@techreport{35097, author = {{Ebert, Michael and Schäfer, Ulrich and Schneider, Georg Thomas}}, issn = {{1556-5068}}, title = {{{Information Leaks and Voluntary Disclosure}}}, doi = {{10.2139/ssrn.4168084}}, year = {{2022}}, } @techreport{37070, author = {{Beyer, Bianca and Flagmeier, Vanessa and Kosi, Urska}}, title = {{{Does private firms’ disclosure affect public peers’ information environment?}}}, year = {{2022}}, } @techreport{37131, abstract = {{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 = {{Franke, Benedikt and Kosi, Urska and Stoczek, Pia}}, keywords = {{Transparency regulation, Corporate bond, European market}}, title = {{{Current developments in the European corporate bond market}}}, year = {{2022}}, } @techreport{37088, abstract = {{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 = {{Gulenko, Maryna and Kohlhase, Saskia and Kosi, Urska}}, keywords = {{Corporate social responsibility, Mandatory reporting, Non-publicly listed banks, Double materiality, Stakeholder groups, Political influence}}, title = {{{CSR Reporting under the Non-Financial Reporting Directive: Evidence from Non-publicly Listed Firms}}}, year = {{2022}}, } @techreport{37089, abstract = {{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 = {{Ahlers, Theresa and Edossa, Fikir Worku and Uckert, Matthias and Kosi, Urska}}, keywords = {{insol database, insolvency process, Germany, court fillings}}, title = {{{Insolvcency Process in Germany and the insol database: A research Note}}}, year = {{2022}}, } @inbook{22221, author = {{Blankenfeldt, Maximilian and Müller, Jens and Weinrich, Arndt}}, booktitle = {{Intangibles - Immaterielle Werte}}, editor = {{Vögele, Alexander}}, isbn = {{978-3-406-71601-0}}, publisher = {{C.H.Beck}}, title = {{{Forschung und Entwicklung: Kriterien für die Aktivierung in der Unternehmenspraxis}}}, year = {{2021}}, } @article{36065, author = {{Flagmeier, Vanessa and Müller, Jens and Sureth-Sloane, Caren}}, issn = {{0001-4788}}, journal = {{Accounting and Business Research}}, keywords = {{Accounting, Finance}}, number = {{1}}, pages = {{1--37}}, publisher = {{Informa UK Limited}}, title = {{{When do firms highlight their effective tax rate?}}}, doi = {{10.1080/00014788.2021.1958669}}, volume = {{53}}, year = {{2021}}, } @techreport{37136, abstract = {{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 = {{Ichev, Riste and Koren, Jernej and Kosi, Urska and Sitar Sustar, Katarina and Valentincic, Aljosa}}, keywords = {{private firms, voluntary audit, cost of debt, self‐selection bias, risk}}, title = {{{Cost of Debt for Private Firms Revisited: Voluntary Audits as a Reflection of Risk}}}, year = {{2021}}, } @article{16486, abstract = {{After the introduction of CbCR – pursuant to the BEPS Project (Action 13) in 2015 –, which was established to reduce the information asymmetry between MNEs and tax authorities of the countries they operate in, now public CbCR – as suggested by the EU Commission in 2016 – is discussed as a next step. Here, the objective is to overcome information asymmetries between MNEs and the general public of the countries they operate in. Starting from the assumption that regulators care about the legitimacy of tax laws, this article evaluates pros and cons of public CbCR. The authors find that from the perspective of information asymmetries, public CbCR increases tax transparency only marginally at best. Accordingly, it is concluded that democracies that are based on the rule of law seem to rely on pillories in terms of public CbCR to enforce fair tax payments.}}, author = {{Lagarden, Martin and Schreiber, Ulrich and Simons, Dirk and Sureth-Sloane, Caren}}, journal = {{International Transfer Pricing Journal}}, number = {{2}}, title = {{{Country-by-Country Reporting Goes Public - Cui Bono?}}}, volume = {{27}}, year = {{2020}}, } @techreport{35089, author = {{Ebert, Michael and Kadane, Joseph (Jay) B. and Simons, Dirk and Stecher, Jack Douglas}}, issn = {{1556-5068}}, title = {{{Information Design in Coordination Games with Risk Dominant Equilibrium Selection}}}, doi = {{10.2139/ssrn.3564451}}, year = {{2020}}, } @techreport{14901, abstract = {{This study investigates whether country risk factors, including political and fiscal budget risk, attenuate the effectiveness of tax policy tools that aim to encourage corporate risk-taking. Exploiting a cross-country panel, we predict and find that the effectiveness of loss offset rules and tax rate changes is fully attenuated for firms located in high-risk countries. We document the attenuating effect of country risk is more pronounced in high-tax countries or when countries increase their corporate tax rate. Additional tests around the U.S. federal budget crises from 2011 to 2013 indicate that temporarily heightened fiscal budget risk attenuates the effectiveness of loss offset rules even in countries with low political risk. We identify conditions (low political and low fiscal budget risk) under which targeted tax policy tools effectively stimulate risk-taking. This suggests that ensuring taxpayers receive tax refunds is important in times of economic crises with budgetary or political challenges. }}, author = {{Osswald, Benjamin and Sureth-Sloane, Caren}}, title = {{{Do Country Risk Factors Attenuate the Effect of Tax Loss Incentives on Corporate Risk-Taking?}}}, doi = {{10.2139/ssrn.3297418}}, volume = {{TRR 266 Accounting for Transparency Working Paper Series No. 28}}, year = {{2020}}, } @techreport{17514, abstract = {{This paper introduces an index that captures the complexity of countries’ corporate income tax systems faced by multinational corporations. It is based on surveys of highly experienced tax consultants of the largest international tax services networks. The index, called the Tax Complexity Index (TCI), is composed of a tax code subindex covering tax regulations and a tax framework subindex covering tax processes and features. For a sample of 100 countries for the year 2016, we find that the level of tax complexity varies considerably across countries, while tax code and framework complexity also vary within countries. From a global perspective, tax complexity is strongly driven by the complexity of both transfer pricing regulations in the tax code and tax audits in the tax framework. When analyzing the associations with other country characteristics, we identify different correlation patterns. For example, tax framework complexity is negatively associated with countries’ governance, suggesting that strongly governed countries tend to have less complex tax frameworks, while tax code complexity is positively associated with the statutory tax rate, indicating that high-tax countries tend to have more complex tax codes. However, none of the observed associa-tions are very strong. We conclude that tax complexity represents a distinct country charac-teristic and propose the use of our TCI and its subindices in future research.}}, author = {{Hoppe, Thomas and Schanz, Debora and Sturm, Susann and Sureth-Sloane, Caren}}, title = {{{Measuring Tax Complexity Across Countries: A Survey Study on MNCs}}}, doi = {{10.2139/ssrn.3469663}}, year = {{2019}}, } @techreport{14902, author = {{Mair, Christina and Scheffler, Wolfram and Senger, Isabell and Sureth-Sloane, Caren}}, title = {{{Analyse der Veränderung der zwischenstaatlichen Gewinnaufteilung bei Einführung einer standardisierten Gewinnverteilungsmethode am Beispiel des Einsatzes von 3D-Druckern}}}, volume = {{42}}, year = {{2019}}, } @article{14905, abstract = {{A key premise underlying most of the economic literature is that rational decision-makers will choose dominant strategies over dominated alternatives. However, prior literature in various disciplines including business, psychology, and economics document a series of phenomena associated with violations of the dominance principle in decision-making. In this comprehensive review, we discuss conditions under which people violate the dominance principle in decision-making. When presenting violations of dominance in empirical and experimental studies, we differentiate between absolute, statewise, and stochastic (first- and second-order) violations of dominance. Furthermore, we categorize the literature by the leading causes for dominance violations: framing, reference points, certainty effects, bounded rationality, and emotional responses.}}, author = {{Kourouxous, Thomas and Bauer, Thomas}}, issn = {{2198-3402}}, journal = {{Business Research}}, number = {{1}}, pages = {{209--239}}, title = {{{Violations of Dominance in Decision-Making}}}, doi = {{10.1007/s40685-019-0093-7}}, volume = {{12}}, year = {{2019}}, } @techreport{14909, abstract = {{This paper introduces an index that captures the complexity of countries’ corporate income tax systems faced by multinational corporations. It is based on surveys of highly experienced tax consultants of the largest international tax services networks. The index, called the Tax Complexity Index (TCI), is composed of a tax code subindex covering tax regulations and a tax framework subindex covering tax processes and features. For a sample of 100 countries for the year 2016, we find that the level of tax complexity varies considerably across countries, while tax code and framework complexity also vary within countries. From a global perspective, tax complexity is strongly driven by the complexity of both transfer pricing regulations in the tax code and tax audits in the tax framework. When analyzing the associations with other country characteristics, we identify different correlation patterns. For example, tax framework complexity is negatively associated with countries’ governance, suggesting that strongly governed countries tend to have less complex tax frameworks, while tax code complexity is positively associated with the statutory tax rate, indicating that high tax countries tend to have more complex tax codes. However, none of the observed associations are very strong. We conclude that tax complexity represents a distinct country characteristic and propose the use of our TCI and its subindices in future research.}}, author = {{Hoppe, Thomas and Schanz, Deborah and Sturm, Susann and Sureth-Sloane, Caren}}, keywords = {{Tax Complexity, Tax Index, Tax System, Multinational Corporations, Tax Consultants}}, title = {{{Measuring Tax Complexity Across Countries: A Survey Study on MNCs}}}, doi = {{10.2139/ssrn.3469663}}, year = {{2019}}, } @techreport{37346, author = {{Müller, Jens and Gawehn, Vanessa}}, title = {{{Tax Avoidance - Are Banks Any Different?}}}, year = {{2019}}, } @article{4996, abstract = {{We analyze the impact of wealth taxes on investment timing decisions under uncertainty and irreversibility by employing a real options model of the Dixit/Pindyck type. Considering that wealth taxes have been (re-)introduced or are under discussion in many countries, investors need decision rules for tax systems with wealth taxation. We integrate different valuation methods for wealth tax purposes, distinguish between broadly and narrowly defined wealth taxes and vary the wealth tax rate to ascertain which wealth tax design is more or less likely to accelerate or delay investment. Our main findings are threefold. First, historical cost valuation reduces the distortive timing effects of wealth taxation compared to fair value accounting. Second, broadening the wealth tax base tends to accelerate investment during high interest rate periods and delay investment during low interest rate periods. Our results predict that wealth taxes with a broad tax base are likely to discourage risky investment in times of near-zero interest rates. These distortive wealth tax base effects, however, can be avoided by granting sufficiently high depreciation deductions for wealth tax purposes. Third, the investment timing effects of wealth tax rate variations are very sensitive to the riskiness of the underlying investment. Moreover, investment timing effects crucially depend upon the depreciation rate for wealth tax purposes. A tax legislator who aims to encourage risk taking should introduce generous depreciation deductions. Our study indicates that if a wealth tax is considered to be politically inevitable, possible harmful investment effects can be mitigated by choosing appropriate valuation methods and parameters.}}, author = {{Niemann, Rainer and Sureth-Sloane, Caren}}, issn = {{0044-2372}}, journal = {{Journal of Business Economics}}, number = {{4}}, pages = {{385--415}}, publisher = {{Springer Nature America, Inc}}, title = {{{Investment Timing Effects of Wealth Taxes under Uncertainty and Irreversibility}}}, doi = {{10.1007/s11573-018-0918-4}}, volume = {{89}}, year = {{2019}}, } @article{17715, abstract = {{Der Beitrag stellt die teilweise überschießende Wirkung des Referentenentwurfs des Bundesministeriums der Finanzen zur Grunderwerbsteuer mit Blick auf börsennotierte Kapitalgesellschaften dar und schlägt eine Erweiterung des Referentenentwurfs vor, wobei börsennotierte Kapitalgesellschaften vom Anwendungsbereich der neuen Vorschrift ausgenommen werden sollen.}}, author = {{Arbeitskreis Steuern der Schmalenbach-Gesellschaft für Betriebswirtschaft, (Caren Sureth-Sloane)}}, journal = {{Betriebs-Berater}}, number = {{25}}, pages = {{1438--1442}}, publisher = {{Deutscher Fachverlag GmbH }}, title = {{{Ein Lösungsvorschlag zur Vermeidung der überschießenden Wirkung der Grunderwerbsteuerreform bei börsennotierten Kapitalgesellschaften}}}, volume = {{74}}, year = {{2019}}, } @article{3902, abstract = {{All over the world, firms and governments are increasingly concerned about the rise in tax complexity. To manage it and develop effective simplification measures, detailed information on the current drivers of complexity is required. However, research on this topic is scarce. This is surprising as the latest developments-for example, those triggered by the BEPS project-have given rise to the conjecture that complexity drivers may have changed, thus questioning the findings of prior studies. In this article, we shed light on this issue and provide a global picture of the current drivers of tax complexity that multinational corporations face based on a survey of 221 highly experienced tax consultants from 108 countries. Our results show that prior complexity drivers of the tax code are still important, with details and changes of tax regulations being the two most important complexity drivers. We also find evidence for new important complexity drivers emerging from different areas of the tax framework, such as inconsistent decisions among tax officers (tax audits) or retroactively applied tax law amendments (tax enactment). Based on the tax consultants' responses, we develop a concept of tax complexity that is characterized by two pillars, tax code and tax framework complexity and illustrates the various aspects that should be considered when assessing the complexity of a country's tax system.}}, author = {{Hoppe, Thomas and Schanz, Deborah and Sturm, Susann and Sureth-Sloane, Caren}}, issn = {{ 0165-2826}}, journal = {{Intertax}}, number = {{8/9}}, pages = {{654--675}}, publisher = {{Kluwer Law International}}, title = {{{What are the Drivers of Tax Complexity for MNCs? Global Evidence}}}, volume = {{46}}, year = {{2018}}, } @article{17518, author = {{Hoppe, Thomas and Sturm, Susann and Sureth-Sloane, Caren}}, journal = {{Intertax}}, title = {{{What are the Drivers of Tax Complexity for MNCs? Global Evidence}}}, doi = {{10.2139/ssrn.3469663}}, year = {{2018}}, } @misc{17718, author = {{Wolff, Birgitta and Sureth-Sloane, Caren and Weissenberger, Barbara}}, booktitle = {{Frankfurter Allgemeine Zeitung}}, number = {{293}}, pages = {{16}}, title = {{{BWL greift gesellschaftlichen Wandel auf}}}, year = {{2018}}, } @article{5009, abstract = {{When analyzing the influence of taxation on agency conflicts between firm owners and managers, one can draw on theoretical principal–agent literature from various research fields. In recent years, this interdisciplinary research has grown significantly covering research with regards to optimal compensation, investment decisions, tax avoidance and transfer pricing while analyzing the effects of corporate income taxes, wage taxes, bonus taxes and shareholder taxes. Our paper provides a comprehensive review of analytical literature that studies the influence of taxation on agency conflicts between firm owners and managers. Above and beyond summarizing research findings, we discuss how taxes are commonly implemented in agency models, derive empirical predictions, and identify research gaps for future tax research.}}, author = {{Bauer, Thomas and Kourouxous, Thomas and Krenn, Peter}}, journal = {{Business Research}}, number = {{1}}, pages = {{33--76}}, title = {{{Taxation and Agency Conflicts between Firm Owners and Managers: A Review}}}, volume = {{11}}, year = {{2018}}, } @article{4743, abstract = {{Restrukturierungen werden sowohl durch die Digitalisierung, aber auch durch klassische Themen – beispielsweise die Notwendigkeit von Umsatz- und Kostensynergien in kompetitiven Märkten – verstärkt vorangetrieben. Dieser Beitrag beleuchtet vor allem die Motive und Folgen aus wissenschaftlicher Perspektive, indem großzahlige empirische Befunde zu den Themen Beschäftigung, Finanzkennzahlen und Kapitalerhöhungen sowie steuerliche Motive prägnant zusammengefasst und im Kontext des geplanten Joint Ventures von thyssenkrupp und Tata Steel diskutiert werden.}}, author = {{Sievers, Sönke and Sureth-Sloane, Caren and Uhde, André}}, journal = {{Die Wirtschaftsprüfung}}, number = {{9}}, pages = {{569--575}}, title = {{{Restrukturierungen: operative und finanzielle Wertbeiträge. Eine Betrachtung vor dem Hintergrund der Entwicklungen bei thyssenkrupp}}}, volume = {{71}}, year = {{2018}}, } @misc{14900, author = {{Sureth-Sloane, Caren and Wolff, Birgitta}}, booktitle = {{Frankfurter Allgemeine Zeitung}}, number = {{293}}, pages = {{16}}, title = {{{BWL greift gesellschaftlichen Wandel auf}}}, year = {{2018}}, } @article{2241, abstract = {{Die Komplexität des Steuersystems stellt auch in Deutschland ein großes Problem dar. Entgegen bisherigen Betrachtungen weist die vorliegende Befragungsstudie darauf hin, dass die Treiber für steuerliche Komplexität deutlich vielfältiger und nicht nur im Gesetz, sondern auch in den steuerlichen Rahmenbedingungen zu verorten sind. Einerseits tragen übermäßig viele Details und häufige oder umfangreiche Änderungen in erheblichem Maße dazu bei, dass Regelungen – wie solche zu Verrechnungspreisen – als komplex beurteilt werden. Andererseits erweisen sich auch inkonsistente Entscheidungen im Rahmen von Betriebsprüfungen und mangelhafte Gesetzesentwürfe als wesentliche Komplexitätstreiber. Statt einer permanenten Ausweitung von Regulierung sollte künftig der Abbau der im Beitrag identifizierten Probleme gezielt in den Fokus von Wissenschaft, Politik und Praxis rücken.}}, author = {{Hoppe, Thomas and Schanz, Deborah and Sturm, Susann and Sureth-Sloane, Caren}}, journal = {{Die Wirtschaftsprüfung}}, keywords = {{Steuersystem, Komplexität, Steuergesetz, Steuerliche Rahmenbedingungen, BEPS}}, number = {{17}}, pages = {{1026--1033}}, publisher = {{IDW}}, title = {{{Warum ist unser Steuersystem so komplex? Eine befragungsbasierte Analyse}}}, volume = {{70}}, year = {{2017}}, } @techreport{2247, author = {{Hoppe, Thomas and Schanz, Deborah and Sturm, Susann and Sureth-Sloane, Caren}}, pages = {{27}}, title = {{{2016 Global MNC Tax Complexity Survey - Executive Summary}}}, doi = {{10.13140/RG.2.2.23707.46881}}, year = {{2017}}, } @techreport{2250, abstract = {{All over the world, firms and governments are increasingly concerned about the rise in tax complexity. To manage it and develop effective simplification measures, detailed information on the current drivers of complexity is required. However, research on this topic is scarce. This is surprising as the latest developments—for example, triggered by the BEPS project—give rise to the conjecture that complexity drivers may have changed, thus questioning the findings of prior studies. In this paper, we shed light on this issue and provide a global picture of the current drivers of tax complexity that multinational corporations face based on a survey of 221 highly experienced tax practitioners from 108 countries. Our results show that prior complexity drivers of the tax code are still relevant, with details and changes of tax regulations being the two most influential complexity drivers. We also find evidence for new relevant complexity drivers emerging from different areas of the tax framework, such as inconsistent decisions among tax officers (tax audits) or retroactively applied tax law amendments (tax enactment). Based on the responses of the practitioners, we develop a concept of tax complexity that distinguishes two pillars, tax code and tax framework complexity, and illustrates the various aspects that should be considered when assessing the complexity of a country’s tax system.}}, author = {{Hoppe, Thomas and Schanz, Deborah and Sturm, Susann and Sureth-Sloane, Caren}}, issn = {{1556-5068}}, keywords = {{Complexity Drivers, International Comparison, Survey, Tax Complexity, Tax Practitioners}}, pages = {{28}}, title = {{{What are the Drivers of Tax Complexity for Multinational Corporations? Evidence from 108 Countries}}}, doi = {{10.2139/ssrn.3046546}}, year = {{2017}}, } @techreport{4702, author = {{Flagmeier, Vanessa and Müller, Jens and Sureth-Sloane, Caren}}, title = {{{When Do Managers Highlight Their Effective Tax Rate?}}}, doi = {{arqus Working Paper No. 214}}, volume = {{214}}, year = {{2017}}, } @techreport{4712, author = {{Mehrmann, Annika and Sureth-Sloane, Caren}}, title = {{{Tax Loss Offset Restrictions and Biased Perception of Risky Investments}}}, doi = {{arqus Working Paper No. 222}}, volume = {{222}}, year = {{2017}}, } @article{5014, abstract = {{This paper studies the impact of personal and corporate income taxation on capital charge rates in a delegation setting with a risk-averse manager. If the investment level influences the riskiness of the investment project, the capital charge rate deviates from the firm's cost of capital and depends crucially on the manager's personal income tax rate. Contradicting conventional wisdom, we find that a higher personal income tax rate induces higher investment expenditures and, surprisingly, increases the capital charge rate. The countervailing effect that a higher capital charge rate induces higher and not lower investment expenditures persists for pre-tax and after-tax performance measures as well as when the tax deductibility of managerial compensation is limited. Corporate income tax causes a similar effect only in the case of limited tax deductibility of compensation. Our insights remain valid regardless of the financing structure and the risk attitude of the investors.}}, author = {{Bauer, Thomas and Kourouxous, Thomas}}, issn = {{0963-8180}}, journal = {{European Accounting Review}}, number = {{3}}, pages = {{419--440}}, publisher = {{Informa UK Limited}}, title = {{{Capital Charge Rates, Investment Incentives and Taxation}}}, doi = {{10.1080/09638180.2016.1169938}}, volume = {{26}}, year = {{2017}}, } @article{3542, abstract = {{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.  Full Article  Figures & data References  Citations Metrics  Reprints & Permissions  PDF Abstract 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.}}, author = {{Valentincic, Aljosa and Novak, Ales and Kosi, Urska}}, journal = {{Accounting in Europe}}, keywords = {{private firms, accounting quality, development of accounting standards, IFRS-like standards, Slovenia}}, number = {{3}}, pages = {{358--387}}, title = {{{Accounting quality in private firms during the transition towards international standards}}}, doi = {{10.1080/17449480.2017.1378821}}, volume = {{14}}, year = {{2017}}, } @article{4685, abstract = {{Politicians and tax practitioners often claim that tax uncertainty negatively affects investment. In many countries, firms can request fee-based advance tax rulings (ATRs) to mitigate tax uncertainty. We analyse theoretically the circumstances under which investors request ATRs, how tax authorities should price them and how they can affect investment. We assume that tax authorities integrate investors’ reasoning into their decisions. We find that in special cases the optimal fee tax authorities should charge is prohibitively high, thus firms will refrain from requesting ATRs. However, we find that revenue-maximising tax authorities offer ATRs if the ruling enables them either to significantly reduce their tax audit costs or to increase the probability of detecting ambiguous tax issues. Under certain circumstances, ATRs may effectively foster investment and potentially benefit both the tax authorities and taxpayers. Our results provide new explanations for why taxpayers that face high levels of tax uncertainty often do not request ATRs, even when the fee is rather low. Our results also hold when the tax authority maximises social wealth instead of its revenues. Regulatory changes in ATR requirements might serve as a natural quasi-experiment for an empirical study of our predictions regarding investment decisions.}}, author = {{Diller, Markus and Kortebusch, Pia and Schneider, Georg and Sureth-Sloane, Caren}}, journal = {{European Accounting Review}}, number = {{3}}, pages = {{441--468}}, title = {{{Boon or Bane? Advance Tax Rulings as a Measure to Mitigate Tax Uncertainty and Foster Investment}}}, doi = {{10.1080/09638180.2016.1169939}}, volume = {{26}}, year = {{2017}}, } @article{4774, author = {{Ebert, Michael and Simons, Dirk and Stecher, Jack D}}, journal = {{The Accounting Review}}, number = {{1}}, pages = {{73----91}}, title = {{{Discretionary aggregation}}}, volume = {{92}}, year = {{2017}}, } @article{4703, abstract = {{Investments with exit flexibility require decisions regarding both the investment and holding period. Because selling an investment often leads to taxable capital gains, which crucially depend on the duration of an investment, we investigate the impact of capital gains taxation on exit timing under different tax systems. We observed that capital gains taxation delays exit decisions but loses its decision relevance for very long holdings. Often the optimal exit time, which indicates the maximal present value of future cashflows, cannot be determined analytically. However, we identify the breakeven exit time that guarantees present values exceeding those of an immediate sale. While, after-taxes, an immediate sale is often optimal, long holding periods might also be attractive for investors depending on the degree of income and corporate tax integration. A classic corporate tax system often indicates holdings over more than 100 periods. By contrast, a shareholder relief system indicates the earliest breakeven exit time and thus the highest level of exit timing flexibility. Surprisingly, high retention rates are likely to accelerate sales under a classic corporate system. Additionally, the worst exit time, which should be avoided by investors, differs tremendously across tax systems. For an integrated tax system with full imputation, the worst time is reached earlier than under partial or non-integrated systems. These results could help to predict investors’ behavior regarding changes in capital gains taxation and thus are of interest for both investors and tax policymakers. Furthermore, the results emphasize the need to control for the underlying tax system in cross-country empirical studies.}}, author = {{Hegemann, Annika and Kunoth, Angela and Rupp, Kristina and Sureth-Sloane, Caren}}, journal = {{Review of Managerial Science}}, number = {{3}}, pages = {{571--603}}, title = {{{Hold or Sell? How Capital Gains Taxation Affects Holding Decisions}}}, doi = {{10.1007/s11846-016-0197-9 }}, volume = {{11}}, year = {{2017}}, } @article{1771, abstract = {{Die (Wieder-)Einführung einer Vermögensteuer ist in den vergangenen Jahren erneut in den Fokus der politischen Diskussion gerückt. Der vorliegende Beitrag vermittelt einen Eindruck von den Belastungswirkungen, die aus der Umsetzung von aktuell vorliegenden Besteuerungskonzepten resultieren würden. Auf der Basis von realen Jahresabschlussdaten wird eine mehrperiodige Veranlagungssimulation durchgeführt, die insbesondere ermöglicht, den zu erwartenden Eigenkapitalverzehr sowie den Anstieg der Steuerbelastung für die betrachtete Stichprobe zu quantifizieren. Von besonderem Interesse sind hierbei Unternehmen, deren laufende Erträge nicht ausreichen, um die Belastungen durch die Vermögensteuer zu tragen und damit einem Substanzverzehr ausgesetzt sind. Es zeigt sich, dass etwa die Hälfte der Unternehmen im Untersuchungszeitraum von sechs Jahren in mindestens einem Jahr einen Substanzverzehr erfährt. Der Vermögensteuer kommt somit keinesfalls der vielfach postulierte Charakter einer eher mäßig belastenden und im Wesentlichen substanzverschonenden Steuer zu. Zusatzbelastungen von knapp 100 bis zu 300 % der Ertragsteuerlast sind keine Seltenheit und veranschaulichen das Gefährdungspotenzial dieser Steuer für den Wirtschaftsstandort Deutschland.}}, author = {{Hoppe, Thomas and Maiterth, Ralf and Sureth-Sloane, Caren}}, issn = {{0341-2687}}, journal = {{Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung}}, keywords = {{Steuerbelastung, Substanzbesteuerung, Ungleiche Vermögensverteilung, Veranlagungssimulation, Vermögensteuer}}, number = {{1}}, pages = {{3--45}}, publisher = {{Springer Nature}}, title = {{{Eigenkapitalverzehr und Substanzbesteuerung deutscher Unternehmen durch eine Vermögensteuer – eine empirische Analyse}}}, doi = {{10.1007/s41471-016-0005-x}}, volume = {{68}}, year = {{2016}}, } @techreport{17759, author = {{Mehrmann, Annika and Sureth-Sloane, Caren}}, title = {{{Tax Loss Offset Restrictions and Biased Perceptions of Risky Investments}}}, year = {{2016}}, } @book{4714, author = {{König, Rolf and Sureth-Sloane, Caren}}, publisher = {{Verlag Neue Wirtschafts-Briefe, Herne}}, title = {{{Besteuerung und Rechtsformwahl}}}, year = {{2016}}, } @techreport{5022, abstract = {{The Organisation for Economic Co-Operation and Development (OECD) recently proposed an interest barrier to fight tax base erosion and profit shifting (BEPS). We use the introduction of such an interest deductibility restriction in Germany as a quasi-experiment and find significant corporate capital structure responses. Using single entity financial statements and a detailed matching approach, we find evidence that companies that are affected by the interest barrier reduce their leverage by 4.7 percentage points more than non-affected companies. The effects are stronger among non-financially constrained firms. Our results imply that interest barrier effects on capital structure have so far been heavily underestimated.}}, author = {{Alberternst, Stephan and Sureth-Sloane, Caren}}, title = {{{Interest Barrier and Capital Structure Response}}}, volume = {{206}}, year = {{2016}}, } @article{4034, abstract = {{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 = {{Florou, Annita and Kosi, Urska and Pope, Peter F}}, journal = {{Accounting and Business Research}}, keywords = {{IFRS, debt markets, credit ratings, credit relevance}}, number = {{1}}, pages = {{1--29}}, title = {{{Are international accounting standards more credit relevant than domestic standards?}}}, doi = {{10.1080/00014788.2016.1224968}}, volume = {{47}}, year = {{2016}}, } @inproceedings{37098, author = {{Valentincic, Aljosa and Novak, Ales and Kosi, Urska}}, location = {{Siena, Italy}}, title = {{{Accounting quality in private firms during the transition to international standards}}}, year = {{2016}}, } @article{4744, author = {{Ortmann, Regina and Sureth-Sloane, Caren}}, journal = {{Journal of Business Economics}}, number = {{5}}, pages = {{441--475}}, title = {{{Can the CCCTB Alleviate Tax Discrimination against Loss-Making European Multinational Groups?}}}, doi = {{10.1007/s1007-015-0780-6}}, volume = {{86}}, year = {{2016}}, } @techreport{17951, abstract = {{The literature suggests that when taking tax effects into account, debt ought to be prefer-able to equity. Thus, with all else being equal, levered firms are expected to show higher firm values.However, there are no uniform predictions of the size of this tax benefit from interest deductibility nor on the effect of changes in interest deductibility. We believe that the German corporate tax re-form in 2008, which introduced an interest barrier, can serve as a promising “quasi-experiment” to investigate the effects from a reform of interest deductibility. A study of this reform on the basis of German financial statement data is of general interest because, first, similar interest barriers have been introduced in several countries and proposed by the OECD to fight BEPS. Second, the major characteristics of the German tax system can be regarded as representative for most European and major Asian countries. Third, single entity financial statements for German companies allows us to capture tax and capital structure details that have not been available in most prior studies. With significance at the 5% level, we find evidence that the companies that are affected by the interest barrier reduce their leverage by 4.7 percentage points more than companies that are not affected by the interest barrier. We are the first to employ a detailed matching approach to the underlying rich dataset, which enables us to overcome several limitations of previous studies. Our results imply that capital structure reactions most likely have been underestimated in previous studies.}}, author = {{Alberternst, Stephan and Sureth-Sloane, Caren}}, title = {{{The Effect of Taxes on Corporate Financing Decisions - Evidence from the German Interest Barrier}}}, year = {{2015}}, } @techreport{2254, abstract = {{Die (Wieder-)Einführung einer Vermögensteuer ist in den vergangenen Jahren erneut in den Fokus der politischen Diskussion gerückt. Der vorliegende Beitrag vermittelt einen Eindruck von den Belastungswirkungen, die aus der Umsetzung von aktuell vorliegenden Besteuerungskonzepten resultieren würden. Auf der Basis von realen Jahresabschlussdaten wird eine mehrperiodige Veranlagungssimulation durchgeführt, die insbesondere ermöglicht, den zu erwartenden Eigenkapitalverzehr sowie den Anstieg der Steuerbelastung für die betrachtete Unternehmensgruppe zu quantifizieren. Von besonderem Interesse sind hierbei Unternehmen deren laufende Erträge nicht ausreichen, um die Belastungen durch die Vermögensteuer zu tragen und damit einem Substanzverzehr ausgesetzt sind. Es zeigt sich, dass etwa die Hälfte der Unternehmen im Untersuchungszeitraum von sechs Jahren in mindestens einem Jahr einen Substanzverzehr erfährt. Der Vermögensteuer kommt somit keinesfalls der vielfach postulierte Charakter einer eher mäßig belastenden und im Wesentlichen substanzverschonenden Steuer zu. Zusatzbelastungen von knapp 100 bis zu 300% der Ertragsteuerlast sind keine Seltenheit und veranschaulichen das Gefährdungspotenzial dieser Steuer für den Wirtschaftsstandort Deutschland.}}, author = {{Hoppe, Thomas and Maiterth, Ralf and Sureth-Sloane, Caren}}, issn = {{1556-5068}}, keywords = {{Steuerbelastung, Substanzbesteuerung, ungleiche Vermögensverteilung, Veranlagungssimulation, Vermögensteuer}}, pages = {{45}}, title = {{{Vermögensteuer und Ihre Implikationen für den Wirtschaftsstandort Deutschland - eine betriebswirtschaftliche Analyse}}}, doi = {{10.2139/ssrn.2548398}}, year = {{2015}}, } @techreport{4745, abstract = {{Formulary apportionment is an intensively debated mechanism for allocating tax base within multinational groups. Systems under which the formula is identical in all jurisdictions and systems under which jurisdictions can determine the weights on the formula factors individually can be observed. The latter systems produce uncertainty about the overall tax-liable share of the future group tax base. Counter-intuitively, I identify scenarios under which increased uncertainty leads to higher expected future group income. My results provide helpful insights for firms and policy makers debating the specific design of a formulary apportionment system. }}, author = {{Ortmann, Regina}}, title = {{{Uncertainty in Weighting Formulary Apportionment Factors. How Does Weighting Uncertainty Impact After-Tax Income of Multinational Groups?,}}}, volume = {{2015 - 10}}, year = {{2015}}, } @article{4756, author = {{Oßwald, Benjamin and Sureth-Sloane, Caren}}, journal = {{Steuer und Wirtschaft International}}, number = {{10}}, pages = {{478--486}}, title = {{{Entscheidungskalküle US-amerikanischer Unternehmen bei Tax Inversions. What Drives the Decision of U.S. Firms to Expatriate?}}}, volume = {{25}}, year = {{2015}}, } @techreport{4757, author = {{Niemann, Rainer and Sureth-Sloane, Caren}}, title = {{{Investment Effects of Wealth Taxes under Uncertainty and Irreversibility}}}, volume = {{209}}, year = {{2015}}, } @article{5047, author = {{Sureth, Caren}}, issn = {{0340-1650}}, journal = {{WiSt - Wirtschaftswissenschaftliches Studium}}, number = {{5}}, pages = {{257--260}}, publisher = {{C.H. Beck}}, title = {{{Mehr Theorie wagen: Eine neue Ausbildung für die Praxis?}}}, doi = {{10.15358/0340-1650_2013_5_257}}, volume = {{42}}, year = {{2015}}, } @article{4035, abstract = {{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 = {{Florou, Annita and Kosi, Urska}}, issn = {{1573-7136}}, journal = {{Review of Accounting Studies}}, keywords = {{Accounting regulation, IFRS, Accounting quality, Public and private debt markets, Cost of debt}}, number = {{4}}, pages = {{1407--1456}}, title = {{{Does mandatory IFRS adoption facilitate debt financing?}}}, doi = {{10.1007/s11142}}, volume = {{20}}, year = {{2015}}, } @article{17962, author = {{Albers, Sönke and Sureth-Sloane, Caren}}, journal = {{Business Research}}, number = {{2}}, title = {{{Editorial: What Is and What Is Not a Substantial Contribution?}}}, volume = {{5}}, year = {{2014}}, } @techreport{4750, author = {{Ortmann, Regina and Sureth-Sloane, Caren}}, title = {{{Can the CCCTB Alleviate Tax Discrimination against Loss-Making European Multinational Groups?}}}, volume = {{165}}, year = {{2014}}, } @techreport{5036, author = {{Fahr, Rene and Janssen, Elmar A. and Sureth-Sloane, Caren}}, title = {{{Can Tax Rate Increases Foster Investment Under Entry and Exit Flexibility? - Insights from an Economic Experiment}}}, volume = {{166}}, year = {{2014}}, } @techreport{5037, author = {{Diller, Markus and Kortebusch, Pia and Schneider, Georg and Sureth-Sloane, Caren}}, title = {{{Do Investors Request Advance Tax Rulings to Alleviate Tax Risk (and do tax authorities provide them)? A Joint Taxpayers’ and Tax Authorities’ View on Investment Behavior}}}, volume = {{167}}, year = {{2014}}, } @article{14918, author = {{Maßbaum, Alexandra and Sureth-Sloane, Caren}}, issn = {{2198-3402}}, journal = {{Business Research}}, number = {{2}}, pages = {{147--169}}, title = {{{Thin Capitalization Rules and Entrepreneurial Capital Structure Decisions}}}, doi = {{10.1007/bf03342708}}, volume = {{2}}, year = {{2014}}, } @article{23413, author = {{Bischof, Jannis and Ebert, Michael}}, issn = {{1439-2917}}, journal = {{Schmalenbach Business Review}}, pages = {{276--308}}, title = {{{IFRS 7 Disclosures and Risk Perception of Financial Instruments}}}, doi = {{10.1007/bf03396908}}, volume = {{66}}, year = {{2014}}, } @inproceedings{37107, author = {{Florou, Annita and Kosi, Urska}}, location = {{Graz, Austria}}, title = {{{Does mandatory IFRS adoption facilitate debt financing? }}}, year = {{2014}}, } @techreport{37090, author = {{Koren, Jernej and Kosi, Urska and Valentincic, Aljosa}}, title = {{{Cost of Debt for Private Firms Revisited: Voluntary Audits as a Reflection of Risk}}}, year = {{2014}}, } @article{4037, abstract = {{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 = {{Kosi, Urska and Reither, Antonia}}, journal = {{Accounting in Europe}}, keywords = {{standard setting, IASB, corporate lobbying, financial firms, IFRS 4}}, number = {{1}}, pages = {{89--112}}, title = {{{Determinants of corporate participation in the IFRS 4 (insurance contracts) replacement process}}}, doi = {{10.1080/17449480.2014.897459}}, volume = {{11}}, year = {{2014}}, } @article{4879, abstract = {{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 = {{Koren, Jernej and Kosi, Urska and Valentincic, Aljosa}}, journal = {{SSRN Electronic Journal }}, title = {{{Does Financial Statement Audit Reduce the Cost of Debt of Private Firms?}}}, year = {{2014}}, } @book{5042, author = {{König, Rolf and Sureth-Sloane, Caren}}, publisher = {{Verlag Neue Wirtschafts-Briefe}}, title = {{{Besteuerung und Rechtsformwahl}}}, year = {{2013}}, } @book{14982, author = {{Sureth, Caren}}, isbn = {{9783824469741}}, title = {{{Der Einfluss von Steuern auf Investitionsentscheidungen bei Unsicherheit}}}, doi = {{10.1007/978-3-663-08348-1}}, year = {{2013}}, } @inproceedings{37109, abstract = {{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 = {{Kosi, Urska and Koren, Jerney and Valentincic, Aljosa}}, keywords = {{private firms, voluntary audit, cost of debt, self-selection bias, lemon problem}}, location = {{Paris, France}}, title = {{{Does Financial Statement Audit Reduce the Cost of Debt of Private Firms?}}}, year = {{2013}}, } @inproceedings{37115, author = {{Kosi, Urska and Florou, Annita and Pope, Peter F. }}, location = {{Valencia, Spain}}, title = {{{Does Mandatory IFRS Adoption Improve the Credit Relevance of Accounting Information?}}}, year = {{2013}}, } @article{3549, abstract = {{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 = {{Kosi, Urska and Valentincic, Aljosa}}, journal = {{European Accounting Review}}, number = {{1}}, pages = {{117--150}}, title = {{{Write-offs and profitability in private firms: Disentangling the impact of tax-minimisation incentives}}}, doi = {{10.1080/09638180.2012.661938}}, volume = {{22}}, year = {{2013}}, } @inproceedings{37110, author = {{Florou, Annita and Kosi, Urska}}, location = {{Berlin, Germany}}, title = {{{Does mandatory IFRS adoption facilitate debt financing? }}}, year = {{2013}}, } @article{5045, author = {{Niemann, Rainer and Sureth-Sloane, Caren}}, issn = {{0963-8180}}, journal = {{European Accounting Review}}, number = {{2}}, pages = {{367--390}}, publisher = {{Informa UK Limited}}, title = {{{Sooner or Later? – Paradoxical Investment Effects of Capital Gains Taxation under Simultaneous Investment and Abandonment Flexibility}}}, doi = {{10.1080/09638180.2012.682781}}, volume = {{22}}, year = {{2013}}, } @article{5048, author = {{Vollert, Pia and Eikel, Carolin and Sureth-Sloane, Caren}}, journal = {{Steuer und Wirtschaft}}, number = {{4}}, pages = {{367--379}}, title = {{{Advance Pricing Agreements (APAs) als Instrument zur Vermeidung von Verrechnungspreiskonflikten – eine kritische Betrachtung}}}, volume = {{90}}, year = {{2013}}, } @article{5056, author = {{Sloane, Peter F. E. and Sureth-Sloane, Caren}}, journal = {{Wirtschaft und Beruf}}, number = {{7-8}}, pages = {{10--13}}, title = {{{Mehr Theorie wagen. Betriebswirtschaftslehre nach Bologna oder Hochschulbildung im Wandel}}}, volume = {{64}}, year = {{2012}}, } @article{5063, author = {{Sureth-Sloane, Caren}}, journal = {{Wirtschaft und Beruf}}, number = {{7-8}}, pages = {{49--51}}, title = {{{Unternehmensführung und interkulturelle Hochschulbildung. Unternehmensführung in Europa - Interkulturelle Fragen}}}, volume = {{64}}, year = {{2012}}, } @article{23414, author = {{Ebert, Michael and Zein, Nicole}}, journal = {{Betriebswirtschaftliche Forschung und Praxis}}, number = {{4}}, pages = {{364--383}}, title = {{{Wertorientierte Vergütung des Aufsichtsrats - Auswirkungen auf den Unternehmenswert}}}, year = {{2012}}, } @article{5054, author = {{Maßbaum, Alexandra and Klotzkowski, Tasja and Sureth-Sloane, Caren}}, issn = {{0044-2372}}, journal = {{Zeitschrift für Betriebswirtschaft}}, number = {{12}}, pages = {{1389--1425}}, publisher = {{Springer Nature}}, title = {{{Der Einfluss der Zinsschranke auf unternehmerische Kapitalstrukturentscheidungen}}}, doi = {{10.1007/s11573-012-0630-8}}, volume = {{82}}, year = {{2012}}, } @article{5058, author = {{Sureth-Sloane, Caren}}, issn = {{0044-2372}}, journal = {{Zeitschrift für Betriebswirtschaft}}, number = {{S5}}, pages = {{115--122}}, publisher = {{Springer Nature}}, title = {{{Does insider shareholding matter to corporate payout reactions to tax reforms?}}}, doi = {{10.1007/s11573-012-0599-3}}, volume = {{82}}, year = {{2012}}, } @article{5077, author = {{Dahle, Claudia and Sureth-Sloane, Caren and Stamm, Katharina}}, journal = {{Steuern und Bilanzen}}, number = {{4}}, pages = {{138--142}}, title = {{{Die Einkommensbesteuerung von international tätigen Künstlern, Sportlern, Artisten und unterhaltend Darbietenden - Führt die Neuregelung zu einer gleichmäßigen Besteuerung?}}}, volume = {{13}}, year = {{2011}}, } @article{5080, author = {{Jahnke, Hermann and Sureth-Sloane, Caren}}, journal = {{POMS Chronicle}}, number = {{1}}, pages = {{16--17}}, title = {{{ProDok Helps to Transform Doctoral Training at Business Schools in German-Speaking Countries}}}, volume = {{18}}, year = {{2011}}, } @article{35928, author = {{Ebert, Michael and Bischof, Jannis}}, journal = {{The Capco Institute Journal of Financial Transformation}}, number = {{31}}, title = {{{The Mixed Accounting Model Under IAS 39: Current Impact on Bank Balance Sheets and Future Developments}}}, year = {{2011}}, } @article{5083, author = {{Niemann, Rainer and Sureth-Sloane, Caren}}, journal = {{Economics Bulletin}}, number = {{2}}, pages = {{1047--1054}}, title = {{{The Impact of Differential Capital Income Taxation on the Value of Risky Projects}}}, volume = {{31}}, year = {{2011}}, } @article{5081, author = {{Maßbaum, Alexandra and Sureth-Sloane, Caren}}, journal = {{Steuer und Studium}}, number = {{6}}, pages = {{321--330}}, title = {{{§§ 20 bis 23 UmwStG: Die Einbringung von Unternehmensteilen in eine Kapitalgesellschaft - Ansatz von Buchwerten oder gemeinen Werten}}}, volume = {{32}}, year = {{2011}}, } @article{5087, author = {{Kopplin, Anja and Maßbaum, Alexandra and Sureth-Sloane, Caren}}, journal = {{Die Wirtschaftsprüfung}}, number = {{24}}, pages = {{1203--1211}}, title = {{{Handels- und steuerrechtliche Kapitalkontenfortschreibung und deren Einfluss auf die Verlustverrechnung bei Personengesellschaften}}}, volume = {{63}}, year = {{2010}}, } @techreport{5091, author = {{Müller, Jens and Sureth-Sloane, Caren}}, title = {{{Empirische Analyse der Unternehmensbewertung für die Erbschaftsteuer mit dem vereinfachten Ertragswertverfahren}}}, volume = {{108}}, year = {{2010}}, } @article{5093, author = {{Müller, Jens and Sureth-Sloane, Caren and Läufer, Christian}}, journal = {{Die Wirtschaftsprüfung}}, number = {{20}}, pages = {{1028--1034}}, title = {{{Mögliche Fallstricke einer Optimierung unternehmerischer Investitionsentscheidungen auf der Grundlage der Konzernsteuerquote}}}, volume = {{63}}, year = {{2010}}, } @article{5099, author = {{Sureth-Sloane, Caren}}, journal = {{Steuer und Studium}}, number = {{10}}, pages = {{497--502}}, title = {{{Wichtigste Einflussfaktoren auf die steuerliche Verlustnutzung bei Personengesellschaften}}}, volume = {{31}}, year = {{2010}}, } @article{5097, author = {{Sureth-Sloane, Caren and Bäumer, Michaela}}, issn = {{0044-2372}}, journal = {{Zeitschrift für Betriebswirtschaft}}, number = {{2}}, pages = {{171--202}}, publisher = {{Springer Nature}}, title = {{{Besteuerung multinationaler Unternehmen in der EU – eine vergleichende Analyse ausgewählter Reformvorschläge}}}, doi = {{10.1007/s11573-009-0344-8}}, volume = {{80}}, year = {{2010}}, } @article{5094, author = {{Schneider, Georg and Sureth-Sloane, Caren}}, issn = {{1863-6683}}, journal = {{Review of Managerial Science}}, number = {{2}}, pages = {{149--169}}, publisher = {{Springer Nature}}, title = {{{Capitalized investments with entry and exit options and paradoxical tax effects}}}, doi = {{10.1007/s11846-010-0040-7}}, volume = {{4}}, year = {{2010}}, } @article{5100, author = {{Sureth-Sloane, Caren and Vollert, Pia}}, journal = {{Corporate Finance biz}}, number = {{1}}, pages = {{20--29}}, title = {{{Wie attraktiv sind Beteiligungsinvestitionen nach der Begrenzung der Verlustnutzung bei Anteilskäufen durch § 8c KStG?}}}, volume = {{1}}, year = {{2010}}, } @article{5089, author = {{Müller, Jens and Sureth-Sloane, Caren}}, journal = {{Die Betriebswirtschaft}}, number = {{4}}, pages = {{331--348}}, title = {{{The Impact of Tax Optimized Investment Projects on the Effective Group Tax Rate}}}, volume = {{70}}, year = {{2010}}, } @article{5098, author = {{Sureth-Sloane, Caren and Mehrmann, Annika and Dahle, Claudia}}, journal = {{Steuer und Wirtschaft}}, number = {{2}}, pages = {{160--176}}, title = {{{ Grenzüberschreitende Verlustverrechnungssysteme in Europa – Vorbilder für eine Reform der deutschen Organschaft?}}}, volume = {{87}}, year = {{2010}}, } @article{3693, abstract = {{Erbschaftsteuer | Inheritance tax | Steuerreform | Tax reform | Steuerwirkung | Tax effects | Steuereinnahmen | Tax revenue | Mikrodaten | Microdata | Simulation | Deutschland | Germany}}, author = {{Maiterth, Ralf and Houben, Henriette and Broekelschen, Wiebke and Müller, Jens and Sureth-Sloane, Caren}}, journal = {{Statistik und Wissenschaft}}, keywords = {{Erbschaftsteuer | Inheritance tax | Steuerreform | Tax reform | Steuerwirkung | Tax effects | Steuereinnahmen | Tax revenue | Mikrodaten | Microdata | Simulation}}, pages = {{163----183}}, title = {{{Mikroanalytische Begleitung der Steuerpolitik am Beispiel der Erbschaftsteuerreform}}}, year = {{2009}}, } @article{35090, author = {{Ebert, Michael and Simons, Dirk}}, journal = {{KoR : Zeitschrift für internationale und kapitalmarktorientierte Rechnungslegung}}, number = {{11}}, pages = {{622--630}}, title = {{{Bilanzpolitisches Potential im Rahmen der Goodwillbilanzierung - Transaktionsgestaltung beim Unternehmenserwerb}}}, volume = {{9}}, year = {{2009}}, } @misc{37135, author = {{Kosi, Urska}}, booktitle = {{The International Journal of Accounting}}, number = {{4}}, pages = {{415--418}}, title = {{{International corporate reporting: A comparative approach, by Clare Roberts, Pauline Weetman and Paul Gordon (fourth edition)}}}, volume = {{44}}, year = {{2009}}, } @article{14915, author = {{Blaufus, Kay and Hundsdoerfer, Jochen and Kiesewetter, Dirk and König, Rolf J. and Kruschwitz, Lutz and Löffler, Andreas and Maiterth, Ralf and Müller, Heiko and Niemann, Rainer and Schanz, Deborah and Sureth-Sloane, Caren and Treisch, Corinna}}, journal = {{Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung}}, number = {{4}}, pages = {{463--466}}, title = {{{Versinkt die Kapitalmarkttheorie in logischen Widersprüchen, oder: Ist arqus e.V. aus dem Schneider?}}}, volume = {{61}}, year = {{2009}}, } @article{14928, author = {{Kiesewetter, Dirk and Niemann, Rainer and Hundsdoerfer, Jochen and Knirsch, Deborah and König, Rolf and Kruschwitz, Lutz and Löffler, Andreas and Maiterth, Ralf and Müller, Heiko and Sureth-Sloane, Caren and Treisch, Corinna}}, journal = {{Der Betrieb}}, number = {{18}}, pages = {{957--958}}, title = {{{arqus-Stellungnahme zur notwendigen Reform der Abgeltungssteuer}}}, volume = {{61}}, year = {{2008}}, } @article{14929, author = {{Knirsch, Deborah and Müller, Heiko and Blaufus, Kay and Hundsdoerfer, Jochen and Kiesewetter, Dirk and König, Rolf and Kruschwitz, Lutz and Löffler, Andreas and Maiterth, Ralf and Müller, Heiko and Sureth-Sloane, Caren and Treisch, Corinna}}, journal = {{Deutsches Steuerrecht}}, number = {{38}}, pages = {{1844--1846}}, title = {{{ arqus-Stellungnahme: Das BilMoG - Eine Chance zur Steuervereinfachung?}}}, volume = {{46}}, year = {{2008}}, } @techreport{14932, author = {{Niemann, Rainer and Sureth-Sloane, Caren}}, title = {{{Steuern und Risiko als substitutionale oder komplementäre Determinanten unternehmerischer Investitionspolitik?}}}, volume = {{51}}, year = {{2008}}, } @inbook{14934, author = {{Sureth-Sloane, Caren and Müller, Jens and Houben, Henriette and Maiterth, Ralf}}, booktitle = {{Untrnehmensbesteuerung 2008: Neue Wege gehen}}, editor = {{Oestreicher, Andreas}}, pages = {{183--208}}, publisher = {{Verlag Neue Wirtschafts-Briefe, Herne}}, title = {{{Auswirkungen einer Reform des Erbschaft- und Schenkungsteuergesetzes auf das Steueraufkommen unter besonderer Berücksichtigung einer verkehrswertorientierten Bewertung von Unternehmens- und Grundvermögen}}}, year = {{2008}}, } @article{3546, abstract = {{Using a large sample of small private companies, we show incremental influence ofeconomic incentives over prescriptions from accounting standards by financial statementpreparers in a code‐law setting with high alignment between financial and tax reportingand no agency problems. Contrary to predictions from standards, more profitable companiesare more likely to write‐off and the write‐off magnitude is greater, reflecting taxminimisation. Larger companies are more likely to write‐off, but the magnitude decreaseswith size, reflecting increasing political costs due to greater visibility to taxauthorities. Previous write‐off patterns and magnitudes are persistent, reflectinginstitutional learning linked to regulatory changes. }}, author = {{Garrod, Neil and Kosi, Urska and Valentincic, Aljosa}}, journal = {{Journal of Business Finance and Accounting}}, number = {{3-4}}, pages = {{307--330}}, title = {{{Asset Write-Offs in the Absence of Agency Problems}}}, doi = {{10.1111/j.1468-5957.2008.02078}}, volume = {{35}}, year = {{2008}}, } @article{14935, author = {{Sureth-Sloane, Caren and Maiterth, Ralf}}, issn = {{1863-6683}}, journal = {{Review of Managerial Science}}, number = {{2}}, pages = {{81--110}}, title = {{{The impact of minimum taxation by an imputable wealth tax on capital budgeting and business strategy of German companies}}}, doi = {{10.1007/s11846-008-0016-z}}, volume = {{2}}, year = {{2008}}, } @article{14933, author = {{Niemann, Rainer and Sureth-Sloane, Caren}}, issn = {{0344-9327}}, journal = {{Journal für Betriebswirtschaft}}, number = {{3}}, pages = {{121--140}}, title = {{{Steuern und Risikobereitschaft in Modellen irreversibler Investitionen}}}, doi = {{10.1007/s11301-008-0037-3}}, volume = {{58}}, year = {{2008}}, } @article{17972, author = {{Müller, Heiko and Blaufus, Kay and Hundsdoerfer, Jochen and Kiesewetter, Dirk and König, Rolf and Kruschwitz, Lutz and Löffler, Andreas and Maiterth, Ralf and Niemann, Rainer and Sureth-Sloane, Caren and Treisch, Corinna }}, journal = {{Deutsches Steuerrecht}}, number = {{38}}, pages = {{1844--1846}}, title = {{{arqus-Stellungnahme: Das BilMoG - Eine Chance zur Steuervereinfachung?}}}, volume = {{46}}, year = {{2008}}, } @article{14948, author = {{Maiterth, Ralf and Niemann, Rainer and Blaufus, Kay and Kiesewetter, Dirk and Knirsch, Deborah and König, Rolf and Hundsdoerfer, Jochen and Müller, Heiko and Sureth-Sloane, Caren and Treisch, Corinna}}, journal = {{Der Betrieb}}, number = {{50}}, pages = {{2700--2702}}, title = {{{arqus-Stellungnahme zur faktischen Abschaffung der Erbschaftsteuer für Unternehmer}}}, volume = {{59}}, year = {{2006}}, } @techreport{14949, author = {{Maiterth, Ralf and Sureth-Sloane, Caren}}, title = {{{Unternehmensfinanzierung, Unternehmensrechtsform und Besteuerung}}}, volume = {{15}}, year = {{2006}}, } @misc{14951, author = {{Sureth-Sloane, Caren}}, publisher = {{Deutscher Universitäts-Verlag}}, title = {{{Steuerreformen und Übergangsprobleme bei Beteiligungsinvestitionen}}}, year = {{2006}}, }