Tax-Optimal Step-Up and Imperfect Loss Offset

In the field of mergers and acquisitions, German and international tax law allow for several opportunities to step up a firm's assets, i.e., to revaluate the assets at fair market values. When a step-up is performed the taxpayer recognizes a taxable gain, but also obtains tax benefits in the form of higher future depreciation allowances associated with stepping up the tax base of the assets. This tax-planning problem is well known in taxation literature and can also be applied to firm valuation in the presence of taxation. However, the known models usually assume a perfect loss offset. If this assumption is abandoned, the depreciation allowances may lose value as they become tax effective at a later point in time, or even never if there are not enough cash flows to be offset against. This aspect is especiallyrelevant if future cash flows are assumed to be uncertain. This paper shows that a step-up may be disadvantageous or a firm overvalued if these aspects are not integrated into the basic calculus. Compared to the standard approach, assets should be stepped up only in a few cases and - under specific conditions - at a later point in time. Firm values may be considerably lower under imperfect loss offset.

Effiziente, operative Torbelegung mittels kombinatorischer Auktionen

Das operative Torbelegungsproblem (TBP) z. B. an einem Distributions- oder Cross-dockingzentrum ist ein logistisches Problem, bei dem es gilt, an- und abfahrende Fahrzeuge zeitlich und räumlich so auf die Warenein- und -ausgangstore zu verteilen, dass eine mög-lichst kostengünstige Abfertigung ermöglicht wird. Bisherige Arbeiten, die sich mit dem TBP beschäftigen, lassen Aspekte der Kooperation außer Acht. Dieser Beitrag stellt ein Verfahren vor, durch das der Nachteil einseitig optimaler Torbelegungen überwunden werden kann. Dabei wird auf das Mittel der kombinatorischen Auktionen zurückgegriffen und das TBP als Allokationsproblem modelliert, bei dem Frachtführer um Bündel konsekutiver Einheitszeit-intervalle an den Toren konkurrieren. Mittels eines Vickrey-Clarke-Groves-Mechanismus wird einerseits die Anreizkompatibilität, andererseits die individuelle Rationalität des Auk-tionsverfahrens sichergestellt. Das Verfahren wurde in ILOG OPL Studio 3.6.1 implemen-tiert und die durch Testdaten gewonnenen Ergebnisse zeigen, dass die Laufzeiten gering genug sind, um das Verfahren für die operative (kurzfristige) Planung einzusetzen und so transportlogistische Prozesse für alle Beteiligten wirtschaftlicher zu gestalten.

The European League for Non-Western Studies and E-learning

Leiden’s Faculty of Arts invited on May 20th the members of the ELNWS for a workshop on e-learning for Non-Western studies. The aim of the workshop was to take a closer look at the possibilities of e-learning as a means of realizing co-operation between our universities. During our discussions, and looking back on the past academic years, we attempted to position our own academic community on the Internet, in the sense of 'looking for, finding and putting it on, or giving it a location' in the omnipresent Internet. In order to investigate the ways in which e-learning can be used as a tool to stimulate European co-operation within the field of Non-Western studies, Leiden’s Faculty of Arts rewards one initiative between two or more European universities of the ELNWS with financial support.

Knowledge-Production Processes in Practice Research - Outcomes and Critical Elements

The welfare sector has seen considerable changes in its operational context. Welfare services respond to an increasing number of challenges as citizens are confronted with life’s uncertainties and a variety of complex situations. At the same time the service-delivery system is facing problems of co-operation and the development of staff competence, as well as demands to improve service effectiveness and outcomes. In order to ensure optimal user outcomes in this complex, evolving environment it is necessary to enhance professional knowledge and skills, and to increase efforts to develop the services. Changes are also evident in the new emergent knowledge-production models. There has been a shift from knowledge acquisition and transmission to its construction and production. New actors have stepped in and the roles of researchers are subject to critical discussion. Research outcomes, in other words the usefulness of research with respect to practice development, is a topical agenda item. Research is needed, but if it is to be useful it needs to be not only credible but also useful in action. What do we know about different research processes in practice? What conceptions, approaches, methods and actor roles are embedded? What is the effect on practice? How does ‘here and now’ practice challenge research methods? This article is based on the research processes conducted in the institutes of practice research in social work in Finland. It analyses the different approaches applied by elucidating the theoretical standpoints and the critical elements embedded in them, and reflects on the outcomes in and for practice. It highlights the level of change and progression in practice research, arguing for diverse practice research models with a solid theoretical grounding, rigorous research processes, and a supportive infrastructure.

Kollaborative Planung dezentral gesteuerter Materialflusssysteme in der Intralogistik

Der Beitrag stellt eine Kollaborationssoftware vor, die im Rahmen des AiF-Forschungsprojektes „KoDeMat“ entwickelt wurde. Der Fokus wird auf die Problemfelder der fehlenden Standardisierung und Anpassbarkeit im Bereich von fördertechnischen Anlagen gerichtet. Ziel ist, unter Zuhilfenahme von standardisierten, kollaborativen Engineeringprozessen, eine unternehmensübergreifende Planung, Realisierung und einen Umbau von komplexen dezentral gesteuerten Intralogistiksystemen sowie deren Betrieb effizient zu ermöglichen.