@article{22205,
  abstract     = {{In January 2021, the GameStop stock was the epicenter of the first case of predatory trading initiated by retail investors. We use brokerage accounts to study who participated in this GameStop frenzy and how they performed. We investigate the extent to which investors’ personal and trading characteristics differ from the general population of retail investors. GameStop traders had a history of investing in speculative instruments, including stocks with lottery-like features. They were also more likely to close their positions before the peak of the bubble. At the onset of the frenzy, numerous retail investors also shorted GameStop. Overall, our results indicate that the GameStop frenzy was not a pure digital protest against Wall Street but speculative trading by a group of retail investors, in line with their prior high-risk trading behavior.}},
  author       = {{Hasso, Tim and Müller, Daniel and Pelster, Matthias and Warkulat, Sonja}},
  journal      = {{Finance Research Letters}},
  keywords     = {{Predatory Trading, Retail Investors, Trading Behavior}},
  title        = {{{Who participated in the GameStop frenzy? Evidence from brokerage accounts}}},
  doi          = {{10.1016/j.frl.2021.102140}},
  year         = {{2021}},
}

@techreport{22211,
  author       = {{Lorenz, Johannes and Sureth-Sloane, Caren and Diller, Markus}},
  title        = {{{Inconsistent tax transfer prices: tax filings, audits, and double taxation}}},
  doi          = {{10.52569/acpj5634}},
  year         = {{2021}},
}

@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{22523,
  abstract     = {{The containment of COVID-19 critically hinges on individuals’ behavior. We investigate how individuals react to variations in COVID-19 reporting. Using a survey, we elicit individuals' perceived infection risk given various COVID-19 metrics (e.g., confirmed cases, reproduction rate, or case-fatality ratio). We proxy individuals' risk perception with their willingness to pay for the participation in everyday life and amusements events. We find that participants react to different COVID-19 metrics with varying sensitivity. We observe a saturation of sensitivity for several measures at critical limits used in the political discussion, making our results highly relevant for policy makers in their efforts to direct individuals to adhere to hygienic etiquette and social distancing guidelines.}},
  author       = {{Warkulat, Sonja and Krull, Sebastian and Ortmann, Regina and Klocke, Nina and Pelster, Matthias}},
  journal      = {{Covid Economics}},
  keywords     = {{COVID-19 reporting, willingness to pay, willingness to accept}},
  number       = {{83}},
  pages        = {{183--205}},
  publisher    = {{CEPR Press}},
  title        = {{{COVID-19 reporting and willingness to pay for leisure activities}}},
  year         = {{2021}},
}

@article{22631,
  author       = {{Krull, Sebastian and Loschelder, David D. and Boecker, Lea}},
  journal      = {{Frontiers in Psychology}},
  title        = {{{The Power and Peril of Precise vs. Round Health Message Interventions to Increase Stair-Use}}},
  doi          = {{10.3389/fpsyg.2021.624198}},
  year         = {{2021}},
}

@article{5163,
  abstract     = {{Employing a unique hand-collected sample of 956 credit risk securitization transactions issued by 64 stock-listed
European banks across the EU-13 plus Switzerland over the period from 1997 to 2010, this paper empirically analyzes
the impact of securitization on the issuing banks’ effective tax rates. Our analysis reveals that banks may reduce their
tax expense through securitization via a direct and indirect channel suggesting that tax avoidance may be a further
motive for banks to engage in the securitization business. These baseline findings remain robust under various
robustness checks, especially when implementing structural equation models and controlling for a reverse causality
between the banks’ tax burden and their incentive to securitize. Finally, various sensitivity analyses provide further
important results and implications for tax policies, banking regulation and the ongoing process of revitalizing the
European securitization market.}},
  author       = {{Uhde, André}},
  journal      = {{The Quarterly Review of Economics and Finance}},
  keywords     = {{Securitization, Credit risk transfer, Effective tax rates, European banking}},
  pages        = {{411--421}},
  title        = {{{Tax avoidance through securitization}}},
  doi          = {{10.1016/j.qref.2020.07.008}},
  volume       = {{79}},
  year         = {{2021}},
}

@techreport{22213,
  author       = {{Lorenz, Johannes and Sureth-Sloane, Caren and Diller, Markus}},
  publisher    = {{Executive Summary}},
  title        = {{{Abweichende steuerliche Verrechnungspreise in der Steuererklärung oder als Ergebnis einer Betriebsprüfung zwischen verschiedenen Staaten}}},
  doi          = {{10.52569/eexu5414}},
  year         = {{2021}},
}

@misc{21402,
  author       = {{Sureth-Sloane, Caren and Simons, Dirk}},
  booktitle    = {{Frankfurter Allgemeine Zeitung}},
  number       = {{Nr. 20}},
  pages        = {{16}},
  title        = {{{Wie kompliziert darf eine Regel sein?}}},
  year         = {{2021}},
}

@techreport{24517,
  author       = {{Harst, Simon and Schanz, Deborah and Siegel, Felix and Sureth-Sloane, Caren}},
  publisher    = {{TRR 266 Accounting for Transparency}},
  title        = {{{2020 Global MNC Tax Complexity Survey}}},
  doi          = {{10.52569/jtln9499}},
  year         = {{2021}},
}

@misc{29052,
  author       = {{Lagarden, Martin and Schreiber, Ulrich and Simons, Dirk and Sureth-Sloane, Caren}},
  publisher    = {{Schmalenbach IMPULSE}},
  title        = {{{Wem nutzt Public Country-by-Country Reporting?}}},
  year         = {{2021}},
}

@book{29053,
  author       = {{Maßbaum, Alexandra and Sureth-Sloane, Caren}},
  publisher    = {{Neue Wirtschafts-Briefe}},
  title        = {{{Besteuerung und Rechtsformwahl, 8., aktualisierte und erweiterte Auflage}}},
  year         = {{2021}},
}

@misc{29055,
  author       = {{Sureth-Sloane, Caren}},
  booktitle    = {{Süddeutsche Zeitung}},
  title        = {{{Zur Komplexität des Steuersystems}}},
  year         = {{2021}},
}

@article{26775,
  abstract     = {{We study the relationship between risk managers' dark triad personality traits (Machiavellianism, narcissism, and psychopathy) and their selective hedging activities. Using a primary survey of 412 professional risk managers, we find that managers with dark personality traits are more likely to engage in selective hedging than those without. This effect is particularly pronounced for older, male, and less experienced risk managers. The effect is also stronger in smaller firms, less centralized risk management departments, and family-owned firms.}},
  author       = {{Pelster, Matthias and Hofmann, Annette and Klocke, Nina and Warkulat, Sonja}},
  journal      = {{Journal of Business Ethics}},
  publisher    = {{Springer}},
  title        = {{{Dark Triad Personality Traits and Selective Hedging}}},
  doi          = {{10.1007/s10551-021-04985-z}},
  year         = {{2021}},
}

@techreport{36060,
  abstract     = {{Merging a sample of 492 merger and acquisition (M&A) announcements from 284 acquiring firms across Europe and North America with data from 5-year single-name credit default swaps (CDSs) written on stock-listed acquiring firms between 2005 and 2018, the paper at hand empirically analyzes the CDS investors’ risk perceptions of M&A announcements using event study methodologies. As a baseline result, we provide evidence for significantly positive cumulative average abnormal CDS spread changes for both, European and North American acquirers suggesting that CDS investors perceive an increase in the acquiring firms’ credit risk exposures due to M&A announcements. Our baseline finding holds under several robustness checks, especially when controlling for the robustness of the empirical design. Moreover, results from a large variety of sensitivity analyses reveal a number of deal and firm characteristics that may explain why CDS investors from our sample expect an increase in the acquirers’ credit risk exposures due to forthcoming M&A transactions. }},
  author       = {{Hippert, Benjamin and Uhde, André}},
  keywords     = {{credit default swaps, risk perception of CDS investors, mergers and acquisitions, event study}},
  title        = {{{CDS Investors’ Risk Perceptions of M&A Announcements}}},
  year         = {{2021}},
}

@techreport{36063,
  abstract     = {{This paper empirically investigates determinants of the outstanding net notional amount
of credit default swaps (CDSs) contracts written on banks. We extend and complement the
previous literature dealing with CDS trading by analyzing a comprehensive set of CDS tradingspecific,
bank-fundamental, macroeconomic and bank-institutional determinants. We find that
risk hedging clearly dominates an investor’s speculation and arbitrage motive, while the latter,
however, exhibits the strongest impact on the outstanding net notional amount of bank CDSs.
Furthermore, being classified as a G-SIB, being a constituent of the main CDS index and the
equity trading volume may significantly explain changes in the outstanding CDS net notional on
banks. The analysis at hand provides important implications for both academics and practitioners,
since understanding the trading motives of bank CDS investors provides a deeper insight into the
opaque CDS market. }},
  author       = {{Hippert, Benjamin and Uhde, André and Wengerek, Sascha Tobias}},
  keywords     = {{banking, outstanding CDS net notional, determinants of bank CDS trading}},
  title        = {{{Determinants of CDS Trading on Major Banks}}},
  year         = {{2021}},
}

@techreport{49876,
  author       = {{Giese, Henning}},
  title        = {{{Tax Evasion Penalties and Aggressive Tax Avoidance}}},
  year         = {{2021}},
}

@article{49870,
  author       = {{Graßl, Benjamin and Giese, Henning}},
  journal      = {{beck.digitax}},
  number       = {{1}},
  pages        = {{13--21}},
  title        = {{{Überwälzung von Digitalsteuern}}},
  year         = {{2021}},
}

@techreport{22923,
  author       = {{Fochmann, Martin and Heile, Vanessa and Huber, Hans-Peter and Maiterth, Ralf and Sureth-Sloane, Caren}},
  title        = {{{Umfrage: Steuerliche Belastung deutscher Unternehmen – Steuerlast und Verwaltungskosten}}},
  doi          = {{10.52569/xgkv7897}},
  year         = {{2021}},
}

@techreport{29313,
  abstract     = {{Employing a unique sample of 2,849 tariff imposition announcements by and against the United States (U.S.) over the period from 2018 to 2019, this study analyzes the impact of recent tariff announcements on share prices from 859 U.S. companies. We provide evidence for negative (cumulative) average abnormal stock returns due to tariff announcements during a symmetric three-day event window. We suggest that stock market investors expect adverse impacts of tariff impositions, e.g. a decrease in the companies’ future cash flows and a threat of retaliation. The negative wealth effects are observed irrespective of whether the Trump administration announces safeguard tariffs to protect domestic firms or a retaliation is declared by foreign countries. Moreover, building several subsamples, we find that the adverse impact is mostly driven by announcements involving China and is associated with a variety of sector, tariff, trade and firm characteristics. }},
  author       = {{Wengerek, Sascha Tobias and Uhde, André}},
  keywords     = {{event study, international relations, protectionism, strategic trade policy, tariffs, trade conflict}},
  title        = {{{Share Price Reactions to Tariff Imposition Announcements in the Trump Era – an Event Study of the Trade Conflict}}},
  year         = {{2021}},
}

@techreport{29315,
  abstract     = {{We merge a sample of 492 merger and acquisition (M&A) announcements from 284 acquiring firms across North America and Europe with data from 5-year single-name credit default swaps (CDSs) that are written on stock-listed acquiring firms between 2005 and 2018. Subsequently, we empirically analyze the CDS investors’ risk perception of M&A announcements using event study methodologies. As a baseline finding, we provide evidence for significantly positive cumulative average abnormal CDS spread changes suggesting that CDS investors perceive an increase in the acquiring firms’ credit risk exposures due to M&A announcements. Our baseline finding holds under several robustness checks, especially when controlling for the robustness of the empirical design as well as regional and sectoral differences. Moreover, results from a large variety of sensitivity analyses including deal and firm characteristics provide a deeper insight into the driving factors of CDS investors’ risk perceptions of M&A announcements.}},
  author       = {{Hippert, Benjamin and Uhde, André}},
  title        = {{{CDS investors’ risk perceptions of M&A announcements}}},
  year         = {{2021}},
}