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...

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...

Purpose – This paper seeks to explore the potential drivers of corporate capital structure. Design/methodology/approach – The paper applies both fixed effects panel models and random effects tobit models to examine this issue. A sample of 379 firms is used across the period from 1991 to...

The aim of this paper is to analyse the impact of both firm-specific and external factors on the risk taking of European insurance companies. The extent of risk taking is quantified through variations in stock prices and these are explained by firm-specific and external factors that proxy the...

Purpose – This paper seeks to explore the potential drivers of corporate capital structure. Design/methodology/approach – The paper applies both fixed effects panel models and random effects tobit models to examine this issue. A sample of 379 firms is used across the period from 1991 to...

Das englische National Institute for Clinical Excellence (NICE) wird in der bundesdeutschen Diskussion um die Reform der Institutionen zur Konkretisierung des Leistungskatalogs in der GKV entweder als Vorbild oder als abschreckendes Beispiel genannt. Die Analyse der von NICE angewandten...