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Der folgende Beitrag untersucht die rechtlichen und faktischen Beziehungen des Abschlußprüfers zu den Organen der Aktiengesellschaft. Er kommt zu dem Ergebnis, daß die (Macht-)Stellung des Abschlußprüfers nicht unbedingt die Publizitätsziele gewährleistet, sondern daß alle Belastungen aus einem Konflikt mit der Unternehmensleitung von dem Berufsethos der verantwortlichen Wirtschaftsprüfer aufgefangen werden müssen, zumal auch extern ihre Stellung nur unzulänglich abgesichert ist. Die Analyse schließt mit einem Katalog rechtspolitischer Alternativen. Die Vorschläge zielen darauf ab, den Einfluß des Vorstands auf die Prüfungsdurchführung so weit als möglich auf seine Funktion als Auskunftsperson zu reduzieren, die Kommunikations- und Sozialbeziehungen des Abschlußprüfers zum Aufsichtsrat und zur Hauptversammlung zu intensivieren und die Machtgrundlagen dieser Prüfungsadressaten zu erweitern.

Der folgende Beitrag behandelt (freiwillige) Prüfungen als Investition. Er zeigt auf, welche positiven und negativen Wirkungen mit Prüfungen verbunden sein können und welche Schwierigkeiten besteben, diese Wirkungen zu prognostizieren und zu bewerten. Er kommt zu dem Ergebnis, daß die Anwendungsbedingungen für quantitative Entscheidungsmodelle im allgemeinen nicht erfüllbar sind. Statt Investitionsrecbnungsverfabren sollten deshalb Nutzwertanalysen verwandt werden, um die Entscheidung über die Durchführung einer konkreten Prüfung vorzubereiten. Diese sind der Problemstruktur von Prüfungen angemessener; aber auch sie können die Subjektivität der Entscheidung nicht aufheben, sondern nur explizit darlegen. Der Beitrag untersucht abschließend einige Faktoren, die das Verhalten von Entscheidungsträgem in solchen Entscheidungssituationen beeinflussen.

Inhalt: I. Problemstellung 1. Die Relevanz von Steuern für die Finanzierung 2. Zur Entscheidungsneutralität von Steuern und zur Messung der Steuerbelastung 3. Finanzierungsrelevante Steuern II. Steuerliche Einflüsse auf die Außenfinanzierung 1. Beteiligungs- bzw. Einlagen finanzierung versus langfristige Kreditfinanzierung 2. Kurzfristige versus langfristige Kreditfinanzierung 3. Gesellschafter-Fremdfinanzierung 4. Leasing (als Alternative zum fremdfinanzierten Kauf) III. Steuerliche Einflüsse auf die Innenfinanzierung 1. Stille Selbstfinanzierung 2. Offene Selbstfinanzierung 3. Rückstellungen, insbes. Pensionsrückstellungen IV. Finanzplanung und Steuern V. Empirische Relevanz von Steuern für Finanzierungsentscheidungen

In the financial world, stocks should provide a greater return than safe investments such as Treasury bonds. This is due to a higher risk involved when obtaining stocks in comparison to treasury bonds. Thus, the higher risk involved, the higher return is expected by the investors. The return expected over the risk-free rate is a compensation for the risk. This compensation is referred to as the market risk premium (MRP). According to financial researchers, it is not only the magnitude of the MRP discussed controversially among economists, but also the appropriate methodology to calculate meaning-ful estimates. The various estimation methods can be generalized as the historical approach (ex post) and the forward-looking approach (ex ante). The purpose of this thesis is to investigate the application of the estimation methods for-practical investment decitions and to observe which estimate (ex-post or/and ex-ante) the financial actors find to be optimal as an input for decision making. Data will be gathered from a small group of respondents in order to receive an in-depth comprehension of the subject matter. Hence, the nature of the data in this research dictates the application of qualitative methods. It can be concluded that both the ex-ante method and the ex-post method are used by the three financial actors when forecasting the MRP. Furthermore, it could be concluded that investors can apply different values of MRP as an input for models and investment deci-sions due to the fact that the choice of the fair MRP involves some subjective judgments from the individual analyst or investor.

<p>In the financial world, stocks should provide a greater return than safe investments such as Treasury bonds. This is due to a higher risk involved when obtaining stocks in comparison to treasury bonds. Thus, the higher risk involved, the higher return is expected by the investors. The return expected over the risk-free rate is a compensation for the risk. This compensation is referred to as the market risk premium (MRP).</p><p>According to financial researchers, it is not only the magnitude of the MRP discussed controversially among economists, but also the appropriate methodology to calculate meaning-ful estimates. The various estimation methods can be generalized as the historical approach (ex post) and the forward-looking approach (ex ante).</p><p>The purpose of this thesis is to investigate the application of the estimation methods for-practical investment decitions and to observe which estimate (ex-post or/and ex-ante) the financial actors find to be optimal as an input for decision making.</p><p>Data will be gathered from a small group of respondents in order to receive an in-depth comprehension of the subject matter. Hence, the nature of the data in this research dictates the application of qualitative methods.</p><p>It can be concluded that both the ex-ante method and the ex-post method are used by the three financial actors when forecasting the MRP. Furthermore, it could be concluded that investors can apply different values of MRP as an input for models and investment deci-sions due to the fact that the choice of the fair MRP involves some subjective judgments from the individual analyst or investor.</p>

Thesis (D. Jur.)--York University, 2001. Graduate Programme in Law. / Typescript. Includes bibliographical references (leaves 351-367). Also available on the Internet. MODE OF ACCESS via web browser by entering the following URL: http://wwwlib.umi.com/cr/yorku/fullcit?pNQ67941.

Diss.--Göttingen, 1970. / Vita. Bibliography: p. 230-249.

En France, les rénovations énergétiques en résidentiel, et ceci tout particulièrement pour les maisons individuelles, font peu l'objet après réalisation d'une évaluation ex-post permettant de quantifier la performance atteinte.Cette thèse se propose donc d'effectuer une évaluation ex-post de l'efficacité de solutions de rénovation énergétique en résidentiel, à partir de données (environ 100 cas par échantillon étudié) provenant d'enquêtes menées auprès de ménages, propriétaires occupants de maison individuelle, ayant participé à des opérations de maîtrise de la demande en énergie conduites à l'échelle régionale dans le nord-est et le sud-est de la France. Une approche statistique tant descriptive que de modélisation est principalement employée pour aborder ce travail.Le premier volet de l'évaluation ex-post consiste en une quantification des économies unitaires obtenues associée à un calcul d'incertitude. Pour chacune des opérations, la modélisation statistique de la consommation énergétique après travaux permet l'étude de l'influence des actions elles-mêmes mais aussi de certains facteurs tels que le changement de la gestion du chauffage ou l'utilisation après travaux de la climatisation.Le second volet de cette évaluation ex-post a pour but d'identifier les causes des écarts entre les consommations observées et celles simulées par un modèle de calcul ex-ante (dit d'ingénieur). Ainsi, nous étudions l'évolution des écarts des états avant à après travaux. Tout d'abord, une quantification et une modélisation statistique des écarts en situation avant travaux est réalisée. Puis, les écarts en situation après travaux sont à leur tour quantifiés et modélisés statistiquement en intégrant notamment l'erreur commise initialement (avant travaux). Les différences entre économies d'énergie observées et simulées sont également étudiées.Enfin, dans la dernière partie de la thèse, sur la base des sources d'écart identifiées, nous proposons des pistes de perfectionnement du modèle de calcul d'ingénieur utilisé. Plus largement, à partir d'un retour critique quant aux limites des modèles statistiques établis pour étudier les causes des écarts, des pistes sont avancées pour permettre de les améliorer. / In France, ex-post evaluations of energy retrofits in residential buildings, allowing to quantify the performance achieved, are rarely realized, particularly for the dwelling houses.This thesis is an ex-post evaluation of energy efficiency measures for retrofit in residential buildings from surveys data (around 100 cases by studied sample) of households, house owners, that participated in regional energy efficiency operations (northeast and southeast of France). This work is mainly tackled by descriptive statistics and statistical models.The first part of the ex-post evaluation is a quantification of unitary energy savings associated to an uncertainty assessment. For the two operations, a statistical model of energy consumption after retrofitting studies the effect of energy efficiency measures and also the effects of factors as space heating management modification or air conditioning use after refurbishment.The second part of the ex-post evaluation has for aim to identify the sources of gaps between observed consumptions and ones simulated by an ex-ante engineering model. Thus, we study gaps evolution from before retrofitting to after retrofitting situations. In the first time, we realise a quantification and a statistical modelling of gaps before retrofitting. Then, we repeat the method for gaps after retrofitting, in taking into account gap before retrofitting in the statistical model. Deviations between observed energy savings and calculated ones are also studied.In the last part of the thesis, we propose some improvements of the engineering model on the base of the gaps sources identified. From a critical analysis of statistical models realised to study gaps, some propositions are did to improve them.

Magister Chirurgiae Dentium (MChD) / Anecdotal and controversial discussion has.always been prompted by the bias of the clinician in relation to whether teeth in the line of fracture should be extracted or retained. In recent years, it became evident to clinicians serving the Maxi 11ofaci aland Oral Surgery Clinic at Groote Schuur Hospital, Cape Town, that a tendency towards reta ining teeth in the 1ine of fractu re did not seem to increase the possi bility of infecti on, providing that circumspection was used. A retrospective analysis of these cases was conducted in order to determine the outcome of our treatment. An independent sample of the 151 patients were investigated in relation to age, sex predilection, the effect timing has on the outcome of treatment and the incidence of infection when teeth in the line of mandibular fracture were extracted or retained. The results of this study has shown that most of our patients were young (aged 20-29yrs) and therefore a tendency to retain teeth was found. In older patients, (aged 30-49yrs), the tendency was to extract teeth. Males presented more than females in a 3:1 ratio. Patients treated early « 24hrs) had most of their teeth retained while others treated after 7 days had their teeth extracted. The infecti on rate was 2 percent if teeth were retained and 5 percent if teeth were extracted. A1though the difference was not statistically significant, it appeared that the retenti on of teeth in the 1ine of fracture presented more advantages to both patient and clinician.