Der Einfluss der Zinsschranke auf unternehmerische Kapitalstrukturentscheidungen

In principle corporations are free to raise debt capital or equity capital. To protect tax revenues and to increase corporations?? equity ratio Germany has introduced an interest ceiling rule. From a tax planer??s point of view it is not clear whether debt or equity capital is advantageous. On the basis of Miller (J Finance 32:261?C275, 1977) we analyze whether this interest ceiling rule discriminates debt capital against equity capital. We find that investors can be indifferent towards the capital structure with and without considering the interest ceiling rule. This result does not depend on the investors?? percentage of participation or the corporation??s optimal dividend policy. The result depends significantly on the profit, the deductible fraction of EBITDA, the tax rates and when capital gains are realized. The advantage of debt capital normally decreases due to the introduction of this regulation but in some cases even increases. Nevertheless, many investors will prefer debt capital even when the interest ceiling rule applies. This result also arises in the case of external debt financing. Thus, it is an open question whether this regulation leads to higher equity ratios.     

Preventing Face Loss in Donor-Assisted Families

Grounded in face theory (see Brown & Levinson, 1987; Cupach & Metts, 1994; Goffman, 1967) and exploratory in nature, the present study sought to understand the face-related experiences of parents whose children were conceived with an anonymous donor. The sample included 19 parents from the United States, United Kingdom, and Canada, who experienced infertility, were in a lesbian relationship, or identified as solo parents. The researchers identified face-related concerns parents have for themselves and their children and preventative facework strategies they enact to avoid or minimize face loss. Findings showcase parents’ desire for social approval, autonomy, respect, and preventing rejection. Also discussed are a variety of facework strategies, namely, disclosure, avoidance, closedness, humor, deception, and strategic donor choice. The findings support and extend previous research on donor-assisted families and showcase the complexity of face for members of these families by highlighting instances where communication simultaneously preserves and threatens face.     

Women’s status and qualitative perceptions of a cash assistance programme in Raqqa Governorate,Syria

ABSTRACT

Cash and voucher assistance is an efficient way to deliver assistance in emergency settings, and evidence demonstrates that cash programmes have consistent positive impacts on food security and other health and economic outcomes in these contexts. Nevertheless, while evidence from development settings shows that cash has the potential to reduce intimate partner violence and increase empowerment for women and girls, there is a dearth of rigorous evidence from acute humanitarian settings. In response to this evidence gap, the International Rescue Committee conducted an evaluation of a cash programme in Raqqa Governorate, Syria. The aim was to examine the effect of a cash for basic needs programme on outcomes of violence against women, and women’s empowerment. This article draws on qualitative data from interviews with 40 women at the end of the cash programme. It offers evidence of potential increased tension and abuse within both the community and the household for some women whose families received cash, as well as potential increased social protection through repayment of debts and economic independence for others. Both negative and positive effects could be seen. While the objective of the cash programme was not to influence underlying power dynamics, this research shows it is necessary to integrate gender-sensitive approaches into programme design and monitoring to reduce risk to women of diverse identities.     

Analysing US State Legislative Resolutions on Immigrants and Immigration: The Role of Immigration Federalism***

Immigration in the United States is traditionally thought of as a federal‐level policy, but in recent years, states have been exceedingly active in this domain. We analyse the context and discourse of immigration‐related legislative resolutions from Southern border‐states, recipients of the heaviest immigration flows, and find that states do not respond in the same way to immigration challenges, and these differences occur over time and space. Some states seek to federalize the issue and push Congress to take action, while others are slowly incorporating immigrants into domestic politics and have begun to treat them as yet another state constituency. These findings have significant implications both for federal‐state relations in the immigration realm, and for immigrants themselves.     

The statistical properties of the networks of emigrants: the Ecuadorian case

This article shows that the threshold model appropriately analysed can explain the emigration process as a consequence of the network features, where the willingness to emigrate depends on the personal and household conditions borne by the emigrant. In such a case, the emigration process can be defined in terms of a Pólya schema, and the emigration rate converges almost surely to a random variable with a beta distribution, which fully characterizes the network (assimilation, integration, separation or marginalization). The model is applied to Ecuador, which has experienced an unprecedented wave of emigration since 1998. We show that, despite the massive exodus, the process does not constitute a diaspora, because Ecuadorians do not interact appropriately with natives.     

Alumni Relationship Management als Erfolgsfaktor im Wettbewerb der Hochschulen

Alumni Relationship Management is an important attribute in the increasingly competitive environment of German universities. Alumni are ambassadors of their alma mater and are part of its reputation. The retention of alumni is of further importance because it enhances the transfer between the academic’s and practitioner’s worlds and can contribute to a sound financial basis of universities. This empirical survey of alumni organisations of universities shows two general types of alumni organisations which can be differentiated by their parameters and activities. The success of alumni relationship management is reflected by professionalism of its organisation and the quality, which is determined by its acceptance of its members.