by curbing risk-taking incentives, the higher the leverage the bank is permitted to take on. Consequently, the risk …

performance levels. The capital structure of Austrian SMEs are biased towards debt-financing and stronger equity, growth and …

We contribute to the empirical literature on the debt bias of corporate income taxation through a micro …-econometric evaluation of the so-called ACE corporate tax reform in Belgium based on firm-level accounting data. We interpret the tax reform … that came into effect in January 2006 as an economic quasi experiment. We identify its causal impact on the leverage ratio …

-specific data from the Bureau of Economic Analysis, we find that firms with high tax-induced foreign cash have approximately 3 ….3 percent higher domestic liabilities relative to other multinationals, equivalent to $152.2 million more domestic debt per firm …, or approximately $98.9-$141.9 billion in aggregate. We next examine motives for firms with tax-induced foreign cash to …

attitudes towards financing (Berkshire eschews debt that private equity uses maximally); management (Berkshire believes in …

it reflects special liquidity benefits of bank debt. Even aside from neglecting the systemic damage to the economy that …

because it reflects special liquidity benefits of bank debt. Even aside from neglecting the systemic damage to the economy …

deeply. His results show that the longer the layers of pyramid structure, the stronger the "leverage effect" of pyramid … structure, as well as the ultimate controllers' motivation to expand debt financing will be. So the layers of pyramid structure …

. Policies that subsidize debt and indirectly penalize equity through taxes and implicit guarantees are distortive. And while … debtś informational insensitivity may provide valuable liquidity, increased capital (and reduced leverage) can enhance this … benefit. Finally, suggestions that high leverage serves a necessary disciplining role are based on inadequate theory lacking …