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M&A activity and the capital structure of target firms
Flannery, M. J.; Hanousek, Jan; Shamshur, Anastasiya; Trešl, Jiří
2020 - anglický
Using a large sample of European acquisitions, we find that acquired firms substantially close the gap between their actual and optimal leverage ratios. The bulk of this adjustment occurs quite rapidly – within a year of the acquisition. The typical over-levered firm adjusts its debtto-assets ratio from 34.4% in the year before acquisition to 20% in the year after. (The adjustment is smaller, but still quite rapid, for targets that had been under-leveraged.) These adjustments occur primarily through debt issuances or retirements. We also investigate whether target firms’ pre-merger leverage contributes to the probability of them being acquired. We find that firms further away from their optimal leverage are more likely to be acquired: for an average firm, an increase in the absolute leverage deviation from 1% to 10% of total assets increases the probability of being acquired by 4.1% to 5.6% (The larger effect applies to overleveraged firms.) Overall, our results provide support for the trade-off theory of capital structure and suggest that financial synergies have a significant role in the typical European acquisition decision.
Klíčová slova:
M&A; target capital structure; leverage deficit
Dokument je dostupný na externích webových stránkách.
M&A activity and the capital structure of target firms
Using a large sample of European acquisitions, we find that acquired firms substantially close the gap between their actual and optimal leverage ratios. The bulk of this adjustment occurs quite ...
Short-time work and related measures to mitigate the consequences of a (partial) economic shutdown
Mittag, Nikolas; Pertold, Filip
2020 - anglický
The objective of this document is to provide a basic foundation to think about the merits, alternatives and policy design choices of short-time work policies. The first section characterizes the motivation for short-term work and the types of costs that it can help to reduce or cause. The second section briefly overviews key policy alternatives and their merits, to lay out where short-time work has the potential to be useful, and what alternative tools can amend or replace it. This is followed by an overview of short-time work policies from the last recession and key lessons learned from that experience. The document closes with an overview of short-time work policies already enacted in response to the current economic situation. The main aim of this document is to draw general policy conclusions for the current situation in the Czech Republic based on the reviews and considerations in the first two sections. Section 3 will attempt to do so. Readers who are primarily interested in specific policies or those familiar with the literature on short-time work may want to go straight to Section 3.
Klíčová slova:
COVID-19; Czech Republic
Plné texty jsou dostupné v digitálním repozitáři Akademie Věd.
Short-time work and related measures to mitigate the consequences of a (partial) economic shutdown
The objective of this document is to provide a basic foundation to think about the merits, alternatives and policy design choices of short-time work policies. The first section characterizes the ...
Capital income taxation with portfolio choice
Bakota, Ivo
2020 - anglický
This paper analyzes redistributional and macroeconomic effects of differential taxation of financial assets with a different risk levels. The redistributive effect stems from the fact that various households hold portfolios with a starkly different risk levels. In particular, poor households primarily save in safe assets, while rich households often invest a substantially higher share of their wealth in (risky) equity. At the same time, equity and safe assets are often taxed at different rates in many tax codes. This is primarily because investments in equity (which are relatively riskier) are taxed both as corporate and personal income, unlike debt, which is tax deductible for corporations. This paper firstly builds a simple theoretical two-period model which shows that the optimal tax wedge between risky and safe assets is increasing in the underlying wealth inequality. Furthermore, I build a quantitative model with a continuum of heterogeneous agents, parsimonious life-cycle, borrowing constraint, aggregate shocks and uninsurable idiosyncratic shocks, in which the government raises revenue by using linear taxes on risky and safe assets. Simulations of quantitative models shows that elimination of differential asset taxation leads to a welfare loss equivalent to a 0.3% permanent reduction in consumption. I find that the optimal tax wedge between taxes on equity and debt is higher than the one in the U.S. tax code.\n
Klíčová slova:
portfolio choice; optimal taxation; redistribution
Dokument je dostupný na externích webových stránkách.
Capital income taxation with portfolio choice
This paper analyzes redistributional and macroeconomic effects of differential taxation of financial assets with a different risk levels. The redistributive effect stems from the fact that various ...
Firm life cycle and cost of debt
Amin, A.; Bowler, B.; Hasan, M. M.; Lobo, G. L.; Trešl, Jiří
2020 - anglický
This paper examines the relation between the corporate life cycle and lending spreads. Using a sample of 20,307 firm-loan observations spanning 5,076 publicly traded U.S. firms, we find that lending spreads follow a U-shape pattern across the life cycle phases. This pattern is in addition to the variation explained by typical controls. In a multivariate analysis, we find that firms in the introduction and decline phases pay lending spreads that are greater than firms in the mature phase (differences of 6 percent and 12 percent, respectively). We explore omitted variables bias and instrumental variable estimation in robustness testing and find that the shape pattern persists. Our findings are consistent with theoretical predictions regarding the relationship between the corporate life cycle and various lending risks.
Klíčová slova:
firm life cycle; cost of debt; bank loans
Dokument je dostupný na externích webových stránkách.
Firm life cycle and cost of debt
This paper examines the relation between the corporate life cycle and lending spreads. Using a sample of 20,307 firm-loan observations spanning 5,076 publicly traded U.S. firms, we find that lending ...
Private and public IPR protection in a vertically differentiated software duopoly
Žigić, Krešimir; Střelický, J.; Kúnin, Michael
2020 - anglický
We study the interaction between public and private intellectual property rights (IPR) protection in a duopoly in which software developers offer a product variety of differing quality and compete for heterogeneous users, who have an option to buy a legal version, possibly use an illegal copy, or not buy a product at all. Illegal usage implies violation of IPR and is punishable. A developer may use private IPR protection for his software if the level of piracy is high. An important intermediate step in our analysis addresses firms’ pricing strategies and the analysis of the impact of both private and public IPR protection on these strategies (with monopoly serving as a benchmark case). Last but not least, we make some comparisons with an analogous model based on horizontal product differentiation.
Klíčová slova:
vertically differentiated duopoly; software piracy; Bertrand competition
Dokument je dostupný na externích webových stránkách.
Private and public IPR protection in a vertically differentiated software duopoly
We study the interaction between public and private intellectual property rights (IPR) protection in a duopoly in which software developers offer a product variety of differing quality and compete for ...
Talent rewards, talent uncertainty, and career tracks
Jeong, Byeongju
2020 - anglický
I present a model in which (1) a more talent-demanding task increases both rewards for high talent and the penalty for low talent due to a greater fixed cost of production, and (2) individual talent is task-specific and talent updates occur only for tasks near the attempted task, which implies a task-sequence problem in which the initial task constrains subsequent task choices. Rising talent rewards and penalty stemming from a rising scale economy\nmotivate young workers to choose a more talent-demanding task, raise the failure rate (i.e., the probability of the updated talent being lower than the exit threshold), and concentrate income gains in a diminishing fraction of high-talent workers. Rising talent rewards and penalty also increase the share of young workers subject to binding minimum currentincome constraints, thus increasing the dispersion of tasks among young workers. The model sheds light on the rising stratification of careers among young workers and the rising polarization of the residual labor income distribution (i.e., the labor income distribution controlling for observable worker characteristics such as education and age).
Klíčová slova:
career track; talent reward; talent uncertainty
Dokument je dostupný na externích webových stránkách.
Talent rewards, talent uncertainty, and career tracks
I present a model in which (1) a more talent-demanding task increases both rewards for high talent and the penalty for low talent due to a greater fixed cost of production, and (2) individual talent ...
Between the Countryside and the City: Changes of the Living Space of Folk Traditions and the Development of the Folklore Movement in the Czech Lands in the Second Half of the 20th Century
Uhlíková, Lucie
2020 - anglický
The folklore movement in the Czech lands is not related only to the development of cultural policy after the communist coup in Czechoslovakia in February 1948. It is also connected to the period of enthusiasm that immediately followed the ending of World War II in Europe, although its importance is rooted in the inter-war development of Czechoslovakia and older activities. Gradually, a new stage and musical genre were developed that were represented by outstanding personalities, who became role models for the way they worked with folklore. This related predominantly to rural culture, however, very soon the city became its new environment. Various activities of folk ensembles contributed to the fact that in the second half of the 20th century, folk traditions became not only a space for artistic self-realization, but an important form of sociocultural capital at the local and regional levels.
Klíčová slova:
Folklore movement in Czechoslovakia; folk ensemble; culture and politics; tradition as a political capital; revitalization of tradition
Dokument je dostupný na externích webových stránkách.
Between the Countryside and the City: Changes of the Living Space of Folk Traditions and the Development of the Folklore Movement in the Czech Lands in the Second Half of the 20th Century
The folklore movement in the Czech lands is not related only to the development of cultural policy after the communist coup in Czechoslovakia in February 1948. It is also connected to the period of ...
Holocaust Testimonies in the Digital Era – EHRI Online Edition
Sedlická, Magdalena; Schellenbacher, Wolfgang
2020 - anglický
A key goal of the EHRI online editions platform is to develop annotated online editions of documents as a new way of presenting digital archival content. The editions are empowered by new EHRI tools for digital editing and use and improve upon the EHRI vocabularies and descriptions to generate contextual information displayed to users. Compared to analogue editions, the freely accessible online editions enable new research approaches and a different reading of the documents. Through metadata-tagging and geo-referencing, the editions do not exclusively follow thematic or chronological patterns. They are searchable and filtered for specific thematic or spatial interests at any time and are contextualised through interactive maps. EHRI platform hopes to support and possibly host third party projects.\n
Klíčová slova:
Holocaust; digital humanities; testimonies
Plné texty jsou dostupné na jednotlivých ústavech Akademie věd ČR.
Holocaust Testimonies in the Digital Era – EHRI Online Edition
A key goal of the EHRI online editions platform is to develop annotated online editions of documents as a new way of presenting digital archival content. The editions are empowered by new EHRI tools ...
The Telč Jesuit Library
Bobková, Kateřina; Kuchařová, Hedvika
2020 - anglický
The paper summarised the research abouth library of the Telč College and Tertianship House, examined the funding, the physical space and furnishing of the library, the diff erent means of acquiring books, the library list, as well as the librarians who cared for it.
Klíčová slova:
Society of Jesus; Telč Jesuit College; libraries; religious orders
Plné texty jsou dostupné na jednotlivých ústavech Akademie věd ČR.
The Telč Jesuit Library
The paper summarised the research abouth library of the Telč College and Tertianship House, examined the funding, the physical space and furnishing of the library, the diff erent means of acquiring ...
From Folklore to World Music: Music and Space. Introduction
Toncrová, Marta
2020 - anglický
Introduction to the 17th annual conference “From folklore to world music”.
Klíčová slova:
folk music; ethnic music; music and space; folklore; cultural studies
Dokument je dostupný na externích webových stránkách.
From Folklore to World Music: Music and Space. Introduction
Introduction to the 17th annual conference “From folklore to world music”.
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