In this paper, we experimentally test the Modigliani-Miller theorem. Applying ageneral equilibrium approach and not allowing for arbitrage among ¯rms with differ-ent capital structure, we are able to address a question fundamental to the valuationof firms: does capital structure affect the...

We propose a simple and powerful method for determining the transition processin continuous-time DSGE models under Poisson uncertainty numerically. The idea isto transform the system of stochastic dierential equations into a system of functionaldierential equations of the retarded type. We then...

Germany is one of the top business locations in Europe. First, thecountry is one of the most important markets in Europe in itself.Its more than 80m inhabitants make a huge number of consumers.And with a GDP constantly on the rise, there is quite somemoney to spend. At the same time, the gap...

Mit dem Umstieg von Rundfunk und Fernsehen von der Analog- auf die Digitaltechnik werden große Teile des bislang für die terrestrische Verbreitung von Rundfunk und Fernsehen benötigten und benutzten Frequenzspektrums frei. Der Rundfunk nutzt bislang 56 MHz im VHF-Band1 und 392 MHz im...

Trotz des säkularen Trends zur wettbewerblichenÖffnung monopolisierterMärkte und der Abschaffung administrativer/gesetzlicher Marktzutrittsschrankenhat sich der Kernbereichdes Postmarktes, der Briefmarkt, alsmonopolistische Nische erhalten. Beider Trennung von Post und Telekommunikationund...

The theory of endogenous technical change has deeply contributed to our understanding ofthe fundamental sources of economic growth and development. In this chapter we surveyimportant contributions in the field by focussing on the basic structure of endogenous growthmodels with horizontal as well...

International vergleichende Daten zur Abschätzung des Einflusses von Bildung für Wachstum und Beschäftigung basieren oft mangels besserer Alternativen auf Bildungsvariablen, deren Vergleichbarkeit und Qualität zweifelhaft ist. Daher wurden in dieser Studie Daten zu Bildung verwendet, um die...

This paper investigates whether the presence of ambitious entrepreneurs is a more important determinant of national economic growth than entrepreneurial activity in general. We use data from the Global Entrepreneurship Monitor to test the extent to which high growth ambitions of entrepreneurs...

Entrepreneurial activity is generally assumed to be an important aspect of the organization of industries most conducive to innovative activity and unrestrained competition. This paper investigates whether total entrepreneurial activity influences GDP growth for a sample of 36 countries. We test...