@techreport{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}},
  title        = {{{Does Financial Statement Audit Reduce the Cost of Debt of Private Firms?}}},
  doi          = {{10.2139/ssrn.2373987}},
  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{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{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{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}},
}