European Journal of Finance最新文献_第3页

A New Family of Equity Style Indices and Mutual Fund Performance: Do Liquidity and Idiosyncratic Risk Matter?

IF 2.5 3区经济学

European Journal of Finance Pub Date : 2011-09-15 DOI: 10.2139/ssrn.1274618

N. Wagner, E. Winter

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引用次数: 31

An N-Dimensional Markov-Functional Interest Rate Model 一个n维马尔可夫函数利率模型

IF 2.5 3区经济学

European Journal of Finance Pub Date : 2011-07-17 DOI: 10.2139/ssrn.1081337

Linus Kaisajuntti, J. Kennedy

引用次数: 2

Do Equity Tax Shields Reduce Leverage? The Austrian Case 股权税盾能降低杠杆率吗?奥地利案例

IF 2.5 3区经济学

European Journal of Finance Pub Date : 2011-07-01 DOI: 10.2139/ssrn.1458245

M. Frühwirth, M. Kobialka

{"title":"Do Equity Tax Shields Reduce Leverage? The Austrian Case","authors":"M. Frühwirth, M. Kobialka","doi":"10.2139/ssrn.1458245","DOIUrl":"https://doi.org/10.2139/ssrn.1458245","url":null,"abstract":"The goal of this article is to analyze the impact of equity tax shields, that were allowed in Austria from 2000 to 2004, on the capital structure of Austrian firms, both at book values and at market values. We see that the choice of the leverage ratio determines whether or not one can find an impact of equity tax shields on the capital structure of firms. Precisely, equity tax shields reduce the long-term liabilities to assets ratio and on the long-term liabilities to long-term capital ratio, but have no impact on the total liabilities to assets ratio. Although the Austrian system granted only a rather small dose of equity tax shields, we find that the tax regime achieved its goal to reduce the leverage (ignoring short-term liabilities). Interestingly, even though it is the book value capital structure that determines the size of equity tax shields, this effect was slightly stronger and more significant for the capital structure at market values than for the book value capital structure. We find that the government could influence the capital structure by changing the level of the equity interest rate allowed. We observe that small firms reduced their capital structure more in response to equity tax shields than big firms. Similarly, we find that firms that were included in the Austrian Traded Index (ATX) did not react to equity tax shields. By contrast, firms that were not included in the ATX strongly reacted to the equity tax shields. Moreover, we find that financial firms did not react to the equity tax shields whereas non-financial firms showed at least some reaction. In addition, with this equity tax shield regime we find strong evidence against the debt substitution hypothesis of De Angelo/Masulis (1980).","PeriodicalId":47599,"journal":{"name":"European Journal of Finance","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2011-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79993344","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 6

Ownership Structure and Board Characteristics as Determinants of CEO Turnover in French-Listed Companies 股权结构和董事会特征:法国上市公司CEO离职的决定因素

IF 2.5 3区经济学

European Journal of Finance Pub Date : 2011-04-16 DOI: 10.2139/ssrn.1456851

B. Nguyen

引用次数: 20

A Two-Factor Model for PD and LGD Correlation PD与LGD相关的双因素模型

IF 2.5 3区经济学

European Journal of Finance Pub Date : 2011-02-07 DOI: 10.2139/ssrn.1476305

J. Witzany

引用次数: 21

The performance of the European stock markets: a time-varying Sharpe ratio approach 欧洲股市表现:时变夏普比率方法

IF 2.5 3区经济学

European Journal of Finance Pub Date : 2010-10-01 DOI: 10.1080/1351847X.2010.495479

J. D. da Fonseca

引用次数: 2

Bank Regulations and Loan Contracts 银行规章和贷款合同

IF 2.5 3区经济学

European Journal of Finance Pub Date : 2010-04-22 DOI: 10.2139/ssrn.1343845

Romulo Magalhaes, Josep A. Tribó

{"title":"Bank Regulations and Loan Contracts","authors":"Romulo Magalhaes, Josep A. Tribó","doi":"10.2139/ssrn.1343845","DOIUrl":"https://doi.org/10.2139/ssrn.1343845","url":null,"abstract":"This study examines empirically how bank regulations adopted in lender countries influence the characteristics of loan contracts, using a sample of 46,453 loans made by 278 large commercial banks around 39 countries, to borrowers in 83 countries, in the period from 1998 to 2006. Our findings indicate that the stringency of capital regulations have an inverse U-shaped relationship with priced risk characteristics (spread and maturity) of loan contracts. In addition, more powerful official supervision is associated with riskier loan contracts. Both official supervisory power and private monitoring work as substitutes to capital regulation to reduce the (priced) risk measures of loan contracts when capital stringency is low. For higher capital stringency, supervision and private monitoring complement capital regulation in reducing loan contracts risk measures. Finally, we found that a country’s degrees of legal enforcement and bank industry competition complement capital and private monitoring regulations to improve risk characteristics of loan contracts. The evidence highlights the importance of how bank lending practices are affected by bank regulations and their interactions with themselves and other institutional country factors.","PeriodicalId":47599,"journal":{"name":"European Journal of Finance","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2010-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76668983","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Rational asset pricing bubbles and portfolio constraints 理性资产定价泡沫与投资组合约束

IF 2.5 3区经济学

European Journal of Finance Pub Date : 2010-04-16 DOI: 10.2139/ssrn.1288380

J. Hugonnier

引用次数: 68

Do Banks Propagate Debt Market Shocks? 银行会传播债务市场冲击吗?

IF 2.5 3区经济学

European Journal of Finance Pub Date : 2010-03-24 DOI: 10.2139/ssrn.1488553

G. Hale, João A. C. Santos

引用次数: 2

Analysis of Characteristics Motivating Firms’ IFRS Adoption: Evidence from the European Union 激励企业采用国际财务报告准则的特征分析:来自欧盟的证据

IF 2.5 3区经济学

European Journal of Finance Pub Date : 2010-03-03 DOI: 10.2139/ssrn.1488336

Victoria Krivogorsky, Jui-Chin Chang, E. Black

引用次数: 2