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Uudistumassa oleva pääomatulojen verotus muuttaa huomattavasti yrityksen rahoituskustannuksia ja investointien tuottovaatimuksia
(30.10.1992)
Bank of Finland Research Discussion Papers 33/1992
Bank of Finland Research Discussion Papers 33/1992
Tässä selvityksessä tarkastellaan pääomatulojen verojärjestelmän muuttumisen vaikutusta investointien tuottovaatimuksiin ja yritysten rahoituskustannuksiin. Tarkasteltavat verojärjestelmät ovat vuoden 1989 vanha järjestelmä ...
Investment and financing considerations : Evidence from Finnish panel data
(21.01.1994)
Bank of Finland Research Discussion Papers 4/1994
Bank of Finland Research Discussion Papers 4/1994
This paper presents a simple intertemporal model for the determination of corporate investment when the required rate on debt financing depends on the financial risk involved. When the actual lending rate does not fully ...
Growing like Germany : Local public debt, local banks, low private investment
(22.08.2022)
Bank of Finland Research Discussion Papers 9/2022
Bank of Finland Research Discussion Papers 9/2022
Over 2010-2016, municipal debt in Germany crowded out private investment worth 1 percent of GDP. Forced to lend to municipalities by their statutes, local public banks compensated for declining municipal-debt yields by ...
The net worth trap: investment and output dynamics in the presence of financing constraints
(16.11.2014)
Bank of Finland Research Discussion Papers 26/2014
Bank of Finland Research Discussion Papers 26/2014
We study the impact of financing constraints on investment and output dynamics, in a continuous time setting with output a linear function of capital. Decline of net worth reduces investment and, if firms can rent capital ...
Biased beliefs, costly external finance, and firm behavior : A Unified theory
(09.09.2019)
Bank of Finland Research Discussion Papers 18/2019
Bank of Finland Research Discussion Papers 18/2019
Overconfidence and overextrapolation are two behavioral biases that are pervasive in human thinking. A long line of research documents that such biases influence business decisions by distorting managers' expected productivity. ...
Secrecy, information shocks, and corporate investment : Evidence from European Union countries
(08.08.2017)
Bank of Finland Research Discussion Papers 19/2017
Bank of Finland Research Discussion Papers 19/2017
This study examines how national culture affects corporate investment. We argue that national culture affects corporate investment efficiency through the level of secrecy that national culture exhibits. Using a sample of ...