Using firm-level survey data combined with firm-level financial information, we investigate the effect of a subjective, firm-specific measure of uncertainty on firm investment and employment growth in the European Union. We find that uncertainty has an economically significant negative effect on...

Deutschland ist im internationalen Vergleich ein Hochsteuerland. So liegt die Tarifbelastungdeutscher Kapitalgesellschaften mit etwa 30 % um fast 10 Prozentpunkte oberhalb desEU-Durchschnitts. Teilweise wird vermutet, dass die tatsächliche Steuerbelastung von denUnternehmen aufgrund von...

A salient trend in crisis intervention has emerged in recent decades: Government and central banks offered funding directly to nonfinancial firms, bypassing banks and other credit intermediaries. We analyze the long-term consequences of such policies by focusing on firm quality dynamics. In a...

One of the most basic distortions created by the double taxation of corporate income is the disincentive to incorporate. In this paper, we investigate the extent to which the aggregate allocation of assets and taxable income in the U.S. between corporate vs. noncorporate forms of organization...

A. Einleitung -- Problemstellung und Untersuchungsgegenstand — Themenabgrenzung — Gang der Untersuchung — Begriff des Haftkapitals -- B. Grundlegungen -- Begriffsbestimmung »Mezzanine-Kapital« — Zweck der Verwendung mezzaniner Finanzierungsinstrumente — Bestandsaufnahme der in...

We quantify the U.S. corporate sector's carbon externality by computing the sector's "carbon burden"--the present value of social costs of its future carbon emissions. Our baseline estimate of the carbon burden is 131% of total corporate equity value. Among individual firms, 77% have carbon...