The issue of capital structure of companies is one of the most debated problems of financial management. According to economic theory, capital structure determines the stock market value of firms and therefore their viability, while one of the most negative result of the crash of 2008 and the...

Tax planners often choose debt over equity financing. As this has led to increased corporate debt financing, many countries have introduced thin capitalization rules to secure their tax revenues. In a general capital structure model we analyze if thin capitalization rules affect dividend and...

The recent financial crises pointed out the central role of public and private debt in modern economies. However, even if debt is a recurring topic in discussions about the current economic situation, economic modeling does not take into account debt as one of the crucial determinants of...

Steigende Werte für Tobins q signalisieren eine erhöhte Investitionsbereitschaft. Höhere Werte für q im Immobiliensektor resultieren aus höheren Bestandspreisen und höheren Neubaumieten. Am deutschen Immobilienmarkt können rund 20 Prozent der Investitionsschwankungen in den letzten 15...

Real Estate Investment Trusts sollen im Jahr 2006 auch in Deutschland eingeführt werden. Dies würde die Investitions- und Anlagebedingungen am Standort Deutschland verbessern. Doch die Einführung stockt, weil neue Steuerschlupflöcher befürchtet werden. Die steuerliche Transparenz des REIT...

Der Beitrag stellt ausgewählte aktuelle Befunde zum Erbschafts- und Schenkungsgeschehen dar und analysiert den Einfluss von Erbschaften auf das Vermögen. Aus der Längsschnittperspektive auf Basis des Sozio-oekonomischen Panels (SOEP) wird geklärt, wie weit die Vermögensübertragungen durch...

I extend and generalize the work of Kruschwitz and Löffler (BuR-Business Research 2(2):171-178, 2009). I find that, with a zero risk-free rate, the implicit price of capital gains tax payments is zero. I provide conditions in stochastic discount factor language when a capital gains tax has no...

In the United States, exchange-traded funds can defer capital gains taxes of their investors by taking advantage of a legal loophole. To quantify the impact of this tax loophole on investor portfolios, we study a rank-dependent expected utility model. We develop an approximation formula for the...