country effect. We find empirical evidence that French, Italian and Spanish firms are influenced by tax rules, while German …

leverage, we show that it is a benefit. The normative implication of our analysis is that no-fault-default debt, when combined …This paper analyzes the costs and benefits of a no-fault-default debt structure as an alternative to the typical …-fault-default debt, which permits a relatively seamless transfer of ownership from shareholders to bondholders in certain states of the …

to minimize the carbon tax policy’s cost. The shift to debt financing, in turn, mitigates the carbon tax policy … interests. Such a rule renders senior debt no longer useful for reducing the carbon tax policy’s cost. As a result, the tax …This paper examines the efficacy of carbon tax policies in view of the interactions between such policies and the firm …

development (the recent expansion of domestic equity and debt capital markets). Accordingly, the paper provides the first insights … recent years of equity and (to a lesser extent) corporate debt capital markets, the capital structure of Vietnamese … enterprises continue to have preferential access to finance and that high growth firms still rely principally on external debt …

reported on the balance sheet, the rule is expected to result in a significant increase in reported leverage for companies with … that revising accounting standards to eliminate the use of operating leases will significantly impact the total debt ratios … many of these companies' debt ratios likely would have a significant impact on the perceived risk exposure of suppliers of …

-remote entities. This paper shows how HCs should optimally determine their multi-tier financial leverage based on a novel debt …

perquisites that yield private benefits). The privately optimal level of bank leverage is neither too low nor too high: It … balances efficiently the market discipline imposed by owners of risky debt on managerial rent seeking against the asset … substitution induced at high levels of leverage. However, when correlated bank failures can impose significant social costs …

We develop a model of the joint capital structure decisions of banks and their borrowers. Strikingly high bank leverage … take on high leverage safely; supply chain effects compel them to do so. Firms with low leverage also arise naturally, as … framework underlie our model, we can quantify the impact capital regulation and other government interventions have on leverage …

capital to a market based leverage ratio of 3%, EUR 84 billion of extra capital would be needed for the largest 60 banks. At … the bank level, the top tertile of well-capitalised banks (with a market based leverage ratio well above 4%) continues …