Valuation always has to deal with uncertainty. The paper provides an overview and illustration of how Monte Carlo simulation can enrich the due diligence process. Therefore ; the four major software offerings on the market today are reviewed. The investigation addresses different characteristics...

Mit der österreichischen Steuerreform 2005 wurde die Möglichkeit der grenzüberschreitenden Verlustverrechnung im Rahmen der Gruppenbesteuerung eröþnet. Die vorliegende Arbeit untersucht den simultanen Einfluss von Gruppenbesteuerung und Verlustverrechnungsbeschränkungen auf das...

Die Novellierung des Gesetzes für den Vorrang Erneuerbarer Energien (EEG) führte zu einem verstärkten Einstieg von Landwirten in die Biogasproduktion. Jedoch können die mit dem EEG verbundenen relativ hohen Vergütungssätze das vorhandene Investitionsrisiko in einer Biogasanlage nicht...

In jüngerer Zeit hat sich die Rolle der Landwirtschaft deutlich gewandelt. Neben der Erzeugung von hochwertigen Nahrungsmitteln stellt für einen Großteil der Branche der Anbau von Energiepflanzen zur Rohstoffgewinnung ein weiteres wichtiges Standbein in der landwirtschaftlichen Produktion...

This paper addresses the selection of smoothing parameters for estimating the average treatment effect on the treated using matching methods. Because precise estimation of the expected counterfactual is particularly important in regions containing the mass of the treated units, we define and...

Using monthly data for a set of variables, we examine the out-of-sample performance of various variance/covariance models and find that no model has consistently outperformed the others. We also show that it is possible to increase the probability mass toward the tails and to match reasonably...

This paper presents some conventional and new measures of market, credit, and liquidity risks for government bonds. These measures are analyzed from the perspective of a sovereign's debt manager. In particular, it examines duration, convexity, M-square, skewness, kurtosis, and VaR statistics as...

This paper reviews recent advances in the specification and estimation of Bayesian Vector Autoregressive models (BVARs). After describing the Bayesian principle of estimation, we first present the methodology originally developed by Litterman (1986) and Doan et al. (1984) and review alternative...

The real effective exchange rate is an aggregation of several bilateral real exchange rates with respect to other countries. The aggregation is usually done under the assumption of constant elasticity of substitution (CES) between products from different countries. We investigate the validity of...