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...

This paper develops a real options framework to analyze the behavior of stock returns in mergers and acquisitions. In this framework, the timing and terms of takeovers are endogenous and result from value-maximizing decisions. The implications of the model for abnormal announcement returns are...

Aktienrückläufe und Eigenkapitalherabsetzungen sind in jüngster Zeit auch in der europäischen Finanzmanagementpraxis vermehrt zu beobachten...

Previous research has shown that frictions might have a significant impact on the value of a contingent claim, as discussed, for example, in Karatzas & Kou (1996)and Collin-Dufresne & Hugonnier (2002). We consider two types of frictions particularly important: frictions related to trading, such...

Which strategies will survive in the long run and which will diminish? These are important questions in evolutionary finance. Up to now we only know answers in the case of stationary dividends. But the evolutionary perspective to the financial market is considering very long time horizons. In...

Mit der vorliegenden Analyse wurde die Reaktion des Schweizer Finanzmarktes auf die Zertifizierung von Unternehmen nach der ISO 14001 untersucht...