I analyze the effects of profit taxation on the financing decision of corporate acquisitions. The deductibility of interest expenses from the corporate tax base creates an incentive for acquiring companies to finance a takeover with debt. Regarding the particular decision how to finance the...

Multinational companies can exploit the tax advantage of debt more aggressively than national companies. Besides utilizing the standard debt tax shield, multinationals can shift debt from affiliates in low-tax countries to affiliates in high-tax countries. We study the capital structure of...

Radio spectrum represents a scarce resource assigned to operators by national regulatory authorities through auctions, beauty contests or other mechanisms, aimed at introducing sufficient incentives for an optimal use of such a resource. A prerequisite for designing efficient assignment methods...