Tax planners often choose debt over equity financing. As this has led to increased corporate debt financing, many countries have introduced thin capitalization rules to secure their tax revenues. In a general capital structure model we analyze if thin capitalization rules affect dividend and...

Im vorliegenden Beitrag soll das Regulierungsrisiko für den Unternehmenswert der Telekom AG inhaltlich begründet und näherungsweise quantifiziert werden. Die Quantifizierung des Risikos wird mit Hilfe des Shareholder-Value-Ansatzes vorgenommen, indem ein unmittelbarer Zusammenhang zwischen...

Contextos inflacionarios pueden dar lugar a fuentes de ganancias o renta que no se encuentran directamente vinculadas a los aspectos operativos del foco de negocios de una firma sino más bien a los aspectos financieros, y que surgen de la administración del portafolio de activos y pasivos de...

Auf europäischer Ebene steht aktuell die Neuabgrenzung der Fördergebiete für die EU-Strukturfonds der Förderperiode 2014 bis 2020 zur Debatte. Ob eine Region förderfähig ist, hängt von der regionalen Wirtschaftskraft im Vergleich zum EU-Durchschnitt ab. Bei Bemessung anhand aktuell...

Pressure from institutional money managers to generate profits in the short run is often blamed for corporate myopia. Theoretical research suggests that money managers' short term focus stems from their career concerns and greater fund transparency can amplify these concerns. Using a...

In this chapter we examine the role of the CFO in setting risk management strategy with respect to macroeconomic risk, in particular, and we consider the information requirements for setting a strategy that is consistent with corporate objectives. We argue that macroeconomic risk management...

We document the cyclical behavior of debt, equity, and retained earnings for different firm categories using firm-level Canadian data. There is evidence of both procyclical equity and debt issuance for all firm categories but the timing differs. In particular, there is strong evidence that...

In this paper, the authors examine the aggregate national balance-sheets of non-financial corporations in Australia and the G7 countries with a view to assessing both their financial structure and their financial position. More importantly, the authors investigate whether the financial position...