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Why Hedge? - A Critical Review of Theory and Empirical Evidence -

Ammon, Norbert - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 1998

corporate hedging: equity value maximising strategies and strategies determined by managerial risk aversion. The first category … distress and costs of external finance or to replace home-made hedging by shareholders. The second category considers that … managers maximise their personal utility rather than the market value of equity. Their hedging strategy, therefore, is …

Persistent link: https://www.econbiz.de/10005098196

Finanzierungsstrukturen im Vergleich - Eine Analyse europäischer Unternehmen -

Ramb, Fred - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 1998

Kapitalstruktur analysiert. Für die meisten der analysierten Länder - darunter Deutschland, Frankreich, Spanien und die Niederlande … - können keine wesentlichen Unterschiede hinsichtlich der Determinanten der Kapitalstruktur von Aktiengesellschaften und Nicht …

Persistent link: https://www.econbiz.de/10005098404

Empirical evaluation of interest barrier effects

Dreßler, Daniel; Scheuering, Uwe - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2012

We analyze the impact of changes in thin capitalization rules on corporations' capital structure. Thin capitalization rules prevent firms from deducting excessive interest expenses from their tax base. As of 2008, Germany has severely changed its thin capitalization rule by targeting interest...

Persistent link: https://www.econbiz.de/10010985619

The interdependence of R&D activity and debt financing of young firms

Fryges, Helmut; Kohn, Karsten; Ullrich, Katrin - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 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/10010957587

M&A and the tax benefits of debt-financing

Scheuering, Uwe - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2014

The deductibility of interest expenses from the corporate tax base creates an incentive for acquiring companies to finance a takeover with debt. In this paper, I investigate the impact of profit taxation on the financing decision in corporate acquisitions for the first time for a sample of...

Persistent link: https://www.econbiz.de/10010957629

Benefits of Control, capital structure and company growth

Mueller, Elisabeth - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2005

This paper studies the influence of the benefits of control on the capital structure and the growth of private companies for a sample of 8,964 UK companies with limited liability observed for up to 5 years. It is hypothesised that companies in which existing owners would lose more control if...

Persistent link: https://www.econbiz.de/10005097529

The Determinants of Capital Structure: Some Evidence from Banks

Heider, Florian; Gropp, Reint - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2008

This paper documents that standard cross-sectional determinants of firm leverage also apply to the capital structure of large banks in the United States and Europe. We find a remarkable consistency in sign, significance and economic magnitude. Like non-financial firms, banks appear to have...

Persistent link: https://www.econbiz.de/10005097682

Benefits of Control, Capital Structure and Company Growth

Mueller, Elisabeth - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2005

This paper studies the influence of the private benefits of control on the capital structure and the growth of private companies. It is argued that companies in which existing owners would lose more control if they expanded, have smaller equity increases, are more highly levered and grow more...

Persistent link: https://www.econbiz.de/10005097834

Dynamic Optimal Capital Structure and Technological Change

Lööf, Hans - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2003

This paper incorporates the cost of adjustment between observed and optimal leverage in explaining the variation in firm?s equity or bank-debt financing investments. Using a dynamic adjustment approach identifies the determinants to capital structure between different financial systems. In...

Persistent link: https://www.econbiz.de/10005097988

How Does Owners' Exposure to Idiosyncratic Risk Influence the Capital Structure of Private Companies?

Müller, Elisabeth - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2006

This paper identifies the entrepreneur's exposure to idiosyncratic risk as an important determinant of the demand for loans and the capital structure. The analysis is based on a sample of small and medium-sized private companies from the United States. The exposure to idiosyncratic risk is...

Persistent link: https://www.econbiz.de/10005098090