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Business tax policy under default risk
Comincioli, Nicola; Vergalli, Sergio; Panteghini, Paolo - 2019
In this article we use a stochastic model with one representative firm to study business tax policy under default risk. We will show that, for a given tax rate, the government has an incentive to reduce (increase) financial instability and default costs if its objective function is welfare (tax...
Persistent link: https://www.econbiz.de/10012006573
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The start-up decision under default risk
Comincioli, Nicola; Panteghini, Paolo; Vergalli, Sergio - 2021
This study introduces a real option model to investigate how fiscal policy affects a representative firm's investment decision and to measure its welfare effects. On the one hand, the effects of financial instability on the optimal investment timing and on the probability of default are studied....
Persistent link: https://www.econbiz.de/10012654165
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From institutions to financial development and growth : what are the links?
Fernández, Andrés; Tamayo, César E. - 2015
This paper presents an integrated overview of the literature linking institutions, financial development and economic growth. From the large body of research on institutional development, the paper first selects those contributions that make it possible to study the role of institutional...
Persistent link: https://www.econbiz.de/10011290078
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Optimal multiple loan contracting under sequential audits and contagion losses
Menichini, Anna Maria; Simmons, Peter J. - 2024
Persistent link: https://www.econbiz.de/10015408269
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Strategic default in financial networks
Allouch, Nizar; Jalloul, Maya - 2018
This paper investigates a model of strategic interactions in financial networks, where the decision by one agent on whether or not to default impacts the incentives of other agents to escape default. Agents' payoffs are determined by the clearing mechanism introduced in the seminal contribution...
Persistent link: https://www.econbiz.de/10011812108
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Impact of legislation on credit risk : how different are the UK and Germany?
Schmieder, Christian; Schmieder, Philipp; Kraemer-Eis, … - 2010
The analysis of credit risk and its impacting factors are important topics for the European Investment Fund (EIF, the Fund) as the Fund provides guarantees to financial institutions for portfolios of loans and leases to micro- and small and medium sized-enterprises (SMEs). In this context, the...
Persistent link: https://www.econbiz.de/10011862434
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Exotic unit-linked life insurance contracts
Ekern, Steinar; Persson, Svein-Arne - 1995
Persistent link: https://www.econbiz.de/10000925608
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Entrepreneurship, ambiguity, and the shape of innovation contracts
Amarante, Massimiliano; Ghossoub, Mario; Phelps, Edmund S. - 2012
Persistent link: https://www.econbiz.de/10009700575
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Cross-border intellectual property rights : contract enforcement and absorptive capacity
Naghavi, Alireza; Tsai, Yingyi - 2012
This paper studies cross-border intellectual property rights (IPR) as a North-South contract using a Nash bargaining … effective in preventing contract violation up to a critical level of absorptive capacity. We relate this to the US Trade … from, continue to remain on the list. -- Intellectual Property Rights ; TRIPS ; Nash Bargaining ; Contract …
Persistent link: https://www.econbiz.de/10009535536
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Procurement with unenforceable contract time and the law of liquidated damages
Dosi, Cesare; Moretto, Michele - 2012
. By exploiting the real-option approach, we examine how the inability to force sellers to meet the contract time … when the contract does not provide for any compensation for late-delivery. -- Public Procurement ; Fixed-Price Contracts …
Persistent link: https://www.econbiz.de/10009565538