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Innerhalb des Bankmanagements hat die sogenannte Marktzinsmethode zentrale Bedeutung erlangt. Der Vorschlag, diesen Ansatz auch auf die Analyse betrieblicher Realinvestitionen zu übertragen, liess eine Grundsatzdiskussion über die Zweckmäßigkeit eines solchen Vorgehens entstehen...
Persistent link: https://www.econbiz.de/10005857045
This paper investigates the determinants of vertical integration. We first derive a number of predictions regarding the relationship between technology intensity and vertical integration from a simple model with nancial imperfections andincomplete contracts. Then, we investigate these...
Persistent link: https://www.econbiz.de/10005857773
We study properties of structured financial products optimizing a utility functional of a customer. The conventional method may have the disadvantage that the a priori restriction to a certain number of assets could make it impossible to find the optimal portfolio. So instead of optimizing the...
Persistent link: https://www.econbiz.de/10005858026
We propose an equity finance model with agency problems and investigate the relationship between dividend taxation and inefficient investments. Contrary to both the old and the new view of dividend taxation, a fall in the dividend tax rate is found to improve corporate governance by increasing...
Persistent link: https://www.econbiz.de/10005858049
This paper sheds light on the influence of exchange rate volatility on foreign direct investment (FDI), both at the … the influence of exchange rate volatility on the expected investment level. The paper therefore extends the real … volatility: the effct is negative for low levels of uncertainty and positive for higher levels. I also construct a real …
Persistent link: https://www.econbiz.de/10005858054
overhang level of debt is reached: (i) investment falls precipitously as it should when it becomes optimal to default, (ii …-empt default and exact punitive interest rates. We find a systematic response of investment, particularly when property rights are … with concessional rates. Thus, while debt relief is likely to improve economic policy (and especially investment) in …
Persistent link: https://www.econbiz.de/10005858241
as time-varying volatility and fat tails. Most im- portantly, the determination of model weights in AFreTER is based on … from an investment perspective. …
Persistent link: https://www.econbiz.de/10005858532
Theories of investment suggest that the option value of waiting to invest is significant in many branches of economics …, where investment is irreversible. The existing literature has generally failed to account for the general equilibrium … moderate levels of risk aversion. Our analysis demonstrates that the implications of partial equilibrium models of investment …
Persistent link: https://www.econbiz.de/10005858793
investment flexibilitychange. However, there is no (within-subject) experimental evidence for this conjectureso far. To close … analysis reveals that the influenceof changes in feedback frequency and investment flexibility are not asstraightforward as …
Persistent link: https://www.econbiz.de/10009354101
Die Aktienindizes erklimmen derzeit neue Höchststände, doch die Schweizer Anleger springen laut einer Studie der Universität Zürich nicht auf den "fahrenden Zug" auf. Den Schweizer Investoren wird insgesamt eine verzerrte Risikowahrnehmung attestiert.
Persistent link: https://www.econbiz.de/10005858279