Bestimmung von Kapitalkosten in diversifizierten Unternehmungen: Verfahrensvergleiche und Anwendungsempfehlungen

Die Notwendigkeit zur wertorientierten Führung und Steuerung von Unternehmungen gewinnt durch die zunehmende Professionalisierung der Kapitalmarktteilnehmer, die Basel-II-Richtlinien für Banken sowie die Neuregelung zum Goodwill Impairment weiter an Dynamik. Innerhalb der Wertkonzepte nehmen Kapitalkosten als zentraler „value driver“ eine herausragende Bedeutung ein. Vor diesem Hintergrund werden die unterschiedlichen Verfahren zur Ermittlung von Kapitalkosten, darunter auch das erst kürzlich vorgestellte Market-derived Capital Pricing Model, diskutiert und mittels eines zu entwickelnden Kriterienrasters systematisch miteinander verglichen. Schlie?lich entwickelt der Beitrag aus den Erkenntnissen des Verfahrensvergleichs sowie einer Expertenbefragung praktische Anwendungsempfehlungen.     

Creating a Testable, Estimable Model to Inform Our Response to the Test-Score Gap Crisis

The test-score gap between black and white students should be seen as a crisis. We propose a testable model based on readily available data that will allow us to estimate the impact and interrelationships of a multitude of factors that may be partially responsible for the problem. The estimation of this model will require the joint efforts of experts in many areas of education as well as of experts in multilevel structural equation modeling.     

Increased coordination in public transport—which mechanisms are available?

After several years of New Public Management reforms within public transport, coordination seems to receive increased attention. With examples of actual as well as suggested changes taken from Denmark, Sweden and the UK the aim of the article is to analyse and classify the mechanisms utilized and suggested to increase coordination between core stakeholders within passenger railway services and bus services. Four distinctive mechanisms of coordination are suggested, namely organisational coordination, contractual coordination, partnership coordination and discursive coordination. Each coordination mechanism has its strengths and failures. The article also debates to what extent the mechanisms conflict with three core characteristics of New Public Management: Unbundling of the public sector into corporatized units; more contract-based competitive provision; and greater emphasis on output controls.