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...

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...

This paper investigates potential motivations for late adopting U.S. companies to begin disclosing environmental liability amounts in their financial statements. Based on a review of 10-K reports filed from 1998 through 2012, inclusive, we identified 55 firms initiating environmental liability...

This paper addresses the conditions for setting up strict civil liability schemes. For that it compares the social efficiency of two main civil liability regimes usually enforced to protect the environment: the strict liability regime and the “capped strict liability scheme”. First, it shows...

In this paper,we examine the stock market reaction to industrial disasters. We consider an original sample of 64 explosions in chemical plants and refineries worldwide over the period 1990-2005. A quarter of the accidents resulted in a toxic release,and half of them caused at least one death or...

The identification and treatment of protest response in stated preference (SP) research such as contingent valuation is an underdeveloped area. Protest related to the polluter pays principle (PPP) is expected to pose an important hurdle to the application of SP research in environmental...

The paper proposes a ‘component-based’ approach to guide the choice of the social discount rate in natural resources damage assessment, where time and discounting are key features. It is a multi-rate discounting scheme, which draws on concepts from dual-rate and time-declining approaches....

The environmental liability, a major current theme, has acquired new dimensions after the adoption of Directive no. 2004/35/EC on environmental liability with regard to the prevention and remedying the damage caused to the environment, transposed into our legislation through the Emergency...

Environmental federalism considers what level of government should optimally regulate pollution. This paper addresses this question for accidental pollution, which government regulates through the ex post liability regimes of either negligence or strict liability. We find that decentralizing the...