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Taxation of shareholder income and the cost of capital in a small open economy

Sørensen, Peter Birch - 2014

When companies finance their investment via the international markets for stocks and bonds, relief from domestic personal taxes on dividends and capital gains will not reduce the cost of capital. Some authors have shown that even for small domestic companies whose shares are not traded...

Persistent link: https://www.econbiz.de/10010438475

The equity trap, the cost of capital and the firm's growth path

Lindhe, Tobias (contributor); Södersten, Jan (contributor) - 2006

Persistent link: https://www.econbiz.de/10003377163

The effect of corporate taxation and ownership on raising shareholder capital

Krämer, Robert; Lipatov, Vilen - 2013

model with strategic interaction between managers and outside shareholders, we hypothesize that, while an increase in the …

Persistent link: https://www.econbiz.de/10010199748

Punish one, teach a hundred : the sobering effect of punishment on the unpunished

D'Acunto, Francesco; Weber, Michael; Xie, Jin - 2019

-owned enterprises (SOEs) and non-SOEs. After observing peers punished for wrongdoing in loan guarantees to related parties, SOEs - which … are less disciplined by traditional governance mechanisms than non-SOEs - cut their loan guarantees. SOEs whose CEOs have …

Persistent link: https://www.econbiz.de/10011973941

Finance, control, and profitability : the influence of German banks

Chirinko, Robert S.; Elston, Julie Ann - 2003

Bank intermediated finance has been cited frequently as the preferred means for channeling funds from savers to firms. Germany is the prototypical economy where universal banks allegedly exert substantial influence over firms. Despite frequent assertions about the considerable power of German...

Persistent link: https://www.econbiz.de/10011511071

Mavericks, universal, and common owners : the largest shareholders of U.S. public firms

Amel-Zadeh, Amir; Kasperk, Fiona; Schmalz, Martin C. - 2022

We construct a novel data set to show that, between 2003-2020, up to one-fifth of America's largest firms had a non-financial blockholder or insider as their largest shareholder. Blockholders and insiders tend to be less diversified than institutional investors. Measures of "universal" and...

Persistent link: https://www.econbiz.de/10013365123

Fiscal spillovers in the Euro area

Caporale, Guglielmo Maria; Girardi, Alessandro - 2011

This paper analyses the dynamic effects of fiscal imbalances in a given EMU member state on the borrowing costs of other countries in the euro area. The estimation of a multivariate, multi-country time series model (specifically a Global VAR, or GVAR) using quarterly data for the EMU period...

Persistent link: https://www.econbiz.de/10009489288

The cost efficiency of UK debt management : a recursive modelling approach

Pesaran, M. Hashem - 2000

This paper presents an empirical analysis of the efficiency of the UK debt management authorities's (DMA) behaviour from a cost minimisation perspective over the period January 1985 to March 1995. During this period, the maturity structure of the government's bond portfolio was subject to...

Persistent link: https://www.econbiz.de/10009781627

Do firms hire politicians as directors? : evidence from close elections

Lüchinger, Simon; Schelker, Mark; Schmid, Lukas - 2025

We document an overrepresentation of politicians on corporate boards using data for Swiss federal legislators in 1931-2015. However, a close-election regression discontinuity design shows that electoral success explains at most a small part of this overrepresentation. We find small and mostly...

Persistent link: https://www.econbiz.de/10015434399

Voting in corporate boards with heterogeneous preferences

Balduzzi, Paolo; Graziano, Clara; Luporini, Annalisa - 2011

We analyze the voting behavior of a board of directors that has to approve (or reject) an investment proposal with … obstacle to profit maximization provided that an appropriate sequential voting protocol is followed. We also show that a proper …. -- board of directors ; voting ; corporate governance …

Persistent link: https://www.econbiz.de/10009009615