@article{47917, abstract = {{ Companies disclosing negative aspects in sustainability reports often employ legitimation strategies to present mishaps in a favorable light. In incentivized experiments, we find that nonprofessional investors divest from companies with a negative sustainability-related incident, and that symbolic legitimation (which only evasively explains a negative incident) is not a strong enough signal to counter this divestment behavior. Even substantial legitimation (which reports on measures and behavioral change) mitigates the divestment decisions only if the company reports on concrete remediation actions in morally charged situations, such as social or environmental incidents. We elaborate these results in light of signaling and screening theory, and suggest the conceptual extension of “costly signals” to what we call “valuable signals.” We argue that valuable signals need be not only costly for the sender from an economic perspective but also perceived as appropriate by the receiver from a noneconomic perspective. }}, author = {{Hahn, Rüdiger and Reimsbach, Daniel and Kotzian, Peter and Feder, Madeleine and Weißenberger, Barbara E.}}, issn = {{0007-6503}}, journal = {{Business & Society}}, keywords = {{Social Sciences (miscellaneous), Business, Management and Accounting (miscellaneous)}}, number = {{4}}, pages = {{943--978}}, publisher = {{SAGE Publications}}, title = {{{Legitimation Strategies as Valuable Signals in Nonfinancial Reporting? Effects on Investor Decision-Making}}}, doi = {{10.1177/0007650319872495}}, volume = {{60}}, year = {{2019}}, } @article{4996, abstract = {{We analyze the impact of wealth taxes on investment timing decisions under uncertainty and irreversibility by employing a real options model of the Dixit/Pindyck type. Considering that wealth taxes have been (re-)introduced or are under discussion in many countries, investors need decision rules for tax systems with wealth taxation. We integrate different valuation methods for wealth tax purposes, distinguish between broadly and narrowly defined wealth taxes and vary the wealth tax rate to ascertain which wealth tax design is more or less likely to accelerate or delay investment. Our main findings are threefold. First, historical cost valuation reduces the distortive timing effects of wealth taxation compared to fair value accounting. Second, broadening the wealth tax base tends to accelerate investment during high interest rate periods and delay investment during low interest rate periods. Our results predict that wealth taxes with a broad tax base are likely to discourage risky investment in times of near-zero interest rates. These distortive wealth tax base effects, however, can be avoided by granting sufficiently high depreciation deductions for wealth tax purposes. Third, the investment timing effects of wealth tax rate variations are very sensitive to the riskiness of the underlying investment. Moreover, investment timing effects crucially depend upon the depreciation rate for wealth tax purposes. A tax legislator who aims to encourage risk taking should introduce generous depreciation deductions. Our study indicates that if a wealth tax is considered to be politically inevitable, possible harmful investment effects can be mitigated by choosing appropriate valuation methods and parameters.}}, author = {{Niemann, Rainer and Sureth-Sloane, Caren}}, issn = {{0044-2372}}, journal = {{Journal of Business Economics}}, number = {{4}}, pages = {{385--415}}, publisher = {{Springer Nature America, Inc}}, title = {{{Investment Timing Effects of Wealth Taxes under Uncertainty and Irreversibility}}}, doi = {{10.1007/s11573-018-0918-4}}, volume = {{89}}, year = {{2019}}, } @article{17715, abstract = {{Der Beitrag stellt die teilweise überschießende Wirkung des Referentenentwurfs des Bundesministeriums der Finanzen zur Grunderwerbsteuer mit Blick auf börsennotierte Kapitalgesellschaften dar und schlägt eine Erweiterung des Referentenentwurfs vor, wobei börsennotierte Kapitalgesellschaften vom Anwendungsbereich der neuen Vorschrift ausgenommen werden sollen.}}, author = {{Arbeitskreis Steuern der Schmalenbach-Gesellschaft für Betriebswirtschaft, . and Sureth-Sloane, Caren}}, journal = {{Betriebs-Berater}}, number = {{25}}, pages = {{1438--1442}}, publisher = {{Deutscher Fachverlag GmbH }}, title = {{{Ein Lösungsvorschlag zur Vermeidung der überschießenden Wirkung der Grunderwerbsteuerreform bei börsennotierten Kapitalgesellschaften}}}, volume = {{74}}, year = {{2019}}, } @techreport{29314, abstract = {{Employing credit default swap (CDS) data for a sample of 52 major banks across 18 countries from 2008 to 2016, this paper investigates determinants of the outstanding net notional amount of CDS which are written on banks. We extend the current literature dealing with CDS trading by analyzing further CDS trading-specific, fundamental bank-specific as well as macroeconomic and institutional determinants with a focus on bank CDS trading. We find that, next to well-discussed determinants for corporate firms in the literature, especially a bank's tail risk, capital adequacy, loan portfolio and business model affect a bank's outstanding CDS net notional. This finding indicates that investors in the bank CDS market partly have a recourse to a fundamental analysis for their investment decision. Our study fills an important gap since empirical studies have solely focused on sovereign and corporate CDS yet. In addition, the analysis at hand provides important implications for both academics and practitioners since understanding the trading motives of bank CDS investors gives deeper insights into the still 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 = {{2019}}, } @techreport{13145, abstract = {{Employing credit default swap (CDS) data for a sample of 52 major banks across 18 countries from 2008 to 2016, this paper investigates determinants of the outstanding net notional amount of CDS which are written on banks. We extend the current literature dealing with CDS trading by analyzing further CDS trading-specific, fundamental bank-specific as well as macroeconomic and institutional determinants with a focus on bank CDS trading. We find that, next to well-discussed determinants for corporate firms in the literature, especially a bank's tail risk, capital adequacy, loan portfolio and business model affect a bank's outstanding CDS net notional. This finding indicates that investors in the bank CDS market partly have a recourse to a fundamental analysis for their investment decision. Our study fills an important gap since empirical studies have solely focused on sovereign and corporate CDS yet. In addition, the analysis at hand provides important implications for both academics and practitioners since understanding the trading motives of bank CDS investors gives deeper insights into the still 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 = {{2019}}, } @techreport{5170, abstract = {{Employing credit default swap (CDS) data for a sample of 52 major banks across 18 countries from 2008 to 2016, this paper investigates determinants of the outstanding net notional amount of CDS which are written on banks. We extend the current literature dealing with CDS trading by analyzing further CDS trading-specifi c, fundamental bank-speci fic as well as macroeconomic and institutional determinants with a focus on bank CDS trading. We fi nd that, next to well-discussed determinants for corporate firms in the literature, especially a bank's tail risk, capital adequacy, loan portfolio and business model affect a bank's outstanding CDS net notional. This finding indicates that investors in the bank CDS market partly have a recourse to a fundamental analysis for their investment decision. Our study fills an important gap since empirical studies have solely focused on sovereign and corporate CDS yet. In addition, the analysis at hand provides important implications for both academics and practitioners since understanding the trading motives of bank CDS investors gives deeper insights into the still opaque CDS market.}}, author = {{Hippert, Benjamin and Uhde, André}}, keywords = {{banking, outstanding CDS net notional, determinants of bank CDS trading}}, title = {{{Determinants of CDS trading on major banks}}}, year = {{2019}}, } @techreport{15392, abstract = {{Employing a sample of 492 merger and acquisition (M&A) announcements from 284 acquirers across North America and Europe between 2005 and 2018, this study analyzes the impact of M&A announcements on an acquirers abnormal CDS spread changes. We nd that spreads from CDS which are written on acquirers increase by 310 bps during a symmetric ve-day event window suggesting that investors expect an increase in the acquirers credit risk exposure due to M&As. Next to this baseline nding, we conduct a large variety of sensitivity analyses to gain more insight into the driving factors of the rising risk perception of CDS investors due to M&A announcements.}}, author = {{Uhde, André and Hippert, Benjamin}}, keywords = {{credit default swaps, risk perception of CDS investors, mergers and acquisitions, event study}}, title = {{{The relationship between announcements of complete mergers and acquisitions and acquirers' abnormal CDS-Spread changes}}}, year = {{2019}}, } @techreport{37346, author = {{Müller, Jens and Gawehn, Vanessa}}, title = {{{Tax Avoidance - Are Banks Any Different?}}}, year = {{2019}}, } @misc{14903, author = {{Asenkerschbaumer, Stefan and Sureth-Sloane, Caren}}, booktitle = {{Frankfurter Allgemeine Zeitung}}, number = {{209}}, pages = {{18}}, title = {{{Aus Daten müssen Informationen werden}}}, year = {{2019}}, } @article{3520, author = {{Pelster, Matthias and Hofmann, Annette}}, journal = {{Journal of Banking & Finance}}, title = {{{About the Fear of Reputational Loss: Social Trading and the Disposition Effect}}}, doi = {{10.1016/j.jbankfin.2018.07.003}}, year = {{2018}}, } @article{3902, abstract = {{All over the world, firms and governments are increasingly concerned about the rise in tax complexity. To manage it and develop effective simplification measures, detailed information on the current drivers of complexity is required. However, research on this topic is scarce. This is surprising as the latest developments-for example, those triggered by the BEPS project-have given rise to the conjecture that complexity drivers may have changed, thus questioning the findings of prior studies. In this article, we shed light on this issue and provide a global picture of the current drivers of tax complexity that multinational corporations face based on a survey of 221 highly experienced tax consultants from 108 countries. Our results show that prior complexity drivers of the tax code are still important, with details and changes of tax regulations being the two most important complexity drivers. We also find evidence for new important complexity drivers emerging from different areas of the tax framework, such as inconsistent decisions among tax officers (tax audits) or retroactively applied tax law amendments (tax enactment). Based on the tax consultants' responses, we develop a concept of tax complexity that is characterized by two pillars, tax code and tax framework complexity and illustrates the various aspects that should be considered when assessing the complexity of a country's tax system.}}, author = {{Hoppe, Thomas and Schanz, Deborah and Sturm, Susann and Sureth-Sloane, Caren}}, issn = {{ 0165-2826}}, journal = {{Intertax}}, number = {{8/9}}, pages = {{654--675}}, publisher = {{Kluwer Law International}}, title = {{{What are the Drivers of Tax Complexity for MNCs? Global Evidence}}}, volume = {{46}}, year = {{2018}}, } @techreport{20876, author = {{Sievers, Sönke and Keienburg, Georg and Schmid, Timo and Degen, Dominik}}, publisher = {{The Boston Consulting Group, Inc., M&A Report}}, title = {{{Synergies Take Center Stage}}}, year = {{2018}}, } @techreport{20878, author = {{Sievers, Sönke}}, title = {{{Blog post by Prof. Sönke Sievers: Kapitalmarktorientierte Erfolgsmessung von M&A Transaktionen – Deutsche und weltweite Evidenz.}}}, year = {{2018}}, } @techreport{20879, author = {{Sievers, Sönke and Degen, Dominik and Keienburg, Georg and Schmid, Timo and Kengelbach, Jens}}, publisher = {{The Boston Consulting Group, Inc., M&A Report}}, title = {{{Update on the M&A market entitled As Prices Peak, Should Dealmakers wait for the next Downturn?}}}, year = {{2018}}, } @techreport{20880, author = {{Sievers, Sönke and Robinson, David T. and Hüther, Niklas and Hartmann-Wendels, Thomas}}, title = {{{Post on Paying for Performance in Private Equity: Evidence from VC Partnerships.}}}, year = {{2018}}, } @inbook{4865, author = {{Betz, Stefan}}, booktitle = {{Industrielles Controlling - Planung, Steuerung und Kontrolle von Beschaffung, Produktion und Logistik}}, editor = {{Betz, Stefan}}, pages = {{87--116}}, title = {{{Operative Handlungsempfehlungen für eine kostenorientierte Instandhaltunsplanung}}}, year = {{2018}}, } @inbook{4866, author = {{Betz, Stefan}}, booktitle = {{Industrielles Controlling - Planung, Steuerung und Kontrolle von Beschaffung, Produktion und Logistik}}, editor = {{Betz, Stefan}}, pages = {{147--178}}, title = {{{Innovationsrisikomanagement bei unsicheren Cash-Flow-Prognosen}}}, year = {{2018}}, } @book{4867, editor = {{Betz, Stefan}}, title = {{{Industrielles Controlling - Planung, Steuerung und Kontrolle von Beschaffung, Produktion und Logistik}}}, year = {{2018}}, } @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}}, } @techreport{5007, abstract = {{This study analyzes the relation between accounting conservatism, future tax rate cuts and countries’ level of book-tax conformity. Firms have an incentive to increase conservatism in financial reporting when a tax rate cut is imminent to shift taxable income into the lower taxed future. Using a panel of firms across 18 countries from 1995 to 2010 I find that conditional conservatism is positively and significantly associated with future tax rate cuts when book-tax conformity is high. This effect is particularly pronounced for firms that concentrate the majority of their operations in the country in which the tax rate is cut. In contrast, there is no significant relation between future tax rate cuts and unconditional conservatism.}}, author = {{Bornemann, Tobias}}, title = {{{Tax Avoidance and Accounting Conservatism}}}, volume = {{No. 2018-04}}, year = {{2018}}, }