Sooner or Later? – Paradoxical Investment Effects of Capital Gains Taxation under Simultaneous Investment and Abandonment Flexibility

This paper analyzes the impact of capital gains taxation on investment timing decisions for risky investment projects with entry and exit flexibility under differential tax rates for ordinary income and capital gains. We investigate whether capital gains taxation influences immediate and delayed investments asymmetrically, given the optimal abandonment decision. If capital gains taxation induces a lock-in effect, this effect is anticipated in the investment timing decision. In contrast to prior research, our numerical simulations show that this lock-in effect of capital gains taxation can induce normal as well as paradoxical effects on investment timing under simultaneous entry and exit flexibility. A paradoxical timing effect, i.e., investment accelerated by capital gains taxation, especially emerges for high liquidation proceeds or, more conservative tax accounting, low interest rates, and low volatilities. In these cases, capital gains taxation reduces the value of the option to invest and hereby increases the propensity to invest immediately. As a second paradoxical tax effect, capital gains taxation may favor delayed real investment over financial investment. Facing these results, tax legislators should not use capital gains taxation as a short-term tax policy instrument to influence investors' timing decisions.     

Patent indicators for macroeconomic growth—the value of patents estimated by export volume

This paper examines the linkage between patenting and export performance for selected countries at the level of technology fields. Some empirical studies show considerable correlation between the patenting behavior of countries and their economic success in international markets. Adding to the existing literature, the aim of this analysis is to assess whether the indicators that are supposed to reflect patent value—such as patent citations or family size—have any explanatory power in estimating the export value of countries by technology fields.     

Handelsmarken kontra Herstellermarken

Zusammenfassung  Der Marktanteil von Handelsmarken in der Konsumgüterbranche steigt seit geraumer Zeit kontinuierlich an. Stark begünstigt wird diese Entwicklung durch die rechtliche Regulierung des Marktes in Form des Verbots der vertikalen Preisbindung. Eine Langzeitstudie am Beispiel von Fertigprodukten aus dem deutschen Lebensmitteleinzelhandel pr?sentiert ausgew?lte Effekte der mit dem Preisbindungsverbot einhergehenden Zunahme von Handelsmarken. Deutlich werden dabei auch die Grenzen der industriellen Markenpolitik. Univ.-Prof. Dr. Rainer Olbrich Inhaber des Lehrstuhls für Betriebswirtschaftslehre, insbesondere Marketing, der FernUniversit?t in Hagen Dipl.-Kff. Gundula Grewe Wissenschaftliche Mitarbeiterin am Lehrstuhl für Betriebswirtschaftslehre, insbesondere Marketing, der Fern Universit?t in Hagen     

Entrepreneurial Marketing: Geringer Mitteleinsatz mit hoher Wirkung

Entrepreneurial Marketing (EM) will dem schwindenden Einfluss klassischer Medien entgegentreten. Bei den Konsumenten soll ein glaubwürdiges, anschlussf?higes Produktimage ankommen. So baut EM auf unkonventionelle Ma?nahmen zur Erzeugung von Aufmerksamkeit (Buzz Marketing), die exponentielle Diffusion von Kommunikationsinhalten (Viral Marketing), die Nutzung von Communities (Community Marketing) oder die (Aus-)Nutzung der Marketingma?nahmen der Konkurrenz (Ambush Marketing), und versucht, mit geringem Mitteleinsatz hohe Wirkungen zu erzielen (Guerilla Marketing).     

Bankenkrise: Steuerzahler tragen die Folgen

Ohne Zusammenfassung Rainer Kambeck ist Leiter des Kompetenzbereichs „?ffentliche Finanzen“ im Rheinisch-Westf?lischen Institut für Wirtschaftsforschung (RWI)     

Die ermittlung der anschaffungs- und herstellungskosten und niedrigerer werte nach ias und U.S. GAAP

Die Ermittlung der Anschaffungskosten nach IAS/U.S. GAAP erfolgt analog der Ermittlung nach HGB. In den Herstellungskosten nach IAS k?nnen unter Umst?nden Entwicklungskosten enthalten sein. Die Aktivierung von allgemeinen Verwaltungs- und Vertriebsgemeinkosten ist nicht zul?ssig. Das Niederstwertprinzip nach IAS/U.S. GAAP orientiert sich st?rker am Absatzmarkt (net realizable value). G?ngige Verbrauchsfolgeverfahren (FIFO, LIFO etc.) sind auch nach IAS/U.S. GAAP zul?ssig.     

Liberalisation of the internal market: Efficiency advantages and requirements

The expected welfare effects of the completion of the internal European market by 1992 will differ markedly from one member country to another. What requirements must be met for liberalisation of the internal market? How could the disparities in the distribution of welfare effects be lessened?     

奥地利有机农业发展的经验与启示

一、奥地利有机农业发展的历史与现状 20世纪中叶,人类开始了环境意识的觉醒,人们的食品安全意识也随之提高,消费者对纯天然、无污染的健康食品的需求逐渐增加.     

THE NORMALIZED CES PRODUCTION FUNCTION: THEORY AND EMPIRICS

Abstract The elasticity of substitution between capital and labor and, in turn, the direction of technical change are critical parameters in many fields of economics. Until recently, though, the application of production functions with specifically non‐unitary substitution elasticities (i.e., non‐Cobb–Douglas) was hampered by empirical and theoretical uncertainties. As recently revealed, ‘normalization’ of production‐technology systems holds out the promise of resolving many of those uncertainties. We survey and assess the intrinsic links between production (as conceptualized in a production function), factor substitution (as made most explicit in Constant Elasticity of Substitution functions) and normalization (defined by the fixing of baseline values for relevant variables). First, we recall how the normalized Constant Elasticity of Substitution function came into existence and what normalization implies for its formal properties. Then we deal with the key role of normalization in recent advances in the theory of business cycles and of economic growth. Next, we discuss the benefits normalization brings for empirical estimation and empirical growth research. Finally, we identify promising areas of future research.