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  1. Dividend taxes and the allocation of capital
    Autor*in: Boissel, Charles; Matray, Adrien
    Erschienen: 16 April 2022
    Verlag:  Centre for Economic Policy Research, London

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    LZ 161
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    Standort:
    Universitätsbibliothek Mannheim
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    keine Fernleihe
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Array ; DP17228
    Schlagworte: Kapitalertragsteuer; Unternehmensbesteuerung; Steuerreform; Steuerwirkung; Unternehmensfinanzierung; Betriebliche Finanzwirtschaft; Kreditrationierung; Frankreich; corporate taxes; capital misallocation
    Umfang: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  2. Overborrowing and systemic externalities in the business cycle under imperfect information
    Autor*in: Herreño, Juan; Rondón-Moreno, Carlos
    Erschienen: [2022]
    Verlag:  Banco Central de Chile, Santiago, Chile

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 628
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Documentos de trabajo / Banco Central de Chile ; no 940 (marzo 2022)
    Schlagworte: Finanzkrise; Konjunktur; Unvollkommene Information; Kreditrationierung; Liquiditätsbeschränkung; Finanzmarktaufsicht; Optimale Besteuerung; Fremdkapital; Argentinien; Kleine offene Volkswirtschaft; Mehrsektoren-Modell; Theorie
    Umfang: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  3. Dividend Taxes and the Allocation of Capital
    Autor*in: Boissel, Charles; Matray, Adrien
    Erschienen: June 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    This paper investigates the 2013 three-fold increase in the French dividend tax rate. Using administrative data covering the universe of firms from 2008-2017 and a quasi-experimental setting, we find that firms swiftly cut dividend payments and used... mehr

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    Standort:
    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    Standort:
    Universitätsbibliothek Freiburg
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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
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    Standort:
    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    keine Fernleihe

    Standort:
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    This paper investigates the 2013 three-fold increase in the French dividend tax rate. Using administrative data covering the universe of firms from 2008-2017 and a quasi-experimental setting, we find that firms swiftly cut dividend payments and used this tax-induced increase in liquidity to invest more. Heterogeneity analyses show that firms with high demand and returns on capital responded most while no group of firms cut their investment. Our results reject models in which higher dividend taxes increase the cost of capital and show that the tax-induced increase in liquidity relaxes credit constraints, which can reduce capital misallocation

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: NBER working paper series ; no. w30099
    Schlagworte: Kapitalertragsteuer; Unternehmensbesteuerung; Steuerreform; Steuerwirkung; Unternehmensfinanzierung; Betriebliche Finanzwirtschaft; Kreditrationierung; Frankreich; Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill; Taxation, Subsidies, and Revenue; Business Taxes and Subsidies; Firm; Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    Umfang: 1 Online-Ressource, illustrations (black and white)
    Bemerkung(en):

    Hardcopy version available to institutional subscribers
  4. Grasping de(centralized) fi(nance) through the lens of economic theory
    Autor*in: Chiu, Jonathan; Koeppl, Thorsten V.; Kahn, Charles M.
    Erschienen: 8-2022
    Verlag:  Department of Economics, Queen's University, Kingston, Ontario, Canada

    In this viewpoint article, we provide an analysis of the value proposition of De(centralized) Fi(nance) and its limitations using a simple stylized model of collateralized lending. DeFi uses a decentralized ledger to run smart contracts that... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 216
    Fernleihe:
    keine Fernleihe

     

    In this viewpoint article, we provide an analysis of the value proposition of De(centralized) Fi(nance) and its limitations using a simple stylized model of collateralized lending. DeFi uses a decentralized ledger to run smart contracts that automatically enforce the terms of a lending contract and safeguard the collateral. DeFi can lower the costs asso- ciated with intermediated lending and improve financial inclusion. Limitations are the volatility of crypto collateral and stablecoins used for settlement, the possible incom- pleteness of smart contracts and the lack of a reliable oracle. A proper infrastructure reducing such limiations could improve the value of DeFi.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/281093
    Schriftenreihe: Queen's Economics Department working paper ; no. 1489
    Schlagworte: Virtuelle Währung; Kreditgeschäft; Kreditrationierung; Kreditmarkt; Theorie; Decentralized Finance; Cryptocurrency; Stablecoins; Collateralized Lending
    Umfang: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  5. Financing gaps of companies during the Covid-19 pandemic
    Autor*in: Demary, Markus; Hagenberg, Anna-Maria; Zdzralek, Jonas
    Erschienen: 28.09.2022
    Verlag:  Institut der deutschen Wirtschaft Köln e.V., Köln

    For firms' business and investment decisions their access to finance is a critical determinant. In times when access to finance becomes tight, corporations face either higher capital costs or they have to postpone their investment decisions when... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 574
    Fernleihe:
    keine Fernleihe

     

    For firms' business and investment decisions their access to finance is a critical determinant. In times when access to finance becomes tight, corporations face either higher capital costs or they have to postpone their investment decisions when credit lines are not prolongated. Since business investment is a prerequisite to spur economic growth, access to finance is a critical variable in business cycle stabilization. Therefore, central banks take a close look at the financing conditions of companies, and they have to loosen monetary policy when access to finance becomes tighter. In contrast to the US, where firms rely to a great degree on capital market financing, euro area firms are dominantly funded by banks. For our empirical analysis we use data from the Survey of Access to Finance of Small and Medium-sized Enterprises (SAFE) from the ECB. SAFE is a semi-annual survey and it covers the relevant data on financing conditions from the viewpoint of euro area firms with a focus on SMEs. The first wave started in the first half of 2009. Regression analyses with only three macroeconomic variables (yield on sovereign bonds, GDP growth and unemployment rate) on the percentage of vulnerable firms yield the result of a strong positive correlation with long-term interest rates. This effect is reduced when adding access to finance or the change in the external financing gap to the equation, which are also positively correlated to the vulnerability of SMEs. At the same time, the vulnerability of companies is negatively correlated with GDP growth indicating that in times of economic crisis, the vulnerability is higher than in times of economic boom. However, the coefficient loses its significance, when the change in the financing gap and access to finance were added to the regression. Since these two variables are also dependent on the business cycle, they better explain the vulnerability than GDP.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/264976
    Schriftenreihe: IW-Report ; 2022, 50
    Schlagworte: Coronavirus; KMU; Mittelstandsfinanzierung; Unternehmensfinanzierung; Kreditrationierung; Liquiditätsbeschränkung; Eurozone; EU-Staaten
    Umfang: 1 Online-Ressource (circa 24 Seiten), Illustrationen
  6. Housing Wealth and Consumption
    The Role of Heterogeneous Credit Constraints
    Autor*in: Aruoba, S. Borağan; Elul, Ronel; Kalemli-Ozcan, Sebnem
    Erschienen: October 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    We quantify the role of heterogeneity in households' financial constraints in explaining the large decline in consumption between 2006 and 2009. Using household-level data, we show that in addition to a direct effect of changes in house prices, there... mehr

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    Standort:
    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    keine Fernleihe

    Standort:
    Universitätsbibliothek Freiburg
    Fernleihe:
    keine Fernleihe

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
    Fernleihe:
    keine Fernleihe

    Standort:
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    We quantify the role of heterogeneity in households' financial constraints in explaining the large decline in consumption between 2006 and 2009. Using household-level data, we show that in addition to a direct effect of changes in house prices, there are sizable indirect effects from general equilibrium feedback and bank health. About 60% of the aggregate response of consumption to changes in house prices is explained by ex-ante and ex-post financial constraints, where only a specific set of households face binding ex-post financial constraints as a result of declining house prices. We find a negligible wealth effect once we account for the role of heterogonous financial constraints

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: NBER working paper series ; no. w30591
    Schlagworte: Kreditrationierung; Liquiditätsbeschränkung; Private Verschuldung; Privater Haushalt; Privater Konsum; Immobilienpreis; General
    Umfang: 1 Online-Ressource, illustrations (black and white)
    Bemerkung(en):

    Hardcopy version available to institutional subscribers
  7. Grasping de(centralized) fi(nance) through the lens of economic theory
    Autor*in: Chiu, Jonathan; Kahn, Charles M.; Koeppl, Thorsten V.
    Erschienen: [2022]
    Verlag:  Bank of Canada, [Ottawa]

    In this article, we use a simple stylized model of collateralized lending to analyze the value proposition and limitations of decentralized finance (DeFi). DeFi uses a decentralized ledger to run smart contracts that automatically enforce the terms... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 219
    Fernleihe:
    keine Fernleihe

     

    In this article, we use a simple stylized model of collateralized lending to analyze the value proposition and limitations of decentralized finance (DeFi). DeFi uses a decentralized ledger to run smart contracts that automatically enforce the terms of a lending contract and safeguard the collateral. DeFi can lower the costs associated with intermediated lending and improve financial inclusion. Limitations are the volatility of the crypto collateral and stablecoins used for settlement, the possible incompleteness of smart contracts and the lack of a reliable oracle. A proper infrastructure reducing such limitations could improve the value of DeFi.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/272987
    Auflage/Ausgabe: Last updated: October 11, 2022
    Schriftenreihe: Staff working paper / Bank of Canada ; 2022, 43
    Schlagworte: Virtuelle Währung; Kreditgeschäft; Kreditrationierung; Kreditmarkt; Theorie; Digital currencies and fintech; Payment clearing and settlement systems
    Umfang: 1 Online-Ressource (circa 35 Seiten), Illustrationen