---
_id: '65379'
abstract:
- lang: ger
  text: Diese Studie analysiert die ESEF-Berichterstattung in Deutschland seit der
    Einführung der iXBRL-basierten Berichtspflicht durch die ESMA im Jahr 2020. Anhand
    einer Stichprobe von 610 kapitalmarktorientierten Unternehmen der Frankfurter
    Börse im Zeitraum 2020-2023 wird gezeigt, dass 60,5% der Jahresabschlüsse die
    ESEF-Anforderungen vollständig erfüllen. Größere Unternehmen haben höhere Konformitätsraten
    als FSE-Scale und ausländische Unternehmen. Die Untersuchung der Taxonomie-Erweiterungen
    verdeutlicht, dass größere Unternehmen eher Erweiterungs-Tags nutzen, was mit
    Theorien freiwilliger Offenlegung übereinstimmt. Die verpflichtende Einführung
    des Anhang-Taggings im Jahr 2022 führte zu einer erhöhten Tagging-Granularität
    und verbesserter Offenlegungsqualität. Die Ergebnisse verdeutlichen Herausforderungen
    bei der ESEF-Umsetzung, wie Zugangsbarrieren und inkonsistente Durchsetzung, und
    geben Einblicke in unternehmensspezifische Offenlegungspraktiken im Kontext strukturierter
    Berichterstattung.
author:
- first_name: Philipp
  full_name: Hofmann, Philipp
  last_name: Hofmann
- first_name: Sönke
  full_name: Sievers, Sönke
  id: '46447'
  last_name: Sievers
- first_name: Reeyarn
  full_name: Li, Reeyarn
  id: '102450'
  last_name: Li
citation:
  ama: 'Hofmann P, Sievers S, Li R. <i>ESEF-Berichterstattung in Deutschland: Herausforderungen
    und Chancen</i>. Vol Heft 7-8/2025. KoR; 2025:251-258. doi:<a href="https://doi.org/KORKOR1476665">KORKOR1476665</a>'
  apa: 'Hofmann, P., Sievers, S., &#38; Li, R. (2025). <i>ESEF-Berichterstattung in
    Deutschland: Herausforderungen und Chancen: Vol. Heft 7-8/2025</i> (pp. 251–258).
    KoR. <a href="https://doi.org/KORKOR1476665">https://doi.org/KORKOR1476665</a>'
  bibtex: '@book{Hofmann_Sievers_Li_2025, title={ESEF-Berichterstattung in Deutschland:
    Herausforderungen und Chancen}, volume={Heft 7-8/2025}, DOI={<a href="https://doi.org/KORKOR1476665">KORKOR1476665</a>},
    publisher={KoR}, author={Hofmann, Philipp and Sievers, Sönke and Li, Reeyarn},
    year={2025}, pages={251–258} }'
  chicago: 'Hofmann, Philipp, Sönke Sievers, and Reeyarn Li. <i>ESEF-Berichterstattung
    in Deutschland: Herausforderungen und Chancen</i>. Vol. Heft 7-8/2025. KoR, 2025.
    <a href="https://doi.org/KORKOR1476665">https://doi.org/KORKOR1476665</a>.'
  ieee: 'P. Hofmann, S. Sievers, and R. Li, <i>ESEF-Berichterstattung in Deutschland:
    Herausforderungen und Chancen</i>, vol. Heft 7-8/2025. KoR, 2025, pp. 251–258.'
  mla: 'Hofmann, Philipp, et al. <i>ESEF-Berichterstattung in Deutschland: Herausforderungen
    und Chancen</i>. KoR, 2025, pp. 251–58, doi:<a href="https://doi.org/KORKOR1476665">KORKOR1476665</a>.'
  short: 'P. Hofmann, S. Sievers, R. Li, ESEF-Berichterstattung in Deutschland: Herausforderungen
    und Chancen, KoR, 2025.'
date_created: 2026-04-08T10:01:11Z
date_updated: 2026-04-08T10:02:30Z
department:
- _id: '186'
- _id: '275'
doi: KORKOR1476665
language:
- iso: ger
page: 251-258
publication_identifier:
  unknown:
  - 1617-8084
publication_status: published
publisher: KoR
status: public
title: 'ESEF-Berichterstattung in Deutschland: Herausforderungen und Chancen'
type: working_paper
user_id: '115848'
volume: Heft 7-8/2025
year: '2025'
...
---
_id: '65383'
abstract:
- lang: eng
  text: This paper introduces a predictive model for German mergers and acquisitions
    (M& A) activity leveraging deep feedforward neural networks (DFNN) incorporating
    well-established traditional variables (also known as features), along with a
    ChatGPT-based M& A sentiment score (MASS) and unconventional predictors such as
    beer sales and weather data. We demonstrate that the inclusion of sentiment and
    non-traditional variables enhances predictive performance. Our findings provide
    an important empirical foundation for understanding near-term fluctuations in
    German M& A activity and offer a forecasting tool relevant to both practitioners
    and researchers.
author:
- first_name: Sönke
  full_name: Sievers, Sönke
  id: '46447'
  last_name: Sievers
- first_name: Reeyarn
  full_name: Li, Reeyarn
  id: '102450'
  last_name: Li
- first_name: Dominik
  full_name: Degen, Dominik
  last_name: Degen
- first_name: Jens
  full_name: Kengelbach, Jens
  last_name: Kengelbach
- first_name: Francesca
  full_name: Pietrogrande, Francesca
  last_name: Pietrogrande
citation:
  ama: 'Sievers S, Li R, Degen D, Kengelbach J, Pietrogrande F. <i>Beer, Cars &#38;
    Fundamentals: Predicting German M&#38; A Activity</i>. Vol Heft 11-12/2025.; 2025:302-308.
    doi:<a href="https://doi.org/CFCF1480783">CFCF1480783</a>'
  apa: 'Sievers, S., Li, R., Degen, D., Kengelbach, J., &#38; Pietrogrande, F. (2025).
    <i>Beer, Cars &#38; Fundamentals: Predicting German M&#38; A activity: Vol. Heft
    11-12/2025</i> (pp. 302–308). <a href="https://doi.org/CFCF1480783">https://doi.org/CFCF1480783</a>'
  bibtex: '@book{Sievers_Li_Degen_Kengelbach_Pietrogrande_2025, series={Corporate
    Finance}, title={Beer, Cars &#38; Fundamentals: Predicting German M&#38; A activity},
    volume={Heft 11-12/2025}, DOI={<a href="https://doi.org/CFCF1480783">CFCF1480783</a>},
    author={Sievers, Sönke and Li, Reeyarn and Degen, Dominik and Kengelbach, Jens
    and Pietrogrande, Francesca}, year={2025}, pages={302–308}, collection={Corporate
    Finance} }'
  chicago: 'Sievers, Sönke, Reeyarn Li, Dominik Degen, Jens Kengelbach, and Francesca
    Pietrogrande. <i>Beer, Cars &#38; Fundamentals: Predicting German M&#38; A Activity</i>.
    Vol. Heft 11-12/2025. Corporate Finance, 2025. <a href="https://doi.org/CFCF1480783">https://doi.org/CFCF1480783</a>.'
  ieee: 'S. Sievers, R. Li, D. Degen, J. Kengelbach, and F. Pietrogrande, <i>Beer,
    Cars &#38; Fundamentals: Predicting German M&#38; A activity</i>, vol. Heft 11-12/2025.
    2025, pp. 302–308.'
  mla: 'Sievers, Sönke, et al. <i>Beer, Cars &#38; Fundamentals: Predicting German
    M&#38; A Activity</i>. 2025, pp. 302–08, doi:<a href="https://doi.org/CFCF1480783">CFCF1480783</a>.'
  short: 'S. Sievers, R. Li, D. Degen, J. Kengelbach, F. Pietrogrande, Beer, Cars
    &#38; Fundamentals: Predicting German M&#38; A Activity, 2025.'
date_created: 2026-04-09T07:42:13Z
date_updated: 2026-04-09T07:42:58Z
department:
- _id: '275'
doi: CFCF1480783
language:
- iso: eng
page: 302-308
publication_identifier:
  issn:
  - 1437-8981
publication_status: published
series_title: Corporate Finance
status: public
title: 'Beer, Cars & Fundamentals: Predicting German M& A activity'
type: working_paper
user_id: '115848'
volume: Heft 11-12/2025
year: '2025'
...
---
_id: '46804'
abstract:
- lang: eng
  text: "In common law systems, firms’ litigation risk depends both on written laws
    and how courts interpret these laws. Using 321 U.S. circuit court rulings, we
    introduce a novel measure capturing courts’ attitudes towards defendants in securities
    lawsuits. Our results confirm that financial misreporting firms in more defendant-friendly
    circuits face fewer lawsuits. Consistent with lower expected litigation costs,
    firms in these circuits face less negative market reactions when misreporting
    is revealed, invest less in preventing misreporting, and are more likely to engage
    in aggressive misreporting. We conclude that defendant-friendly precedents reduce
    firms’ legal liability and worsen their financial reporting quality.\r\n\r\n"
author:
- first_name: Benedikt
  full_name: Franke, Benedikt
  last_name: Franke
- first_name: Allen
  full_name: Huang, Allen
  last_name: Huang
- first_name: Reeyarn
  full_name: Li, Reeyarn
  id: '102450'
  last_name: Li
- first_name: Hui
  full_name: Wang, Hui
  last_name: Wang
citation:
  ama: Franke B, Huang A, Li R, Wang H. <i>Securities Law Precedents, Legal Liability,
    and Financial Reporting Quality</i>.; 2023.
  apa: Franke, B., Huang, A., Li, R., &#38; Wang, H. (2023). <i>Securities Law Precedents,
    Legal Liability, and Financial Reporting Quality</i>.
  bibtex: '@book{Franke_Huang_Li_Wang_2023, title={Securities Law Precedents, Legal
    Liability, and Financial Reporting Quality}, author={Franke, Benedikt and Huang,
    Allen and Li, Reeyarn and Wang, Hui}, year={2023} }'
  chicago: Franke, Benedikt, Allen Huang, Reeyarn Li, and Hui Wang. <i>Securities
    Law Precedents, Legal Liability, and Financial Reporting Quality</i>, 2023.
  ieee: B. Franke, A. Huang, R. Li, and H. Wang, <i>Securities Law Precedents, Legal
    Liability, and Financial Reporting Quality</i>. 2023.
  mla: Franke, Benedikt, et al. <i>Securities Law Precedents, Legal Liability, and
    Financial Reporting Quality</i>. 2023.
  short: B. Franke, A. Huang, R. Li, H. Wang, Securities Law Precedents, Legal Liability,
    and Financial Reporting Quality, 2023.
date_created: 2023-09-05T10:00:29Z
date_updated: 2023-09-05T10:07:22Z
jel:
- G14
- K22
- K40
- M41
language:
- iso: eng
related_material:
  link:
  - relation: confirmation
    url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4254701
status: public
title: Securities Law Precedents, Legal Liability, and Financial Reporting Quality
type: working_paper
user_id: '102450'
year: '2023'
...
---
_id: '46803'
abstract:
- lang: eng
  text: '<jats:title>ABSTRACT</jats:title><jats:p>Drawing on the political theory
    of judicial decision making, our paper proposes a new and parsimonious ex ante
    litigation risk measure: federal judge ideology. We find that judge ideology complements
    existing measures of litigation risk based on industry membership and firm characteristics.
    Firms in liberal circuits (the third quartile in ideology) are 33.5% more likely
    to be sued in securities class action lawsuits than those in conservative circuits
    (the first quartile in ideology). This result is stronger after the U.S. Supreme
    Court''s ruling in the <jats:italic>Tellabs</jats:italic> case. We next show that
    the effect of judge ideology on litigation risk is greater for firms with more
    sophisticated shareholders and with higher expected litigation costs. Furthermore,
    judicial appointments affect litigation risk and the value of firms in the circuit,
    highlighting the economic consequences of political appointments of judges. Finally,
    using our new measure, we document that litigation risk deters managers from providing
    long‐term earnings guidance, a result that existing measures of litigation risk
    cannot show.</jats:p>'
author:
- first_name: ALLEN
  full_name: HUANG, ALLEN
  last_name: HUANG
- first_name: KAI WAI
  full_name: HUI, KAI WAI
  last_name: HUI
- first_name: Reeyarn
  full_name: Li, Reeyarn
  id: '102450'
  last_name: Li
citation:
  ama: 'HUANG A, HUI KW, Li R. Federal Judge Ideology: A New Measure of Ex Ante Litigation
    Risk. <i>Journal of Accounting Research</i>. 2019;57(2):431-489. doi:<a href="https://doi.org/10.1111/1475-679x.12260">10.1111/1475-679x.12260</a>'
  apa: 'HUANG, A., HUI, K. W., &#38; Li, R. (2019). Federal Judge Ideology: A New
    Measure of Ex Ante Litigation Risk. <i>Journal of Accounting Research</i>, <i>57</i>(2),
    431–489. <a href="https://doi.org/10.1111/1475-679x.12260">https://doi.org/10.1111/1475-679x.12260</a>'
  bibtex: '@article{HUANG_HUI_Li_2019, title={Federal Judge Ideology: A New Measure
    of Ex Ante Litigation Risk}, volume={57}, DOI={<a href="https://doi.org/10.1111/1475-679x.12260">10.1111/1475-679x.12260</a>},
    number={2}, journal={Journal of Accounting Research}, publisher={Wiley}, author={HUANG,
    ALLEN and HUI, KAI WAI and Li, Reeyarn}, year={2019}, pages={431–489} }'
  chicago: 'HUANG, ALLEN, KAI WAI HUI, and Reeyarn Li. “Federal Judge Ideology: A
    New Measure of Ex Ante Litigation Risk.” <i>Journal of Accounting Research</i>
    57, no. 2 (2019): 431–89. <a href="https://doi.org/10.1111/1475-679x.12260">https://doi.org/10.1111/1475-679x.12260</a>.'
  ieee: 'A. HUANG, K. W. HUI, and R. Li, “Federal Judge Ideology: A New Measure of
    Ex Ante Litigation Risk,” <i>Journal of Accounting Research</i>, vol. 57, no.
    2, pp. 431–489, 2019, doi: <a href="https://doi.org/10.1111/1475-679x.12260">10.1111/1475-679x.12260</a>.'
  mla: 'HUANG, ALLEN, et al. “Federal Judge Ideology: A New Measure of Ex Ante Litigation
    Risk.” <i>Journal of Accounting Research</i>, vol. 57, no. 2, Wiley, 2019, pp.
    431–89, doi:<a href="https://doi.org/10.1111/1475-679x.12260">10.1111/1475-679x.12260</a>.'
  short: A. HUANG, K.W. HUI, R. Li, Journal of Accounting Research 57 (2019) 431–489.
date_created: 2023-09-05T09:58:36Z
date_updated: 2023-09-05T10:07:10Z
doi: 10.1111/1475-679x.12260
intvolume: '        57'
issue: '2'
keyword:
- Economics and Econometrics
- Finance
- Accounting
language:
- iso: eng
main_file_link:
- open_access: '1'
  url: https://onlinelibrary.wiley.com/doi/full/10.1111/1475-679X.12260
oa: '1'
page: 431-489
publication: Journal of Accounting Research
publication_identifier:
  issn:
  - 0021-8456
  - 1475-679X
publication_status: published
publisher: Wiley
status: public
title: 'Federal Judge Ideology: A New Measure of Ex Ante Litigation Risk'
type: journal_article
user_id: '102450'
volume: 57
year: '2019'
...