In der vorliegenden Arbeit wird eine neue Methode zur Herleitung von Bewertungsgleichungenvorgestellt, wenn es darum geht, Unternehmensbewertungen mit Hilfe eines DCF–Verfahrens vorzunehmenund dabei Ertragsteuern in detaillierter Form zu ber¨ucksichtigen. Unsicherheitsaspektebleiben dabei...

In the absence of financing frictions, profit taxes reduce investment by their effect on the user cost of capital. With finance constraints due to moral hazard, investment becomes sensitive to cash-flow and own equity of firms. We propose a corporate finance model of investment and derive three...

The empirical investment literature provides evidence on financing constraints mostly by estimating investment cash-flow sensitivities for a priori (un-)constrained firms or develops rather ad-hoc indicators to explain firms' differential access to external capital. However, the sources and...