@article{29049, abstract = {{This study investigates the conditions under which tax rate changes accelerate risky investments. While tax rate increases are often expected to harm investment, analytical studies find tax rate increases may foster investment under flexibility.We design a theorybased experimentwith a binomial random walk and entry–exit flexibility.We find accelerated investment upon tax rate increases irrespective of an exit option, but no corresponding response to tax cuts. This asymmetry may be due to tax salience and mechanisms from irreversible choice under uncertainty. Given this evidence of unexpected tax-reform effects, tax policymakers should carefully consider behavioral aspects.}}, author = {{Fahr, René and Janssen, Elmar A. and Sureth-Sloane, Caren}}, journal = {{FinanzArchiv / Public Finance Analysis}}, keywords = {{Economic ExperimentM, Investment Decisions, Tax Effects, Timing Flexibility, Uncertainty}}, number = {{1-2}}, pages = {{239--289}}, title = {{{Can Tax Rate Changes Accelerate Investment under Entry and Exit Flexibility? – Insights from an Economic Experiment}}}, volume = {{78}}, year = {{2022}}, } @article{16249, abstract = {{Timing plays a crucial role in the context of information security investments. We regard timing in two dimensions, namely the time of announcement in relation to the time of investment and the time of announcement in relation to the time of a fundamental security incident. The financial value of information security investments is assessed by examining the relationship between the investment announcements and their stock market reaction focusing on the two time dimensions. Using an event study methodology, we found that both dimensions influence the stock market return of the investing organization. Our results indicate that (1) after fundamental security incidents in a given industry, the stock price will react more positively to a firm’s announcement of actual information security investments than to announcements of the intention to invest; (2) the stock price will react more positively to a firm’s announcements of the intention to invest after the fundamental security incident compared to before; and (3) the stock price will react more positively to a firm’s announcements of actual information security investments after the fundamental security incident compared to before. Overall, the lowest abnormal return can be expected when the intention to invest is announced before a fundamental information security incident and the highest return when actual investing after a fundamental information security incident in the respective industry.}}, author = {{Szubartowicz, Eva and Schryen, Guido}}, journal = {{Journal of Information System Security}}, keywords = {{Event Study, Information Security, Investment Announcements, Stock Price Reaction, Value of Information Security Investments}}, number = {{1}}, pages = {{3 -- 31}}, publisher = {{Information Institute Publishing, Washington DC, USA}}, title = {{{Timing in Information Security: An Event Study on the Impact of Information Security Investment Announcements}}}, volume = {{16}}, year = {{2020}}, } @article{1452, abstract = {{Opinion leaders of an investment network can have a significant impact on capital mar-kets because their investment decisions are adopted by their peers and trigger large trad-ing cascades, increasing herding behavior and comovement among stock returns. This paper analyzes the interaction-based relations of traders from a large social trading plat-form and identifies the driving forces and the opinion leaders within a large online trading network as the nodes with the highest centrality and the highest force of infection, respec-tively. Relying on recent insights from epidemiological research, I maintain that central-ity identifies the most central traders in the network, while the expected force quantifies the most influential traders and their spreading power. I study the behavior and charac-teristics that set central and influential traders apart from other traders. The ability to identify focal points and their trading behavior within a trading network is important for investors, investment advisers, and policy makers.}}, author = {{Pelster, Matthias}}, journal = {{Proceedings of the International Conference on Information Systems}}, keywords = {{Online trading, investment advice, network modeling, Expected Force, herding.}}, title = {{{I’ll Have What S/he’s Having: A Case Study of a Social Trading Network}}}, year = {{2017}}, } @inproceedings{5588, abstract = {{The protection of information technology (IT) has become and is predicted to remain a key economic challenge for organizations. While research on IT security investment is fast growing, it lacks a theoretical basis for structuring research, explaining economic-technological phenomena and guide future research. We address this shortcoming by suggesting a new theoretical model emerging from a multi-theoretical perspective adopt-ing the Resource-Based View and the Organizational Learning Theory. The joint appli-cation of these theories allows to conceptualize in one theoretical model the organiza-tional learning effects that occur when the protection of organizational resources through IT security countermeasures develops over time. We use this model of IT security invest-ments to synthesize findings of a large body of literature and to derive research gaps. We also discuss managerial implications of (closing) these gaps by providing practical ex-amples.}}, author = {{Weishäupl, Eva and Yasasin, Emrah and Schryen, Guido}}, booktitle = {{International Conference on Information Systems}}, keywords = {{Information Security, Investment, Literature review, Resource-based View, Organi-zational Learning Theory, Multi-theoretical Perspective}}, title = {{{A Multi-Theoretical Literature Review on Information Security Investments using the Resource-Based View and the Organizational Learning Theory}}}, year = {{2015}}, } @inproceedings{5590, abstract = {{Nowadays, providing employees with failure-free access to various systems, applications and services is a crucial factor for organizations? success as disturbances potentially inhibit smooth workflows and thereby harm productivity. However, it is a challenging task to assign access rights to employees? accounts within a satisfying time frame. In addition, the management of multiple accounts and identities can be very onerous and time consuming for the responsible administrator and therefore expensive for the organization. In order to meet these challenges, firms decide to invest in introducing an Identity and Access Management System (IAMS) that supports the organization by using policies to assign permissions to accounts, groups, and roles. In practice, since various versions of IAMSs exist, it is a challenging task to decide upon introduction of an IAMS. The following study proposes a first attempt of a decision support model for practitioners which considers four alternatives: Introduction of an IAMS with Role-based Access Control RBAC) or without and no introduction of IAMS again with or without RBAC. To underpin the practical applicability of the proposed model, we parametrize and operationalize it based on a real world use case using input from an expert interview.}}, author = {{Weishäupl, Eva and Kunz, Michael and Yasasin, Emrah and Wagner, Gerit and Prester, Julian and Schryen, Guido and Pernul, Günther}}, booktitle = {{2nd International Workshop on Security in highly connected IT Systems (SHCIS?15)}}, keywords = {{Identity and Access Management, Economic Decision Making, Information Systems, Information Security Investment, Decision Theory}}, title = {{{Towards an Economic Approach to Identity and Access Management Systems Using Decision Theory}}}, year = {{2015}}, } @article{5108, abstract = {{This study integrates the government in the context of company valuation. Our framework allows to analyze and to quantify the risk-sharing effects and conflicts of interest between the government and the shareholders when firms follow different financial policies. We provide novel evidence that firms with fixed future levels of debt might invest more than socially desirable. Economically, this happens if the gain in tax-shields is big enough to outweigh the loss in the unlevered firm value. Our findings have implications for the practice of investment subsidy programs provided by the government to avoid fostering investments beyond the socially optimal level. }}, author = {{Kreutzmann, Daniel and Sievers, Sönke and Mueller, Christian}}, journal = {{Applied Financial Economics (VHB-JOURQUAL 3 Ranking C)}}, keywords = {{corporate tax claim, company valuation, optimal investment, cost of capital}}, number = {{11}}, pages = {{977--989}}, publisher = {{Taylor \& Francis}}, title = {{{Investment distortions and the value of the government's tax claim}}}, doi = {{10.1080/09603107.2013.786161}}, volume = {{23}}, year = {{2013}}, } @book{5172, author = {{Sievers, Sönke}}, isbn = {{978-3-86582-925-2}}, keywords = {{Unternehmensbewertung, Unternehmenswachstum, Return on Investment Unternehmensbewertung, Investition, Steuervergünstigung}}, publisher = {{Verlag-Haus Monsenstein und Vannerdat}}, title = {{{Company Valuation and Growth: Theory, Empirical Evidence and Practical Implementation Issues}}}, year = {{2013}}, }