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In a sequencing problem with linear time cost, Suijs (1996) proved that it is possible to achieve first best. By first best we mean that one can find mechanisms that satisfy efficiency of decision, dominant strategy incentive compatibility and budget balancedness. In this paper we show that...
Persistent link: https://www.econbiz.de/10011538720
Diversified firms often trade at a discount with respect to their focused counterparts. The literature has tried to explain the apparent misallocation of resources with lobbying activities or power struggles. We show that diversification can destroy value even when resources are efficiently...
Persistent link: https://www.econbiz.de/10011410226
In jüngerer Zeit werden im Rahmen der Investitionsbudgetierung zunehmend die Bedeutung wahrheitsinduzierender Budgetierungsverfahren wie des Groves-Mechanismus zur Überwindung von Anreizproblemen diskutiert. Charakteristisch für den Groves-Mechanismus ist, dass man bei der Performancemessung...
Persistent link: https://www.econbiz.de/10011526432
We examine alternative performance measures for a manager who has superior information about the profitability of an investment project and who contributes to periodic operating cash flows through his efforts. We find that residual income based on a suitably chosen depreciation schedule is an...
Persistent link: https://www.econbiz.de/10009781635
Virements are useful instruments of budget flexibility. If carried out transparently and within accepted limits, virements can promote expenditure efficiency. Large, unregulated virements can undermine budget credibility and the budget's relevance as principal policy and financial planning...
Persistent link: https://www.econbiz.de/10011453927
Die vorliegende Studie liefert in drei gleichrangigen Teilen empirische Befunde zu den Steuern und Beiträgen auf lokaler Ebene. In den ersten beiden Teilen wird die Realsteuerpolitik deutscher Kommunen quantitativ datenempirisch und qualitativ in Form einer Expertenbefragung untersucht. Hierbei...
Persistent link: https://www.econbiz.de/10012051626
This paper differs from scientific papers describing current research. In line with the theme of this special issue, it challenges conventional risk management practice against the background of former research results successfully finished decades ago. It is well-known that conventional...
Persistent link: https://www.econbiz.de/10012015847
Financial management is strongly deal with maximization of shareholder's wealth by financing, investment and dividend investment decisions of the company. It is well accepted that selecting performance measures in financial management is a challenge and performance measurement play a key role in...
Persistent link: https://www.econbiz.de/10012063194
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