What happens if HIPC debt relief resources are not additional? We seek to answer this question by quantifying the impact of debt service payments and aid flows in cross- country growth and investment regressions . Based on the regressions we assess the likely impact of debt relief with and...

In diesem Aufsatz werden die adäquaten durchschnittlichen Kapitalkosten zur Bewertung von Unternehmen mittels des WACC-Verfahrens für den Fall bestimmt, dass der erwartete Cash flow mit einer konstanten Rate wächst und dieses Wachstum durch eine teilweise Thesaurierung der Gewinne finanziert...

We consider the tax advantage of an increase in the firms leverage under the German tax code. The analysis is performed (i) for the case of a given investment and future dividend policy and (ii) to decide on the relative tax advantage of debt versus equity for funding new investments. We start...

We consider the tax advantage of an increase in the firms leverage under the German tax code. The analysis is performed (i) for the case of a given investment and future dividend policy and (ii) to decide on the relative tax advantage of debt versus equity for funding new investments. We start...

We determine the weighted average cost of capital (WACC) to be used in the valution of a firm if cash flows grow and the plow black ratio is positive. This is done under consideration of the german tax system. Corporate taxes and personal taxes of investors are integrated. It is shown that the...

During recent years, new doubts about the effectiveness of international aid have emerged. One of the arguments employed to justify this sceptical view is that aid can hinder tax effort in developing countries. Nevertheless, empirical research on the aid-tax nexus is inconclusive and it shows...

The elastic generalized assignment problem (eGAP) is a natural extension of the generalized assignment problem (GAP) where the capacities are not fixed but can be adjusted which is expressed by continuous variables. These variables might be un-bounded or restricted by a lower or upper bound,...