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6 Corporate Finance Aktivitäten 6.1 Überblick Telemedizinanbieter in Deutschland stehen heute am Anfang der Entwicklung einer innova- tiven Branche, deren Schlüsselfaktor zum Erfolg neben anderen die Ausstattung mit Kapital ist (siehe Kapitel 5.1). Größen-, Mengen- wie Verbundeffekte senken die Grenzkosten. Um diese Mechanismen nutzen zu können und langfristig am Markt wettbewerbsfähig zu blei- ben, gilt es, Wachstumschancen zu nutzen und Marktdurchdringungs- sowie Internationali- sierungsbestrebungen zu verwirklichen. Dazu muss sich ein erfolgreicher


Although there are many opinions critical of options, especially after the 2008 scandal, they are becoming increasingly popular in Poland again. Therefore, issues connected with options are not only the subject of interest in academic circles again but also arouse interest of economic entities, allowing enterprises to assess a variety of action strategies. Those instruments enable planning safeguards to protect against various negative future scenarios. Hence, it comes as no surprise that there has been an increase in the number and variety of enterprises that have accepted options as a way to plan for their future. The article provides a brief presentation of options. It also describes one of their pricing methods. Light of the foregoing has been hypothesized that 'valuation of options using mathematical calculators using the binomial model is an effective tool for supporting management positions in futures instruments’.

139 FS Piltz-4/446 Tax Aspects of Corporate Financing by Matthias Rogall Contents I. Overview II. General Tax Aspects on External Financing 1. Basics 2. Pitfalls 3. Schemes III. Shareholder Financing 1. Basics 2. Pitfalls 3. Schemes IV. Inbound Investments 1. Basics 2. Pitfalls 3. Schemes V. Special Aspects in the Face of a Crisis I. Overview This chapter provides insights into tax aspects of corporate financing with re- gard to German tax law. In doing so, it aims at a sound balance between pre- senting a general overview and going into key tax details


One of the main objectives to be accomplished by the European Union law is to eliminate barriers to the functioning of domestic market and in particular improve the competitiveness of enterprises. After several years of efforts, the European Commission approved a proposal for the directive on a Common Consolidated Corporate Tax Base which is to remove obstacles to the functioning of internal market and increase tax harmonization. The article is aimed at presenting the essence of CCCTB in the theory of corporate finance and its importance for enterprises, based on the survey of Polish and EU companies. The paper addresses issues relating to tax in corporate finance. Canons of taxation will be discussed and special emphasis will be placed on principles behind formulating fiscal law provisions (including the EU law). Furthermore, the article presents the results of surveys into the importance of taxation cannons for Polish and EU companies.

525 BUCHBESPRECHUNGEN Charles J. Johnson, Jr./Joseph McLaughlin, Corporate Finance and the Securities Laws, 3. Auflage Aspen Publishers, New York. 2004. XLV 1091 S., geb., 195,– US$ Wenn man vor der Aufgabe steht, das rechtliche Umfeld zu durchdringen, in dem Kapitalmarkttransaktionen in den USA stattfinden, kann man es als Außenstehender durchaus mit einem Dschungel vergleichen. Es ist deswegen ausgesprochen tröstlich, dass mit Charles J. Johnson, Jr. und Joseph McLaughlin zwei ausgewiesene Experten des amerikani- schen Kapitalmarktrechts genau diesen Vergleich

Jahrbücher f. Nationalökonomie u. Statistik (Lucius & Lucius, Stuttgart 2001) Bd. (Vol.) 221/5+6 Structures of Corporate Finance in Germany and France A Comparative Analysis for West German and French Incorporated Enterprises Strukturen der Unternehmensfinanzierung in Deutschland und Frankreich Eine vergleichende Analyse für westdeutsche und französische Kapitalgesellschaften By Hans Friderichs*, Frankfurt am Main, and Bernard Paranque*, Paris JEL D21, E5, G, L51 Corporate finance, capital structure, financial systems, legal and institutional factors

Chapter 19 MANAGERIAL OPTIMISM AND CORPORATE FINANCE J. B. Heaton In this chapter, I explore the implications of a single specification of managerial irrationality in a simple model of corporate finance. Specifically, I focus on managerial optimism and its relation to the benefits and costs of free cash flow. Managers are “optimistic” when they systematically overestimate the probability of good firm performance and underestimate the probability of bad firm performance. This assumption finds support in a large psychologi- cal literature demonstrating that people