---
_id: '29049'
abstract:
- lang: eng
text: "This study investigates the conditions under which tax rate changes accelerate
risky investments.\r\nWhile tax rate increases are often expected to harm investment,
analytical\r\nstudies find tax rate increases may foster investment under flexibility.We
design a theorybased\r\nexperimentwith a binomial random walk and entry–exit flexibility.We
find accelerated\r\ninvestment upon tax rate increases irrespective of an exit
option, but no corresponding\r\nresponse to tax cuts. This asymmetry may be due
to tax salience and mechanisms\r\nfrom irreversible choice under uncertainty.
Given this evidence of unexpected tax-reform\r\neffects, tax policymakers should
carefully consider behavioral aspects."
article_type: original
author:
- first_name: René
full_name: Fahr, René
last_name: Fahr
- first_name: Elmar A.
full_name: Janssen, Elmar A.
last_name: Janssen
- first_name: Caren
full_name: Sureth-Sloane, Caren
id: '530'
last_name: Sureth-Sloane
orcid: ' 0000-0002-8183-5901'
citation:
ama: Fahr R, Janssen EA, Sureth-Sloane C. Can Tax Rate Changes Accelerate Investment
under Entry and Exit Flexibility? – Insights from an Economic Experiment. FinanzArchiv
/ Public Finance Analysis. 2022;78(1-2):239-289.
apa: Fahr, R., Janssen, E. A., & Sureth-Sloane, C. (2022). Can Tax Rate Changes
Accelerate Investment under Entry and Exit Flexibility? – Insights from an Economic
Experiment. FinanzArchiv / Public Finance Analysis, 78(1–2), 239–289.
bibtex: '@article{Fahr_Janssen_Sureth-Sloane_2022, title={Can Tax Rate Changes Accelerate
Investment under Entry and Exit Flexibility? – Insights from an Economic Experiment},
volume={78}, number={1–2}, journal={FinanzArchiv / Public Finance Analysis}, author={Fahr,
René and Janssen, Elmar A. and Sureth-Sloane, Caren}, year={2022}, pages={239–289}
}'
chicago: 'Fahr, René, Elmar A. Janssen, and Caren Sureth-Sloane. “Can Tax Rate Changes
Accelerate Investment under Entry and Exit Flexibility? – Insights from an Economic
Experiment.” FinanzArchiv / Public Finance Analysis 78, no. 1–2 (2022):
239–89.'
ieee: R. Fahr, E. A. Janssen, and C. Sureth-Sloane, “Can Tax Rate Changes Accelerate
Investment under Entry and Exit Flexibility? – Insights from an Economic Experiment,”
FinanzArchiv / Public Finance Analysis, vol. 78, no. 1–2, pp. 239–289,
2022.
mla: Fahr, René, et al. “Can Tax Rate Changes Accelerate Investment under Entry
and Exit Flexibility? – Insights from an Economic Experiment.” FinanzArchiv
/ Public Finance Analysis, vol. 78, no. 1–2, 2022, pp. 239–89.
short: R. Fahr, E.A. Janssen, C. Sureth-Sloane, FinanzArchiv / Public Finance Analysis
78 (2022) 239–289.
date_created: 2021-12-20T08:23:13Z
date_updated: 2022-11-13T09:58:10Z
department:
- _id: '187'
intvolume: ' 78'
issue: 1-2
jel:
- H25
- H21
- C91
keyword:
- Economic ExperimentM
- Investment Decisions
- Tax Effects
- Timing Flexibility
- Uncertainty
language:
- iso: eng
page: 239-289
publication: FinanzArchiv / Public Finance Analysis
publication_status: published
status: public
title: Can Tax Rate Changes Accelerate Investment under Entry and Exit Flexibility?
– Insights from an Economic Experiment
type: journal_article
user_id: '530'
volume: 78
year: '2022'
...
---
_id: '16249'
abstract:
- lang: eng
text: 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:
- first_name: Eva
full_name: Szubartowicz, Eva
last_name: Szubartowicz
- first_name: Guido
full_name: Schryen, Guido
id: '72850'
last_name: Schryen
citation:
ama: 'Szubartowicz E, Schryen G. Timing in Information Security: An Event Study
on the Impact of Information Security Investment Announcements. Journal of
Information System Security. 2020;16(1):3-31.'
apa: 'Szubartowicz, E., & Schryen, G. (2020). Timing in Information Security:
An Event Study on the Impact of Information Security Investment Announcements.
Journal of Information System Security, 16(1), 3–31.'
bibtex: '@article{Szubartowicz_Schryen_2020, title={Timing in Information Security:
An Event Study on the Impact of Information Security Investment Announcements},
volume={16}, number={1}, journal={Journal of Information System Security}, publisher={Information
Institute Publishing, Washington DC, USA}, author={Szubartowicz, Eva and Schryen,
Guido}, year={2020}, pages={3–31} }'
chicago: 'Szubartowicz, Eva, and Guido Schryen. “Timing in Information Security:
An Event Study on the Impact of Information Security Investment Announcements.”
Journal of Information System Security 16, no. 1 (2020): 3–31.'
ieee: 'E. Szubartowicz and G. Schryen, “Timing in Information Security: An Event
Study on the Impact of Information Security Investment Announcements,” Journal
of Information System Security, vol. 16, no. 1, pp. 3–31, 2020.'
mla: 'Szubartowicz, Eva, and Guido Schryen. “Timing in Information Security: An
Event Study on the Impact of Information Security Investment Announcements.” Journal
of Information System Security, vol. 16, no. 1, Information Institute Publishing,
Washington DC, USA, 2020, pp. 3–31.'
short: E. Szubartowicz, G. Schryen, Journal of Information System Security 16 (2020)
3–31.
date_created: 2020-03-05T10:29:00Z
date_updated: 2022-01-06T06:52:47Z
ddc:
- '000'
department:
- _id: '277'
file:
- access_level: open_access
content_type: application/pdf
creator: hsiemes
date_created: 2020-03-05T10:26:11Z
date_updated: 2020-03-05T10:35:49Z
file_id: '16250'
file_name: Timing in Information Security - JISSEC format PREPUBLICATION.pdf
file_size: 478056
relation: main_file
file_date_updated: 2020-03-05T10:35:49Z
has_accepted_license: '1'
intvolume: ' 16'
issue: '1'
keyword:
- Event Study
- Information Security
- Investment Announcements
- Stock Price Reaction
- Value of Information Security Investments
language:
- iso: eng
oa: '1'
page: 3 - 31
publication: Journal of Information System Security
publisher: Information Institute Publishing, Washington DC, USA
status: public
title: 'Timing in Information Security: An Event Study on the Impact of Information
Security Investment Announcements'
type: journal_article
user_id: '61579'
volume: 16
year: '2020'
...
---
_id: '1452'
abstract:
- lang: eng
text: 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.
article_type: original
author:
- first_name: Matthias
full_name: Pelster, Matthias
id: '67265'
last_name: Pelster
orcid: ' https://orcid.org/0000-0001-5740-2420'
citation:
ama: 'Pelster M. I’ll Have What S/he’s Having: A Case Study of a Social Trading
Network. Proceedings of the International Conference on Information Systems.
2017.'
apa: 'Pelster, M. (2017). I’ll Have What S/he’s Having: A Case Study of a Social
Trading Network. Proceedings of the International Conference on Information
Systems.'
bibtex: '@article{Pelster_2017, title={I’ll Have What S/he’s Having: A Case Study
of a Social Trading Network}, journal={Proceedings of the International Conference
on Information Systems}, author={Pelster, Matthias}, year={2017} }'
chicago: 'Pelster, Matthias. “I’ll Have What S/He’s Having: A Case Study of a Social
Trading Network.” Proceedings of the International Conference on Information
Systems, 2017.'
ieee: 'M. Pelster, “I’ll Have What S/he’s Having: A Case Study of a Social Trading
Network,” Proceedings of the International Conference on Information Systems,
2017.'
mla: 'Pelster, Matthias. “I’ll Have What S/He’s Having: A Case Study of a Social
Trading Network.” Proceedings of the International Conference on Information
Systems, 2017.'
short: M. Pelster, Proceedings of the International Conference on Information Systems
(2017).
date_created: 2018-03-20T11:34:47Z
date_updated: 2022-01-06T06:52:00Z
department:
- _id: '186'
- _id: '578'
keyword:
- Online trading
- investment advice
- network modeling
- Expected Force
- herding.
language:
- iso: eng
publication: Proceedings of the International Conference on Information Systems
publication_status: published
status: public
title: 'I’ll Have What S/he’s Having: A Case Study of a Social Trading Network'
type: journal_article
urn: '14524'
user_id: '67265'
year: '2017'
...
---
_id: '5588'
abstract:
- lang: eng
text: 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:
- first_name: Eva
full_name: Weishäupl, Eva
last_name: Weishäupl
- first_name: Emrah
full_name: Yasasin, Emrah
last_name: Yasasin
- first_name: Guido
full_name: Schryen, Guido
id: '72850'
last_name: Schryen
citation:
ama: 'Weishäupl E, Yasasin E, Schryen G. A Multi-Theoretical Literature Review on
Information Security Investments using the Resource-Based View and the Organizational
Learning Theory. In: International Conference on Information Systems. ;
2015.'
apa: Weishäupl, E., Yasasin, E., & Schryen, G. (2015). A Multi-Theoretical Literature
Review on Information Security Investments using the Resource-Based View and the
Organizational Learning Theory. In International Conference on Information
Systems.
bibtex: '@inproceedings{Weishäupl_Yasasin_Schryen_2015, title={A Multi-Theoretical
Literature Review on Information Security Investments using the Resource-Based
View and the Organizational Learning Theory}, booktitle={International Conference
on Information Systems}, author={Weishäupl, Eva and Yasasin, Emrah and Schryen,
Guido}, year={2015} }'
chicago: Weishäupl, Eva, Emrah Yasasin, and Guido Schryen. “A Multi-Theoretical
Literature Review on Information Security Investments Using the Resource-Based
View and the Organizational Learning Theory.” In International Conference on
Information Systems, 2015.
ieee: E. Weishäupl, E. Yasasin, and G. Schryen, “A Multi-Theoretical Literature
Review on Information Security Investments using the Resource-Based View and the
Organizational Learning Theory,” in International Conference on Information
Systems, 2015.
mla: Weishäupl, Eva, et al. “A Multi-Theoretical Literature Review on Information
Security Investments Using the Resource-Based View and the Organizational Learning
Theory.” International Conference on Information Systems, 2015.
short: 'E. Weishäupl, E. Yasasin, G. Schryen, in: International Conference on Information
Systems, 2015.'
date_created: 2018-11-14T11:25:38Z
date_updated: 2022-01-06T07:02:03Z
ddc:
- '000'
department:
- _id: '277'
extern: '1'
file:
- access_level: open_access
content_type: application/pdf
creator: hsiemes
date_created: 2018-12-07T11:45:31Z
date_updated: 2018-12-13T15:09:32Z
file_id: '6038'
file_name: ICIS PROCEEDINGS PAPER - Security Investments.pdf
file_size: 958019
relation: main_file
file_date_updated: 2018-12-13T15:09:32Z
has_accepted_license: '1'
keyword:
- Information Security
- Investment
- Literature review
- Resource-based View
- Organi-zational Learning Theory
- Multi-theoretical Perspective
language:
- iso: eng
oa: '1'
publication: International Conference on Information Systems
status: public
title: A Multi-Theoretical Literature Review on Information Security Investments using
the Resource-Based View and the Organizational Learning Theory
type: conference
user_id: '61579'
year: '2015'
...
---
_id: '5590'
abstract:
- lang: eng
text: '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:
- first_name: Eva
full_name: Weishäupl, Eva
last_name: Weishäupl
- first_name: Michael
full_name: Kunz, Michael
last_name: Kunz
- first_name: Emrah
full_name: Yasasin, Emrah
last_name: Yasasin
- first_name: Gerit
full_name: Wagner, Gerit
last_name: Wagner
- first_name: Julian
full_name: Prester, Julian
last_name: Prester
- first_name: Guido
full_name: Schryen, Guido
id: '72850'
last_name: Schryen
- first_name: Günther
full_name: Pernul, Günther
last_name: Pernul
citation:
ama: 'Weishäupl E, Kunz M, Yasasin E, et al. Towards an Economic Approach to Identity
and Access Management Systems Using Decision Theory. In: 2nd International
Workshop on Security in Highly Connected IT Systems (SHCIS?15). ; 2015.'
apa: Weishäupl, E., Kunz, M., Yasasin, E., Wagner, G., Prester, J., Schryen, G.,
& Pernul, G. (2015). Towards an Economic Approach to Identity and Access Management
Systems Using Decision Theory. In 2nd International Workshop on Security in
highly connected IT Systems (SHCIS?15).
bibtex: '@inproceedings{Weishäupl_Kunz_Yasasin_Wagner_Prester_Schryen_Pernul_2015,
title={Towards an Economic Approach to Identity and Access Management Systems
Using Decision Theory}, booktitle={2nd International Workshop on Security in highly
connected IT Systems (SHCIS?15)}, author={Weishäupl, Eva and Kunz, Michael and
Yasasin, Emrah and Wagner, Gerit and Prester, Julian and Schryen, Guido and Pernul,
Günther}, year={2015} }'
chicago: Weishäupl, Eva, Michael Kunz, Emrah Yasasin, Gerit Wagner, Julian Prester,
Guido Schryen, and Günther Pernul. “Towards an Economic Approach to Identity and
Access Management Systems Using Decision Theory.” In 2nd International Workshop
on Security in Highly Connected IT Systems (SHCIS?15), 2015.
ieee: E. Weishäupl et al., “Towards an Economic Approach to Identity and
Access Management Systems Using Decision Theory,” in 2nd International Workshop
on Security in highly connected IT Systems (SHCIS?15), 2015.
mla: Weishäupl, Eva, et al. “Towards an Economic Approach to Identity and Access
Management Systems Using Decision Theory.” 2nd International Workshop on Security
in Highly Connected IT Systems (SHCIS?15), 2015.
short: 'E. Weishäupl, M. Kunz, E. Yasasin, G. Wagner, J. Prester, G. Schryen, G.
Pernul, in: 2nd International Workshop on Security in Highly Connected IT Systems
(SHCIS?15), 2015.'
date_created: 2018-11-14T11:27:20Z
date_updated: 2022-01-06T07:02:04Z
ddc:
- '000'
department:
- _id: '277'
extern: '1'
file:
- access_level: open_access
content_type: application/pdf
creator: hsiemes
date_created: 2018-12-07T11:46:28Z
date_updated: 2018-12-13T15:09:54Z
file_id: '6040'
file_name: Towards an Economic Approach to IAMS.PDF
file_size: 166015
relation: main_file
file_date_updated: 2018-12-13T15:09:54Z
has_accepted_license: '1'
keyword:
- Identity and Access Management
- Economic Decision Making
- Information Systems
- Information Security Investment
- Decision Theory
language:
- iso: eng
oa: '1'
publication: 2nd International Workshop on Security in highly connected IT Systems
(SHCIS?15)
status: public
title: Towards an Economic Approach to Identity and Access Management Systems Using
Decision Theory
type: conference
user_id: '61579'
year: '2015'
...
---
_id: '5108'
abstract:
- lang: eng
text: '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. '
article_type: original
author:
- first_name: Daniel
full_name: Kreutzmann, Daniel
last_name: Kreutzmann
- first_name: Sönke
full_name: Sievers, Sönke
id: '46447'
last_name: Sievers
- first_name: Christian
full_name: Mueller, Christian
last_name: Mueller
citation:
ama: Kreutzmann D, Sievers S, Mueller C. Investment distortions and the value of
the government’s tax claim. Applied Financial Economics (VHB-JOURQUAL 3 Ranking
C). 2013;23(11):977-989. doi:10.1080/09603107.2013.786161
apa: Kreutzmann, D., Sievers, S., & Mueller, C. (2013). Investment distortions
and the value of the government’s tax claim. Applied Financial Economics (VHB-JOURQUAL
3 Ranking C), 23(11), 977–989. https://doi.org/10.1080/09603107.2013.786161
bibtex: '@article{Kreutzmann_Sievers_Mueller_2013, title={Investment distortions
and the value of the government’s tax claim}, volume={23}, DOI={10.1080/09603107.2013.786161},
number={11}, journal={Applied Financial Economics (VHB-JOURQUAL 3 Ranking C)},
publisher={Taylor \& Francis}, author={Kreutzmann, Daniel and Sievers, Sönke
and Mueller, Christian}, year={2013}, pages={977–989} }'
chicago: 'Kreutzmann, Daniel, Sönke Sievers, and Christian Mueller. “Investment
Distortions and the Value of the Government’s Tax Claim.” Applied Financial
Economics (VHB-JOURQUAL 3 Ranking C) 23, no. 11 (2013): 977–89. https://doi.org/10.1080/09603107.2013.786161.'
ieee: D. Kreutzmann, S. Sievers, and C. Mueller, “Investment distortions and the
value of the government’s tax claim,” Applied Financial Economics (VHB-JOURQUAL
3 Ranking C), vol. 23, no. 11, pp. 977–989, 2013.
mla: Kreutzmann, Daniel, et al. “Investment Distortions and the Value of the Government’s
Tax Claim.” Applied Financial Economics (VHB-JOURQUAL 3 Ranking C), vol.
23, no. 11, Taylor \& Francis, 2013, pp. 977–89, doi:10.1080/09603107.2013.786161.
short: D. Kreutzmann, S. Sievers, C. Mueller, Applied Financial Economics (VHB-JOURQUAL
3 Ranking C) 23 (2013) 977–989.
date_created: 2018-10-31T07:50:58Z
date_updated: 2022-01-06T07:01:38Z
department:
- _id: '275'
doi: 10.1080/09603107.2013.786161
extern: '1'
intvolume: ' 23'
issue: '11'
jel:
- G31
- G32
- H21
- H25
keyword:
- corporate tax claim
- company valuation
- optimal investment
- cost of capital
language:
- iso: eng
main_file_link:
- url: https://www.tandfonline.com/doi/full/10.1080/09603107.2013.786161#.VE5YmBZwmAd
page: 977-989
publication: Applied Financial Economics (VHB-JOURQUAL 3 Ranking C)
publication_status: published
publisher: Taylor \& Francis
status: public
title: Investment distortions and the value of the government's tax claim
type: journal_article
user_id: '46447'
volume: 23
year: '2013'
...
---
_id: '5172'
author:
- first_name: Sönke
full_name: Sievers, Sönke
id: '46447'
last_name: Sievers
citation:
ama: 'Sievers S. Company Valuation and Growth: Theory, Empirical Evidence and
Practical Implementation Issues. Verlag-Haus Monsenstein und Vannerdat; 2013.'
apa: 'Sievers, S. (2013). Company Valuation and Growth: Theory, Empirical Evidence
and Practical Implementation Issues. Verlag-Haus Monsenstein und Vannerdat.'
bibtex: '@book{Sievers_2013, title={Company Valuation and Growth: Theory, Empirical
Evidence and Practical Implementation Issues}, publisher={Verlag-Haus Monsenstein
und Vannerdat}, author={Sievers, Sönke}, year={2013} }'
chicago: 'Sievers, Sönke. Company Valuation and Growth: Theory, Empirical Evidence
and Practical Implementation Issues. Verlag-Haus Monsenstein und Vannerdat,
2013.'
ieee: 'S. Sievers, Company Valuation and Growth: Theory, Empirical Evidence and
Practical Implementation Issues. Verlag-Haus Monsenstein und Vannerdat, 2013.'
mla: 'Sievers, Sönke. Company Valuation and Growth: Theory, Empirical Evidence
and Practical Implementation Issues. Verlag-Haus Monsenstein und Vannerdat,
2013.'
short: 'S. Sievers, Company Valuation and Growth: Theory, Empirical Evidence and
Practical Implementation Issues, Verlag-Haus Monsenstein und Vannerdat, 2013.'
date_created: 2018-10-31T10:10:35Z
date_updated: 2022-01-06T07:01:41Z
department:
- _id: '275'
keyword:
- Unternehmensbewertung
- Unternehmenswachstum
- Return on Investment Unternehmensbewertung
- Investition
- Steuervergünstigung
language:
- iso: eng
publication_identifier:
isbn:
- 978-3-86582-925-2
publication_status: published
publisher: Verlag-Haus Monsenstein und Vannerdat
status: public
title: 'Company Valuation and Growth: Theory, Empirical Evidence and Practical Implementation
Issues'
type: book
user_id: '64756'
year: '2013'
...