The tax shield as present value of debt-related tax savings plays an important role in firm valuation. Driving the risk of future debt levels, the firm's strategy to adjust the absolute debt level to future changes of the firm value, labeled as (re-)financing policy, affects the value of tax...

German Abstract: Der Beitrag vergleicht zwei unterschiedliche Konzepte der Unternehmensbewertung von Banken: ein Controlling-basiertes Konzept, bei dem die Bank in drei Bereiche aufgeteilt wird, die separat bewertet werden und das Standard DCF Flow to Equity Verfahren. Das Controlling-basierte...

If a bidder launches a takeover offer for a listed company being part of a stock market index, then index funds and exchange traded funds (ETF) as shareholders of this company cannot easily tender their shares without losing track of the index. This paper analyzes the impact of index fund and...