@article{47908,
  abstract     = {{<jats:title>Abstract</jats:title><jats:p>In this paper, we propose a binomial approach to modeling sequential R&amp;D investments. More specifically, we present a compound real options approach, simplifying the existing valuation methodology. Based upon the same set of assumptions as prior models, we show that the number of computational steps for valuing any compound option can be reduced to a single step. We demonstrate the applicability of our approach using the real-world example of valuing a new drug application. Overall, our work provides a heuristic framework for fostering the adoption of binomial compound option valuation techniques in R&amp;D management.</jats:p>}},
  author       = {{Hauschild, Bastian and Reimsbach, Daniel}},
  issn         = {{2198-3402}},
  journal      = {{Business Research}},
  keywords     = {{Business, Management and Accounting (miscellaneous)}},
  number       = {{1}},
  pages        = {{39--59}},
  publisher    = {{Springer Science and Business Media LLC}},
  title        = {{{Modeling sequential R&amp;D investments: a binomial compound option approach}}},
  doi          = {{10.1007/s40685-014-0017-5}},
  volume       = {{8}},
  year         = {{2014}},
}

@phdthesis{50371,
  author       = {{Puls, Christoph}},
  isbn         = {{978-3-8300-7989-7}},
  pages        = {{247}},
  publisher    = {{Dr. Kovac}},
  title        = {{{Zielorientiertes Management von Logistikdienstleistungen in Netzwerken kooperierender Unternehmen}}},
  year         = {{2014}},
}

@phdthesis{50378,
  author       = {{Ortgiese, Malte}},
  isbn         = {{978-3-8300-8244-6}},
  pages        = {{249}},
  publisher    = {{Dr. Kovac}},
  title        = {{{Integrierte Lagerstandort- und -kapazitätsplanung als Gegenstand der strategischen Logistk}}},
  year         = {{2014}},
}

@phdthesis{46059,
  author       = {{Kortebusch, Pia}},
  title        = {{{Zur Attraktivität von Advance Tax Rulings (ATRs) und Advance Pricing Agreements (APAs) für Investoren und Steuerbehörden: The Attractiveness of Advance Tax Rulings (ATRs) and Advance Pricing Agreements(APAs) for Investors and Tax Authorities, Synopse zur Dissertation}}},
  year         = {{2014}},
}

@inproceedings{37107,
  author       = {{Florou, Annita and Kosi, Urska}},
  location     = {{Graz, Austria}},
  title        = {{{Does mandatory IFRS adoption facilitate debt financing? }}},
  year         = {{2014}},
}

@techreport{37090,
  author       = {{Koren, Jernej and Kosi, Urska and Valentincic, Aljosa}},
  title        = {{{Cost of Debt for Private Firms Revisited: Voluntary Audits as a Reflection of Risk}}},
  year         = {{2014}},
}

@article{4037,
  abstract     = {{This study examines the determinants of financial firms' lobbying behaviour in the replacement process of International Financial Reporting Standard 4 (IFRS 4) Insurance Contracts. Based on comment letters in response to International Accounting Standards Board's (IASB) Exposure Draft 2010/8, we investigate firms' lobbying decisions and their long-term lobbying intensity. Using an international sample of publicly listed financial firms, we show that insurance companies and financially constrained IFRS firms are more likely to lobby the IASB. We also examine the long-term lobbying activity in the IFRS 4 replacement process during the years 2007–2010. We find that insurance companies and firms with dispersed ownership lobby more. Our results are stronger for IFRS firms compared to US generally accepted accounting principles users. Overall, we document intense lobbying by financial firms and present results that are largely consistent with economic consequences of anticipated accounting changes being the main driver of firms' lobbying behaviour. These results are in line with prior findings for non-financial firms.}},
  author       = {{Kosi, Urska and Reither, Antonia}},
  journal      = {{Accounting in Europe}},
  keywords     = {{standard setting, IASB, corporate lobbying, financial firms, IFRS 4}},
  number       = {{1}},
  pages        = {{89--112}},
  title        = {{{Determinants of corporate participation in the IFRS 4 (insurance contracts) replacement process}}},
  doi          = {{10.1080/17449480.2014.897459}},
  volume       = {{11}},
  year         = {{2014}},
}

@article{4879,
  abstract     = {{This study examines the effect of audit on private firms’ cost of debt. We use a sample of 1,949 small private firms operating in the period 2006-2010 with optional financial statement audit. High quality data allows us to construct a more precise interest rate measure than existing studies employ. After controlling for obvious sources of demand for voluntary audits (ownership complexity, subsidiary status, bank relations), we find a robust central result that voluntary audits increase rather than decrease the cost of debt financing, contrary to several existing studies. This finding indicates that voluntary audits are generally treated as “adopting a label” and penalised by creditors, regardless of the perceived auditor quality as a result of the lemon problem in the audit market. Even Big-4 audits increase the cost of debt, likely as a result due to the lemon problem in the audit market, although the increase is smaller than for non-Big-4 audits. The results are sensitive to the estimation method used (OLS, Heckman’s two-step, PSM) and (sub-)sample selection. We show that disregarding the underlying assumptions of these estimation methods may lead to incorrect inferences. Additional analyses show that audited firms’ reported earnings are less informative about future operating performance than earnings of their unaudited counterparts. Our results also indicate that results are sensitive to cost of debt definition and this might have affected the results reported in the existing literature. }},
  author       = {{Koren, Jernej and Kosi, Urska and Valentincic, Aljosa}},
  journal      = {{SSRN Electronic Journal }},
  title        = {{{Does Financial Statement Audit Reduce the Cost of Debt of Private Firms?}}},
  year         = {{2014}},
}

@techreport{5036,
  author       = {{Fahr, Rene and Janssen, Elmar A. and Sureth-Sloane, Caren}},
  title        = {{{Can Tax Rate Changes Accelerate Investment Under Entry and Exit Flexibility? - Insights from an Economic Experiment}}},
  volume       = {{166}},
  year         = {{2014}},
}

@inbook{2610,
  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 Instandhaltungsplanung}}},
  year         = {{2013}},
}

@inbook{2611,
  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         = {{2013}},
}

@inbook{2613,
  author       = {{Betz, Stefan}},
  booktitle    = {{Jahrbuch für Controlling und Rechnungswesen}},
  editor       = {{Seicht, Gerhard}},
  pages        = {{595--618}},
  title        = {{{Integration von Instandhaltungskosten in das Innovationsrisikomanagement}}},
  year         = {{2013}},
}

@book{2670,
  editor       = {{Betz, Stefan}},
  title        = {{{Industrielles Controlling - Planung, Steuerung und Kontrolle von Beschaffung, Produktion und Logistik}}},
  year         = {{2013}},
}

@article{20863,
  abstract     = {{This article examines and extends research on the relation between the capital asset pricing model market beta, accounting risk measures and macroeconomic risk factors. We employ a beta decomposition approach that nests competing models with different business risk proxies and allows to frame cross-model comparison. Because model tests require estimated independent variables resulting in measurement error, we empirically estimate three comparable model specifications with instrumental variable estimators and for the first time provide thorough instrument diagnostics in this setting. Correcting for the heretofore neglected weak instruments problem we find that growth risk (i.e., the risk of firm sales variations that are inconsistent with the market wide trends), is the business risk that explains cross-sectional variations in market beta best.}},
  author       = {{Schlueter, Tobias and Sievers, Sönke}},
  issn         = {{0924-865X}},
  journal      = {{Review of Quantitative Finance and Accounting (VHB-JOURQUAL 3 Ranking B)}},
  keywords     = {{CAPM, Cost of capital, Accounting beta, Intrinsic business risk, Growth risk, Instrumental variables}},
  number       = {{3}},
  pages        = {{535--570}},
  title        = {{{Determinants of market beta: the impacts of firm-specific accounting figures and market conditions}}},
  doi          = {{10.1007/s11156-013-0352-1}},
  year         = {{2013}},
}

@article{22921,
  author       = {{Sureth-Sloane, Caren}},
  issn         = {{0340-1650}},
  journal      = {{WiSt - Wirtschaftswissenschaftliches Studium}},
  number       = {{5}},
  pages        = {{257--260}},
  title        = {{{Mehr Theorie wagen: Eine neue Ausbildung für die Praxis?}}},
  doi          = {{10.15358/0340-1650_2013_5_257}},
  volume       = {{42}},
  year         = {{2013}},
}

@book{5042,
  author       = {{König, Rolf and Sureth-Sloane, Caren}},
  publisher    = {{Verlag Neue Wirtschafts-Briefe}},
  title        = {{{Besteuerung und Rechtsformwahl}}},
  year         = {{2013}},
}

@misc{5043,
  author       = {{Maiterth, Ralf and Sureth-Sloane, Caren}},
  booktitle    = {{Frankfurter Allgemeine Zeitung}},
  number       = {{125}},
  pages        = {{18}},
  title        = {{{Vermögensteuer vernichtet Eigenkapital}}},
  year         = {{2013}},
}

@techreport{5044,
  author       = {{Meißner, Fabian and Sureth-Sloane, Caren}},
  title        = {{{The Impact of Corporate Taxes and Flexibility on Entrepreneurial Decisions with Moral Hazard and Simultaneous Firm and Personal Level Taxation}}},
  volume       = {{141}},
  year         = {{2013}},
}

@misc{5046,
  author       = {{Sureth-Sloane, Caren}},
  booktitle    = {{Cicero Online}},
  title        = {{{ Die Reichensteuer gefährdet Arbeitsplätze}}},
  year         = {{2013}},
}

@article{5108,
  abstract     = {{This study integrates the government in the context of company valuation. Our framework allows to analyze and to quantify the risk-sharing effects and conflicts of interest between the government and the shareholders when firms follow different financial policies. We provide novel evidence that firms with fixed future levels of debt might invest more than socially desirable. Economically, this happens if the gain in tax-shields is big enough to outweigh the loss in the unlevered firm value. Our findings have implications for the practice of investment subsidy programs provided by the government to avoid fostering investments beyond the socially optimal level. }},
  author       = {{Kreutzmann, Daniel and Sievers, Sönke and Mueller, Christian}},
  journal      = {{Applied Financial Economics (VHB-JOURQUAL 3 Ranking C)}},
  keywords     = {{corporate tax claim, company valuation, optimal investment, cost of capital}},
  number       = {{11}},
  pages        = {{977--989}},
  publisher    = {{Taylor \& Francis}},
  title        = {{{Investment distortions and the value of the government's tax claim}}},
  doi          = {{10.1080/09603107.2013.786161}},
  volume       = {{23}},
  year         = {{2013}},
}