Im Arbeitsbericht wird eine moderne Margenkalkulation in vier Stufen vogestellt. Dabei beschreibt Mindestmarge I Zins- und Kündigungskosten, Mindestmarge II Ausfallkosen, Mindestmarge III Stückkosten und Mindestmarge IV Eigenkapitalkosten.

This paper is the first to look at the long-run (30-year) behavior of underwriting spreads in the markets for corporate equity and debt. Specifically, we analyze the determinants of underwriting spreads on corporate bond issues, secondary equity offerings and initial public offerings over the...

This paper discusses the relationship between bank size and risk-takingunder Pillar I of the New Basel Capital Accord.

Aktienrückläufe und Eigenkapitalherabsetzungen sind in jüngster Zeit auch in der europäischen Finanzmanagementpraxis vermehrt zu beobachten...

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 to improve corporate governance by increasing...

This paper develops a real options framework to analyze the behavior of stock returns in mergers and acquisitions. In this framework, the timing and terms of takeovers are endogenous and result from value-maximizing decisions. The implications of the model for abnormal announcement returns are...

Financial interlinkage, in the form of cross-holding of equity and debtbetween firms, characterizes business groups in many countries. We suggestthat such financial interlinkage can be viewed as a way to solve creditrationing caused by asymmetric information. If firms possess better...

Die Frage der regulatorischen Einordnung des technologischen Fortschritts in der lei-tungsgebundenen Energieversorgung rückt vermehrt in den Fokus, da die konventionel-le Kupfernetzebene vor neue Anforderungen gestellt wird, um als kritisches Transport-medium den strukturellen Wandel in der...