Die Abgeltungsteuer auf Kursgewinne und der Steuerstundungseffekt in der Unternehmensbewertung

In Germany capital gains have to be taxed independently of the holding period, according to the withholding tax regulations. Nevertheless, investors can initially avoid taxation by not realizing capital gains. Then, taxes are postponed into the future. Thereby investors can make use of an interest-free tax loan (tax deferral). Equally beneficial would be the immediate realization of negative capital gains, if this leads to reduced taxes by balancing these losses against other gains. The potential use of interest-free tax loans leads to the necessity of making assumptions on the investors?? strategy with respect to liquidation when it comes to business valuation based on discounting future after-tax payments towards investors (DCF-methods). It will be shown how much firm value depends on these assumptions by taking alternative, inflexible and flexible strategies of investors into account. Our considerations generate a lower and an upper bound for the firm value, and easier to calculate medium values. The calculations are illustrated by a numerical example which is also the subject of a comparative static analysis.     

Violence in street culture: cross-cultural comparison of youth groups and criminal gangs

Violence is a widespread phenomenon in juvenile street culture. But the questions of whether this relationship is a deterministic one, and if not, which are the contributing factors, are largely unanswered. This article focuses on the role of public space, starting with a comparison of the meaning of deviant behavior and crime in street culture in Brazil, Russia, and Germany. Focusing on street culture norms and their relevance for youth groups in everyday life, the author shows that there are worldwide similarities, and these are most likely to be seen in disadvantaged neighborhoods. The article deals not only with the question of how people act in conflicts but also focuses on a social order in which the reputation of men is based mainly on questions of masculinity, honor, and power expressed through aggressive behavior. The results are based on more than one hundred semistructured qualitative interviews with street culture youth, prison inmates, adult family members, social workers, police, and researchers that were conducted in recent years in the three countries.The study also describes a typology of conflict behavior among male street culture youth that helps in understanding why even juveniles who were socialized in the milieu of the street culture can reject violence and do not have to turn to violence in all conflicts. The article examines the similarities in the reasons for violence and fear of violence, as well as the differences in frequency and intensity between violent countries (such as Brazil and the Russian Federation) and less violent countries (for example, Germany).     

Physical and Mental Health Correlates of Self-Efficacy in Dementia Family Caregivers

This study examined whether self-efficacy for controlling upsetting caregiving thoughts would longitudinally predict mental and physical health as well as utilization of psychotropic medications in help-seeking dementia family caregivers (N = 53). Positive associations were found between self-efficacy and self-reported mental health and physical health subscales of the Short Form Health Questionnaire-12, and negative correlations were found between self-efficacy for controlling upsetting thoughts about caregiving and the number of psychotropic medications being utilized both cross-sectionally and longitudinally. These results suggest that self-efficacy for controlling upsetting thoughts may be a fruitful target area for further intervention research with dementia family caregivers.