Wem droht die Zinsschranke? Eine empirische Untersuchung zur Identifikation der Einflussfaktoren

One important aspect of the German corporate tax reform 2008/2009 is the introduction of an EBITDA-based interest deduction limitation. This article focuses on the questions how many and which companies are threatened by this so-called “interest ceiling rule”. Based on an analysis of 77.464 financial statements of German corporations this limitation is relevant for 561 up to 1.511 companies. Thus, this thin-capitalization rule affects more companies than expected by politics. Additionally, we derived several hypotheses from theory concerning possible distortions caused by this rule and tested them empirically. As a result, the “interest ceiling” does affect systematically large, less profitable companies, those with high collaterals as well as holding and real estate companies. Consequently, domestic corporate decisions will be distorted and the theorem of production efficiency is violated.     

Monetary policy in the New-Keynesian model: An application to the Euro Area

This paper analyzes monetary policy in a stylized New-Keynesian model. A number of issues are focused upon: (i) optimal monetary policy under commitment or discretion versus ad-hoc monetary policy based on simple rules, (ii) the effects of fiscal policies and foreign variables on monetary policy, (iii) the effects of fiscal deficit and interest rate smoothing objectives and the role of forward-backward linkages in the model. The model is estimated for the Euro Area. Using simulations of the estimated model, it is analyzed how these aspects might affect monetary policy of the ECB and macroeconomic fluctuations in the Euro Area.     

(Un)Verst?ndlichkeit des Steuerrechts und Nachfrage nach Steuerberatungsdienstleistungen: Ein Experiment

Although increasing the understandability of tax law is a popular postulation, the consequences for individual decisions and the distribution of the tax burdens are far from clear. For this reason, the effects on the demand for tax advice are analyzed in an experimental setting: the participants had to rank pension plans while the understandability of the tax system was modified. We show that an increasing understandability of tax law significantly decreases the willingness to pay for tax advice and that this relationship is moderated by the individuals?? level of education. In fact, in our experiment only individuals with a high education level benefit from the improved understandability of tax law.     

The Training of Statisticians

Harold Hotelling, Chairman of the Committee on the Teaching of Statistics* * Members of the Committee: Harold Hotelling, (Chairman), Professor of Mathematical Statistics and Associate Director, Institute of Statistics, University of North Carolina; Dr. W. Edwards Deming, Division of Statistical Standards, Bureau of the Budget, Washington, D. C.; Dr. Walter Bartky, Dean of Arts and Sciences. University of Chicago; Dr. Milton Friedman Associate Professor of Statistics, School of Business, University of Chicago; Dr. Paul G. Hoel, Associate Professor of Mathematics, University of California, Los Angeles. of the Institute of Mathematical Statistics, has prepared this brief-summary of the Committee's report to the Board of Directors of IMS. Professor Hotelling will discuss the subject more fully in “Symposium on Probability and Statistics” to be published by the University of California Press. The Committee's report will be published in full in “The Annals of Mathematical Statistics”.

     

Applications of social area analysis to program planning and evaluation

The development of social area analysis as a research technique is highlighted, and two illustrative applications are presented. The first example applies social area analysis to the study of an urban region's demography and the distribution of social problems found there. The second example illustrates how social area analysis can be integrated within a larger evaluation effort. Suggestions for undertaking social area analyses and related demographic studies are presented.     

Pearl'S Law and the Growth of the Scottish National Party

An examination of the percentage of the total Soottish poll gained by the SNP at general elections between 1951 and 1974 inclusive suggested that a stable, sigmoidal growth process might be identified if elections were regarded as occurring at unit intervals in time. The resulting time service was extremely well-fitted by Pearl's Law, a theoretical growth curve possessing a signoidal trend, and a theoretical upper limit to growth. On the basis of this model, estimated of, and confidence intervals for, both this theoretical upper limit, and of the party's performance in the next general election were obtained.     

The role of environmental features in route-learning: Two exploratory studies of way-finding

Cognitive representation of the overall layout of an environment provides information about the relative location of fixed sites in the setting which can be used for orientation purposes while navigating. It was suggested, however, that reliance on geographical orientation in way-finding is most likely in relatively undifferentiated settings. In differentiated settings individuals will tend to utilize environmental features, i.e., landmarks, in way-finding. This hypothesis was examined through two studies. In a laboratory investigation using a videotape of a walk through a neighborhood, subjects were able to learn the route in spite of the fact that the procedure minimized opportunities for geographical orientation, and landscape features appeared to play a significant role. In a field study which was conducted in a wooded area, one group of subjects was exposed to a route which contained prominent objects at each choice, while a second group initially experienced the route without the presence of such features. A subsequent test of way-finding failed to reveal a significant difference in performance errors between the two groups; however, the way-finding strategies adopted by subjects in each condition varied. While specific features and characteristics of the setting seemed to be utilized in route-learning, as well as memory for specific turns per se, geographical orientation did not appear to play an important role.     

COHORT DIFFERENCES IN THE TRANSITION TO MOTHERHOOD:

Although research has found that educational attainment is a major predictor of age at first childbirth, this association may not be consistent across cohorts. In this article, we examine the adult transitions of four cohorts of married white women (N = 306), born between 1907 and 1933, including in our life course model not only education but also employment before marriage. As hypothesized, employment before marriage is the best predictor of the age at first childbirth among women entering adulthood prior to the end of World War II. In contrast, women in the early postwar years were moderately more likely to postpone childbearing due to educational pursuits.