---
_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: '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'
...
---
_id: '47917'
abstract:
- lang: eng
text: 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.
author:
- first_name: Rüdiger
full_name: Hahn, Rüdiger
last_name: Hahn
- first_name: Daniel
full_name: Reimsbach, Daniel
id: '100169'
last_name: Reimsbach
- first_name: Peter
full_name: Kotzian, Peter
last_name: Kotzian
- first_name: Madeleine
full_name: Feder, Madeleine
last_name: Feder
- first_name: Barbara E.
full_name: Weißenberger, Barbara E.
last_name: Weißenberger
citation:
ama: Hahn R, Reimsbach D, Kotzian P, Feder M, Weißenberger BE. Legitimation Strategies
as Valuable Signals in Nonfinancial Reporting? Effects on Investor Decision-Making.
Business & Society. 2019;60(4):943-978. doi:10.1177/0007650319872495
apa: Hahn, R., Reimsbach, D., Kotzian, P., Feder, M., & Weißenberger, B. E.
(2019). Legitimation Strategies as Valuable Signals in Nonfinancial Reporting?
Effects on Investor Decision-Making. Business & Society, 60(4),
943–978. https://doi.org/10.1177/0007650319872495
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={10.1177/0007650319872495},
number={4}, journal={Business & 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} }'
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.” Business & Society
60, no. 4 (2019): 943–78. https://doi.org/10.1177/0007650319872495.'
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,” Business & Society, vol. 60, no. 4, pp. 943–978,
2019, doi: 10.1177/0007650319872495.'
mla: Hahn, Rüdiger, et al. “Legitimation Strategies as Valuable Signals in Nonfinancial
Reporting? Effects on Investor Decision-Making.” Business & Society,
vol. 60, no. 4, SAGE Publications, 2019, pp. 943–78, doi:10.1177/0007650319872495.
short: R. Hahn, D. Reimsbach, P. Kotzian, M. Feder, B.E. Weißenberger, Business
& Society 60 (2019) 943–978.
date_created: 2023-10-10T10:00:40Z
date_updated: 2023-10-30T11:33:44Z
department:
- _id: '186'
- _id: '815'
doi: 10.1177/0007650319872495
intvolume: ' 60'
issue: '4'
keyword:
- Social Sciences (miscellaneous)
- Business
- Management and Accounting (miscellaneous)
language:
- iso: eng
page: 943-978
publication: Business & Society
publication_identifier:
issn:
- 0007-6503
- 1552-4205
publication_status: published
publisher: SAGE Publications
status: public
title: Legitimation Strategies as Valuable Signals in Nonfinancial Reporting? Effects
on Investor Decision-Making
type: journal_article
user_id: '21810'
volume: 60
year: '2019'
...
---
_id: '4996'
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.
author:
- first_name: Rainer
full_name: Niemann, Rainer
last_name: Niemann
- first_name: Caren
full_name: Sureth-Sloane, Caren
id: '530'
last_name: Sureth-Sloane
orcid: ' 0000-0002-8183-5901'
citation:
ama: Niemann R, Sureth-Sloane C. Investment Timing Effects of Wealth Taxes under
Uncertainty and Irreversibility. Journal of Business Economics. 2019;89(4):385-415.
doi:10.1007/s11573-018-0918-4
apa: Niemann, R., & Sureth-Sloane, C. (2019). Investment Timing Effects of Wealth
Taxes under Uncertainty and Irreversibility. Journal of Business Economics,
89(4), 385–415. https://doi.org/10.1007/s11573-018-0918-4
bibtex: '@article{Niemann_Sureth-Sloane_2019, title={Investment Timing Effects of
Wealth Taxes under Uncertainty and Irreversibility}, volume={89}, DOI={10.1007/s11573-018-0918-4},
number={4}, journal={Journal of Business Economics}, publisher={Springer Nature
America, Inc}, author={Niemann, Rainer and Sureth-Sloane, Caren}, year={2019},
pages={385–415} }'
chicago: 'Niemann, Rainer, and Caren Sureth-Sloane. “Investment Timing Effects of
Wealth Taxes under Uncertainty and Irreversibility.” Journal of Business Economics
89, no. 4 (2019): 385–415. https://doi.org/10.1007/s11573-018-0918-4.'
ieee: 'R. Niemann and C. Sureth-Sloane, “Investment Timing Effects of Wealth Taxes
under Uncertainty and Irreversibility,” Journal of Business Economics,
vol. 89, no. 4, pp. 385–415, 2019, doi: 10.1007/s11573-018-0918-4.'
mla: Niemann, Rainer, and Caren Sureth-Sloane. “Investment Timing Effects of Wealth
Taxes under Uncertainty and Irreversibility.” Journal of Business Economics,
vol. 89, no. 4, Springer Nature America, Inc, 2019, pp. 385–415, doi:10.1007/s11573-018-0918-4.
short: R. Niemann, C. Sureth-Sloane, Journal of Business Economics 89 (2019) 385–415.
date_created: 2018-10-29T12:17:58Z
date_updated: 2024-01-30T12:42:59Z
department:
- _id: '187'
- _id: '635'
doi: 10.1007/s11573-018-0918-4
intvolume: ' 89'
issue: '4'
language:
- iso: eng
main_file_link:
- open_access: '1'
url: https://link.springer.com/article/10.1007/s11573-018-0918-4
oa: '1'
page: 385-415
publication: Journal of Business Economics
publication_identifier:
issn:
- 0044-2372
- 1861-8928
publication_status: published
publisher: Springer Nature America, Inc
quality_controlled: '1'
status: public
title: Investment Timing Effects of Wealth Taxes under Uncertainty and Irreversibility
type: journal_article
user_id: '74000'
volume: 89
year: '2019'
...
---
_id: '17715'
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.
alternative_title:
- (Caren Sureth-Sloane ist Mitglied im Arbeitskreis Verrechnungspreise)
author:
- first_name: .
full_name: Arbeitskreis Steuern der Schmalenbach-Gesellschaft für Betriebswirtschaft,
.
last_name: Arbeitskreis Steuern der Schmalenbach-Gesellschaft für Betriebswirtschaft
- first_name: Caren
full_name: Sureth-Sloane, Caren
id: '530'
last_name: Sureth-Sloane
orcid: ' 0000-0002-8183-5901'
citation:
ama: Arbeitskreis Steuern der Schmalenbach-Gesellschaft für Betriebswirtschaft .,
Sureth-Sloane C. Ein Lösungsvorschlag zur Vermeidung der überschießenden Wirkung
der Grunderwerbsteuerreform bei börsennotierten Kapitalgesellschaften. Betriebs-Berater.
2019;74(25):1438-1442.
apa: Arbeitskreis Steuern der Schmalenbach-Gesellschaft für Betriebswirtschaft,
., & Sureth-Sloane, C. (2019). Ein Lösungsvorschlag zur Vermeidung der überschießenden
Wirkung der Grunderwerbsteuerreform bei börsennotierten Kapitalgesellschaften.
Betriebs-Berater, 74(25), 1438–1442.
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}
}'
chicago: 'Arbeitskreis Steuern der Schmalenbach-Gesellschaft für Betriebswirtschaft,
., and Caren Sureth-Sloane. “Ein Lösungsvorschlag zur Vermeidung der überschießenden
Wirkung der Grunderwerbsteuerreform bei börsennotierten Kapitalgesellschaften.”
Betriebs-Berater 74, no. 25 (2019): 1438–42.'
ieee: . Arbeitskreis Steuern der Schmalenbach-Gesellschaft für Betriebswirtschaft
and C. Sureth-Sloane, “Ein Lösungsvorschlag zur Vermeidung der überschießenden
Wirkung der Grunderwerbsteuerreform bei börsennotierten Kapitalgesellschaften,”
Betriebs-Berater, vol. 74, no. 25, pp. 1438–1442, 2019.
mla: Arbeitskreis Steuern der Schmalenbach-Gesellschaft für Betriebswirtschaft,
., and Caren Sureth-Sloane. “Ein Lösungsvorschlag zur Vermeidung der überschießenden
Wirkung der Grunderwerbsteuerreform bei börsennotierten Kapitalgesellschaften.”
Betriebs-Berater, vol. 74, no. 25, Deutscher Fachverlag GmbH , 2019, pp.
1438–42.
short: . Arbeitskreis Steuern der Schmalenbach-Gesellschaft für Betriebswirtschaft,
C. Sureth-Sloane, Betriebs-Berater 74 (2019) 1438–1442.
date_created: 2020-08-07T11:55:21Z
date_updated: 2024-04-08T11:09:21Z
department:
- _id: '187'
- _id: '635'
intvolume: ' 74'
issue: '25'
language:
- iso: ger
page: 1438-1442
publication: Betriebs-Berater
publisher: 'Deutscher Fachverlag GmbH '
status: public
title: Ein Lösungsvorschlag zur Vermeidung der überschießenden Wirkung der Grunderwerbsteuerreform
bei börsennotierten Kapitalgesellschaften
type: journal_article
user_id: '530'
volume: 74
year: '2019'
...
---
_id: '29314'
abstract:
- lang: eng
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.
author:
- first_name: Benjamin
full_name: Hippert, Benjamin
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
last_name: Wengerek
citation:
ama: Hippert B, Uhde A, Wengerek ST. Determinants of CDS Trading on Major Banks.;
2019.
apa: Hippert, B., Uhde, A., & Wengerek, S. T. (2019). Determinants of CDS
trading on major banks.
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} }'
chicago: Hippert, Benjamin, André Uhde, and Sascha Tobias Wengerek. Determinants
of CDS Trading on Major Banks, 2019.
ieee: B. Hippert, A. Uhde, and S. T. Wengerek, Determinants of CDS trading on
major banks. 2019.
mla: Hippert, Benjamin, et al. Determinants of CDS Trading on Major Banks.
2019.
short: B. Hippert, A. Uhde, S.T. Wengerek, Determinants of CDS Trading on Major
Banks, 2019.
date_created: 2022-01-13T11:12:03Z
date_updated: 2024-04-17T13:35:25Z
department:
- _id: '186'
- _id: '19'
jel:
- G10
- G12
- G21
keyword:
- banking
- outstanding CDS net notional
- determinants of bank CDS trading
language:
- iso: eng
status: public
title: Determinants of CDS trading on major banks
type: working_paper
user_id: '21810'
year: '2019'
...
---
_id: '13145'
abstract:
- lang: eng
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. '
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. Determinants of CDS Trading on Major Banks.;
2019.
apa: Hippert, B., Uhde, A., & Wengerek, S. T. (2019). Determinants of CDS
trading on major banks.
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}
}'
chicago: Hippert, Benjamin, André Uhde, and Sascha Tobias Wengerek. Determinants
of CDS Trading on Major Banks. No 51. Working Papers Dissertations from Paderborn
University, Faculty of Business Administration and Economics, 2019.
ieee: B. Hippert, A. Uhde, and S. T. Wengerek, Determinants of CDS trading on
major banks. Working Papers Dissertations from Paderborn University, Faculty
of Business Administration and Economics, 2019.
mla: Hippert, Benjamin, et al. Determinants of CDS Trading on Major Banks.
2019.
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.
date_created: 2019-09-06T07:46:50Z
date_updated: 2024-04-17T13:35:52Z
department:
- _id: '186'
- _id: '188'
jel:
- G10
- G12
- G21
keyword:
- banking
- outstanding CDS net notional
- determinants of bank CDS trading
language:
- iso: eng
place: Working Papers Dissertations from Paderborn University, Faculty of Business
Administration and Economics
series_title: No 51
status: public
title: Determinants of CDS trading on major banks
type: working_paper
user_id: '36049'
year: '2019'
...
---
_id: '5170'
abstract:
- lang: eng
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."
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
citation:
ama: Hippert B, Uhde A. Determinants of CDS Trading on Major Banks.
apa: Hippert, B., & Uhde, A. (n.d.). Determinants of CDS trading on major
banks.
bibtex: '@book{Hippert_Uhde, title={Determinants of CDS trading on major banks},
author={Hippert, Benjamin and Uhde, André} }'
chicago: Hippert, Benjamin, and André Uhde. Determinants of CDS Trading on Major
Banks, n.d.
ieee: B. Hippert and A. Uhde, Determinants of CDS trading on major banks.
.
mla: Hippert, Benjamin, and André Uhde. Determinants of CDS Trading on Major
Banks.
short: B. Hippert, A. Uhde, Determinants of CDS Trading on Major Banks, n.d.
date_created: 2018-10-31T10:05:47Z
date_updated: 2024-04-17T13:35:47Z
department:
- _id: '186'
- _id: '188'
jel:
- G10
- G12
- G21
keyword:
- banking
- outstanding CDS net notional
- determinants of bank CDS trading
language:
- iso: eng
publication_status: submitted
status: public
title: Determinants of CDS trading on major banks
type: working_paper
user_id: '36049'
year: '2019'
...