[{"citation":{"ama":"Pelster M, Breitmayer B. Attracting attention from peers: Excitement in social trading. <i>Journal of Economic Behavior &#38; Organization</i>. 2019;161:158-179. doi:<a href=\"https://doi.org/10.1016/j.jebo.2019.03.010\">10.1016/j.jebo.2019.03.010</a>","bibtex":"@article{Pelster_Breitmayer_2019, title={Attracting attention from peers: Excitement in social trading}, volume={161}, DOI={<a href=\"https://doi.org/10.1016/j.jebo.2019.03.010\">10.1016/j.jebo.2019.03.010</a>}, journal={Journal of Economic Behavior &#38; Organization}, author={Pelster, Matthias and Breitmayer, Bastian}, year={2019}, pages={158–179} }","mla":"Pelster, Matthias, and Bastian Breitmayer. “Attracting Attention from Peers: Excitement in Social Trading.” <i>Journal of Economic Behavior &#38; Organization</i>, vol. 161, 2019, pp. 158–79, doi:<a href=\"https://doi.org/10.1016/j.jebo.2019.03.010\">10.1016/j.jebo.2019.03.010</a>.","chicago":"Pelster, Matthias, and Bastian Breitmayer. “Attracting Attention from Peers: Excitement in Social Trading.” <i>Journal of Economic Behavior &#38; Organization</i> 161 (2019): 158–79. <a href=\"https://doi.org/10.1016/j.jebo.2019.03.010\">https://doi.org/10.1016/j.jebo.2019.03.010</a>.","short":"M. Pelster, B. Breitmayer, Journal of Economic Behavior &#38; Organization 161 (2019) 158–179.","apa":"Pelster, M., &#38; Breitmayer, B. (2019). Attracting attention from peers: Excitement in social trading. <i>Journal of Economic Behavior &#38; Organization</i>, <i>161</i>, 158–179. <a href=\"https://doi.org/10.1016/j.jebo.2019.03.010\">https://doi.org/10.1016/j.jebo.2019.03.010</a>","ieee":"M. Pelster and B. Breitmayer, “Attracting attention from peers: Excitement in social trading,” <i>Journal of Economic Behavior &#38; Organization</i>, vol. 161, pp. 158–179, 2019."},"status":"public","_id":"8892","page":"158-179","volume":161,"user_id":"67265","ddc":["330"],"publication":"Journal of Economic Behavior & Organization","date_created":"2019-04-14T08:19:54Z","department":[{"_id":"186"},{"_id":"578"}],"type":"journal_article","publication_identifier":{"issn":["0167-2681"]},"author":[{"id":"67265","full_name":"Pelster, Matthias","last_name":"Pelster","first_name":"Matthias","orcid":" https://orcid.org/0000-0001-5740-2420"},{"full_name":"Breitmayer, Bastian","first_name":"Bastian","last_name":"Breitmayer"}],"title":"Attracting attention from peers: Excitement in social trading","year":"2019","article_type":"original","intvolume":"       161","publication_status":"published","date_updated":"2022-01-06T07:04:05Z","language":[{"iso":"eng"}],"doi":"10.1016/j.jebo.2019.03.010"},{"date_created":"2018-11-07T12:06:20Z","type":"working_paper","department":[{"_id":"275"}],"citation":{"bibtex":"@book{Mehring_Sievers_Keienburg_Kengelbach_2019, title={Wertgenerierung bei M&#38;A Transaktionen durch Bekanntgabe von Synergien?}, volume={3–4}, publisher={Corporate Finance}, author={Mehring, Oliver and Sievers, Sönke and Keienburg, Georg and Kengelbach, Jens}, year={2019}, pages={76–84} }","ama":"Mehring O, Sievers S, Keienburg G, Kengelbach J. <i>Wertgenerierung bei M&#38;A Transaktionen durch Bekanntgabe von Synergien?</i> Vol 3-4. Corporate Finance; 2019:76-84.","mla":"Mehring, Oliver, et al. <i>Wertgenerierung bei M&#38;A Transaktionen durch Bekanntgabe von Synergien?</i> Vol. 3–4, Corporate Finance, 2019, pp. 76–84.","chicago":"Mehring, Oliver, Sönke Sievers, Georg Keienburg, and Jens Kengelbach. <i>Wertgenerierung bei M&#38;A Transaktionen durch Bekanntgabe von Synergien?</i> Vol. 3–4. Corporate Finance, 2019.","short":"O. Mehring, S. Sievers, G. Keienburg, J. Kengelbach, Wertgenerierung bei M&#38;A Transaktionen durch Bekanntgabe von Synergien?, Corporate Finance, 2019.","ieee":"O. Mehring, S. Sievers, G. Keienburg, and J. Kengelbach, <i>Wertgenerierung bei M&#38;A Transaktionen durch Bekanntgabe von Synergien?</i>, vol. 3–4. Corporate Finance, 2019, pp. 76–84.","apa":"Mehring, O., Sievers, S., Keienburg, G., &#38; Kengelbach, J. (2019). <i>Wertgenerierung bei M&#38;A Transaktionen durch Bekanntgabe von Synergien?</i> (Vol. 3–4, pp. 76–84). Corporate Finance."},"abstract":[{"text":"Öffentlich gelistete Firmen, die die Mehrheit an anderen börsennotierten Unternehmen er-werben und den Kapitalmarkt an den Synergieerwartungen teilhaben lassen, werden mit höheren kumulativen abnormalen Renditen im Ankündigungszeitpunkt belohnt verglichen mit solchen Unternehmen, die diese geheim halten. Des Weiteren ist die empirische Evi-denz konsistent mit der Idee, dass diese Käuferunternehmen ihre Transaktionen besser in-tegrieren, weil auch die industrieadjustierten Ein- und Zweijahresrenditen der ankündigen-den Unternehmen ökonomisch und statistisch signifikant höher sind als die der zurückhal-tenden Käuferfirmen. ","lang":"ger"}],"main_file_link":[{"url":"https://research.owlit.de/document/22b8e6a6-5e6c-3760-8595-2f639bd001d8"}],"page":"76-84","language":[{"iso":"ger"}],"_id":"5411","publisher":"Corporate Finance","user_id":"46447","volume":"3-4","status":"public","year":"2019","title":"Wertgenerierung bei M&A Transaktionen durch Bekanntgabe von Synergien?","author":[{"full_name":"Mehring, Oliver","last_name":"Mehring","first_name":"Oliver","id":"36373"},{"first_name":"Sönke","last_name":"Sievers","full_name":"Sievers, Sönke","id":"46447"},{"first_name":"Georg","last_name":"Keienburg","full_name":"Keienburg, Georg"},{"first_name":"Jens","last_name":"Kengelbach","full_name":"Kengelbach, Jens"}],"publication_status":"published","date_updated":"2022-01-06T07:01:52Z"},{"user_id":"68607","ddc":["330"],"language":[{"iso":"ger"}],"_id":"12077","has_accepted_license":"1","publication_status":"submitted","date_updated":"2022-01-06T06:51:17Z","author":[{"id":"22671","first_name":"Thomas","last_name":"Hoppe","full_name":"Hoppe, Thomas"},{"full_name":"Rechbauer, Martina","last_name":"Rechbauer","first_name":"Martina"},{"full_name":"Sturm, Susann","last_name":"Sturm","first_name":"Susann"}],"title":"Steuerkomplexität im Vergleich zwischen Deutschland und Österreich – Eine Analyse des Status quo","status":"public","year":"2019","department":[{"_id":"187"}],"type":"working_paper","date_created":"2019-07-18T22:07:02Z","file":[{"creator":"hoppet","date_created":"2019-07-18T22:05:23Z","file_size":679552,"access_level":"closed","file_name":"Hoppe Rechbauer Sturm 2019.pdf","date_updated":"2019-07-18T22:05:23Z","relation":"main_file","success":1,"content_type":"application/pdf","file_id":"12078"}],"project":[{"name":"Der Einfluss von steuerlicher Regulierung auf multinationale Unternehmen","_id":"37","grant_number":"P01"}],"abstract":[{"text":"Die Komplexität von Steuersystemen gewinnt in der Debatte um den internationalen Steuerwettbewerb zunehmend an Bedeutung. Im vorliegenden Beitrag erfolgt, basierend auf den Daten, die dem Tax Complexity Index (www.taxcomplexity.org) zugrunde liegen, eine umfassende Gegenüberstellung der Komplexität der Steuersysteme von Deutschland und Öster-reich unter Berücksichtigung der Mittelwerte aller Länder. Die Steuergesetze weisen sowohl in Deutschland als auch in Österreich einen verhältnismäßig hohen Grad an Komplexität auf. Bei den steuerlichen Rahmenbedingungen fällt der Grad an Komplexität in beiden Ländern dagegen niedrig aus, wobei Österreich im Durchschnitt weniger komplex ist als Deutschland.","lang":"ger"}],"citation":{"ama":"Hoppe T, Rechbauer M, Sturm S. <i>Steuerkomplexität im Vergleich zwischen Deutschland und Österreich – Eine Analyse des Status quo</i>.","bibtex":"@book{Hoppe_Rechbauer_Sturm, title={Steuerkomplexität im Vergleich zwischen Deutschland und Österreich – Eine Analyse des Status quo}, author={Hoppe, Thomas and Rechbauer, Martina and Sturm, Susann} }","mla":"Hoppe, Thomas, et al. <i>Steuerkomplexität im Vergleich zwischen Deutschland und Österreich – Eine Analyse des Status quo</i>.","short":"T. Hoppe, M. Rechbauer, S. Sturm, Steuerkomplexität im Vergleich zwischen Deutschland und Österreich – Eine Analyse des Status quo, n.d.","chicago":"Hoppe, Thomas, Martina Rechbauer, and Susann Sturm. <i>Steuerkomplexität im Vergleich zwischen Deutschland und Österreich – Eine Analyse des Status quo</i>, n.d.","apa":"Hoppe, T., Rechbauer, M., &#38; Sturm, S. (n.d.). <i>Steuerkomplexität im Vergleich zwischen Deutschland und Österreich – Eine Analyse des Status quo</i>.","ieee":"T. Hoppe, M. Rechbauer, and S. Sturm, <i>Steuerkomplexität im Vergleich zwischen Deutschland und Österreich – Eine Analyse des Status quo</i>. ."},"file_date_updated":"2019-07-18T22:05:23Z"},{"abstract":[{"lang":"eng","text":"n this paper, I review the empirical literature in the intersection of banks and corporate income taxation that emerged over the last two decades. To structure the included studies, I use a stakeholder approach and outline how corporate income taxation plays into the relation of banks and their four main stakeholders: bank regulators, customers, investors and tax authorities. My contribution to the literature is threefold: First, I contribute by providing, to the best of my knowledge, a first comprehensive review on this topic. Second, I point to areas for future research. Third, I deduce policy implications from the studies under review. In sum, the studies show that taxes distort banks’ pricing decisions, the relative attractiveness of debt and equity financing, the decision to report on or off the balance sheet and banks’ investment allocations. Empirical insights on how tax rules affect banks’ decision-making are helpful for policymakers to tailor suitable and sustainable tax legislation directed at banks. "}],"citation":{"ieee":"V. Gawehn, <i>Banks and Corporate Income Taxation: A Review</i>. SSRN, 2019.","apa":"Gawehn, V. (2019). <i>Banks and Corporate Income Taxation: A Review</i>. SSRN.","short":"V. Gawehn, Banks and Corporate Income Taxation: A Review, SSRN, 2019.","chicago":"Gawehn, Vanessa. <i>Banks and Corporate Income Taxation: A Review</i>. SSRN, 2019.","mla":"Gawehn, Vanessa. <i>Banks and Corporate Income Taxation: A Review</i>. SSRN, 2019.","bibtex":"@book{Gawehn_2019, title={Banks and Corporate Income Taxation: A Review}, publisher={SSRN}, author={Gawehn, Vanessa}, year={2019} }","ama":"Gawehn V. <i>Banks and Corporate Income Taxation: A Review</i>. SSRN; 2019."},"type":"working_paper","keyword":["corporate income taxes","banks","stakeholder approach","decision-making process"],"department":[{"_id":"186"},{"_id":"189"}],"date_created":"2019-12-18T06:56:24Z","date_updated":"2022-01-06T06:52:21Z","publication_status":"published","title":"Banks and Corporate Income Taxation: A Review","status":"public","year":"2019","author":[{"last_name":"Gawehn","first_name":"Vanessa","full_name":"Gawehn, Vanessa","id":"52547"}],"user_id":"48187","page":"34","publisher":"SSRN","_id":"15367","language":[{"iso":"eng"}]},{"citation":{"ieee":"C. Mair, W. Scheffler, I. Senger, and C. Sureth-Sloane, <i>Analyse der Veränderung der zwischenstaatlichen Gewinnaufteilung bei Einführung einer standardisierten Gewinnverteilungsmethode am Beispiel des Einsatzes von 3D-Druckern</i>, vol. 42. 2019.","mla":"Mair, Christina, et al. <i>Analyse der Veränderung der zwischenstaatlichen Gewinnaufteilung bei Einführung einer standardisierten Gewinnverteilungsmethode am Beispiel des Einsatzes von 3D-Druckern</i>. Vol. 42, 2019.","apa":"Mair, C., Scheffler, W., Senger, I., &#38; Sureth-Sloane, C. (2019). <i>Analyse der Veränderung der zwischenstaatlichen Gewinnaufteilung bei Einführung einer standardisierten Gewinnverteilungsmethode am Beispiel des Einsatzes von 3D-Druckern</i> (Vol. 42).","bibtex":"@book{Mair_Scheffler_Senger_Sureth-Sloane_2019, series={TAF Wokring Paper Series}, title={Analyse der Veränderung der zwischenstaatlichen Gewinnaufteilung bei Einführung einer standardisierten Gewinnverteilungsmethode am Beispiel des Einsatzes von 3D-Druckern}, volume={42}, author={Mair, Christina and Scheffler, Wolfram and Senger, Isabell and Sureth-Sloane, Caren}, year={2019}, collection={TAF Wokring Paper Series} }","chicago":"Mair, Christina, Wolfram Scheffler, Isabell Senger, and Caren Sureth-Sloane. <i>Analyse der Veränderung der zwischenstaatlichen Gewinnaufteilung bei Einführung einer standardisierten Gewinnverteilungsmethode am Beispiel des Einsatzes von 3D-Druckern</i>. Vol. 42. TAF Wokring Paper Series, 2019.","ama":"Mair C, Scheffler W, Senger I, Sureth-Sloane C. <i>Analyse der Veränderung der zwischenstaatlichen Gewinnaufteilung bei Einführung einer standardisierten Gewinnverteilungsmethode am Beispiel des Einsatzes von 3D-Druckern</i>. Vol 42.; 2019.","short":"C. Mair, W. Scheffler, I. Senger, C. Sureth-Sloane, Analyse der Veränderung der zwischenstaatlichen Gewinnaufteilung bei Einführung einer standardisierten Gewinnverteilungsmethode am Beispiel des Einsatzes von 3D-Druckern, 2019."},"file_date_updated":"2021-03-09T09:35:37Z","oa":"1","has_accepted_license":"1","status":"public","volume":42,"ddc":["330"],"user_id":"68607","_id":"14902","department":[{"_id":"187"},{"_id":"635"}],"type":"working_paper","date_created":"2019-11-13T08:15:09Z","file":[{"file_id":"21423","success":1,"content_type":"application/pdf","relation":"main_file","date_updated":"2021-03-09T09:35:37Z","file_name":"TAF Working Paper No. 42.pdf","file_size":1293280,"access_level":"closed","date_created":"2021-03-09T09:35:37Z","creator":"kschulz2"}],"intvolume":"        42","date_updated":"2022-01-06T06:52:10Z","publication_status":"published","author":[{"full_name":"Mair, Christina","last_name":"Mair","first_name":"Christina"},{"full_name":"Scheffler, Wolfram","last_name":"Scheffler","first_name":"Wolfram"},{"full_name":"Senger, Isabell","first_name":"Isabell","last_name":"Senger"},{"full_name":"Sureth-Sloane, Caren","last_name":"Sureth-Sloane","first_name":"Caren","id":"530"}],"year":"2019","title":"Analyse der Veränderung der zwischenstaatlichen Gewinnaufteilung bei Einführung einer standardisierten Gewinnverteilungsmethode am Beispiel des Einsatzes von 3D-Druckern","series_title":"TAF Wokring Paper Series","language":[{"iso":"ger"}],"main_file_link":[{"open_access":"1"}]},{"page":"397-412","_id":"14904","language":[{"iso":"ger"}],"user_id":"68607","volume":96,"year":"2019","status":"public","title":"Steuerkomplexität im Vergleich zwischen Deutschland und Österreich - Eine Analyse des Status quo","author":[{"first_name":"Thomas","last_name":"Hoppe","full_name":"Hoppe, Thomas","id":"22671"},{"full_name":"Rechbauer, Martina","first_name":"Martina","last_name":"Rechbauer"},{"first_name":"Susann","last_name":"Sturm","full_name":"Sturm, Susann"}],"publication_status":"published","date_updated":"2022-01-06T06:52:10Z","intvolume":"        96","date_created":"2019-11-13T08:28:38Z","type":"journal_article","department":[{"_id":"187"}],"publication":"Steuer und Wirtschaft","issue":"4","citation":{"mla":"Hoppe, Thomas, et al. “Steuerkomplexität im Vergleich zwischen Deutschland und Österreich - Eine Analyse des Status quo.” <i>Steuer und Wirtschaft</i>, vol. 96, no. 4, 2019, pp. 397–412.","ama":"Hoppe T, Rechbauer M, Sturm S. Steuerkomplexität im Vergleich zwischen Deutschland und Österreich - Eine Analyse des Status quo. <i>Steuer und Wirtschaft</i>. 2019;96(4):397-412.","bibtex":"@article{Hoppe_Rechbauer_Sturm_2019, title={Steuerkomplexität im Vergleich zwischen Deutschland und Österreich - Eine Analyse des Status quo}, volume={96}, number={4}, journal={Steuer und Wirtschaft}, author={Hoppe, Thomas and Rechbauer, Martina and Sturm, Susann}, year={2019}, pages={397–412} }","apa":"Hoppe, T., Rechbauer, M., &#38; Sturm, S. (2019). Steuerkomplexität im Vergleich zwischen Deutschland und Österreich - Eine Analyse des Status quo. <i>Steuer und Wirtschaft</i>, <i>96</i>(4), 397–412.","ieee":"T. Hoppe, M. Rechbauer, and S. Sturm, “Steuerkomplexität im Vergleich zwischen Deutschland und Österreich - Eine Analyse des Status quo,” <i>Steuer und Wirtschaft</i>, vol. 96, no. 4, pp. 397–412, 2019.","chicago":"Hoppe, Thomas, Martina Rechbauer, and Susann Sturm. “Steuerkomplexität im Vergleich zwischen Deutschland und Österreich - Eine Analyse des Status quo.” <i>Steuer und Wirtschaft</i> 96, no. 4 (2019): 397–412.","short":"T. Hoppe, M. Rechbauer, S. Sturm, Steuer und Wirtschaft 96 (2019) 397–412."},"quality_controlled":"1","abstract":[{"text":"Die Komplexität von Steuersystemen gewinnt in der Debatte um den internationalen Steuerwettbewerb zunehmend an Bedeutung. Im vorliegenden Beitrag erfolgt, basierend auf den Befragungsdaten, die dem Tax Complexity Index von Hoppe et al. (2019) zugrunde liegen, eine umfassende Gegenüberstellung der Komplexität der Steuersysteme von Deutschland und Österreich unter Berücksichtigung der Mittelwerte aller vom Index abgedeckten Länder. Die Steuergesetze weisen sowohl in Deutschland als auch in Österreich einen verhältnismäßig hohen Grad an Komplexität auf. Bei den steuerlichen Rahmenbedingungen fällt der Grad an Komplexität in beiden Ländern dagegen niedrig\r\naus, wobei Österreich im Durchschnitt weniger komplex ist als Deutschland.","lang":"ger"},{"lang":"eng","text":"The complexity of tax systems is becoming increasingly important in the debate on international tax competition. Based on the underlying survey data of the Tax Complexity Index of Hoppe et al. (2019), this article provides a comprehensive comparison of the complexity of Germany’s and Austria’s tax systems while also taking the mean values of all countries covered by the index into account. In both Germany and Austria, the tax code is characterized by a relatively high degree of complexity. In contrast, the tax framework has a low level of complexity in both countries, with Austria being on average less complex than Germany."}]},{"publication":"Economics Letters","citation":{"bibtex":"@article{Breitmayer_Hasso_Pelster_2019, title={Culture and the disposition effect}, volume={184}, DOI={<a href=\"https://doi.org/10.1016/j.econlet.2019.108653\">10.1016/j.econlet.2019.108653</a>}, number={108653}, journal={Economics Letters}, author={Breitmayer, Bastian and Hasso, Tim and Pelster, Matthias}, year={2019} }","short":"B. Breitmayer, T. Hasso, M. Pelster, Economics Letters 184 (2019).","ama":"Breitmayer B, Hasso T, Pelster M. Culture and the disposition effect. <i>Economics Letters</i>. 2019;184. doi:<a href=\"https://doi.org/10.1016/j.econlet.2019.108653\">10.1016/j.econlet.2019.108653</a>","chicago":"Breitmayer, Bastian, Tim Hasso, and Matthias Pelster. “Culture and the Disposition Effect.” <i>Economics Letters</i> 184 (2019). <a href=\"https://doi.org/10.1016/j.econlet.2019.108653\">https://doi.org/10.1016/j.econlet.2019.108653</a>.","ieee":"B. Breitmayer, T. Hasso, and M. Pelster, “Culture and the disposition effect,” <i>Economics Letters</i>, vol. 184, 2019.","apa":"Breitmayer, B., Hasso, T., &#38; Pelster, M. (2019). Culture and the disposition effect. <i>Economics Letters</i>, <i>184</i>. <a href=\"https://doi.org/10.1016/j.econlet.2019.108653\">https://doi.org/10.1016/j.econlet.2019.108653</a>","mla":"Breitmayer, Bastian, et al. “Culture and the Disposition Effect.” <i>Economics Letters</i>, vol. 184, 108653, 2019, doi:<a href=\"https://doi.org/10.1016/j.econlet.2019.108653\">10.1016/j.econlet.2019.108653</a>."},"quality_controlled":"1","date_created":"2019-08-31T08:36:59Z","type":"journal_article","department":[{"_id":"186"},{"_id":"578"}],"title":"Culture and the disposition effect","year":"2019","status":"public","publication_identifier":{"issn":["0165-1765"]},"author":[{"last_name":"Breitmayer","first_name":"Bastian","full_name":"Breitmayer, Bastian"},{"full_name":"Hasso, Tim","last_name":"Hasso","first_name":"Tim"},{"first_name":"Matthias","orcid":" https://orcid.org/0000-0001-5740-2420","last_name":"Pelster","full_name":"Pelster, Matthias","id":"67265"}],"date_updated":"2022-01-06T06:51:28Z","publication_status":"published","intvolume":"       184","article_number":"108653","_id":"13121","language":[{"iso":"eng"}],"doi":"10.1016/j.econlet.2019.108653","user_id":"67265","volume":184},{"title":"Swarm intelligence? Stock opinions of the crowd and stock returns","year":"2019","status":"public","author":[{"full_name":"Breitmayer, Bastian","last_name":"Breitmayer","first_name":"Bastian"},{"full_name":"Massari, Filippo","first_name":"Filippo","last_name":"Massari"},{"full_name":"Pelster, Matthias","first_name":"Matthias","orcid":" https://orcid.org/0000-0001-5740-2420","last_name":"Pelster","id":"67265"}],"publication_identifier":{"issn":["1059-0560"]},"publication_status":"published","date_updated":"2022-01-06T06:51:28Z","intvolume":"        64","page":"443-464","_id":"13122","language":[{"iso":"eng"}],"user_id":"67265","doi":"10.1016/j.iref.2019.08.006","volume":64,"publication":"International Review of Economics & Finance","citation":{"chicago":"Breitmayer, Bastian, Filippo Massari, and Matthias Pelster. “Swarm Intelligence? Stock Opinions of the Crowd and Stock Returns.” <i>International Review of Economics &#38; Finance</i> 64 (2019): 443–64. <a href=\"https://doi.org/10.1016/j.iref.2019.08.006\">https://doi.org/10.1016/j.iref.2019.08.006</a>.","short":"B. Breitmayer, F. Massari, M. Pelster, International Review of Economics &#38; Finance 64 (2019) 443–464.","ieee":"B. Breitmayer, F. Massari, and M. Pelster, “Swarm intelligence? Stock opinions of the crowd and stock returns,” <i>International Review of Economics &#38; Finance</i>, vol. 64, pp. 443–464, 2019.","apa":"Breitmayer, B., Massari, F., &#38; Pelster, M. (2019). Swarm intelligence? Stock opinions of the crowd and stock returns. <i>International Review of Economics &#38; Finance</i>, <i>64</i>, 443–464. <a href=\"https://doi.org/10.1016/j.iref.2019.08.006\">https://doi.org/10.1016/j.iref.2019.08.006</a>","bibtex":"@article{Breitmayer_Massari_Pelster_2019, title={Swarm intelligence? Stock opinions of the crowd and stock returns}, volume={64}, DOI={<a href=\"https://doi.org/10.1016/j.iref.2019.08.006\">10.1016/j.iref.2019.08.006</a>}, journal={International Review of Economics &#38; Finance}, author={Breitmayer, Bastian and Massari, Filippo and Pelster, Matthias}, year={2019}, pages={443–464} }","ama":"Breitmayer B, Massari F, Pelster M. Swarm intelligence? Stock opinions of the crowd and stock returns. <i>International Review of Economics &#38; Finance</i>. 2019;64:443-464. doi:<a href=\"https://doi.org/10.1016/j.iref.2019.08.006\">10.1016/j.iref.2019.08.006</a>","mla":"Breitmayer, Bastian, et al. “Swarm Intelligence? Stock Opinions of the Crowd and Stock Returns.” <i>International Review of Economics &#38; Finance</i>, vol. 64, 2019, pp. 443–64, doi:<a href=\"https://doi.org/10.1016/j.iref.2019.08.006\">10.1016/j.iref.2019.08.006</a>."},"quality_controlled":"1","date_created":"2019-09-01T06:49:42Z","type":"journal_article","department":[{"_id":"186"},{"_id":"578"}]},{"date_created":"2019-09-04T09:48:44Z","department":[{"_id":"186"},{"_id":"189"}],"type":"working_paper","keyword":["Keywords: non-GAAP reporting","restatements","information content of earnings","firm value","overvaluation"],"citation":{"bibtex":"@book{Müller_Sievers_Mehring_Sofilkanitsch_2019, title={Non-GAAP Reporting and Investor Attention: Are Investors Misled by Exclusions of Recurring Expenses from Non-GAAP Earnings before Restatement Announcements?}, author={Müller, Jens and Sievers, Sönke and Mehring, Oliver and Sofilkanitsch, Christian}, year={2019} }","ama":"Müller J, Sievers S, Mehring O, Sofilkanitsch C. <i>Non-GAAP Reporting and Investor Attention: Are Investors Misled by Exclusions of Recurring Expenses from Non-GAAP Earnings before Restatement Announcements?</i>; 2019.","mla":"Müller, Jens, et al. <i>Non-GAAP Reporting and Investor Attention: Are Investors Misled by Exclusions of Recurring Expenses from Non-GAAP Earnings before Restatement Announcements?</i> 2019.","chicago":"Müller, Jens, Sönke Sievers, Oliver Mehring, and Christian Sofilkanitsch. <i>Non-GAAP Reporting and Investor Attention: Are Investors Misled by Exclusions of Recurring Expenses from Non-GAAP Earnings before Restatement Announcements?</i>, 2019.","short":"J. Müller, S. Sievers, O. Mehring, C. Sofilkanitsch, Non-GAAP Reporting and Investor Attention: Are Investors Misled by Exclusions of Recurring Expenses from Non-GAAP Earnings before Restatement Announcements?, 2019.","ieee":"J. Müller, S. Sievers, O. Mehring, and C. Sofilkanitsch, <i>Non-GAAP Reporting and Investor Attention: Are Investors Misled by Exclusions of Recurring Expenses from Non-GAAP Earnings before Restatement Announcements?</i> 2019.","apa":"Müller, J., Sievers, S., Mehring, O., &#38; Sofilkanitsch, C. (2019). <i>Non-GAAP Reporting and Investor Attention: Are Investors Misled by Exclusions of Recurring Expenses from Non-GAAP Earnings before Restatement Announcements?</i>"},"abstract":[{"lang":"eng","text":"Non-GAAP reporting is under debate as managers may opportunistically inflate non-GAAP earnings. By separating firms into groups based on exclusions of recurring expenses before material restatements occur this paper investigates whether market participants are misled based on ex-ante non-GAAP reporting. The results show a decline in cumulative abnormal returns (–11.8% aggressive non-GAAP Reporting vs. –2.7% non-aggressive non-GAAP reporting), reduction in overvaluation (–22.18% vs. no decline) and losses in the earnings response coefficient (–51.8% vs. no significant decline) for firms with prior aggressive non-GAAP reporting. Further, we document that investors are less responsive to aggressively reported non-GAAP earnings ex-post, indicating that increased attention enhances investor’s ability to see through the quality of non-GAAP exclusions. "}],"_id":"13137","language":[{"iso":"eng"}],"page":"65","main_file_link":[{"url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3415109"}],"user_id":"46447","jel":["H2","M41"],"author":[{"full_name":"Müller, Jens","last_name":"Müller","first_name":"Jens","id":"1245"},{"id":"46447","first_name":"Sönke","last_name":"Sievers","full_name":"Sievers, Sönke"},{"full_name":"Mehring, Oliver","first_name":"Oliver","last_name":"Mehring","id":"36373"},{"last_name":"Sofilkanitsch","first_name":"Christian","full_name":"Sofilkanitsch, Christian"}],"status":"public","year":"2019","title":"Non-GAAP Reporting and Investor Attention: Are Investors Misled by Exclusions of Recurring Expenses from Non-GAAP Earnings before Restatement Announcements?","publication_status":"published","date_updated":"2022-01-06T06:51:28Z"},{"date_updated":"2022-01-06T06:51:29Z","title":"The relationship between announcements of complete mergers and acquisitions and acquirers' abnormal CDS spread changes","status":"public","year":"2019","jel":["G14","G34"],"author":[{"last_name":"Hippert","first_name":"Benjamin","full_name":"Hippert, Benjamin","id":"48476"}],"user_id":"21810","language":[{"iso":"eng"}],"_id":"13146","series_title":"No 52","abstract":[{"text":"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 find that spreads from CDS which are written on acquirers increase by 310 bps during a symmetric five-day event window suggesting that investors expect an increase in the acquirers credit risk exposure due to M&As. Next to this baseline finding, 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.","lang":"eng"}],"citation":{"bibtex":"@book{Hippert_2019, place={Working Papers Dissertations from Paderborn University, Faculty of Business Administration and Economics}, series={No 52}, title={The relationship between announcements of complete mergers and acquisitions and acquirers’ abnormal CDS spread changes}, author={Hippert, Benjamin}, year={2019}, collection={No 52} }","chicago":"Hippert, Benjamin. <i>The Relationship between Announcements of Complete Mergers and Acquisitions and Acquirers’ Abnormal CDS Spread Changes</i>. No 52. Working Papers Dissertations from Paderborn University, Faculty of Business Administration and Economics, 2019.","ama":"Hippert B. <i>The Relationship between Announcements of Complete Mergers and Acquisitions and Acquirers’ Abnormal CDS Spread Changes</i>. Working Papers Dissertations from Paderborn University, Faculty of Business Administration and Economics; 2019.","short":"B. Hippert, The Relationship between Announcements of Complete Mergers and Acquisitions and Acquirers’ Abnormal CDS Spread Changes, Working Papers Dissertations from Paderborn University, Faculty of Business Administration and Economics, 2019.","ieee":"B. Hippert, <i>The relationship between announcements of complete mergers and acquisitions and acquirers’ abnormal CDS spread changes</i>. Working Papers Dissertations from Paderborn University, Faculty of Business Administration and Economics, 2019.","mla":"Hippert, Benjamin. <i>The Relationship between Announcements of Complete Mergers and Acquisitions and Acquirers’ Abnormal CDS Spread Changes</i>. 2019.","apa":"Hippert, B. (2019). <i>The relationship between announcements of complete mergers and acquisitions and acquirers’ abnormal CDS spread changes</i>. Working Papers Dissertations from Paderborn University, Faculty of Business Administration and Economics."},"type":"working_paper","keyword":["credit default swaps","risk perception of CDS investors","mergers and acquisitions","event study"],"department":[{"_id":"186"},{"_id":"188"}],"place":"Working Papers Dissertations from Paderborn University, Faculty of Business Administration and Economics","date_created":"2019-09-06T08:56:48Z"},{"department":[{"_id":"186"},{"_id":"578"}],"type":"journal_article","keyword":["Cryptocurrencies Bitcoin Trading Investor returns Demographics"],"date_created":"2019-06-04T07:01:34Z","abstract":[{"lang":"eng","text":"We investigate the demographic characteristics, trading patterns, and performance of 465.926 brokerage accounts with respect to cryptocurrency trading. We find that cryptocurrency trading became increasingly popular across individuals of all different groups of age, gender, and trading patterns. Yet, men are more likely to engage in cryptocurrency trading, trade more frequently, and more speculative, respectively. As a result, men realize lower returns. Furthermore, we find that investors vary their trading patterns across different asset classes."}],"publication":"Journal of Behavioral and Experimental Finance","doi":"10.1016/j.jbef.2019.04.009","language":[{"iso":"eng"}],"article_type":"original","intvolume":"        23","publication_status":"published","date_updated":"2022-01-06T06:50:29Z","author":[{"last_name":"Hasso","first_name":"Tim","full_name":"Hasso, Tim"},{"full_name":"Pelster, Matthias","last_name":"Pelster","orcid":" https://orcid.org/0000-0001-5740-2420","first_name":"Matthias","id":"67265"},{"first_name":"Bastian","last_name":"Breitmayer","full_name":"Breitmayer, Bastian"}],"year":"2019","title":"Who trades cryptocurrencies, how do they trade it, and how do they perform? Evidence from brokerage accounts","citation":{"mla":"Hasso, Tim, et al. “Who Trades Cryptocurrencies, How Do They Trade It, and How Do They Perform? Evidence from Brokerage Accounts.” <i>Journal of Behavioral and Experimental Finance</i>, vol. 23, Elsevier, 2019, pp. 64–74, doi:<a href=\"https://doi.org/10.1016/j.jbef.2019.04.009\">10.1016/j.jbef.2019.04.009</a>.","ama":"Hasso T, Pelster M, Breitmayer B. Who trades cryptocurrencies, how do they trade it, and how do they perform? Evidence from brokerage accounts. <i>Journal of Behavioral and Experimental Finance</i>. 2019;23:64-74. doi:<a href=\"https://doi.org/10.1016/j.jbef.2019.04.009\">10.1016/j.jbef.2019.04.009</a>","bibtex":"@article{Hasso_Pelster_Breitmayer_2019, title={Who trades cryptocurrencies, how do they trade it, and how do they perform? Evidence from brokerage accounts}, volume={23}, DOI={<a href=\"https://doi.org/10.1016/j.jbef.2019.04.009\">10.1016/j.jbef.2019.04.009</a>}, journal={Journal of Behavioral and Experimental Finance}, publisher={Elsevier}, author={Hasso, Tim and Pelster, Matthias and Breitmayer, Bastian}, year={2019}, pages={64–74} }","apa":"Hasso, T., Pelster, M., &#38; Breitmayer, B. (2019). Who trades cryptocurrencies, how do they trade it, and how do they perform? Evidence from brokerage accounts. <i>Journal of Behavioral and Experimental Finance</i>, <i>23</i>, 64–74. <a href=\"https://doi.org/10.1016/j.jbef.2019.04.009\">https://doi.org/10.1016/j.jbef.2019.04.009</a>","ieee":"T. Hasso, M. Pelster, and B. Breitmayer, “Who trades cryptocurrencies, how do they trade it, and how do they perform? Evidence from brokerage accounts,” <i>Journal of Behavioral and Experimental Finance</i>, vol. 23, pp. 64–74, 2019.","chicago":"Hasso, Tim, Matthias Pelster, and Bastian Breitmayer. “Who Trades Cryptocurrencies, How Do They Trade It, and How Do They Perform? Evidence from Brokerage Accounts.” <i>Journal of Behavioral and Experimental Finance</i> 23 (2019): 64–74. <a href=\"https://doi.org/10.1016/j.jbef.2019.04.009\">https://doi.org/10.1016/j.jbef.2019.04.009</a>.","short":"T. Hasso, M. Pelster, B. Breitmayer, Journal of Behavioral and Experimental Finance 23 (2019) 64–74."},"volume":23,"user_id":"21810","publisher":"Elsevier","_id":"10103","page":"64-74","jel":["G11"],"status":"public"},{"publication":"Economics Letters","abstract":[{"lang":"eng","text":"Are cryptocurrency traders driven by a desire to invest in a new asset class to diversify their portfolio or are they merely seeking to increase their levels of risk? To answer this question, we use individual-level brokerage data and study their behavior in stock trading around the time they engage in their first cryptocurrency trade. We find that when engaging in cryptocurrency trading investors simultaneously increase their risk-seeking behavior in stock trading as they increase their trading intensity and use of leverage. The increase in risk-seeking in stocks is particularly pronounced when volatility in cryptocurrency returns is low, suggesting that their overall behavior is driven by excitement-seeking. "}],"date_created":"2019-06-19T19:00:44Z","department":[{"_id":"186"},{"_id":"578"}],"keyword":["cryptocurrencies","bitcoin","investor","risk-seeking"],"type":"journal_article","author":[{"id":"67265","first_name":"Matthias","last_name":"Pelster","orcid":" https://orcid.org/0000-0001-5740-2420","full_name":"Pelster, Matthias"},{"full_name":"Breitmayer, Bastian","last_name":"Breitmayer","first_name":"Bastian"},{"last_name":"Hasso","first_name":"Tim","full_name":"Hasso, Tim"}],"publication_identifier":{"issn":["0165-1765"]},"year":"2019","title":"Are cryptocurrency traders pioneers or just risk-seekers? evidence from brokerage accounts","intvolume":"       182","article_type":"original","date_updated":"2022-01-06T06:50:33Z","publication_status":"published","language":[{"iso":"eng"}],"doi":"10.1016/j.econlet.2019.06.013","citation":{"bibtex":"@article{Pelster_Breitmayer_Hasso_2019, title={Are cryptocurrency traders pioneers or just risk-seekers? evidence from brokerage accounts}, volume={182}, DOI={<a href=\"https://doi.org/10.1016/j.econlet.2019.06.013\">10.1016/j.econlet.2019.06.013</a>}, journal={Economics Letters}, author={Pelster, Matthias and Breitmayer, Bastian and Hasso, Tim}, year={2019}, pages={98–100} }","ama":"Pelster M, Breitmayer B, Hasso T. Are cryptocurrency traders pioneers or just risk-seekers? evidence from brokerage accounts. <i>Economics Letters</i>. 2019;182:98-100. doi:<a href=\"https://doi.org/10.1016/j.econlet.2019.06.013\">10.1016/j.econlet.2019.06.013</a>","mla":"Pelster, Matthias, et al. “Are Cryptocurrency Traders Pioneers or Just Risk-Seekers? Evidence from Brokerage Accounts.” <i>Economics Letters</i>, vol. 182, 2019, pp. 98–100, doi:<a href=\"https://doi.org/10.1016/j.econlet.2019.06.013\">10.1016/j.econlet.2019.06.013</a>.","chicago":"Pelster, Matthias, Bastian Breitmayer, and Tim Hasso. “Are Cryptocurrency Traders Pioneers or Just Risk-Seekers? Evidence from Brokerage Accounts.” <i>Economics Letters</i> 182 (2019): 98–100. <a href=\"https://doi.org/10.1016/j.econlet.2019.06.013\">https://doi.org/10.1016/j.econlet.2019.06.013</a>.","short":"M. Pelster, B. Breitmayer, T. Hasso, Economics Letters 182 (2019) 98–100.","ieee":"M. Pelster, B. Breitmayer, and T. Hasso, “Are cryptocurrency traders pioneers or just risk-seekers? evidence from brokerage accounts,” <i>Economics Letters</i>, vol. 182, pp. 98–100, 2019.","apa":"Pelster, M., Breitmayer, B., &#38; Hasso, T. (2019). Are cryptocurrency traders pioneers or just risk-seekers? evidence from brokerage accounts. <i>Economics Letters</i>, <i>182</i>, 98–100. <a href=\"https://doi.org/10.1016/j.econlet.2019.06.013\">https://doi.org/10.1016/j.econlet.2019.06.013</a>"},"jel":["D1","G1"],"status":"public","_id":"10279","page":"98-100","volume":182,"user_id":"21810"},{"author":[{"id":"48476","full_name":"Hippert, Benjamin","first_name":"Benjamin","last_name":"Hippert"},{"first_name":"André","orcid":"https://orcid.org/0000-0002-8058-8857","last_name":"Uhde","full_name":"Uhde, André","id":"36049"},{"id":"48837","full_name":"Wengerek, Sascha Tobias","last_name":"Wengerek","orcid":"0000-0002-7820-3903","first_name":"Sascha Tobias"}],"year":"2019","title":"Portfolio Benefits of Adding Corporate Credit Default Swap Indices: Evidence from North America and Europe","article_type":"original","intvolume":"        22","publication_status":"published","date_updated":"2022-05-04T06:15:02Z","language":[{"iso":"eng"}],"doi":"https://doi.org/10.1007/s11147-018-9148-8","publication":"Review of Derivatives Research ","issue":"2","abstract":[{"text":"Employing main and sector-specific investment-grade CDS indices from the North American and European CDS market and performing mean-variance out-of-sample analyses for conservative and aggressive investors over the period from 2006 to 2014, this paper analyzes portfolio benefits of adding corporate CDS indices to a traditional financial portfolio consisting of stock and sovereign bond indices. As a baseline result, we initially find an increase in portfolio (downside) risk-diversification when adding CDS indices, which is observed irrespective of both CDS markets, investor-types and different sub-periods, including the global financial crisis and European sovereign debt crisis. In addition, the analysis reveals higher portfolio excess returns and performance in CDS index portfolios, however, these effects clearly differ between markets, investor-types and sub-periods. Overall, portfolio benefits of adding CDS indices mainly result from the fact that institutional investors replace sovereign bond indices rather than stock indices by CDS indices due to better risk-return characteristics. Our baseline findings remain robust under a variety of robustness checks. Results from sensitivity analyses provide further important implications for institutional investors with a strategic focus on a long-term conservative portfolio management.","lang":"eng"}],"date_created":"2018-10-01T12:17:35Z","department":[{"_id":"188"},{"_id":"186"}],"keyword":["Corporate credit default swap indices","Mean-variance asset allocation","Out-of-sample portfolio optimization","Portfolio risk-diversification","Portfolio performance evaluation"],"type":"journal_article","jel":["C61","G01","G11","G15","G23"],"status":"public","_id":"4562","page":"203-259","volume":22,"user_id":"36049","citation":{"mla":"Hippert, Benjamin, et al. “Portfolio Benefits of Adding Corporate Credit Default Swap Indices: Evidence from North America and Europe.” <i>Review of Derivatives Research </i>, vol. 22, no. 2, 2019, pp. 203–59, doi:<a href=\"https://doi.org/10.1007/s11147-018-9148-8\">https://doi.org/10.1007/s11147-018-9148-8</a>.","bibtex":"@article{Hippert_Uhde_Wengerek_2019, title={Portfolio Benefits of Adding Corporate Credit Default Swap Indices: Evidence from North America and Europe}, volume={22}, DOI={<a href=\"https://doi.org/10.1007/s11147-018-9148-8\">https://doi.org/10.1007/s11147-018-9148-8</a>}, number={2}, journal={Review of Derivatives Research }, author={Hippert, Benjamin and Uhde, André and Wengerek, Sascha Tobias}, year={2019}, pages={203–259} }","ama":"Hippert B, Uhde A, Wengerek ST. Portfolio Benefits of Adding Corporate Credit Default Swap Indices: Evidence from North America and Europe. <i>Review of Derivatives Research </i>. 2019;22(2):203-259. doi:<a href=\"https://doi.org/10.1007/s11147-018-9148-8\">https://doi.org/10.1007/s11147-018-9148-8</a>","ieee":"B. Hippert, A. Uhde, and S. T. Wengerek, “Portfolio Benefits of Adding Corporate Credit Default Swap Indices: Evidence from North America and Europe,” <i>Review of Derivatives Research </i>, vol. 22, no. 2, pp. 203–259, 2019, doi: <a href=\"https://doi.org/10.1007/s11147-018-9148-8\">https://doi.org/10.1007/s11147-018-9148-8</a>.","apa":"Hippert, B., Uhde, A., &#38; Wengerek, S. T. (2019). Portfolio Benefits of Adding Corporate Credit Default Swap Indices: Evidence from North America and Europe. <i>Review of Derivatives Research </i>, <i>22</i>(2), 203–259. <a href=\"https://doi.org/10.1007/s11147-018-9148-8\">https://doi.org/10.1007/s11147-018-9148-8</a>","chicago":"Hippert, Benjamin, André Uhde, and Sascha Tobias Wengerek. “Portfolio Benefits of Adding Corporate Credit Default Swap Indices: Evidence from North America and Europe.” <i>Review of Derivatives Research </i> 22, no. 2 (2019): 203–59. <a href=\"https://doi.org/10.1007/s11147-018-9148-8\">https://doi.org/10.1007/s11147-018-9148-8</a>.","short":"B. Hippert, A. Uhde, S.T. Wengerek, Review of Derivatives Research  22 (2019) 203–259."}},{"user_id":"21810","publisher":"Paderborn University","_id":"36004","language":[{"iso":"eng"}],"date_updated":"2023-01-11T11:05:30Z","publication_status":"published","year":"2019","title":"Share price reactions to tariff imposition announcements in the Trump era – An event study of the trade conflict","status":"public","author":[{"full_name":"Wengerek, Sascha Tobias","first_name":"Sascha Tobias","last_name":"Wengerek"},{"last_name":"Uhde","first_name":"André","full_name":"Uhde, André","id":"36049"}],"jel":["F14","F18","F23","F51"],"keyword":["event study","international relations","protectionism","strategic trade policy","tariffs","trade conflict"],"type":"working_paper","department":[{"_id":"186"},{"_id":"188"}],"date_created":"2023-01-11T10:57:04Z","abstract":[{"lang":"eng","text":"Employing a unique sample of 2,849 tariff imposition announcements by and against the United States (U.S.) over the period from 2018 to 2019, this study analyzes the impact of recent tariff announcements on share prices from 859 U.S. companies. We provide evidence for negative (cumulative) average abnormal stock returns due to tariff announcements during a symmetric three-day event window. We suggest that stock market investors expect adverse impacts of tariff impositions, e.g. a decrease in the companies' future cash flows and a threat of retaliation. The negative wealth effects are observed irrespective of whether the Trump administration announces safeguard tariffs to protect domestic firms or a retaliation is declared by foreign countries. Moreover, building several subsamples, we find that the adverse impact is mostly driven by announcements involving China and is associated with a variety of sector, tariff, trade and firm characteristics. "}],"citation":{"ama":"Wengerek ST, Uhde A. <i>Share Price Reactions to Tariff Imposition Announcements in the Trump Era – An Event Study of the Trade Conflict</i>. Paderborn University; 2019.","bibtex":"@book{Wengerek_Uhde_2019, title={Share price reactions to tariff imposition announcements in the Trump era – An event study of the trade conflict}, publisher={Paderborn University}, author={Wengerek, Sascha Tobias and Uhde, André}, year={2019} }","mla":"Wengerek, Sascha Tobias, and André Uhde. <i>Share Price Reactions to Tariff Imposition Announcements in the Trump Era – An Event Study of the Trade Conflict</i>. Paderborn University, 2019.","chicago":"Wengerek, Sascha Tobias, and André Uhde. <i>Share Price Reactions to Tariff Imposition Announcements in the Trump Era – An Event Study of the Trade Conflict</i>. Paderborn University, 2019.","short":"S.T. Wengerek, A. Uhde, Share Price Reactions to Tariff Imposition Announcements in the Trump Era – An Event Study of the Trade Conflict, Paderborn University, 2019.","apa":"Wengerek, S. T., &#38; Uhde, A. (2019). <i>Share price reactions to tariff imposition announcements in the Trump era – An event study of the trade conflict</i>. Paderborn University.","ieee":"S. T. Wengerek and A. Uhde, <i>Share price reactions to tariff imposition announcements in the Trump era – An event study of the trade conflict</i>. Paderborn University, 2019."}},{"publication_identifier":{"issn":["0007-6503","1552-4205"]},"author":[{"first_name":"Rüdiger","last_name":"Hahn","full_name":"Hahn, Rüdiger"},{"last_name":"Reimsbach","first_name":"Daniel","full_name":"Reimsbach, Daniel","id":"100169"},{"full_name":"Kotzian, Peter","first_name":"Peter","last_name":"Kotzian"},{"last_name":"Feder","first_name":"Madeleine","full_name":"Feder, Madeleine"},{"last_name":"Weißenberger","first_name":"Barbara E.","full_name":"Weißenberger, Barbara E."}],"title":"Legitimation Strategies as Valuable Signals in Nonfinancial Reporting? Effects on Investor Decision-Making","year":"2019","intvolume":"        60","publication_status":"published","date_updated":"2023-10-30T11:33:44Z","language":[{"iso":"eng"}],"doi":"10.1177/0007650319872495","publication":"Business &amp; Society","issue":"4","abstract":[{"lang":"eng","text":"<jats:p> 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. </jats:p>"}],"date_created":"2023-10-10T10:00:40Z","department":[{"_id":"186"},{"_id":"815"}],"type":"journal_article","keyword":["Social Sciences (miscellaneous)","Business","Management and Accounting (miscellaneous)"],"status":"public","publisher":"SAGE Publications","_id":"47917","page":"943-978","volume":60,"user_id":"21810","citation":{"bibtex":"@article{Hahn_Reimsbach_Kotzian_Feder_Weißenberger_2019, title={Legitimation Strategies as Valuable Signals in Nonfinancial Reporting? Effects on Investor Decision-Making}, volume={60}, DOI={<a href=\"https://doi.org/10.1177/0007650319872495\">10.1177/0007650319872495</a>}, number={4}, journal={Business &#38;amp; Society}, publisher={SAGE Publications}, author={Hahn, Rüdiger and Reimsbach, Daniel and Kotzian, Peter and Feder, Madeleine and Weißenberger, Barbara E.}, year={2019}, pages={943–978} }","ama":"Hahn R, Reimsbach D, Kotzian P, Feder M, Weißenberger BE. Legitimation Strategies as Valuable Signals in Nonfinancial Reporting? Effects on Investor Decision-Making. <i>Business &#38;amp; Society</i>. 2019;60(4):943-978. doi:<a href=\"https://doi.org/10.1177/0007650319872495\">10.1177/0007650319872495</a>","mla":"Hahn, Rüdiger, et al. “Legitimation Strategies as Valuable Signals in Nonfinancial Reporting? Effects on Investor Decision-Making.” <i>Business &#38;amp; Society</i>, vol. 60, no. 4, SAGE Publications, 2019, pp. 943–78, doi:<a href=\"https://doi.org/10.1177/0007650319872495\">10.1177/0007650319872495</a>.","short":"R. Hahn, D. Reimsbach, P. Kotzian, M. Feder, B.E. Weißenberger, Business &#38;amp; Society 60 (2019) 943–978.","chicago":"Hahn, Rüdiger, Daniel Reimsbach, Peter Kotzian, Madeleine Feder, and Barbara E. Weißenberger. “Legitimation Strategies as Valuable Signals in Nonfinancial Reporting? Effects on Investor Decision-Making.” <i>Business &#38;amp; Society</i> 60, no. 4 (2019): 943–78. <a href=\"https://doi.org/10.1177/0007650319872495\">https://doi.org/10.1177/0007650319872495</a>.","ieee":"R. Hahn, D. Reimsbach, P. Kotzian, M. Feder, and B. E. Weißenberger, “Legitimation Strategies as Valuable Signals in Nonfinancial Reporting? Effects on Investor Decision-Making,” <i>Business &#38;amp; Society</i>, vol. 60, no. 4, pp. 943–978, 2019, doi: <a href=\"https://doi.org/10.1177/0007650319872495\">10.1177/0007650319872495</a>.","apa":"Hahn, R., Reimsbach, D., Kotzian, P., Feder, M., &#38; Weißenberger, B. E. (2019). Legitimation Strategies as Valuable Signals in Nonfinancial Reporting? Effects on Investor Decision-Making. <i>Business &#38;amp; Society</i>, <i>60</i>(4), 943–978. <a href=\"https://doi.org/10.1177/0007650319872495\">https://doi.org/10.1177/0007650319872495</a>"}},{"intvolume":"        89","date_updated":"2024-01-30T12:42:59Z","publication_status":"published","author":[{"full_name":"Niemann, Rainer","first_name":"Rainer","last_name":"Niemann"},{"orcid":" 0000-0002-8183-5901","first_name":"Caren","last_name":"Sureth-Sloane","full_name":"Sureth-Sloane, Caren","id":"530"}],"publication_identifier":{"issn":["0044-2372","1861-8928"]},"title":"Investment Timing Effects of Wealth Taxes under Uncertainty and Irreversibility","year":"2019","doi":"10.1007/s11573-018-0918-4","language":[{"iso":"eng"}],"main_file_link":[{"open_access":"1","url":"https://link.springer.com/article/10.1007/s11573-018-0918-4"}],"abstract":[{"lang":"eng","text":"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."}],"publication":"Journal of Business Economics","issue":"4","department":[{"_id":"187"},{"_id":"635"}],"type":"journal_article","date_created":"2018-10-29T12:17:58Z","status":"public","volume":89,"user_id":"74000","publisher":"Springer Nature America, Inc","_id":"4996","page":"385-415","quality_controlled":"1","citation":{"mla":"Niemann, Rainer, and Caren Sureth-Sloane. “Investment Timing Effects of Wealth Taxes under Uncertainty and Irreversibility.” <i>Journal of Business Economics</i>, vol. 89, no. 4, Springer Nature America, Inc, 2019, pp. 385–415, doi:<a href=\"https://doi.org/10.1007/s11573-018-0918-4\">10.1007/s11573-018-0918-4</a>.","bibtex":"@article{Niemann_Sureth-Sloane_2019, title={Investment Timing Effects of Wealth Taxes under Uncertainty and Irreversibility}, volume={89}, DOI={<a href=\"https://doi.org/10.1007/s11573-018-0918-4\">10.1007/s11573-018-0918-4</a>}, number={4}, journal={Journal of Business Economics}, publisher={Springer Nature America, Inc}, author={Niemann, Rainer and Sureth-Sloane, Caren}, year={2019}, pages={385–415} }","ama":"Niemann R, Sureth-Sloane C. Investment Timing Effects of Wealth Taxes under Uncertainty and Irreversibility. <i>Journal of Business Economics</i>. 2019;89(4):385-415. doi:<a href=\"https://doi.org/10.1007/s11573-018-0918-4\">10.1007/s11573-018-0918-4</a>","ieee":"R. Niemann and C. Sureth-Sloane, “Investment Timing Effects of Wealth Taxes under Uncertainty and Irreversibility,” <i>Journal of Business Economics</i>, vol. 89, no. 4, pp. 385–415, 2019, doi: <a href=\"https://doi.org/10.1007/s11573-018-0918-4\">10.1007/s11573-018-0918-4</a>.","apa":"Niemann, R., &#38; Sureth-Sloane, C. (2019). Investment Timing Effects of Wealth Taxes under Uncertainty and Irreversibility. <i>Journal of Business Economics</i>, <i>89</i>(4), 385–415. <a href=\"https://doi.org/10.1007/s11573-018-0918-4\">https://doi.org/10.1007/s11573-018-0918-4</a>","chicago":"Niemann, Rainer, and Caren Sureth-Sloane. “Investment Timing Effects of Wealth Taxes under Uncertainty and Irreversibility.” <i>Journal of Business Economics</i> 89, no. 4 (2019): 385–415. <a href=\"https://doi.org/10.1007/s11573-018-0918-4\">https://doi.org/10.1007/s11573-018-0918-4</a>.","short":"R. Niemann, C. Sureth-Sloane, Journal of Business Economics 89 (2019) 385–415."},"oa":"1"},{"type":"journal_article","department":[{"_id":"187"},{"_id":"635"}],"date_created":"2020-08-07T11:55:21Z","abstract":[{"lang":"ger","text":"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."}],"publication":"Betriebs-Berater","issue":"25","citation":{"mla":"Arbeitskreis Steuern der Schmalenbach-Gesellschaft für Betriebswirtschaft, ., and Caren Sureth-Sloane. “Ein Lösungsvorschlag zur Vermeidung der überschießenden Wirkung der Grunderwerbsteuerreform bei börsennotierten Kapitalgesellschaften.” <i>Betriebs-Berater</i>, vol. 74, no. 25, Deutscher Fachverlag GmbH , 2019, pp. 1438–42.","bibtex":"@article{Arbeitskreis Steuern der Schmalenbach-Gesellschaft für Betriebswirtschaft_Sureth-Sloane_2019, title={Ein Lösungsvorschlag zur Vermeidung der überschießenden Wirkung der Grunderwerbsteuerreform bei börsennotierten Kapitalgesellschaften}, volume={74}, number={25}, journal={Betriebs-Berater}, publisher={Deutscher Fachverlag GmbH }, author={Arbeitskreis Steuern der Schmalenbach-Gesellschaft für Betriebswirtschaft, . and Sureth-Sloane, Caren}, year={2019}, pages={1438–1442} }","ama":"Arbeitskreis Steuern der Schmalenbach-Gesellschaft für Betriebswirtschaft ., Sureth-Sloane C. Ein Lösungsvorschlag zur Vermeidung der überschießenden Wirkung der Grunderwerbsteuerreform bei börsennotierten Kapitalgesellschaften. <i>Betriebs-Berater</i>. 2019;74(25):1438-1442.","ieee":". Arbeitskreis Steuern der Schmalenbach-Gesellschaft für Betriebswirtschaft and C. Sureth-Sloane, “Ein Lösungsvorschlag zur Vermeidung der überschießenden Wirkung der Grunderwerbsteuerreform bei börsennotierten Kapitalgesellschaften,” <i>Betriebs-Berater</i>, vol. 74, no. 25, pp. 1438–1442, 2019.","apa":"Arbeitskreis Steuern der Schmalenbach-Gesellschaft für Betriebswirtschaft, ., &#38; Sureth-Sloane, C. (2019). Ein Lösungsvorschlag zur Vermeidung der überschießenden Wirkung der Grunderwerbsteuerreform bei börsennotierten Kapitalgesellschaften. <i>Betriebs-Berater</i>, <i>74</i>(25), 1438–1442.","chicago":"Arbeitskreis Steuern der Schmalenbach-Gesellschaft für Betriebswirtschaft, ., and Caren Sureth-Sloane. “Ein Lösungsvorschlag zur Vermeidung der überschießenden Wirkung der Grunderwerbsteuerreform bei börsennotierten Kapitalgesellschaften.” <i>Betriebs-Berater</i> 74, no. 25 (2019): 1438–42.","short":". Arbeitskreis Steuern der Schmalenbach-Gesellschaft für Betriebswirtschaft, C. Sureth-Sloane, Betriebs-Berater 74 (2019) 1438–1442."},"user_id":"530","volume":74,"alternative_title":["(Caren Sureth-Sloane ist Mitglied im Arbeitskreis Verrechnungspreise)"],"page":"1438-1442","_id":"17715","language":[{"iso":"ger"}],"publisher":"Deutscher Fachverlag GmbH ","date_updated":"2024-04-08T11:09:21Z","intvolume":"        74","title":"Ein Lösungsvorschlag zur Vermeidung der überschießenden Wirkung der Grunderwerbsteuerreform bei börsennotierten Kapitalgesellschaften","year":"2019","status":"public","author":[{"first_name":".","last_name":"Arbeitskreis Steuern der Schmalenbach-Gesellschaft für Betriebswirtschaft","full_name":"Arbeitskreis Steuern der Schmalenbach-Gesellschaft für Betriebswirtschaft, ."},{"id":"530","full_name":"Sureth-Sloane, Caren","last_name":"Sureth-Sloane","first_name":"Caren","orcid":" 0000-0002-8183-5901"}]},{"language":[{"iso":"eng"}],"_id":"29314","user_id":"21810","year":"2019","status":"public","title":"Determinants of CDS trading on major banks","author":[{"full_name":"Hippert, Benjamin","last_name":"Hippert","first_name":"Benjamin"},{"id":"36049","full_name":"Uhde, André","orcid":"https://orcid.org/0000-0002-8058-8857","last_name":"Uhde","first_name":"André"},{"full_name":"Wengerek, Sascha Tobias","last_name":"Wengerek","first_name":"Sascha Tobias"}],"jel":["G10","G12","G21"],"date_updated":"2024-04-17T13:35:25Z","date_created":"2022-01-13T11:12:03Z","keyword":["banking","outstanding CDS net notional","determinants of bank CDS trading"],"type":"working_paper","department":[{"_id":"186"},{"_id":"19"}],"citation":{"short":"B. Hippert, A. Uhde, S.T. Wengerek, Determinants of CDS Trading on Major Banks, 2019.","chicago":"Hippert, Benjamin, André Uhde, and Sascha Tobias Wengerek. <i>Determinants of CDS Trading on Major Banks</i>, 2019.","ieee":"B. Hippert, A. Uhde, and S. T. Wengerek, <i>Determinants of CDS trading on major banks</i>. 2019.","apa":"Hippert, B., Uhde, A., &#38; Wengerek, S. T. (2019). <i>Determinants of CDS trading on major banks</i>.","bibtex":"@book{Hippert_Uhde_Wengerek_2019, title={Determinants of CDS trading on major banks}, author={Hippert, Benjamin and Uhde, André and Wengerek, Sascha Tobias}, year={2019} }","ama":"Hippert B, Uhde A, Wengerek ST. <i>Determinants of CDS Trading on Major Banks</i>.; 2019.","mla":"Hippert, Benjamin, et al. <i>Determinants of CDS Trading on Major Banks</i>. 2019."},"abstract":[{"text":"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.","lang":"eng"}]},{"department":[{"_id":"186"},{"_id":"188"}],"keyword":["banking","outstanding CDS net notional","determinants of bank CDS trading"],"type":"working_paper","date_created":"2019-09-06T07:46:50Z","place":"Working Papers Dissertations from Paderborn University, Faculty of Business Administration and Economics","abstract":[{"text":"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. ","lang":"eng"}],"citation":{"ieee":"B. Hippert, A. Uhde, and S. T. Wengerek, <i>Determinants of CDS trading on major banks</i>. Working Papers Dissertations from Paderborn University, Faculty of Business Administration and Economics, 2019.","apa":"Hippert, B., Uhde, A., &#38; Wengerek, S. T. (2019). <i>Determinants of CDS trading on major banks</i>.","short":"B. Hippert, A. Uhde, S.T. Wengerek, Determinants of CDS Trading on Major Banks, Working Papers Dissertations from Paderborn University, Faculty of Business Administration and Economics, 2019.","chicago":"Hippert, Benjamin, André Uhde, and Sascha Tobias Wengerek. <i>Determinants of CDS Trading on Major Banks</i>. No 51. Working Papers Dissertations from Paderborn University, Faculty of Business Administration and Economics, 2019.","mla":"Hippert, Benjamin, et al. <i>Determinants of CDS Trading on Major Banks</i>. 2019.","bibtex":"@book{Hippert_Uhde_Wengerek_2019, place={Working Papers Dissertations from Paderborn University, Faculty of Business Administration and Economics}, series={No 51}, title={Determinants of CDS trading on major banks}, author={Hippert, Benjamin and Uhde, André and Wengerek, Sascha Tobias}, year={2019}, collection={No 51} }","ama":"Hippert B, Uhde A, Wengerek ST. <i>Determinants of CDS Trading on Major Banks</i>.; 2019."},"user_id":"36049","series_title":"No 51","_id":"13145","language":[{"iso":"eng"}],"date_updated":"2024-04-17T13:35:52Z","jel":["G10","G12","G21"],"author":[{"id":"48476","first_name":"Benjamin","last_name":"Hippert","full_name":"Hippert, Benjamin"},{"id":"36049","full_name":"Uhde, André","last_name":"Uhde","orcid":"https://orcid.org/0000-0002-8058-8857","first_name":"André"},{"first_name":"Sascha Tobias","orcid":"0000-0002-7820-3903","last_name":"Wengerek","full_name":"Wengerek, Sascha Tobias","id":"48837"}],"status":"public","title":"Determinants of CDS trading on major banks","year":"2019"},{"author":[{"id":"48476","full_name":"Hippert, Benjamin","first_name":"Benjamin","last_name":"Hippert"},{"full_name":"Uhde, André","last_name":"Uhde","orcid":"https://orcid.org/0000-0002-8058-8857","first_name":"André","id":"36049"}],"jel":["G10","G12","G21"],"title":"Determinants of CDS trading on major banks","year":"2019","status":"public","publication_status":"submitted","date_updated":"2024-04-17T13:35:47Z","language":[{"iso":"eng"}],"_id":"5170","user_id":"36049","citation":{"ama":"Hippert B, Uhde A. <i>Determinants of CDS Trading on Major Banks</i>.","bibtex":"@book{Hippert_Uhde, title={Determinants of CDS trading on major banks}, author={Hippert, Benjamin and Uhde, André} }","mla":"Hippert, Benjamin, and André Uhde. <i>Determinants of CDS Trading on Major Banks</i>.","short":"B. Hippert, A. Uhde, Determinants of CDS Trading on Major Banks, n.d.","chicago":"Hippert, Benjamin, and André Uhde. <i>Determinants of CDS Trading on Major Banks</i>, n.d.","apa":"Hippert, B., &#38; Uhde, A. (n.d.). <i>Determinants of CDS trading on major banks</i>.","ieee":"B. Hippert and A. Uhde, <i>Determinants of CDS trading on major banks</i>. ."},"abstract":[{"text":"Employing credit default swap (CDS) data for a sample of 52 major banks across 18\r\ncountries from 2008 to 2016, this paper investigates determinants of the outstanding\r\nnet notional amount of CDS which are written on banks. We extend the current\r\nliterature dealing with CDS trading by analyzing further CDS trading-specifi\fc,\r\nfundamental bank-speci\ffic as well as macroeconomic and institutional determinants\r\nwith a focus on bank CDS trading. We fi\fnd that, next to well-discussed determinants\r\nfor corporate \ffirms in the literature, especially a bank's tail risk, capital adequacy,\r\nloan portfolio and business model affect a bank's outstanding CDS net notional.\r\nThis \ffinding indicates that investors in the bank CDS market partly have a recourse\r\nto a fundamental analysis for their investment decision. Our study \ffills an important\r\ngap since empirical studies have solely focused on sovereign and corporate CDS yet.\r\nIn addition, the analysis at hand provides important implications for both academics\r\nand practitioners since understanding the trading motives of bank CDS investors\r\ngives deeper insights into the still opaque CDS market.","lang":"eng"}],"date_created":"2018-10-31T10:05:47Z","department":[{"_id":"186"},{"_id":"188"}],"type":"working_paper","keyword":["banking","outstanding CDS net notional","determinants of bank CDS trading"]}]