@article{61751, author = {{Müller, Jens and Flagmeier, Vanessa}}, journal = {{Schmalenbach Journal of Business Research}}, pages = {{495 -- 532}}, title = {{{Tax Loss Carryforward Disclosure}}}, doi = {{10.1007/s41471-024-00187-1}}, volume = {{76}}, year = {{2024}}, } @article{29050, abstract = {{This study examines GAAP effective tax rate (ETR) visibility as a distinct disclosure choice in firms’ financial statements. By applying a game-theory disclosure model for the voluntary disclosure strategies of firms, in a tax setting, we argue that firms face a trade-off in their ETR disclosure decisions. On the one hand, firms have an incentive to enhance their ETR disclosure when the ratio offers shareholders ‘favourable conditions’, for example, higher expected after-tax cash flows. On the other hand, the disclosure of a favourable low ETR could attract the attention of tax auditors and the public and ultimately result in disclosure costs. We empirically test disclosure behaviour by examining the relation between disclosure visibility and different ETR conditions that reflect different stakeholder-specific costs and benefits. While we find that unfavourable ETR conditions are not highlighted, we observe higher disclosure visibility for favourable ETRs (smooth, close to the industry average, and decreasing ETRs). Additional analyses reveal that this high visibility is characteristic of firm years with only moderately decreasing ETRs at usual ETR levels, while extreme ETRs are not highlighted. Interestingly and in contrast to our main results, a subsample of family firms does not seem to highlight favourable ETRs.}}, author = {{Flagmeier, Vanessa and Müller, Jens and Sureth-Sloane, Caren}}, journal = {{Accounting and Business Research}}, number = {{1}}, pages = {{1--37}}, title = {{{When Do Firms Highlight Their Effective Tax Rate?}}}, doi = {{10.1080/00014788.2021.1958669}}, volume = {{53}}, year = {{2023}}, } @inbook{22221, author = {{Blankenfeldt, Maximilian and Müller, Jens and Weinrich, Arndt}}, booktitle = {{Intangibles - Immaterielle Werte}}, editor = {{Vögele, Alexander}}, isbn = {{978-3-406-71601-0}}, publisher = {{C.H.Beck}}, title = {{{Forschung und Entwicklung: Kriterien für die Aktivierung in der Unternehmenspraxis}}}, year = {{2021}}, } @article{36077, author = {{Hoppe, Thomas and Müller, Jens and Wittek, Katharina and Weinrich, Arndt}}, journal = {{iStR}}, title = {{{Eine ökonomische Einordnung des öffentlichen Country-by-Country Reporting in der EU}}}, year = {{2021}}, } @techreport{21411, abstract = {{This study examines the visibility of the GAAP effective tax rate (ETR) in firms’ financial statements as a distinct disclosure choice. Applying a game-theory disclosure model for voluntary disclosure strategies of firms to a tax setting, we argue that firms face a trade-off in their ETR disclosure decisions. On the one hand, firms have an incentive to enhance their ETR disclosure when the ratio offers shareholders “favourable conditions”, for example in terms of higher expected after-tax cash-flows. On the other hand, the disclosure of a favourable low ETR could attract the attention of tax auditors and the public and ultimately result in disclosure costs. We empirically test disclosure behaviour by examining the relation between disclosure visibility and different ETR conditions that reflect different stakeholder specific costs and benefits. While we find that unfavourable ETR conditions are not highlighted, we observe higher disclosure visibility for favourable ETRs (smooth, close to the industry average, decreasing). Additional analyses reveal that this high visibility is characteristic of firm-years with only moderately decreasing ETRs at usual ETR levels, while extreme ETRs are not highlighted. Interestingly and in contrast to our main results, a subsample of family firms do not seem to highlight favourable ETRs.}}, author = {{Flagmeier, Vanessa and Müller, Jens and Sureth-Sloane, Caren}}, title = {{{When Do Firms Highlight Their Effective Tax Rate?}}}, volume = {{No. 37}}, year = {{2020}}, } @techreport{34636, author = {{Mehring, Oliver and Müller, Jens and Sievers, Sönke and Sofilkanitsch, Christian}}, publisher = {{TRR}}, title = {{{Does Learning About Low GAAP Reporting Quality Change Investors’ Perceptions of Aggressive Non-GAAP Reporting Choices?}}}, year = {{2020}}, } @techreport{15367, abstract = {{n this paper, I review the empirical literature in the intersection of banks and corporate income taxation that emerged over the last two decades. To structure the included studies, I use a stakeholder approach and outline how corporate income taxation plays into the relation of banks and their four main stakeholders: bank regulators, customers, investors and tax authorities. My contribution to the literature is threefold: First, I contribute by providing, to the best of my knowledge, a first comprehensive review on this topic. Second, I point to areas for future research. Third, I deduce policy implications from the studies under review. In sum, the studies show that taxes distort banks’ pricing decisions, the relative attractiveness of debt and equity financing, the decision to report on or off the balance sheet and banks’ investment allocations. Empirical insights on how tax rules affect banks’ decision-making are helpful for policymakers to tailor suitable and sustainable tax legislation directed at banks. }}, author = {{Gawehn, Vanessa}}, keywords = {{corporate income taxes, banks, stakeholder approach, decision-making process}}, pages = {{34}}, publisher = {{SSRN}}, title = {{{Banks and Corporate Income Taxation: A Review}}}, year = {{2019}}, } @techreport{13137, abstract = {{Non-GAAP reporting is under debate as managers may opportunistically inflate non-GAAP earnings. By separating firms into groups based on exclusions of recurring expenses before material restatements occur this paper investigates whether market participants are misled based on ex-ante non-GAAP reporting. The results show a decline in cumulative abnormal returns (–11.8% aggressive non-GAAP Reporting vs. –2.7% non-aggressive non-GAAP reporting), reduction in overvaluation (–22.18% vs. no decline) and losses in the earnings response coefficient (–51.8% vs. no significant decline) for firms with prior aggressive non-GAAP reporting. Further, we document that investors are less responsive to aggressively reported non-GAAP earnings ex-post, indicating that increased attention enhances investor’s ability to see through the quality of non-GAAP exclusions. }}, author = {{Müller, Jens and Sievers, Sönke and Mehring, Oliver and Sofilkanitsch, Christian}}, keywords = {{Keywords: non-GAAP reporting, restatements, information content of earnings, firm value, overvaluation}}, pages = {{65}}, title = {{{Non-GAAP Reporting and Investor Attention: Are Investors Misled by Exclusions of Recurring Expenses from Non-GAAP Earnings before Restatement Announcements?}}}, year = {{2019}}, } @techreport{37346, author = {{Müller, Jens and Gawehn, Vanessa}}, title = {{{Tax Avoidance - Are Banks Any Different?}}}, year = {{2019}}, } @article{4394, abstract = {{ 1. Effektive Besteuerung von Outbound-Investitionen in den USA 2. Qualifikation von Einkünften als passiv 3. Anwendung des Motivtests auf die USA? 4. Fazit und Ausblick}}, author = {{Schümmer, Markus and Leusder, Johannes and Weinrich, Arndt}}, journal = {{IStR Internationales Steuerrecht}}, keywords = {{Effektive Besteuerung von Outbound-Investitionen in den USA Qualifikation von Einkünften als passiv Anwendung des Motivtests auf die USA}}, title = {{{Implikationen der US-Steuerreform auf die Hinzurechnungsbesteuerung nach dem AStG}}}, year = {{2018}}, } @article{5101, abstract = {{Prior literature finds that International Financial Reporting Standards (IFRS) adopters enjoy lower financing costs subsequent to IFRS adoption. We predict and find that mandatory IFRS adopters exploit lower financing costs to increase market share vis-à-vis non-adopters. This effect is robust across several different model specifications in a sample capturing the universe of public and private firms in the EU, in a matched sample of public and private firms, and in a public firm sample comparing mandatory and voluntary IFRS adopters. We further find that IFRS is associated with an increase (decrease) in industry sales concentration (competition), consistent with large public firms increasing market share. In supplemental analyses, we find that mandatory adopters issue more equity and debt after IFRS adoption and that larger market share gains accrue to those mandatory IFRS adopters that issue more equity and debt after IFRS adoption. Overall, we provide evidence of unintended product market consequences of IFRS adoption.}}, author = {{Downes, Jimmy F and Flagmeier, Vanessa and Godsell, David}}, journal = {{Journal of Accounting and Public Policy}}, keywords = {{Financial reporting regulationProduct market competition}}, number = {{5}}, pages = {{376--401}}, publisher = {{Elsevier}}, title = {{{Product market effects of IFRS adoption}}}, doi = {{10.1016/j.jaccpubpol.2018.09.004}}, volume = {{37}}, year = {{2018}}, } @techreport{3540, abstract = {{We examine whether companies voluntarily disclose additional information about tax loss carryforwards when the recoverability is more uncertain. With this study, we aim to explain part of the huge cross-sectional variation in the tax footnote. To assess disclosure behavior, we hand-collect data from notes of large German firms’ IFRS financial statements and identify voluntarily disclosed information. First, our results support prior literature’s evidence of a considerable cross-sectional variation of disclosure in the tax footnote. Second, we find that uncertainty about the usability of tax losses has a significantly positive relation to the amount and quality of disclosure, controlling for other disclosure determinants derived from prior literature and for sample selection. Third, our results indicate that the observed disclosure behavior is not simply a reflection of the firm’s general disclosure behavior but specific to the tax footnote. These findings are robust to several historic and forward-looking indicators representing uncertainty. Our findings suggest that managers anticipate the investors’ need for more private information and disclose them voluntarily to reduce information asymmetries. This result indicates that part of the cross-sectional variation in the tax footnote can be explained by firms anticipating investors’ demand for additional information. }}, author = {{Flagmeier, Vanessa and Müller, Jens}}, pages = {{56}}, title = {{{Tax loss carryforward disclosure and uncertainty}}}, year = {{2017}}, } @techreport{3545, abstract = {{This is the first study that analyzes the predictive ability of deferred tax information under IFRS. I examine whether deferred taxes provide information about future tax payments and future performance, using a German sample of IFRS firms. The focus on tax loss carryforwards enables a separation of the two relations, testing on the one hand, the relation between recognized deferred tax assets and future tax payments and on the other hand, the relation between the non-usable part of tax losses and future earnings. I find significantly negative coefficients for both deferred tax items, indicating that higher recognized deferred tax assets are associated with lower future tax payments and higher non-usable tax loss carryforwards with lower future performance. Additionally, I compare the tax accounts' predictive ability for a matched German and US sample and find no significant differences between firms reporting under IFRS and US-GAAP. Taken together, the evidence suggests that deferred tax items for tax loss carryforwards reported under IFRS provide useful information about future outcomes and that this predictive ability does not differ significantly from firms reporting under US-GAAP.}}, author = {{Flagmeier, Vanessa}}, title = {{{The information content of tax loss carryforwards: IAS 12 vs. valuation allowance}}}, year = {{2017}}, } @techreport{4702, author = {{Flagmeier, Vanessa and Müller, Jens and Sureth-Sloane, Caren}}, title = {{{When Do Managers Highlight Their Effective Tax Rate?}}}, doi = {{arqus Working Paper No. 214}}, volume = {{214}}, year = {{2017}}, } @article{3699, abstract = {{When taxes on capital or wealth are levied, in most countries companies have to be assessed in terms of their market value (MV). Estimating the MV of private companies for tax purposes is a challenging task for tax authorities as MVs are not available. In this study, I empirically analyse to what extent an accounting-based tax valuation method for private companies, a simplified residual income model, succeeds in matching the MV. I refer to the mandatory Standardised Combination Model that is a special case of methods commonly used in several countries. In the absence of market prices for private companies, I use a sample of small German public companies as a proxy. I validate this approach using a sensitivity analysis that involves matching the sample of public companies with that of private companies. The results imply that the mandatory Standardised Combination Model leads to a severe unequal treatment not only between public and private companies but also among private companies across and within industries. Furthermore, I simulate the effects of variation in the key parameters and highlight their impact on the approximation quality of the Standardised Combination Method. The findings are relevant to tax reform discussions as well as to tax policy-makers and practitioners in many countries.}}, author = {{Müller, Jens}}, journal = {{European Accounting Review}}, keywords = {{Challenge of Assessing, Tax Purposes}}, number = {{1}}, pages = {{117----141}}, title = {{{The challenge of assessing the market value of private companies using a standardised combination method for tax purposes--Lessons to be learnt from past experience}}}, year = {{2014}}, } @techreport{5333, abstract = {{When taxes on capital or wealth are levied, in most countries companies have to be assessed in terms of their market value (MV). Estimating the MV of private companies for tax purposes is a challenging task for tax authorities as MVs are not available. In this study, I empirically analyse to what extent an accounting-based tax valuation method for private companies, a simplified residual income model, succeeds in matching the MV. I refer to the mandatory Standardised Combination Model that is a special case of methods commonly used in several countries. In the absence of market prices for private companies, I use a sample of small German public companies as a proxy. I validate this approach using a sensitivity analysis that involves matching the sample of public companies with that of private companies. The results imply that the mandatory Standardised Combination Model leads to a severe unequal treatment not only between public and private companies but also among private companies across and within industries. Furthermore, I simulate the effects of variation in the key parameters and highlight their impact on the approximation quality of the Standardised Combination Method. The findings are relevant to tax reform discussions as well as to tax policy-makers and practitioners in many countries. }}, author = {{Müller, Jens}}, pages = {{117--141(25)}}, publisher = {{Routledge, part of the Taylor & Francis Group}}, title = {{{The Challenge of Assessing the Market Value of Private Companies Using a Standardized Combination Method for Tax Purposes – Lessons to be Learned from Past Experience}}}, doi = {{10.1080/09638180.2012.746528}}, volume = {{Volume 23, Number 1}}, year = {{2014}}, } @inproceedings{24415, abstract = {{Millimeter-Wave (mm-W) is considered a potential technology for high-data rate wireless transmission and for high-resolution short-range radar, due to the 7-9 GHz bandwidth at the 60 GHz unlicensed band available worldwide. Developing ultrawideband architectures including multiple-input-multiple-output (MIMO) antenna systems at mm-W offer many advantages including jointly optimized analogue and digital signal processing at carrier frequency and baseband. This allows for flexible antenna designs and reduced losses, as many passive structures can be avoided at both sides of the link. Besides, based on flexible polarimetric approaches, the polarimetric propagation of electromagnetic waves can be exploited. In this paper we present a 60 GHz polarimetric MIMO system architecture, which includes analogue miniaturized frontends designed and manufactured by multi-layer packaging technologies. Such architecture permitted the design of compact MIMO radar and multi-dimensional channel sounding. The MIMO approach allows not only polarimetric filtering and fully polarimetric/directional signal processing to increase the signal-to-clutter-plus-noise ratio of mm-W radar systems, but also the full characterization of wireless channels including multipath with orthogonal polarizations.}}, author = {{Garcia-Ariza, Alexis-Paolo and Müller, Robert and Stephan, Ralf and Wollenschläger, Frank and Schulz, Alexander and Elkhouly, Mohamed and Scheytt, Christoph and Trautwein, Uwe and Müller, Jens and Thomae, Reiner and Hein, Matthias}}, booktitle = {{EuCAP2012 (European Conference on Antennas and Propagation)}}, pages = {{2578--2582}}, title = {{{60 GHz Polarimetric MIMO Sensing: architectures and technology}}}, doi = {{10.1109/EuCAP.2012.6206544}}, year = {{2012}}, } @article{22919, author = {{Müller, Jens and Sureth-Sloane, Caren}}, issn = {{2366-6153}}, journal = {{Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung}}, number = {{13}}, pages = {{45--83}}, title = {{{Marktnahe Bewertung von Unternehmen nach der Erbschaftsteuerreform?}}}, doi = {{10.1007/bf03372991}}, volume = {{63}}, year = {{2011}}, } @techreport{5091, author = {{Müller, Jens and Sureth-Sloane, Caren}}, title = {{{Empirische Analyse der Unternehmensbewertung für die Erbschaftsteuer mit dem vereinfachten Ertragswertverfahren}}}, volume = {{108}}, year = {{2010}}, } @article{5093, author = {{Müller, Jens and Sureth-Sloane, Caren and Läufer, Christian}}, journal = {{Die Wirtschaftsprüfung}}, number = {{20}}, pages = {{1028--1034}}, title = {{{Mögliche Fallstricke einer Optimierung unternehmerischer Investitionsentscheidungen auf der Grundlage der Konzernsteuerquote}}}, volume = {{63}}, year = {{2010}}, }