Mehrperiodige Bewertung mit dem Tax-CAPM und Kapitalkostenkonzept

Zusammenfassung  Aus der Empfehlung des IDW, die für die Unternehmensbewertung mittels der DCF-Verfahren erforderlichen Kapitalkosten aus dem einperiodigen Tax-CAPM abzuleiten, ergibt sich die Notwendigkeit, dieses Modell mehrperiodig anzuwenden. Sowohl die hierzu erforderlichen Pr?missen als auch die Struktur der aus der mehrperiodigen Anwendung resultierenden Bewertungsgleichungen sind bislang ungekl?rt. Der vorliegende Beitrag spezifiziert ein mehrperiodiges Tax-CAPM, welches zur Bewertung mehrperiodiger stochastischer Cash-Flows bei differenzierter Besteuerung von Zinsen, Dividenden und Wert?nderungen eingesetzt werden kann. Die aus der Anwendung dieses Modells resultierenden Bewertungsgleichungen erm?glichen die Abbildung sowohl des Risikos als auch der Besteuerung einer durch den Kapitalmarkt bestimmten Alternativanlage mittels deterministischer Diskontierungsfaktoren, welche die Kapitalkosten der zu bewertenden Cash-Flows darstellen. Unter den restriktiven Pr?missen des vorliegenden Modells ist es demnach m?glich, die Einkommensbesteuerung der Kapitalgeber konsistent in die DCF-Verfahren zu integrieren. Der Autor dankt zwei anonymen Gutachtern der ZfB für wertvolle Hinweise und Verbesserungsvorschl?ge.     

Is There an Emotional Cost of Completing High School? Ecological Factors and Psychological Distress Among LGBT Homeless Youth

This study explored the nexus of home and school climate on the psychological distress of lesbian, gay, bisexual, and transgender (LGBT) homeless youth, as well as their experiences during high school. Of the LGBT homeless youth (N = 89) surveyed, 39.3% reported not completing high school. Most participants did not seek support from school staff nor did they report attending a school with a Gay-Straight Alliance. Significantly higher levels of psychological distress were found among high school graduates and those reporting LGBT harassment at home; however, harassment experienced at school was not statistically related to psychological distress. Findings are discussed.     

Manufacturing Kinship in a Nation Divided: An Ethnographic Study of North Korean Refugees in South Korea

The South Korean government continues to practice variants of what Stephan Castles (1995) calls ‘differential exclusion’, in which citizenship in the nation state for North Koreans does not confer membership in civil society. For new arrivals from North Korea, many of whom have developed a distinct distrust of anything governmental, interaction with representatives of the South Korean state bares a chilling resemblance to that which they left behind in the North.

This article argues that for newly-arrived North Koreans the failure at state level does not mean they are entirely cast adrift, as religious and secular institutions within civil society are shouldering more of the burden of adaptation for the newcomers. This article endeavours to further our understanding of the significance of these groups as spaces where, for persons in exile, the meaning of home is recreated through acts of intimate exchange and relationships are formed that have the potential to become a form of pseudo-kinship.     

INSTITUTIONALIZING CULTURAL STUDIES IN AUSTRIA: A VIEW FROM AFAR

The article explores institutional settings for teaching and practicing cultural studies from the point of view of the author's personal experiences at universities in Austria, Canada and Hong Kong.     

A modified combination test for the analysis of a clinical trial when a protocol amendment changed the inclusion criteria

Protocol amendments are often necessary in clinical trials. They can change the entry criteria and, therefore, the population. Simply analysing the pooled data is not acceptable. Instead, each phase should be analysed separately and a combination test such as Fisher's test should be applied to the resulting p-values. In this situation, an asymmetric decision rule is not appropriate. Therefore, we propose a modification of Bauer and Köhne's test. We compare this new test with the tests of Liptak, Fisher, Bauer/Köhne and Edgington. In case of differences in variance only or only small differences in mean, Liptak's Z-score approach is the best, and the new test keeps up with the rest and is in most cases slightly superior. In other situations, the new test and the Z-score approach are not preferable. But no big differences in populations are usually to be expected due to amendments. Then, the new method is a recommendable alternative.     

The effects of managerial decision making behaviour and order book size on workload control system implementation in Make-To-Order companies

Insufficient attention has been paid to behavioural influences on the implementation of the ‘Workload Control’ (WLC) concept – a Production Planning and Control (PPC) approach for small and medium sized Make-To-Order companies – and there is an implicit assumption that managers are rationalistic in their decision-making. This paper analyses the effects of both managerial decision-making behaviour and the size of a company’s order book, affecting the number of decisions that have to be made, on two case study implementations of a WLC system. The Recognition-Primed Decision (RPD) model from the Naturalistic Decision-Making literature is used to unpack the first case where implementation failed. This highlighted a misalignment between how the company’s owner-manager initially made operational decisions and how a rationalistic WLC system functions. But the company is studied over six years, allowing us to show how the owner-manager was forced to transition from the RPD model to a more rationalistic approach to PPC as the size of the order book increased. A second case study is then briefly presented in which WLC system implementation was successful; the RPD model was not strongly evident and the size of the order book was greater to begin with. The paper helps to understand the decision-making behaviour of managers in small companies and how it may conflict or be misaligned with the rationalistic assumptions underpinning the WLC concept. This provides a possible explanation for why few successful implementations of the concept have been presented in literature.     

An exact two-sample test based on the baumgartner-weiss-schindler statistic and a modification of lepage's test

It is shown that the nonparametric two-saniDle test recently proposed by Baumgartner, WeiB, Schindler (1998, Biometrics, 54, 1129-1135) does not control the type I error rate in case of small sample sizes. We investigate the exact permutation test based on their statistic and demonstrate that this test is almost not conservative. Comparing exact tests, the procedure based on the new statistic has a less conservative size and is, according to simulation results, more powerful than the often employed Wilcoxon test. Furthermore, the new test is also powerful with regard to less restrictive settings than the location-shift model. For example, the test can detect location-scale alternatives. Therefore, we use the test to create a powerful modification of the nonparametric location-scale test according to Lepage (1971, Biometrika, 58, 213-217). Selected critical values for the proposed tests are given.     

Unemployed and their caseworkers: should they be friends or foes?

Summary.  In many countries, caseworkers in public employment offices have dual roles of counselling and monitoring unemployed people. These roles often conflict, which results in important caseworker heterogeneity: some consider providing services to their clients and satisfying their demands as their primary task. However, others may pursue their own strategies, even against the will of the unemployed person. They may assign jobs and labour market programmes without the consent of the unemployed person. On the basis of a very detailed linked jobseeker–caseworker data set for Switzerland, we investigate the effects of caseworkers' co-operativeness on the probabilities of employment of their clients. Modified statistical matching methods reveal that caseworkers who place less emphasis on a co-operative and harmonic relationship with their clients increase their chances of employment in the short and medium term.     

Validity,facts, and values sans closure: Reply to Messick,Reckase, Moss,and Zimmerman

Social Indicators Research -