Mit dem vorliegenden Aufsatz wird das Ziel verfolgt, die Erklärung der gesamtwirtschaftlichen Unternehmensinvestitionen (Ausrüstungsinvestitionen der Unternehmen und Wirtschaftsbauinvestitionen) durch die Einbeziehung von Variablen, mit denen sich Unsicherheit abbilden läßt, zu ergänzen. In...

The impact of uncertainty on firms' investment outlays is subject to an ongoing debate. Theory identifies several channels. Irreversibility, financing constraints and risk aversion make a negative relationship between uncertainty and investment likely. On the other hand, the ability of firms to...

Traditional models of capital budgeting including taxes are based on deterministic tax rates and tax bases. In reality, however, there are multiple sources of tax uncertainty. Tax reforms induce frequent changes in both tax rates and tax bases, making future taxation of investments a stochastic...