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.     

自杀和生命的意义——来自脑科学研究的解读

生命本身是一个随机事件,并不具有高尚的意义。进化的结果使人类可通过工作、家庭和人际关系等给予自己的生命以意义感。当我们的生活方式使脑内奖赏系统获得刺激,就会带来生命具有意义的感受,这种感受给人带来更好的生存机会。生存的欲望是一切生物体最具特征的属性,一些精神疾病患者缺乏这种欲望。自杀主要发生于精神疾病患者,它并非是基于自由意志的行为。抗精神病治疗和适当的社会交往可以预防自杀。由于不同个体有着不同的大脑,人们的生活方式就应该去适应各自大脑的特征。只要人们的生活方式不对他人造成过多的伤害,政府就应该允许和保护人们自由地按照各自的方式生活。     

Will you trust your new boss? The role of affective reactions to leadership succession

Affective reactions to the departure of work group leaders are proposed as an important determinant of members' trust-related judgments regarding new leaders. A field test of veterinary hospital employees evaluating new leaders revealed that the affective reaction to the departure of the prior group leader predicted trust when there was no history between the individuals. When there was history between the two individuals, the group member's evaluation of the new leader's ability on their prior job was a significant predictor of trust over and above their affective reaction to the succession. The relationships between affective reactions to succession and trust formation were replicated in a longitudinal simulation of trust formation in student groups. The implications of these findings for the study of trust in organizations and leadership succession processes in work groups are discussed.     

Outsourcing to emerging markets: Theoretical perspectives and policy implications

Creating value through outsourcing has emerged as a popular competitive strategy for firms in various industries. In order to survive in the domestic and international marketplaces, firms, especially in developed countries, are seeking opportunities offshore, which is one focus of globalization. Offshore outsourcing has emerged as a popular competitive strategy and emerging markets have become increasingly attractive locations. As firms in developed countries (e.g., the US) continue to face enormous challenges to sustain competitive advantage, outsourcing to emerging markets is becoming an increasingly important source of business renewal and corporate transformation.In spite of the growing strategic significance of sourcing, we have limited knowledge of offshoring and outsourcing to emerging markets. The objectives of this review are fourfold: (1) to provide a better understanding of the concepts of offshoring and outsourcing business models, (2) to discuss relevant theoretical perspectives related to outsourcing, (3) to present a taxonomy of outsourcing strategies drawing on the extant literature, and (4) to discuss public policy implications. Conclusions and direction for future research are provided.     

Economics, law, and covenant marriage

Covenant marriage may be difficult to understand as a gender issue. However, marriage and divorce are closely linked to workforce participation and child rearing. This piece looks at new proposals for choices in divorce regime from legal, economic, and social perspectives, concluding that the option of contracting a more permanent form of marriage increases the possibilities for women and signals societal interest in promoting more stable families. The article favorably compares Louisiana covenant marriage legislation to other states' suggestions for returns to fault-only regimes, and pays some attention to the role one state's marriage and divorce laws play in the federal system.     

Building cultural competence: A systematic evaluation of the effectiveness of culturally sensitive interventions with ethnic minority youth

Growing diversity within the US population accentuates the need for the development and implementation of culturally competent services in the field of child welfare. Despite this, few studies exist that examine the effectiveness of culturally sensitive interventions (CSIs) with ethnic minority populations, who are considerably more at risk of developing psychosocial problems including substance and alcohol abuse, delinquency, low academic achievement, and poor self-esteem. With the demand for evidence-based practice it is imperative that we examine the effectiveness of CSIs designed to prevent and treat youth problems. The main goal of this review was to systematically analyze the methodology of recent CSI research with populations of ethnic minority youth in order to evaluate each intervention's ability to adhere to existing standards of evidence-based practice. The fifteen CSI studies examined in this review illustrate progress in their attempt to adhere to the methodological rigor required of evidence-based practice. This review encourages the field of child welfare to position itself analogously with and embrace the movement toward building cultural competence by further investigating the effectiveness of culturally-sensitive interventions with ethnic minority youth.     

THE EFFECTS OF UNCERTAINTY ON THE LEVERAGE OF NONFINANCIAL FIRMS

This paper investigates the link between the optimal level of nonfinancial firms' short-term leverage and macroeconomic and idiosyncratic sources of uncertainty. We develop a structural model of a firm's value maximization problem that predicts a negative relationship between uncertainty and optimal levels of borrowing. This proposition is tested using a panel of nonfinancial U.S. firms drawn from the COMPUSTAT quarterly database covering the period 1993–2003. The estimates confirm that as either form of uncertainty increases, firms decrease their levels of short-term leverage. This effect is stronger for macroeconomic uncertainty than for idiosyncratic uncertainty. ( JEL C23, D8, D92, G32)     

Debt‐Relief Effectiveness and Institution‐Building

This article provides new evidence on the effects of recent debt‐relief programmes on different macroeconomic indicators in developing countries, focusing on the Heavily Indebted Poor Countries (HIPCs). The relationship between debt relief and institutional change is also investigated to assess whether donors are moving towards ex‐post governance conditionality. Results show that debt relief is only weakly associated with subsequent improvements in economic performance but is correlated with increasing domestic debt which undermines the positive achievements in reducing external debt service. There is also evidence that donors are moving towards a more sensible allocation of debt forgiveness, rewarding countries which have better policies and institutions.     

Differentiated leader–member exchange,justice climate,and performance: Main and interactive effects

Leaders form different quality leader–member exchange (LMX) relationships with their subordinates. This variable treatment termed LMX differentiation can have negative effects on individuals' behavior and attitudes. In this study, we examined the cross-level main effect of justice climate on task performance and the moderating role of justice climate on the relationship between LMX differentiation and task performance. We tested these two hypotheses using a field study of 90 subordinates nested under 27 supervisors. Procedural justice climate, not distributive justice climate, was found to positively influence subordinate task performance. Further, distributive justice climate, not procedural justice climate, was found to moderate the LMX differentiation–task performance relationship; such that the relationship was positive when distributive justice climate was high and negative when distributive justice climate was low. Findings and future directions are discussed.