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...

The question of whether the CEO should also serve as chairman of the board is one of the most hotly debated issues in the recent corporate governance discussion. While agencytheoretic arguments advocate a separation of decision and control functions, the empirical evidence focusing on U.S....