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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
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 … provides a theoretical rationale for this findingand offers new insights in the investment-uncertainty relation. Both the … investment level. In contrast, I derive the expected foreigndirect investment of an economy over a given time period. To estimate …
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
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
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
The surge in international asset trade since the early 1990s has lead to renewed interest in models with international portfolio choice, an aspect that was largely cast aside when the ad-hoc portfolio balance models of the 1970s were replaced bymodels of optimizing agents. We develop the...
Persistent link: https://www.econbiz.de/10005857750