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Concept

Public finance

Related publications (15)

Asset life, leverage, and debt maturity matching

Erwan Morellec

Capital ages and must eventually be replaced. We propose a theory of financing in which firms borrow to finance investment and deleverage as capital ages to have enough financial slack to finance replacement investments. To achieve these dynamics, firms is ...

Elsevier Science Sa2024

Agency conflicts around the world

Erwan Morellec, Boris Nikolov

We use a dynamic model of financing decisions to measure agency conflicts for a large panel of 12,652 firms from 14 countries. Our estimates show that agency conflicts are large and vary significantly across firms and countries. Differences in agency confl ...

2018

From COP21 pledges to a fair 2°C pathway

Marc Vielle, Frédéric Louis François Babonneau

At COP21, about 160 countries proposed the so-called INDCs that define GHG abatement objectives by 2030. While encouraging, these commitments are not ambitious enough to achieve the 2°C threshold by 2100, and further negotiations are needed for sharing the ...

2018

Financing Investment: The choice between bonds and bank loans

Erwan Morellec, Philip Valta

We build a model of investment and financing decisions to study the choice between bonds and bank loans in a firm's marginal financing decision and its effects on corporate investment. We show that firms with more growth options, with higher bargaining pow ...

2015

Essays in Empirical Corporate Finance

Stefano Colonnello

This dissertation consists of three chapters. The first chapter examines whether the availability of credit default swaps (CDS) has consequences for creditor governance. CDSs offer creditors the opportunity to hedge credit risk and may impact their willing ...

EPFL2015

Investment-based financing constraints and debt renegotiation

We consider how equity holders' bargaining power during financial distress influences the interactions between financing and investment decisions when the firm faces the upper limit of debt issuance. We obtain four results. First, weaker equity holders' ba ...

Elsevier Science Bv2015

Planification urbaine et usages des quartiers précaires en Afrique : étude de cas à Douala et à Kigali

Benjamin Michelon

Since 2000, declarations issued in rapid succession by the international community have aimed at setting goals to drastically improve the living conditions of slum dwellers while, in the same time, the slums dwellers increased by 4,5% per year in Africa. S ...

EPFL2012

Corporate governance and capital structure dynamics

Erwan Morellec, Boris Nikolov, Norman Schuerhoff

We develop a dynamic tradeoff model to examine the importance of managershareholder conflicts in capital structure choice. In the model, firms face taxation, refinancing costs, and liquidation costs. Managers own a fraction of the firms equity, capture par ...

2012

Corporate investment and financing under asymmetric information

Erwan Morellec, Norman Schuerhoff

We develop a dynamic model of corporate investment and financing decisions in which corporate insiders have superior information about the firm's growth prospects. We show that firms with positive private information can credibly signal their type to outsi ...

2011

Dynamic investment and financing under personal taxation

Erwan Morellec, Norman Schuerhoff

This paper examines the effects of capital gains taxation on firms’ investment and financing decisions. We develop a real options model in which the timing of investment, the decision to default, and the firm’s capital structure are endogenously and jointl ...

2010

The impact of fiscal-monetary policy interactions on government size and macroeconomic performance

This paper analyzes the relationship between inflation, output and government size by reexamining the time inconsistency of optimal monetary and fiscal policies in a general equilibrium model with staggered timing structure for the acquisition of nominal m ...

2009

Triggers for housing development

Philippe Thalmann

What leads to the development of residential construction projects? If the economic literature is to be believed, developers analyse market opportunities. However, it is difficult to assess those opportunities, for several reasons, e.g. long time horizon f ...

University of Reading2008

Three essays on the acceptability of environmental policy in Switzerland

Nicholas Bornstein

The present thesis studies the acceptability of environmental policy in Switzerland. The first part of the thesis concentrates on citizens' demand for environmental quality at ballots. The analysis is guided by the public choice framework, which is rooted ...

EPFL2007

The challenges of regulating the drinking water sector: lessons from Mozambique

Matthias Finger

Private sector participation and liberalisation call for a greater and more efficient role for sector‐specific regulation. This necessitates a balanced and stable institutional regulatory framework to accommodate both public intervention and market dynamic ...

2007

Capital structure, credit risk, and macroeconomic conditions

Erwan Morellec

This paper develops a framework for analyzing the impact of macroeconomic conditions on credit risk and dynamic capital structure choice. We begin by observing that when cash flows depend on current economic conditions, there will be a benefit for firms to ...

2006

Related publications (15)