Narrow search
Showing 1 - 10 of 125,237
Cover Image
Optimal financing with tokens
Gryglewicz, Sebastian; Mayer, Simon; Morellec, Erwan - 2019
We develop a model in which a startup firm issues tokens to finance a digital platform, which creates agency conflicts between platform developers and outsiders. We show that token financing is generally preferred to equity financing, unless the platform expects strong cash flows or faces severe...
Persistent link: https://www.econbiz.de/10012179618
Cover Image
Credit crunches from occasionally binding bank borrowing constraints
Holden, Tom D.; Levine, Paul; Swarbrick, Jonathan M. - 2017
We present a model in which banks and other financial intermediaries face both occasionally binding borrowing constraints, and costs of equity issuance. Near the steady state, these intermediaries can raise equity finance at no cost through retained earnings. However, even moderately large...
Persistent link: https://www.econbiz.de/10011730681
Cover Image
Credit crunches from occasionally binding bank borrowing constraints
Holden, Tom D.; Levine, Paul; Swarbrick, Jonathan M. - 2019
We present a model in which banks and other financial intermediaries face both occasionally binding borrowing constraints, and costs of equity issuance. Near the steady state, these intermediaries can raise equity finance at no cost through retained earnings. However, even moderately large...
Persistent link: https://www.econbiz.de/10011962846
Cover Image
A simple model of the firm life cycle
Schenk-Hoppé, Klaus Reiner; Schweri, Urs - 2010
The optimal investment-dividend policy of a financially constrained firm whose earnings are subject to additive shocks …
Persistent link: https://www.econbiz.de/10008797762
Cover Image
Up or down? : capital income taxation in the United States and the United Kingdom
Polito, Vito - 2010
take into account financial constraints on dividend policy faced by firms investing in both the United States and the … United Kingdom. The paper incorporates financial constraints on dividend policy into the analytical framework for the … stable. -- capital income taxation ; dividend policy ; effective marginal tax rates ; financial constraints …
Persistent link: https://www.econbiz.de/10008749020
Cover Image
Capital income taxation incentives during economic downturns : re-thinking theory and evidence
Longobardi, Ernesto; Polito, Vito - 2011
firms tax payments, in turn increasing the present value of dividend distribution. However, this theory does not consider … corporate tax rate cuts, and tax base incentives (TBIs), such as increased capital allowances. The standard economic theory … accounting constraints on dividend policy into the model for the computation of the ETR and employs the new model to recalculate …
Persistent link: https://www.econbiz.de/10009229216
Cover Image
Up or down? : capital income taxation in the United States and the United Kingdom
Polito, Vito - 2011
take into account financial constraints on dividend policy faced by firms investing in both the United States and the … United Kingdom. The paper incorporates financial constraints on dividend policy into the analytical framework for the … stable. -- Capital income taxation ; dividend policy ; effective marginal tax rates ; financial constraints …
Persistent link: https://www.econbiz.de/10009229224
Cover Image
Does financial constraint affect shareholder taxes and the cost of equity capital?
Chen, Chongyang; Dai, Zhonglan; Shackelford, Douglas A.; … - 2011
Persistent link: https://www.econbiz.de/10009231672
Cover Image
Investment and capital constraints : repatriations under the American Jobs Creation Act
Faulkender, Michael; Petersen, Mitchell A. - 2009
Persistent link: https://www.econbiz.de/10003874378
Cover Image
Does financial constraint affect shareholder taxes and the cost of equity capital?
Chen, Chongyang; Dai, Zhonglan; Shackelford, Douglas A.; … - 2012
Persistent link: https://www.econbiz.de/10009518301