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Erweiterung des Modells um Unsicherheit

In: Ökonomische Grundlagen der Finanzwirtschaft

Author

Listed:
  • Thorsten Hens

    (University of Zurich)

  • Sabine Elmiger

    (University of Zurich)

Abstract

Zusammenfassung In diesem Kapitel wird das Modell um Unsicherheit erweitert. Damit können wir den entscheidenden Unterschied zwischen Eigenkapital und Fremdkapital erklären. Wenn Haushalte Eigenkapital halten, müssen sie mit zukünftigen Renditen rechnen, die in guten Zeiten hoch und in schlechten Zeiten niedrig sind. Daher verlangen sie als Ausgleich für die prozyklischen Renditen eine Eigenkapitalrendite, die höher ist als die Rendite von Fremdkapital. Wenn Unternehmen ihre Gewinne maximieren, werden sie nur dann Schulden machen, wenn die künftigen Gewinne durch die Verwendung von Schulden im Schnitt größer sind als die Kosten in Form von Zinszahlungen für Schulden.

Suggested Citation

  • Thorsten Hens & Sabine Elmiger, 2023. "Erweiterung des Modells um Unsicherheit," Springer Books, in: Ökonomische Grundlagen der Finanzwirtschaft, chapter 6, pages 83-115, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-15917-6_6
    DOI: 10.1007/978-3-031-15917-6_6
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