--- _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: '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: 2023-01-18T13:33:18Z department: - _id: '635' - _id: '186' - _id: '551' keyword: - Transparency regulation - Corporate bond - European market language: - iso: eng main_file_link: - url: https://wiwi.uni-paderborn.de/fileadmin/dep2ls4/Franke_Kosi_Stoczek.pdf status: public title: Current developments in the European corporate bond market 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: '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: 2023-01-18T14:01:48Z department: - _id: '635' - _id: '186' - _id: '551' keyword: - insol database - insolvency process - Germany - court fillings language: - iso: eng main_file_link: - url: https://wiwi.uni-paderborn.de/fileadmin/dep2ls4/ahlers_etal.pdf publication_status: published status: public title: 'Insolvcency Process in Germany and the insol database: A research Note' 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' ...