Die Bedeutung der Zinsschranke

The German Corporate Tax Reform Act of 2008 requires an adjustment of classic valuation concepts because it limits interest deduction from taxable income depending on the operating performance of the company. By using time- and state-contingent discount rates in a risk-neutral valuation with predetermined debt levels, a theoretically sound valuation result is obtained. However, a modified APV-concept which assumes deterministic debt over the planning horizon and constant leverage in the terminal value phase also yields consistent valuation results when two types of tax shields with different levels of risk are distinguished.     

New Firms as Employers: The Wage Penalty for Voluntary and Involuntary Job Switchers

According to previous research, new firms pay lower wages. However, previous studies have been unable to control for the possibility that the opportunity costs of accepting employment at new firms may differ across individuals. In this paper, we investigate whether a wage penalty for being employed at a new firm exists if we take the individual employee's experience and status in the labour market into consideration. We focus on individuals who decide to switch jobs and use matched employee–employer data about all firms and employees in Sweden for the period 1998–2010. Our results show that the share of job transitions into lower wages are higher for those who switch to new firms compared with incumbent firms (40 per cent and 31 per cent, respectively). Our endogenous wage equation estimates indicate that being an involuntary job switcher has an equally negative effect on wages at both new and incumbent firms. However, the positive effect of education on wages is more pronounced for job switchers selecting into incumbent firms.     

Assessing the role of hope in processes of transitional justice: mobilizing and disciplining victims in Sierra Leone’s truth commission and reparations programme

Existing studies have not been able to take the role of hope in processes of transitional justice (TJ) into account, as they focus on how TJ changes institutions and the relationships between individuals and therefore conclude that failed processes of TJ have no effect. In contrast to this approach, a different understanding of power as productive helps to understand how TJ-instruments create hope and which effects this has on how people conceive of themselves and the world they live in. A framework for analysing such processes is introduced that brings together individual meaning-making of hope and hopelessness with the role of the state in the provision of hope in the context of uncertainty. Transitional justice is therefore discussed as a performative project that aims at triggering specific emotions among the persons taking part in it and the broader society and at creating a vision of a better future based on social equality through the protection and fulfilment of human rights. By applying this framework to the case of the Sierra Leone truth and reconciliation commission and the reparations programme, it is argued that hope had a mobilizing as well as a disciplining function in these instruments. The promise of support mobilized victims to provide statements to the truth commission, and therefore enabled the commission to work in the first place. However, it failed in its attempt to discipline victims in their feelings about the past violence. The reparations programme constituted the embodiment of these promises, but victims interpreted its inadequate benefits and bad management as a proof that the state still does not care for them and competition over benefits is the norm despite their entitlement to support. This experience destroyed the hopes of many victims and created social envy among them, preventing the development of solidarity among victims and the chance for resistance against this policy.     

Eye-tracking methodology: exploring the processing of question formats in web surveys

In social research, the use of agree/disagree (A/D) questions is a popular method for measuring attitudes. Research has shown that A/D questions require complex cognitive processing and are susceptible to response bias. Thus, some researchers recommend the use of item-specific (IS) questions. This study examines the processing of A/D and IS questions, using eye-tracking methodology. By recording respondents’ eye movements, how respondents process survey questions can be evaluated. The results reveal that IS questions cause more and longer fixations. However, this only applies to the response categories. There are no differences regarding the question stems. Altogether, it seems that IS response categories trigger deeper cognitive processing than A/D response categories.     

On the power of goodness-of-fit tests for the exponential distribution under progressive Type-II censoring

The aim of this article is to review existing goodness-of-fit tests for the exponential distribution under progressive Type-II censoring and to provide some new ideas and adjustments. In particular, we consider two-parameter exponentially distributed random variables and adapt the proposed test procedures to our scenario if necessary. Then, we compare their power by an extensive simulation study. Furthermore, we propose five new test procedures that provide reasonable alternatives to those already known.     

Participation in Everyday Life Before and After a Housing Adaptation

Housing adaptation aims to enable clients to live independently in their own homes. Studies focusing on participation in everyday life following a housing adaptation are lacking and needed. This study aimed to explore housing adaptation clients' experiences of participation in everyday life before and after a housing adaptation, through the lens of a housing adaptation, using a qualitative follow-up design, with 11 participants. It was found that when the housing adaptation met the participants' needs, performance of activities improved and the housing adaptation opened doors to engagement and participation in everyday life. Thus, focus on performance and engagement in everyday life at the onset of the housing adaptation process, combined with regular follow-ups, may enhance participation.     

Multiple hypothesis tests based On conditional differences in means

Many hypothesis tests are univariate tests and cannot cope with multiple hypothesis without an auxiliary procedure as e. g. the Bonferroni-Holm-procedure. At the same time, there is an urgent need for testing multiple hypothesis due to the very simple existing methods as the Bonferroni-correction or the Bonferroni-Holm-procedure, which suffers from a very small local significance level to detect statistical inferences or the drawback that logical and statistical dependencies among the test statistics are not used, whereby its detection is NP-hard. In honour of this occasion, we present a multiple hypothesis test for i.i.d. random variables based on conditional differences in means, which is capable to cope with multiple hypothesis and does not suffer on such drawbacks as the Bonferroni-correction or the Bonferroni-Holm-procedure. Thereby, the computation time can be neglected.     

Measuring ambiguity preferences: A new ambiguity preference survey module

Journal of Risk and Uncertainty - Ambiguity preferences are important to explain human decision-making in many areas in economics and finance. To measure individual ambiguity preferences, the...     

CCR or BCC: what if we are in the wrong model?

The CCR model by Charnes et al. (Eur J Oper Res 2:429–444, 1978) together with the BCC model by Banker et al. (Manag Sci 30:1078–1091, 1984) are the most popular approaches of measuring efficiency among a group of decision making units, DMUs, in data envelopment analysis, DEA. The right choice of a DEA model—CCR or BCC—often, if not always, is a difficult decision. To evaluate a DMU’s efficiency for both models might be helpful, but it does not always capture the essential issues at stake. In this paper we propose a comparative analysis of both concepts: How does activity scaling under constant BCC-efficiency influence CCR-efficiency. And inversely, how does BCC-efficiency behave when activity scaling under constant CCR-efficiency is applied. Such findings of mutual effects improve a DMU’s ability to reassess upsizing and downsizing of activities. Moreover, it allows for exact calculations of the resulting economic effects, and these effects give new insights beyond classical DEA. Finally, scale efficiency turns out to be the ideal concept to control these activity changes, rather than just CCR- or BCC-efficiency. We use a little numerical example to emphasize advantages of the new concept and sketch the new findings for a theater scenery.