Fernandez [2004; The value of tax shields is NOT equal to the present value of tax shields. Journalof Financial Economics, 73, 145–165] claims to derive a formula for the valuation of debt tax shieldsfor firms with cash flows that growperpetually at a constant rate.We showthat his formula is...

In der wirtschaftswissenschaftlichen und rechtswissenscha ftlichen Lehre werden den sog.Organhaftungsklagen, die nun von der Bundesregierung mit einem Entwurf für ein „Gesetzzur Unternehmensintegrität und Modernisierung des Anfechtungsrechts“ (UMAG) reformiertwerden sollen, wichtige...

This paper analyzes the current use of incentive-fee-concepts for mutual funds inGermany. Following an empirical analysis about the relevance of these methods,the different methods of calculation and the influence of different parameters aredescribed. Further on it explains the impacts of...

We examine an incentive scheme for a group of agents, where all agents are rewarded ifthe group meets its target. If the group does not meet its target, only the agents that meettheir individual target are rewarded. In environmental policy, the EU burden sharingagreement and the UK Climate...

One might easily gain the impression that the academic work of Professor Erich Guten-berg, whose centenary provides the occasion for this lecture, is outdated and has lost touch with contemporary economic theories of the firm. However, this impression would be wrong, as this paper demonstrates...

Performance fees for portfolio managers are designed to align the managers' goals withthose of the investors and to motivate managers to aquire "superior" information and tomake better investment decisions. A part of the literature analyzes performance fees on thebasis of market valuation. In...

This paper deals with a moral hazard problem resulting from a combined hidden action and hidden information situation.

Ein zentrales personalwirtschaftliches Steuerungselement im Reformprozess öffentlicher Organisationen ist der verstärkte Einsatz materieller Anreizsysteme. Die Vergabe von Leistungszulagen hat jedoch Leistungsbeurteilungen zur Voraussetzung. Der Bericht diskutiert Anforderungen an Instrumente...

In principal-agent relationships incentive problems follow from divergent objectives and information asymmetries. The principal can mitigate the incentive problem by using incentive schemes that align the agent's preferences with her own preferences. A further mitigation of the agency problem...

Vorliegender Beitrag analysiert die Vergütungen von Vorständen deutscher Unternehmen in dem Jahren 1987-96. Neben der Entwicklung soll auch die Anreizintensität im Zeitablauf betrachtet werden. Die Ergebnisse sollen mit der der Vergütung amerikanischer Manager verglichen werden.