This paper develops a structural equilibrium model with intertemporal macroeconomic risk, in-corporating the fact that ¯rms are heterogeneous in their asset composition. Compared to ¯rmswhich are mainly composed of invested assets, ¯rms with growth options have larger costs ofdebt because...

This article tests the modell of Brander and lewis under ertrand and Cournot competition.

We extend the WACC approach to a tax system having a firm income tax and a personal income tax of the investor as well. We use an artificial tax system incorporating most of the G-7 national tax codes as for example the classical or the imputation systems.

This paper develops a principal-agent model of financial contracting in which optimal contracts resemble a combination of debt and equity. When defaulting on debt, the firm is punished by disruption of external funding. Such contracts however, invite rivals to compete more aggressively to...

In a recent paper Loeffler/Schneider (2000) showed that introducing a tax on a financial market does not create an arbitrage opportunity...

The current EU rules governing the solvency of insurance companies essentially base the required minimum equity capital on the volume of insurance business the companies write. Thus, no attempt is made to identify or quantify the central risks borne by insurance companies. In response to...

This paper analyzes the determinants of the capital structure for a panel of 106 Swiss companies listed in the Swiss stock exchange.

Dieser Beitrag analysiert mögliche Auswirkungen einer Abgeltungssteuer auf unternehmerische Entscheidungen im Kontext der deutschen Einkommen- und Körperschaftsteuer nach deraktuellen Rechtslage ... Insbesondere wird gezeigt, dass dies auch ohne eine allgemeine Senkung der Steuerbelastung auf...