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Corporate Financial Structure and Financial Stability

Corporate Financial Structure and Financial Stability »

Source: Corporate Financial Structure and Financial Stability

Volume/Issue: 2004/124

Series: IMF Working Papers

Author(s): Mark Stone , and E. Davis

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2004

ISBN: 9781451854756

Keywords: financial instability, currency crises, bond, currency crisis, corporate sector, financial structure, Financial Markets and the Macroeconomy,

This paper uses flow-of-funds and balance sheet data to analyze the impact of financial crises on corporate financing and GDP in a range of countries. Post-crisis GDP contractions are mainly accounted for by declin...

Tax Biases to Debt Finance

Tax Biases to Debt Finance »

Source: Tax Biases to Debt Finance : Assessing the Problem, Finding Solutions

Volume/Issue: 2011/11

Series: Staff Discussion Notes

Author(s): Ruud A. Mooij

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 May 2011

ISBN: 9781463935139

Keywords: Corporate taxation, investors, tax system, cost of capital, corporate tax, interest payments, Interest Deductibility, Corporate Financial Structure, Multinational Debt Shifting, Bank Leverage

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief an...

Emerging Market Corporate Leverage and Global Financial Conditions

Emerging Market Corporate Leverage and Global Financial Conditions »

Source: Emerging Market Corporate Leverage and Global Financial Conditions

Volume/Issue: 2016/243

Series: IMF Working Papers

Author(s): Adrian Alter , and Selim Elekdag

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 December 2016

ISBN: 9781475560480

Keywords: Monetary policy, Corporate debt, United States, Emerging markets, Economic conditions, Corporate structure, Leverage, Global financial conditions, US monetary policy

Corporate debt in emerging markets has risen significantly in recent years amid accommodative global financial conditions. This paper studies the relationship of leverage growth in emerging market (EM) firms to U.S...

Curbing Corporate Debt Bias1

Curbing Corporate Debt Bias1 »

Source: Curbing Corporate Debt Bias

Volume/Issue: 2017/22

Series: IMF Working Papers

Author(s): Ruud A. Mooij , and Shafik Hebous

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 January 2017

ISBN: 9781475573053

Keywords: Corporate debt, Debt service ratios, Financial risk, Corporate taxes, Thin capitalization, Risk management, Econometric models, Corporate tax, capital structure, debt bias

Tax provisions favoring corporate debt over equity finance ('debt bias') are widely recognized as a risk to financial stability. This paper explores whether and how thin-capitalization rules, which restrict interes...

The Valuation Effects of Geographic Diversification

The Valuation Effects of Geographic Diversification »

Source: The Valuation Effects of Geographic Diversification : Evidence From U.S. Banks

Volume/Issue: 2012/50

Series: IMF Working Papers

Author(s): Luc Laeven , Martin Goetz , and Ross Levine

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2012

ISBN: 9781463937119

Keywords: Geographic Corporate diversification, Agency problems, Economies of scope, Corporate insiders, Corporate valuation, deregulation, bank holding, holding company, bank holding company, Firm Organization and Market Structure

This paper assesses the impact of the geographic diversification of bank holding company (BHC) assets across the United States on their market valuations. Using two novel identification strategies based on the dyna...

Globalization and Firms' Financing Choices

Globalization and Firms' Financing Choices »

Source: Globalization and Firms' Financing Choices : Evidence From Emerging Economies

Volume/Issue: 2001/95

Series: IMF Working Papers

Author(s): Sergio Schmukler , and Esteban Vesperoni

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2001

ISBN: 9781451851823

Keywords: financing choices, financial structure, financial globalization, international financial markets, financial liberalization, international capital markets, access to international capital, international capital, General Financial Markets, Corporate Finance And Governance,

This paper studies the relation between firm's financing choices and financial globalization. Using an East Asian and Latin American firm-level panel for the 1980s and 1990s, we study how leverage ratios, debt matu...

Taxation and Corporate Debt: Are Banks any Different?

Taxation and Corporate Debt: Are Banks any Different? »

Source: Taxation and Corporate Debt : Are Banks any Different?

Volume/Issue: 2013/221

Series: IMF Working Papers

Author(s): Jost Heckemeyer , and Ruud A. Mooij

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 October 2013

ISBN: 9781484330340

Keywords: Corporate tax, debt bias, leverage, non-financial firms, quantile regressions, bank size, capital structure, banking, tax sensitivity, tax elasticity

This paper explores whether corporate tax bias toward debt finance differs between banks and nonbanks, using a large panel of micro data. On average, it finds that there is no significant difference. The marginal t...

The Corporate Spread Curve and Industrial Production in the United States

The Corporate Spread Curve and Industrial Production in the United States »

Source: The Corporate Spread Curve and Industrial Production in the United States

Volume/Issue: 2002/8

Series: IMF Working Papers

Author(s): Jorge Chan-Lau , and Iryna Ivaschenko

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2002

ISBN: 9781451842524

Keywords: Investment grade bonds, corporate spreads, term structure, real activity, GMM estimation, bonds, bond, random walk, corporate bond, Prices

The term structure of domestic investment grade bond spreads - or corporate spread curve - contains useful information to predict future changes in industrial production, beyond the information already contained in...

Asean Bond Market Development

Asean Bond Market Development »

Source: Asean Bond Market Development : Where Does it Stand? Where is it Going?

Volume/Issue: 2011/137

Series: IMF Working Papers

Author(s): Mahmood Pradhan , Shanaka Peiris , Mangal Goswami , Dulani Seneviratne , Joshua Felman , Andreas Jobst , and Simon Gray

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2011

ISBN: 9781455265428

Keywords: ASEAN, market development, bond market, capital inflows, securities, capital markets, General Equilibrium and Disequilibrium: General, Financial Markets and the Macroeconomy, Financial Aspects of Economic Integration, Market Structure And Pricing

Since the Asian crisis, ASEAN5 countries have expended considerable effort in trying to develop their domestic bond markets. Yet today these markets are not much larger, relative to GDP, than they were a decade bef...

Fat-Tails and their (Un)Happy Endings

Fat-Tails and their (Un)Happy Endings »

Source: Fat-Tails and their (Un)Happy Endings : Correlation Bias and its Implications for Systemic Risk and Prudential Regulation

Volume/Issue: 2011/82

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2011

ISBN: 9781455226061

Keywords: Basel III, correlation bias, copula capital structure model, prudential regulation, systemic risk., correlation, subordinated debt, banking, probability, General Financial Markets: Government Policy and Regulation

The correlation bias refers to the fact that claim subordination in the capital structure of the firm influences claim holders' preferred degree of asset correlation in portfolios held by the firm. Using the copula...