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733 results, from 551
Diskussionspapiere 1190 / 2012

Differential Taxation and Firms' Financial Leverage: Evidence from the Introduction of a Flat Tax on Interest Income

Tax competition for the mobile factor capital has led to a trend in many countries to levy lower taxes on interest income, often introducing differential taxation between interest and business income. In this study, we analyze the effect of such differential taxation on the debt ratio of firms. We exploit a 2009 tax reform in Germany as a quasi-experiment, which introduced a flat final withholding ...

2012| Frank M. Fossen, Martin Simmler
Diskussionspapiere 1188 / 2012

The Perfect Finance Minister: Whom to Appoint as Finance Minister to Balance the Budget?

The role and influence of the finance minister within the cabinet are discussed with increasing prominence in the recent theoretical literature on the political economy of budget deficits. It is generally assumed that the spending ministers can raise their reputation purely with new or more extensive expenditure programs, whereas solely the finance minister is interested to balance the budget. Using ...

2012| Beate R. Jochimsen, Sebastian Thomasius
Diskussionspapiere 1181 / 2012

How Do Taxes Affect Investment When Firms Face Financial Constraints?

This study uses a switching regression framework with known sample separation to analyze the effects of corporate income taxation on investment in case of binding and non-binding financial constraints. By employing two different sample splitting criteria, payout behavior and the ratio of liabilities to total assets, I show that the elasticity of capital to its user costs in an auto-distributed-lag ...

2012| Martin Simmler
DIW Economic Bulletin 11 / 2012

Need for Reform of EU Banking: Decoupling the Solvency of Banks and Sovereigns

Recent developments in Ireland, Greece, and Spain have shown that sovereign debt crises endanger the solvency of domestic banking sectors, while banking crises in turn endanger the solvency of the domestic sovereigns. This diabolic loop between government and bank solvency is exacerbated by the home bias in banks' government bond portfolios, that is, banks' excessive exposure to domestic sovereign ...

2012| Johannes Pockrandt, Sören Radde
Diskussionspapiere 1215 / 2012

The Impact of Introducing an Interest Barrier: Evidence from the German Corporation Tax Reform 2008

In this study we investigate the impact of the thin capitalization rule (TCR), introduced in Germany in 2008, on firms' capital structure, investment and profitability. The identification of the causal effects is based on the escape clauses in the regulation using a difference-in-difference approach. Our results present evidence that firms strongly react in order to avoid the limited deductibility ...

2012| Hermann Buslei, Martin Simmler
DIW Economic Bulletin 4 / 2012

Passed Over for Promotions: Women Still Severely Underrepresented on Financial Sector Boards

Opportunities to increase the proportion of female board members in Germany's financial sector were missed during post-crisis period of management shakeups. As of 2011, the proportion of women on executive boards was still as low as in previous years: 3.2 percent in Germany's 100 largest banks and savings banks and 3.6 percent at 59 insurance companies surveyed. The percentage of women on supervisory ...

2012| Elke Holst, Julia Schimeta
Weitere Aufsätze

Risk Attitudes and Private Business Equity

In: Douglas Cumming (Ed.) , The Oxford Handbook of Entrepreneurial Finance
Oxford [u.a.] : Oxford Univ. Press
S. 109-132
| Frank M. Fossen
EUSECON Policy Briefing 19 / 2012

Counterterrorism Effectiveness: The Impact on Life and Property Losses

In this Policy Briefing we look at authorities' relative counterterrorism effectiveness focusing on its behavior over time, its impact on preventing casualties and property losses. The study underlying this Policy Briefing used data on transnational terrorism from the ITERATE database (1973-2003) and discrete choice models, to evaluate relative counterterrorism effectiveness while controlling for a ...

2012| Christos Kallandranis, Konstantinos Drakos, Nicholas Giannakopoulos
Economics of Security Working Paper Series 65 / 2012

Combating Money Laundering and the Financing of Terrorism: A Survey

Policy programs on anti-money laundering and combating the financing of terrorism (AML/CFT) have largely called for preventive measures like keeping record of financial transactions and reporting suspicious ones. In this survey study, we analyze the extent of global money laundering and terrorist financing and discuss the preventive policies and their evaluations. Moreover, we investigate whether more ...

2012| Stefan Haigner, Friedrich Schneider, Florian Wakolbinger
Economics of Security Working Paper Series 66 / 2012

Terrorism Induced Cross-Market Transmission of Shocks: A Case Study Using Intraday Data

Terrorist incidents exert a negative, albeit generally short-lived, impact on markets and equity returns. Given the integration of global financial markets, mega-terrorist events also have a high contagion potential with their shock waves being transmitted across countries and markets. This paper investigates the cross-market transmission of the London Stock Exchange's reaction to the terrorist attacks ...

2012| Christos Kollias, Stephanos Papadamou, Costas Siriopoulos
733 results, from 551
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