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1 - 10 van 58 voor debt and equity
Microsoft Word - DP128_demooij _2_.doc
... points. this raises investment by 7.8%, and also raises employment and gdp. the more neutral treatment of debt and equity causes a decline in the debt asset ratio by 3.8 percentage points. ... relief for debt and equity. we consider a case in which the reform introduces a partial allowance for equity, and reduces the relief for debt, so that the same proportion of the costs of equity and debt are ...
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Microsoft Word - DP ECA voorblad.doc
... debt and equity. along the lines of the trade-o theory, we 9 include a ...nancial distress cost associated with high debt positions. the marginal cost of debt ...nance increases in the debt ... asset markets, bonds and equity of di erent origins are perfect substitutes and are freely traded on world markets so that returns are ...xed for individual countries. debt and equity are imperfect substitutes. ...
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capital income taxation europe trends and trade offs pdf
... rate, the stock of outstanding debt, and profit. this profit comprises three elements the normal return to capital (equal to the interest rate), a risk premium, and an economic rent. ... for retirement savings and owner-occupied housing induces households to engage primarily in these types of saving. also the non-neutral tax treatment of debt and equity and that of dividend and retained earnings ...
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dp204.indd
... established in the corporate finance literature since the seminal contribution by jensen and meckling (1976). when corporations issue debt to outsiders, the insiders (managers, entrepreneurs) have strong incentives to ... risk and 4 return. they show that combinations of financing with outside debt and equity as well as stock options may be called for to induce optimal project choice. palomino and ...
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Manager turnover and firm performance
... also allen et al, 2004). and conversely, tradable debt and equity would be more important in market-based systems, resulting in more sizeable and active markets in both stocks and corporate bonds. however, we do not ... (both debt and equity) has offset some of the decline in bank lending to firms. in both market-based eu and bank-based eu there was a marked increase in bond issuance from and this ...
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Microsoft Word - ageing_.doc
... efficiency and equity. for example, neither a constant debt target (% gdp) nor a zero-deficit target would prevent the burden of ageing being shifted to future generations and ... and intergenerational equity an assessment of the sustainability of public finances is actually an exercise in discounting. if government wealth is negative (public assets have lower value than public debt), and current and ...
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dutch fiscal framework history current practice and role cpb pdf
... deficit and debt and to reduce (the increase in) taxes and public expenditure. since 1980, these are the major official fiscal principles. the budgetary process became chaotic in the seventies and ... equity in order to reduce public debt) and the specific institutional arrangements chosen.a) furthermore, they are not optimal from an economic-theoretic point of view (e.g. not forward looking and ...
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gamma simulation model ageing pensions and public finances pdf
... commodity consumption and labour supply. 2.3.4 a money measure of utility equivalent variations are used to evaluate government policies with respect to their effects on efficiency and equity. an ... are unsustainable if, eventually, they lead to exploding budget deficits and debt levels. a sustainable policy is characterised by deficit and debt levels that are constant relative to gdp in the long ...
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linkages between financial and real sector economy pdf
... crises in asia and mexico in 1990s. cooley and quadrini (2006) employ a financial accelerator type mechanism in a heterogeneous firm model. firms are heterogeneous with respect to size and equity with smaller ... . if asset value is pro-cyclical, the need for costly not collateralized debt is counter-cyclical and the financial accelerator emerges as argued already above. the key model variables in ...
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dp182retirement flexibility and portfolio choice pdf
... samuelson (1958) and diamond (1965). the model includes government debt and incorporates endogenous retirement. in our framework, the young working gen- eration decides upon his consumption and the allocation of ... k y note the equity premium and the return on government debt are annualized figures. all figures are expressed in percentages. dominates, resulting in a lower equity premium under labour ...
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