Suchergebnisse

"We present a dynamic general equilibrium model with agency costs where: i) firms are heterogeneous in the risk of default; ii) they can choose to raise finance through bank loans or corporate bonds; and iii) banks are more efficient than the market in resolving informational problems. The model is used to analyze some major long-run differences in corporate finance between the US and the euro area. We suggest an explanation of those differences based on information availability. Our model replicates the data when the euro area is characterized by limited availability of public information about corporate credit risk relative to the US, and when european firms value more than US firms the flexibility and information acquisition role provided by banks"--National Bureau of Economic Research web site

The object of this Bill is to amend the Income Tax Decree, 1974, the Sales Tax Act, 1970, the Finance Decree, 1972, the East African Customs and Transfer Tax Management Act, and the East African Excise Management Act and to introduce a Road User Tax in order to increase recource flow to Government and supply of goods and services