This paper studies the influence of agency conflicts on the irreversibility effect. Using a dynamic variant of the static Baron and Myerson (1982) adverse selection model, we characterize under which circumstances the irreversibility effect arises in the presence and absence of an agency...

This paper studies the performance of delegated decision-making schemes in a two-stage, multi-division capital budgeting problem for a shared investment with an inherent abandonment option. Applying both robust goal congruence and sequential adverse selection frameworks, we show that the optimal...

This paper compares the performance of alternative cost-based transfer pricing methods. We adopt an incomplete contracting framework with asymmetric information at the trading stage. Transfer pricing guides intra-company trade and provides incentives for value-enhancing specific investments. We...

This paper presents first results from research into open source projects from a software engineering perspective. The research methodology employed relies on public data retrieved from the CVS-repository of the GNOME project and relevant discussion groups.(...)

Die Studie befasst sich mit den Auswirkungen der Russland-Sanktionen auf den Außenhandel und die Wertschöpfung Deutschlands, Russlands und der Europäischen Union (EU). Neben einer deskriptiven Analyse werden mithilfe ökonometrischer Methoden die Effekte der verschiedenen Sanktionsregime (EU,...

Die Mitgliedstaaten der Europäischen Union (EU) haben am 16. Januar 2024 beschlossen, im Rahmen der Gemeinsamen Sicherheits- und Verteidigungspolitik (GSVP) einen Beitrag zur Sicherstellung der Freiheit der Schifffahrt im Roten Meer zu leisten. Seit November 2023 greifen dort jemenitische...

Applying a time-discrete investment model and a setting with an entry and an exit option and cash flow uncertainty we present a dynamic analysis of the impact of various loss offset regimes on risky investment timing decisions. We find that a tax system with loss offset restrictions will not...

In this paper we investigate the incentive effects of corporate taxes in an agency setting with a principal facing an investment opportunity including an abandonment option. We are particularly interested in the interplay of taxation and the real option on the principal's incentives to motivate...

In entrepreneurial decisions making uncertain future profits often are a main characteristics of real investment opportunities. If investors can react to uncertainty the degree of irreversibility and timing flexibility inherent in the available project should be integrated into the decision...

Tax uncertainty often negatively affects investment. Advance tax rulings (ATRs) are commonly used to provide tax certainty. We analyze ATRs from the taxpayers' and tax authorities' perspectives. Investors request ATRs if the fee does not exceed a certain threshold. We integrate this finding into...