Standard models of international risk sharing with complete asset markets predict a positive association between relative consumption growth and real exchange-rate depreciations across countries. The striking lack of evidence for this link - the consumption/real-exchange-rate anomaly or...

We model multiyear loss distributions based on credit scores and macroeconomic risk drivers. In a two-step approach, we first model future default probabilities as functions of these risk factors and, second, model processes for the risk factors themselves. As an essential extension to one-year...

Veränderungen in der Erwerbslandschaft, der demographische Wandel und die Globalisierunggelten neben anderen Einfl ussfaktoren wie derErosion der Finanzierungsbasis der sozialen Sicherungssystemeund der Staatsverschuldung als wesentlicheGründe für eine Neuausrichtung desSozialstaats. Diese...

Der auf die Beschaffung von Produktionsfaktoren, deren Kombination und den anschließenden Absatz der erstellten Güter gerichtete Leistungsprozeß eines Unternehmens ist typischerweise dadurch gekennzeichnet, daß die damit verbundenen Auszahlungen den daraus resultierenden Einzahlungen...

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.