Pensionsrückstellungen, Verbindlichkeiten aus Lieferungen und Leistungen und andere Passivpositionen eine Bewertungstheorie in der Tradition …

output as well as the tax rate are increasingin investment. With divisible investment, commitment always leads to the first … underinvestment with taxation. With indivisible investmentand direct regulation, commitment leads to the first best. With taxation … however,commitment may not lead to the first best and time consistency can lead to higherwelfare. This remarkable result …

prior to issuing additional debt. For realistic values of issuance costs and debt maturity, the no-commitment policy … generates tax benefits that are similar to those obtained by a benchmark policy with commitment. For positive but arbitrarily …