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Entscheidungswirkungen der Abschnittsbesteuerung in der internationalen Steuerplanung− Vermeidung der Doppelbesteuerung, Repatriierungspolitik, Tarifprogression

Niemann, Rainer - Arbeitskreis Quantitative Steuerlehre - 2005

Im vorliegenden Beitrag werden die Entscheidungswirkungen der deutschen Abschnitts- besteuerung auf die optimale Repatriierungspolitik multinationaler Unternehmen untersucht. Anhand des Beispiels einer inländischen Einzelunternehmung, die eine Finanzanla- ge oder eine Realinvestition entweder...

Persistent link: https://www.econbiz.de/10005865516

A nonlinear structural model for volatility clustering

Gaunersdorfer, Andrea; Hommes, Cars H. - Wirtschaftsuniversität <Wien> - 2000

A simple nonlinear structural model of endogenous belief heterogeneity is proposed. News about fundamentals is an IID random process, but nevertheless volatility clustering occurs as an endogenous phenomenon caused by the interaction between different types of traders, fundamentalists and...

Persistent link: https://www.econbiz.de/10005841640

Option Pricing and Replication with Transaction Costs and Dividends

Perrakis, Stylianos; Lefoll, Jean - 1999

This paper derives optimal perfect hedging portfolios in the presence of transaction costs within the binomial model of stock returns, for a market maker that establishes bid and ask prices for American call options on stocks paying dividends prior to expiration.(...)

Persistent link: https://www.econbiz.de/10005843146

Country, Sector or Style: What Matters Most When Constructing Global Equity Portfolios? - An Empirical Investigation from 1990-2001

Hamelink, Foort; Harasty, Helene; Hillion, Pierre - 2001

This paper suggests that managers should continue to monitor carefully country as well as style rewards and risks.

Persistent link: https://www.econbiz.de/10005843254

A First Look at the Accuracy of the CRSP Mutual Fund Database and a Comparison of the CRSP and Morningstar Mutual Fund Databases

Elton, Edwin J.; Gruber, Martin; Blake, Christopher - 2001

This paper examines problems in the CRSP Survivor Bias Free U.S. Mutual Fund Database (CRSP, 1998) and compares returns contained in it to those in Morningstar. The CRSP database has an omission bias that has the same effects as survivorship bias. Although all mutual funds are listed in CRSP,...

Persistent link: https://www.econbiz.de/10005846578

The Declining Information Content of Dividend Announcements and the Effect of Institutional Holdings

Amihud, Yakov; Li, Kefei - 2003

We propose an explanation for the "disappearing dividend" phenomenon: the decline in the information content of … dividend announcements. This reduces the propensity of firms to pay or increase dividends, since dividends are costly.(...) …

Persistent link: https://www.econbiz.de/10005846644

Why are dividends disappearing? An empirical analysis

Baker, Malcolm; Wurgler, Jeffrey - 2002

decline documented by Fama and French (2001). We consider explanations based on fluctuations in dividend clienteles, agency …

Persistent link: https://www.econbiz.de/10005846647

Expected Returns and Expected Dividend Growth

Lettau, Martin; Ludvigson, Sydney C. - 2004

We investigate a consumption-based present value relation that is a function of future dividend growth. Using data on … aggregate consumption and measures of the dividend payments from aggregate wealth, we show that changing forecasts of dividend … growth are an important feature of the post-war U.S. stock market, despite the failure of the dividend-price ratio to uncover …

Persistent link: https://www.econbiz.de/10005846982

Prediction of stock returns : a new way to look at it

Nielsen, Jens Perch; Sperlich, Stefan - 2003

While the traditional R value is useful to evaluate the quality of a fit, it does not work when it comes to evaluating the predictive power of estimated financial models in finite samples.

Persistent link: https://www.econbiz.de/10005847013

A Principal-Agent View on Dividend Taxation and Investment Efficiency

Kind, Axel; Lindeiner, Benita von; Vedolin, Andrea - Institut für Schweizerisches Bankwesen <Zürich> - 2007

We propose an equity ﬁnance model with agency problems and investigate the relationship between dividend taxation and … inefficient investments. Contrary to both the old and the new view of dividend taxation, a fall in the dividend tax rate is found …

Persistent link: https://www.econbiz.de/10005858049