in the two countries and in (ii) the interaction of investment and financing decisions. This paper investigates the … impact of financing, investment, and dividend decisions on the value of stock corporations in Germany and the US. The … investment creates value in excess of cost, but the US industrial sector seems to be more efficient in making value …

contracting is infeasible. One example is the study by Berg et al. (1995) of the investment game. In this game the person who … receives the investment is the one who may reward the investor. This is a direct reward game. Similar to Dufwenberg et al … investor may only be rewarded by a third person who did not receive his investment. Furthermore we investigate the influence of …