TY - CHAP AU - Blankenfeldt, Maximilian AU - Müller, Jens AU - Weinrich, Arndt ED - Vögele, Alexander ID - 22221 SN - 978-3-406-71601-0 T2 - Intangibles - Immaterielle Werte TI - Forschung und Entwicklung: Kriterien für die Aktivierung in der Unternehmenspraxis ER - TY - JOUR AU - Flagmeier, Vanessa AU - Müller, Jens AU - Sureth-Sloane, Caren ID - 36065 IS - 1 JF - Accounting and Business Research KW - Accounting KW - Finance SN - 0001-4788 TI - When do firms highlight their effective tax rate? VL - 53 ER - TY - GEN AB - This study examines the visibility of the GAAP effective tax rate (ETR) in firms’ financial statements as a distinct disclosure choice. Applying a game-theory disclosure model for voluntary disclosure strategies of firms to a tax setting, we argue that firms face a trade-off in their ETR disclosure decisions. On the one hand, firms have an incentive to enhance their ETR disclosure when the ratio offers shareholders “favourable conditions”, for example in terms of higher expected after-tax cash-flows. On the other hand, the disclosure of a favourable low ETR could attract the attention of tax auditors and the public and ultimately result in disclosure costs. We empirically test disclosure behaviour by examining the relation between disclosure visibility and different ETR conditions that reflect different stakeholder specific costs and benefits. While we find that unfavourable ETR conditions are not highlighted, we observe higher disclosure visibility for favourable ETRs (smooth, close to the industry average, decreasing). Additional analyses reveal that this high visibility is characteristic of firm-years with only moderately decreasing ETRs at usual ETR levels, while extreme ETRs are not highlighted. Interestingly and in contrast to our main results, a subsample of family firms do not seem to highlight favourable ETRs. AU - Flagmeier, Vanessa AU - Müller, Jens AU - Sureth-Sloane, Caren ID - 21411 TI - When Do Firms Highlight Their Effective Tax Rate? VL - No. 37 ER - TY - GEN AU - Mehring, Oliver AU - Müller, Jens AU - Sievers, Sönke AU - Sofilkanitsch, Christian ID - 34636 TI - Does Learning About Low GAAP Reporting Quality Change Investors’ Perceptions of Aggressive Non-GAAP Reporting Choices? ER - TY - GEN AB - Non-GAAP reporting is under debate as managers may opportunistically inflate non-GAAP earnings. By separating firms into groups based on exclusions of recurring expenses before material restatements occur this paper investigates whether market participants are misled based on ex-ante non-GAAP reporting. The results show a decline in cumulative abnormal returns (–11.8% aggressive non-GAAP Reporting vs. –2.7% non-aggressive non-GAAP reporting), reduction in overvaluation (–22.18% vs. no decline) and losses in the earnings response coefficient (–51.8% vs. no significant decline) for firms with prior aggressive non-GAAP reporting. Further, we document that investors are less responsive to aggressively reported non-GAAP earnings ex-post, indicating that increased attention enhances investor’s ability to see through the quality of non-GAAP exclusions. AU - Müller, Jens AU - Sievers, Sönke AU - Mehring, Oliver AU - Sofilkanitsch, Christian ID - 13137 KW - Keywords: non-GAAP reporting KW - restatements KW - information content of earnings KW - firm value KW - overvaluation TI - Non-GAAP Reporting and Investor Attention: Are Investors Misled by Exclusions of Recurring Expenses from Non-GAAP Earnings before Restatement Announcements? ER - TY - GEN AU - Müller, Jens AU - Gawehn, Vanessa ID - 37346 TI - Tax Avoidance - Are Banks Any Different? ER - TY - GEN AB - We examine whether companies voluntarily disclose additional information about tax loss carryforwards when the recoverability is more uncertain. With this study, we aim to explain part of the huge cross-sectional variation in the tax footnote. To assess disclosure behavior, we hand-collect data from notes of large German firms’ IFRS financial statements and identify voluntarily disclosed information. First, our results support prior literature’s evidence of a considerable cross-sectional variation of disclosure in the tax footnote. Second, we find that uncertainty about the usability of tax losses has a significantly positive relation to the amount and quality of disclosure, controlling for other disclosure determinants derived from prior literature and for sample selection. Third, our results indicate that the observed disclosure behavior is not simply a reflection of the firm’s general disclosure behavior but specific to the tax footnote. These findings are robust to several historic and forward-looking indicators representing uncertainty. Our findings suggest that managers anticipate the investors’ need for more private information and disclose them voluntarily to reduce information asymmetries. This result indicates that part of the cross-sectional variation in the tax footnote can be explained by firms anticipating investors’ demand for additional information. AU - Flagmeier, Vanessa AU - Müller, Jens ID - 3540 TI - Tax loss carryforward disclosure and uncertainty ER - TY - GEN AU - Flagmeier, Vanessa AU - Müller, Jens AU - Sureth-Sloane, Caren ID - 4702 TI - When Do Managers Highlight Their Effective Tax Rate? VL - 214 ER - TY - JOUR AB - When taxes on capital or wealth are levied, in most countries companies have to be assessed in terms of their market value (MV). Estimating the MV of private companies for tax purposes is a challenging task for tax authorities as MVs are not available. In this study, I empirically analyse to what extent an accounting-based tax valuation method for private companies, a simplified residual income model, succeeds in matching the MV. I refer to the mandatory Standardised Combination Model that is a special case of methods commonly used in several countries. In the absence of market prices for private companies, I use a sample of small German public companies as a proxy. I validate this approach using a sensitivity analysis that involves matching the sample of public companies with that of private companies. The results imply that the mandatory Standardised Combination Model leads to a severe unequal treatment not only between public and private companies but also among private companies across and within industries. Furthermore, I simulate the effects of variation in the key parameters and highlight their impact on the approximation quality of the Standardised Combination Method. The findings are relevant to tax reform discussions as well as to tax policy-makers and practitioners in many countries. AU - Müller, Jens ID - 3699 IS - 1 JF - European Accounting Review KW - Challenge of Assessing KW - Tax Purposes TI - The challenge of assessing the market value of private companies using a standardised combination method for tax purposes--Lessons to be learnt from past experience ER - TY - GEN AB - When taxes on capital or wealth are levied, in most countries companies have to be assessed in terms of their market value (MV). Estimating the MV of private companies for tax purposes is a challenging task for tax authorities as MVs are not available. In this study, I empirically analyse to what extent an accounting-based tax valuation method for private companies, a simplified residual income model, succeeds in matching the MV. I refer to the mandatory Standardised Combination Model that is a special case of methods commonly used in several countries. In the absence of market prices for private companies, I use a sample of small German public companies as a proxy. I validate this approach using a sensitivity analysis that involves matching the sample of public companies with that of private companies. The results imply that the mandatory Standardised Combination Model leads to a severe unequal treatment not only between public and private companies but also among private companies across and within industries. Furthermore, I simulate the effects of variation in the key parameters and highlight their impact on the approximation quality of the Standardised Combination Method. The findings are relevant to tax reform discussions as well as to tax policy-makers and practitioners in many countries. AU - Müller, Jens ID - 5333 TI - The Challenge of Assessing the Market Value of Private Companies Using a Standardized Combination Method for Tax Purposes – Lessons to be Learned from Past Experience VL - Volume 23, Number 1 ER - TY - CONF AB - Millimeter-Wave (mm-W) is considered a potential technology for high-data rate wireless transmission and for high-resolution short-range radar, due to the 7-9 GHz bandwidth at the 60 GHz unlicensed band available worldwide. Developing ultrawideband architectures including multiple-input-multiple-output (MIMO) antenna systems at mm-W offer many advantages including jointly optimized analogue and digital signal processing at carrier frequency and baseband. This allows for flexible antenna designs and reduced losses, as many passive structures can be avoided at both sides of the link. Besides, based on flexible polarimetric approaches, the polarimetric propagation of electromagnetic waves can be exploited. In this paper we present a 60 GHz polarimetric MIMO system architecture, which includes analogue miniaturized frontends designed and manufactured by multi-layer packaging technologies. Such architecture permitted the design of compact MIMO radar and multi-dimensional channel sounding. The MIMO approach allows not only polarimetric filtering and fully polarimetric/directional signal processing to increase the signal-to-clutter-plus-noise ratio of mm-W radar systems, but also the full characterization of wireless channels including multipath with orthogonal polarizations. AU - Garcia-Ariza, Alexis-Paolo AU - Müller, Robert AU - Stephan, Ralf AU - Wollenschläger, Frank AU - Schulz, Alexander AU - Elkhouly, Mohamed AU - Scheytt, Christoph AU - Trautwein, Uwe AU - Müller, Jens AU - Thomae, Reiner AU - Hein, Matthias ID - 24415 T2 - EuCAP2012 (European Conference on Antennas and Propagation) TI - 60 GHz Polarimetric MIMO Sensing: architectures and technology ER - TY - JOUR AU - Müller, Jens AU - Sureth-Sloane, Caren ID - 22919 IS - 13 JF - Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung SN - 0341-2687 TI - Marktnahe Bewertung von Unternehmen nach der Erbschaftsteuerreform? VL - 63 ER - TY - GEN AU - Müller, Jens AU - Sureth-Sloane, Caren ID - 5091 TI - Empirische Analyse der Unternehmensbewertung für die Erbschaftsteuer mit dem vereinfachten Ertragswertverfahren VL - 108 ER - TY - JOUR AU - Müller, Jens AU - Sureth-Sloane, Caren AU - Läufer, Christian ID - 5093 IS - 20 JF - Die Wirtschaftsprüfung TI - Mögliche Fallstricke einer Optimierung unternehmerischer Investitionsentscheidungen auf der Grundlage der Konzernsteuerquote VL - 63 ER - TY - JOUR AU - Müller, Jens AU - Sureth-Sloane, Caren ID - 5089 IS - 4 JF - Die Betriebswirtschaft TI - The Impact of Tax Optimized Investment Projects on the Effective Group Tax Rate VL - 70 ER - TY - JOUR AB - Erbschaftsteuer | Inheritance tax | Steuerreform | Tax reform | Steuerwirkung | Tax effects | Steuereinnahmen | Tax revenue | Mikrodaten | Microdata | Simulation | Deutschland | Germany AU - Maiterth, Ralf AU - Houben, Henriette AU - Broekelschen, Wiebke AU - Müller, Jens AU - Sureth-Sloane, Caren ID - 3693 JF - Statistik und Wissenschaft KW - Erbschaftsteuer | Inheritance tax | Steuerreform | Tax reform | Steuerwirkung | Tax effects | Steuereinnahmen | Tax revenue | Mikrodaten | Microdata | Simulation TI - Mikroanalytische Begleitung der Steuerpolitik am Beispiel der Erbschaftsteuerreform ER - TY - BOOK AB - Über 50 Jahre wurde das Stuttgarter Verfahren verwendet, um den Wert nicht börsennotierter Unternehmen für die Erbschaft-, Schenkung- und Vermögensteuer zu bestimmen. Durch das Urteil des Bundesverfassungsgerichts vom 07.11.2006 ist der Gesetzgeber verpflichtet, die Erbschaftsteuer zu reformieren und eine marktnahe Bewertung von Unternehmensvermögen sicherzustellen. Auf der Basis einer umfangreichen empirischen Analyse geht Jens Müller den Fragen nach, wie stark eine Bewertung durch das Stuttgarter Verfahren von Marktwerten abweicht und in welchen Fällen eine akzeptable Approximation des Marktwertes erreicht wird. In der Praxis wird das Multiplikatorverfahren häufig zur Bewertung nicht börsennotierter Unternehmen verwendet. Der Autor untersucht, in welcher Form dieses Verfahren auch für steuerliche Zwecke geeignet ist und zeigt auf, mit welchen Schätzfehlern zu rechnen ist. AU - Müller, Jens ID - 3558 KW - Steuer- KW - Rechnungs- und Prüfungswesen SN - 978-3834912879 TI - Unternehmensbewertung für substanzsteuerliche Zwecke - eine empirische Analyse des Stuttgarter Verfahrens und alternativer Ansätze ER - TY - JOUR AB - Auswirkungen einer Reform des Erbschaft-und Schenkungsteuergesetzes auf das Steueraufkommen unter besonderer Berücksichtigung einer verkehrswertorientierten Bewertung von Unternehmens-und Grundvermögen AU - Sureth-Sloane, Caren AU - Müller, Jens AU - Houben, Henriette AU - Maiterth, Ralf ID - 3695 JF - Unternehmensbesteuerung KW - Erbschaft-und Schenkungsteuergesetz KW - Steueraufkommen KW - verkehrswertorientierte Bewertung von Unternehmens-und Grundvermögen TI - Auswirkungen einer Reform des Erbschaft-und Schenkungsteuergesetzes auf das Steueraufkommen unter besonderer Berücksichtigung einer verkehrswertorientierten Bewertung von Unternehmens-und Grundvermögen ER - TY - BOOK AU - Müller, Jens AU - Sureth-Sloane, Caren ID - 14931 SN - 9783834912879 TI - Unternehmensbewertung für substanzsteuerliche Zwecke - Eine empirische Analyser des Stuttgarter Verfahrens und alternative Ansätze ER - TY - CHAP AU - Sureth-Sloane, Caren AU - Müller, Jens AU - Houben, Henriette AU - Maiterth, Ralf ED - Oestreicher, Andreas ID - 14934 T2 - Untrnehmensbesteuerung 2008: Neue Wege gehen TI - Auswirkungen einer Reform des Erbschaft- und Schenkungsteuergesetzes auf das Steueraufkommen unter besonderer Berücksichtigung einer verkehrswertorientierten Bewertung von Unternehmens- und Grundvermögen ER -