accession affects income gaps. Moreover, if EU membership is refused, fear of future restrictions on immigration will lead to …

bonus is defined as the discounted value of the difference between a person's actual income and his or her counterfactual … real income stream forecast for a hypothetical continuation of economic life in a static GDR. The two main issues tackled … centralized to a market economy and the estimation of plausible counterfactual income streams. Our central result is that 19 …

Residual income valuation is based on the assumption that the clean surplus relation holds. As pointed out by Ohlson … (2000), among others, the standard clean surplus relation is frequently violated. Moreover, standard residual income …