Total debt in the People’s Republic of China has increased significantly in recent years, mostly on account of nonfinancial corporate debt. Earning and the financial performance of corporate firms have weakened, and so has the asset quality of the financial sector. This paper assesses the...

Tax provisions favoring corporate debt over equity finance ("debt bias") are widely recognized as a risk to financial stability. This paper explores whether and how thin-capitalization rules, which restrict interest deductibility beyond a certain amount, affect corporate debt ratios and mitigate...

This paper investigates the link between corporate debt and investment for a group of five peripheral euro area countries. Using firm-level data from 2005-2014, we postulate a non-linear corporate leverage-investment relationship and derive thresholds beyond which leverage has a negative and...

We analyze differences in the pricing of syndicated loans between U.S. and European loans. For credit lines, U.S. borrowers pay significantly higher spreads, but also lower fees, resulting in similar total costs of borrowing in both markets. For term loans, U.S. firms pay significantly higher...

Das erste Kapitel der Dissertation untersucht die neu eingeführte Bankensteuer. Sie wird auf Verbindlichkeiten erhoben und zielt als Pigousteuer auf die Internalisierung der (fiskalischen) Kosten von Bankenkrisen ab. Im Zentrum der Analyse steht die Steuerinzidenz: Theorie und Evidenz legen...

Recent evidence on the development of corporate debt suggests that firms' leverage ratios increased enormously during the past few decades. Taking into account firms financing concerns, the present work provides a dynamic disequilibrium model that is able to generate cyclical patterns of various...

Eine bilanzielle Überschuldung als Endstation einer negativen Entwicklung hat ihren Ausgangspunkt in Verlusten. Im Folgenden soll dargestellt und veranschaulicht werden, welche markanten Stufen sich hinsichtlich des Ausmaßes von Verlusten unterscheiden lassen.

The survey of foreign assets and liabilities of enterprises in Nigeria was conducted in 2014 to determine the 2013 stock of foreign assets/liabilities of Nigerian enterprises, as well as receiving sectors and origination/destination regions. The survey collected relevant information from 740...

What explains the sharp increase in the Chinese economy’s indebtedness, in particular the China’s onshore corporate debt? Has the overall debt burden reached a threshold where it poses a systemic risk, thereby making the economy vulnerable to a “Lehman Moment” - with disorderly unwinding...