---
_id: '37089'
abstract:
- lang: eng
text: This research note links the legal framework of the insolvency process of
German firms to the information available in the newly-constructed insol database.
In particular, the database contains information from documents published by German
insolvency courts in period 2005- 2022. This research note first presents the
insolvency process with steps and events of the process as determined by the Insolvency
Law (InsO). Next, it classifies the documents to specific steps and events, and
then presents their information content using textual analysis. Specifically,
we identify target phrases via manual document checks and then create regular
expressions for the target phrases. Classification of documents allows us to sketch
most common paths that insolvent firms go through.
author:
- first_name: Theresa
full_name: Ahlers, Theresa
last_name: Ahlers
- first_name: Fikir Worku
full_name: Edossa, Fikir Worku
last_name: Edossa
- first_name: Matthias
full_name: Uckert, Matthias
last_name: Uckert
- first_name: Urska
full_name: Kosi, Urska
id: '54068'
last_name: Kosi
citation:
ama: 'Ahlers T, Edossa FW, Uckert M, Kosi U. Insolvcency Process in Germany and
the Insol Database: A Research Note.; 2022.'
apa: 'Ahlers, T., Edossa, F. W., Uckert, M., & Kosi, U. (2022). Insolvcency
Process in Germany and the insol database: A research Note.'
bibtex: '@book{Ahlers_Edossa_Uckert_Kosi_2022, title={Insolvcency Process in Germany
and the insol database: A research Note}, author={Ahlers, Theresa and Edossa,
Fikir Worku and Uckert, Matthias and Kosi, Urska}, year={2022} }'
chicago: 'Ahlers, Theresa, Fikir Worku Edossa, Matthias Uckert, and Urska Kosi.
Insolvcency Process in Germany and the Insol Database: A Research Note,
2022.'
ieee: 'T. Ahlers, F. W. Edossa, M. Uckert, and U. Kosi, Insolvcency Process in
Germany and the insol database: A research Note. 2022.'
mla: 'Ahlers, Theresa, et al. Insolvcency Process in Germany and the Insol Database:
A Research Note. 2022.'
short: 'T. Ahlers, F.W. Edossa, M. Uckert, U. Kosi, Insolvcency Process in Germany
and the Insol Database: A Research Note, 2022.'
date_created: 2023-01-17T12:50:09Z
date_updated: 2024-05-21T11:09:44Z
ddc:
- '330'
department:
- _id: '635'
- _id: '186'
- _id: '551'
file:
- access_level: closed
content_type: application/pdf
creator: ast
date_created: 2024-05-21T11:06:28Z
date_updated: 2024-05-21T11:06:28Z
file_id: '54378'
file_name: ahlers_etal.pdf
file_size: 760825
relation: main_file
success: 1
file_date_updated: 2024-05-21T11:06:28Z
has_accepted_license: '1'
keyword:
- insol database
- insolvency process
- Germany
- court fillings
language:
- iso: eng
publication_status: published
status: public
title: 'Insolvcency Process in Germany and the insol database: A research Note'
type: working_paper
user_id: '15866'
year: '2022'
...
---
_id: '37131'
abstract:
- lang: eng
text: 'This paper introduces a novel database on the European corporate bond market
to analyze the role of transparency regulation and recent developments in bond
markets. We use data from the European Securities and Markets Authority (ESMA)
to build a comprehensive database covering daily corporate bond listing information
in Europe starting in 2018. We then analyze the different market segments of the
European bond market along four key areas: (i) time and cross-sectional trends
in bond listings; (ii) composition of firms on the market; (iii) firms’ financial
reporting transparency; (iv) bond contract terms. Furthermore, we discuss the
impact of recent economic events on these key areas.'
author:
- first_name: Benedikt
full_name: Franke, Benedikt
last_name: Franke
- first_name: Urska
full_name: Kosi, Urska
id: '54068'
last_name: Kosi
- first_name: Pia
full_name: Stoczek, Pia
last_name: Stoczek
citation:
ama: Franke B, Kosi U, Stoczek P. Current Developments in the European Corporate
Bond Market.; 2022.
apa: Franke, B., Kosi, U., & Stoczek, P. (2022). Current developments in
the European corporate bond market.
bibtex: '@book{Franke_Kosi_Stoczek_2022, title={Current developments in the European
corporate bond market}, author={Franke, Benedikt and Kosi, Urska and Stoczek,
Pia}, year={2022} }'
chicago: Franke, Benedikt, Urska Kosi, and Pia Stoczek. Current Developments
in the European Corporate Bond Market, 2022.
ieee: B. Franke, U. Kosi, and P. Stoczek, Current developments in the European
corporate bond market. 2022.
mla: Franke, Benedikt, et al. Current Developments in the European Corporate
Bond Market. 2022.
short: B. Franke, U. Kosi, P. Stoczek, Current Developments in the European Corporate
Bond Market, 2022.
date_created: 2023-01-17T14:27:46Z
date_updated: 2024-05-21T11:10:24Z
ddc:
- '330'
department:
- _id: '635'
- _id: '186'
- _id: '551'
file:
- access_level: closed
content_type: application/pdf
creator: ast
date_created: 2024-05-21T10:45:24Z
date_updated: 2024-05-21T10:45:24Z
file_id: '54377'
file_name: Franke_Kosi_Stoczek.pdf
file_size: 1426835
relation: main_file
success: 1
file_date_updated: 2024-05-21T10:45:24Z
has_accepted_license: '1'
keyword:
- Transparency regulation
- Corporate bond
- European market
language:
- iso: eng
status: public
title: Current developments in the European corporate bond market
type: working_paper
user_id: '15866'
year: '2022'
...
---
_id: '37070'
author:
- first_name: Bianca
full_name: Beyer, Bianca
last_name: Beyer
- first_name: Vanessa
full_name: Flagmeier, Vanessa
id: '8084'
last_name: Flagmeier
- first_name: Urska
full_name: Kosi, Urska
id: '54068'
last_name: Kosi
citation:
ama: Beyer B, Flagmeier V, Kosi U. Does Private Firms’ Disclosure Affect Public
Peers’ Information Environment?; 2022.
apa: Beyer, B., Flagmeier, V., & Kosi, U. (2022). Does private firms’ disclosure
affect public peers’ information environment?
bibtex: '@book{Beyer_Flagmeier_Kosi_2022, title={Does private firms’ disclosure
affect public peers’ information environment?}, author={Beyer, Bianca and Flagmeier,
Vanessa and Kosi, Urska}, year={2022} }'
chicago: Beyer, Bianca, Vanessa Flagmeier, and Urska Kosi. Does Private Firms’
Disclosure Affect Public Peers’ Information Environment?, 2022.
ieee: B. Beyer, V. Flagmeier, and U. Kosi, Does private firms’ disclosure affect
public peers’ information environment? 2022.
mla: Beyer, Bianca, et al. Does Private Firms’ Disclosure Affect Public Peers’
Information Environment? 2022.
short: B. Beyer, V. Flagmeier, U. Kosi, Does Private Firms’ Disclosure Affect Public
Peers’ Information Environment?, 2022.
date_created: 2023-01-17T12:24:02Z
date_updated: 2023-01-17T13:36:09Z
department:
- _id: '635'
- _id: '186'
- _id: '551'
language:
- iso: eng
status: public
title: Does private firms’ disclosure affect public peers’ information environment?
type: working_paper
user_id: '88603'
year: '2022'
...
---
_id: '37088'
abstract:
- lang: eng
text: We examine variation in mandatory CSR reporting practices based on a large
sample of non-publicly listed savings banks in Germany. They do not have typical
shareholders but rather are established by municipal trustees and can serve clients
only in their distinct operating area. This setting permits us to identify demand
for CSR information by their main stakeholder groups – municipal trustees and
private and corporate clients. In this way, our analysis focuses on the double-materiality
approach to CSR reporting. We find that demand for CSR information by supervisory
board chairperson belonging to a left-wing or green party and the presence of
more supervisory board members belonging to a left-wing or green party are associated
with longer CSR reports and more disclosure on environmental, social, employee
and human rights matters. In addition, competition for private clients and the
sustainability orientation of corporate clients are associated with longer reports
and more disclosure on environmental, employee and human rights matters. These
findings suggest that savings banks’ CSR reports cater to their principal stakeholders’
demand for CSR information.
author:
- first_name: Maryna
full_name: Gulenko, Maryna
id: '64226'
last_name: Gulenko
- first_name: Saskia
full_name: Kohlhase, Saskia
last_name: Kohlhase
- first_name: Urska
full_name: Kosi, Urska
id: '54068'
last_name: Kosi
citation:
ama: 'Gulenko M, Kohlhase S, Kosi U. CSR Reporting under the Non-Financial Reporting
Directive: Evidence from Non-Publicly Listed Firms.; 2022.'
apa: 'Gulenko, M., Kohlhase, S., & Kosi, U. (2022). CSR Reporting under the
Non-Financial Reporting Directive: Evidence from Non-publicly Listed Firms.'
bibtex: '@book{Gulenko_Kohlhase_Kosi_2022, title={CSR Reporting under the Non-Financial
Reporting Directive: Evidence from Non-publicly Listed Firms}, author={Gulenko,
Maryna and Kohlhase, Saskia and Kosi, Urska}, year={2022} }'
chicago: 'Gulenko, Maryna, Saskia Kohlhase, and Urska Kosi. CSR Reporting under
the Non-Financial Reporting Directive: Evidence from Non-Publicly Listed Firms,
2022.'
ieee: 'M. Gulenko, S. Kohlhase, and U. Kosi, CSR Reporting under the Non-Financial
Reporting Directive: Evidence from Non-publicly Listed Firms. 2022.'
mla: 'Gulenko, Maryna, et al. CSR Reporting under the Non-Financial Reporting
Directive: Evidence from Non-Publicly Listed Firms. 2022.'
short: 'M. Gulenko, S. Kohlhase, U. Kosi, CSR Reporting under the Non-Financial
Reporting Directive: Evidence from Non-Publicly Listed Firms, 2022.'
date_created: 2023-01-17T12:40:09Z
date_updated: 2023-01-18T13:59:33Z
department:
- _id: '635'
- _id: '186'
- _id: '551'
keyword:
- Corporate social responsibility
- Mandatory reporting
- Non-publicly listed banks
- Double materiality
- Stakeholder groups
- Political influence
language:
- iso: eng
main_file_link:
- url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4040946
status: public
title: 'CSR Reporting under the Non-Financial Reporting Directive: Evidence from Non-publicly
Listed Firms'
type: working_paper
user_id: '88603'
year: '2022'
...
---
_id: '37136'
abstract:
- lang: eng
text: This study examines the relation between voluntary audit and the cost of debt
in private firms. We use a sample of 4,058 small private firms operating in the
period 2006‐2017 that are not subject to mandatory audits. Firms decide for a
voluntary audit of financial statements either because the economic setting in
which they operate effectively forces them to do so (e.g., ownership complexity,
export‐oriented supply chain, subsidiary status) or because firm fundamentals
and/or financial reporting practices limit their access to financial debt, both
reflected in earnings quality. We use these factors to model the decision for
voluntary audit. In the outcome analyses, we find robust evidence that voluntary
audits are associated with higher, rather than lower, interest rate by up to 3.0
percentage points. This effect is present regardless of the perceived audit quality
(Big‐4 vs. non‐Big‐4), but is stronger for non‐Big‐4 audits where auditees have
a stronger position relative to auditors. Audited firms’ earnings are less informative
about future operating performance relative to unaudited counterparts. We conclude
that voluntary audits facilitate access to financial debt for firms with higher
risk that may otherwise have no access to this form of financing. The price paid
is reflected in higher interest rates charged to firms with voluntary audits –
firms with higher information and/or fundamental risk.
author:
- first_name: Riste
full_name: Ichev, Riste
last_name: Ichev
- first_name: Jernej
full_name: Koren, Jernej
last_name: Koren
- first_name: Urska
full_name: Kosi, Urska
id: '54068'
last_name: Kosi
- first_name: Katarina
full_name: Sitar Sustar, Katarina
last_name: Sitar Sustar
- first_name: Aljosa
full_name: Valentincic, Aljosa
last_name: Valentincic
citation:
ama: 'Ichev R, Koren J, Kosi U, Sitar Sustar K, Valentincic A. Cost of Debt for
Private Firms Revisited: Voluntary Audits as a Reflection of Risk.; 2021.'
apa: 'Ichev, R., Koren, J., Kosi, U., Sitar Sustar, K., & Valentincic, A. (2021).
Cost of Debt for Private Firms Revisited: Voluntary Audits as a Reflection
of Risk.'
bibtex: '@book{Ichev_Koren_Kosi_Sitar Sustar_Valentincic_2021, title={Cost of Debt
for Private Firms Revisited: Voluntary Audits as a Reflection of Risk}, author={Ichev,
Riste and Koren, Jernej and Kosi, Urska and Sitar Sustar, Katarina and Valentincic,
Aljosa}, year={2021} }'
chicago: 'Ichev, Riste, Jernej Koren, Urska Kosi, Katarina Sitar Sustar, and Aljosa
Valentincic. Cost of Debt for Private Firms Revisited: Voluntary Audits as
a Reflection of Risk, 2021.'
ieee: 'R. Ichev, J. Koren, U. Kosi, K. Sitar Sustar, and A. Valentincic, Cost
of Debt for Private Firms Revisited: Voluntary Audits as a Reflection of Risk.
2021.'
mla: 'Ichev, Riste, et al. Cost of Debt for Private Firms Revisited: Voluntary
Audits as a Reflection of Risk. 2021.'
short: 'R. Ichev, J. Koren, U. Kosi, K. Sitar Sustar, A. Valentincic, Cost of Debt
for Private Firms Revisited: Voluntary Audits as a Reflection of Risk, 2021.'
date_created: 2023-01-17T15:03:08Z
date_updated: 2023-01-18T13:40:40Z
department:
- _id: '635'
- _id: '186'
- _id: '551'
keyword:
- private firms
- voluntary audit
- cost of debt
- self‐selection bias
- risk
language:
- iso: eng
main_file_link:
- url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3853927
status: public
title: 'Cost of Debt for Private Firms Revisited: Voluntary Audits as a Reflection
of Risk'
type: working_paper
user_id: '88603'
year: '2021'
...
---
_id: '5101'
abstract:
- lang: eng
text: Prior literature finds that International Financial Reporting Standards (IFRS)
adopters enjoy lower financing costs subsequent to IFRS adoption. We predict and
find that mandatory IFRS adopters exploit lower financing costs to increase market
share vis-à-vis non-adopters. This effect is robust across several different model
specifications in a sample capturing the universe of public and private firms
in the EU, in a matched sample of public and private firms, and in a public firm
sample comparing mandatory and voluntary IFRS adopters. We further find that IFRS
is associated with an increase (decrease) in industry sales concentration (competition),
consistent with large public firms increasing market share. In supplemental analyses,
we find that mandatory adopters issue more equity and debt after IFRS adoption
and that larger market share gains accrue to those mandatory IFRS adopters that
issue more equity and debt after IFRS adoption. Overall, we provide evidence of
unintended product market consequences of IFRS adoption.
author:
- first_name: Jimmy F
full_name: Downes, Jimmy F
last_name: Downes
- first_name: Vanessa
full_name: Flagmeier, Vanessa
id: '8084'
last_name: Flagmeier
- first_name: David
full_name: Godsell, David
last_name: Godsell
citation:
ama: Downes JF, Flagmeier V, Godsell D. Product market effects of IFRS adoption.
Journal of Accounting and Public Policy. 2018;37(5):376-401. doi:10.1016/j.jaccpubpol.2018.09.004
apa: Downes, J. F., Flagmeier, V., & Godsell, D. (2018). Product market effects
of IFRS adoption. Journal of Accounting and Public Policy, 37(5),
376–401. https://doi.org/10.1016/j.jaccpubpol.2018.09.004
bibtex: '@article{Downes_Flagmeier_Godsell_2018, title={Product market effects of
IFRS adoption}, volume={37}, DOI={10.1016/j.jaccpubpol.2018.09.004},
number={5}, journal={Journal of Accounting and Public Policy}, publisher={Elsevier},
author={Downes, Jimmy F and Flagmeier, Vanessa and Godsell, David}, year={2018},
pages={376–401} }'
chicago: 'Downes, Jimmy F, Vanessa Flagmeier, and David Godsell. “Product Market
Effects of IFRS Adoption.” Journal of Accounting and Public Policy 37,
no. 5 (2018): 376–401. https://doi.org/10.1016/j.jaccpubpol.2018.09.004.'
ieee: J. F. Downes, V. Flagmeier, and D. Godsell, “Product market effects of IFRS
adoption,” Journal of Accounting and Public Policy, vol. 37, no. 5, pp.
376–401, 2018.
mla: Downes, Jimmy F., et al. “Product Market Effects of IFRS Adoption.” Journal
of Accounting and Public Policy, vol. 37, no. 5, Elsevier, 2018, pp. 376–401,
doi:10.1016/j.jaccpubpol.2018.09.004.
short: J.F. Downes, V. Flagmeier, D. Godsell, Journal of Accounting and Public Policy
37 (2018) 376–401.
date_created: 2018-10-31T06:59:36Z
date_updated: 2022-01-06T07:01:38Z
department:
- _id: '551'
- _id: '189'
doi: 10.1016/j.jaccpubpol.2018.09.004
intvolume: ' 37'
issue: '5'
jel:
- D43
- G32
- G38
keyword:
- Financial reporting regulationProduct market competition
language:
- iso: eng
page: 376-401
publication: Journal of Accounting and Public Policy
publication_status: published
publisher: Elsevier
status: public
title: Product market effects of IFRS adoption
type: journal_article
user_id: '64756'
volume: 37
year: '2018'
...
---
_id: '3540'
abstract:
- lang: eng
text: 'We examine whether companies voluntarily disclose additional information
about tax loss carryforwards when the recoverability is more uncertain. With this
study, we aim to explain part of the huge cross-sectional variation in the tax
footnote. To assess disclosure behavior, we hand-collect data from notes of large
German firms’ IFRS financial statements and identify voluntarily disclosed information.
First, our results support prior literature’s evidence of a considerable cross-sectional
variation of disclosure in the tax footnote. Second, we find that uncertainty
about the usability of tax losses has a significantly positive relation to the
amount and quality of disclosure, controlling for other disclosure determinants
derived from prior literature and for sample selection. Third, our results indicate
that the observed disclosure behavior is not simply a reflection of the firm’s
general disclosure behavior but specific to the tax footnote. These findings are
robust to several historic and forward-looking indicators representing uncertainty.
Our findings suggest that managers anticipate the investors’ need for more private
information and disclose them voluntarily to reduce information asymmetries. This
result indicates that part of the cross-sectional variation in the tax footnote
can be explained by firms anticipating investors’ demand for additional information. '
author:
- first_name: Vanessa
full_name: Flagmeier, Vanessa
id: '8084'
last_name: Flagmeier
- first_name: Jens
full_name: Müller, Jens
id: '1245'
last_name: Müller
citation:
ama: Flagmeier V, Müller J. Tax Loss Carryforward Disclosure and Uncertainty.;
2017.
apa: Flagmeier, V., & Müller, J. (2017). Tax loss carryforward disclosure
and uncertainty.
bibtex: '@book{Flagmeier_Müller_2017, title={Tax loss carryforward disclosure and
uncertainty}, author={Flagmeier, Vanessa and Müller, Jens}, year={2017} }'
chicago: Flagmeier, Vanessa, and Jens Müller. Tax Loss Carryforward Disclosure
and Uncertainty, 2017.
ieee: V. Flagmeier and J. Müller, Tax loss carryforward disclosure and uncertainty.
2017.
mla: Flagmeier, Vanessa, and Jens Müller. Tax Loss Carryforward Disclosure and
Uncertainty. 2017.
short: V. Flagmeier, J. Müller, Tax Loss Carryforward Disclosure and Uncertainty,
2017.
date_created: 2018-07-11T07:43:16Z
date_updated: 2022-01-06T06:59:22Z
department:
- _id: '551'
- _id: '189'
language:
- iso: eng
page: '56'
publication_status: published
status: public
title: Tax loss carryforward disclosure and uncertainty
type: working_paper
user_id: '64756'
year: '2017'
...
---
_id: '3545'
abstract:
- lang: eng
text: This is the first study that analyzes the predictive ability of deferred tax
information under IFRS. I examine whether deferred taxes provide information about
future tax payments and future performance, using a German sample of IFRS firms.
The focus on tax loss carryforwards enables a separation of the two relations,
testing on the one hand, the relation between recognized deferred tax assets and
future tax payments and on the other hand, the relation between the non-usable
part of tax losses and future earnings. I find significantly negative coefficients
for both deferred tax items, indicating that higher recognized deferred tax assets
are associated with lower future tax payments and higher non-usable tax loss carryforwards
with lower future performance. Additionally, I compare the tax accounts' predictive
ability for a matched German and US sample and find no significant differences
between firms reporting under IFRS and US-GAAP. Taken together, the evidence suggests
that deferred tax items for tax loss carryforwards reported under IFRS provide
useful information about future outcomes and that this predictive ability does
not differ significantly from firms reporting under US-GAAP.
author:
- first_name: Vanessa
full_name: Flagmeier, Vanessa
id: '8084'
last_name: Flagmeier
citation:
ama: 'Flagmeier V. The Information Content of Tax Loss Carryforwards: IAS 12
vs. Valuation Allowance.; 2017.'
apa: 'Flagmeier, V. (2017). The information content of tax loss carryforwards:
IAS 12 vs. valuation allowance.'
bibtex: '@book{Flagmeier_2017, title={The information content of tax loss carryforwards:
IAS 12 vs. valuation allowance}, author={Flagmeier, Vanessa}, year={2017} }'
chicago: 'Flagmeier, Vanessa. The Information Content of Tax Loss Carryforwards:
IAS 12 vs. Valuation Allowance, 2017.'
ieee: 'V. Flagmeier, The information content of tax loss carryforwards: IAS 12
vs. valuation allowance. 2017.'
mla: 'Flagmeier, Vanessa. The Information Content of Tax Loss Carryforwards:
IAS 12 vs. Valuation Allowance. 2017.'
short: 'V. Flagmeier, The Information Content of Tax Loss Carryforwards: IAS 12
vs. Valuation Allowance, 2017.'
date_created: 2018-07-11T09:52:12Z
date_updated: 2022-01-06T06:59:23Z
department:
- _id: '551'
- _id: '189'
language:
- iso: eng
status: public
title: 'The information content of tax loss carryforwards: IAS 12 vs. valuation allowance'
type: working_paper
user_id: '64756'
year: '2017'
...
---
_id: '4702'
author:
- first_name: Vanessa
full_name: Flagmeier, Vanessa
id: '8084'
last_name: Flagmeier
- first_name: Jens
full_name: Müller, Jens
id: '1245'
last_name: Müller
- first_name: Caren
full_name: Sureth-Sloane, Caren
id: '530'
last_name: Sureth-Sloane
citation:
ama: Flagmeier V, Müller J, Sureth-Sloane C. When Do Managers Highlight Their
Effective Tax Rate? Vol 214.; 2017. doi:arqus Working Paper No. 214
apa: Flagmeier, V., Müller, J., & Sureth-Sloane, C. (2017). When Do Managers
Highlight Their Effective Tax Rate? (Vol. 214). https://doi.org/arqus Working Paper No. 214
bibtex: '@book{Flagmeier_Müller_Sureth-Sloane_2017, series={arqus Working Paper},
title={When Do Managers Highlight Their Effective Tax Rate?}, volume={214}, DOI={arqus Working Paper No. 214},
author={Flagmeier, Vanessa and Müller, Jens and Sureth-Sloane, Caren}, year={2017},
collection={arqus Working Paper} }'
chicago: Flagmeier, Vanessa, Jens Müller, and Caren Sureth-Sloane. When Do Managers
Highlight Their Effective Tax Rate? Vol. 214. Arqus Working Paper, 2017. https://doi.org/arqus Working
Paper No. 214.
ieee: V. Flagmeier, J. Müller, and C. Sureth-Sloane, When Do Managers Highlight
Their Effective Tax Rate?, vol. 214. 2017.
mla: Flagmeier, Vanessa, et al. When Do Managers Highlight Their Effective Tax
Rate? Vol. 214, 2017, doi:arqus Working Paper No. 214.
short: V. Flagmeier, J. Müller, C. Sureth-Sloane, When Do Managers Highlight Their
Effective Tax Rate?, 2017.
date_created: 2018-10-12T08:35:31Z
date_updated: 2022-01-06T07:01:19Z
department:
- _id: '187'
- _id: '189'
- _id: '551'
- _id: '635'
doi: arqus Working Paper No. 214
intvolume: ' 214'
language:
- iso: eng
series_title: arqus Working Paper
status: public
title: When Do Managers Highlight Their Effective Tax Rate?
type: working_paper
user_id: '68607'
volume: 214
year: '2017'
...
---
_id: '3542'
abstract:
- lang: eng
text: "We study the historical development of Slovenian Accounting Standards (SAS)
and their association with accounting quality (AQ). We focus on private firms
where the financial reporting process is characterised by low demand for high-quality
reporting. We investigate three distinct editions of SAS since 1994 and test how
their development towards international standards is related to AQ. Aggregate
earnings management measures indicate that the use of accounting discretion decreases
with less earnings smoothing over time. The main features of AQ have been consistent
throughout historical development. Asymmetric timeliness of earnings, the ability
of earnings to predict future cash flows, and the ability of accruals to mitigate
mismatching are all present throughout. We also document typical departures from
properties of high AQ. For example, accruals do not (always) facilitate timely
recognition of losses. However, these can be attributed to the overwhelming influence
of reporting incentives (e.g. taxation, debt, size) rather than to the (lower)
quality of accounting standards.\r\n\r\n\r\n \r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
\r\n\r\n\r\n\r\n Full Article \r\n Figures & data \r\n References \r\n
Citations \r\n \r\n Metrics \r\n Reprints & Permissions \r\n PDF \r\n \r\n
\r\n\r\n\r\n\r\n\r\nAbstract\r\n\r\n\r\nWe study the historical development of
Slovenian Accounting Standards (SAS) and their association with accounting quality
(AQ). We focus on private firms where the financial reporting process is characterised
by low demand for high-quality reporting. We investigate three distinct editions
of SAS since 1994 and test how their development towards international standards
is related to AQ. Aggregate earnings management measures indicate that the use
of accounting discretion decreases with less earnings smoothing over time. The
main features of AQ have been consistent throughout historical development. Asymmetric
timeliness of earnings, the ability of earnings to predict future cash flows,
and the ability of accruals to mitigate mismatching are all present throughout.
We also document typical departures from properties of high AQ. For example, accruals
do not (always) facilitate timely recognition of losses. However, these can be
attributed to the overwhelming influence of reporting incentives (e.g. taxation,
debt, size) rather than to the (lower) quality of accounting standards."
author:
- first_name: Aljosa
full_name: Valentincic, Aljosa
last_name: Valentincic
- first_name: Ales
full_name: Novak, Ales
last_name: Novak
- first_name: Urska
full_name: Kosi, Urska
id: '54068'
last_name: Kosi
citation:
ama: Valentincic A, Novak A, Kosi U. Accounting quality in private firms during
the transition towards international standards. Accounting in Europe. 2017;14(3):358-387.
doi:10.1080/17449480.2017.1378821
apa: Valentincic, A., Novak, A., & Kosi, U. (2017). Accounting quality in private
firms during the transition towards international standards. Accounting in
Europe, 14(3), 358–387. https://doi.org/10.1080/17449480.2017.1378821
bibtex: '@article{Valentincic_Novak_Kosi_2017, title={Accounting quality in private
firms during the transition towards international standards}, volume={14}, DOI={10.1080/17449480.2017.1378821},
number={3}, journal={Accounting in Europe}, author={Valentincic, Aljosa and Novak,
Ales and Kosi, Urska}, year={2017}, pages={358–387} }'
chicago: 'Valentincic, Aljosa, Ales Novak, and Urska Kosi. “Accounting Quality in
Private Firms during the Transition towards International Standards.” Accounting
in Europe 14, no. 3 (2017): 358–87. https://doi.org/10.1080/17449480.2017.1378821.'
ieee: 'A. Valentincic, A. Novak, and U. Kosi, “Accounting quality in private firms
during the transition towards international standards,” Accounting in Europe,
vol. 14, no. 3, pp. 358–387, 2017, doi: 10.1080/17449480.2017.1378821.'
mla: Valentincic, Aljosa, et al. “Accounting Quality in Private Firms during the
Transition towards International Standards.” Accounting in Europe, vol.
14, no. 3, 2017, pp. 358–87, doi:10.1080/17449480.2017.1378821.
short: A. Valentincic, A. Novak, U. Kosi, Accounting in Europe 14 (2017) 358–387.
date_created: 2018-07-11T08:57:03Z
date_updated: 2023-01-24T15:34:31Z
department:
- _id: '551'
- _id: '635'
- _id: '186'
doi: 10.1080/17449480.2017.1378821
intvolume: ' 14'
issue: '3'
jel:
- M41
- C23
- L21
- P20
keyword:
- private firms
- accounting quality
- development of accounting standards
- IFRS-like standards
- Slovenia
language:
- iso: eng
page: 358-387
publication: Accounting in Europe
publication_status: published
status: public
title: Accounting quality in private firms during the transition towards international
standards
type: journal_article
user_id: '54068'
volume: 14
year: '2017'
...
---
_id: '4034'
abstract:
- lang: eng
text: We examine whether the credit relevance of financial statements, defined as
the ability of accounting numbers to explain credit ratings, is higher after firms
are required to report under International Financial Reporting Standards (IFRS).
We find an improvement in credit relevance for firms in 17 countries after mandatory
IFRS reporting is introduced in 2005; this increase is higher than that reported
for a matched sample of US firms. The increase in credit relevance is particularly
pronounced for higher risk speculative-grade issuers, where accounting information
is predicted to be more important; and for IFRS adopters with large first-time
reconciliations, where the impact of IFRS is expected to be greater. These tests
provide reassurance that the overall enhancement in estimated credit relevance
is driven by accounting changes related to IFRS adoption. Our results suggest
that credit rating analysts’ views of economic fundamentals are more closely aligned
with IFRS numbers, and that analysts anticipate at least some of the effects of
the IFRS transition.
author:
- first_name: Annita
full_name: Florou, Annita
last_name: Florou
- first_name: Urska
full_name: Kosi, Urska
id: '54068'
last_name: Kosi
- first_name: Peter F
full_name: Pope, Peter F
last_name: Pope
citation:
ama: Florou A, Kosi U, Pope PF. Are international accounting standards more credit
relevant than domestic standards? Accounting and Business Research. 2016;47(1):1-29.
doi:10.1080/00014788.2016.1224968
apa: Florou, A., Kosi, U., & Pope, P. F. (2016). Are international accounting
standards more credit relevant than domestic standards? Accounting and Business
Research, 47(1), 1–29. https://doi.org/10.1080/00014788.2016.1224968
bibtex: '@article{Florou_Kosi_Pope_2016, title={Are international accounting standards
more credit relevant than domestic standards?}, volume={47}, DOI={10.1080/00014788.2016.1224968},
number={1}, journal={Accounting and Business Research}, author={Florou, Annita
and Kosi, Urska and Pope, Peter F}, year={2016}, pages={1–29} }'
chicago: 'Florou, Annita, Urska Kosi, and Peter F Pope. “Are International Accounting
Standards More Credit Relevant than Domestic Standards?” Accounting and Business
Research 47, no. 1 (2016): 1–29. https://doi.org/10.1080/00014788.2016.1224968.'
ieee: 'A. Florou, U. Kosi, and P. F. Pope, “Are international accounting standards
more credit relevant than domestic standards?,” Accounting and Business Research,
vol. 47, no. 1, pp. 1–29, 2016, doi: 10.1080/00014788.2016.1224968.'
mla: Florou, Annita, et al. “Are International Accounting Standards More Credit
Relevant than Domestic Standards?” Accounting and Business Research, vol.
47, no. 1, 2016, pp. 1–29, doi:10.1080/00014788.2016.1224968.
short: A. Florou, U. Kosi, P.F. Pope, Accounting and Business Research 47 (2016)
1–29.
date_created: 2018-08-22T07:16:25Z
date_updated: 2023-01-18T13:41:47Z
department:
- _id: '551'
- _id: '635'
- _id: '186'
doi: 10.1080/00014788.2016.1224968
intvolume: ' 47'
issue: '1'
jel:
- G15
- G33
- K20
- M41
- M48
keyword:
- IFRS
- debt markets
- credit ratings
- credit relevance
language:
- iso: eng
page: 1-29
publication: Accounting and Business Research
publication_status: published
status: public
title: Are international accounting standards more credit relevant than domestic standards?
type: journal_article
user_id: '54068'
volume: 47
year: '2016'
...
---
_id: '37098'
author:
- first_name: Aljosa
full_name: Valentincic, Aljosa
last_name: Valentincic
- first_name: Ales
full_name: Novak, Ales
last_name: Novak
- first_name: Urska
full_name: Kosi, Urska
id: '54068'
last_name: Kosi
citation:
ama: 'Valentincic A, Novak A, Kosi U. Accounting quality in private firms during
the transition to international standards. In: ; 2016.'
apa: Valentincic, A., Novak, A., & Kosi, U. (2016). Accounting quality in
private firms during the transition to international standards. 7th Workshop
on Accounting and Regulation, Siena, Italy.
bibtex: '@inproceedings{Valentincic_Novak_Kosi_2016, title={Accounting quality in
private firms during the transition to international standards}, author={Valentincic,
Aljosa and Novak, Ales and Kosi, Urska}, year={2016} }'
chicago: Valentincic, Aljosa, Ales Novak, and Urska Kosi. “Accounting Quality in
Private Firms during the Transition to International Standards,” 2016.
ieee: A. Valentincic, A. Novak, and U. Kosi, “Accounting quality in private firms
during the transition to international standards,” presented at the 7th Workshop
on Accounting and Regulation, Siena, Italy, 2016.
mla: Valentincic, Aljosa, et al. Accounting Quality in Private Firms during the
Transition to International Standards. 2016.
short: 'A. Valentincic, A. Novak, U. Kosi, in: 2016.'
conference:
end_date: 2016-07-09
location: Siena, Italy
name: 7th Workshop on Accounting and Regulation
start_date: 2016-07-07
date_created: 2023-01-17T13:04:16Z
date_updated: 2023-01-18T14:02:03Z
department:
- _id: '635'
- _id: '186'
- _id: '551'
language:
- iso: eng
status: public
title: Accounting quality in private firms during the transition to international
standards
type: conference
user_id: '88603'
year: '2016'
...
---
_id: '4035'
abstract:
- lang: eng
text: We examine whether the mandated introduction of International Financial Reporting
Standards (IFRS) is associated with the propensity to access the public rather
than private debt market and the cost of debt. We use a global sample of public
bonds and private loans and find that mandatory IFRS adopters are more likely,
post-IFRS, to issue bonds than to borrow privately. We also find that mandatory
IFRS adopters pay lower bond yield spreads, but not lower loan spreads, after
the mandate. These findings are consistent with debt providers responding positively
to financial reporting of higher quality and comparability, but only when there
is a greater reliance on publicly available financial statements than private
communication. Lastly, we document that the observed debt market benefits are
concentrated in countries with larger differences between domestic GAAP and IFRS
and are present even for EU countries that did not experience concurrent financial
reporting enforcement or other institutional reforms. Overall, our study documents
positive economic consequences around the mandated IFRS adoption for corporate
debt financing and, in particular, for bond financing.
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? Review
of Accounting Studies. 2015;20(4):1407-1456. doi:10.1007/s11142
apa: Florou, A., & Kosi, U. (2015). Does mandatory IFRS adoption facilitate
debt financing? Review of Accounting Studies, 20(4), 1407–1456.
https://doi.org/10.1007/s11142
bibtex: '@article{Florou_Kosi_2015, title={Does mandatory IFRS adoption facilitate
debt financing?}, volume={20}, DOI={10.1007/s11142},
number={4}, journal={Review of Accounting Studies}, author={Florou, Annita and
Kosi, Urska}, year={2015}, pages={1407–1456} }'
chicago: 'Florou, Annita, and Urska Kosi. “Does Mandatory IFRS Adoption Facilitate
Debt Financing?” Review of Accounting Studies 20, no. 4 (2015): 1407–56.
https://doi.org/10.1007/s11142.'
ieee: 'A. Florou and U. Kosi, “Does mandatory IFRS adoption facilitate debt financing?,”
Review of Accounting Studies, vol. 20, no. 4, pp. 1407–1456, 2015, doi:
10.1007/s11142.'
mla: Florou, Annita, and Urska Kosi. “Does Mandatory IFRS Adoption Facilitate Debt
Financing?” Review of Accounting Studies, vol. 20, no. 4, 2015, pp. 1407–56,
doi:10.1007/s11142.
short: A. Florou, U. Kosi, Review of Accounting Studies 20 (2015) 1407–1456.
date_created: 2018-08-22T07:47:41Z
date_updated: 2023-01-24T15:32:37Z
department:
- _id: '551'
- _id: '635'
- _id: '186'
doi: 10.1007/s11142
extern: '1'
intvolume: ' 20'
issue: '4'
jel:
- G15
- K22
- M41
- M48
keyword:
- Accounting regulation
- IFRS
- Accounting quality
- Public and private debt markets
- Cost of debt
language:
- iso: eng
page: 1407-1456
publication: Review of Accounting Studies
publication_identifier:
eissn:
- 1573-7136
publication_status: published
status: public
title: Does mandatory IFRS adoption facilitate debt financing?
type: journal_article
user_id: '54068'
volume: 20
year: '2015'
...
---
_id: '37107'
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: ; 2014.'
apa: Florou, A., & Kosi, U. (2014). Does mandatory IFRS adoption facilitate
debt financing? . DART Research Seminar, Graz, Austria.
bibtex: '@inproceedings{Florou_Kosi_2014, title={Does mandatory IFRS adoption facilitate
debt financing? }, author={Florou, Annita and Kosi, Urska}, year={2014} }'
chicago: Florou, Annita, and Urska Kosi. “Does Mandatory IFRS Adoption Facilitate
Debt Financing? ,” 2014.
ieee: A. Florou and U. Kosi, “Does mandatory IFRS adoption facilitate debt financing?
,” presented at the DART Research Seminar, Graz, Austria, 2014.
mla: Florou, Annita, and Urska Kosi. Does Mandatory IFRS Adoption Facilitate
Debt Financing? . 2014.
short: 'A. Florou, U. Kosi, in: 2014.'
conference:
location: Graz, Austria
name: DART Research Seminar
start_date: 2014-03-03
date_created: 2023-01-17T13:20:21Z
date_updated: 2023-01-17T13:36:58Z
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: '88603'
year: '2014'
...
---
_id: '37090'
author:
- first_name: Jernej
full_name: Koren, Jernej
last_name: Koren
- first_name: Urska
full_name: Kosi, Urska
id: '54068'
last_name: Kosi
- first_name: Aljosa
full_name: Valentincic, Aljosa
last_name: Valentincic
citation:
ama: 'Koren J, Kosi U, Valentincic A. Cost of Debt for Private Firms Revisited:
Voluntary Audits as a Reflection of Risk.; 2014.'
apa: 'Koren, J., Kosi, U., & Valentincic, A. (2014). Cost of Debt for Private
Firms Revisited: Voluntary Audits as a Reflection of Risk.'
bibtex: '@book{Koren_Kosi_Valentincic_2014, title={Cost of Debt for Private Firms
Revisited: Voluntary Audits as a Reflection of Risk}, author={Koren, Jernej and
Kosi, Urska and Valentincic, Aljosa}, year={2014} }'
chicago: 'Koren, Jernej, Urska Kosi, and Aljosa Valentincic. Cost of Debt for
Private Firms Revisited: Voluntary Audits as a Reflection of Risk, 2014.'
ieee: 'J. Koren, U. Kosi, and A. Valentincic, Cost of Debt for Private Firms
Revisited: Voluntary Audits as a Reflection of Risk. 2014.'
mla: 'Koren, Jernej, et al. Cost of Debt for Private Firms Revisited: Voluntary
Audits as a Reflection of Risk. 2014.'
short: 'J. Koren, U. Kosi, A. Valentincic, Cost of Debt for Private Firms Revisited:
Voluntary Audits as a Reflection of Risk, 2014.'
date_created: 2023-01-17T12:52:18Z
date_updated: 2023-01-18T14:02:24Z
department:
- _id: '635'
- _id: '186'
- _id: '551'
extern: '1'
language:
- iso: eng
status: public
title: 'Cost of Debt for Private Firms Revisited: Voluntary Audits as a Reflection
of Risk'
type: working_paper
user_id: '88603'
year: '2014'
...
---
_id: '4037'
abstract:
- lang: eng
text: This study examines the determinants of financial firms' lobbying behaviour
in the replacement process of International Financial Reporting Standard 4 (IFRS
4) Insurance Contracts. Based on comment letters in response to International
Accounting Standards Board's (IASB) Exposure Draft 2010/8, we investigate firms'
lobbying decisions and their long-term lobbying intensity. Using an international
sample of publicly listed financial firms, we show that insurance companies and
financially constrained IFRS firms are more likely to lobby the IASB. We also
examine the long-term lobbying activity in the IFRS 4 replacement process during
the years 2007–2010. We find that insurance companies and firms with dispersed
ownership lobby more. Our results are stronger for IFRS firms compared to US generally
accepted accounting principles users. Overall, we document intense lobbying by
financial firms and present results that are largely consistent with economic
consequences of anticipated accounting changes being the main driver of firms'
lobbying behaviour. These results are in line with prior findings for non-financial
firms.
author:
- first_name: Urska
full_name: Kosi, Urska
id: '54068'
last_name: Kosi
- first_name: Antonia
full_name: Reither, Antonia
last_name: Reither
citation:
ama: Kosi U, Reither A. Determinants of corporate participation in the IFRS 4 (insurance
contracts) replacement process. Accounting in Europe. 2014;11(1):89-112.
doi:10.1080/17449480.2014.897459
apa: Kosi, U., & Reither, A. (2014). Determinants of corporate participation
in the IFRS 4 (insurance contracts) replacement process. Accounting in Europe,
11(1), 89–112. https://doi.org/10.1080/17449480.2014.897459
bibtex: '@article{Kosi_Reither_2014, title={Determinants of corporate participation
in the IFRS 4 (insurance contracts) replacement process}, volume={11}, DOI={10.1080/17449480.2014.897459},
number={1}, journal={Accounting in Europe}, author={Kosi, Urska and Reither, Antonia},
year={2014}, pages={89–112} }'
chicago: 'Kosi, Urska, and Antonia Reither. “Determinants of Corporate Participation
in the IFRS 4 (Insurance Contracts) Replacement Process.” Accounting in Europe
11, no. 1 (2014): 89–112. https://doi.org/10.1080/17449480.2014.897459.'
ieee: 'U. Kosi and A. Reither, “Determinants of corporate participation in the IFRS
4 (insurance contracts) replacement process,” Accounting in Europe, vol.
11, no. 1, pp. 89–112, 2014, doi: 10.1080/17449480.2014.897459.'
mla: Kosi, Urska, and Antonia Reither. “Determinants of Corporate Participation
in the IFRS 4 (Insurance Contracts) Replacement Process.” Accounting in Europe,
vol. 11, no. 1, 2014, pp. 89–112, doi:10.1080/17449480.2014.897459.
short: U. Kosi, A. Reither, Accounting in Europe 11 (2014) 89–112.
date_created: 2018-08-22T07:55:49Z
date_updated: 2023-01-24T15:33:00Z
department:
- _id: '551'
- _id: '635'
- _id: '186'
doi: 10.1080/17449480.2014.897459
extern: '1'
intvolume: ' 11'
issue: '1'
jel:
- D72
- M41
- M48
keyword:
- standard setting
- IASB
- corporate lobbying
- financial firms
- IFRS 4
language:
- iso: eng
page: 89-112
publication: Accounting in Europe
publication_status: published
status: public
title: Determinants of corporate participation in the IFRS 4 (insurance contracts)
replacement process
type: journal_article
user_id: '54068'
volume: 11
year: '2014'
...
---
_id: '4879'
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: Jernej
full_name: Koren, Jernej
last_name: Koren
- first_name: Urska
full_name: Kosi, Urska
id: '54068'
last_name: Kosi
- first_name: Aljosa
full_name: Valentincic, Aljosa
last_name: Valentincic
citation:
ama: Koren J, Kosi U, Valentincic A. Does Financial Statement Audit Reduce the Cost
of Debt of Private Firms? SSRN Electronic Journal . Published online 2014.
apa: Koren, J., Kosi, U., & Valentincic, A. (2014). Does Financial Statement
Audit Reduce the Cost of Debt of Private Firms? SSRN Electronic Journal .
bibtex: '@article{Koren_Kosi_Valentincic_2014, title={Does Financial Statement Audit
Reduce the Cost of Debt of Private Firms?}, journal={SSRN Electronic Journal },
author={Koren, Jernej and Kosi, Urska and Valentincic, Aljosa}, year={2014} }'
chicago: Koren, Jernej, Urska Kosi, and Aljosa Valentincic. “Does Financial Statement
Audit Reduce the Cost of Debt of Private Firms?” SSRN Electronic Journal ,
2014.
ieee: J. Koren, U. Kosi, and A. Valentincic, “Does Financial Statement Audit Reduce
the Cost of Debt of Private Firms?,” SSRN Electronic Journal , 2014.
mla: Koren, Jernej, et al. “Does Financial Statement Audit Reduce the Cost of Debt
of Private Firms?” SSRN Electronic Journal , 2014.
short: J. Koren, U. Kosi, A. Valentincic, SSRN Electronic Journal (2014).
date_created: 2018-10-26T07:39:16Z
date_updated: 2023-01-24T15:32:08Z
department:
- _id: '551'
- _id: '635'
- _id: '186'
language:
- iso: eng
publication: 'SSRN Electronic Journal '
status: public
title: Does Financial Statement Audit Reduce the Cost of Debt of Private Firms?
type: journal_article
user_id: '54068'
year: '2014'
...
---
_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'
...