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Zinsschranke, Unternehmensbewertung und APV Ansatz - eine Anmerkung zum Beitrag von Förster/Stöckl/Brenken (ZfB 2009, S. 985 ff.)
Arnold, Sven; Lahmann, Alexander; Schwetzler, Bernhard - arqus - Arbeitskreis Quantitative Steuerlehre - 2011
In einem kürzlich erschienenen ZfB-Beitrag schlagen Förster et al. eine Vorgehensweise für die Erfassung der Zinsschranke und ihrer Wirkung auf die zinsinduzierte Steuerersparnis vor. Dieser Beitrag nimmt kritisch dazu Stellung: Es wird gezeigt, dass die dort abgeleiteten Formeln für die...
Persistent link: https://www.econbiz.de/10009004777
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Bewertung ohne "Kapitalkosten": Ein arbitragetheoretischer Ansatz zu Unternehmenswert, Kapitalstruktur und persönlicher Besteuerung
Schosser, Josef - Fakultät für Wirtschaftswissenschaften, Universität … - 2008
Der Beitrag entwickelt ein umfassendes Modell zur Bewertung von Unternehmen auf der Grundlage der Arbitragetheorie. Es wird gezeigt, wie Steuern auf Unternehmens- und Kapitalgeberebene in konsistenter Weise abgebildet werden können, ohne auf das mit schwerwiegenden Mängeln behaftete Konzept...
Persistent link: https://www.econbiz.de/10008683250
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Taxes and the choice between risky and risk-free debt: on the neutrality of credit default taxation
Blaufus, Kay; Hundsdoerfer, Jochen - In: Review of Managerial Science 2 (2008) 3, pp. 161-181
Persistent link: https://www.econbiz.de/10008515464
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Corporation Income Taxes and the Cost of Capital: A Revision
Kolari, James W.; Pareja, Ignacio Velez - MASTER CONSULTORES - 2010
The value of debt tax shields in foundational corporate valuation models by Nobel Laureates Modigliani and Miller (MM) continues to be a controversial issue that is central to our understanding of corporate finance. This paper argues that a fundamental valuation problem exists in the MM tax...
Persistent link: https://www.econbiz.de/10010762923
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Small and medium-sized enterprises in East Germany: Status and outlook
Irsch, Norbert - In: CESifo Forum 6 (2005) 4, pp. 7-15
Persistent link: https://www.econbiz.de/10004998728
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The strategic effect of debt in dynamic price competition with fluctuating demand
Neubecker, Leslie - Wirtschaftswissenschaftlichen Fakultät, … - 2002
This paper shows that obligations from debt hinder tacit collusion if equity owners are protected by limited liability. In contrast to its advantageous commitment value in short-run competition, leverage reduces profits from infinite interaction. Contrasting uncorrelated shocks with a cyclical...
Persistent link: https://www.econbiz.de/10009151418
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Overseas listing location and capital structure
Li, Peixin; Wang, Baolian - In: China Finance Review International 4 (2014), pp. 3-23
Chinese overseas listed companies are listed in the USA and Hong Kong. As the institutional quality of the USA is better than … authors argue that the better institutional environment of the USA can mitigate the information asymmetry problem and the … agency problem of financing via equity. Consequently, firms listed in the USA will rely more on equity and have lower …
Persistent link: https://www.econbiz.de/10010741348
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A two-year revision: cross comparison and modeling of Goldman Sachs, Morgan Stanley, JPMorgan Chase, Bank of America, and Franklin Resources
Kitov, Ivan - Volkswirtschaftliche Fakultät, … - 2014
Approximately two years ago we presented results of price modeling and extensive statistical analysis for share prices of five banks: Bank of America (BAC), Franklin Resources (BEN), Goldman Sachs (GS), JPMorgan Chase (JPM), and Morgan Stanley (MS). Using monthly closing prices (adjusted for...
Persistent link: https://www.econbiz.de/10011110482
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Cross comparison and modelling of Goldman Sachs, Morgan Stanley, JPMorgan Chase, Bank of America, and Franklin Resources
Kitov, Ivan - Volkswirtschaftliche Fakultät, … - 2012
We have studied statistical characteristics of five share price time series. For each stock price, we estimated a best fit quantitative model for the monthly closing price as based on the decomposition into two defining consumer price indices selected from a large set of CPIs. It was found that...
Persistent link: https://www.econbiz.de/10011113939
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An analysis of the credit rating agencies
D'Amato, Stephen - In: International Journal of Critical Accounting 6 (2014) 3, pp. 258-283
rating methodology and assess the ratings of these agencies in regards to Greece, France, and the USA. …
Persistent link: https://www.econbiz.de/10010888509