@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{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{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}},
}

@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}},
}

@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}},
}

@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}},
}