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shock and complete their innovation process.However, this relative advantage diminishes when dollarization decreases …
Persistent link: https://www.econbiz.de/10009486823
We show that the joint liability lending contracts derived in Ghatak (2000) violate an ex post incentive-compatibility constraint which says the amount of joint liability cannot exceed the amount of individual liability. We derive and characterize optimal separating joint liability contracts...
Persistent link: https://www.econbiz.de/10008911469
The parameter loss given default (LGD) of loans plays a crucial role for risk-based decision making of banks including risk-adjusted pricing. Depending on the quality of the estimation of LGDs, banks can gain significant competitive advantage. For bank loans, the estimation is usually based on...
Persistent link: https://www.econbiz.de/10008939843
The tax issue causing uproar in Germany and Switzerlandhas all the ingredients for a good story. Itis about tax law, those who break it, and the ultimatequestion whether the government itself is infringing onthe law when buying stolen data. Moreover, it is aboutthe opinion of the vast majority...
Persistent link: https://www.econbiz.de/10009248910
The paper argues that networked firms are likely to have an advantage in securing externalfinance in countries with weak legal and judicial institutions since it helps financial institutionsto minimize the underlying agency costs of lending. An analysis of recent BEEPS data fromfifteen Central...
Persistent link: https://www.econbiz.de/10009360517
We revisit the debt overhang question. We first use non-parametric techniques to isolate a panel of countries on the downward sloping section of a debt Laffer curve. In particular, overhang countries are ones where a threshold level of debt is reached in sample, beyond which (initial) debt ends...
Persistent link: https://www.econbiz.de/10005858241
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Pensionsrückstellungen, Verbindlichkeiten aus Lieferungen und Leistungen und andere Passivpositionen eine Bewertungstheorie in der Tradition …
Persistent link: https://www.econbiz.de/10005867513
output as well as the tax rate are increasingin investment. With divisible investment, commitment always leads to the first … underinvestment with taxation. With indivisible investmentand direct regulation, commitment leads to the first best. With taxation … however,commitment may not lead to the first best and time consistency can lead to higherwelfare. This remarkable result …
Persistent link: https://www.econbiz.de/10005868929