The Federal Republic of Germany will be facing in the next few years changes in its economic structure which, if not in their extent, in their effect on the employment situation will be without parallel in the post-war period. After fifteen years of nearly uninterrupted full employment, it is...

We evaluate the profitability of investments in residential property in Germany after unification with a focus on the comparison of East and West Germany. Calculations are carried out for (1) the after-tax return an investor might have expected at the beginning of the 1990s, and (2) the...

This paper describes a simple way to integrate the debt tax shield into an accounting-based valuation model. The market value of equity is determined by forecasting residual operating income, which is calculated by charging operating income for the operating assets at a required return that...