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Who is afraid of political risk? Multinational firms and their choice of capital structure

Kesternich, Iris; Schnitzer, Monika - 2009

This paper investigates how multinational firms choose the capital structure of their foreign affiliates in response to political risk. We focus on two choice variables, the leverage and the ownership structure of the foreign affiliate, and we distinguish different types of political risk, such...

Persistent link: https://www.econbiz.de/10010298749

The impact of thin-capitalization rules on multinationals' financing and investment decisions

Büttner, Thiess; Overesch, Michael; Schreiber, Ulrich; … - 2008

This paper analyzes the effectiveness of thin-capitalization rules in preventing debt finance by intercompany loans and …

Persistent link: https://www.econbiz.de/10010295875

Financial Liberalization and Business Cycles: The Experience of Countries in the Baltics and Central Eastern Europe

Vinhas de Souza, Lúcio - 2004

This paper extends the work of Kaminsky and Schmukler (2003) to the Baltic and Central Eastern European future Member States of the European Union, to test if the same short-run increase in cyclical volatility arising from financial integration is observed in this specific sample of ?emerging...

Persistent link: https://www.econbiz.de/10010295650

Portfolio holdings in the euro area - home bias and the role of international, domestic and sector-specific factors

Jochem, Axel; Volz, Ute - 2011

This paper aims to identify the determinants of portfolio restructuring in EMU member states since the introduction of the euro and especially during the financial turbulence of the past years. We find that, besides exchange rate volatility and traditional indicators of information and...

Persistent link: https://www.econbiz.de/10010304512

Dependence on external finance: an inherent industry characteristic?

von Kalckreuth, Ulf; von Furstenberg, George M. - 2006

? Dependence on External Finance (DEF). They take any differences in these measures to be structural/technological and thus …

Persistent link: https://www.econbiz.de/10010295819

An information economics perspective on main bank relationships and firm R&D

Hoewer, Daniel; Schmidt, Tobias; Sofka, Wolfgang - 2011

Information economics has emerged as the primary theoretical lens for framing financing decisions in firm R&D investment. Successful outcomes of R&D projects are either ex-ante impossible to predict or the information is asymmetrically distributed between inventors and investors. As a result,...

Persistent link: https://www.econbiz.de/10010306607

Taxes and the financial structure of German inward FDI

Ramb, Fred; Weichenrieder, Alfons J. - 2005

The paper analyses the financial structure of German inward FDI. From a tax perspective, intra-company loans granted by the parent should be all the more strongly preferred over equity the lower the tax rate of the parent and the higher the tax rate of the German affiliate. From our study of a...

Persistent link: https://www.econbiz.de/10010295673

Financial constraints for investors and the speed of adaptation: Are innovators special?

von Kalckreuth, Ulf - 2004

This paper uses a large panel of survey data on German firms in the manufacturing sector to analyse the effects of financing constraints for investors in general and for innovative firms in particular. Survey data with information on financing conditions are potentially a valuable tool that...

Persistent link: https://www.econbiz.de/10010295647

The Contribution of Rapid Financial Development to Asymmetric Growth of Manufacturing Industries: Common Claims vs. Evidence for Poland

von Furstenberg, George M. - 2004

for those industry sectors most dependent on external finance. However, the widelyused Rajan and Zingales (1998) measure … of young (exchange-listed U.S.) companies' dependence on external finance had no explanatory power for the structure of …

Persistent link: https://www.econbiz.de/10010295661

The Financial System in the Czech Republic, Hungary and Poland after a Decade of Transition

Schardax, Franz; Reininger, Thomas; Summer, Martin - 2001

the private and public sector, of the financial sector's vulnerability and of the legal conditions for external finance as … Wechselkursrisiko ausgesetzt ist. Während die Finanzierung über den Aktienmarkt gering ist, sind in nationaler Währung denominierte … Schuldtitel für die Finanzierung des öffentlichen Sektors wichtig. Unsere Analyse zeigt, dass der rechtliche und …

Persistent link: https://www.econbiz.de/10010295713