@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{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}},
}

@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}},
}

@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}},
}

@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}},
}

@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}},
}

@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}},
}

@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/s11142-015-9325-z}},
  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{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{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}},
}

@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}},
}

@techreport{5036,
  author       = {{Fahr, Rene and Janssen, Elmar A. and Sureth-Sloane, Caren}},
  title        = {{{Can Tax Rate Changes Accelerate Investment Under Entry and Exit Flexibility? - Insights from an Economic Experiment}}},
  volume       = {{166}},
  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}},
}