Residual income valuation is based on the assumption that the clean surplus relation holds. As pointed out by Ohlson (2000), among others, the standard clean surplus relation is frequently violated. Moreover, standard residual income valuation models rest on the implicit assumption that future...

Die Fremdkapitalfinanzierung der deutschen Unternehmen erlebt derzeit drastische Umbrüche, die mit dem Näherrücken der Einführung der Basel-II-Regeln zur Eigenkapitalhinterlegung von Firmenkrediten bei den Banken noch nicht abgeschlossen sein dürften. Strukturprobleme und die...

In a standard dynamic stochastic general equilibrium framework, with sticky prices, the cross sectional distribution of output and inflation across a population of firms is studied. The only form of heterogeneity is confined to the probability that the ith changes its prices in response to a...

In this paper, the authors examine the aggregate national balance-sheets of non-financial corporations in Australia and the G7 countries with a view to assessing both their financial structure and their financial position. More importantly, the authors investigate whether the financial position...