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This paper examines the effects of country-level governance—such as voice and accountability, political stability, government effectiveness, regulatory quality, rule of law, and control of corruption—on the capital structure and investment financing decisions of firms. The full sample...
Persistent link: https://www.econbiz.de/10013184074
This paper proposes a growth-oriented dual-income tax by combining an allowance for corporate equity with a broadly … calibrated growth model for Switzerland indicate that the reform could add between 2 to 3 percent of GDP in the long run …
Persistent link: https://www.econbiz.de/10010271071
investment and firm's growth. Moreover, the leverage multiplier effect is the highest for firms relying on short-term credits and …
Persistent link: https://www.econbiz.de/10010494347
growth opportunities. Also,higher accountability and lower income inequality are associated with more ef-fective legal …
Persistent link: https://www.econbiz.de/10011338011
productive and active VC industry boosts innovation driven growth. …
Persistent link: https://www.econbiz.de/10011409024
, innovation. Using a Schumpeterian growth model in which firms' dynamic R&D and financing choices are endogenously determined, we … demonstrate that this second effect always dominates, so that debt fosters innovation and growth at the aggregate level. Our paper …
Persistent link: https://www.econbiz.de/10012179627
importantly, we show that nongrowth firm values are comparable to growth firm values unless we assume a rise in growth consistent … with projections under TCJA where tax rates are lower. We demonstrate this projected growth increase is the key to make …
Persistent link: https://www.econbiz.de/10012291770
Persistent link: https://www.econbiz.de/10013173493
Motivated by the financial crisis of 2007-2009 several papers have provided explanations for why liquidity may dry up during market stress. This paper also looks at this issue but focuses on the question as to why the liquidity crunch was not uniform across maturities. As funding pressures were...
Persistent link: https://www.econbiz.de/10010308262
This paper develops a macroeconomic framework where the representative bank is owned by inside and outside owners and copes with capital requirements that vary countercyclically. The issuance of outside equity is characterized getting insights from the literature on corporate governance,...
Persistent link: https://www.econbiz.de/10010316758