Kapitalmarktorientierte Unternehmensbewertung bei asymmetrischer Besteuerung von Soll- und Habenzinsen

Drukarczyk and Lobe argue that the value of a company depends on individual preferences for leveraged or unleveraged companies if debt and credit interest rates after personal taxes differ. Consequentially they derive two preference-dependent valuation formulas. Based on these results an increasing amount of literature proposing preference-dependent valuation formulas emerged. We claim that this has to be viewed critically. In order to show that even in a world of different debt and credit interest rates after personal taxes a market value can be determined we develop a new version of the Tax CAPM. Based on this model the market value of leveraged and unleveraged companies is derived. Finally we show that the corresponding valuation function significantly differs from the preference-dependent valuation formulas.     

Looming threats to the intimate bond in hospice care? Economic and organizational pressures in the case study of a hospice

Hospice organizations are assailed by stiff competition, ever-rising costs, limited funding, and policy changes. Do such pressures stifle the high quality of care these organizations strive to provide? As a case-in-point, we draw from the mid-1990s accounts of caregivers at a nonprofit hospice in a Midwestern city in the United States. We maintain that economic pressures drive organizational restructuring, which then weakens working conditions and, thereby, weakens the staff-client relationship. We discuss effects upon worker behaviors, the worker-client relationship, and client care. This ethnographic case study signals the need to closely examine the threats that current economic and organizational pressures in the United States may pose to the quality of hospice care.     

Coaching und Psychotherapie — Differenz und Konvergenz

Coaching and psychotherapy — difference and convergence. A discussion on counseling between professional and personal issuesThe author discusses the relation between coaching and psychotherapy. He emphasises several crucial differences, but here he is concerned with the interfaces between these formats. He demonstrates, that in many cases psychotherapeutic views — basing on corresponding qualifications — may offer an important improvement of coaching. This is illustrated by some case studies.     

Was tun Lektoren?

What is the work of editors? Counselling of a ?service in background“The work of editors as employees in publishing houses or as free lancers is a ?service in background“ and hence it is less well-known in comparison with other media professionals. Nevertheless, editors have an important role as intermediary between authors and the reading public. The author delineates the profession of editors and the technical aspects of their work and explains some typical conflicts which may be relevant to a coaching of editors.     

Putting consumer behaviour in its place: the Behavioural Perspective Model research programme

Consumer research remains overwhelmingly cognitive in orientation, partly because its apparent underlying philosophical stance usually goes unremarked and unchallenged. In so far as scientific progress relies on the interaction of competing theories, consumer research is impoverished by too great a reliance on a single approach to theory. This paper proposes an alternative to the prevailing 'intentional stance' on which consumer research predominantly rests; the 'contextual stance' eschews the intentionality of the cognitive explanations of consumer choice, substituting for it an account of behaviour determined by its environmental consequences. As a prelude to the interactive debate that these competing stances will hopefully engender, the paper demonstrates that the contextual stance is a viable strategy for consumer research. The contextual strategy leads to an alternative model of consumer choice to those based on social cognitive psychology. It is argued that this model of consumer choice in behavioural perspective provides a thoroughgoing conceptual reinterpretation of consumer behaviour and marketing management as currently envisaged.     

Determinanten des Informationsgehalts von Managementprognosen – eine empirische Untersuchung anhand der DAX und MDAX-Unternehmen

In this article the characteristics and determinants of the information content of management earnings forecasts of the German DAX and MDAX companies between 2002 and 2005 are analyzed. As proxy for the information content I use the precision of the wording of a forecast. I can show that the forecasts of MDAX companies are more precisely formulated than those of DAX companies. Furthermore forecasts are formulated more precisely, when companies have, (1) a lower percentage of intangible assets, (2) lower market capitalization, (3) lower volatility of earnings and (4) a higher need for external financing.     

Pregnancy-related dropouts and gender inequality in education: A life-table approach and application to Cameroon

In this study, I used a life-table approach to estimate how much hypothetical reductions in pregnancy-related dropouts would help close the gender gap in educational attainment. Using the schooling histories of 6,686 pupils, I partitioned Cameroon's gender gap in education into "pregnancy-related" and "non-pregnancy-related" components and simulated the impact of reductions in pregnancy-related dropouts on this gap. The results suggest that such reductions would have substantial payoffs in this setting, but payoffs would be the greatest where societies also address gender inequities before puberty and outside the realm of pregnancy. Reductions in pregnancy-related dropouts complement but do not replace efforts to reduce gender discrimination in schooling. Recent data from Demographic and Health Surveys should make it possible to extend this analysis to other countries.     

The Transport System and Society’s Metabolism in the UK

This paper analyses the interrelation between the transport system and measures of resource consumption such as material and energy consumption over a 60-year period (1937–1997) in the UK. Non-motorized transport and time consumption for mobility are estimated in addition to conventional measures of transport. During the period analyzed, the UK population grew by 20% while transport of goods and persons increased more than threefold and material and energy consumption almost doubled. The transport intensity of domestic material input (DMI) doubled to 300 ton-kilometers (tkm) per ton of DMI while the transport intensity of domestic energy consumption (DEC) doubled to 20 tkm per gigajoule (GJ) of DEC. Thus, while the material and energy intensity of GDP declined significantly, a well-established trend in many advanced countries, the transport intensity of materials and energy consumption rose. These findings suggest a close link between transport, economic development, and long-term structural transformations. In the case of personal transport, a rebound effect was also observed: whereas the average speed of transport has greatly increased, the average number of hours per day devoted to personal transport has not declined.     

The impact of cash-benefit reform on parents’ labour force participation

This paper evaluates the impact of a recent Norwegian family-policy reform. The reform provides benefits of up to NOK 3,000 (approximately € 400) per month to families with one- to three-year-old children, who do not utilize state-subsidized day-care centres. We investigate the reforms effect on parents labour force participation. We find that, on average, the reform reduced womens labour force participation and increased the specialization of work between couples. We find that the effect of the reform depends on womens schooling. Specifically, the labour force participation of highly educated mothers fell by more than that of mothers with less education.I am grateful to Associate Professor Espen Bratberg and Professor Alf Erling for their valuable comments. My special thanks to Kjell Vaage, Arild Aakvik and Afsane Bjorvatn for helpful suggestions. This paper was presented in a seminar at the Department of Economics, University of Bergen, Norway. I am thankful to the participants of the seminar for their positive feedback. The paper has also benefited from the reports given by three anonymous referees. I am also thankful to Professor Heather Joshi for helpful remarks on the paper. Responsible editor: Christoph M. Schmidt.     

The fertility contribution of Mexican immigration to the United States

Crucial to the long-term contribution of immigration to a receiving country's population is the extent to which the immigrants reproduce themselves in subsequent, native-born generations. Using conventional projection methodologies, this fertility contribution may be poorly estimated primarily because of problems in projecting the number of immigrants who are at risk of childbearing. We propose an alternative method that obviates the need to project the number of immigrants by using the full sending-country birth cohort as the risk group to project their receiving-country childbearing. This "sending-country birth cohort" method is found to perform dramatically better than conventional methods when projecting to 1999 from base years both before and after the large increase in inflows of Mexican immigrants to the United States in the late 1980s. Projecting forward from 1999, we estimate a cumulative contribution of Mexican immigrant fertility from the 1980s to 2040 of 36 million births, including 25% to 50% more births after 1995 than are projected using conventional methods.