Der folgende Beitrag analysiert die Auswirkungen von Dividendenzahlungen auf den arbitragefreien Kurs eines DAX-Futures. Es zeigt sich, daß die klassische Formel der Cash&Carry-Arbitrage für die Bewertung des DAX-Futures nicht sachgerecht ist, da steuerliche Effekte aus Dividendenzahlungen...

We present a model in which banks and other financial intermediaries face both occasionally binding borrowing constraints, and costs of equity issuance. Near the steady state, these intermediaries can raise equity finance at no cost through retained earnings. However, even moderately large...

Different stochastic simulation methods are used in order to check the robustness of the outcome of policy simulations with a macroeconometric model. A macroeconometric disequilibriummodel of the West German economy is used to analyze a reform proposal for the tax system. The model was estimated...