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39
The Determinants of Credit Spread Changes.
- Journal of Finance
, 2001
"... ABSTRACT Using dealer's quotes and transactions prices on straight industrial bonds, we investigate the determinants of credit spread changes. Variables that should in theory determine credit spread changes have rather limited explanatory power. Further, the residuals from this regression are ..."
Abstract
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Cited by 422 (2 self)
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is determined by computing its expected (under the risk-neutral measure) future cash flows discounted at the risk-free rate. As the credit spread CS(t) is uniquely defined through: (1) the price of a debt claim, (2) this debt claim's contractual cash flows, and (3) the (appropriate) risk-free rate, we can
1Does Debt Maturity Matter for Investment Decisions?
, 2004
"... In the conventional literature related to investment decisions, less attention has been paid to the length of maturity when investment is debt-financed. In such a case a firm pays the creditor not only the sum of annual interest (initial investment cost multiplied by real interest rate) for the enti ..."
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) the change of optimum debt maturity tends to correlate positively with the corporate tax rate but negatively with the interest rate. In the case of prevailing inflation, there is a mismatch between the nominal interest rate that is a discounting factor for all observed in- and outflows and the real interest
Corporate Taxation and the Productivity and Investment Performance of Heterogeneous Firms: Evidence from OECD Firm-Level Data
"... Abstract This paper adds to the recent literature use micro-level data to examine the response of firms' productivity levels or growth rates to various policy settings. Our particular interest is to investigate how far corporate tax settings might affect firms' innovation and risk-taking ..."
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. • Higher corporate tax rates, via their effect on the post-tax user cost of capital have significant adverse effects on firm's investment levels. 2 Introduction Macro-dynamic modelling in recent years has made great strides in analysing the potential impact of changes in tax policy on a variety
The Determinants of Capital Structure: Evidence from the Asia Pacific Region’,
- Journal of Multinational Financial Management,
, 2004
"... The full-text may be used and/or reproduced, and given to third parties in any format or medium, without prior permission or charge, for personal research or study, educational, or not-for-profit purposes provided that: • a full bibliographic reference is made to the original source • a link is mad ..."
Abstract
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Cited by 56 (1 self)
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and leverage is postulated. In the absence of more accurate measures, the non-debt tax shield is defined as the ratio of depreciation to total assets. As predicted by the trade-off theory, a major motivation for using debt instead of equity is to save corporate tax. However, firms can use non-debt tax shields
unknown title
, 2011
"... Corporate Governance determinants of voluntary disclosure and its effects on information asymmetry: an analysis for Iberian Peninsula listed companies. ..."
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Corporate Governance determinants of voluntary disclosure and its effects on information asymmetry: an analysis for Iberian Peninsula listed companies.
Taxation in a Polluted Environment Abstract
"... This paper studies an optimal policy of public investments and commodity taxation which maximizes a sum of discounted generational utilities in an environment polluted by production and/or consumption activities. It is shown that (1) the optimal discount rate for pollution control (productive) publi ..."
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) public investment is (not generally) equal to the social time preference rate; (2) if pollution is caused by production processes, then the optimal wage and interest tax formulae partly consist of a weighted average of the Ramsey tax and the Pigovian tax; and (3) the introduction of public debt does
Harvard Institute for International Development Tax Reform in Singapore Tax Reform in Singapore TAX REFORM IN SINGAPORE Section I: The Fiscal Scene 1.1 The Fiscal System Section II: Rationale for GST 2.1 Early Thoughts on GST 3
"... ABSTRACT Globalization has forced many governments to change their economic policies, including tax policies, in the recent years. It has had an even greater impact on Singapore's economy due to the high degree of its openness with respect to trade and investment. In this context, Singapore un ..."
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---------------------------------------------- The Tax System Singapore levies several taxes on income, property and commodities. Income taxes Income based taxes include the individual income tax and corporate tax. Of these taxes, individual income tax is levied with a progressive rate structure, with 10 brackets, ranging from 2% to 28%. The corporate
zbw Leibniz-Informationszentrum WirtschaftLeibniz Information Centre for Economics
, 2002
"... Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle ..."
Internet Appendix for: “Are there too many safe securities? Securitization and the incentives for information production”
, 2012
"... We now consider several extensions to the baseline model presented in the main text and discuss several historical episodes where markets for near-riskless securities shut down. First, in Section A.1 we explicitly add asset pooling to the model, which allows us to contrast securitization markets to ..."
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that the informed can short debt. Instead, the adverse selection discount on risky debt stems from the fact that informed investors choose to purchase some fraction of debt in the primary market at t = 1. Because informed investors will opportunistically sell risky debt backed by bad loan pools at t = 2, debt
Dividend Policy and Income Taxation
, 2008
"... The e¤ects of dividend and capital gains taxes on optimal dividend payout policy are analyzed in the context of a one-good model (so that capital consists of stored units of the consumption good). The aftertax discount factor is as-sumed to adjust to taxes to bring about equality between the discoun ..."
Abstract
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Cited by 2 (0 self)
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the discounted value of the
rms aftertax dividend stream under the optimal dividend policy and the number of units of capital the
rm is operating. A standard result that the Miller-Modigliani dividend irrelevance proposition applies in the presence of taxes if the dividend tax rate equals the capital gains
Results 1 - 10
of
39
