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Báez Moreno, Andrés; Navarro, Aitor - 2020

This book chapter analyses the policy rationale and interpretation issues arising from 1) the general interest deduction limitation rule envisaged in the Spanish Corporate Income Tax Act (article 16 CITA), which is aligned with the BEPS action 4 proposal to limit base erosion involving interest...

Persistent link: https://www.econbiz.de/10014093246

Excess Sensitivity and Asymmetries in Consumption : An Empirical Investigation

Garcia, René; Lusardi, Annamaria; Ng, Serena - 2008

Most empirical studies on liquidity constraints classify a consumer as being constrained on the basis of a single … indicator such as the asset to income ratio. In this analysis, we model the probability that a consumer faces liquidity … misclassification. Our results based on data from the CEX confirm that liquidity constrained consumers are excessively sensitive to …

Persistent link: https://www.econbiz.de/10014093522

The Impact of Advertising and R&D on Bankruptcy Survival : A Double-Edged Sword

Jindal, Niket - 2021

Advertising and research and development (R&D) benefit firms by increasing sales and shareholder value. However, when a firm is in bankruptcy, the cumulative effects of its past advertising and R&D can be a double-edged sword. On the one hand, they increase the firm’s expected future cash...

Persistent link: https://www.econbiz.de/10014095250

Leaving Your Tailings Behind : Environmental Bonds, Bankruptcy and Waste Cleanup

Aghakazemjourabbaf, Sara; Insley, Margaret C. - 2020

This paper studies the impacts of an environmental bond, which fully covers waste cleanup costs, on a mining firm's optimal actions over the full life cycle of a mine, when bankruptcy may shift cleanup costs to the government. A firm's stochastic optimal control problem is described by an HJB...

Persistent link: https://www.econbiz.de/10014095886

The Welfare Effects of Liquidity Constraints

Jappelli, Tullio; Pagano, Marco - 2008

We analyze the welfare implications of liquidity constraints for households in an overlapping generations model with … growth. In a closed economy with exogenous technical progress, liquidity constraints reduce welfare if the economy is …

Persistent link: https://www.econbiz.de/10014206580

The Welfare Effects of Liquidity Constraints

Jappelli, Tullio; Pagano, Marco - 2008

Persistent link: https://www.econbiz.de/10014206582

Infrequent Bankruptcy, Asymmetric Information, and Excess Labor in the Russian Economy

Brown, J. David - 1999

Even experienced, profit-maximizing managers in Russia may conduct less restructuring than otherwise, since the economy appears to be in an equilibrium in which each firm releases unproductive workers but retains excess productive workers because other firms do. If firms release their excess...

Persistent link: https://www.econbiz.de/10014206647

Personal Insolvency Law in England and Wales : Debtor Advice, Debtor Education and the Credit Environment: Volume II - Appendices

Tribe, John Paul; Cocks, Leyanda - 2009

This Personal Insolvency Project (PIP) research report is divided into three parts and two volumes. The three substantive parts are set out in Volume I and relate to the research areas of: (1) debtor advice, (2) debtor education, and, (3) the credit environment. Volume II contains all of the...

Persistent link: https://www.econbiz.de/10014208565

Legal Regime, Size, and Liquidity Factors in Asset Pricing

Hearn, Bruce Allen; Piesse, Jenifer; Phylaktis, Kate - 2011

This study contrasts the ability of three liquidity constructs, the price-impact measure of Amihud (2002), the volume … common law origin. The evidence suggests that the Amihud construct outperforms other liquidity measures in Africa while the … Amihud and Liu measures are better in London and Paris. Furthermore the incorporation of size, liquidity and legal regime …

Persistent link: https://www.econbiz.de/10014209532

Insolvency : Calling in the Undertakers - Income Tax, CGT, GST and Stamp Duty Aspects

Glover, John - 2009

Direct taxation of persons who receive distributions of surplus assets in the liquidation of Australian companies occurs under either the deemed dividends or capital gains regimes. Section 47 of the Income Tax Assessment Act 1936 (Cth) has deemed dividends for income taxation for over 80 years...

Persistent link: https://www.econbiz.de/10014210249