327 research outputs found
Theoretische Fragestellungen zur Bewertung von Unternehmen
Die vorliegende kumulative Dissertationsschrift beschĂ€ftigt sich mit theoretischen Fragestellungen der Finanzwissenschaft im Bereich des Asset Pricing und im Detail der Unternehmensbewertung. Dabei wird sowohl auf Problemstellungen der akademischen und praxisnahen Forschung eingegangen. Der erste Artikel beschĂ€ftigt sich mit der Fragestellung welche Implikationen die Annahme einer arithmetischen Brownschen Bewegung auf bestimmte Aspekte der Unternehmensbewertung hat. Es folgen drei Artikel die sich auf unterschiedliche Weise mit der Zinsschrankenregelung auseinandersetzen. Die darauf folgenden zwei Artikel behandeln hauptsĂ€chlich die Modellierung von Insolvenz im Rahmen der Unternehmensbewertung bei Annahme verschiedener Finanzierungspolitiken. Der achte Artikel geht nĂ€her auf die Thematik der empirischen BestĂ€tigung bestimmter Kapitalstrukturtheorien ein. Die Dissertation schlieĂt mit einem Artikel zu wichtigen Parametern fĂŒr die Unternehmensbewertung.:1. Thematische Einordnung und Forschungsbeitrag ⊠1
2. The Arithmetic Brownian Motion in Corporate Valuation ⊠12
3. Die Bewertung der Zinsschranke ⊠52
4. Zinsschranke, Unternehmensbewertung und APV-Ansatz-
eine Anmerkung zum Beitrag von Förster/Stöckl/Brenken
(ZfB 2009, S. 985 ff.) ⊠97
5. Der Einfluss der Zinsschranke auf den Unternehmenswert ⊠122
6. Tax Shield, Insolvenz und Zinsschranke ⊠147
7. Tax Shield, Insolvenzwahrscheinlichkeit und Zinsschranke -
eine empirische Analyse ⊠207
8. Zur ĂberprĂŒfung von Kapitalstrukturtheorien in einer von
Krisen geplagten Zeit ⊠249
9. Die Kapitalmarktdaten von www.finexpert.info und der
Fachverlag Gruppe ⊠29
Zinsschranke, Unternehmensbewertung und APV Ansatz - eine Anmerkung zum Beitrag von Förster/Stöckl/Brenken (ZfB 2009, S. 985 ff.)
In einem kĂŒrzlich erschienenen ZfB-Beitrag schlagen Förster et al. eine Vorgehensweise fĂŒr die Erfassung der Zinsschranke und ihrer Wirkung auf die zinsinduzierte Steuerersparnis vor. Dieser Beitrag nimmt kritisch dazu Stellung: Es wird gezeigt, dass die dort abgeleiteten Formeln fĂŒr die Steuerersparnisse nicht konsistent sind und bei positiven Zinsaufwendungen negative Steuerersparnisse zulassen. Die von den Autoren vorgeschlagene Aufspaltung der Steuerersparnisse ist u.E. nicht geeignet die KomplexitĂ€t des Bewertungsproblems zu verringern: Die SchĂ€tzung der erwarteten Steuerersparnisse fĂŒr die zweite Komponente setzt die Kenntnis der möglichen Entwicklungspfade der Steuerersparnis voraus. Die vorgeschlagene Aufteilung erhöht die Anzahl der zusĂ€tzlich zu schĂ€tzenden DiskontierungssĂ€tze. SchlieĂlich setzt die Ableitung der risikoĂ€quivalenten DiskontierungssĂ€tze die Kenntnis des Wertbeitrages bereits voraus. -- The German 'Zinsschranke' limits the tax deductability of interest expenses. Recently, in this journal Förster et al. have developed a model to incorporate this tax regulation into the calculation of the tax shield in corporate valuation. Our paper critically comments on this proposal.Unternehmensbewertung,Kapitalstruktur,Tax Shield,Zinsschranke,Corporate Valuation,Capital Structure,Interest Ceiling Rule
Intimate partner violence is a barrier to antiretroviral therapy adherence among HIV - positive women: Evidence from government facilities in Kenya
Introduction: Intimate Partner Violence (IPV) is linked to low engagement with HIV management services and adverse clinical outcomes, including poor ART adherence. In sub-Saharan Africa, studies on pregnant/postpartum women and transactional sex workers have produced divergent evidence regarding IPVâs association with poor ART adherence. We investigate this association among a broad group of women.
Methods: We sampled 408 HIV-positive women receiving free ART from different types of HIV clinics at government health facilities, assessing for IPV exposure by a current partner, ART adherence rate, and other factors that affect ART adherence (e.g. education, disclosure). ART adherence rates were measured using the Visual Analogue Scale (VAS); responses were dichotomised at a ïżœ95% cut-off. Multiple logistic regression models assessed the association between the independent variables and ART adherence.
Results: The participantsâ mean age was 38.6 (range: 18â69 years). The majority had ever attended school (94%, n = 382), were in monogamous marriages (70%, n = 282), and had disclosed status to partners (94%, n = 380). Overall, 60% (n = 242) reported optimal ART adherence (ïżœ 95%) in the previous 30 days. The prevalence of IPV by the current partner was 76% (CI95 = 72â80%). Experiencing physical IPV (AOR 0.57, CI95: 0.34â0.94, p = .028), sexual IPV (AOR 0.50, CI95: 0.31â0.82, p = .005), or controlling behaviour (AOR 0.56, CI95: 0.34â 0.94, p = .027) reduced the odds of achieving optimal adherence, while a higher education level and having an HIV-positive partner increased the odds.
Conclusion: IPV is common and is associated with suboptimal ART adherence rates among a broad group of HIV-positive women. ART programs could consider incorporating basic IPV interventions into regular clinic services to identify, monitor and support exposed women, as they might be at risk of poor ART adherence. Still, there is need for more research on how IPV affects ART adherence
How to Measure the Mental Health of Teachers? Psychometric Properties of the GHQ-12 in a Large Sample of German Teachers.
To improve the health status of teachers, there is a need for good and reliable instruments to continuously assess their mental health. The current study proposed the GHQ-12 questionnaire as an appropriate instrument for measuring the mental health of teachers. The GHQ-12 is a well-established screening instrument that has mostly been applied in non-teaching samples. In the current study, the psychometric properties of the questionnaire were analyzed using a large sample of German teachers (N = 3996). The data was collected yearly over an extended period of time (2012-2020). Results showed good to very good reliability, as well as high correspondence to burnout and life satisfaction scales. Principal axis factor analysis supported a two-factor structure: Factor 1 represents "depression/stress" and Factor 2 represents "loss of confidence". However, the mental health of the investigated teachers was worse than that of a representative sample in Germany. Consequently, this study highlighted the fact that the teaching profession is vulnerable to mental strain and underlined the importance of promoting prevention programs that could help to sustain and foster the mental health of teachers. In this context, the GHQ-12 could be proposed as a good and economic tool to assess and analyze mental health in German teachers. The presented norm could help practitioners and teachers to compare individual scores within a larger peer group
Population-Wide National Survey Data Emphasize the Importance of Work-Related Factors
Unintentional injuries cause much of the global mortality burden, with the
workplace being a common accident setting. Even in high-income economies,
occupational injury figures remain remarkably high. Because risk factors for
occupational injuries are prone to confounding, the present research takes a
comprehensive approach. To better understand the occurrence of occupational
injuries, sociodemographic factors and work- and health-related factors are
tested simultaneously. Thus, the present analysis aims to develop a
comprehensive epidemiological model that facilitates the explanation of
varying injury rates in the workplace. The representative phone survey German
Health Update 2010 provides information on medically treated occupational
injuries sustained in the year prior to the interview. Data were collected on
sociodemographics, occupation, working conditions, health-related behaviors,
and chronic diseases. For the economically active population (18â70 years, n =
14,041), the 12-month prevalence of occupational injuries was calculated with
a 95% confidence interval (CI). Blockwise multiple logistic regression was
applied to successively include different groups of variables. Overall, 2.8%
(95% CI 2.4â3.2) of the gainfully employed population report at least one
occupational injury (women: 0.9%; 95% CI 0.7â1.2; men: 4.3%; 95% CI 3.7â5.0).
In the fully adjusted model, male gender (OR 3.16) and age 18â29 (OR 1.54), as
well as agricultural (OR 5.40), technical (OR 3.41), skilled service (OR 4.24)
or manual (OR 5.12), and unskilled service (OR 3.13) or manual (OR 4.97)
occupations are associated with higher chances of occupational injuries. The
same holds for frequent stressors such as heavy carrying (OR 1.78), working in
awkward postures (OR 1.46), environmental stress (OR 1.48), and working under
pressure (OR 1.41). Among health-related variables, physical inactivity (OR
1.47) and obesity (OR 1.73) present a significantly higher chance of
occupational injuries. While the odds for most work-related factors were as
expected, the associations for health-related factors such as smoking,
drinking, and chronic diseases were rather weak. In part, this may be due to
context-specific factors such as safety and workplace regulations in high-
income countries like Germany. This assumption could guide further research,
taking a multi-level approach to international comparisons
Teacher self-efficacy and mental health: their intricate relation to professional resources and attitudes in an established manual-based psychological group program
Introduction: Teaching is considered a mentally challenging occupation. Teacher self-efficacy is a personal resource which buffers the experience of stress and may be important in maintaining mental health. The preventive intervention âManual-Based Psychological Group Program for Teachersâ (MBPGPT) was applied and evaluated state-wide to improve the mental health of teachers. This study aims to investigate the intricate relation between teacher self-efficacy and mental health and their changes in the course of the intervention. Method: Using a single-group pre-/post-design, the relation between teacher self-efficacy and mental health was investigated in 742 teachers. Pre- and post-changes in teacher self-efficacy and their interaction with mental health were examined in a subsample of 171 teachers, who met the conservative inclusion criteria. In ancillary analyses, correlations with underlying changes in work-related behavior and experience patterns were analyzed to better understand the intricate link between teacher self-efficacy and mental health. Results: Teacher self-efficacy showed a significant, moderate correlation with mental health. Self-efficacy was moderately higher after the intervention than before the intervention, but independent of changes in mental health. Teacher self-efficacy was related to work-related psychological resistance and positive emotions. An increase in teacher self-efficacy was accompanied by an improvement in life satisfaction and distancing ability. A decrease in teacher self-efficacy went hand in hand with reduced experience of social support. Discussion: This study confirmed teacher self-efficacy as an important, reliable resource and its correlation with psychological resistance. The absence of a control group limits what causal conclusions can be drawn from the study. Nevertheless, self-efficacy seems to be a worthwhile goal of preventive interventions for teachers and should be promoted due to its wide-ranging implications. Suggestions for further studies and interventions are made
How South Pacific mangroves may respond to predicted climate change and sea level rise
In the Pacific islands the total mangrove area is about 343,735 ha, with largest areas in Papua New Guinea, Solomon Islands, Fiji and New Caledonia. A total of 34 species of mangroves occur, as well as 3 hybrids. These are of the Indo-Malayan assemblage (with one exception), and decline in diversity from west to east across the Pacific, reaching a limit at American Samoa. Mangrove resources are traditionally exploited in the Pacific islands, for construction and fuel wood, herbal medicines, and the gathering of crabs and fish.
There are two main environmental settings for mangroves in the Pacific, deltaic and estuarine mangroves of high islands, and embayment, lagoon and reef flat mangroves of low islands. It is indicated from past analogues that their close relationship with sea-level height renders these mangrove swamps particularly vulnerable to disruption by sea-level rise. Stratigraphic records of Pacific island mangrove ecosystems during sea-level changes of the Holocene Period demonstrate that low islands mangroves can keep up with a sea-level rise of up to 12 cm per 100 years. Mangroves of high islands can keep up with rates of sea-level rates of up to 45 cm per 100 years, according to the supply of fluvial sediment. When the rate of sea-level rise exceeds the rate of accretion, mangroves experience problems of substrate erosion, inundation stress and increased salinity.
Rise in temperature and the direct effects of increased CO2 levels are likely to increase mangrove productivity, change phenological patterns (such as the timing of flowering and fruiting), and expand the ranges of mangroves into higher latitudes.
Pacific island mangroves are expected to demonstrate a sensitive response to the predicted rise in sea-level. A regional monitoring system is needed to provide data on ecosystem changes in productivity, species composition and sedimentation. This has been the intention of a number of programs, but none has yet been implemented
A search for neutral Higgs bosons in the MSSM and models with two scalar field doublets
A search is described for the neutral Higgs bosons h^0 and A^0 predicted by models with two scalar field doublets and, in particular, the Minimal Supersymmetric Standard Model (MSSM). The search in the Z^0 h^0 and h^0 A^0 production channels is based on data corresponding to an integrated luminosity of 25 pb^{-1} from e^+e^- collisions at centre-of-mass energies between 130 and 172GeV collected with the OPAL detector at LEP. The observation of a number of candidates consistent with Standard Model background expectations is used in combination with earlier results from data collected at the Z^0 resonance to set limits on m_h and m_A in general models with two scalar field doublets and in the MSSM. For example, in the MSSM, for tan(beta) > 1, minimal and maximal scalar top quark mixing and soft SUSY-breaking masses of 1 TeV, the 95% confidence level limits m_h > 59.0 GeV and m_A > 59.5 GeV are obtained. For the first time, the MSSM parameter space is explored in a detailed scan.A search is described for the neutral Higgs bosons h^0 and A^0 predicted by models with two scalar field doublets and, in particular, the Minimal Supersymmetric Standard Model (MSSM). The search in the Z^0 h^0 and h^0 A^0 production channels is based on data corresponding to an integrated luminosity of 25 pb^{-1} from e^+e^- collisions at centre-of-mass energies between 130 and 172 GeV collected with the OPAL detector at LEP. The observation of a number of candidates consistent with Standard Model background expectations is used in combination with earlier results from data collected at the Z^0 resonance to set limits on m_h and m_A in general models with two scalar field doublets and in the MSSM. For example, in the MSSM, for tan(beta) > 1, minimal and maximal scalar top quark mixing and soft SUSY-breaking masses of 1 TeV, the 95% confidence level limits m_h > 59.0 GeV and m_A > 59.5 GeV are obtained. For the first time, the MSSM parameter space is explored in a detailed scan
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