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.     

The value of acquisition price differentiation in reverse logistics

The quality of returned products may vary greatly, depending on their previous usage. Since the remanufacturing of products in good condition is more economically rewarding for the remanufacturer—and since even for non-remanufacturable products the value that can be extracted from their parts or materials may depend on the products’ quality—it seems logical to acquire used products of different quality levels at different prices. However, acquisition price differentiation requires the product quality to be revealed, i.e. the products are graded before their actual acquisition. We observe two different approaches in current practice. The first one is a decentralized system with several collection sites to which the customers can bring their used products. After a short grading procedure, they receive a specific acquisition price offer for their products, which they can accept or decline directly. The second setting is a reverse logistics system with a centralized grading facility. The final grading is conducted after shipping the used products to this specific facility. Motivated by these empirical observations, we compare the two strategies with the help of a continuous approximation model. We derive analytical expressions for the optimal pricing and network density decision and show that, in addition to the other factors discussed in the literature, acquisition price differentiation can be a reason for decentralizing the reverse logistics network, if the product quality is uncertain. Furthermore, we illustrate our results with a numerical example.     

The influence of top management corporate networks on CEO succession

We analyze empirically how supervisory board members with multiple directorships affect the decision to hire an inside or outside CEO successor. While a growing number of both theoretical and empirical studies analyze the influence of corporate performance and size or the ownership structure on this decision, the role of multiple board memberships within the CEO recruitment process has been widely neglected so far. The present study is based on panel data of the largest German companies covering the period from 1996 to 2008. Applying competing risk estimations we find a weak and positive association between the number of external directorships of the supervisory board members and internal CEO replacements. Distinguishing between different groups of external board positions, we find that external executives on the supervisory board increase the likelihood of external CEO replacements. In line with empirical findings for the US we argue that external executives improve the assessment of potential CEO successors leading to more outside CEO replacements. In contrast, we find evidence that external supervisory board mandates of the supervisory board members cause more internal CEO replacements. This finding indicates a substitution of external expertise of the executives by multiple supervisory board mandates but could also reflect a reduction of the monitoring intensity of the supervisory board.     

Burnout and impaired cognitive functioning: The role of executive control in the performance of cognitive tasks

Abstract

Burnout patients often report deficits in cognitive control, and there is a need to understand the processes involved. Drawing on recent findings, we hypothesized that emotional exhaustion and task-related demands on executive control would interact in predicting performance in tasks requiring the updating and monitoring of working memory as well as the inhibition of prepotent (dominant or automatic) responses. In accordance with recent conceptualizations of burnout, we focused on emotional exhaustion as the core symptom of burnout. The sample comprised 81 employees recruited from nursing homes for elderly care in Germany, who participated in a laboratory study involving cognitive tasks. Based on a median split, participants were divided into two groups: those with high burnout and those with low burnout. In line with our hypotheses, the high exhaustion participants performed less well than those with low exhaustion only when tasks put high demands on their executive control. As predicted, high levels of emotional exhaustion were associated with more errors and longer reaction times when demands on executive control were high, whereas no performance differences were found when both tasks put low demands on executive control. The implications for practice are discussed.     

A new approach for disclosure control in the IAB establishment panel—multiple imputation for a better data access

For micro-datasets considered for release as scientific or public use files, statistical agencies have to face the dilemma of guaranteeing the confidentiality of survey respondents on the one hand and offering sufficiently detailed data on the other hand. For that reason, a variety of methods to guarantee disclosure control is discussed in the literature. In this paper, we present an application of Rubin’s (J. Off. Stat. 9, 462–468, 1993) idea to generate synthetic datasets from existing confidential survey data for public release.We use a set of variables from the 1997 wave of the German IAB Establishment Panel and evaluate the quality of the approach by comparing results from an analysis by Zwick (Ger. Econ. Rev. 6(2), 155–184, 2005) with the original data with the results we achieve for the same analysis run on the dataset after the imputation procedure. The comparison shows that valid inferences can be obtained using the synthetic datasets in this context, while confidentiality is guaranteed for the survey participants.     

Safeguarding young people from cyber pornography and cyber sexual predation: a major dilemma of the internet

Over the past 20 years, the internet has provided an expedient mode of communication and access to a wealth of information. The internet is a valuable tool; however, it can also be detrimental to the wellbeing of children due to numerous online hazards. There is the potential for children to be abused via cyberspace through online sexual solicitation and access to pornography. Indeed, the internet is replete with inappropriate material, including pornography, chatrooms with adult themes and access to instant messaging wherein others could misrepresent themselves. Because children are actively utilizing the internet where unknown others can have access to them or where they can be exposed to inappropriate sexual materials, they require safeguarding and education in safe internet use. The purpose of this article is to provide a discussion of how to safeguard children from and educate them about online sexual solicitation and pornography. We contend that society needs an overall conceptual shift in its attitude towards young people's internet use. Copyright © 2007 John Wiley & Sons, Ltd.