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Adverse Selection in Credit Markets and Regressive Profit Taxation
Adverse Selection Credit Markets Regressive Profit Taxation
2015/7/31
In many countries, taxes on businesses are less progressive than labor income taxes. This paper provides a justification for this pattern based on adverse selection that entrepreneurs face in credit m...
Corporate Financial Policies in Misvalued Credit Markets
Debt Misvaluation Capital Structure Cash Holdings Credit Ratings
2015/4/29
We theoretically and empirically investigate the repercussions of credit market misvaluation for a firm's borrowing and investment decisions. Using an ex-post measure of the accuracy of credit ratings...
Monetary Policy and Asset Prices with Imperfect Credit Markets
Modigliani-Miller theorem corporate finance capital market external financing
2011/9/13
Provides information on the utilization of the Modigliani-Miller theorem in corporate finance and capital market. Effect of monetary authority regulation on asset prices; Relation of the volume of col...