approach – A questionnaire survey was conducted to solicit...
Persistent link: https://www.econbiz.de/10009475290