We use a dynamic adjustment model and panel methodology to investigate the determinants of a time-varying optimal capital structure. Because firms may temporarily deviate from their optimal capital structure in the presence of adjustment costs, we also endogenize the adjustment process. In...

This paper analyzes the impacts of financial literacy on pension planning in Austria and Switzerland. Based on survey data of 442 individuals, we explain the pension planning behavior by the level of financial literacy as well as other relevant person- and country-specific characteristics...

This paper analyzes the impacts of financial literacy on the investment and pension planning behavior in Austria and Switzerland. Based on survey data of 449 individuals from Austria and Switzerland, we first analyze which socio-demographic and country-specific factors determine financial...