Der Kapitalwert lässt sich auch bei Null- und Negativzinsen zumindest über endliche Zeiträume einfach berechnen sowie betriebswirtschaftlich für Investitionsentscheidungen sinnvoll ver­wen­den. Volkswirtschaftlich ist relevant, warum es Zinsen von und unter null überhaupt gibt und ob...

This work makes a comparative analysis of the evaluation of an investment project, considering two approaches, one with cash flows at constant prices and the other at current prices. The goal is to determine which of these two approaches is best for project evaluation to make the right...

I develop a dynamic model of investment timing in which firms must first choose when to search for external financing. Search is costly and the arrival of investors is uncertain, leading to delay in financing and investment. Depending on parameters, my model can predict simultaneous financing...

In this paper, we use an exogenous variation in tax regulations to analyze the impact of bonus depreciation programs on business investment. To promote economic convergence of Eastern and Western Germany after reunification, bonus depreciation tax incentives were granted for investments in...

This paper analyzes whether the financial distress of a firm affects the investment decisions of non-distressed competitors. On average, firms in distress impose indirect costs to non-distressed competitors by increasing costs of credit in the industry and hence restricting credit access and...

The downturn in fixed investment among advanced economies from the onset of the global crisis was unusually severe, widespread and long-lasting relative to comparable episodes in the past. As a result, investment gaps are large in many countries, not only in relation to past norms but also...

We contribute to the empirical literature on the relationship between corporate taxes and investment. We exploit the introduction of the so-called ACE corporate tax reform in Belgium that came into effect in January 2006 to evaluate this relationship in a quasiexperimental setting based on...

Even for fully equity-financed firms there may be substantial effects of taxation on the after-tax cost of capital. Among the few studies of these effects, even fewer identify all effects correctly. When marginal investment is taxed together with inframarginal, marginal beta differs from average...

The importance of credit market imperfections for investment behavior is analyzed using Swedish firm level data. Adjustment and agency costs are included in the neoclassical theory of optimal financial and investment decisions for firms. In order to model the possible occurrence of agency costs...

I examine the responsiveness of corporate investments to changes in corporate income taxation during the financial crisis. When investigating tax effects in financially constrained firms, the model of investment demand needs to be extended to include an additional channel through which taxes...