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.     

Thesen und Gegenthesen

Summary Theses and Counter-theses. Notes to Milton Friedman’s monetary concept of “New Liberalism.” —This paper summarizes Milton Friedman’s most important statements concerning problems of national money supply and credit policy into the following seven theses, to each of which the author opposes a counter-thesis. Thesis 1: The total amount of money in circulation is the most important monetary factor. Counter-thesis 1: The liquidity balance is the most important monetary factor. Thesis 2: The total amount of money influences nominal income and prices. Counter-thesis 2: Expenditure influences the amount of money. Thesis 3: The total amount of money can be manipulated by monetary policy. Counter-thesis 3: The amount of money in circulation cannot be manipulated. Thesis 4: Bank credits should be curtailed. Counter-thesis 4: Bank credits should be directed. Thesis 5: Monetary policy only with open market transactions. Counter-thesis 5: Credit policy through several combined instruments. Thesis 6: Price stability through a continuous development of the amount of money in circulation. Counter-thesis 6: Price stability through a continuous development of bank liquidity. Thesis 7: Monetary policy instead of fiscal policy. Counter-thesis 7: Credit policy and fiscal policy.

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Résumé Thèses et contre-thèses. Remarques au sujet de la notion monétaire ?New Liberalism? de Milton Friedman. —Cet article résume les propositions les plus importantes de Milton Friedman concernant les problèmes de l’approvisionnement national en argent, et de la politique de crédit, en les présentant sous forme de sept thèses, à chacune desquelles l’auteur oppose une contre-thèse: Thèse 1: Le total de l’argent en circulation représente le facteur monétaire le plus important. Contre-thèse 1: Le solde de liquidité est le facteur monétaire le plus important. Thèse 2: Le total de l’argent en circulation exerce une influence sur le revenu nominal et les prix. Contre-thèse 2: Les dépenses exercent une influence sur le total de l’argent. Thèse 3: On peut contr?ler le total de l’argent en circulation par des mesures de politique monétaire. Contre-thèse 3: On ne peut pas exercer d’influence sur le total de l’argent en circulation. Thèse 4: II faut arrêter les crédits bancaires. Contre-thèse 4: II faut diriger les crédits bancaires. Thèse 5: Politique monétaire seulement avec des transactions de marché ouvert. Contre-thèse 5: Politique de crédit au moyen de plusieurs instruments combinés. Thèse 6: Stabilité des prix grace à un développement continu du total de l’argent en circulation. Contre-thèse 6: Stabilité des prix grace à un développement continu de la liquidité des banques. Thèse 7: Politique monétaire au lieu de politique fiscale. Contre-thèse 7: Politique de crédit et politique fiscale.

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Resumen Tésis y antitesis. Comentarios sobre el concepto monetario del ?New Liberalism? de Milton Friedman. —En el presente trabajo el autor sintetiza las principales afirmaciones de Milton Friedman sobre problemas de provision de dinero y de política crediticia en siete tésis a las que opone otros tantos contraargumentos: Primera tesis: El volumen de dinero es la variable monetaria más importante. Contraargumento: El saldo de liquidez es la variable monetaria más importante. Segunda tesis: El volumen de dinero incide en el ingreso nominal y los precios. Contraargumento: Los gastos inciden en el volumen de dinero. Tercera tesis: El volumen de dinero puede ser regulado a través de la política monetaria. Contraargumento: El volumen de dinero no puedo ser regulado. Cuarta tesis: La creaci?n de crédites bancarios ha de ser reprimida. Contraargumento: La creaci?n de crédites bancarios ha de ser regulada. Quinta tesis: La politica monetaria debe basarse exclusivamente en operaciones del Banco Central en el mercado abierto. Contraargumento: La politica monetaria debe consistir en la aplicaci?n combinada de varios instrumentes. Sexta tesis: La estabilidad de precios se logrará por medio de una evolución continua de la masa dineraria. Contraargumento: La estabilidad de precios se logrará mediante una evolutión continua de las disponibilidades liquidas de la Banca. Séptima tesis: La politica coyuntural debe valerse de operaciones monetarias y no de operaciones fiscales. Contraargumento: La politica coyuntural debe valerse de operaciones tanto monetarias como fiscales.

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Riassunto Tesi e controtesi. Osservazioni all’abbozzo monetario del ?New Liberalism? di Milton Friedman. —Le affermazioni più importanti di Milton Friedman sui problemi dell’approvigionamento nazionale del denaro e della politica di credito sono riassunte nel présente saggio nelle sette tesi seguenti, alle quali l’autore di volta in volta contrappone una controtesi: Tesi I: La quantità di denaro è la più importante grandezza monetaria. Controtesi I: II saldo di liquidità è la più importante grandezza monetaria. Tesi II: La quantità di denaro influisce sul reddito nominale e sui prezzi. Controtesi II: Le spese influiscono sulla quantità di denaro. Tesi III: La quantità di denaro puó essere diretta dal punto di vista della politica monetaria. Controtesi III: La quantità di denaro non puó essere influenzata. Tesi IV: Creazione di credito délie banche deve essere ostacolato. Controtesi IV: Creazione di credito délie banche deve essere diretto. Tesi V: Politica monetaria soltanto con transazioni di mercato aperto. Controtesi V: Politica creditizia con l’impiego combinato di più strumenti. Tesi VI: Stabilità dei prezzi mediante sviluppo continuo della quantità monetaria. Controtesi VI: Stabilità dei prezzi mediante sviluppo continuo della liquidità bancaria. Tesi VII: Politica monetaria invece di politica fiscale. Controtesi VII: Politica creditizia e politica fiscale.

     

Non-monetary sales promotion effects on credit cards

This study fills an important gap in the literature by exploring the effects of the attractiveness of a non-monetary promotion with premiums on credit card purchase intention and brand selection. Two experimental studies involving 386 undergraduates were done. Non-monetary sales promotions with attractive premiums have a positive influence on the credit card purchase intention, compared to non-monetary sales promotions with unattractive premiums. On brand choice, non-monetary sales promotions with attractive premiums increase the likelihood of brand choice promoted. Premiums attractiveness is an important variable in the evaluation of a promotional offer that aims to increase the intention purchase and motivate the selection of brand. This study helps managers in choosing the types of premiums that are valued by consumers in a promotion. Most of the studies explore monetary promotions, while this study contributes to literature by exploring the gap about the effects of non-monetary sales promotions on purchase intention and brand selection, especially in the bank services environment.     

Military casualties and exchange rates during the First World War: did the Eastern Front matter?

Although the First World War was ultimately decided in the west, historians have emphasized the importance of the often ‘forgotten’ Eastern Front in understanding its complex evolution. This article examines the perception of contemporary foreign exchange traders concerning the relative importance of the Eastern Front over time. Using a newly compiled dataset on prisoners of war and on soldiers killed and wounded, we show that traders were concerned with casualties on both fronts, recognizing the significance of the two‐front war in the early war years. From the autumn of 1916 onwards, traders seemed to believe the key to winning the war lay in the west only.     

The Home Bias in Equities and Distribution Costs

We show that incorporating distribution costs into a general equilibrium model of international portfolio choice helps to explain the home bias in international equity investment. Our model is able to replicate observed investment positions for a wide range of parameter values, even if agents have an incentive to hedge labor income risk by purchasing foreign equity. This is because the existence of a retail sector affects both the correlation of domestic returns with the domestic price level and the correlation between financial and non‐financial income.