---
_id: '21427'
abstract:
- lang: eng
text: Under the German Inheritance Tax and Gift Tax Act, the transfer of business
assets can be exempted from taxation up to 100%. However, this exemption depends
on the evolution of the company’s payroll, which is highly uncertain. We model
the uncertain nature of payroll evolution using a Geometric Brownian motion. We
obtain closed-form solutions for the expected effective exemption and for the
expected effective tax rate. We find that the uncertainty effect is most pronounced
for moderate negative and positive growth rates. Furthermore, higher uncertainty
reduces the value of the effective tax exemption. Also, we find that the (partially
progressive) German inheritance tax function by trend promotes standard exemption.
The results enable tax planners to make an optimal choice between standard or
full exemption and allow for calculating the expected tax burden.
author:
- first_name: Markus
full_name: Diller, Markus
last_name: Diller
- first_name: Thomas
full_name: Späth, Thomas
last_name: Späth
- first_name: Johannes
full_name: Lorenz, Johannes
last_name: Lorenz
citation:
ama: 'Diller M, Späth T, Lorenz J. Inheritance Tax Planning with Uncertain Future
Payroll Expenses: An Analytical Solution to the Optimal Choice between Full and
Standard Exemption. Journal of Business Economics. 2019;89(5):599-626.'
apa: 'Diller, M., Späth, T., & Lorenz, J. (2019). Inheritance Tax Planning with
Uncertain Future Payroll Expenses: An Analytical Solution to the Optimal Choice
between Full and Standard Exemption. Journal of Business Economics, 89(5),
599–626.'
bibtex: '@article{Diller_Späth_Lorenz_2019, title={Inheritance Tax Planning with
Uncertain Future Payroll Expenses: An Analytical Solution to the Optimal Choice
between Full and Standard Exemption}, volume={89}, number={5}, journal={Journal
of Business Economics}, author={Diller, Markus and Späth, Thomas and Lorenz, Johannes},
year={2019}, pages={599–626} }'
chicago: 'Diller, Markus, Thomas Späth, and Johannes Lorenz. “Inheritance Tax Planning
with Uncertain Future Payroll Expenses: An Analytical Solution to the Optimal
Choice between Full and Standard Exemption.” Journal of Business Economics
89, no. 5 (2019): 599–626.'
ieee: 'M. Diller, T. Späth, and J. Lorenz, “Inheritance Tax Planning with Uncertain
Future Payroll Expenses: An Analytical Solution to the Optimal Choice between
Full and Standard Exemption,” Journal of Business Economics, vol. 89, no.
5, pp. 599–626, 2019.'
mla: 'Diller, Markus, et al. “Inheritance Tax Planning with Uncertain Future Payroll
Expenses: An Analytical Solution to the Optimal Choice between Full and Standard
Exemption.” Journal of Business Economics, vol. 89, no. 5, 2019, pp. 599–626.'
short: M. Diller, T. Späth, J. Lorenz, Journal of Business Economics 89 (2019) 599–626.
date_created: 2021-03-09T09:57:12Z
date_updated: 2022-01-06T06:54:59Z
department:
- _id: '187'
intvolume: ' 89'
issue: '5'
language:
- iso: eng
main_file_link:
- url: https://link.springer.com/article/10.1007/s11573-019-00929-2
page: 599-626
publication: Journal of Business Economics
status: public
title: 'Inheritance Tax Planning with Uncertain Future Payroll Expenses: An Analytical
Solution to the Optimal Choice between Full and Standard Exemption'
type: journal_article
user_id: '68607'
volume: 89
year: '2019'
...
---
_id: '20688'
abstract:
- lang: eng
text: We offer the first empirical analysis connecting the timing of general partner
(GP) compensation to private equity fund performance. Using detailed information
on limited partnership agreements between private equity limited and general partners,
we find that “GP-friendly” contracts—agreements that pay general partners on a
deal-by-deal basis instead of withholding carried interest until a benchmark return
has been earned—are associated with higher returns, both gross and net of fees.
This is robust to measures of performance persistence, time period effects, and
other contract terms and is related to exit-timing incentives. Timing practices
balance GP incentives against limited partner downside protection.
article_type: original
author:
- first_name: Niklas
full_name: Hüther, Niklas
last_name: Hüther
- first_name: David T.
full_name: Robinson, David T.
last_name: Robinson
- first_name: Sönke
full_name: Sievers, Sönke
id: '46447'
last_name: Sievers
- first_name: Thomas
full_name: Hartmann-Wendels, Thomas
last_name: Hartmann-Wendels
citation:
ama: 'Hüther N, Robinson DT, Sievers S, Hartmann-Wendels T. Paying for Performance
in Private Equity: Evidence from Venture Capital Partnerships. Management Science
(VHB-JOURQUAL 3 Ranking A+). 2019;66(4):1756-1782. doi:10.1287/mnsc.2018.3274'
apa: 'Hüther, N., Robinson, D. T., Sievers, S., & Hartmann-Wendels, T. (2019).
Paying for Performance in Private Equity: Evidence from Venture Capital Partnerships.
Management Science (VHB-JOURQUAL 3 Ranking A+), 66(4), 1756–1782.
https://doi.org/10.1287/mnsc.2018.3274'
bibtex: '@article{Hüther_Robinson_Sievers_Hartmann-Wendels_2019, title={Paying for
Performance in Private Equity: Evidence from Venture Capital Partnerships}, volume={66},
DOI={10.1287/mnsc.2018.3274},
number={4}, journal={Management Science (VHB-JOURQUAL 3 Ranking A+)}, author={Hüther,
Niklas and Robinson, David T. and Sievers, Sönke and Hartmann-Wendels, Thomas},
year={2019}, pages={1756–1782} }'
chicago: 'Hüther, Niklas, David T. Robinson, Sönke Sievers, and Thomas Hartmann-Wendels.
“Paying for Performance in Private Equity: Evidence from Venture Capital Partnerships.”
Management Science (VHB-JOURQUAL 3 Ranking A+) 66, no. 4 (2019): 1756–82.
https://doi.org/10.1287/mnsc.2018.3274.'
ieee: 'N. Hüther, D. T. Robinson, S. Sievers, and T. Hartmann-Wendels, “Paying for
Performance in Private Equity: Evidence from Venture Capital Partnerships,” Management
Science (VHB-JOURQUAL 3 Ranking A+), vol. 66, no. 4, pp. 1756–1782, 2019.'
mla: 'Hüther, Niklas, et al. “Paying for Performance in Private Equity: Evidence
from Venture Capital Partnerships.” Management Science (VHB-JOURQUAL 3 Ranking
A+), vol. 66, no. 4, 2019, pp. 1756–82, doi:10.1287/mnsc.2018.3274.'
short: N. Hüther, D.T. Robinson, S. Sievers, T. Hartmann-Wendels, Management Science
(VHB-JOURQUAL 3 Ranking A+) 66 (2019) 1756–1782.
date_created: 2020-12-08T13:19:35Z
date_updated: 2022-01-06T06:54:31Z
department:
- _id: '275'
doi: 10.1287/mnsc.2018.3274
intvolume: ' 66'
issue: '4'
keyword:
- venture capital
- compensation
- private equity
- VC partnership
- pay-performance relation
language:
- iso: eng
main_file_link:
- url: https://pubsonline.informs.org/doi/10.1287/mnsc.2018.3274
page: 1756-1782
publication: Management Science (VHB-JOURQUAL 3 Ranking A+)
publication_identifier:
issn:
- 0025-1909
- 1526-5501
publication_status: published
quality_controlled: '1'
related_material:
link:
- relation: supplementary_material
url: https://pubsonline.informs.org/doi/suppl/10.1287/mnsc.2018.3274/suppl_file/mnsc.2018.3274.sm1.pdf
- relation: other
url: https://corpgov.law.harvard.edu/2018/01/13/paying-for-performance-in-private-equity-evidence-from-vc-partnerships
- relation: earlier_version
url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3087320
status: public
title: 'Paying for Performance in Private Equity: Evidence from Venture Capital Partnerships'
type: journal_article
user_id: '46447'
volume: 66
year: '2019'
...
---
_id: '20875'
author:
- first_name: Sönke
full_name: Sievers, Sönke
id: '46447'
last_name: Sievers
- first_name: Jens
full_name: Kengelbach, Jens
last_name: Kengelbach
- first_name: Georg
full_name: Keienburg, Georg
last_name: Keienburg
- first_name: Maximilian
full_name: Bader, Maximilian
last_name: Bader
- first_name: Dominik
full_name: Degen, Dominik
last_name: Degen
- first_name: Jeff
full_name: Gell, Jeff
last_name: Gell
- first_name: Jesper
full_name: Nielsen, Jesper
last_name: Nielsen
citation:
ama: Sievers S, Kengelbach J, Keienburg G, et al. Downturns Are a Better Time
For Deal Hunting. The Boston Consulting Group, Inc., M&A Report; 2019.
apa: Sievers, S., Kengelbach, J., Keienburg, G., Bader, M., Degen, D., Gell, J.,
& Nielsen, J. (2019). Downturns Are a Better Time For Deal Hunting.
The Boston Consulting Group, Inc., M&A Report.
bibtex: '@book{Sievers_Kengelbach_Keienburg_Bader_Degen_Gell_Nielsen_2019, title={Downturns
Are a Better Time For Deal Hunting}, publisher={The Boston Consulting Group, Inc.,
M&A Report}, author={Sievers, Sönke and Kengelbach, Jens and Keienburg, Georg
and Bader, Maximilian and Degen, Dominik and Gell, Jeff and Nielsen, Jesper},
year={2019} }'
chicago: Sievers, Sönke, Jens Kengelbach, Georg Keienburg, Maximilian Bader, Dominik
Degen, Jeff Gell, and Jesper Nielsen. Downturns Are a Better Time For Deal
Hunting. The Boston Consulting Group, Inc., M&A Report, 2019.
ieee: S. Sievers et al., Downturns Are a Better Time For Deal Hunting.
The Boston Consulting Group, Inc., M&A Report, 2019.
mla: Sievers, Sönke, et al. Downturns Are a Better Time For Deal Hunting.
The Boston Consulting Group, Inc., M&A Report, 2019.
short: S. Sievers, J. Kengelbach, G. Keienburg, M. Bader, D. Degen, J. Gell, J.
Nielsen, Downturns Are a Better Time For Deal Hunting, The Boston Consulting Group,
Inc., M&A Report, 2019.
date_created: 2021-01-06T08:32:06Z
date_updated: 2022-01-06T06:54:41Z
department:
- _id: '275'
language:
- iso: eng
publication_status: published
publisher: The Boston Consulting Group, Inc., M&A Report
status: public
title: Downturns Are a Better Time For Deal Hunting
type: report
user_id: '46447'
year: '2019'
...
---
_id: '4561'
abstract:
- lang: eng
text: We exploit a unique sample of structured financial products (SFPs) to analyze
pricing and issuance dependencies among different types of such market‐linked
investment vehicles. Our study provides evidence of cross‐pricing between products
with complementary payoff profiles. Such dependencies may be explained by issuers’
efforts to generate order flow for products that supplement their current SFP
risk exposure. Additionally, we observe issuance patterns in line with the argument
that issuers exploit the complementarity payout profiles when bringing SFPs to
market. Our study emphasizes cross‐pricing from a perspective not previously considered
in the literature.
article_type: original
author:
- first_name: Matthias
full_name: Pelster, Matthias
id: '67265'
last_name: Pelster
orcid: ' https://orcid.org/0000-0001-5740-2420'
- first_name: Andrea
full_name: Schertler, Andrea
last_name: Schertler
citation:
ama: Pelster M, Schertler A. Pricing and issuance dependencies in SFP portfolios.
Journal of Futures Markets. 2019;39(3):342-365. doi:10.1002/fut.21978
apa: Pelster, M., & Schertler, A. (2019). Pricing and issuance dependencies
in SFP portfolios. Journal of Futures Markets, 39(3), 342–365. https://doi.org/10.1002/fut.21978
bibtex: '@article{Pelster_Schertler_2019, title={Pricing and issuance dependencies
in SFP portfolios}, volume={39}, DOI={10.1002/fut.21978},
number={3}, journal={Journal of Futures Markets}, author={Pelster, Matthias and
Schertler, Andrea}, year={2019}, pages={342–365} }'
chicago: 'Pelster, Matthias, and Andrea Schertler. “Pricing and Issuance Dependencies
in SFP Portfolios.” Journal of Futures Markets 39, no. 3 (2019): 342–65.
https://doi.org/10.1002/fut.21978.'
ieee: M. Pelster and A. Schertler, “Pricing and issuance dependencies in SFP portfolios,”
Journal of Futures Markets, vol. 39, no. 3, pp. 342–365, 2019.
mla: Pelster, Matthias, and Andrea Schertler. “Pricing and Issuance Dependencies
in SFP Portfolios.” Journal of Futures Markets, vol. 39, no. 3, 2019, pp.
342–65, doi:10.1002/fut.21978.
short: M. Pelster, A. Schertler, Journal of Futures Markets 39 (2019) 342–365.
date_created: 2018-10-01T11:45:28Z
date_updated: 2022-01-06T07:01:10Z
ddc:
- '330'
department:
- _id: '186'
- _id: '578'
doi: 10.1002/fut.21978
file:
- access_level: closed
content_type: application/pdf
creator: bange
date_created: 2019-02-06T13:06:50Z
date_updated: 2019-02-06T13:06:50Z
file_id: '7566'
file_name: Pelster 2019 SFP.pdf
file_size: 1658836
relation: main_file
success: 1
file_date_updated: 2019-02-06T13:06:50Z
has_accepted_license: '1'
intvolume: ' 39'
issue: '3'
jel:
- G12
- G13
- G14
- G24
keyword:
- cross‐pricing
- discount certificate
- hedging
- issuance decisions
- put warrants
- structured financial products
language:
- iso: eng
page: 342-365
publication: Journal of Futures Markets
publication_status: published
status: public
title: Pricing and issuance dependencies in SFP portfolios
type: journal_article
user_id: '21810'
volume: 39
year: '2019'
...
---
_id: '8892'
article_type: original
author:
- first_name: Matthias
full_name: Pelster, Matthias
id: '67265'
last_name: Pelster
orcid: ' https://orcid.org/0000-0001-5740-2420'
- first_name: Bastian
full_name: Breitmayer, Bastian
last_name: Breitmayer
citation:
ama: 'Pelster M, Breitmayer B. Attracting attention from peers: Excitement in social
trading. Journal of Economic Behavior & Organization. 2019;161:158-179.
doi:10.1016/j.jebo.2019.03.010'
apa: 'Pelster, M., & Breitmayer, B. (2019). Attracting attention from peers:
Excitement in social trading. Journal of Economic Behavior & Organization,
161, 158–179. https://doi.org/10.1016/j.jebo.2019.03.010'
bibtex: '@article{Pelster_Breitmayer_2019, title={Attracting attention from peers:
Excitement in social trading}, volume={161}, DOI={10.1016/j.jebo.2019.03.010},
journal={Journal of Economic Behavior & Organization}, author={Pelster, Matthias
and Breitmayer, Bastian}, year={2019}, pages={158–179} }'
chicago: 'Pelster, Matthias, and Bastian Breitmayer. “Attracting Attention from
Peers: Excitement in Social Trading.” Journal of Economic Behavior & Organization
161 (2019): 158–79. https://doi.org/10.1016/j.jebo.2019.03.010.'
ieee: 'M. Pelster and B. Breitmayer, “Attracting attention from peers: Excitement
in social trading,” Journal of Economic Behavior & Organization, vol.
161, pp. 158–179, 2019.'
mla: 'Pelster, Matthias, and Bastian Breitmayer. “Attracting Attention from Peers:
Excitement in Social Trading.” Journal of Economic Behavior & Organization,
vol. 161, 2019, pp. 158–79, doi:10.1016/j.jebo.2019.03.010.'
short: M. Pelster, B. Breitmayer, Journal of Economic Behavior & Organization
161 (2019) 158–179.
date_created: 2019-04-14T08:19:54Z
date_updated: 2022-01-06T07:04:05Z
ddc:
- '330'
department:
- _id: '186'
- _id: '578'
doi: 10.1016/j.jebo.2019.03.010
intvolume: ' 161'
language:
- iso: eng
page: 158-179
publication: Journal of Economic Behavior & Organization
publication_identifier:
issn:
- 0167-2681
publication_status: published
status: public
title: 'Attracting attention from peers: Excitement in social trading'
type: journal_article
user_id: '67265'
volume: 161
year: '2019'
...
---
_id: '5411'
abstract:
- lang: ger
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. '
author:
- first_name: Oliver
full_name: Mehring, Oliver
id: '36373'
last_name: Mehring
- first_name: Sönke
full_name: Sievers, Sönke
id: '46447'
last_name: Sievers
- first_name: Georg
full_name: Keienburg, Georg
last_name: Keienburg
- first_name: Jens
full_name: Kengelbach, Jens
last_name: Kengelbach
citation:
ama: Mehring O, Sievers S, Keienburg G, Kengelbach J. Wertgenerierung bei M&A
Transaktionen durch Bekanntgabe von Synergien? Vol 3-4. Corporate Finance;
2019:76-84.
apa: Mehring, O., Sievers, S., Keienburg, G., & Kengelbach, J. (2019). Wertgenerierung
bei M&A Transaktionen durch Bekanntgabe von Synergien? (Vol. 3–4, pp.
76–84). Corporate Finance.
bibtex: '@book{Mehring_Sievers_Keienburg_Kengelbach_2019, title={Wertgenerierung
bei M&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} }'
chicago: Mehring, Oliver, Sönke Sievers, Georg Keienburg, and Jens Kengelbach. Wertgenerierung
bei M&A Transaktionen durch Bekanntgabe von Synergien? Vol. 3–4. Corporate
Finance, 2019.
ieee: O. Mehring, S. Sievers, G. Keienburg, and J. Kengelbach, Wertgenerierung
bei M&A Transaktionen durch Bekanntgabe von Synergien?, vol. 3–4. Corporate
Finance, 2019, pp. 76–84.
mla: Mehring, Oliver, et al. Wertgenerierung bei M&A Transaktionen durch
Bekanntgabe von Synergien? Vol. 3–4, Corporate Finance, 2019, pp. 76–84.
short: O. Mehring, S. Sievers, G. Keienburg, J. Kengelbach, Wertgenerierung bei
M&A Transaktionen durch Bekanntgabe von Synergien?, Corporate Finance, 2019.
date_created: 2018-11-07T12:06:20Z
date_updated: 2022-01-06T07:01:52Z
department:
- _id: '275'
language:
- iso: ger
main_file_link:
- url: https://research.owlit.de/document/22b8e6a6-5e6c-3760-8595-2f639bd001d8
page: 76-84
publication_status: published
publisher: Corporate Finance
status: public
title: Wertgenerierung bei M&A Transaktionen durch Bekanntgabe von Synergien?
type: working_paper
user_id: '46447'
volume: 3-4
year: '2019'
...
---
_id: '12077'
abstract:
- lang: ger
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.
author:
- first_name: Thomas
full_name: Hoppe, Thomas
id: '22671'
last_name: Hoppe
- first_name: Martina
full_name: Rechbauer, Martina
last_name: Rechbauer
- first_name: Susann
full_name: Sturm, Susann
last_name: Sturm
citation:
ama: Hoppe T, Rechbauer M, Sturm S. Steuerkomplexität im Vergleich zwischen Deutschland
und Österreich – Eine Analyse des Status quo.
apa: Hoppe, T., Rechbauer, M., & Sturm, S. (n.d.). Steuerkomplexität im Vergleich
zwischen Deutschland und Österreich – Eine Analyse des Status quo.
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} }'
chicago: Hoppe, Thomas, Martina Rechbauer, and Susann Sturm. Steuerkomplexität
im Vergleich zwischen Deutschland und Österreich – Eine Analyse des Status quo,
n.d.
ieee: T. Hoppe, M. Rechbauer, and S. Sturm, Steuerkomplexität im Vergleich zwischen
Deutschland und Österreich – Eine Analyse des Status quo. .
mla: Hoppe, Thomas, et al. Steuerkomplexität im Vergleich zwischen Deutschland
und Österreich – Eine Analyse des Status quo.
short: T. Hoppe, M. Rechbauer, S. Sturm, Steuerkomplexität im Vergleich zwischen
Deutschland und Österreich – Eine Analyse des Status quo, n.d.
date_created: 2019-07-18T22:07:02Z
date_updated: 2022-01-06T06:51:17Z
ddc:
- '330'
department:
- _id: '187'
file:
- access_level: closed
content_type: application/pdf
creator: hoppet
date_created: 2019-07-18T22:05:23Z
date_updated: 2019-07-18T22:05:23Z
file_id: '12078'
file_name: Hoppe Rechbauer Sturm 2019.pdf
file_size: 679552
relation: main_file
success: 1
file_date_updated: 2019-07-18T22:05:23Z
has_accepted_license: '1'
language:
- iso: ger
project:
- _id: '37'
grant_number: P01
name: Der Einfluss von steuerlicher Regulierung auf multinationale Unternehmen
publication_status: submitted
status: public
title: Steuerkomplexität im Vergleich zwischen Deutschland und Österreich – Eine Analyse
des Status quo
type: working_paper
user_id: '68607'
year: '2019'
...
---
_id: '15367'
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. '
author:
- first_name: Vanessa
full_name: Gawehn, Vanessa
id: '52547'
last_name: Gawehn
citation:
ama: 'Gawehn V. Banks and Corporate Income Taxation: A Review. SSRN; 2019.'
apa: 'Gawehn, V. (2019). Banks and Corporate Income Taxation: A Review. SSRN.'
bibtex: '@book{Gawehn_2019, title={Banks and Corporate Income Taxation: A Review},
publisher={SSRN}, author={Gawehn, Vanessa}, year={2019} }'
chicago: 'Gawehn, Vanessa. Banks and Corporate Income Taxation: A Review.
SSRN, 2019.'
ieee: 'V. Gawehn, Banks and Corporate Income Taxation: A Review. SSRN, 2019.'
mla: 'Gawehn, Vanessa. Banks and Corporate Income Taxation: A Review. SSRN,
2019.'
short: 'V. Gawehn, Banks and Corporate Income Taxation: A Review, SSRN, 2019.'
date_created: 2019-12-18T06:56:24Z
date_updated: 2022-01-06T06:52:21Z
department:
- _id: '186'
- _id: '189'
keyword:
- corporate income taxes
- banks
- stakeholder approach
- decision-making process
language:
- iso: eng
page: '34'
publication_status: published
publisher: SSRN
status: public
title: 'Banks and Corporate Income Taxation: A Review'
type: working_paper
user_id: '48187'
year: '2019'
...
---
_id: '14902'
author:
- first_name: Christina
full_name: Mair, Christina
last_name: Mair
- first_name: Wolfram
full_name: Scheffler, Wolfram
last_name: Scheffler
- first_name: Isabell
full_name: Senger, Isabell
last_name: Senger
- first_name: Caren
full_name: Sureth-Sloane, Caren
id: '530'
last_name: Sureth-Sloane
citation:
ama: Mair C, Scheffler W, Senger I, Sureth-Sloane C. Analyse der Veränderung
der zwischenstaatlichen Gewinnaufteilung bei Einführung einer standardisierten
Gewinnverteilungsmethode am Beispiel des Einsatzes von 3D-Druckern. Vol 42.;
2019.
apa: Mair, C., Scheffler, W., Senger, I., & Sureth-Sloane, C. (2019). Analyse
der Veränderung der zwischenstaatlichen Gewinnaufteilung bei Einführung einer
standardisierten Gewinnverteilungsmethode am Beispiel des Einsatzes von 3D-Druckern
(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.
Analyse der Veränderung der zwischenstaatlichen Gewinnaufteilung bei Einführung
einer standardisierten Gewinnverteilungsmethode am Beispiel des Einsatzes von
3D-Druckern. Vol. 42. TAF Wokring Paper Series, 2019.
ieee: C. Mair, W. Scheffler, I. Senger, and C. Sureth-Sloane, Analyse der Veränderung
der zwischenstaatlichen Gewinnaufteilung bei Einführung einer standardisierten
Gewinnverteilungsmethode am Beispiel des Einsatzes von 3D-Druckern, vol. 42.
2019.
mla: Mair, Christina, et al. Analyse der Veränderung der zwischenstaatlichen
Gewinnaufteilung bei Einführung einer standardisierten Gewinnverteilungsmethode
am Beispiel des Einsatzes von 3D-Druckern. 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.
date_created: 2019-11-13T08:15:09Z
date_updated: 2022-01-06T06:52:10Z
ddc:
- '330'
department:
- _id: '187'
- _id: '635'
file:
- access_level: closed
content_type: application/pdf
creator: kschulz2
date_created: 2021-03-09T09:35:37Z
date_updated: 2021-03-09T09:35:37Z
file_id: '21423'
file_name: TAF Working Paper No. 42.pdf
file_size: 1293280
relation: main_file
success: 1
file_date_updated: 2021-03-09T09:35:37Z
has_accepted_license: '1'
intvolume: ' 42'
language:
- iso: ger
main_file_link:
- open_access: '1'
oa: '1'
publication_status: published
series_title: TAF Wokring Paper Series
status: public
title: Analyse der Veränderung der zwischenstaatlichen Gewinnaufteilung bei Einführung
einer standardisierten Gewinnverteilungsmethode am Beispiel des Einsatzes von 3D-Druckern
type: working_paper
user_id: '68607'
volume: 42
year: '2019'
...
---
_id: '14904'
abstract:
- lang: ger
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: 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.
author:
- first_name: Thomas
full_name: Hoppe, Thomas
id: '22671'
last_name: Hoppe
- first_name: Martina
full_name: Rechbauer, Martina
last_name: Rechbauer
- first_name: Susann
full_name: Sturm, Susann
last_name: Sturm
citation:
ama: Hoppe T, Rechbauer M, Sturm S. Steuerkomplexität im Vergleich zwischen Deutschland
und Österreich - Eine Analyse des Status quo. Steuer und Wirtschaft. 2019;96(4):397-412.
apa: Hoppe, T., Rechbauer, M., & Sturm, S. (2019). Steuerkomplexität im Vergleich
zwischen Deutschland und Österreich - Eine Analyse des Status quo. Steuer und
Wirtschaft, 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} }'
chicago: 'Hoppe, Thomas, Martina Rechbauer, and Susann Sturm. “Steuerkomplexität
im Vergleich zwischen Deutschland und Österreich - Eine Analyse des Status quo.”
Steuer und Wirtschaft 96, no. 4 (2019): 397–412.'
ieee: T. Hoppe, M. Rechbauer, and S. Sturm, “Steuerkomplexität im Vergleich zwischen
Deutschland und Österreich - Eine Analyse des Status quo,” Steuer und Wirtschaft,
vol. 96, no. 4, pp. 397–412, 2019.
mla: Hoppe, Thomas, et al. “Steuerkomplexität im Vergleich zwischen Deutschland
und Österreich - Eine Analyse des Status quo.” Steuer und Wirtschaft, vol.
96, no. 4, 2019, pp. 397–412.
short: T. Hoppe, M. Rechbauer, S. Sturm, Steuer und Wirtschaft 96 (2019) 397–412.
date_created: 2019-11-13T08:28:38Z
date_updated: 2022-01-06T06:52:10Z
department:
- _id: '187'
intvolume: ' 96'
issue: '4'
language:
- iso: ger
page: 397-412
publication: Steuer und Wirtschaft
publication_status: published
quality_controlled: '1'
status: public
title: Steuerkomplexität im Vergleich zwischen Deutschland und Österreich - Eine Analyse
des Status quo
type: journal_article
user_id: '68607'
volume: 96
year: '2019'
...
---
_id: '14905'
abstract:
- lang: eng
text: 'A key premise underlying most of the economic literature is that rational
decision-makers will choose dominant strategies over dominated alternatives. However,
prior literature in various disciplines including business, psychology, and economics
document a series of phenomena associated with violations of the dominance principle
in decision-making. In this comprehensive review, we discuss conditions under
which people violate the dominance principle in decision-making. When presenting
violations of dominance in empirical and experimental studies, we differentiate
between absolute, statewise, and stochastic (first- and second-order) violations
of dominance. Furthermore, we categorize the literature by the leading causes
for dominance violations: framing, reference points, certainty effects, bounded
rationality, and emotional responses.'
author:
- first_name: Thomas
full_name: Kourouxous, Thomas
id: '66936'
last_name: Kourouxous
- first_name: Thomas
full_name: Bauer, Thomas
last_name: Bauer
citation:
ama: Kourouxous T, Bauer T. Violations of Dominance in Decision-Making. Business
Research. 2019;12(1):209-239. doi:10.1007/s40685-019-0093-7
apa: Kourouxous, T., & Bauer, T. (2019). Violations of Dominance in Decision-Making.
Business Research, 12(1), 209–239. https://doi.org/10.1007/s40685-019-0093-7
bibtex: '@article{Kourouxous_Bauer_2019, title={Violations of Dominance in Decision-Making},
volume={12}, DOI={10.1007/s40685-019-0093-7},
number={1}, journal={Business Research}, author={Kourouxous, Thomas and Bauer,
Thomas}, year={2019}, pages={209–239} }'
chicago: 'Kourouxous, Thomas, and Thomas Bauer. “Violations of Dominance in Decision-Making.”
Business Research 12, no. 1 (2019): 209–39. https://doi.org/10.1007/s40685-019-0093-7.'
ieee: T. Kourouxous and T. Bauer, “Violations of Dominance in Decision-Making,”
Business Research, vol. 12, no. 1, pp. 209–239, 2019.
mla: Kourouxous, Thomas, and Thomas Bauer. “Violations of Dominance in Decision-Making.”
Business Research, vol. 12, no. 1, 2019, pp. 209–39, doi:10.1007/s40685-019-0093-7.
short: T. Kourouxous, T. Bauer, Business Research 12 (2019) 209–239.
date_created: 2019-11-13T08:27:11Z
date_updated: 2022-01-06T06:52:10Z
department:
- _id: '187'
- _id: '635'
doi: 10.1007/s40685-019-0093-7
intvolume: ' 12'
issue: '1'
language:
- iso: eng
main_file_link:
- url: https://link.springer.com/article/10.1007/s40685-019-0093-7
page: 209-239
publication: Business Research
publication_identifier:
issn:
- 2198-3402
- 2198-2627
publication_status: published
status: public
title: Violations of Dominance in Decision-Making
type: journal_article
user_id: '68607'
volume: 12
year: '2019'
...
---
_id: '14910'
author:
- first_name: Alicja
full_name: Majdanska, Alicja
last_name: Majdanska
- first_name: Yuchen
full_name: Wu, Yuchen
last_name: Wu
citation:
ama: Majdanska A, Wu Y. Using Impact Evaluation to Examine Domestic and International
Cooperative Compliance Programs. Tax Notes International. 2019;93(10):1045-1065.
apa: Majdanska, A., & Wu, Y. (2019). Using Impact Evaluation to Examine Domestic
and International Cooperative Compliance Programs. Tax Notes International,
93(10), 1045–1065.
bibtex: '@article{Majdanska_Wu_2019, title={Using Impact Evaluation to Examine Domestic
and International Cooperative Compliance Programs}, volume={93}, number={10},
journal={Tax Notes International}, author={Majdanska, Alicja and Wu, Yuchen},
year={2019}, pages={1045–1065} }'
chicago: 'Majdanska, Alicja, and Yuchen Wu. “Using Impact Evaluation to Examine
Domestic and International Cooperative Compliance Programs.” Tax Notes International
93, no. 10 (2019): 1045–65.'
ieee: A. Majdanska and Y. Wu, “Using Impact Evaluation to Examine Domestic and International
Cooperative Compliance Programs,” Tax Notes International, vol. 93, no.
10, pp. 1045–1065, 2019.
mla: Majdanska, Alicja, and Yuchen Wu. “Using Impact Evaluation to Examine Domestic
and International Cooperative Compliance Programs.” Tax Notes International,
vol. 93, no. 10, 2019, pp. 1045–65.
short: A. Majdanska, Y. Wu, Tax Notes International 93 (2019) 1045–1065.
date_created: 2019-11-13T08:37:26Z
date_updated: 2022-01-06T06:52:11Z
department:
- _id: '187'
intvolume: ' 93'
issue: '10'
language:
- iso: eng
page: 1045-1065
publication: Tax Notes International
publication_status: published
status: public
title: Using Impact Evaluation to Examine Domestic and International Cooperative Compliance
Programs
type: journal_article
user_id: '68607'
volume: 93
year: '2019'
...
---
_id: '13121'
article_number: '108653'
author:
- first_name: Bastian
full_name: Breitmayer, Bastian
last_name: Breitmayer
- first_name: Tim
full_name: Hasso, Tim
last_name: Hasso
- first_name: Matthias
full_name: Pelster, Matthias
id: '67265'
last_name: Pelster
orcid: ' https://orcid.org/0000-0001-5740-2420'
citation:
ama: Breitmayer B, Hasso T, Pelster M. Culture and the disposition effect. Economics
Letters. 2019;184. doi:10.1016/j.econlet.2019.108653
apa: Breitmayer, B., Hasso, T., & Pelster, M. (2019). Culture and the disposition
effect. Economics Letters, 184. https://doi.org/10.1016/j.econlet.2019.108653
bibtex: '@article{Breitmayer_Hasso_Pelster_2019, title={Culture and the disposition
effect}, volume={184}, DOI={10.1016/j.econlet.2019.108653},
number={108653}, journal={Economics Letters}, author={Breitmayer, Bastian and
Hasso, Tim and Pelster, Matthias}, year={2019} }'
chicago: Breitmayer, Bastian, Tim Hasso, and Matthias Pelster. “Culture and the
Disposition Effect.” Economics Letters 184 (2019). https://doi.org/10.1016/j.econlet.2019.108653.
ieee: B. Breitmayer, T. Hasso, and M. Pelster, “Culture and the disposition effect,”
Economics Letters, vol. 184, 2019.
mla: Breitmayer, Bastian, et al. “Culture and the Disposition Effect.” Economics
Letters, vol. 184, 108653, 2019, doi:10.1016/j.econlet.2019.108653.
short: B. Breitmayer, T. Hasso, M. Pelster, Economics Letters 184 (2019).
date_created: 2019-08-31T08:36:59Z
date_updated: 2022-01-06T06:51:28Z
department:
- _id: '186'
- _id: '578'
doi: 10.1016/j.econlet.2019.108653
intvolume: ' 184'
language:
- iso: eng
publication: Economics Letters
publication_identifier:
issn:
- 0165-1765
publication_status: published
quality_controlled: '1'
status: public
title: Culture and the disposition effect
type: journal_article
user_id: '67265'
volume: 184
year: '2019'
...
---
_id: '13122'
author:
- first_name: Bastian
full_name: Breitmayer, Bastian
last_name: Breitmayer
- first_name: Filippo
full_name: Massari, Filippo
last_name: Massari
- first_name: Matthias
full_name: Pelster, Matthias
id: '67265'
last_name: Pelster
orcid: ' https://orcid.org/0000-0001-5740-2420'
citation:
ama: Breitmayer B, Massari F, Pelster M. Swarm intelligence? Stock opinions of the
crowd and stock returns. International Review of Economics & Finance.
2019;64:443-464. doi:10.1016/j.iref.2019.08.006
apa: Breitmayer, B., Massari, F., & Pelster, M. (2019). Swarm intelligence?
Stock opinions of the crowd and stock returns. International Review of Economics
& Finance, 64, 443–464. https://doi.org/10.1016/j.iref.2019.08.006
bibtex: '@article{Breitmayer_Massari_Pelster_2019, title={Swarm intelligence? Stock
opinions of the crowd and stock returns}, volume={64}, DOI={10.1016/j.iref.2019.08.006},
journal={International Review of Economics & Finance}, author={Breitmayer,
Bastian and Massari, Filippo and Pelster, Matthias}, year={2019}, pages={443–464}
}'
chicago: 'Breitmayer, Bastian, Filippo Massari, and Matthias Pelster. “Swarm Intelligence?
Stock Opinions of the Crowd and Stock Returns.” International Review of Economics
& Finance 64 (2019): 443–64. https://doi.org/10.1016/j.iref.2019.08.006.'
ieee: B. Breitmayer, F. Massari, and M. Pelster, “Swarm intelligence? Stock opinions
of the crowd and stock returns,” International Review of Economics & Finance,
vol. 64, pp. 443–464, 2019.
mla: Breitmayer, Bastian, et al. “Swarm Intelligence? Stock Opinions of the Crowd
and Stock Returns.” International Review of Economics & Finance, vol.
64, 2019, pp. 443–64, doi:10.1016/j.iref.2019.08.006.
short: B. Breitmayer, F. Massari, M. Pelster, International Review of Economics
& Finance 64 (2019) 443–464.
date_created: 2019-09-01T06:49:42Z
date_updated: 2022-01-06T06:51:28Z
department:
- _id: '186'
- _id: '578'
doi: 10.1016/j.iref.2019.08.006
intvolume: ' 64'
language:
- iso: eng
page: 443-464
publication: International Review of Economics & Finance
publication_identifier:
issn:
- 1059-0560
publication_status: published
quality_controlled: '1'
status: public
title: Swarm intelligence? Stock opinions of the crowd and stock returns
type: journal_article
user_id: '67265'
volume: 64
year: '2019'
...
---
_id: '13137'
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. '
author:
- first_name: Jens
full_name: Müller, Jens
id: '1245'
last_name: Müller
- first_name: Sönke
full_name: Sievers, Sönke
id: '46447'
last_name: Sievers
- first_name: Oliver
full_name: Mehring, Oliver
id: '36373'
last_name: Mehring
- first_name: Christian
full_name: Sofilkanitsch, Christian
last_name: Sofilkanitsch
citation:
ama: 'Müller J, Sievers S, Mehring O, Sofilkanitsch C. Non-GAAP Reporting and
Investor Attention: Are Investors Misled by Exclusions of Recurring Expenses from
Non-GAAP Earnings before Restatement Announcements?; 2019.'
apa: 'Müller, J., Sievers, S., Mehring, O., & Sofilkanitsch, C. (2019). Non-GAAP
Reporting and Investor Attention: Are Investors Misled by Exclusions of Recurring
Expenses from Non-GAAP Earnings before Restatement Announcements?'
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}
}'
chicago: 'Müller, Jens, Sönke Sievers, Oliver Mehring, and Christian 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, Non-GAAP Reporting
and Investor Attention: Are Investors Misled by Exclusions of Recurring Expenses
from Non-GAAP Earnings before Restatement Announcements? 2019.'
mla: 'Müller, Jens, et al. Non-GAAP Reporting and Investor Attention: Are Investors
Misled by Exclusions of Recurring Expenses from Non-GAAP Earnings before Restatement
Announcements? 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.'
date_created: 2019-09-04T09:48:44Z
date_updated: 2022-01-06T06:51:28Z
department:
- _id: '186'
- _id: '189'
jel:
- H2
- M41
keyword:
- 'Keywords: non-GAAP reporting'
- restatements
- information content of earnings
- firm value
- overvaluation
language:
- iso: eng
main_file_link:
- url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3415109
page: '65'
publication_status: published
status: public
title: 'Non-GAAP Reporting and Investor Attention: Are Investors Misled by Exclusions
of Recurring Expenses from Non-GAAP Earnings before Restatement Announcements?'
type: working_paper
user_id: '46447'
year: '2019'
...
---
_id: '13146'
abstract:
- lang: eng
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.
author:
- first_name: Benjamin
full_name: Hippert, Benjamin
id: '48476'
last_name: Hippert
citation:
ama: Hippert B. 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.
apa: Hippert, B. (2019). 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.
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. The Relationship between Announcements of Complete
Mergers and Acquisitions and Acquirers’ Abnormal CDS Spread Changes. No 52.
Working Papers Dissertations from Paderborn University, Faculty of Business Administration
and Economics, 2019.
ieee: 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.
mla: Hippert, Benjamin. The Relationship between Announcements of Complete Mergers
and Acquisitions and Acquirers’ Abnormal CDS Spread Changes. 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.
date_created: 2019-09-06T08:56:48Z
date_updated: 2022-01-06T06:51:29Z
department:
- _id: '186'
- _id: '188'
jel:
- G14
- G34
keyword:
- credit default swaps
- risk perception of CDS investors
- mergers and acquisitions
- event study
language:
- iso: eng
place: Working Papers Dissertations from Paderborn University, Faculty of Business
Administration and Economics
series_title: No 52
status: public
title: The relationship between announcements of complete mergers and acquisitions
and acquirers' abnormal CDS spread changes
type: working_paper
user_id: '21810'
year: '2019'
...
---
_id: '10103'
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.
article_type: original
author:
- first_name: Tim
full_name: Hasso, Tim
last_name: Hasso
- first_name: Matthias
full_name: Pelster, Matthias
id: '67265'
last_name: Pelster
orcid: ' https://orcid.org/0000-0001-5740-2420'
- first_name: Bastian
full_name: Breitmayer, Bastian
last_name: Breitmayer
citation:
ama: Hasso T, Pelster M, Breitmayer B. Who trades cryptocurrencies, how do they
trade it, and how do they perform? Evidence from brokerage accounts. Journal
of Behavioral and Experimental Finance. 2019;23:64-74. doi:10.1016/j.jbef.2019.04.009
apa: Hasso, T., Pelster, M., & Breitmayer, B. (2019). Who trades cryptocurrencies,
how do they trade it, and how do they perform? Evidence from brokerage accounts.
Journal of Behavioral and Experimental Finance, 23, 64–74. https://doi.org/10.1016/j.jbef.2019.04.009
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={10.1016/j.jbef.2019.04.009},
journal={Journal of Behavioral and Experimental Finance}, publisher={Elsevier},
author={Hasso, Tim and Pelster, Matthias and Breitmayer, Bastian}, year={2019},
pages={64–74} }'
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.”
Journal of Behavioral and Experimental Finance 23 (2019): 64–74. https://doi.org/10.1016/j.jbef.2019.04.009.'
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,”
Journal of Behavioral and Experimental Finance, vol. 23, pp. 64–74, 2019.
mla: Hasso, Tim, et al. “Who Trades Cryptocurrencies, How Do They Trade It, and
How Do They Perform? Evidence from Brokerage Accounts.” Journal of Behavioral
and Experimental Finance, vol. 23, Elsevier, 2019, pp. 64–74, doi:10.1016/j.jbef.2019.04.009.
short: T. Hasso, M. Pelster, B. Breitmayer, Journal of Behavioral and Experimental
Finance 23 (2019) 64–74.
date_created: 2019-06-04T07:01:34Z
date_updated: 2022-01-06T06:50:29Z
department:
- _id: '186'
- _id: '578'
doi: 10.1016/j.jbef.2019.04.009
intvolume: ' 23'
jel:
- G11
keyword:
- Cryptocurrencies Bitcoin Trading Investor returns Demographics
language:
- iso: eng
page: 64-74
publication: Journal of Behavioral and Experimental Finance
publication_status: published
publisher: Elsevier
status: public
title: Who trades cryptocurrencies, how do they trade it, and how do they perform?
Evidence from brokerage accounts
type: journal_article
user_id: '21810'
volume: 23
year: '2019'
...
---
_id: '10279'
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. '
article_type: original
author:
- first_name: Matthias
full_name: Pelster, Matthias
id: '67265'
last_name: Pelster
orcid: ' https://orcid.org/0000-0001-5740-2420'
- first_name: Bastian
full_name: Breitmayer, Bastian
last_name: Breitmayer
- first_name: Tim
full_name: Hasso, Tim
last_name: Hasso
citation:
ama: Pelster M, Breitmayer B, Hasso T. Are cryptocurrency traders pioneers or just
risk-seekers? evidence from brokerage accounts. Economics Letters. 2019;182:98-100.
doi:10.1016/j.econlet.2019.06.013
apa: Pelster, M., Breitmayer, B., & Hasso, T. (2019). Are cryptocurrency traders
pioneers or just risk-seekers? evidence from brokerage accounts. Economics
Letters, 182, 98–100. https://doi.org/10.1016/j.econlet.2019.06.013
bibtex: '@article{Pelster_Breitmayer_Hasso_2019, title={Are cryptocurrency traders
pioneers or just risk-seekers? evidence from brokerage accounts}, volume={182},
DOI={10.1016/j.econlet.2019.06.013},
journal={Economics Letters}, author={Pelster, Matthias and Breitmayer, Bastian
and Hasso, Tim}, year={2019}, pages={98–100} }'
chicago: 'Pelster, Matthias, Bastian Breitmayer, and Tim Hasso. “Are Cryptocurrency
Traders Pioneers or Just Risk-Seekers? Evidence from Brokerage Accounts.” Economics
Letters 182 (2019): 98–100. https://doi.org/10.1016/j.econlet.2019.06.013.'
ieee: M. Pelster, B. Breitmayer, and T. Hasso, “Are cryptocurrency traders pioneers
or just risk-seekers? evidence from brokerage accounts,” Economics Letters,
vol. 182, pp. 98–100, 2019.
mla: Pelster, Matthias, et al. “Are Cryptocurrency Traders Pioneers or Just Risk-Seekers?
Evidence from Brokerage Accounts.” Economics Letters, vol. 182, 2019, pp.
98–100, doi:10.1016/j.econlet.2019.06.013.
short: M. Pelster, B. Breitmayer, T. Hasso, Economics Letters 182 (2019) 98–100.
date_created: 2019-06-19T19:00:44Z
date_updated: 2022-01-06T06:50:33Z
department:
- _id: '186'
- _id: '578'
doi: 10.1016/j.econlet.2019.06.013
intvolume: ' 182'
jel:
- D1
- G1
keyword:
- cryptocurrencies
- bitcoin
- investor
- risk-seeking
language:
- iso: eng
page: 98-100
publication: Economics Letters
publication_identifier:
issn:
- 0165-1765
publication_status: published
status: public
title: Are cryptocurrency traders pioneers or just risk-seekers? evidence from brokerage
accounts
type: journal_article
user_id: '21810'
volume: 182
year: '2019'
...
---
_id: '4562'
abstract:
- lang: eng
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.
article_type: original
author:
- first_name: Benjamin
full_name: Hippert, Benjamin
id: '48476'
last_name: Hippert
- first_name: André
full_name: Uhde, André
id: '36049'
last_name: Uhde
orcid: https://orcid.org/0000-0002-8058-8857
- first_name: Sascha Tobias
full_name: Wengerek, Sascha Tobias
id: '48837'
last_name: Wengerek
orcid: 0000-0002-7820-3903
citation:
ama: 'Hippert B, Uhde A, Wengerek ST. Portfolio Benefits of Adding Corporate Credit
Default Swap Indices: Evidence from North America and Europe. Review of Derivatives
Research . 2019;22(2):203-259. doi:https://doi.org/10.1007/s11147-018-9148-8'
apa: 'Hippert, B., Uhde, A., & Wengerek, S. T. (2019). Portfolio Benefits of
Adding Corporate Credit Default Swap Indices: Evidence from North America and
Europe. Review of Derivatives Research , 22(2), 203–259. https://doi.org/10.1007/s11147-018-9148-8'
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={https://doi.org/10.1007/s11147-018-9148-8},
number={2}, journal={Review of Derivatives Research }, author={Hippert, Benjamin
and Uhde, André and Wengerek, Sascha Tobias}, year={2019}, pages={203–259} }'
chicago: 'Hippert, Benjamin, André Uhde, and Sascha Tobias Wengerek. “Portfolio
Benefits of Adding Corporate Credit Default Swap Indices: Evidence from North
America and Europe.” Review of Derivatives Research 22, no. 2 (2019):
203–59. https://doi.org/10.1007/s11147-018-9148-8.'
ieee: 'B. Hippert, A. Uhde, and S. T. Wengerek, “Portfolio Benefits of Adding Corporate
Credit Default Swap Indices: Evidence from North America and Europe,” Review
of Derivatives Research , vol. 22, no. 2, pp. 203–259, 2019, doi: https://doi.org/10.1007/s11147-018-9148-8.'
mla: 'Hippert, Benjamin, et al. “Portfolio Benefits of Adding Corporate Credit Default
Swap Indices: Evidence from North America and Europe.” Review of Derivatives
Research , vol. 22, no. 2, 2019, pp. 203–59, doi:https://doi.org/10.1007/s11147-018-9148-8.'
short: B. Hippert, A. Uhde, S.T. Wengerek, Review of Derivatives Research 22 (2019)
203–259.
date_created: 2018-10-01T12:17:35Z
date_updated: 2022-05-04T06:15:02Z
department:
- _id: '188'
- _id: '186'
doi: https://doi.org/10.1007/s11147-018-9148-8
intvolume: ' 22'
issue: '2'
jel:
- C61
- G01
- G11
- G15
- G23
keyword:
- Corporate credit default swap indices
- Mean-variance asset allocation
- Out-of-sample portfolio optimization
- Portfolio risk-diversification
- Portfolio performance evaluation
language:
- iso: eng
page: 203-259
publication: 'Review of Derivatives Research '
publication_status: published
status: public
title: 'Portfolio Benefits of Adding Corporate Credit Default Swap Indices: Evidence
from North America and Europe'
type: journal_article
user_id: '36049'
volume: 22
year: '2019'
...
---
_id: '36004'
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. '
author:
- first_name: Sascha Tobias
full_name: Wengerek, Sascha Tobias
last_name: Wengerek
- first_name: André
full_name: Uhde, André
id: '36049'
last_name: Uhde
citation:
ama: Wengerek ST, Uhde A. 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., & Uhde, A. (2019). Share price reactions to tariff
imposition announcements in the Trump era – An event study of the trade conflict.
Paderborn University.
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} }'
chicago: Wengerek, Sascha Tobias, and André Uhde. Share Price Reactions to Tariff
Imposition Announcements in the Trump Era – An Event Study of the Trade Conflict.
Paderborn University, 2019.
ieee: S. T. Wengerek and A. Uhde, Share price reactions to tariff imposition
announcements in the Trump era – An event study of the trade conflict. Paderborn
University, 2019.
mla: Wengerek, Sascha Tobias, and André Uhde. Share Price Reactions to Tariff
Imposition Announcements in the Trump Era – An Event Study of the Trade Conflict.
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.
date_created: 2023-01-11T10:57:04Z
date_updated: 2023-01-11T11:05:30Z
department:
- _id: '186'
- _id: '188'
jel:
- F14
- F18
- F23
- F51
keyword:
- event study
- international relations
- protectionism
- strategic trade policy
- tariffs
- trade conflict
language:
- iso: eng
publication_status: published
publisher: Paderborn University
status: public
title: Share price reactions to tariff imposition announcements in the Trump era –
An event study of the trade conflict
type: working_paper
user_id: '21810'
year: '2019'
...