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inaction caused by sunk costs. The second, the neo-institutional finance theory, emphasises capital market imperfections and …
Kapitalkosten um den Faktor (1-s) gekürzt, wobei s den Steuersatz darstellt. In dieser Arbeit wird das Standardmodell unter … eine Arbitragegelegenheit kreiert wird und der gerade erwähnte Zusammenhang von Vor- und Nach-Steuer-Kapitalkosten nicht …
attributable to either finance or operating leases is considerably higher forfinancially strained as well as for small and fast …
We test whether firms with a single bank are better shielded from loss of credit and investment cutsin periods of adverse cash flow shocks than firms with multiple bank relationships. Our estimatesof the cash flow sensitivity of investment show that both types of firms are equally subject...
Preference for control affects investment behavior. Participants of laboratory experiments invest different amount of money in a risky asset when face with two different methods of control which have identical payoff structure and probability distribution, but provide different sense of control....
inaction caused by sunk costs. The second, the neo-institutional finance theory, emphasises capital market imperfections and …
Banks should evaluate whether a borrower is likely to default. I apply several techniques in the extensive mathematical literature of stochastic optimal control/dynamic programming to derive an optimal debt in an environment where there are risks on both the asset and liabilities sides. The...
A healthy financial system encourages the efficient allocation of capital and risk. The collapse of the house price bubble led to the financial crisis that started in 2007. There is a large empirical literature concerning the relation between asset price bubbles and financial crises. I evaluate...
This paper investigates technology adoption of a single firm in a continuous time model with an infinite planning horizon and an infinite number of investment opportunities. Technological progress is exogenous and modeled either by a poisson process or a geometric poisson process. For both...
The role of product market reforms in achieving the objective of higher employment and growth has recently received much attention amongst academics. The aim of this paper is to analyse some of the channels through which cross-market effects come about and to assess their policy relevance. The...