The thesis is articulated around three theoretical corporate finance research articles. All articles model intertwined and important corporate decisions and have in common the modeling of cash policy: Each article presents a new cash model. The articles are: "Managerial compensation, outside...

This paper offers a new explanation for the prevalent use of convertible securities in venture capital finance. Convertible securities can be used to endogenously allocate cash flow rights as a function of the realized quality of the project. This property can be used to mitigate the double...

Wir zeigen am Beispiel von Tracking Stocks Probleme und Fehlanreize auf, für die durch die Wahl einer komplexen Finanzierung Raum geschaffen wird. Derartige Nachteile werden naturgemäß nicht herausgearbeitet, wenn im Rahmen geeigneter Modellüberlegungen eine Erklärung für die Existenz von...

We analyze the life-cycle patterns of a firm's financing decisions and their interaction with future growth and development decisions. The framework derives three different financing sequences (debt-debt, equity-debt, equity-equity financing) which we link to existing empirical research....