Resultaten voor 'jonas bohm'
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Der Schutz des Aufsichtsrats vor existenzbedrohenden Haftungsgefahren
In den letzten Jahren ist es in Deutschland zu einer Entwicklung gekommen, die für das Gesellschaftsrecht von besonderer Bedeutung ist: Gesellschaften nehmen ihre amtierenden sowie ehemaligen Vorstände und Aufsichtsräte mit immer höheren, für diese teilweise offensichtlich nicht bezahlbaren Schadensersatzforderungen in Anspruch, welche zu einer wirtschaftlichen und sozialen Vernichtung der betroffenen Personen führen können. Die Finanzmarkt- und Wirtschaftskrise, spektakuläre Unternehmensskandale sowie Börsenzusammenbrüche haben auf nationaler und europäischer Ebene dazu geführt, dass Gesetzgeber und Gerichte in einem Wettlauf im Hinblick auf die Einführung weiterer Organisations- und Überwachungspflichten stehen. Dadurch gerät die Waage zwischen Beteiligung am Unternehmenserfolg und Haftungsrisiko derzeit in Richtung einer drakonischen Organhaftung aus dem Gleichgewicht.Die vorliegende Arbeit untersucht vor diesem Hintergrund, welche Mechanismen zur Haftungsbegrenzung im geltenden sowie künftigen Recht zur Verfügung stehen, indem ihr Inhalt, ihre Funktion und mögliche Ausgestaltungsvarianten dargestellt werden. Gleichsam wird hierdurch eine Übersicht zum Umfang der Organhaftung geschaffen, die amtierenden, potenziellen und ehemaligen Amtswaltern Transparenz und Sicherheit bezüglich dieses Themas bieten soll. Diese Zielrichtung, insbesondere in Bezug auf das Organ des Aufsichtsrats, bildet den forschungstheoretischen Schwerpunkt dieser Abhandlung.
€ 49,90 -
Irrelevanz der Ausschüttungspolitik?
Seminar paper from the year 2007 in the subject Business economics - Economic Policy, grade: 2,0, University of Bonn (Betriebswirtschaftliche Abteilung I der Staatswissenschaftlichen Fakultät), course: Seminar zur Ausschüttungspolitik , language: English, abstract: In 1961, Miller and Modigliani (abbreviated MM) contrived that the distribution policy of a company is, under certain circumstances, not able to influence its share value, i.e. that the dividend policy is irrelevant. As long as a company distributes the full present value of its cash flow, it is not relevant how or in which period it does this in detail. Linda and Harry DeAngelo (D&D) on the other hand found that Miller and Modigliani were wrong. They say that the model of MM is unnecessary restrictive. In such a way that it even produces false and warped results. After relaxing some assumptions of MMs model, they get a contrary result. In their opinion payout policy is not irrelevant. They say that when retention is allowed it is very well important and relevant which dividend policy a company chooses. Both points of view got a certain amount of support in the aftermath of their publishing. Prominent authors supporting MM were for example Joseph Stiglitz and Mark Rubinstein, while Myron Gordon and James Walter argued against it. But which is the right position? Is it afterall possible to answer this with certainty?Probably not. Maybe it will last years to get a definite answer; if there will ever be one. None-theless this term paper will try to get some clarity onto that matter. Therefore the expose will start in chapter 2 with a review of Miller and Modigliani's proof of irrelevancy. After this, in chapter 3 there will be a presentation of the contrasting thesis, most recently emphasized by DeAngelo and DeAngelo, who relax the critical assumption of no retention. In chapter 4 there will be a discussion of the consequences for the market participants if retention is allowed, brought forward alongside with its consequences for payout relevancy. This paper will conclude by weighing the most important arguments of both sides. As it will not succeed in letting the scale tip, so gives an outlook on possible extensions of the MM valuation model. This will at least show the angles where both points of view gainsay the reality up to now.
€ 18,95 -
Monetary Policy and Exchange Rate Volatility in a Small Open Economy
Seminar paper from the year 2008 in the subject Business economics - Economic Policy, grade: 1,3, University of Bonn (Wirtschaftspolitische Abteilung der Rechts- und Staatswissenschaftlichen Fakultät), course: Geldtheorie- und politik, language: English, abstract: Does inflation reduce welfare? What is worse, a volatile exchange rate or a high inflation rate? And is the central bank able to drive these variables?These questions are the topic of a paper by Jordi Gali and Tommaso Monacelli, published in 2005 and titled ¿Monetary Policy and Exchange Rate Volatility in a Small Open Economy¿. As apparent by the title Gali and Monacelli (G+M) analyze the influence of monetary policy on the volatility of the exchange rate, more precisely the nominal exchange rate and the terms oftrade. For this purpose they create a small open economy with sticky prices of Calvo-type. Due to its minor size this economy does not influence the world economy. However, depending onthe degree of openness this economy is affected by the rest of the world.Having specified this framework, G+M introduce three different monetary regimes and evaluate the resulting exchange rate volatilities . Using a central bank loss function G+M rank these three rules according to the implied welfare which shows a positive correlation between welfare and exchange rate volatility. Thence G+M prefer Taylor rules over an exchange rate pegging.To get a general idea of Gali and Monacelli`s argumentation this expose will start in chapter 2 with an abbreviated overlook over G+M¿s model of a small open economy. In the following chapter there will be the introduction of the three central bank rules, necessary to close the model, as well as an analysis of the underlying welfare levels. Since the welfare evaluation isbased on some special assumptions, chapter 4 will give an overview of recent literature which discusses possible extensions as well as their implications for G+M¿s ranking of implied welfare. Concluding chapter 5 will summarize G+M¿s most important results as well as evaluate if the possible extensions render G+M¿s analysis, respectively their results, worthless.
€ 17,95 -
Least Squares Regressions with the Bootstrap
Diploma Thesis from the year 2009 in the subject Mathematics - Statistics, grade: 1,6, University of Bonn (Statistische Abteilung der Rechts- und Staatswissenschaftlichen Fakultät), course: Diplomarbeit bei Prof.Dr. Alois Kneip, language: English, abstract: The statistical technique called bootstrap is usable with a lot of inferential problems and it is the main topic of this paper. Since the bootstrap provides material for a whole series of booksit is essential to pick one special aspect of the bootstrap and investigate it in depth, otherwise the analysis would inevitably become too general. This aspect is the topic of regression. Hence, this paper will introduce the bootstrap and compare the performance of the new inference methods which it provides with some classical methods of judging a regression which were used in the years before the bootstrap.Therefore the remainder of this paper is as follows: First there will be a description of the basic model in which all of the following investigations will be done, chapter two. The next chapter will describe the different regression techniques which try to solve the model.The fourth chapter is going to show the behavior of these regression techniques in large samples, i.e. shows some classical methods of statistical inference. Following chapter five will give an introduction to the bootstrap which will be succeeded by a description of the bootstrap in regression problems, chapter six. The seventh chapter will show how inference is done with the help of the bootstrap. The eighth chapter is going to compare theperformances of classical and bootstrap inference in regressions. Before the concluding remarks of chapter ten, there will be a practical application in chapter nine which tries to prove some observations of the preceeding chapters.
€ 27,95