The article deals with the possibility of taxing the company plans to expand abroad through cross-border mergers. They discussed two alternatives fiscal relations – establishment of a subsidiary company for the use of losses incurred by subsidiary companies to reduce the tax base of the parent...

Cross-border mergers are regulated in directives of the European Union. The aim of the Directive is to eliminate obstacles to the free movement of capital between Member States. Despite this effort, cross-border mergers rarely used. The reason for this may be the difference in the accounting and...

The transmission process from policy-controlled interest rates to bank lending rates deserves reconsideration owing to the implementation of the European Monetary Union (EMU) in 1999. Additional attention to the subject in Austria is due to several large banks which, in 2002, have been charged...

Trade credits are an important financing tool for internationally active firms. This is surprising, as trade credits are generally more expensive than bank credits and thus a costly substitute for bank financing. In this paper, we investigate the relation between trade credits and bank credits...

Internationally active firms rely intensively on trade credits even though they are considered particularly expensive. This phenomenon has been little explored so far. Our theoretical analysis shows that trade credits can alleviate financial constraints arising from asymmetric information...

This paper discusses the current state of and issues related to corporate governance in America after the passage of the Sarbanes-Oxley Act of 2002. It suggests additional steps necessary to realize improvement in the ways in corporations govern themselves and regulators must operate to make the...

Rajan and Zingales (1998) use U.S. Compustat firm data for the 1980s to obtain measures of manufacturing sectors? Dependence on External Finance (DEF). They take any differences in these measures to be structural/technological and thus applicable to other countries. Their joint assumptions about...

This paper shows that open market block trading can provide a link between private benefits of control enjoyed by large shareholders and the ?voting premium?, i.e. the price difference between voting and non-voting shares. We first demonstrate in a microstructure model with informed traders and...