This paper employs a two-period life-cycle model to derive the optimal tax policy when educational investments are subject to endogenous credit constraints. Credit constraints arise from the limited commitment of creditors to repay loans and from the moral hazard problem due to private...

Purpose: The purpose of this paper is to examine the relationship between working capital management (WCM) and firm performance in the context of the Chinese economy. Specifically, it investigates the effects of ownership structures as an internal factor and of institutional environments (IE)...

Die vorliegende Dissertation besteht aus fünf unabhängigen Forschungspapieren über optimale Steuer- und Bildungspolitik, welche ich während meines Promotionsstudiums an der Universität Konstanz erstellt habe. Private Versicherungen gegen Einkommensrisiko können aufgrund von moral hazard...

Purpose: This paper aims to study how state ownership influences the innovation process in terms of allocating resources toward searching for new solutions and converting these efforts into economic value. On one hand, deep pockets of the state provide slack resources that may facilitate risk...

The current financial crisis has brought Europe to a critical juncture. In this paper, we map the fiscally United States of Europe. We simulate an optimal EU-wide income tax and calculate the implied cross-country transfers. The comparison of the implied transfers with the real transfers shows...