Blar i Discussion papers (FOR) på emneord "capital structure"
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International Debt Shifting: The Value Maximizing Mix of Internal and External Debt
(Discussion paper;1/19, Working paper, 2019-03-29)We study the capital structure of multinationals and expand previous theory by incorporating international debt tax shield effects from both internal and external capital markets. We show that: (i) multinationals' firm ... -
Strategic defaults and priority violations under costly state verification
(Discussion paper, Working paper, 2002-06)We reformulate the classic CSV model of financial contracting from Townsend (1979) and Gale & Hellwig (1985) to tackle criticisms raised against it, such as lack of subgame-perfectness at the repayment stage and its inability ... -
Tax-adjusted discount rates with investor taxes and risky debt
(Discussion paper, Working paper, 2005-10)This paper derives tax-adjusted discount rate formulas with Miles-Ezzell leverage policy, investor taxes, and risky debt in the context of a standard tax system. This expands on other formulas that are commonly used and ... -
The Tax Sensitivity of Debt in Multinationals: A Review
(Discussion paper;29/15, Working paper, 2015-10-30)The OECD in its BEPS action plan 4 addresses tax base erosion by profit shifting through the use of tax deductible interest payments. Their main concern is interest deductions between outbound and inbound investment by ...