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Finance, investment, and firm value in Germany and the US : a comparative analysis

Nowak, Eric - 1998

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 …

Persistent link: https://www.econbiz.de/10009578016

Trust and reciprocity in the investment game with indirect reward

Güth, Werner; Königstein, Manfred; Marchand, Nadège; … - 2000

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 …

Persistent link: https://www.econbiz.de/10009612013

Optimal consumption choice for ratchet investors

Riedel, Frank - 2001

The utility maximization problem of "ratchet investors" who do not tolerate any decline in their consumption rate is solved explicitly for all felicity functions in a Markovian framework which includes Brownian motion and Poisson processes as special cases. The optimal consumption plan turns out...

Persistent link: https://www.econbiz.de/10009616776

Testing for vector autoregressive dynamics under heteroskedasticity

Hafner, Christian M.; Herwartz, Helmut - 2002

In this paper we introduce a bootstrap procedure to test parameter restrictions in vector autoregressive models which is robust in cases of conditionally heteroskedastic error terms. The adopted wild bootstrap method does not require any parametric specification of the volatility process and...

Persistent link: https://www.econbiz.de/10009663846