Modellierung von Aktienanlagen bei laufenden Umschichtungen und einer Besteuerung von Veräußerungsgewinnen

This paper develops a technique which simplifies the calculation of terminal values of share investments when portfolio turnovers repeatedly trigger capital gains taxation. So far, the calculations of these values are difficult, due to recursive dependencies, which cannot be expressed by geometric series. Using our technique, tax burdens of differently taxed forms of share investments can be determined in an easy way even if these methods imply different elements of deferred taxation (equity funds, certificates, preferred taxed pension plans). The simplification is reached by assuming a specific trading strategy. This strategy is in line with empirically observed investor behavior which is characterized by periodical portfolio turnovers and reluctance to realize taxable capital gains.     

Zur Bedeutung der Supervision bei stationärer Psychotherapie am Beispiel von psychosomatischen Kliniken

The importance of supervision in inpatient psychotherapy settings such as hospitals for behavioral medicineThis article deals with the organization of supervision in hospitals that offer intensive inpatient psychotherapy (hospitals for behavioral medicine). The ?integrative model“ for supervision proposed by A. Schreyögg (1991) constitutes the theoretical basis. The author discusses the qualification of supervisors as well as aspects of different approaches to supervision, such as the psychoanalytical and the cognitive-behavioral approach. In doing so, she puts primary importance on the reflection of issues on the systemic, i.e. organizational level. At the end, a model for the organization of qualified internal supervision is proposed.     

Warum Steuermoral? – Zur Explikation,Relevanz und Vorteilhaftigkeit von Steuermoral

The subject of this article is the explication, investigation of the relevance and the analysis of the advantages of tax morale. Tax morale is defined as the rejection of tax evasion and also as the rejection of special tax avoidance strategies. One argument in favor for tax morale is that tax payment can be interpreted as an elementary component of a fictitious social contract. In accordance with deontology ethics it can be traced back to the maxim “pacta sunt servanda”. Tax morale is relevant because tax evasion and tax avoidance strategies cannot be fully prevented by the tax law. The implementation of a social contract therefore requires a regulation for tax payment. The realization of a tax payment regulation would be simplified if tax payment would be beneficial. If economic income is accepted as an approximation of the financial utility from the social contract, the tax payment is absolutely beneficial in principle. In relation to the (immoral) non-payment of taxes, tax payment can be relatively advantageous or disadvantageous. One possible advantage is that (immoral) non-payment of taxes can result in punishment when detected. Another result of tax payment is the prevention of an impairment of the social contract.     

Riester-Vertr?ge: Zur Bedeutung von Kosten und Garantien aus Anlegersicht

The article discusses insurance- and mutual fund-based Riester contracts with respect to the different cost structures and the nominal capital guarantee. A mutual fund-based contract is represented by a plan with a high equity exposure and a nominal capital guarantee, while an insurance-based contract is approximated by a contract with a lower equity exposure and a guaranteed annual rate of return of 2.25%. Both approaches are implemented using a constant proportion portfolio insurance (CPPI) strategy to ensure the relevant capital guarantee. Without taking cost into account, mutual fund-based contracts seem to be the preferred choice for large segments of the population. However, insurance-based Riester contracts become more attractive once the differences in the cost structures are taken into account. The cost disadvantage of mutual fund-based Riester contracts, which occurs whenever the active managers cannot beat the market, is especially important for weakly risk-averse investors, i.e. for the classic clientele of risky investments. Similarly, these savers suffer most from the nominal capital guarantee of mutual fund-based contracts because these individuals would prefer a constant-mix strategy over a CPPI strategy. Thus, the differences in cost structure and the nominal capital guarantee can be identified as possible reasons for the persistently high market shares of insurance-based contracts in the Riester market. However, mutual fund-based Riester contracts are still the first choice for many savers. For example, people with relatively secure private property outside a Riester contract would prefer mutual fund-based contracts, despite cost and capital guarantee issues. The results suggest that mutual fund-based Riester contracts that use Exchange Traded Funds are an attractive product innovation in the Riester market.     

Zur Berücksichtigung von Heterogenit?t versus funktionaler Flexibilit?t in Absatzreaktionsmodellen: Eine empirische Studie auf Basis von Handelsdaten

In this paper, we explore the differences between store sales models that allow for heterogeneity in marketing effects across stores and models that accommodate potential irregularities in sales response through the use of nonparametric estimation techniques. In particular, we investigate the following question: What benefits can we gain from incorporating store heterogeneity versus functional flexibility in sales response models concerning fit and predictive validity, as compared to a simple parametric store sales model? In an empirical study based on store-level data, we also compare the different model versions with respect to estimated price elasticities and resulting shapes for own- and cross-price effects. Our empirical results indicate that addressing heterogeneity is not advantageous in general, as model fit, predictive validity and the accuracy of price elasticities did not improve for many brands. In contrast, estimating sales response flexibly provides much more potential for statistical improvements and leads to different implications concerning price elasticities, too.     

Zur Persönlichkeitsstruktur von Multiplikatoren im On- und Offline-Bereich: Steigt deren Zahl durch die Online-Kommunikation?

As a key factor, word of mouth plays an important role in the diffusion of a product in the market. Therefore, big efforts are undertaken to identify opinion leaders and embed them in the value-added- and communication-process. Various studies confirm the relevant role of the opinion leader in terms of interpersonal communication. The importance of these multipliers got even more intensified through the wide range of services in the internet. Field reports or product evaluations achieve an intensely enhanced recipient circle through opinion platforms and discussion bulletin boards. However, the diffusion of information through the internet is not determinated through the typical attributes of a classical opinion leader. So it is possible to adopt an online multiplier role without acting the same way in an offline environment. Therefore, the present study deals with the differentiation between the online multiplier and the classical opinion leader on the basis of their personality structure. The results confirm the role of the internet as a platform that enables people with a strong personality as well as people with a weak personality to act as a multiplier.     

Gerechtigkeit und Arbeitskontext – Zur Bedeutung situativer Merkmale für die Gerechtigkeitswahrnehmung von Führungskr?ften

Leaders who are perceived to act with fairness can evoke desired employee behaviour in unique ways. Until now, little attention has been paid to the influence of situational factors on judging leader??s fairness in the work context. Based on the event paradigm, this study explores the formation of employee??s perception of leader??s justice in the context of work distribution through a variety of situational factors. Using a factorial survey we show that not only well-known factors such as respectful and reasonable behaviour affect the perception of leader??s fairness but also situational factors such as speech situation, trust between leader and follower, and the quality of the task.     

„Leadership is like catching a cold“ Zur (sozialen) Konstruktion von Führung

?Leadership is like catching a cold“. The social construction of leadershipThe present paper discusses constructivist leadership research. It distinguishes two approaches within the constructivist paradigm: the attribution theory of leadership on the one hand and social-constructivist leadership theory on the other. First, the two approaches are depicted separately and compared with each other. Subsequently, three questions regarding the essence of constructivist leadership research are discussed.     

Coaching von Doppelspitzen — Wann sind Formen von Mediation zu integrieren?

Coaching with double-top: In which cases mediation is to be integrated?The author discusses coaching in a special management setting, the double-top. She shows, that this double-top is usual in several organizational milieus, but that this involves a considerable potential of conflicts on the individual, interactional and systemic level. Therefore, many double-tops consult a coach. If the conflicts have reached a higher level of escalation, the coach should use concepts of mediation beyond the traditional forms of consulting.     

Der Einfluss von Mehrfachmandatstr?gern auf die Unternehmensperformance

Although interlocking directorates are regularly associated with a negative connotation, empirical evidence is as yet insufficient to offer convincing answers about their impact on performance. Contradicting results can mostly be explained both by the use of different theoretical frameworks and value creation measures. In order to shed more light as to what effect busy directors have on shareholder??s wealth, we have developed a two-pillar model explaining the potential contributions of directorship interlocks to value creation within an enlarged corporate governance perspective. The validity of the model has been tested through a panel data analysis of director networks within German Blue Chip corporations over a 5 year period from 2001 to 2005. Empirical tests indicate that the performance effects of interlocks depend on the nature of the board positions occupied. Moreover, statistical modelling confirms the existence of cognitive contributions of interlocked directors and partially shows positive effects on value creation. Finally the study argues in favour of board composition without external executive directors and suggests that a simple reduction of the number of external board positions legally authorized, does not within itself enhance corporate performance.     

Replik auf Stellungnahme zu ?Pr��fungshonorare in Deutschland �C Determinanten und Implikationen��

Responding to Merkl??s discussion the authors show that Merkl??s arguments are not convincing.     

Zum Verhältnis von Wertadditivität bei Sicherheitsäquivalenten und Risikoanalyse — Replik zu den Anmerkungen „Sicherheitsäquivalente sind nicht überflüssig!“ von Björn Häckel, Christian Holtz und Hans Ulrich Buhl

Zusammenfassung  Die Forderung nach Geldmarktinvarianz in der Risikoanalyse impliziert weder Invarianz des Sicherheits?quivalentes im Hinblick auf den Kassenbestand (additive Konstante) noch Invarianz im Hinblick auf die Finanzierungsstruktur (multiplikative Konstante) des Investors. Hingegen kann sowohl konstante absolute Risikoaversion (Invarianz bezüglich additiver Konstanten) also auch konstante relative Risikoaversion (Invarianz bezüglich multiplikativer Konstanten) durchaus kompatibel mit Geldmarktinvarianz sein. Aus der Wertadditivit?t des Sicherheits?quivalentes bezüglich additiver Konstanten folgt jedoch Geldmarktinvarianz.

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On the relationship between value additivity of certainty equivalents and risk analysis

Summary  If the valuation of risky cash flow streams is independent of transactions in a perfect money market (as required in the so-called risk analysis), this does neither imply value additivity of the certainty equivalent with respect to additive constants, i.e. cash holdings, nor with respect to multiplicative constant, i.e. the capital structure of the investor. But both, constant absolute and constant relative risk aversion, i.e. value additivity with respect to additive and multiplicative constants, respectively, can be consistent with money market invariance. However, value additivity regarding additive constants implies money market invariance.

     

Ist Ethik ein Erfolgsfaktor? Unternehmensethik im Spannungsfeld von Oxymoron Case,Business Case und Integrity Case

For a number of years now, public awareness of the social and ecological consequences of the drive to make profit in business—a goal pursued in some cases by radical means—has become increasingly acute. Accordingly, business endeavors nowadays face a full-blown legitimization crisis. This development is accompanied by a flourishing debate on business ethics, or Corporate Social Responsibility (CSR), the main objective of which is to evolve perspectives for a business management culture that is ethically legitimate,—or from a social viewpoint quite simply better. A prominent place in the debate on business ethics is currently occupied by what is referred to as the business case for CSR, whose credo is: Ethics is a success factor! At first sight this approach appears persuasive—after all, it promises more profit for profit-oriented businesses along with more ethics for an ethically sensitized society. But a more careful look lays it open to criticism. On the one hand, this is because—in pragmatic terms—it presupposes a business-specific sanction mechanism that in today’s real world works rudimentarily at best; on the other hand, it is because—in programmatic terms—it demands only a moralization of the markets, but not a moralization of management. In other words, the way in which the business case goes about solving the problems of business ethics relies on the very same exclusive (radical) profit orientation on the part of management that can be regarded as the root cause of the problems in the first place. In contrast to this position, we argue that an ethically better management culture presupposes a moralization of management, which in turn implies a legitimization of profit.     

Wird die Relevanz von Ertragsteuern für die Unternehmensrechnung nach rechtlichen oder ökonomischen Kriterien beurteilt? Kommentar zum Beitrag von Franz W. Wagner und Reinhard Sill

Wagner/Sill investigate analytically and empirically whether income taxes are integrated in cost accounting (CA) and whether the German local business tax (LBT) is different from other income taxes from a CA perspective. Using a contribution margin model, they show that neither the LBT nor other income taxes are crucial. By contrast, the empirical study reveals that businesses and industry associations perceive the LBT quite differently. The theoretical irrelevance of income taxes is a consequence of the simplified contribution margin model. Using a multi-period cost definition would induce time effects of taxation and hence the relevance of income taxes. In the empirical analysis, it is not clear what the authors mean by “integration” of taxes and which type of CA they have in mind. Since regulation is an important issue for CA, it would be helpful to distinguish between regulated and non-regulated industries in the questionnaire.     

质疑假日“经济”?

与今年“五一”相比,“十 一”长假以旅游为主要内容的消费没有出现人们想象的热潮, 很多商家感受到了假日不那么“经济”了：人没有那么多了,东西没有那么好卖了,钱没有那么好挣了。相反,百姓出游、购物、休闲却享受到了较好的服务,确实也感受到假日真的“经济”了许多。“ 事物总是辩证的,商家对假日商机应当客观评估。国家实行长假,虽然有启动消费的因素,但更主要的是让人们更好地休息、休闲,体现社会的进步。就假日旅游来讲,如果出行处处舒畅,心情愉悦,百姓即便多花点钱也是值得的。可现在,人还没出门,机票、客房、门票…     

“星光”何时灿烂?

市场是个巨大的能量场,无时不刻的聚合和裂变,在使一颗颗新星诞生的同时也使一颗颗星光湮灭──那么残酷,那么合理,令人应接不暇。 福建的“大宇星光”,做为水泥制造业中的优质品牌,它们犹如慧星般的亮丽以及今日的暗淡,给我们带来的不仅仅是惊奇,要多的是感慨和思索──     

遇到“蠢人”怎么办?

<正>和“蠢人”在一起,你是自得其乐,感觉自己的鹤立鸡群? 还是装作浑然不觉,潜移默化中,行为举止开始向他们靠拢?抑或是头越来越大,越看越“戳气”? 遇到“蠢人”怎     

“局长”该判给谁?

法官遇到了难题。法官任职二十八年来第一次遇到了难题。其实案情并不算复杂,结婚七年的夫妻出现分歧,协议离婚不成后闹上了法庭。男人说:女人缺少情趣无端猜疑,且没事生事,这日子没法过。     

实在法——“先天不足”?

自然法与实在法的斗争从未停止过,方孔先生特立独行的提出了自己心目中的自然法观念,试图说明自然法的优越性以及实在法的"先天不足"。然而,笔者并不同意上述观点,具体从三个方面进行了反驳,进而提出自然法与实在法各有优势与不足,但又缺一不可,实在法在自己存在的领域发挥着不可替代的价值。