@book{2677, editor = {{Betz, Stefan}}, title = {{{Aktuelle Fragestellungen zu Produktion, Logistik und Controlling}}}, year = {{2017}}, } @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{20868, abstract = {{This study proposes a simple theoretical framework that allows for assessing financial distress up to five years in advance. We jointly model financial distress by using two of its key driving factors: declining cash-generating ability and insufficient liquidity reserves. The model is based on stochastic processes and incorporates firm-level and industry-sector developments. A large-scale empirical implementation for US-listed firms over the period of 1980-2010 shows important improvements in the discriminatory accuracy and demonstrates incremental information content beyond state-of-the-art accounting and market-based prediction models. Consequently, this study might provide important ex ante warning signals for investors, regulators and practitioners.}}, author = {{Sievers, Sönke and Klobucnik, Jan and Miersch, David}}, keywords = {{Financial distress prediction, probability of default, accounting information, stochastic processes, simulation}}, pages = {{84}}, title = {{{Predicting Early Warning Signals of Financial Distress: Theory and Empirical Evidence}}}, doi = {{10.2139/ssrn.2237757}}, year = {{2017}}, } @article{2241, abstract = {{Die Komplexität des Steuersystems stellt auch in Deutschland ein großes Problem dar. Entgegen bisherigen Betrachtungen weist die vorliegende Befragungsstudie darauf hin, dass die Treiber für steuerliche Komplexität deutlich vielfältiger und nicht nur im Gesetz, sondern auch in den steuerlichen Rahmenbedingungen zu verorten sind. Einerseits tragen übermäßig viele Details und häufige oder umfangreiche Änderungen in erheblichem Maße dazu bei, dass Regelungen – wie solche zu Verrechnungspreisen – als komplex beurteilt werden. Andererseits erweisen sich auch inkonsistente Entscheidungen im Rahmen von Betriebsprüfungen und mangelhafte Gesetzesentwürfe als wesentliche Komplexitätstreiber. Statt einer permanenten Ausweitung von Regulierung sollte künftig der Abbau der im Beitrag identifizierten Probleme gezielt in den Fokus von Wissenschaft, Politik und Praxis rücken.}}, author = {{Hoppe, Thomas and Schanz, Deborah and Sturm, Susann and Sureth-Sloane, Caren}}, journal = {{Die Wirtschaftsprüfung}}, keywords = {{Steuersystem, Komplexität, Steuergesetz, Steuerliche Rahmenbedingungen, BEPS}}, number = {{17}}, pages = {{1026--1033}}, publisher = {{IDW}}, title = {{{Warum ist unser Steuersystem so komplex? Eine befragungsbasierte Analyse}}}, volume = {{70}}, year = {{2017}}, } @techreport{2247, author = {{Hoppe, Thomas and Schanz, Deborah and Sturm, Susann and Sureth-Sloane, Caren}}, pages = {{27}}, title = {{{2016 Global MNC Tax Complexity Survey - Executive Summary}}}, doi = {{10.13140/RG.2.2.23707.46881}}, year = {{2017}}, } @techreport{2250, 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, triggered by the BEPS project—give rise to the conjecture that complexity drivers may have changed, thus questioning the findings of prior studies. In this paper, 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 practitioners from 108 countries. Our results show that prior complexity drivers of the tax code are still relevant, with details and changes of tax regulations being the two most influential complexity drivers. We also find evidence for new relevant 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 responses of the practitioners, we develop a concept of tax complexity that distinguishes 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 = {{1556-5068}}, keywords = {{Complexity Drivers, International Comparison, Survey, Tax Complexity, Tax Practitioners}}, pages = {{28}}, title = {{{What are the Drivers of Tax Complexity for Multinational Corporations? Evidence from 108 Countries}}}, doi = {{10.2139/ssrn.3046546}}, 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}}, } @techreport{4712, author = {{Mehrmann, Annika and Sureth-Sloane, Caren}}, title = {{{Tax Loss Offset Restrictions and Biased Perception of Risky Investments}}}, doi = {{arqus Working Paper No. 222}}, volume = {{222}}, year = {{2017}}, } @book{4713, author = {{Sureth-Sloane, Caren}}, publisher = {{Eusl-Verlag, Detmold}}, title = {{{Die Fakultät für Wirtschaftswissenschaften an der Universität Paderborn: Zeitzeugen geben Einblicke in den Werdegang ihrer Fakultät}}}, year = {{2017}}, } @techreport{4773, author = {{Ebert, Michael and Schneider, Georg Thomas}}, title = {{{Is there more voluntary disclosure if investors are better informed?}}}, year = {{2017}}, } @phdthesis{5011, author = {{Mehrmann, Annika}}, publisher = {{Verlag Dr. Kovac}}, title = {{{Der Einfluss steuerlicher Verlustverrechnung auf Investitionsentscheidungen bei Risiko unter Berücksichtigung präskriptiver und deskriptiver Verhaltenselemente}}}, year = {{2017}}, } @phdthesis{5012, author = {{Brinkmann, Bastian}}, publisher = {{Verlag Dr. Kovac}}, title = {{{Die Bewertung der Steuerstrategie von Unternehmen}}}, year = {{2017}}, } @article{5013, author = {{Bornemann, Tobias and Eberhartinger, Eva}}, journal = {{RWZ- Zeitschrift für Recht und Rechnungswesen}}, number = {{10}}, pages = {{319--325}}, title = {{{Die Initiative der EU zum öffentlichen Country-by-Country Reporting}}}, volume = {{27}}, year = {{2017}}, } @article{5014, abstract = {{This paper studies the impact of personal and corporate income taxation on capital charge rates in a delegation setting with a risk-averse manager. If the investment level influences the riskiness of the investment project, the capital charge rate deviates from the firm's cost of capital and depends crucially on the manager's personal income tax rate. Contradicting conventional wisdom, we find that a higher personal income tax rate induces higher investment expenditures and, surprisingly, increases the capital charge rate. The countervailing effect that a higher capital charge rate induces higher and not lower investment expenditures persists for pre-tax and after-tax performance measures as well as when the tax deductibility of managerial compensation is limited. Corporate income tax causes a similar effect only in the case of limited tax deductibility of compensation. Our insights remain valid regardless of the financing structure and the risk attitude of the investors.}}, author = {{Bauer, Thomas and Kourouxous, Thomas}}, issn = {{0963-8180}}, journal = {{European Accounting Review}}, number = {{3}}, pages = {{419--440}}, publisher = {{Informa UK Limited}}, title = {{{Capital Charge Rates, Investment Incentives and Taxation}}}, doi = {{10.1080/09638180.2016.1169938}}, volume = {{26}}, year = {{2017}}, } @techreport{5174, author = {{Sievers, Sönke and Kengelbach, Jens and Keienburg, Georg and Schmid, Timo and Gjersta, Ketil and Nielsen, Jesper and Walker, Decker}}, publisher = {{The Boston Consulting Group, Inc., M&A Report}}, title = {{{The Technology Takeover}}}, year = {{2017}}, } @article{5185, abstract = {{We offer the first empirical analysis connecting the timing of general partner (GP) compensation to private equity fund performance. Using detailed information on limited partnership agreements between private equity limited and general partners, we find that "GP-friendly" contracts - agreements that pay general partners on a deal-by-deal basis instead of withholding carried interest until a benchmark return has been earned - are associated with higher returns, both gross and net of fees. This is robust to measures of performance persistence, time period effects, and other contract terms, and is related to exit-timing incentives. Timing practices balance GP incentives against limited partner downside protection. }}, author = {{Hüther, Niklas and Robinson, David and Sievers, Sönke and Hartmann-Wendels, Thomas}}, journal = {{SSRN Electronic Journal}}, keywords = {{venture capital, compensation, private equity, VC partnership, pay-performance relation}}, title = {{{Paying for Performance in Private Equity: Evidence from VC Partnerships}}}, doi = {{10.2139/ssrn.3087320}}, year = {{2017}}, } @article{5199, abstract = {{This study proposes a simple theoretical framework that allows for assessing financial distress up to five years in advance. We jointly model financial distress by using two of its key driving factors: declining cash-generating ability and insufficient liquidity reserves. The model is based on stochastic processes and incorporates firm-level and industry-sector developments. A large-scale empirical implementation for US-listed firms over the period of 1980-2010 shows important improvements in the discriminatory accuracy and demonstrates incremental information content beyond state-of-the-art accounting and market-based prediction models. Consequently, this study might provide important ex ante warning signals for investors, regulators and practitioners. }}, author = {{Klobucnik, Jan and Miersch, David and Sievers, Sönke}}, journal = {{SSRN Electronic Journal}}, keywords = {{Financial distress prediction, probability of default, accounting information, stochastic processes, simulation}}, title = {{{Predicting Early Warning Signals of Financial Distress: Theory and Empirical Evidence}}}, year = {{2017}}, } @article{1446, author = {{Köster, Hannes and Pelster, Matthias}}, issn = {{0378-4266}}, journal = {{Journal of Banking & Finance}}, pages = {{57--73}}, publisher = {{Elsevier BV}}, title = {{{Financial penalties and bank performance}}}, doi = {{10.1016/j.jbankfin.2017.02.009}}, volume = {{79}}, year = {{2017}}, } @article{1448, author = {{Pelster, Matthias and Vilsmeier, Johannes}}, issn = {{1380-6645}}, journal = {{Review of Derivatives Research}}, number = {{1}}, pages = {{63--118}}, publisher = {{Springer Nature}}, title = {{{The determinants of CDS spreads: evidence from the model space}}}, doi = {{10.1007/s11147-017-9134-6}}, volume = {{21}}, year = {{2017}}, }