[{"abstract":[{"lang":"eng","text":"This article examines the liquidity effects of a wealth tax on residential rental real estate. Using data from a real estate corporation, we simulate the effects of a wealth tax on cash flows from the rental operations. The level of detail of the data enables us to conduct analyses at the annual, regional and year of construction level. A comparison with real estate data from other sources supports external validity. The results of the simulation show that the introduction of a wealth tax can significantly reduce the cash flow from rental operations and lead to liquidity problems. On average over all observations, a wealth tax rate of 2% leads to a negative cash flow after all costs. In general, this finding implies that growth-oriented real estate is more affected by a wealth tax in terms of liquidity than rental yield-oriented real estate. Particularly in large cities with high market values but relatively low rents, the liquidity effects can be more than three times as high as in rural or industrial regions – potentially leading to a relative loss of investment attractiveness. As a wealth tax is decoupled from rental income, the tax burden is very sensitive to market developments, including the interest rate environment. As a result, investments in residential rental real estate are exposed to additional uncertainty. This additional tax uncertainty might impair the willingness to invest and should therefore be taken into account in political discussions on the reintroduction of a wealth tax."}],"citation":{"short":"R. Maiterth, Y. Piper, C. Sureth-Sloane, Liquidity Effects of a Wealth Tax on Residential Rental Real Estate, 2026.","chicago":"Maiterth, Ralf, Yuri Piper, and Caren Sureth-Sloane. <i>Liquidity Effects of a Wealth Tax on Residential Rental Real Estate</i>. TRR 266 Accounting for Transparency Working Paper Series No. 221, 2026. <a href=\"https://doi.org/10.2139/ssrn.6147767\">https://doi.org/10.2139/ssrn.6147767</a>.","apa":"Maiterth, R., Piper, Y., &#38; Sureth-Sloane, C. (2026). <i>Liquidity Effects of a Wealth Tax on Residential Rental Real Estate</i>. <a href=\"https://doi.org/10.2139/ssrn.6147767\">https://doi.org/10.2139/ssrn.6147767</a>","ieee":"R. Maiterth, Y. Piper, and C. Sureth-Sloane, <i>Liquidity Effects of a Wealth Tax on Residential Rental Real Estate</i>. 2026.","ama":"Maiterth R, Piper Y, Sureth-Sloane C. <i>Liquidity Effects of a Wealth Tax on Residential Rental Real Estate</i>.; 2026. doi:<a href=\"https://doi.org/10.2139/ssrn.6147767\">10.2139/ssrn.6147767</a>","bibtex":"@book{Maiterth_Piper_Sureth-Sloane_2026, series={TRR 266 Accounting for Transparency Working Paper Series No. 221}, title={Liquidity Effects of a Wealth Tax on Residential Rental Real Estate}, DOI={<a href=\"https://doi.org/10.2139/ssrn.6147767\">10.2139/ssrn.6147767</a>}, author={Maiterth, Ralf and Piper, Yuri and Sureth-Sloane, Caren}, year={2026}, collection={TRR 266 Accounting for Transparency Working Paper Series No. 221} }","mla":"Maiterth, Ralf, et al. <i>Liquidity Effects of a Wealth Tax on Residential Rental Real Estate</i>. 2026, doi:<a href=\"https://doi.org/10.2139/ssrn.6147767\">10.2139/ssrn.6147767</a>."},"department":[{"_id":"187"}],"type":"working_paper","date_created":"2026-02-02T13:38:29Z","date_updated":"2026-02-09T11:18:25Z","publication_status":"published","author":[{"first_name":"Ralf","last_name":"Maiterth","full_name":"Maiterth, Ralf"},{"full_name":"Piper, Yuri","last_name":"Piper","first_name":"Yuri","id":"49955"},{"id":"530","full_name":"Sureth-Sloane, Caren","orcid":" 0000-0002-8183-5901","last_name":"Sureth-Sloane","first_name":"Caren"}],"jel":["H22","H23","H24","R31"],"status":"public","title":"Liquidity Effects of a Wealth Tax on Residential Rental Real Estate","year":"2026","doi":"10.2139/ssrn.6147767","user_id":"96670","series_title":"TRR 266 Accounting for Transparency Working Paper Series No. 221","_id":"63835","language":[{"iso":"eng"}]},{"author":[{"full_name":"Kombert, Sounia","first_name":"Sounia","last_name":"Kombert"},{"full_name":"Sureth-Sloane, Caren","first_name":"Caren","orcid":" 0000-0002-8183-5901","last_name":"Sureth-Sloane","id":"530"}],"status":"public","year":"2026","title":"Schocks durch Zölle und Steuern. Handelskonflikte und Abkommen werden zur zentralen Frage für Unternehmen. Wie bewältigen sie die neue Unsicherheit?","date_updated":"2026-03-12T08:54:10Z","language":[{"iso":"eng"}],"_id":"64904","page":"16, Sp. 1-4","publication_date":"2026-03-02","user_id":"96670","citation":{"bibtex":"@article{Kombert_Sureth-Sloane_2026, title={Schocks durch Zölle und Steuern. Handelskonflikte und Abkommen werden zur zentralen Frage für Unternehmen. Wie bewältigen sie die neue Unsicherheit?}, number={51}, journal={Frankfurter Allgemeine Zeitung}, author={Kombert, Sounia and Sureth-Sloane, Caren}, year={2026}, pages={16, Sp. 1-4} }","ama":"Kombert S, Sureth-Sloane C. Schocks durch Zölle und Steuern. Handelskonflikte und Abkommen werden zur zentralen Frage für Unternehmen. Wie bewältigen sie die neue Unsicherheit? <i>Frankfurter Allgemeine Zeitung</i>. 2026:16, Sp. 1-4.","mla":"Kombert, Sounia, and Caren Sureth-Sloane. “Schocks Durch Zölle Und Steuern. Handelskonflikte Und Abkommen Werden Zur Zentralen Frage Für Unternehmen. Wie Bewältigen Sie Die Neue Unsicherheit?” <i>Frankfurter Allgemeine Zeitung</i>, no. 51, 2026, pp. 16, Sp. 1-4.","chicago":"Kombert, Sounia, and Caren Sureth-Sloane. “Schocks Durch Zölle Und Steuern. Handelskonflikte Und Abkommen Werden Zur Zentralen Frage Für Unternehmen. Wie Bewältigen Sie Die Neue Unsicherheit?” <i>Frankfurter Allgemeine Zeitung</i>, 2026.","short":"S. Kombert, C. Sureth-Sloane, Frankfurter Allgemeine Zeitung (2026) 16, Sp. 1-4.","ieee":"S. Kombert and C. Sureth-Sloane, “Schocks durch Zölle und Steuern. Handelskonflikte und Abkommen werden zur zentralen Frage für Unternehmen. Wie bewältigen sie die neue Unsicherheit?,” <i>Frankfurter Allgemeine Zeitung</i>, no. 51, pp. 16, Sp. 1-4, 2026.","apa":"Kombert, S., &#38; Sureth-Sloane, C. (2026). Schocks durch Zölle und Steuern. Handelskonflikte und Abkommen werden zur zentralen Frage für Unternehmen. Wie bewältigen sie die neue Unsicherheit? <i>Frankfurter Allgemeine Zeitung</i>, <i>51</i>, 16, Sp. 1-4."},"issue":"51","publication":"Frankfurter Allgemeine Zeitung","date_created":"2026-03-12T08:53:31Z","department":[{"_id":"187"}],"type":"newspaper_article"},{"date_updated":"2026-03-12T08:54:13Z","author":[{"last_name":"Hoppe","first_name":"Thomas","full_name":"Hoppe, Thomas"},{"first_name":"Deborah","last_name":"Schanz","full_name":"Schanz, Deborah"},{"full_name":"Sturm, Susann","first_name":"Susann","last_name":"Sturm"},{"full_name":"Sureth-Sloane, Caren","last_name":"Sureth-Sloane","first_name":"Caren","orcid":" 0000-0002-8183-5901","id":"530"}],"status":"public","title":"Steuerkomplexität: Wie lässt sie sich messen und welche Folgen hat sie?","year":"2026","user_id":"96670","doi":"10.54585/IEZK8936","_id":"64903","language":[{"iso":"eng"}],"page":"1-12","citation":{"bibtex":"@article{Hoppe_Schanz_Sturm_Sureth-Sloane_2026, title={Steuerkomplexität: Wie lässt sie sich messen und welche Folgen hat sie?}, DOI={<a href=\"https://doi.org/10.54585/IEZK8936\">10.54585/IEZK8936</a>}, number={6}, journal={Schmalenbach IMPULSE}, author={Hoppe, Thomas and Schanz, Deborah and Sturm, Susann and Sureth-Sloane, Caren}, year={2026}, pages={1–12} }","ama":"Hoppe T, Schanz D, Sturm S, Sureth-Sloane C. Steuerkomplexität: Wie lässt sie sich messen und welche Folgen hat sie? <i>Schmalenbach IMPULSE</i>. 2026;(6):1-12. doi:<a href=\"https://doi.org/10.54585/IEZK8936\">10.54585/IEZK8936</a>","mla":"Hoppe, Thomas, et al. “Steuerkomplexität: Wie Lässt Sie Sich Messen Und Welche Folgen Hat Sie?” <i>Schmalenbach IMPULSE</i>, no. 6, 2026, pp. 1–12, doi:<a href=\"https://doi.org/10.54585/IEZK8936\">10.54585/IEZK8936</a>.","chicago":"Hoppe, Thomas, Deborah Schanz, Susann Sturm, and Caren Sureth-Sloane. “Steuerkomplexität: Wie Lässt Sie Sich Messen Und Welche Folgen Hat Sie?” <i>Schmalenbach IMPULSE</i>, no. 6 (2026): 1–12. <a href=\"https://doi.org/10.54585/IEZK8936\">https://doi.org/10.54585/IEZK8936</a>.","short":"T. Hoppe, D. Schanz, S. Sturm, C. Sureth-Sloane, Schmalenbach IMPULSE (2026) 1–12.","ieee":"T. Hoppe, D. Schanz, S. Sturm, and C. Sureth-Sloane, “Steuerkomplexität: Wie lässt sie sich messen und welche Folgen hat sie?,” <i>Schmalenbach IMPULSE</i>, no. 6, pp. 1–12, 2026, doi: <a href=\"https://doi.org/10.54585/IEZK8936\">10.54585/IEZK8936</a>.","apa":"Hoppe, T., Schanz, D., Sturm, S., &#38; Sureth-Sloane, C. (2026). Steuerkomplexität: Wie lässt sie sich messen und welche Folgen hat sie? <i>Schmalenbach IMPULSE</i>, <i>6</i>, 1–12. <a href=\"https://doi.org/10.54585/IEZK8936\">https://doi.org/10.54585/IEZK8936</a>"},"publication":"Schmalenbach IMPULSE","issue":"6","department":[{"_id":"187"}],"type":"journal_article","date_created":"2026-03-12T08:49:50Z"},{"_id":"63577","language":[{"iso":"eng"}],"user_id":"74000","doi":"10.1016/j.intaccaudtax.2026.100759","volume":60,"year":"2026","status":"public","title":"Banks' tax disclosure, financial secrecy, and tax haven heterogeneity","author":[{"first_name":"Eva","last_name":"Eberhartinger","full_name":"Eberhartinger, Eva"},{"last_name":"Speitmann","first_name":"Raffael","full_name":"Speitmann, Raffael"},{"id":"530","full_name":"Sureth-Sloane, Caren","first_name":"Caren","last_name":"Sureth-Sloane","orcid":" 0000-0002-8183-5901"}],"publication_status":"published","date_updated":"2026-04-09T07:24:33Z","intvolume":"        60","date_created":"2026-01-13T08:35:28Z","type":"journal_article","department":[{"_id":"187"}],"publication":"Journal of International Accounting, Auditing and Taxation (JIAAT)","citation":{"mla":"Eberhartinger, Eva, et al. “Banks’ Tax Disclosure, Financial Secrecy, and Tax Haven Heterogeneity.” <i>Journal of International Accounting, Auditing and Taxation (JIAAT)</i>, vol. 60, 2026, doi:<a href=\"https://doi.org/10.1016/j.intaccaudtax.2026.100759\">10.1016/j.intaccaudtax.2026.100759</a>.","bibtex":"@article{Eberhartinger_Speitmann_Sureth-Sloane_2026, title={Banks’ tax disclosure, financial secrecy, and tax haven heterogeneity}, volume={60}, DOI={<a href=\"https://doi.org/10.1016/j.intaccaudtax.2026.100759\">10.1016/j.intaccaudtax.2026.100759</a>}, journal={Journal of International Accounting, Auditing and Taxation (JIAAT)}, author={Eberhartinger, Eva and Speitmann, Raffael and Sureth-Sloane, Caren}, year={2026} }","ama":"Eberhartinger E, Speitmann R, Sureth-Sloane C. Banks’ tax disclosure, financial secrecy, and tax haven heterogeneity. <i>Journal of International Accounting, Auditing and Taxation (JIAAT)</i>. 2026;60. doi:<a href=\"https://doi.org/10.1016/j.intaccaudtax.2026.100759\">10.1016/j.intaccaudtax.2026.100759</a>","ieee":"E. Eberhartinger, R. Speitmann, and C. Sureth-Sloane, “Banks’ tax disclosure, financial secrecy, and tax haven heterogeneity,” <i>Journal of International Accounting, Auditing and Taxation (JIAAT)</i>, vol. 60, 2026, doi: <a href=\"https://doi.org/10.1016/j.intaccaudtax.2026.100759\">10.1016/j.intaccaudtax.2026.100759</a>.","apa":"Eberhartinger, E., Speitmann, R., &#38; Sureth-Sloane, C. (2026). Banks’ tax disclosure, financial secrecy, and tax haven heterogeneity. <i>Journal of International Accounting, Auditing and Taxation (JIAAT)</i>, <i>60</i>. <a href=\"https://doi.org/10.1016/j.intaccaudtax.2026.100759\">https://doi.org/10.1016/j.intaccaudtax.2026.100759</a>","chicago":"Eberhartinger, Eva, Raffael Speitmann, and Caren Sureth-Sloane. “Banks’ Tax Disclosure, Financial Secrecy, and Tax Haven Heterogeneity.” <i>Journal of International Accounting, Auditing and Taxation (JIAAT)</i> 60 (2026). <a href=\"https://doi.org/10.1016/j.intaccaudtax.2026.100759\">https://doi.org/10.1016/j.intaccaudtax.2026.100759</a>.","short":"E. Eberhartinger, R. Speitmann, C. Sureth-Sloane, Journal of International Accounting, Auditing and Taxation (JIAAT) 60 (2026)."},"quality_controlled":"1"},{"citation":{"short":"A. Schipp, F. Siahaan, C. Sureth-Sloane, Intertax 54 (2026) 102–122.","chicago":"Schipp, Adrian, Fernando Siahaan, and Caren Sureth-Sloane. “Determinants of Tax Complexity: Evidence from a Developing Country.” <i>Intertax</i> 54, no. 2 (2026): 102–22. <a href=\"http://dx.doi.org/10.2139/ssrn.4924632\">http://dx.doi.org/10.2139/ssrn.4924632</a>.","ieee":"A. Schipp, F. Siahaan, and C. Sureth-Sloane, “Determinants of Tax Complexity: Evidence from a Developing Country,” <i>Intertax</i>, vol. 54, no. 2, pp. 102–122, 2026, doi: <a href=\"http://dx.doi.org/10.2139/ssrn.4924632\">http://dx.doi.org/10.2139/ssrn.4924632</a>.","apa":"Schipp, A., Siahaan, F., &#38; Sureth-Sloane, C. (2026). Determinants of Tax Complexity: Evidence from a Developing Country. <i>Intertax</i>, <i>54</i>(2), 102–122. <a href=\"http://dx.doi.org/10.2139/ssrn.4924632\">http://dx.doi.org/10.2139/ssrn.4924632</a>","bibtex":"@article{Schipp_Siahaan_Sureth-Sloane_2026, title={Determinants of Tax Complexity: Evidence from a Developing Country}, volume={54}, DOI={<a href=\"http://dx.doi.org/10.2139/ssrn.4924632\">http://dx.doi.org/10.2139/ssrn.4924632</a>}, number={2}, journal={Intertax}, author={Schipp, Adrian and Siahaan, Fernando and Sureth-Sloane, Caren}, year={2026}, pages={102–122} }","ama":"Schipp A, Siahaan F, Sureth-Sloane C. Determinants of Tax Complexity: Evidence from a Developing Country. <i>Intertax</i>. 2026;54(2):102-122. doi:<a href=\"http://dx.doi.org/10.2139/ssrn.4924632\">http://dx.doi.org/10.2139/ssrn.4924632</a>","mla":"Schipp, Adrian, et al. “Determinants of Tax Complexity: Evidence from a Developing Country.” <i>Intertax</i>, vol. 54, no. 2, 2026, pp. 102–22, doi:<a href=\"http://dx.doi.org/10.2139/ssrn.4924632\">http://dx.doi.org/10.2139/ssrn.4924632</a>."},"quality_controlled":"1","status":"public","page":"102-122","_id":"56815","user_id":"74000","volume":54,"issue":"2","publication":"Intertax","abstract":[{"lang":"eng","text":"This study investigates the determinants of tax complexity in Indonesia, focusing on the perspectives of tax officers and firms, and thus provides a case study relevant to developing countries. Understanding tax complexity in this context is crucial as developing nations frequently encounter legislative, fiscal, and administrative challenges that exacerbate their tax complexity. Complexity can hinder investment, impair tax revenue collection, and impede economic development. The authors adapt a global survey instrument to the Indonesian context and collect responses from Indonesian tax officers and firms. Transfer pricing is perceived as the most complex tax regulation which is consistent with cross-country studies. However, in contrast to the global findings, statutory tax rates and taxes on dividends rank second and third in Indonesia. While Indonesian tax officers emphasize the complexity of transfer pricing regulations, firms are more concerned about the complexity of tax procedures, especially tax guidance and tax audits. Furthermore, comparative analyses show that tax officers perceive tax regulations as being more complex than tax procedures. In contrast, firms perceive the opposite, particularly for tax audits. The findings offer a nuanced picture of tax complexity in a developing country and provide guidance for tax reforms in Indonesia. They also serve as a commencement for further analyses of developing countries."}],"date_created":"2024-10-30T07:25:39Z","type":"journal_article","department":[{"_id":"187"}],"year":"2026","title":"Determinants of Tax Complexity: Evidence from a Developing Country","author":[{"full_name":"Schipp, Adrian","last_name":"Schipp","first_name":"Adrian","id":"44288"},{"full_name":"Siahaan, Fernando","last_name":"Siahaan","first_name":"Fernando"},{"orcid":" 0000-0002-8183-5901","last_name":"Sureth-Sloane","first_name":"Caren","full_name":"Sureth-Sloane, Caren","id":"530"}],"publication_status":"published","date_updated":"2026-04-09T07:24:54Z","intvolume":"        54","main_file_link":[{"url":"https://kluwerlawonline.com/journalarticle/Intertax/54.2/TAXI2026020"}],"language":[{"iso":"eng"}],"doi":"http://dx.doi.org/10.2139/ssrn.4924632"},{"type":"working_paper","oa":"1","department":[{"_id":"187"}],"date_created":"2026-06-01T06:46:10Z","abstract":[{"lang":"eng","text":"We examine German individuals' preferences for income and wealth taxation and, importantly, the interplay between these two tax instruments. While prior research often examines wealth tax preferences in isolation, actual tax systems consist of multiple interacting taxes. To capture this dynamic, we elicit preferred tax burdens in a large-scale online experiment with 2,702 participants randomly assigned to one of four treatment groups: respondents state either an unspecified overall tax burden, separate income and wealth tax burdens, an income tax burden only, or a wealth tax burden only. Our baseline estimates reveal average (marginal) tax rates of approximately 17.4% (18.9%) for income and 4.1% (2.3%) for wealth. We find that participants associate wealth with an ability-to-pay taxes: when a wealth tax is not explicitly available, preferred income tax rates are approximately 30% higher. However, when both instruments are available, participants do not treat them as substitutes. Instead, they appear to treat the two taxes as separate mental bins: the standalone income and wealth tax burdens are combined in a notably additive manner, resulting in a significantly higher overall tax burden. Further, respondents apply implicit exemptions for low levels of wealth and favor a wealth tax base focused primarily on financial assets and real estate other than the primary residence."}],"citation":{"mla":"Maiterth, Ralf, et al. <i>Preferences for Taxing Wealth and Income</i>. 2026, doi:<a href=\"https://doi.org/10.2139/ssrn.6832418\">10.2139/ssrn.6832418</a>.","bibtex":"@book{Maiterth_Piper_Schneider_2026, series={TRR 266 Accounting for Transparency Working Paper Series No. 239}, title={Preferences for Taxing Wealth and Income}, DOI={<a href=\"https://doi.org/10.2139/ssrn.6832418\">10.2139/ssrn.6832418</a>}, author={Maiterth, Ralf and Piper, Yuri and Schneider, Cornelius}, year={2026}, collection={TRR 266 Accounting for Transparency Working Paper Series No. 239} }","ama":"Maiterth R, Piper Y, Schneider C. <i>Preferences for Taxing Wealth and Income</i>.; 2026. doi:<a href=\"https://doi.org/10.2139/ssrn.6832418\">10.2139/ssrn.6832418</a>","ieee":"R. Maiterth, Y. Piper, and C. Schneider, <i>Preferences for Taxing Wealth and Income</i>. 2026.","apa":"Maiterth, R., Piper, Y., &#38; Schneider, C. (2026). <i>Preferences for Taxing Wealth and Income</i>. <a href=\"https://doi.org/10.2139/ssrn.6832418\">https://doi.org/10.2139/ssrn.6832418</a>","short":"R. Maiterth, Y. Piper, C. Schneider, Preferences for Taxing Wealth and Income, 2026.","chicago":"Maiterth, Ralf, Yuri Piper, and Cornelius Schneider. <i>Preferences for Taxing Wealth and Income</i>. TRR 266 Accounting for Transparency Working Paper Series No. 239, 2026. <a href=\"https://doi.org/10.2139/ssrn.6832418\">https://doi.org/10.2139/ssrn.6832418</a>."},"doi":"10.2139/ssrn.6832418","user_id":"96670","main_file_link":[{"open_access":"1"}],"series_title":"TRR 266 Accounting for Transparency Working Paper Series No. 239","_id":"65737","language":[{"iso":"eng"}],"date_updated":"2026-06-01T06:47:26Z","status":"public","year":"2026","title":"Preferences for Taxing Wealth and Income","author":[{"full_name":"Maiterth, Ralf","last_name":"Maiterth","first_name":"Ralf"},{"last_name":"Piper","first_name":"Yuri","full_name":"Piper, Yuri","id":"49955"},{"full_name":"Schneider, Cornelius","first_name":"Cornelius","last_name":"Schneider"}]},{"oa":"1","citation":{"ieee":"R. Ichev, J. Koren, U. Kosi, K. Sitar Sustar, and A. Valentincic, “Cost of debt for private firms revisited: voluntary audits as a reflection of risk,” <i>International Review of Economics &#38; Finance</i>, vol. 109, Art. no. 105474, 2026, doi: <a href=\"https://doi.org/10.1016/j.iref.2026.105474\">10.1016/j.iref.2026.105474</a>.","apa":"Ichev, R., Koren, J., Kosi, U., Sitar Sustar, K., &#38; Valentincic, A. (2026). Cost of debt for private firms revisited: voluntary audits as a reflection of risk. <i>International Review of Economics &#38; Finance</i>, <i>109</i>, Article 105474. <a href=\"https://doi.org/10.1016/j.iref.2026.105474\">https://doi.org/10.1016/j.iref.2026.105474</a>","short":"R. Ichev, J. Koren, U. Kosi, K. Sitar Sustar, A. Valentincic, International Review of Economics &#38; Finance 109 (2026).","chicago":"Ichev, Riste, Jernej Koren, Urska Kosi, Katarina Sitar Sustar, and Aljosa Valentincic. “Cost of Debt for Private Firms Revisited: Voluntary Audits as a Reflection of Risk.” <i>International Review of Economics &#38; Finance</i> 109 (2026). <a href=\"https://doi.org/10.1016/j.iref.2026.105474\">https://doi.org/10.1016/j.iref.2026.105474</a>.","mla":"Ichev, Riste, et al. “Cost of Debt for Private Firms Revisited: Voluntary Audits as a Reflection of Risk.” <i>International Review of Economics &#38; Finance</i>, vol. 109, 105474, Elsevier , 2026, doi:<a href=\"https://doi.org/10.1016/j.iref.2026.105474\">10.1016/j.iref.2026.105474</a>.","bibtex":"@article{Ichev_Koren_Kosi_Sitar Sustar_Valentincic_2026, title={Cost of debt for private firms revisited: voluntary audits as a reflection of risk}, volume={109}, DOI={<a href=\"https://doi.org/10.1016/j.iref.2026.105474\">10.1016/j.iref.2026.105474</a>}, number={105474}, journal={International Review of Economics &#38; Finance}, publisher={Elsevier }, author={Ichev, Riste and Koren, Jernej and Kosi, Urska and Sitar Sustar, Katarina and Valentincic, Aljosa}, year={2026} }","ama":"Ichev R, Koren J, Kosi U, Sitar Sustar K, Valentincic A. Cost of debt for private firms revisited: voluntary audits as a reflection of risk. <i>International Review of Economics &#38; Finance</i>. 2026;109. doi:<a href=\"https://doi.org/10.1016/j.iref.2026.105474\">10.1016/j.iref.2026.105474</a>"},"publisher":"Elsevier ","_id":"65894","volume":109,"user_id":"54068","status":"public","date_created":"2026-06-15T10:26:04Z","department":[{"_id":"186"},{"_id":"551"},{"_id":"635"}],"type":"journal_article","publication":"International Review of Economics & Finance","abstract":[{"lang":"eng","text":"We examine the relation between voluntary audit and the cost of debt in private firms. We use a sample of 7420 small private firms operating in the period 2006-2022 that are not subject to mandatory audits. Firms self-select into voluntary audits because of the economic setting (e.g., ownership complexity, export, subsidiary status) or because firm fundamentals limit their access to financial debt. In the outcome analyses, we find that voluntary audits result in higher, rather than lower, interest rates with increases ranging from approximately 1.7 percentage points, but going higher depending on the exact specification. This effect is present regardless of the perceived audit quality (Big-4 vs. non-Big-4), consistent across auditor types. Audited firms’ earnings are less informative about future operating performance. Voluntary audits facilitate access to financial debt for high-risk firms. The price paid is reflected in higher interest rates for voluntary audits – firms with higher information/fundamental risk."}],"language":[{"iso":"eng"}],"main_file_link":[{"open_access":"1","url":"https://doi.org/10.1016/j.iref.2026.105474"}],"article_number":"105474","doi":"10.1016/j.iref.2026.105474","author":[{"full_name":"Ichev, Riste","first_name":"Riste","last_name":"Ichev"},{"last_name":"Koren","first_name":"Jernej","full_name":"Koren, Jernej"},{"first_name":"Urska","last_name":"Kosi","full_name":"Kosi, Urska"},{"last_name":"Sitar Sustar","first_name":"Katarina","full_name":"Sitar Sustar, Katarina"},{"first_name":"Aljosa","last_name":"Valentincic","full_name":"Valentincic, Aljosa"}],"publication_identifier":{"issn":["1059-0560"]},"year":"2026","title":"Cost of debt for private firms revisited: voluntary audits as a reflection of risk","intvolume":"       109","date_updated":"2026-06-22T11:37:47Z","publication_status":"published"},{"date_created":"2026-06-15T08:08:05Z","type":"journal_article","department":[{"_id":"186"},{"_id":"551"},{"_id":"635"}],"publication":"Accounting in Europe","abstract":[{"lang":"eng","text":"We investigate the role of stakeholders in the CSR reporting of non-listed savings banks in Germany. They are established by municipal trustees and serve clients in their distinct operating area. Reporting discretion under the Non-Financial Reporting Directive may lead to variation in CSR reporting due to differences in sustainability interests of banks’ stakeholders and CSR governance (e.g. existence of a CSR manager). We document that the CSR reports and specific CSR dimensions are intensely associated with the existence of strong CSR governance and to a lesser extent with the interests of municipal trustees and bank clients. However, the associations with these stakeholders are predominantly present in banks with strong CSR governance. Our findings inform policy discussions about detailed CSR disclosure requirements (e.g. the European Sustainability Reporting Standards) and extension of reporting scope to firms with regional orientation and absence of typical shareholders."}],"main_file_link":[{"open_access":"1","url":"https://doi.org/10.1080/17449480.2026.2631702"}],"language":[{"iso":"eng"}],"doi":"10.1080/17449480.2026.2631702","year":"2026","title":"The Role of Stakeholders in CSR Reporting of Non-Listed Banks","author":[{"full_name":"Gulenko, Maryna","first_name":"Maryna","last_name":"Gulenko"},{"full_name":"Kohlhase, Saskia","first_name":"Saskia","last_name":"Kohlhase"},{"last_name":"Kosi","first_name":"Urska","full_name":"Kosi, Urska"}],"publication_identifier":{"issn":["1744-9480","1744-9499"]},"publication_status":"published","date_updated":"2026-06-22T11:36:07Z","oa":"1","citation":{"apa":"Gulenko, M., Kohlhase, S., &#38; Kosi, U. (2026). The Role of Stakeholders in CSR Reporting of Non-Listed Banks. <i>Accounting in Europe</i>, 1–35. <a href=\"https://doi.org/10.1080/17449480.2026.2631702\">https://doi.org/10.1080/17449480.2026.2631702</a>","ieee":"M. Gulenko, S. Kohlhase, and U. Kosi, “The Role of Stakeholders in CSR Reporting of Non-Listed Banks,” <i>Accounting in Europe</i>, pp. 1–35, 2026, doi: <a href=\"https://doi.org/10.1080/17449480.2026.2631702\">10.1080/17449480.2026.2631702</a>.","chicago":"Gulenko, Maryna, Saskia Kohlhase, and Urska Kosi. “The Role of Stakeholders in CSR Reporting of Non-Listed Banks.” <i>Accounting in Europe</i>, 2026, 1–35. <a href=\"https://doi.org/10.1080/17449480.2026.2631702\">https://doi.org/10.1080/17449480.2026.2631702</a>.","short":"M. Gulenko, S. Kohlhase, U. Kosi, Accounting in Europe (2026) 1–35.","mla":"Gulenko, Maryna, et al. “The Role of Stakeholders in CSR Reporting of Non-Listed Banks.” <i>Accounting in Europe</i>, Informa UK Limited, 2026, pp. 1–35, doi:<a href=\"https://doi.org/10.1080/17449480.2026.2631702\">10.1080/17449480.2026.2631702</a>.","ama":"Gulenko M, Kohlhase S, Kosi U. The Role of Stakeholders in CSR Reporting of Non-Listed Banks. <i>Accounting in Europe</i>. Published online 2026:1-35. doi:<a href=\"https://doi.org/10.1080/17449480.2026.2631702\">10.1080/17449480.2026.2631702</a>","bibtex":"@article{Gulenko_Kohlhase_Kosi_2026, title={The Role of Stakeholders in CSR Reporting of Non-Listed Banks}, DOI={<a href=\"https://doi.org/10.1080/17449480.2026.2631702\">10.1080/17449480.2026.2631702</a>}, journal={Accounting in Europe}, publisher={Informa UK Limited}, author={Gulenko, Maryna and Kohlhase, Saskia and Kosi, Urska}, year={2026}, pages={1–35} }"},"page":"1-35","_id":"65860","publisher":"Informa UK Limited","user_id":"54068","status":"public"},{"user_id":"80161","_id":"66348","language":[{"iso":"eng"}],"publication_status":"unpublished","date_updated":"2026-07-08T07:40:27Z","status":"public","title":"Neue Mikrodaten zu Unternehmensinsolvenzen in Deutschland: Die insol Datenbank","year":"2026","author":[{"first_name":"Mahdi","last_name":"Rahali","full_name":"Rahali, Mahdi","id":"80161"},{"last_name":"Beyer","first_name":"Bianca","full_name":"Beyer, Bianca"},{"full_name":"Gassen, Joachim","last_name":"Gassen","first_name":"Joachim"},{"full_name":"Geschonke, Sebastian","first_name":"Sebastian","last_name":"Geschonke"}],"type":"working_paper","department":[{"_id":"186"},{"_id":"551"},{"_id":"635"}],"date_created":"2026-07-08T07:40:14Z","citation":{"bibtex":"@book{Rahali_Beyer_Gassen_Geschonke, title={Neue Mikrodaten zu Unternehmensinsolvenzen in Deutschland: Die insol Datenbank}, author={Rahali, Mahdi and Beyer, Bianca and Gassen, Joachim and Geschonke, Sebastian} }","ama":"Rahali M, Beyer B, Gassen J, Geschonke S. <i>Neue Mikrodaten Zu Unternehmensinsolvenzen in Deutschland: Die Insol Datenbank</i>.","mla":"Rahali, Mahdi, et al. <i>Neue Mikrodaten Zu Unternehmensinsolvenzen in Deutschland: Die Insol Datenbank</i>.","short":"M. Rahali, B. Beyer, J. Gassen, S. Geschonke, Neue Mikrodaten Zu Unternehmensinsolvenzen in Deutschland: Die Insol Datenbank, n.d.","chicago":"Rahali, Mahdi, Bianca Beyer, Joachim Gassen, and Sebastian Geschonke. <i>Neue Mikrodaten Zu Unternehmensinsolvenzen in Deutschland: Die Insol Datenbank</i>, n.d.","ieee":"M. Rahali, B. Beyer, J. Gassen, and S. Geschonke, <i>Neue Mikrodaten zu Unternehmensinsolvenzen in Deutschland: Die insol Datenbank</i>. .","apa":"Rahali, M., Beyer, B., Gassen, J., &#38; Geschonke, S. (n.d.). <i>Neue Mikrodaten zu Unternehmensinsolvenzen in Deutschland: Die insol Datenbank</i>."}},{"citation":{"chicago":"Rahali, Mahdi. <i>COVID-19 Insolvency Moratoria, Firm Selection, and Allocative Efficiency</i>, n.d.","short":"M. Rahali, COVID-19 Insolvency Moratoria, Firm Selection, and Allocative Efficiency, n.d.","apa":"Rahali, M. (n.d.). <i>COVID-19 insolvency moratoria, firm selection, and allocative efficiency</i>.","ieee":"M. Rahali, <i>COVID-19 insolvency moratoria, firm selection, and allocative efficiency</i>. .","ama":"Rahali M. <i>COVID-19 Insolvency Moratoria, Firm Selection, and Allocative Efficiency</i>.","bibtex":"@book{Rahali, title={COVID-19 insolvency moratoria, firm selection, and allocative efficiency}, author={Rahali, Mahdi} }","mla":"Rahali, Mahdi. <i>COVID-19 Insolvency Moratoria, Firm Selection, and Allocative Efficiency</i>."},"department":[{"_id":"186"},{"_id":"551"},{"_id":"635"}],"type":"working_paper","date_created":"2026-07-08T07:45:43Z","publication_status":"unpublished","date_updated":"2026-07-08T07:45:46Z","author":[{"last_name":"Rahali","first_name":"Mahdi","full_name":"Rahali, Mahdi","id":"80161"}],"status":"public","title":"COVID-19 insolvency moratoria, firm selection, and allocative efficiency","year":"2026","user_id":"80161","_id":"66357","language":[{"iso":"eng"}]},{"issue":"1-4","publication":"Schmalenbach IMPULSE","citation":{"ama":"Kaeser C, Schanz D, Sureth-Sloane C. Steuern, Standort, Unternehmensstrategie – Wie wettbewerbsfähig sind Deutschlands Steuer-, Zoll- und Investitionspolitik? <i>Schmalenbach IMPULSE</i>. 2026;6(1-4). doi:<a href=\"https://doi.org/10.54585/CLIM8326\">10.54585/CLIM8326</a>","bibtex":"@article{Kaeser_Schanz_Sureth-Sloane_2026, title={Steuern, Standort, Unternehmensstrategie – Wie wettbewerbsfähig sind Deutschlands Steuer-, Zoll- und Investitionspolitik?}, volume={6}, DOI={<a href=\"https://doi.org/10.54585/CLIM8326\">10.54585/CLIM8326</a>}, number={1–4}, journal={Schmalenbach IMPULSE}, author={Kaeser, Christian and Schanz, Deborah and Sureth-Sloane, Caren}, year={2026} }","mla":"Kaeser, Christian, et al. “Steuern, Standort, Unternehmensstrategie – Wie wettbewerbsfähig sind Deutschlands Steuer-, Zoll- und Investitionspolitik?” <i>Schmalenbach IMPULSE</i>, vol. 6, no. 1–4, 2026, doi:<a href=\"https://doi.org/10.54585/CLIM8326\">10.54585/CLIM8326</a>.","short":"C. Kaeser, D. Schanz, C. Sureth-Sloane, Schmalenbach IMPULSE 6 (2026).","chicago":"Kaeser, Christian, Deborah Schanz, and Caren Sureth-Sloane. “Steuern, Standort, Unternehmensstrategie – Wie wettbewerbsfähig sind Deutschlands Steuer-, Zoll- und Investitionspolitik?” <i>Schmalenbach IMPULSE</i> 6, no. 1–4 (2026). <a href=\"https://doi.org/10.54585/CLIM8326\">https://doi.org/10.54585/CLIM8326</a>.","apa":"Kaeser, C., Schanz, D., &#38; Sureth-Sloane, C. (2026). Steuern, Standort, Unternehmensstrategie – Wie wettbewerbsfähig sind Deutschlands Steuer-, Zoll- und Investitionspolitik? <i>Schmalenbach IMPULSE</i>, <i>6</i>(1–4). <a href=\"https://doi.org/10.54585/CLIM8326\">https://doi.org/10.54585/CLIM8326</a>","ieee":"C. Kaeser, D. Schanz, and C. Sureth-Sloane, “Steuern, Standort, Unternehmensstrategie – Wie wettbewerbsfähig sind Deutschlands Steuer-, Zoll- und Investitionspolitik?,” <i>Schmalenbach IMPULSE</i>, vol. 6, no. 1–4, 2026, doi: <a href=\"https://doi.org/10.54585/CLIM8326\">10.54585/CLIM8326</a>."},"date_created":"2026-07-15T11:38:44Z","type":"journal_article","department":[{"_id":"187"}],"title":"Steuern, Standort, Unternehmensstrategie – Wie wettbewerbsfähig sind Deutschlands Steuer-, Zoll- und Investitionspolitik?","year":"2026","status":"public","author":[{"last_name":"Kaeser","first_name":"Christian","full_name":"Kaeser, Christian"},{"last_name":"Schanz","first_name":"Deborah","full_name":"Schanz, Deborah"},{"full_name":"Sureth-Sloane, Caren","last_name":"Sureth-Sloane","first_name":"Caren"}],"date_updated":"2026-07-15T11:38:58Z","intvolume":"         6","language":[{"iso":"ger"}],"_id":"66497","doi":"10.54585/CLIM8326","user_id":"74000","volume":6},{"citation":{"chicago":"Beyer, Bianca, Vanessa Flagmeier, and Urska Kosi. <i>Private Peers’ Disclosure Transparency and Public Firms’ Information Environment</i>. TRR 266 Accounting for Transparency Working Paper Series No. 143. TRR 266 Accounting for Transparency, 2026. <a href=\"https://doi.org/10.2139/ssrn.4438123\">https://doi.org/10.2139/ssrn.4438123</a>.","short":"B. Beyer, V. Flagmeier, U. Kosi, Private Peers’ Disclosure Transparency and Public Firms’ Information Environment, TRR 266 Accounting for Transparency, 2026.","apa":"Beyer, B., Flagmeier, V., &#38; Kosi, U. (2026). <i>Private Peers’ Disclosure Transparency and Public Firms’ Information Environment</i>. TRR 266 Accounting for Transparency. <a href=\"https://doi.org/10.2139/ssrn.4438123\">https://doi.org/10.2139/ssrn.4438123</a>","ieee":"B. Beyer, V. Flagmeier, and U. Kosi, <i>Private Peers’ Disclosure Transparency and Public Firms’ Information Environment</i>. TRR 266 Accounting for Transparency, 2026.","ama":"Beyer B, Flagmeier V, Kosi U. <i>Private Peers’ Disclosure Transparency and Public Firms’ Information Environment</i>. TRR 266 Accounting for Transparency; 2026. doi:<a href=\"https://doi.org/10.2139/ssrn.4438123\">10.2139/ssrn.4438123</a>","bibtex":"@book{Beyer_Flagmeier_Kosi_2026, series={TRR 266 Accounting for Transparency Working Paper Series No. 143}, title={Private Peers’ Disclosure Transparency and Public Firms’ Information Environment}, DOI={<a href=\"https://doi.org/10.2139/ssrn.4438123\">10.2139/ssrn.4438123</a>}, publisher={TRR 266 Accounting for Transparency}, author={Beyer, Bianca and Flagmeier, Vanessa and Kosi, Urska}, year={2026}, collection={TRR 266 Accounting for Transparency Working Paper Series No. 143} }","mla":"Beyer, Bianca, et al. <i>Private Peers’ Disclosure Transparency and Public Firms’ Information Environment</i>. TRR 266 Accounting for Transparency, 2026, doi:<a href=\"https://doi.org/10.2139/ssrn.4438123\">10.2139/ssrn.4438123</a>."},"abstract":[{"lang":"eng","text":"This study examines how private peers’ disclosure transparency affects public firms’ information environment, captured through analyst forecast behavior. Focusing on the most important private firms operating in U.S. industries, we investigate whether private peer disclosure—despite differing substantially from public firm disclosure—is incorporated into analysts’ forecasts. In a cross-sectional analysis, we document lower forecast quality in industries where private peers’ disclosure intensity is low. In contrast, when private peers’ disclosure intensity is high, forecast quality does not differ from that in industries with only public peers. We find consistent results for a subsample of U.S. private peers. Consistent with this interpretation, a difference-in-differences analysis documents increased analyst forecast activity around the disclosure dates of private peers. Together, these findings indicate that analysts incorporate private peers’ information when these peers are both economically important and sufficiently transparent, and highlight that variation in private firms’ disclosure intensity generates heterogenous externalities for public firms. Overall, our evidence supports a cost-benefit trade-off in analysts’ information acquisition, and, by documenting the relevance of private peers’ information for public firms, contributes to the debate on the externalities of private firms’ disclosure transparency."}],"date_created":"2026-06-15T08:15:56Z","type":"working_paper","department":[{"_id":"186"},{"_id":"551"},{"_id":"635"}],"title":"Private Peers’ Disclosure Transparency and Public Firms’ Information Environment","year":"2026","status":"public","author":[{"first_name":"Bianca","last_name":"Beyer","full_name":"Beyer, Bianca"},{"last_name":"Flagmeier","first_name":"Vanessa","full_name":"Flagmeier, Vanessa"},{"last_name":"Kosi","first_name":"Urska","full_name":"Kosi, Urska"}],"publication_identifier":{"issn":["1556-5068"]},"date_updated":"2026-06-29T09:54:57Z","publication_status":"published","_id":"65862","series_title":"TRR 266 Accounting for Transparency Working Paper Series No. 143","language":[{"iso":"eng"}],"publisher":"TRR 266 Accounting for Transparency","doi":"10.2139/ssrn.4438123","user_id":"95496"},{"citation":{"chicago":"Böing, Dennis, and Urska Kosi. <i>Dissemination of Information by Small Caps</i>, n.d.","short":"D. Böing, U. Kosi, Dissemination of Information by Small Caps, n.d.","apa":"Böing, D., &#38; Kosi, U. (n.d.). <i>Dissemination of information by small caps</i>.","ieee":"D. Böing and U. Kosi, <i>Dissemination of information by small caps</i>. .","ama":"Böing D, Kosi U. <i>Dissemination of Information by Small Caps</i>.","bibtex":"@book{Böing_Kosi, title={Dissemination of information by small caps}, author={Böing, Dennis and Kosi, Urska} }","mla":"Böing, Dennis, and Urska Kosi. <i>Dissemination of Information by Small Caps</i>."},"date_created":"2026-06-15T11:20:59Z","department":[{"_id":"186"},{"_id":"551"},{"_id":"635"}],"type":"working_paper","author":[{"first_name":"Dennis","last_name":"Böing","full_name":"Böing, Dennis"},{"last_name":"Kosi","first_name":"Urska","full_name":"Kosi, Urska"}],"year":"2026","status":"public","title":"Dissemination of information by small caps","publication_status":"unpublished","date_updated":"2026-06-29T10:17:40Z","_id":"65896","language":[{"iso":"eng"}],"user_id":"95496"},{"user_id":"96670","volume":24,"page":"1-37","_id":"65315","language":[{"iso":"eng"}],"date_updated":"2026-07-02T12:06:56Z","intvolume":"        24","year":"2026","status":"public","title":"Navigating Transfer Pricing Complexity: Standardization, Cooperation, Transparency","author":[{"full_name":"Greil, Stefan","last_name":"Greil","first_name":"Stefan"},{"last_name":"Kaluza-Thiesen","first_name":"Eleonore","full_name":"Kaluza-Thiesen, Eleonore"},{"first_name":"Kim Alina","last_name":"Schulz","full_name":"Schulz, Kim Alina","id":"68607"},{"first_name":"Caren","orcid":" 0000-0002-8183-5901","last_name":"Sureth-Sloane","full_name":"Sureth-Sloane, Caren","id":"530"}],"type":"journal_article","department":[{"_id":"187"}],"date_created":"2026-04-02T08:35:24Z","quality_controlled":"1","abstract":[{"lang":"eng","text":"This study examines the drivers of perceived corporate transfer pricing complexity. Our analysis is based on survey data from \r\nmultinational firms in the manufacturing sector. We identify three key strategies expected to reduce transfer pricing complexity \r\nand associated compliance costs while enhancing tax compliance: standardising transfer pricing documentation, strengthening \r\ncooperation between tax authorities, and increasing transparency through expanded information exchange among tax \r\nauthorities and between tax authorities and firms. The findings provide evidence-based insights for international tax policy \r\naimed at reducing transfer pricing complexity and associated administrative burdens for both firms and tax administrations. "}],"issue":"1","publication":"eJournal of Tax Research","citation":{"apa":"Greil, S., Kaluza-Thiesen, E., Schulz, K. A., &#38; Sureth-Sloane, C. (2026). Navigating Transfer Pricing Complexity: Standardization, Cooperation, Transparency. <i>EJournal of Tax Research</i>, <i>24</i>(1), 1–37.","ieee":"S. Greil, E. Kaluza-Thiesen, K. A. Schulz, and C. Sureth-Sloane, “Navigating Transfer Pricing Complexity: Standardization, Cooperation, Transparency,” <i>eJournal of Tax Research</i>, vol. 24, no. 1, pp. 1–37, 2026.","short":"S. Greil, E. Kaluza-Thiesen, K.A. Schulz, C. Sureth-Sloane, EJournal of Tax Research 24 (2026) 1–37.","chicago":"Greil, Stefan, Eleonore Kaluza-Thiesen, Kim Alina Schulz, and Caren Sureth-Sloane. “Navigating Transfer Pricing Complexity: Standardization, Cooperation, Transparency.” <i>EJournal of Tax Research</i> 24, no. 1 (2026): 1–37.","mla":"Greil, Stefan, et al. “Navigating Transfer Pricing Complexity: Standardization, Cooperation, Transparency.” <i>EJournal of Tax Research</i>, vol. 24, no. 1, 2026, pp. 1–37.","ama":"Greil S, Kaluza-Thiesen E, Schulz KA, Sureth-Sloane C. Navigating Transfer Pricing Complexity: Standardization, Cooperation, Transparency. <i>eJournal of Tax Research</i>. 2026;24(1):1-37.","bibtex":"@article{Greil_Kaluza-Thiesen_Schulz_Sureth-Sloane_2026, title={Navigating Transfer Pricing Complexity: Standardization, Cooperation, Transparency}, volume={24}, number={1}, journal={eJournal of Tax Research}, author={Greil, Stefan and Kaluza-Thiesen, Eleonore and Schulz, Kim Alina and Sureth-Sloane, Caren}, year={2026}, pages={1–37} }"}},{"publication_status":"unpublished","date_updated":"2026-07-08T07:16:32Z","author":[{"id":"80161","full_name":"Rahali, Mahdi","first_name":"Mahdi","last_name":"Rahali"},{"first_name":"Urska","last_name":"Kosi","full_name":"Kosi, Urska"},{"first_name":"Joachim","last_name":"Gassen","full_name":"Gassen, Joachim"}],"title":"The spatial and sectoral incidence of Germany’s COVID-19 insolvency gap","year":"2026","status":"public","user_id":"80161","_id":"66347","language":[{"iso":"eng"}],"citation":{"mla":"Rahali, Mahdi, et al. <i>The Spatial and Sectoral Incidence of Germany’s COVID-19 Insolvency Gap</i>.","ama":"Rahali M, Kosi U, Gassen J. <i>The Spatial and Sectoral Incidence of Germany’s COVID-19 Insolvency Gap</i>.","bibtex":"@book{Rahali_Kosi_Gassen, title={The spatial and sectoral incidence of Germany’s COVID-19 insolvency gap}, author={Rahali, Mahdi and Kosi, Urska and Gassen, Joachim} }","apa":"Rahali, M., Kosi, U., &#38; Gassen, J. (n.d.). <i>The spatial and sectoral incidence of Germany’s COVID-19 insolvency gap</i>.","ieee":"M. Rahali, U. Kosi, and J. Gassen, <i>The spatial and sectoral incidence of Germany’s COVID-19 insolvency gap</i>. .","short":"M. Rahali, U. Kosi, J. Gassen, The Spatial and Sectoral Incidence of Germany’s COVID-19 Insolvency Gap, n.d.","chicago":"Rahali, Mahdi, Urska Kosi, and Joachim Gassen. <i>The Spatial and Sectoral Incidence of Germany’s COVID-19 Insolvency Gap</i>, n.d."},"department":[{"_id":"186"},{"_id":"551"},{"_id":"635"}],"type":"working_paper","date_created":"2026-07-08T07:16:20Z"},{"date_created":"2026-07-13T06:27:30Z","type":"journal_article","department":[{"_id":"187"}],"publication":"Betriebs-Berater","issue":"29","citation":{"apa":"Sureth, C. (2026). Steuersicherheit als Standortfaktor: Planbarkeit statt Investitionshemmnis. <i>Betriebs-Berater</i>, <i>81</i>(29), I.","ieee":"C. Sureth, “Steuersicherheit als Standortfaktor: Planbarkeit statt Investitionshemmnis,” <i>Betriebs-Berater</i>, vol. 81, no. 29, p. I, 2026.","short":"C. Sureth, Betriebs-Berater 81 (2026) I.","chicago":"Sureth, Caren. “Steuersicherheit Als Standortfaktor: Planbarkeit Statt Investitionshemmnis.” <i>Betriebs-Berater</i> 81, no. 29 (2026): I.","mla":"Sureth, Caren. “Steuersicherheit Als Standortfaktor: Planbarkeit Statt Investitionshemmnis.” <i>Betriebs-Berater</i>, vol. 81, no. 29, 2026, p. I.","ama":"Sureth C. Steuersicherheit als Standortfaktor: Planbarkeit statt Investitionshemmnis. <i>Betriebs-Berater</i>. 2026;81(29):I.","bibtex":"@article{Sureth_2026, title={Steuersicherheit als Standortfaktor: Planbarkeit statt Investitionshemmnis}, volume={81}, number={29}, journal={Betriebs-Berater}, author={Sureth, Caren}, year={2026}, pages={I} }"},"page":"I","_id":"66443","language":[{"iso":"eng"}],"user_id":"96670","volume":81,"title":"Steuersicherheit als Standortfaktor: Planbarkeit statt Investitionshemmnis","year":"2026","status":"public","author":[{"id":"530","last_name":"Sureth","first_name":"Caren","orcid":" 0000-0002-8183-5901","full_name":"Sureth, Caren"}],"date_updated":"2026-07-13T06:28:49Z","intvolume":"        81"},{"status":"public","year":"2026","title":"Application of Novel Exponential (Semi-)Parametric Short and Long  Memory GARCH Models under Regulatory Requirements of Basel III","jel":["C22","C4","C5","C6","B26"],"author":[{"id":"63677","full_name":"Hanke, Dominik Christian","last_name":"Hanke","first_name":"Dominik Christian"},{"id":"36049","first_name":"André","last_name":"Uhde","full_name":"Uhde, André"},{"id":"20760","full_name":"Feng, Yuanhua","first_name":"Yuanhua","last_name":"Feng"}],"date_updated":"2026-07-16T09:07:19Z","has_accepted_license":"1","_id":"66449","language":[{"iso":"eng"}],"ddc":["330"],"user_id":"63677","file_date_updated":"2026-07-13T09:21:45Z","citation":{"chicago":"Hanke, Dominik Christian, André Uhde, and Yuanhua Feng. <i>Application of Novel Exponential (Semi-)Parametric Short and Long  Memory GARCH Models under Regulatory Requirements of Basel III</i>, 2026.","short":"D.C. Hanke, A. Uhde, Y. Feng, Application of Novel Exponential (Semi-)Parametric Short and Long  Memory GARCH Models under Regulatory Requirements of Basel III, 2026.","apa":"Hanke, D. C., Uhde, A., &#38; Feng, Y. (2026). <i>Application of Novel Exponential (Semi-)Parametric Short and Long  Memory GARCH Models under Regulatory Requirements of Basel III</i>.","ieee":"D. C. Hanke, A. Uhde, and Y. Feng, <i>Application of Novel Exponential (Semi-)Parametric Short and Long  Memory GARCH Models under Regulatory Requirements of Basel III</i>. 2026.","ama":"Hanke DC, Uhde A, Feng Y. <i>Application of Novel Exponential (Semi-)Parametric Short and Long  Memory GARCH Models under Regulatory Requirements of Basel III</i>.; 2026.","bibtex":"@book{Hanke_Uhde_Feng_2026, title={Application of Novel Exponential (Semi-)Parametric Short and Long  Memory GARCH Models under Regulatory Requirements of Basel III}, author={Hanke, Dominik Christian and Uhde, André and Feng, Yuanhua}, year={2026} }","mla":"Hanke, Dominik Christian, et al. <i>Application of Novel Exponential (Semi-)Parametric Short and Long  Memory GARCH Models under Regulatory Requirements of Basel III</i>. 2026."},"abstract":[{"text":"This paper evaluates the forecasting performance of an expanded class of (semi-)parametric \r\nGARCH models belonging to the EGARCH family (EGF), including recently introduced long  \r\nand short memory specifications and their semiparametric extensions. The semiparametric \r\nvariants employ a multiplicative volatility decomposition into conditional and slowly varying \r\nunconditional components, where the latter is estimated via a data-driven local polynomial \r\nsmoother to accommodate non-stationarities commonly observed in financial time series. Based \r\non the revised Basel Committee framework for market-risk assessment, all models are capable \r\nof producing rolling one-day-ahead forecasts for Value at Risk (VaR) and Expected Shortfall \r\n(ES) under a wide range of symmetric and skewed innovation distributions. Their forecasting \r\naccuracy is examined using the regulatory traffic light tests for VaR and the recently developed \r\nES-specific traffic light procedure, complemented by the regulatory loss function. In addition, \r\nmodel selection incorporates both a recently proposed corrected firm-oriented loss function that \r\naccounts for opportunity costs and the Weighted Absolute Deviation (WAD) criterion. The \r\nempirical comparison demonstrates that (semiparametric) long memory GARCH models - \r\nparticularly those combining fractional dynamics with nonparametric scale adjustments - can \r\nserve as valuable alternatives to traditional parametric short memory models, offering more \r\nstable volatility estimates and improved tail-risk forecasts for practical risk management \r\napplications.","lang":"eng"}],"file":[{"creator":"dhanke","date_created":"2026-07-13T09:21:45Z","file_name":"TAF_WP_105_HankeUhdeFeng2026.pdf","access_level":"open_access","file_size":1830858,"relation":"main_file","date_updated":"2026-07-13T09:21:45Z","file_id":"66450","content_type":"application/pdf"}],"date_created":"2026-07-13T09:21:49Z","keyword":["semiparametric GARCH extension","data-driven local polynomial smoother","long  memory","GARCH models","Value at Risk","Expected Shortfall","traffic light test","backtesting","Basel  III","market risk"],"type":"working_paper","oa":"1","department":[{"_id":"200"},{"_id":"186"}]},{"oa":"1","department":[{"_id":"186"}],"type":"working_paper","keyword":["Modulus Log-GARCH","Modified (FI)EGARCH","Modulus asymmetric (FI)Log-GARCH","(FI)EGARCH","long memory","modulus-log transformation","QMLE","model selection","implementation in  R"],"date_created":"2026-07-13T09:15:09Z","file":[{"file_id":"66448","content_type":"application/pdf","file_name":"TAF_WP_104_HankeFengUhde2026.pdf","access_level":"open_access","file_size":1169286,"relation":"main_file","date_updated":"2026-07-13T09:14:58Z","date_created":"2026-07-13T09:14:58Z","creator":"dhanke"}],"abstract":[{"lang":"eng","text":"Volatility modeling is utilized across numerous fields including finance, environmental studies, and \r\nsocial sciences. It is particularly relevant in scenarios where understanding and predicting conditional \r\nvariability is crucial, such as when dealing with incremental or time-dependent data. In this paper, novel \r\nshort and long memory volatility models of the EGARCH family are introduced and analyzed, which \r\nare closely related to the well-established EGARCH model proposed by Nelson (1991) but share \r\ndesirable theoretical properties in several dimensions. Recently developed members of the so-called \r\nEGARCH family, which introduces a modulus-log transformation proposed by John and Draper (1980) \r\nand a power transformation for the size and magnitude effect to tackle the problem with near-zero \r\ninnovations and the asymmetric impact of positive and negative shocks on the volatility, are discussed. \r\nAfter a theoretical discussion of the proposed and related volatility models, the practical performance \r\nof the elaborated volatility models is compared to well-established and traditional GARCH approaches. \r\nA general QMLE algorithm is proposed to estimate the model parameters. The practical relevance of the \r\nadvanced models is illustrated through a comparative study. By applying these volatility models to a \r\nvariety of international stock index returns, this paper identifies market-specific characteristics as well \r\nas unique strengths and weaknesses of discussed volatility models. Although the practical performance \r\nof the recently introduced models is comparable to those obtained by the traditional EGARCH model, \r\nthey generally outperform traditional non-exponential volatility models used as benchmarks and thus \r\nprovide a useful alternative to existing short and long memory volatility models. "}],"citation":{"chicago":"Hanke, Dominik Christian, Yuanhua Feng, and André Uhde. <i>Comparing the Behaviors of Some Original Short  and Long Memory Exponential Volatility Models</i>, 2026.","short":"D.C. Hanke, Y. Feng, A. Uhde, Comparing the Behaviors of Some Original Short  and Long Memory Exponential Volatility Models, 2026.","ieee":"D. C. Hanke, Y. Feng, and A. Uhde, <i>Comparing the behaviors of some original short  and long memory exponential volatility models</i>. 2026.","apa":"Hanke, D. C., Feng, Y., &#38; Uhde, A. (2026). <i>Comparing the behaviors of some original short  and long memory exponential volatility models</i>.","bibtex":"@book{Hanke_Feng_Uhde_2026, title={Comparing the behaviors of some original short  and long memory exponential volatility models}, author={Hanke, Dominik Christian and Feng, Yuanhua and Uhde, André}, year={2026} }","ama":"Hanke DC, Feng Y, Uhde A. <i>Comparing the Behaviors of Some Original Short  and Long Memory Exponential Volatility Models</i>.; 2026.","mla":"Hanke, Dominik Christian, et al. <i>Comparing the Behaviors of Some Original Short  and Long Memory Exponential Volatility Models</i>. 2026."},"file_date_updated":"2026-07-13T09:14:58Z","ddc":["330"],"user_id":"63677","language":[{"iso":"eng"}],"_id":"66447","has_accepted_license":"1","date_updated":"2026-07-16T09:07:24Z","author":[{"full_name":"Hanke, Dominik Christian","first_name":"Dominik Christian","last_name":"Hanke","id":"63677"},{"last_name":"Feng","first_name":"Yuanhua","full_name":"Feng, Yuanhua","id":"20760"},{"id":"36049","full_name":"Uhde, André","first_name":"André","last_name":"Uhde"}],"jel":["C4","C5","B23","B26","C32"],"status":"public","year":"2026","title":"Comparing the behaviors of some original short  and long memory exponential volatility models"},{"date_updated":"2026-01-13T08:44:31Z","author":[{"first_name":"Daniel","last_name":"Dyck","full_name":"Dyck, Daniel","id":"83379"},{"last_name":"Hechtner","first_name":"Frank","full_name":"Hechtner, Frank"},{"full_name":"Maiterth, Ralf","last_name":"Maiterth","first_name":"Ralf"},{"id":"530","orcid":" 0000-0002-8183-5901","last_name":"Sureth-Sloane","first_name":"Caren","full_name":"Sureth-Sloane, Caren"}],"status":"public","title":"Abschreibungen als Mittel der Investitionsförderung in Deutschland – Möglichkeiten, Grenzen und Perspektiven evidenzbasierter Analysen","year":"2025","doi":"http://dx.doi.org/10.2139/ssrn.5337276 ","user_id":"96670","language":[{"iso":"ger"}],"_id":"60596","series_title":"TRR 266 Accounting for Transparency Working Paper Series No. 196","main_file_link":[{"url":"https://steuerrecht.uni-koeln.de/sites/steuerrecht/StuW/Jahrgaenge/StuW_2025_-_Sonderheft_NeSt.pdf","open_access":"1"}],"citation":{"bibtex":"@book{Dyck_Hechtner_Maiterth_Sureth-Sloane_2025, series={TRR 266 Accounting for Transparency Working Paper Series No. 196}, title={Abschreibungen als Mittel der Investitionsförderung in Deutschland – Möglichkeiten, Grenzen und Perspektiven evidenzbasierter Analysen}, DOI={<a href=\"http://dx.doi.org/10.2139/ssrn.5337276 \">http://dx.doi.org/10.2139/ssrn.5337276 </a>}, author={Dyck, Daniel and Hechtner, Frank and Maiterth, Ralf and Sureth-Sloane, Caren}, year={2025}, collection={TRR 266 Accounting for Transparency Working Paper Series No. 196} }","ama":"Dyck D, Hechtner F, Maiterth R, Sureth-Sloane C. <i>Abschreibungen als Mittel der Investitionsförderung in Deutschland – Möglichkeiten, Grenzen und Perspektiven evidenzbasierter Analysen</i>.; 2025. doi:<a href=\"http://dx.doi.org/10.2139/ssrn.5337276 \">http://dx.doi.org/10.2139/ssrn.5337276 </a>","mla":"Dyck, Daniel, et al. <i>Abschreibungen als Mittel der Investitionsförderung in Deutschland – Möglichkeiten, Grenzen und Perspektiven evidenzbasierter Analysen</i>. 2025, doi:<a href=\"http://dx.doi.org/10.2139/ssrn.5337276 \">http://dx.doi.org/10.2139/ssrn.5337276 </a>.","chicago":"Dyck, Daniel, Frank Hechtner, Ralf Maiterth, and Caren Sureth-Sloane. <i>Abschreibungen als Mittel der Investitionsförderung in Deutschland – Möglichkeiten, Grenzen und Perspektiven evidenzbasierter Analysen</i>. TRR 266 Accounting for Transparency Working Paper Series No. 196, 2025. <a href=\"http://dx.doi.org/10.2139/ssrn.5337276 \">http://dx.doi.org/10.2139/ssrn.5337276 </a>.","short":"D. Dyck, F. Hechtner, R. Maiterth, C. Sureth-Sloane, Abschreibungen als Mittel der Investitionsförderung in Deutschland – Möglichkeiten, Grenzen und Perspektiven evidenzbasierter Analysen, 2025.","ieee":"D. Dyck, F. Hechtner, R. Maiterth, and C. Sureth-Sloane, <i>Abschreibungen als Mittel der Investitionsförderung in Deutschland – Möglichkeiten, Grenzen und Perspektiven evidenzbasierter Analysen</i>. 2025.","apa":"Dyck, D., Hechtner, F., Maiterth, R., &#38; Sureth-Sloane, C. (2025). <i>Abschreibungen als Mittel der Investitionsförderung in Deutschland – Möglichkeiten, Grenzen und Perspektiven evidenzbasierter Analysen</i>. <a href=\"http://dx.doi.org/10.2139/ssrn.5337276 \">http://dx.doi.org/10.2139/ssrn.5337276 </a>"},"oa":"1","department":[{"_id":"187"}],"type":"working_paper","date_created":"2025-07-14T06:48:31Z"},{"doi":"10.2139/ssrn.5378466","user_id":"97894","series_title":"TRR 266 Accounting for Transparency Working Paper Series No. 203","_id":"61491","language":[{"iso":"eng"}],"page":"107","date_updated":"2025-10-01T09:29:57Z","publication_status":"published","jel":["H25","D91","D22"],"author":[{"last_name":"Blaufus","first_name":"Kay","full_name":"Blaufus, Kay"},{"last_name":"Maiterth","first_name":"Ralf","full_name":"Maiterth, Ralf"},{"first_name":"Michael","last_name":"Milde","full_name":"Milde, Michael"},{"id":"530","last_name":"Sureth-Sloane","first_name":"Caren","orcid":" 0000-0002-8183-5901","full_name":"Sureth-Sloane, Caren"}],"year":"2025","status":"public","title":"Choosing the Wrong Box? Behavioral Frictions and Limits of Tax Advice in Tax Regime Choice ","department":[{"_id":"187"}],"type":"working_paper","keyword":["Check-the-box","Legal Form","Tax Complexity","Tax Misperception","Behavioral Taxation","Tax Advice"],"date_created":"2025-10-01T09:26:32Z","abstract":[{"lang":"eng","text":"We examine behavioral frictions in entrepreneurs’ tax planning when choosing between corporate and partnership taxation under a check-the-box rule. Using German tax return data, we show that only a small fraction of entrepreneurs opt for corporate taxation, despite substantial potential tax savings. A pre registered incentivized online experiment demonstrates that complexity aversion, status quo bias, and misperception about the corporate tax burden—arising from the interaction of corporate and deferred dividend taxation—help explain the preference for partnership taxation. We further find that these behavioral frictions heighten liquidity risk under the corporate system, particularly in the face of unexpected cash flow needs. Finally, a survey of German tax advisors indicates that tax advice only partially mitigates these frictions. Some advisors misperceive the benefits of corporate taxation, while others anticipate client biases and therefore refrain from recommending the corporate tax system."}],"citation":{"apa":"Blaufus, K., Maiterth, R., Milde, M., &#38; Sureth-Sloane, C. (2025). <i>Choosing the Wrong Box? Behavioral Frictions and Limits of Tax Advice in Tax Regime Choice </i>. <a href=\"https://doi.org/10.2139/ssrn.5378466\">https://doi.org/10.2139/ssrn.5378466</a>","ieee":"K. Blaufus, R. Maiterth, M. Milde, and C. Sureth-Sloane, <i>Choosing the Wrong Box? Behavioral Frictions and Limits of Tax Advice in Tax Regime Choice </i>. 2025.","short":"K. Blaufus, R. Maiterth, M. Milde, C. Sureth-Sloane, Choosing the Wrong Box? Behavioral Frictions and Limits of Tax Advice in Tax Regime Choice , 2025.","chicago":"Blaufus, Kay, Ralf Maiterth, Michael Milde, and Caren Sureth-Sloane. <i>Choosing the Wrong Box? Behavioral Frictions and Limits of Tax Advice in Tax Regime Choice </i>. TRR 266 Accounting for Transparency Working Paper Series No. 203, 2025. <a href=\"https://doi.org/10.2139/ssrn.5378466\">https://doi.org/10.2139/ssrn.5378466</a>.","mla":"Blaufus, Kay, et al. <i>Choosing the Wrong Box? Behavioral Frictions and Limits of Tax Advice in Tax Regime Choice </i>. 2025, doi:<a href=\"https://doi.org/10.2139/ssrn.5378466\">10.2139/ssrn.5378466</a>.","ama":"Blaufus K, Maiterth R, Milde M, Sureth-Sloane C. <i>Choosing the Wrong Box? Behavioral Frictions and Limits of Tax Advice in Tax Regime Choice </i>.; 2025. doi:<a href=\"https://doi.org/10.2139/ssrn.5378466\">10.2139/ssrn.5378466</a>","bibtex":"@book{Blaufus_Maiterth_Milde_Sureth-Sloane_2025, series={TRR 266 Accounting for Transparency Working Paper Series No. 203}, title={Choosing the Wrong Box? Behavioral Frictions and Limits of Tax Advice in Tax Regime Choice }, DOI={<a href=\"https://doi.org/10.2139/ssrn.5378466\">10.2139/ssrn.5378466</a>}, author={Blaufus, Kay and Maiterth, Ralf and Milde, Michael and Sureth-Sloane, Caren}, year={2025}, collection={TRR 266 Accounting for Transparency Working Paper Series No. 203} }"}}]