We find evidence that banks target return on equity (RoE) and make active use of leverage to affect the speed of … with above median leverage among their peer group. As a result, RoE targeting could affect leverage dynamics and amplify … cyclical fluctuations as banks take on more leverage to achieve high returns when risk premia are low, while ‘rush for the exit …

institutional environments. The results indicate that the longer the layers of a pyramid structure, the stronger its "leverage … effect", as well as the ultimate owner’s motivation to expand debt financing. Thus the layers of pyramid structure have a …

deeply. His results show that the longer the layers of pyramid structure, the stronger the "leverage effect" of pyramid … structure, as well as the ultimate controllers' motivation to expand debt financing will be. So the layers of pyramid structure …

. Policies that subsidize debt and indirectly penalize equity through taxes and implicit guarantees are distortive. And while … debtś informational insensitivity may provide valuable liquidity, increased capital (and reduced leverage) can enhance this … benefit. Finally, suggestions that high leverage serves a necessary disciplining role are based on inadequate theory lacking …

because it reflects special liquidity benefits of bank debt. Even aside from neglecting the systemic damage to the economy …

it reflects special liquidity benefits of bank debt. Even aside from neglecting the systemic damage to the economy that …

Regulation and subsequent deregulation significantly affect firms' debt decisions. Prior to deregulation, regulated … firms depend significantly more on long-term and public debt but reduce this dependence considerably during deregulation …. Cross-sectional analysis shows that the reduction in the use of long-term and public debt results from changing firm …

We examine the relation between corporate cash holdings and tax net operating loss carryforwards (NOLs). Prior … investment income taxed at both corporate and investor levels. However, if the firm's tax rate on passive income is lower than … shareholder's behalf. Consistent with this, we find that tax losses are associated with higher levels of liquidity; firms save $0 …

undertaken in this study is able to capture the tax effects of debt. It shows clearly that companies consider partial …Since the development of efficient proxies for taxes, many researchers have proved the existence of impact of tax on … study the tax implications of financing decisions on the firm’s value. In this study an attempt is made to study the …

Private independent limited partnership venture capital funds receive capital from institutional investors, without tax … Labour Sponsored Venture Capital Corporations (LSVCCs) receive capital only from individual investors who receive tax breaks … governance and tax incentives: (1) on the distribution of venture capital funding between private and LSVCC funds; (2) on the …