---
_id: '5113'
abstract:
- lang: eng
text: 'Standard equity valuation approaches (i.e., DDM, RIM, and DCF model) are
derived under the assumption of ideal conditions, such as infinite payoffs and
clean surplus accounting. Because these conditions are hardly ever met, we extend
the standard approaches, based on the fundamental principle of financial statement
articulation. The extended models are then tested empirically by employing two
sets of forecasts: (1) analyst forecasts provided by Value Line and (2) forecasts
generated by cross-sectional regression models. The main result is that our extended
models yield considerably smaller valuation errors. Moreover, by construction,
identical value estimates are obtained across the extended models. By reestablishing
empirical equivalence under non-ideal conditions, our approach provides a benchmark
that enables us to quantify the errors resulting from individual deviations from
ideal conditions, and thus, to analyze the robustness of the standard approaches.
Finally, by providing a level playing field for the different valuation approaches,
our findings have implications for other empirical settings, for example, estimating
the implied cost of capital. '
article_type: original
author:
- first_name: Nicolas
full_name: Heinrichs, Nicolas
last_name: Heinrichs
- first_name: Dieter
full_name: Hess, Dieter
last_name: Hess
- first_name: Carsten
full_name: Homburg, Carsten
last_name: Homburg
- first_name: Michael
full_name: Lorenz, Michael
last_name: Lorenz
- first_name: Sönke
full_name: Sievers, Sönke
id: '46447'
last_name: Sievers
citation:
ama: 'Heinrichs N, Hess D, Homburg C, Lorenz M, Sievers S. Extended dividend, cash
flow, and residual income valuation models: Accounting for deviations from ideal
conditions. Contemporary Accounting Research (VHB-JOURQUAL 3 Ranking A).
2013;30(1):42-79. doi:10.2139/ssrn.1145201'
apa: 'Heinrichs, N., Hess, D., Homburg, C., Lorenz, M., & Sievers, S. (2013).
Extended dividend, cash flow, and residual income valuation models: Accounting
for deviations from ideal conditions. Contemporary Accounting Research (VHB-JOURQUAL
3 Ranking A), 30(1), 42–79. https://doi.org/10.2139/ssrn.1145201'
bibtex: '@article{Heinrichs_Hess_Homburg_Lorenz_Sievers_2013, title={Extended dividend,
cash flow, and residual income valuation models: Accounting for deviations from
ideal conditions}, volume={30}, DOI={10.2139/ssrn.1145201},
number={1}, journal={Contemporary Accounting Research (VHB-JOURQUAL 3 Ranking
A)}, publisher={Wiley Online Library}, author={Heinrichs, Nicolas and Hess, Dieter
and Homburg, Carsten and Lorenz, Michael and Sievers, Sönke}, year={2013}, pages={42–79}
}'
chicago: 'Heinrichs, Nicolas, Dieter Hess, Carsten Homburg, Michael Lorenz, and
Sönke Sievers. “Extended Dividend, Cash Flow, and Residual Income Valuation Models:
Accounting for Deviations from Ideal Conditions.” Contemporary Accounting Research
(VHB-JOURQUAL 3 Ranking A) 30, no. 1 (2013): 42–79. https://doi.org/10.2139/ssrn.1145201.'
ieee: 'N. Heinrichs, D. Hess, C. Homburg, M. Lorenz, and S. Sievers, “Extended dividend,
cash flow, and residual income valuation models: Accounting for deviations from
ideal conditions,” Contemporary Accounting Research (VHB-JOURQUAL 3 Ranking
A), vol. 30, no. 1, pp. 42–79, 2013.'
mla: 'Heinrichs, Nicolas, et al. “Extended Dividend, Cash Flow, and Residual Income
Valuation Models: Accounting for Deviations from Ideal Conditions.” Contemporary
Accounting Research (VHB-JOURQUAL 3 Ranking A), vol. 30, no. 1, Wiley Online
Library, 2013, pp. 42–79, doi:10.2139/ssrn.1145201.'
short: N. Heinrichs, D. Hess, C. Homburg, M. Lorenz, S. Sievers, Contemporary Accounting
Research (VHB-JOURQUAL 3 Ranking A) 30 (2013) 42–79.
date_created: 2018-10-31T07:58:17Z
date_updated: 2022-01-06T07:01:38Z
department:
- _id: '275'
doi: 10.2139/ssrn.1145201
extern: '1'
intvolume: ' 30'
issue: '1'
jel:
- G12
- G14
- M41
keyword:
- Dividend Discount Model
- Residual Income
- Discounted Cash Flow
- Dirty Surplus
- Terminal Value
- Valuation Error
language:
- iso: eng
main_file_link:
- url: http://onlinelibrary.wiley.com/doi/10.1111/j.1911-3846.2011.01148.x/abstract
page: 42-79
publication: Contemporary Accounting Research (VHB-JOURQUAL 3 Ranking A)
publication_status: published
publisher: Wiley Online Library
quality_controlled: '1'
related_material:
link:
- relation: earlier_version
url: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1145201
status: public
title: 'Extended dividend, cash flow, and residual income valuation models: Accounting
for deviations from ideal conditions'
type: journal_article
user_id: '46447'
volume: 30
year: '2013'
...
---
_id: '5172'
author:
- first_name: Sönke
full_name: Sievers, Sönke
id: '46447'
last_name: Sievers
citation:
ama: 'Sievers S. Company Valuation and Growth: Theory, Empirical Evidence and
Practical Implementation Issues. Verlag-Haus Monsenstein und Vannerdat; 2013.'
apa: 'Sievers, S. (2013). Company Valuation and Growth: Theory, Empirical Evidence
and Practical Implementation Issues. Verlag-Haus Monsenstein und Vannerdat.'
bibtex: '@book{Sievers_2013, title={Company Valuation and Growth: Theory, Empirical
Evidence and Practical Implementation Issues}, publisher={Verlag-Haus Monsenstein
und Vannerdat}, author={Sievers, Sönke}, year={2013} }'
chicago: 'Sievers, Sönke. Company Valuation and Growth: Theory, Empirical Evidence
and Practical Implementation Issues. Verlag-Haus Monsenstein und Vannerdat,
2013.'
ieee: 'S. Sievers, Company Valuation and Growth: Theory, Empirical Evidence and
Practical Implementation Issues. Verlag-Haus Monsenstein und Vannerdat, 2013.'
mla: 'Sievers, Sönke. Company Valuation and Growth: Theory, Empirical Evidence
and Practical Implementation Issues. Verlag-Haus Monsenstein und Vannerdat,
2013.'
short: 'S. Sievers, Company Valuation and Growth: Theory, Empirical Evidence and
Practical Implementation Issues, Verlag-Haus Monsenstein und Vannerdat, 2013.'
date_created: 2018-10-31T10:10:35Z
date_updated: 2022-01-06T07:01:41Z
department:
- _id: '275'
keyword:
- Unternehmensbewertung
- Unternehmenswachstum
- Return on Investment Unternehmensbewertung
- Investition
- Steuervergünstigung
language:
- iso: eng
publication_identifier:
isbn:
- 978-3-86582-925-2
publication_status: published
publisher: Verlag-Haus Monsenstein und Vannerdat
status: public
title: 'Company Valuation and Growth: Theory, Empirical Evidence and Practical Implementation
Issues'
type: book
user_id: '64756'
year: '2013'
...
---
_id: '5191'
abstract:
- lang: eng
text: This study examines the relevance of financial and non-financial information
for the valuation of venture capital (VC) investments. Based on a hand-collected
data set on venture-backed start-ups in Germany, we investigate the internal due
diligence documents of over 200 investment rounds. We document that balance sheet
and income statement items capture as much economic content as verifiable non-financial
information (e.g. team experience or the number of patents) while controlling
for several deal characteristics (e.g. industry, investment round, or yearly VC
fund inflows). In addition, we show that valuations based on accounting and non-accounting
information yield a level of valuation accuracy that is comparable to that of
publicly traded firms. Further analyses show that the industry-specific total
asset multiples outperform the popular revenue multiples but lead to significantly
less accurate results than those obtained from the more comprehensive valuation
models. Overall, our findings might inform researchers and standard-setters of
the usefulness of accounting information for investment companies and provide
additional evidence to gauge the overall valuation accuracy in VC settings.
article_type: original
author:
- first_name: Sönke
full_name: Sievers, Sönke
id: '46447'
last_name: Sievers
- first_name: Christopher F
full_name: Mokwa, Christopher F
last_name: Mokwa
- first_name: Georg
full_name: Keienburg, Georg
last_name: Keienburg
citation:
ama: Sievers S, Mokwa CF, Keienburg G. The relevance of financial versus non-financial
information for the valuation of venture capital-backed firms. European Accounting
Review (VHB-JOURQUAL 3 Ranking A). 2013;22(3):467-511. doi:10.1080/09638180.2012.741051
apa: Sievers, S., Mokwa, C. F., & Keienburg, G. (2013). The relevance of financial
versus non-financial information for the valuation of venture capital-backed firms.
European Accounting Review (VHB-JOURQUAL 3 Ranking A), 22(3), 467–511.
https://doi.org/10.1080/09638180.2012.741051
bibtex: '@article{Sievers_Mokwa_Keienburg_2013, title={The relevance of financial
versus non-financial information for the valuation of venture capital-backed firms},
volume={22}, DOI={10.1080/09638180.2012.741051},
number={3}, journal={European Accounting Review (VHB-JOURQUAL 3 Ranking A)}, publisher={Taylor
\& Francis}, author={Sievers, Sönke and Mokwa, Christopher F and Keienburg,
Georg}, year={2013}, pages={467–511} }'
chicago: 'Sievers, Sönke, Christopher F Mokwa, and Georg Keienburg. “The Relevance
of Financial versus Non-Financial Information for the Valuation of Venture Capital-Backed
Firms.” European Accounting Review (VHB-JOURQUAL 3 Ranking A) 22, no. 3
(2013): 467–511. https://doi.org/10.1080/09638180.2012.741051.'
ieee: S. Sievers, C. F. Mokwa, and G. Keienburg, “The relevance of financial versus
non-financial information for the valuation of venture capital-backed firms,”
European Accounting Review (VHB-JOURQUAL 3 Ranking A), vol. 22, no. 3,
pp. 467–511, 2013.
mla: Sievers, Sönke, et al. “The Relevance of Financial versus Non-Financial Information
for the Valuation of Venture Capital-Backed Firms.” European Accounting Review
(VHB-JOURQUAL 3 Ranking A), vol. 22, no. 3, Taylor \& Francis, 2013, pp.
467–511, doi:10.1080/09638180.2012.741051.
short: S. Sievers, C.F. Mokwa, G. Keienburg, European Accounting Review (VHB-JOURQUAL
3 Ranking A) 22 (2013) 467–511.
date_created: 2018-10-31T11:27:42Z
date_updated: 2022-01-06T07:01:43Z
department:
- _id: '275'
doi: 10.1080/09638180.2012.741051
extern: '1'
intvolume: ' 22'
issue: '3'
jel:
- G24
- G32
- M41
keyword:
- value relevance
- equity valuation
- venture capital
- human capital
- start-ups
language:
- iso: eng
main_file_link:
- url: http://www.tandfonline.com/doi/full/10.1080/09638180.2012.741051
page: 467-511
publication: European Accounting Review (VHB-JOURQUAL 3 Ranking A)
publication_status: published
publisher: Taylor \& Francis
quality_controlled: '1'
related_material:
link:
- relation: earlier_version
url: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1449740
status: public
title: The relevance of financial versus non-financial information for the valuation
of venture capital-backed firms
type: journal_article
user_id: '46447'
volume: 22
year: '2013'
...
---
_id: '5192'
abstract:
- lang: eng
text: For the valuation of fast growing innovative firms Schwartz and Moon (Financ
Anal J 56:62–75, 2000), (Financ Rev 36:7–26, 2001) develop a fundamental valuation
model where key parameters follow stochastic processes. While prior research shows
promising potential for this model, it has never been tested on a large scale
dataset. Thus, guided by economic theory, this paper is the first to design a
large-scale applicable implementation on around 30,000 technology firm quarter
observations from 1992 to 2009 for the US to assess this model. Evaluating the
feasibility and performance of the Schwartz-Moon model reveals that it is comparably
accurate to the traditional sales multiple with key advantages in valuing small
and non-listed firms. Most importantly, however, the model is able to indicate
severe market over- or undervaluation from a fundamental perspective. We demonstrate
that a trading strategy based on our implementation has significant investment
value. Consequently, the model seems suitable for detecting misvaluations as the
dot-com bubble.
article_type: original
author:
- first_name: Jan
full_name: Klobucnik, Jan
last_name: Klobucnik
- first_name: Sönke
full_name: Sievers, Sönke
id: '46447'
last_name: Sievers
citation:
ama: Klobucnik J, Sievers S. Valuing high technology growth firms. Journal of
Business Economics (VHB-JOURQUAL 3 Ranking B). 2013;83(9):947-984. doi:https://doi.org/10.1007/s11573-013-0684-2
apa: Klobucnik, J., & Sievers, S. (2013). Valuing high technology growth firms.
Journal of Business Economics (VHB-JOURQUAL 3 Ranking B), 83(9),
947–984. https://doi.org/10.1007/s11573-013-0684-2
bibtex: '@article{Klobucnik_Sievers_2013, title={Valuing high technology growth
firms}, volume={83}, DOI={https://doi.org/10.1007/s11573-013-0684-2},
number={9}, journal={Journal of Business Economics (VHB-JOURQUAL 3 Ranking B)},
publisher={Springer}, author={Klobucnik, Jan and Sievers, Sönke}, year={2013},
pages={947–984} }'
chicago: 'Klobucnik, Jan, and Sönke Sievers. “Valuing High Technology Growth Firms.”
Journal of Business Economics (VHB-JOURQUAL 3 Ranking B) 83, no. 9 (2013):
947–84. https://doi.org/10.1007/s11573-013-0684-2.'
ieee: J. Klobucnik and S. Sievers, “Valuing high technology growth firms,” Journal
of Business Economics (VHB-JOURQUAL 3 Ranking B), vol. 83, no. 9, pp. 947–984,
2013.
mla: Klobucnik, Jan, and Sönke Sievers. “Valuing High Technology Growth Firms.”
Journal of Business Economics (VHB-JOURQUAL 3 Ranking B), vol. 83, no.
9, Springer, 2013, pp. 947–84, doi:https://doi.org/10.1007/s11573-013-0684-2.
short: J. Klobucnik, S. Sievers, Journal of Business Economics (VHB-JOURQUAL 3 Ranking
B) 83 (2013) 947–984.
date_created: 2018-10-31T11:31:56Z
date_updated: 2022-01-06T07:01:43Z
department:
- _id: '275'
doi: https://doi.org/10.1007/s11573-013-0684-2
extern: '1'
intvolume: ' 83'
issue: '9'
jel:
- G11
- G12
- G17
- G33
keyword:
- Schwartz-Moon model
- Market mispricing
- Empirical test
- Company valuation
- Trading strategy
language:
- iso: eng
main_file_link:
- url: https://link.springer.com/article/10.1007/s11573-013-0684-2
page: 947-984
publication: Journal of Business Economics (VHB-JOURQUAL 3 Ranking B)
publication_status: published
publisher: Springer
quality_controlled: '1'
status: public
title: Valuing high technology growth firms
type: journal_article
user_id: '46447'
volume: 83
year: '2013'
...
---
_id: '5201'
author:
- first_name: Sönke
full_name: Sievers, Sönke
id: '46447'
last_name: Sievers
- first_name: Tobias
full_name: Schlüter, Tobias
last_name: Schlüter
- first_name: Thomas
full_name: Hartmann-Wendels, Thomas
last_name: Hartmann-Wendels
citation:
ama: Sievers S, Schlüter T, Hartmann-Wendels T. Die erfolgreiche Bindung des Sparers
an die Bank. Börsen-Zeitung. 2013.
apa: Sievers, S., Schlüter, T., & Hartmann-Wendels, T. (2013). Die erfolgreiche
Bindung des Sparers an die Bank. Börsen-Zeitung.
bibtex: '@article{Sievers_Schlüter_Hartmann-Wendels_2013, title={Die erfolgreiche
Bindung des Sparers an die Bank}, journal={Börsen-Zeitung}, author={Sievers, Sönke
and Schlüter, Tobias and Hartmann-Wendels, Thomas}, year={2013} }'
chicago: Sievers, Sönke, Tobias Schlüter, and Thomas Hartmann-Wendels. “Die erfolgreiche
Bindung des Sparers an die Bank.” Börsen-Zeitung, 2013.
ieee: S. Sievers, T. Schlüter, and T. Hartmann-Wendels, “Die erfolgreiche Bindung
des Sparers an die Bank,” Börsen-Zeitung, 2013.
mla: Sievers, Sönke, et al. “Die erfolgreiche Bindung des Sparers an die Bank.”
Börsen-Zeitung, 2013.
short: S. Sievers, T. Schlüter, T. Hartmann-Wendels, Börsen-Zeitung (2013).
date_created: 2018-10-31T12:29:38Z
date_updated: 2022-01-06T07:01:43Z
department:
- _id: '275'
language:
- iso: ger
main_file_link:
- url: https://www.boersen-zeitung.de/index.php?li=1&artid=2013018054&titel=Die-erfolgreiche-Bindung-des-Sparers-an-die-Bank
publication: Börsen-Zeitung
publication_date: 2013-01-10
publication_status: published
status: public
title: Die erfolgreiche Bindung des Sparers an die Bank
type: newspaper_article
user_id: '46447'
year: '2013'
...
---
_id: '5202'
author:
- first_name: Sönke
full_name: Sievers, Sönke
id: '46447'
last_name: Sievers
- first_name: Thomas
full_name: Hartmann-Wendels, Thomas
last_name: Hartmann-Wendels
- first_name: Ramona
full_name: Busch, Ramona
last_name: Busch
- first_name: Tobias
full_name: Schlüter, Tobias
last_name: Schlüter
citation:
ama: Sievers S, Hartmann-Wendels T, Busch R, Schlüter T. Wie Banken Kostenvorteile
weitergeben. Börsen-Zeitung. 2013.
apa: Sievers, S., Hartmann-Wendels, T., Busch, R., & Schlüter, T. (2013). Wie
Banken Kostenvorteile weitergeben. Börsen-Zeitung.
bibtex: '@article{Sievers_Hartmann-Wendels_Busch_Schlüter_2013, title={Wie Banken
Kostenvorteile weitergeben}, volume={6}, journal={Börsen-Zeitung}, author={Sievers,
Sönke and Hartmann-Wendels, Thomas and Busch, Ramona and Schlüter, Tobias}, year={2013}
}'
chicago: Sievers, Sönke, Thomas Hartmann-Wendels, Ramona Busch, and Tobias Schlüter.
“Wie Banken Kostenvorteile weitergeben.” Börsen-Zeitung, 2013.
ieee: S. Sievers, T. Hartmann-Wendels, R. Busch, and T. Schlüter, “Wie Banken Kostenvorteile
weitergeben,” Börsen-Zeitung, vol. 6, 2013.
mla: Sievers, Sönke, et al. “Wie Banken Kostenvorteile weitergeben.” Börsen-Zeitung,
vol. 6, 2013.
short: S. Sievers, T. Hartmann-Wendels, R. Busch, T. Schlüter, Börsen-Zeitung 6
(2013).
date_created: 2018-10-31T12:32:09Z
date_updated: 2022-01-06T07:01:43Z
department:
- _id: '275'
intvolume: ' 6'
language:
- iso: ger
main_file_link:
- url: https://www.boersen-zeitung.de/index.php?li=1&artid=2013006066
page: '6'
publication: Börsen-Zeitung
publication_date: 2013-01-10
publication_status: published
status: public
title: Wie Banken Kostenvorteile weitergeben
type: newspaper_article
user_id: '46447'
volume: 6
year: '2013'
...
---
_id: '14982'
author:
- first_name: Caren
full_name: Sureth, Caren
last_name: Sureth
citation:
ama: Sureth C. Der Einfluss von Steuern Auf Investitionsentscheidungen Bei Unsicherheit.
Wiesbaden; 2013. doi:10.1007/978-3-663-08348-1
apa: Sureth, C. (2013). Der Einfluss von Steuern auf Investitionsentscheidungen
bei Unsicherheit. Wiesbaden. https://doi.org/10.1007/978-3-663-08348-1
bibtex: '@book{Sureth_2013, place={Wiesbaden}, title={Der Einfluss von Steuern auf
Investitionsentscheidungen bei Unsicherheit}, DOI={10.1007/978-3-663-08348-1},
author={Sureth, Caren}, year={2013} }'
chicago: Sureth, Caren. Der Einfluss von Steuern Auf Investitionsentscheidungen
Bei Unsicherheit. Wiesbaden, 2013. https://doi.org/10.1007/978-3-663-08348-1.
ieee: C. Sureth, Der Einfluss von Steuern auf Investitionsentscheidungen bei
Unsicherheit. Wiesbaden, 2013.
mla: Sureth, Caren. Der Einfluss von Steuern Auf Investitionsentscheidungen Bei
Unsicherheit. 2013, doi:10.1007/978-3-663-08348-1.
short: C. Sureth, Der Einfluss von Steuern Auf Investitionsentscheidungen Bei Unsicherheit,
Wiesbaden, 2013.
date_created: 2019-11-13T14:52:54Z
date_updated: 2022-01-06T06:52:11Z
department:
- _id: '187'
- _id: '635'
doi: 10.1007/978-3-663-08348-1
language:
- iso: eng
place: Wiesbaden
publication_identifier:
isbn:
- '9783824469741'
- '9783663083481'
publication_status: published
status: public
title: Der Einfluss von Steuern auf Investitionsentscheidungen bei Unsicherheit
type: book
user_id: '67504'
year: '2013'
...
---
_id: '4398'
abstract:
- lang: eng
text: Employing a Hausman–Taylor instrument variable (HT–IV) estimator to data from
558 microfinance institutions (MFIs) in 80 developing countries for the period
from 2002 to 2007, this paper provides empirical evidence for a positive impact
of a country's external governance quality and outcome on local microbanks' economic
success in terms of profitability and sustainability. Evidence as well suggests
a negative relationship between external governance and the microbanks' social
success measured by the depth of outreach. In this context, our analysis reveals
that a country's political stability, governance effectiveness, regulatory quality
and rule of law are significant key elements of external governance affecting
the MFIs' functional performance. Moreover, results from sensitivity analyses
indicate that the relationship between external governance quality and microfinance
functional performance significantly depends on the microbanks' business concepts,
their lending methodologies and sources of funding.
alternative_title:
- 'The impact of external governance quality on the economic and social success of
microfinance institutions '
author:
- first_name: André
full_name: Uhde, André
id: '36049'
last_name: Uhde
orcid: https://orcid.org/0000-0002-8058-8857
- first_name: Oliver
full_name: Müller, Oliver
last_name: Müller
citation:
ama: Uhde A, Müller O. External governance outcome and microfinance success.
International Journal of Monetary Economics and Finance . 2013;6(2/3):116-149.
doi:https://doi.org/10.1504/IJMEF.2013.056394
apa: Uhde, A., & Müller, O. (2013). External governance outcome and microfinance
success. International Journal of Monetary Economics and Finance , 6(2/3),
116–149. https://doi.org/10.1504/IJMEF.2013.056394
bibtex: '@article{Uhde_Müller_2013, title={External governance outcome and microfinance
success}, volume={6}, DOI={https://doi.org/10.1504/IJMEF.2013.056394},
number={2/3}, journal={ International Journal of Monetary Economics and Finance
}, author={Uhde, André and Müller, Oliver}, year={2013}, pages={116–149} }'
chicago: 'Uhde, André, and Oliver Müller. “External Governance Outcome and Microfinance
Success.” International Journal of Monetary Economics and Finance 6,
no. 2/3 (2013): 116–49. https://doi.org/10.1504/IJMEF.2013.056394.'
ieee: 'A. Uhde and O. Müller, “External governance outcome and microfinance success,”
International Journal of Monetary Economics and Finance , vol. 6, no.
2/3, pp. 116–149, 2013, doi: https://doi.org/10.1504/IJMEF.2013.056394.'
mla: Uhde, André, and Oliver Müller. “External Governance Outcome and Microfinance
Success.” International Journal of Monetary Economics and Finance , vol.
6, no. 2/3, 2013, pp. 116–49, doi:https://doi.org/10.1504/IJMEF.2013.056394.
short: A. Uhde, O. Müller, International Journal of Monetary Economics and Finance 6
(2013) 116–149.
date_created: 2018-09-14T11:53:25Z
date_updated: 2023-01-10T09:38:58Z
department:
- _id: '186'
- _id: '188'
doi: https://doi.org/10.1504/IJMEF.2013.056394
intvolume: ' 6'
issue: 2/3
jel:
- G21
- G28
keyword:
- microfinance
- external governance
- economic success
- social success
- developing countries
- profitability
- sustainability
- microbanks
- outreach
- political stability
- governance effectiveness
- regulatory quality
- rule of law
- governance quality
- lending methodologies
- funding sources
language:
- iso: eng
page: 116-149
publication: ' International Journal of Monetary Economics and Finance '
publication_identifier:
eissn:
- 1752-0487
publication_status: published
status: public
title: External governance outcome and microfinance success
type: journal_article
user_id: '21810'
volume: 6
year: '2013'
...
---
_id: '4397'
abstract:
- lang: eng
text: 'Employing four event dates of the U.S. “Troubled Asset Relief Program” (TARP)
this paper empirically investigates the impact of the first announcement of TARP
(September 19, 2008), the announcement of revised TARP (October 14, 2008), respective
capital infusions under TARP-CPP and capital repayments on changes in shareholder
value and risk exposure of 125 supported U.S. banks as perceived by the capital
market through share price reactions for an entire sample period from September
19, 2008 to June 16, 2010. Our analysis reveals a light and a dark side of TARP.
While announcements as well as capital repayments may restore market confidence
and financial stability, equity capital injections to banks are observed to be
a severe impediment to an increase in bank shareholder value and financial soundness. '
author:
- first_name: Christian
full_name: Farruggio, Christian
last_name: Farruggio
- first_name: Tobias C.
full_name: Michalak, Tobias C.
last_name: Michalak
- first_name: André
full_name: Uhde, André
id: '36049'
last_name: Uhde
orcid: https://orcid.org/0000-0002-8058-8857
citation:
ama: Farruggio C, Michalak TC, Uhde A. The light and dark side of TARP. Journal
of Banking and Finance. 2013;32(5):2586-2604. doi:10.1016/j.jbankfin.2013.02.020
apa: Farruggio, C., Michalak, T. C., & Uhde, A. (2013). The light and dark side
of TARP. Journal of Banking and Finance, 32(5), 2586–2604. https://doi.org/10.1016/j.jbankfin.2013.02.020
bibtex: '@article{Farruggio_Michalak_Uhde_2013, title={The light and dark side of
TARP}, volume={32}, DOI={10.1016/j.jbankfin.2013.02.020},
number={5}, journal={Journal of Banking and Finance}, author={Farruggio, Christian
and Michalak, Tobias C. and Uhde, André}, year={2013}, pages={2586–2604} }'
chicago: 'Farruggio, Christian, Tobias C. Michalak, and André Uhde. “The Light and
Dark Side of TARP.” Journal of Banking and Finance 32, no. 5 (2013): 2586–2604.
https://doi.org/10.1016/j.jbankfin.2013.02.020.'
ieee: 'C. Farruggio, T. C. Michalak, and A. Uhde, “The light and dark side of TARP,”
Journal of Banking and Finance, vol. 32, no. 5, pp. 2586–2604, 2013, doi:
10.1016/j.jbankfin.2013.02.020.'
mla: Farruggio, Christian, et al. “The Light and Dark Side of TARP.” Journal
of Banking and Finance, vol. 32, no. 5, 2013, pp. 2586–604, doi:10.1016/j.jbankfin.2013.02.020.
short: C. Farruggio, T.C. Michalak, A. Uhde, Journal of Banking and Finance 32 (2013)
2586–2604.
date_created: 2018-09-14T11:40:31Z
date_updated: 2023-01-10T09:37:43Z
department:
- _id: '186'
- _id: '188'
doi: 10.1016/j.jbankfin.2013.02.020
intvolume: ' 32'
issue: '5'
jel:
- G14
- G21
- G28
keyword:
- Financial crisis
- TARP
- Market efficiency
- Event study
language:
- iso: eng
page: 2586-2604
publication: Journal of Banking and Finance
publication_status: published
status: public
title: The light and dark side of TARP
type: journal_article
user_id: '21810'
volume: 32
year: '2013'
...
---
_id: '47907'
author:
- first_name: Daniel
full_name: Reimsbach, Daniel
id: '100169'
last_name: Reimsbach
citation:
ama: 'Reimsbach D. Pro forma earnings disclosure: the effects of non-GAAP earnings
and earnings-before on investors’ information processing. Journal of Business
Economics. 2013;84(4):479-515. doi:10.1007/s11573-013-0688-y'
apa: 'Reimsbach, D. (2013). Pro forma earnings disclosure: the effects of non-GAAP
earnings and earnings-before on investors’ information processing. Journal
of Business Economics, 84(4), 479–515. https://doi.org/10.1007/s11573-013-0688-y'
bibtex: '@article{Reimsbach_2013, title={Pro forma earnings disclosure: the effects
of non-GAAP earnings and earnings-before on investors’ information processing},
volume={84}, DOI={10.1007/s11573-013-0688-y},
number={4}, journal={Journal of Business Economics}, publisher={Springer Science
and Business Media LLC}, author={Reimsbach, Daniel}, year={2013}, pages={479–515}
}'
chicago: 'Reimsbach, Daniel. “Pro Forma Earnings Disclosure: The Effects of Non-GAAP
Earnings and Earnings-before on Investors’ Information Processing.” Journal
of Business Economics 84, no. 4 (2013): 479–515. https://doi.org/10.1007/s11573-013-0688-y.'
ieee: 'D. Reimsbach, “Pro forma earnings disclosure: the effects of non-GAAP earnings
and earnings-before on investors’ information processing,” Journal of Business
Economics, vol. 84, no. 4, pp. 479–515, 2013, doi: 10.1007/s11573-013-0688-y.'
mla: 'Reimsbach, Daniel. “Pro Forma Earnings Disclosure: The Effects of Non-GAAP
Earnings and Earnings-before on Investors’ Information Processing.” Journal
of Business Economics, vol. 84, no. 4, Springer Science and Business Media
LLC, 2013, pp. 479–515, doi:10.1007/s11573-013-0688-y.'
short: D. Reimsbach, Journal of Business Economics 84 (2013) 479–515.
date_created: 2023-10-10T09:17:34Z
date_updated: 2023-10-30T11:36:45Z
department:
- _id: '186'
- _id: '815'
doi: 10.1007/s11573-013-0688-y
intvolume: ' 84'
issue: '4'
keyword:
- Economics and Econometrics
- Business and International Management
language:
- iso: eng
page: 479-515
publication: Journal of Business Economics
publication_identifier:
issn:
- 0044-2372
- 1861-8928
publication_status: published
publisher: Springer Science and Business Media LLC
status: public
title: 'Pro forma earnings disclosure: the effects of non-GAAP earnings and earnings-before
on investors’ information processing'
type: journal_article
user_id: '21810'
volume: 84
year: '2013'
...
---
_id: '47911'
abstract:
- lang: eng
text: ABSTRACTThis study examines how the disclosure
of negative sustainability‐related incidents affects the investment‐related judgments
of decision‐makers. Participants in a sequential 2 × 2 between‐subjects experiment
first received a company's financial information before viewing additional sustainability
information (by the company and by a non‐governmental organization (NGO); with
and without negative disclosure). Results indicate that self‐reporting of negative
incidents does not affect decision‐makers’ stock price estimates and investment
decisions compared with judgments based on financial information only. However,
third‐party disclosure of these incidents by a NGO has a negative affect on these
investment‐related judgments. Furthermore, the magnitude of the NGO reporting
effect depends on whether the company itself simultaneously reports these incidents.
Thus, disclosing negative incidents in sustainability reporting could lose some
of its apparent stigma. Instead of avoiding negative reporting altogether, managers
might use it as a risk mitigation tool in their reporting strategy. The results
also emphasize the power of the often‐mentioned ‘watchdog’ function of NGOs acting
as stakeholder advocates. Copyright © 2013 John Wiley & Sons, Ltd and ERP
Environment
author:
- first_name: Daniel
full_name: Reimsbach, Daniel
id: '100169'
last_name: Reimsbach
- first_name: Rüdiger
full_name: Hahn, Rüdiger
last_name: Hahn
citation:
ama: Reimsbach D, Hahn R. The Effects of Negative Incidents in Sustainability Reporting
on Investors’ Judgments–an Experimental Study of Third‐party Versus Self‐disclosure
in the Realm of Sustainable Development. Business Strategy and the Environment.
2013;24(4):217-235. doi:10.1002/bse.1816
apa: Reimsbach, D., & Hahn, R. (2013). The Effects of Negative Incidents in
Sustainability Reporting on Investors’ Judgments–an Experimental Study of Third‐party
Versus Self‐disclosure in the Realm of Sustainable Development. Business Strategy
and the Environment, 24(4), 217–235. https://doi.org/10.1002/bse.1816
bibtex: '@article{Reimsbach_Hahn_2013, title={The Effects of Negative Incidents
in Sustainability Reporting on Investors’ Judgments–an Experimental Study of Third‐party
Versus Self‐disclosure in the Realm of Sustainable Development}, volume={24},
DOI={10.1002/bse.1816}, number={4},
journal={Business Strategy and the Environment}, publisher={Wiley}, author={Reimsbach,
Daniel and Hahn, Rüdiger}, year={2013}, pages={217–235} }'
chicago: 'Reimsbach, Daniel, and Rüdiger Hahn. “The Effects of Negative Incidents
in Sustainability Reporting on Investors’ Judgments–an Experimental Study of Third‐party
Versus Self‐disclosure in the Realm of Sustainable Development.” Business Strategy
and the Environment 24, no. 4 (2013): 217–35. https://doi.org/10.1002/bse.1816.'
ieee: 'D. Reimsbach and R. Hahn, “The Effects of Negative Incidents in Sustainability
Reporting on Investors’ Judgments–an Experimental Study of Third‐party Versus
Self‐disclosure in the Realm of Sustainable Development,” Business Strategy
and the Environment, vol. 24, no. 4, pp. 217–235, 2013, doi: 10.1002/bse.1816.'
mla: Reimsbach, Daniel, and Rüdiger Hahn. “The Effects of Negative Incidents in
Sustainability Reporting on Investors’ Judgments–an Experimental Study of Third‐party
Versus Self‐disclosure in the Realm of Sustainable Development.” Business Strategy
and the Environment, vol. 24, no. 4, Wiley, 2013, pp. 217–35, doi:10.1002/bse.1816.
short: D. Reimsbach, R. Hahn, Business Strategy and the Environment 24 (2013) 217–235.
date_created: 2023-10-10T09:18:58Z
date_updated: 2023-10-30T11:37:18Z
department:
- _id: '186'
- _id: '815'
doi: 10.1002/bse.1816
intvolume: ' 24'
issue: '4'
keyword:
- Management
- Monitoring
- Policy and Law
- Strategy and Management
- Geography
- Planning and Development
- Business and International Management
language:
- iso: eng
page: 217-235
publication: Business Strategy and the Environment
publication_identifier:
issn:
- 0964-4733
- 1099-0836
publication_status: published
publisher: Wiley
status: public
title: The Effects of Negative Incidents in Sustainability Reporting on Investors’
Judgments–an Experimental Study of Third‐party Versus Self‐disclosure in the Realm
of Sustainable Development
type: journal_article
user_id: '21810'
volume: 24
year: '2013'
...
---
_id: '50361'
author:
- first_name: Christian
full_name: Koch, Christian
last_name: Koch
citation:
ama: 'Koch C. Einsatz der Risikoanalyse als Instrument des Investitionscontrollings.
In: Betz S, ed. Industrielles Controlling - Planung, Steuerung und Kontrolle
von Beschaffung, Produktion und Logistik. Dr. Kovac; 2013:179-207.'
apa: Koch, C. (2013). Einsatz der Risikoanalyse als Instrument des Investitionscontrollings.
In S. Betz (Ed.), Industrielles Controlling - Planung, Steuerung und Kontrolle
von Beschaffung, Produktion und Logistik (pp. 179–207). Dr. Kovac.
bibtex: '@inbook{Koch_2013, place={Hamburg}, title={Einsatz der Risikoanalyse als
Instrument des Investitionscontrollings}, booktitle={Industrielles Controlling
- Planung, Steuerung und Kontrolle von Beschaffung, Produktion und Logistik},
publisher={Dr. Kovac}, author={Koch, Christian}, editor={Betz, Stefan}, year={2013},
pages={179–207} }'
chicago: 'Koch, Christian. “Einsatz der Risikoanalyse als Instrument des Investitionscontrollings.”
In Industrielles Controlling - Planung, Steuerung und Kontrolle von Beschaffung,
Produktion und Logistik, edited by Stefan Betz, 179–207. Hamburg: Dr. Kovac,
2013.'
ieee: 'C. Koch, “Einsatz der Risikoanalyse als Instrument des Investitionscontrollings,”
in Industrielles Controlling - Planung, Steuerung und Kontrolle von Beschaffung,
Produktion und Logistik, S. Betz, Ed. Hamburg: Dr. Kovac, 2013, pp. 179–207.'
mla: Koch, Christian. “Einsatz der Risikoanalyse als Instrument des Investitionscontrollings.”
Industrielles Controlling - Planung, Steuerung und Kontrolle von Beschaffung,
Produktion und Logistik, edited by Stefan Betz, Dr. Kovac, 2013, pp. 179–207.
short: 'C. Koch, in: S. Betz (Ed.), Industrielles Controlling - Planung, Steuerung
und Kontrolle von Beschaffung, Produktion und Logistik, Dr. Kovac, Hamburg, 2013,
pp. 179–207.'
date_created: 2024-01-09T09:13:10Z
date_updated: 2024-01-10T09:13:30Z
department:
- _id: '193'
editor:
- first_name: Stefan
full_name: Betz, Stefan
last_name: Betz
language:
- iso: ger
page: 179-207
place: Hamburg
publication: Industrielles Controlling - Planung, Steuerung und Kontrolle von Beschaffung,
Produktion und Logistik
publication_identifier:
isbn:
- 978-3-8300-7413-7
publication_status: published
publisher: Dr. Kovac
status: public
title: Einsatz der Risikoanalyse als Instrument des Investitionscontrollings
type: book_chapter
user_id: '21811'
year: '2013'
...
---
_id: '50369'
author:
- first_name: Christoph
full_name: Puls, Christoph
last_name: Puls
citation:
ama: 'Puls C. Kostenorientiertes Management von Logistikdienstleistern. In: Betz
S, ed. Industrielles Controlling - Planung, Steuerung und Kontrolle von Beschaffung,
Produktion und Logistik. Dr. Kovac; 2013:13-42.'
apa: Puls, C. (2013). Kostenorientiertes Management von Logistikdienstleistern.
In S. Betz (Ed.), Industrielles Controlling - Planung, Steuerung und Kontrolle
von Beschaffung, Produktion und Logistik (pp. 13–42). Dr. Kovac.
bibtex: '@inbook{Puls_2013, place={Hamburg}, title={Kostenorientiertes Management
von Logistikdienstleistern}, booktitle={Industrielles Controlling - Planung, Steuerung
und Kontrolle von Beschaffung, Produktion und Logistik}, publisher={Dr. Kovac},
author={Puls, Christoph}, editor={Betz, Stefan}, year={2013}, pages={13–42} }'
chicago: 'Puls, Christoph. “Kostenorientiertes Management von Logistikdienstleistern.”
In Industrielles Controlling - Planung, Steuerung und Kontrolle von Beschaffung,
Produktion und Logistik, edited by Stefan Betz, 13–42. Hamburg: Dr. Kovac,
2013.'
ieee: 'C. Puls, “Kostenorientiertes Management von Logistikdienstleistern,” in Industrielles
Controlling - Planung, Steuerung und Kontrolle von Beschaffung, Produktion und
Logistik, S. Betz, Ed. Hamburg: Dr. Kovac, 2013, pp. 13–42.'
mla: Puls, Christoph. “Kostenorientiertes Management von Logistikdienstleistern.”
Industrielles Controlling - Planung, Steuerung und Kontrolle von Beschaffung,
Produktion und Logistik, edited by Stefan Betz, Dr. Kovac, 2013, pp. 13–42.
short: 'C. Puls, in: S. Betz (Ed.), Industrielles Controlling - Planung, Steuerung
und Kontrolle von Beschaffung, Produktion und Logistik, Dr. Kovac, Hamburg, 2013,
pp. 13–42.'
date_created: 2024-01-09T09:28:30Z
date_updated: 2024-01-10T09:15:59Z
department:
- _id: '193'
editor:
- first_name: Stefan
full_name: Betz, Stefan
last_name: Betz
language:
- iso: ger
page: 13-42
place: Hamburg
publication: Industrielles Controlling - Planung, Steuerung und Kontrolle von Beschaffung,
Produktion und Logistik
publication_identifier:
isbn:
- 978-3-8300-7413-7
publication_status: published
publisher: Dr. Kovac
status: public
title: Kostenorientiertes Management von Logistikdienstleistern
type: book_chapter
user_id: '21811'
year: '2013'
...
---
_id: '50389'
author:
- first_name: Oliver
full_name: Opitz, Oliver
last_name: Opitz
citation:
ama: 'Opitz O. Integrierte, ökologieorientierte Produktlebenszyklusrechnung. In:
Betz S, ed. Industrielles Controlling - Planung, Steuerung und Kontrolle von
Beschaffung, Produktion und Logistik. Dr. Kovac; 2013:277-318.'
apa: Opitz, O. (2013). Integrierte, ökologieorientierte Produktlebenszyklusrechnung.
In S. Betz (Ed.), Industrielles Controlling - Planung, Steuerung und Kontrolle
von Beschaffung, Produktion und Logistik (pp. 277–318). Dr. Kovac.
bibtex: '@inbook{Opitz_2013, place={Hamburg}, title={Integrierte, ökologieorientierte
Produktlebenszyklusrechnung}, booktitle={Industrielles Controlling - Planung,
Steuerung und Kontrolle von Beschaffung, Produktion und Logistik}, publisher={Dr.
Kovac}, author={Opitz, Oliver}, editor={Betz, Stefan}, year={2013}, pages={277–318}
}'
chicago: 'Opitz, Oliver. “Integrierte, ökologieorientierte Produktlebenszyklusrechnung.”
In Industrielles Controlling - Planung, Steuerung und Kontrolle von Beschaffung,
Produktion und Logistik, edited by Stefan Betz, 277–318. Hamburg: Dr. Kovac,
2013.'
ieee: 'O. Opitz, “Integrierte, ökologieorientierte Produktlebenszyklusrechnung,”
in Industrielles Controlling - Planung, Steuerung und Kontrolle von Beschaffung,
Produktion und Logistik, S. Betz, Ed. Hamburg: Dr. Kovac, 2013, pp. 277–318.'
mla: Opitz, Oliver. “Integrierte, ökologieorientierte Produktlebenszyklusrechnung.”
Industrielles Controlling - Planung, Steuerung und Kontrolle von Beschaffung,
Produktion und Logistik, edited by Stefan Betz, Dr. Kovac, 2013, pp. 277–318.
short: 'O. Opitz, in: S. Betz (Ed.), Industrielles Controlling - Planung, Steuerung
und Kontrolle von Beschaffung, Produktion und Logistik, Dr. Kovac, Hamburg, 2013,
pp. 277–318.'
date_created: 2024-01-09T11:21:36Z
date_updated: 2024-01-10T09:24:15Z
department:
- _id: '193'
editor:
- first_name: Stefan
full_name: Betz, Stefan
last_name: Betz
language:
- iso: ger
page: 277-318
place: Hamburg
publication: Industrielles Controlling - Planung, Steuerung und Kontrolle von Beschaffung,
Produktion und Logistik
publication_identifier:
isbn:
- 978-3-8300-7413-7
publication_status: published
publisher: Dr. Kovac
status: public
title: Integrierte, ökologieorientierte Produktlebenszyklusrechnung
type: book_chapter
user_id: '21811'
year: '2013'
...
---
_id: '50400'
author:
- first_name: Christian
full_name: Faupel, Christian
last_name: Faupel
citation:
ama: 'Faupel C. Integrierte, ökologieorientierte Produktlebenszyklusrechnung. In:
Betz S, ed. Industrielles Controlling - Planung, Steuerung und Kontrolle von
Beschaffung, Produktion und Logistik. Dr. Kovac; 2013:277-318.'
apa: Faupel, C. (2013). Integrierte, ökologieorientierte Produktlebenszyklusrechnung.
In S. Betz (Ed.), Industrielles Controlling - Planung, Steuerung und Kontrolle
von Beschaffung, Produktion und Logistik (pp. 277–318). Dr. Kovac.
bibtex: '@inbook{Faupel_2013, place={Hamburg}, title={Integrierte, ökologieorientierte
Produktlebenszyklusrechnung}, booktitle={Industrielles Controlling - Planung,
Steuerung und Kontrolle von Beschaffung, Produktion und Logistik}, publisher={Dr.
Kovac}, author={Faupel, Christian}, editor={Betz, Stefan}, year={2013}, pages={277–318}
}'
chicago: 'Faupel, Christian. “Integrierte, ökologieorientierte Produktlebenszyklusrechnung.”
In Industrielles Controlling - Planung, Steuerung und Kontrolle von Beschaffung,
Produktion und Logistik, edited by Stefan Betz, 277–318. Hamburg: Dr. Kovac,
2013.'
ieee: 'C. Faupel, “Integrierte, ökologieorientierte Produktlebenszyklusrechnung,”
in Industrielles Controlling - Planung, Steuerung und Kontrolle von Beschaffung,
Produktion und Logistik, S. Betz, Ed. Hamburg: Dr. Kovac, 2013, pp. 277–318.'
mla: Faupel, Christian. “Integrierte, ökologieorientierte Produktlebenszyklusrechnung.”
Industrielles Controlling - Planung, Steuerung und Kontrolle von Beschaffung,
Produktion und Logistik, edited by Stefan Betz, Dr. Kovac, 2013, pp. 277–318.
short: 'C. Faupel, in: S. Betz (Ed.), Industrielles Controlling - Planung, Steuerung
und Kontrolle von Beschaffung, Produktion und Logistik, Dr. Kovac, Hamburg, 2013,
pp. 277–318.'
date_created: 2024-01-09T12:41:53Z
date_updated: 2024-01-10T09:28:40Z
department:
- _id: '193'
editor:
- first_name: Stefan
full_name: Betz, Stefan
last_name: Betz
language:
- iso: ger
page: 277-318
place: Hamburg
publication: Industrielles Controlling - Planung, Steuerung und Kontrolle von Beschaffung,
Produktion und Logistik
publication_identifier:
isbn:
- 978-3-8300-7413-7
publication_status: published
publisher: Dr. Kovac
status: public
title: Integrierte, ökologieorientierte Produktlebenszyklusrechnung
type: book_chapter
user_id: '21811'
year: '2013'
...
---
_id: '37109'
abstract:
- lang: eng
text: This study examines the effect of audit on private firms’ cost of debt. We
use a sample of 1,949 small private firms operating in the period 2006-2010 with
optional financial statement audit. High quality data allows us to construct a
more precise interest rate measure than existing studies employ. After controlling
for obvious sources of demand for voluntary audits (ownership complexity, subsidiary
status, bank relations), we find a robust central result that voluntary audits
increase rather than decrease the cost of debt financing, contrary to several
existing studies. This finding indicates that voluntary audits are generally treated
as “adopting a label” and penalised by creditors, regardless of the perceived
auditor quality as a result of the lemon problem in the audit market. Even Big-4
audits increase the cost of debt, likely as a result due to the lemon problem
in the audit market, although the increase is smaller than for non-Big-4 audits.
The results are sensitive to the estimation method used (OLS, Heckman’s two-step,
PSM) and (sub-)sample selection. We show that disregarding the underlying assumptions
of these estimation methods may lead to incorrect inferences. Additional analyses
show that audited firms’ reported earnings are less informative about future operating
performance than earnings of their unaudited counterparts. Our results also indicate
that results are sensitive to cost of debt definition and this might have affected
the results reported in the existing literature.
author:
- first_name: Urska
full_name: Kosi, Urska
id: '54068'
last_name: Kosi
- first_name: Jerney
full_name: Koren, Jerney
last_name: Koren
- first_name: Aljosa
full_name: Valentincic, Aljosa
last_name: Valentincic
citation:
ama: 'Kosi U, Koren J, Valentincic A. Does Financial Statement Audit Reduce the
Cost of Debt of Private Firms? In: ; 2013.'
apa: Kosi, U., Koren, J., & Valentincic, A. (2013). Does Financial Statement
Audit Reduce the Cost of Debt of Private Firms? 36th Annual Congress of European
Accounting Association, Paris, France.
bibtex: '@inproceedings{Kosi_Koren_Valentincic_2013, title={Does Financial Statement
Audit Reduce the Cost of Debt of Private Firms?}, author={Kosi, Urska and Koren,
Jerney and Valentincic, Aljosa}, year={2013} }'
chicago: Kosi, Urska, Jerney Koren, and Aljosa Valentincic. “Does Financial Statement
Audit Reduce the Cost of Debt of Private Firms?,” 2013.
ieee: U. Kosi, J. Koren, and A. Valentincic, “Does Financial Statement Audit Reduce
the Cost of Debt of Private Firms?,” presented at the 36th Annual Congress of
European Accounting Association, Paris, France, 2013.
mla: Kosi, Urska, et al. Does Financial Statement Audit Reduce the Cost of Debt
of Private Firms? 2013.
short: 'U. Kosi, J. Koren, A. Valentincic, in: 2013.'
conference:
end_date: 2013-05-05
location: Paris, France
name: 36th Annual Congress of European Accounting Association
start_date: 2013-05-02
date_created: 2023-01-17T13:25:30Z
date_updated: 2023-01-17T13:51:24Z
department:
- _id: '635'
- _id: '186'
- _id: '551'
extern: '1'
keyword:
- private firms
- voluntary audit
- cost of debt
- self-selection bias
- lemon problem
language:
- iso: eng
main_file_link:
- url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2373987
status: public
title: Does Financial Statement Audit Reduce the Cost of Debt of Private Firms?
type: conference
user_id: '88603'
year: '2013'
...
---
_id: '37115'
author:
- first_name: Urska
full_name: Kosi, Urska
id: '54068'
last_name: Kosi
- first_name: Annita
full_name: Florou, Annita
last_name: Florou
- first_name: 'Peter F. '
full_name: 'Pope, Peter F. '
last_name: Pope
citation:
ama: 'Kosi U, Florou A, Pope PF. Does Mandatory IFRS Adoption Improve the Credit
Relevance of Accounting Information? In: ; 2013.'
apa: Kosi, U., Florou, A., & Pope, P. F. (2013). Does Mandatory IFRS Adoption
Improve the Credit Relevance of Accounting Information? 9th Workshop on European
Financial Reporting, Valencia, Spain.
bibtex: '@inproceedings{Kosi_Florou_Pope_2013, title={Does Mandatory IFRS Adoption
Improve the Credit Relevance of Accounting Information?}, author={Kosi, Urska
and Florou, Annita and Pope, Peter F. }, year={2013} }'
chicago: Kosi, Urska, Annita Florou, and Peter F. Pope. “Does Mandatory IFRS Adoption
Improve the Credit Relevance of Accounting Information?,” 2013.
ieee: U. Kosi, A. Florou, and P. F. Pope, “Does Mandatory IFRS Adoption Improve
the Credit Relevance of Accounting Information?,” presented at the 9th Workshop
on European Financial Reporting, Valencia, Spain, 2013.
mla: Kosi, Urska, et al. Does Mandatory IFRS Adoption Improve the Credit Relevance
of Accounting Information? 2013.
short: 'U. Kosi, A. Florou, P.F. Pope, in: 2013.'
conference:
end_date: 2013-09-06
location: Valencia, Spain
name: 9th Workshop on European Financial Reporting
start_date: 2013-09-05
date_created: 2023-01-17T13:52:28Z
date_updated: 2023-01-17T13:52:33Z
department:
- _id: '635'
- _id: '186'
- _id: '551'
extern: '1'
language:
- iso: eng
status: public
title: Does Mandatory IFRS Adoption Improve the Credit Relevance of Accounting Information?
type: conference
user_id: '88603'
year: '2013'
...
---
_id: '3549'
abstract:
- lang: eng
text: Private firms are likely to use the financial reporting process more for other
objectives, such as tax savings, than for communicating performance. However,
observing firms choosing accounting policies for tax-minimisation purposes is
not straightforward due to (i) tax and non-tax costs of reporting lower income
(ii) accounting policies that result in lower reported income and no tax savings
but generate non-tax benefits (iii) preparers' multiple incentives and (iv) econometric
issues. We observe a large sample of 20,505 private firms writing off assets in
two separate regimes, one that generates tax savings and one that does not. Firms
significantly decrease, but continue to use, write-offs after the adverse change
in tax treatment of write-offs. The exogenous tax change should not affect other
reporting incentives. This allows us to disentangle the tax-minimisation incentive
from other (un-observable) incentives, including debt contracting, dividends and
employee relations that contribute to the observed anomalous positive relationship
between write-offs and profitability. We show that for private firms (i) obtaining
tax savings is important overall (ii) non-tax costs and benefits are probably
also important and (iii) earnings informativeness for future cash flows increases
after the adverse tax legislation change.
author:
- first_name: Urska
full_name: Kosi, Urska
id: '54068'
last_name: Kosi
- first_name: Aljosa
full_name: Valentincic, Aljosa
last_name: Valentincic
citation:
ama: 'Kosi U, Valentincic A. Write-offs and profitability in private firms: Disentangling
the impact of tax-minimisation incentives. European Accounting Review.
2013;22(1):117-150. doi:10.1080/09638180.2012.661938'
apa: 'Kosi, U., & Valentincic, A. (2013). Write-offs and profitability in private
firms: Disentangling the impact of tax-minimisation incentives. European Accounting
Review, 22(1), 117–150. https://doi.org/10.1080/09638180.2012.661938'
bibtex: '@article{Kosi_Valentincic_2013, title={Write-offs and profitability in
private firms: Disentangling the impact of tax-minimisation incentives}, volume={22},
DOI={10.1080/09638180.2012.661938},
number={1}, journal={European Accounting Review}, author={Kosi, Urska and Valentincic,
Aljosa}, year={2013}, pages={117–150} }'
chicago: 'Kosi, Urska, and Aljosa Valentincic. “Write-Offs and Profitability in
Private Firms: Disentangling the Impact of Tax-Minimisation Incentives.” European
Accounting Review 22, no. 1 (2013): 117–50. https://doi.org/10.1080/09638180.2012.661938.'
ieee: 'U. Kosi and A. Valentincic, “Write-offs and profitability in private firms:
Disentangling the impact of tax-minimisation incentives,” European Accounting
Review, vol. 22, no. 1, pp. 117–150, 2013, doi: 10.1080/09638180.2012.661938.'
mla: 'Kosi, Urska, and Aljosa Valentincic. “Write-Offs and Profitability in Private
Firms: Disentangling the Impact of Tax-Minimisation Incentives.” European Accounting
Review, vol. 22, no. 1, 2013, pp. 117–50, doi:10.1080/09638180.2012.661938.'
short: U. Kosi, A. Valentincic, European Accounting Review 22 (2013) 117–150.
date_created: 2018-07-12T08:20:29Z
date_updated: 2023-01-24T15:33:44Z
department:
- _id: '551'
- _id: '186'
- _id: '635'
doi: 10.1080/09638180.2012.661938
extern: '1'
intvolume: ' 22'
issue: '1'
language:
- iso: eng
page: 117-150
publication: European Accounting Review
publication_status: published
status: public
title: 'Write-offs and profitability in private firms: Disentangling the impact of
tax-minimisation incentives'
type: journal_article
user_id: '54068'
volume: 22
year: '2013'
...
---
_id: '37110'
author:
- first_name: Annita
full_name: Florou, Annita
last_name: Florou
- first_name: Urska
full_name: Kosi, Urska
id: '54068'
last_name: Kosi
citation:
ama: 'Florou A, Kosi U. Does mandatory IFRS adoption facilitate debt financing?
. In: ; 2013.'
apa: Florou, A., & Kosi, U. (2013). Does mandatory IFRS adoption facilitate
debt financing? . FACTS-Forschungswerkstatt, Berlin, Germany.
bibtex: '@inproceedings{Florou_Kosi_2013, title={Does mandatory IFRS adoption facilitate
debt financing? }, author={Florou, Annita and Kosi, Urska}, year={2013} }'
chicago: Florou, Annita, and Urska Kosi. “Does Mandatory IFRS Adoption Facilitate
Debt Financing? ,” 2013.
ieee: A. Florou and U. Kosi, “Does mandatory IFRS adoption facilitate debt financing?
,” presented at the FACTS-Forschungswerkstatt, Berlin, Germany, 2013.
mla: Florou, Annita, and Urska Kosi. Does Mandatory IFRS Adoption Facilitate
Debt Financing? . 2013.
short: 'A. Florou, U. Kosi, in: 2013.'
conference:
location: Berlin, Germany
name: FACTS-Forschungswerkstatt
start_date: 2013-01-07
date_created: 2023-01-17T13:28:19Z
date_updated: 2023-01-24T15:34:43Z
department:
- _id: '635'
- _id: '186'
- _id: '551'
extern: '1'
language:
- iso: eng
status: public
title: 'Does mandatory IFRS adoption facilitate debt financing? '
type: conference
user_id: '54068'
year: '2013'
...
---
_id: '5045'
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. Sooner or Later? – Paradoxical Investment Effects
of Capital Gains Taxation under Simultaneous Investment and Abandonment Flexibility.
European Accounting Review. 2013;22(2):367-390. doi:10.1080/09638180.2012.682781
apa: Niemann, R., & Sureth-Sloane, C. (2013). Sooner or Later? – Paradoxical
Investment Effects of Capital Gains Taxation under Simultaneous Investment and
Abandonment Flexibility. European Accounting Review, 22(2), 367–390.
https://doi.org/10.1080/09638180.2012.682781
bibtex: '@article{Niemann_Sureth-Sloane_2013, title={Sooner or Later? – Paradoxical
Investment Effects of Capital Gains Taxation under Simultaneous Investment and
Abandonment Flexibility}, volume={22}, DOI={10.1080/09638180.2012.682781},
number={2}, journal={European Accounting Review}, publisher={Informa UK Limited},
author={Niemann, Rainer and Sureth-Sloane, Caren}, year={2013}, pages={367–390}
}'
chicago: 'Niemann, Rainer, and Caren Sureth-Sloane. “Sooner or Later? – Paradoxical
Investment Effects of Capital Gains Taxation under Simultaneous Investment and
Abandonment Flexibility.” European Accounting Review 22, no. 2 (2013):
367–90. https://doi.org/10.1080/09638180.2012.682781.'
ieee: 'R. Niemann and C. Sureth-Sloane, “Sooner or Later? – Paradoxical Investment
Effects of Capital Gains Taxation under Simultaneous Investment and Abandonment
Flexibility,” European Accounting Review, vol. 22, no. 2, pp. 367–390,
2013, doi: 10.1080/09638180.2012.682781.'
mla: Niemann, Rainer, and Caren Sureth-Sloane. “Sooner or Later? – Paradoxical Investment
Effects of Capital Gains Taxation under Simultaneous Investment and Abandonment
Flexibility.” European Accounting Review, vol. 22, no. 2, Informa UK Limited,
2013, pp. 367–90, doi:10.1080/09638180.2012.682781.
short: R. Niemann, C. Sureth-Sloane, European Accounting Review 22 (2013) 367–390.
date_created: 2018-10-30T13:53:32Z
date_updated: 2023-01-31T12:13:03Z
department:
- _id: '187'
- _id: '635'
doi: 10.1080/09638180.2012.682781
intvolume: ' 22'
issue: '2'
language:
- iso: eng
page: 367-390
publication: European Accounting Review
publication_identifier:
issn:
- 0963-8180
- 1468-4497
publication_status: published
publisher: Informa UK Limited
quality_controlled: '1'
status: public
title: Sooner or Later? – Paradoxical Investment Effects of Capital Gains Taxation
under Simultaneous Investment and Abandonment Flexibility
type: journal_article
user_id: '21222'
volume: 22
year: '2013'
...