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The Effect of Financial Constraint on Shareholder Taxes and Firm Investments

Dai, Zhonglan - 2012

We demonstrate that firms' investment and job creation are influenced by shareholder taxes on capital gains and dividend. More importantly, the relation between shareholder taxes and firms' investment and job creation varies with financial constraint that firms face. Less financially constrained...

Persistent link: https://www.econbiz.de/10013109712

Co-Operative Capital Units as a Solution to Co-Operative Financing

Mamouni Limnios, Elena - 2012

A major issue for many co-operative enterprises is the ability to raise capital to fund growth. Considerable attention has been given to facilitating access to non-member capital sources and managing and accommodating such financing. This paper examines the merits of a new financial instrument...

Persistent link: https://www.econbiz.de/10013109773

The Interdependence of R&D Activity and Debt Financing of Young Firms

Fryges, Helmut - 2012

We investigate the interdependence of debt financing and R&D activities of young firms. Using micro-level data of the KfW/ZEW Start-up Panel, our estimation results show that firm characteristics are more important than personal characteristics of the founders for explaining young firms'...

Persistent link: https://www.econbiz.de/10013109841

Financial Liberalization and Firms’ Capital Structure Adjustments Evidence from Southeast Asia and South America

Ameer, Rashid - 2012

This paper investigates the impact of financial liberalization on the adjustment of debt ratios in 12 emerging markets using firm-level data from 1991 to 2004. The results support the central hypothesis of this paper that adjustment costs are important in explaining firms' adjustment toward...

Persistent link: https://www.econbiz.de/10013110112

Financing-Motivated Acquisitions

Erel, Isil - 2012

Managers often claim that an important source of value in acquisitions is the acquiring firm's ability to finance …

Persistent link: https://www.econbiz.de/10013110240

Macroeconomic Effects of Corporate Default Crises : A Long-Term Perspective

Giesecke, Kay - 2012

Using an extensive new data set on corporate bond defaults in the U.S. from 1866 to 2010, we study the macroeconomic effects of bond market crises and contrast them with those resulting from banking crises. During the past 150 years, the U.S. has experienced many severe corporate default crises...

Persistent link: https://www.econbiz.de/10013110459

Corporate Financing Under Ambiguity : A Utility-Free Multiple-Priors Approach

Chen, Chang-Chih - 2012

I build a novel utility-free ambiguity model using the misspecification of probabilities within good-deal price bounds. In the model managers and outside investors both are ambiguous about the compensation for invisible idiosyncratic risk on firm's partiallytradable assets, and infer the...

Persistent link: https://www.econbiz.de/10013110493

Differentiated Use of Small Business Credit Scoring by Relationship Lenders and Transactional Lenders : Evidence from Firm-Bank Matched Data in Japan

Hasumi, Ryo - 2012

This paper examines the ex-post performance of small and medium-sized enterprises (SMEs) that obtained small business credit scoring (SBCS) loans. Using a unique Japanese firm-bank matched dataset, we identify whether an SME has obtained an SBCS loan and, if so, from which type of bank: a...

Persistent link: https://www.econbiz.de/10013110987

Macroeconomic Effects of Corporate Default Crises : A Long-Term Perspective

Giesecke, Kay - 2012

Persistent link: https://www.econbiz.de/10013110993

Project Finance in the Energy Industry : New Debt-Based Financing Models

Scannella, Enzo - 2012

The paper aims to examine the development of new financing models for project finance to attract private investors to … finance large European energy infrastructure projects. In particular, the paper investigates the uniqueness of the project … finance as a rapidly growing field in finance, the financial characteristics of the project bond market as one of the vehicles …

Persistent link: https://www.econbiz.de/10013111142