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| Title: | | The Effects of Short-Term Liabilities on Profitability: The Case of Germany  |
| Authors: | | Baum, Christopher F. Schäfer, Dorothea Talavera, Oleksandr |
| Issue Date: | | 2006 |
| Series/Report no.: | | DIW-Diskussionspapiere 635 |
| Abstract: | | Using data from Germany this paper examines the direct effect of non-financial firms' use of short-term versus long-term liabilities. We develop a structural model of a firm's value maximization problem that predicts that profitability of the firm will change if firms alter their use of short-term versus long-term liabilities. We find that firms that rely more heavily on short-term liabilities are likely to be more profitable. |
| Subjects: | | profitability short-term liabilities maturity structure capital structure |
| JEL: | | G32 G30 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des DIW DIW-Diskussionspapiere
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