This paper explores the connection between rising intangible capital and the secular
upward trend in US corporate cash holdings. We calibrate a dynamic model with two …

The sectoral composition of global saving changed dramatically during the last three
decades. Whereas in the early 1980s most of global investment was funded by household …

This paper investigates the 2013 threefold increase in the French dividend tax rate. Using
administrative data covering the universe of firms from 2008 to 2017 and a quasi …

This article finds the impact of corporate income tax and asset turnover on financial
performance of the corporate sector with panel data in Pakistan. Panel data of sixteen non …

We characterize efficiency in an equilibrium model of investment and capital reallocation
with heterogeneous firms facing collateral constraints. The model features two types of …

This study provides new evidence on the relationship between abnormal loan growth and
banks' risk-taking behavior using data from a rich panel of Colombian financial institutions …

This paper quantifies the aggregate effects of financing constraints. We start from a standard
dynamic investment model with collateral constraints. In contrast to the existing quantitative …

The stability of the labor share is a key foundation in macroeconomic models. We document,
however, that the global labor share has significantly declined over the last 30 years. This …

We develop a simple model of concentrated lending where lenders have incentives for
evergreening loans by offering better terms to firms that are close to default. We detect such …

The paper examines the effect of dividend taxation on employment and productivity. I exploit
a dividend tax cut of 10 percentage points for closely held private corporations in Sweden …