The influence of capital gains taxes on investment decisions is a central issue of accounting and public finance research. However, the implications of capital gains taxes on investors' willingness to invest in irreversible projects with entry and exit flexibility have not yet been a focal...

Der Verfasser beschreibt den Prozess, den ein Unternehmen durchläuft, bis es über die notwendige Innovationsdynamik verfügt. Er betont in diesem Zusammenhang vor allem die hohe Bedeutung einer geeigneten Innovationsstrategie als wichtigen Bestandteil der Unternehmensstrategie.

Continuing the research of an earlier AFIR-Paper, we examine on the basis of a (partially) historical simulation approach return and risk of various rollover option strategies (put hedge; covered short call; collar). In addition to measure of shortfall risks we propose measures of excess returns...

Vorliegendes Arbeitspapier untersucht auf Basis einer risikotheoretischen Formulierung verschiedenene Zinskonstellationen in ihrer betriebswirtschaftlichen Bedeutung für die Lebensversicherungsunternehmung.

The third-quarter 2002 default rate for high yield bonds was 4.95%, based on $37.48 billion of defaults. The quarterly default rate is the highest in history, surpassing the first quarter of 1991 rate of 4.80%.(...)

In recent decades the new institutional economics has redrawn attention to the significance of state sponsored and regulated institutions, organisations, laws, rules, customs and culturally conditioned behaviour for the promotion of long term economic development (Menard and Shirley, 2005)....

A striking fact about pricing is the prevalence of \sales": large temporary price cuts followedby prices returning exactly to their former levels. This paper builds a macroeconomic modelwith a rationale for sales based on firms facing customers with different price sensitivities.Even if firms...

In the literature, growth is discussed as a key value lever within the framework of value-basedmanagement as it creates opportunities to generate additional free cash flow and thus to increase thevalue of the company. However, opportunities for high growth rates, for example through...

How and whether judges should be held accountable is a key issue in the design of a legalsystem. Thirty-seven of the forty-eight continental states use some method of judicial selectionwhich involves a direct role for citizens in selecting or re-appointing the judiciary. We identifytwo...

This paper presents an equilibrium model that provides a rational explanation for twofeatures of data that have been considered puzzling: The positive relation between USdividend yields and nominal interest rates, often called the Fed-model, and the time-varying correlation of US stock and bond...