کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5085583 | 1478059 | 2015 | 13 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Where do firms issue debt? An empirical analysis of issuer location and regulatory competition in Europe
ترجمه فارسی عنوان
شرکت ها بدهی را بدهند؟ تحلیل تجربی از موقعیت صادر کننده و رقابت قانونی در اروپا
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
In this article, we study the choice of issuer location and regulatory competition in the European corporate debt market. We find that, in absolute terms, Germany has by far the highest outflow of debt issues, while the Netherlands, the UK, Ireland, and Luxembourg see the most inflows (in that order). We use a panel gravity model to investigate country specific factors attracting foreign subsidiaries as issuers. The data clearly support the prediction that the locational choice is positively influenced by a low withholding tax rate. We find only mixed evidence that corporate tax rates play a role. In contrast to previous results of the 'law and finance' literature, we do not find support for creditor protection rules in bankruptcy as a driver of cross-border debt securities issues.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Review of Law and Economics - Volume 41, March 2015, Pages 103-115
Journal: International Review of Law and Economics - Volume 41, March 2015, Pages 103-115
نویسندگان
Horst Eidenmüller, Andreas Engert, Lars Hornuf,