---
_id: '65862'
abstract:
- lang: eng
  text: This study examines how private peers’ disclosure transparency affects public
    firms’ information environment, captured through analyst forecast behavior. Focusing
    on the most important private firms operating in U.S. industries, we investigate
    whether private peer disclosure—despite differing substantially from public firm
    disclosure—is incorporated into analysts’ forecasts. In a cross-sectional analysis,
    we document lower forecast quality in industries where private peers’ disclosure
    intensity is low. In contrast, when private peers’ disclosure intensity is high,
    forecast quality does not differ from that in industries with only public peers.
    We find consistent results for a subsample of U.S. private peers. Consistent with
    this interpretation, a difference-in-differences analysis documents increased
    analyst forecast activity around the disclosure dates of private peers. Together,
    these findings indicate that analysts incorporate private peers’ information when
    these peers are both economically important and sufficiently transparent, and
    highlight that variation in private firms’ disclosure intensity generates heterogenous
    externalities for public firms. Overall, our evidence supports a cost-benefit
    trade-off in analysts’ information acquisition, and, by documenting the relevance
    of private peers’ information for public firms, contributes to the debate on the
    externalities of private firms’ disclosure transparency.
author:
- first_name: Bianca
  full_name: Beyer, Bianca
  last_name: Beyer
- first_name: Vanessa
  full_name: Flagmeier, Vanessa
  last_name: Flagmeier
- first_name: Urska
  full_name: Kosi, Urska
  id: '54068'
  last_name: Kosi
  orcid: 0009-0009-2545-5929
citation:
  ama: Beyer B, Flagmeier V, Kosi U. <i>Private Peers’ Disclosure Transparency and
    Public Firms’ Information Environment</i>. TRR 266 Accounting for Transparency;
    2026. doi:<a href="https://doi.org/10.2139/ssrn.4438123">10.2139/ssrn.4438123</a>
  apa: Beyer, B., Flagmeier, V., &#38; Kosi, U. (2026). <i>Private Peers’ Disclosure
    Transparency and Public Firms’ Information Environment</i>. TRR 266 Accounting
    for Transparency. <a href="https://doi.org/10.2139/ssrn.4438123">https://doi.org/10.2139/ssrn.4438123</a>
  bibtex: '@book{Beyer_Flagmeier_Kosi_2026, series={TRR 266 Accounting for Transparency
    Working Paper Series No. 143}, title={Private Peers’ Disclosure Transparency and
    Public Firms’ Information Environment}, DOI={<a href="https://doi.org/10.2139/ssrn.4438123">10.2139/ssrn.4438123</a>},
    publisher={TRR 266 Accounting for Transparency}, author={Beyer, Bianca and Flagmeier,
    Vanessa and Kosi, Urska}, year={2026}, collection={TRR 266 Accounting for Transparency
    Working Paper Series No. 143} }'
  chicago: Beyer, Bianca, Vanessa Flagmeier, and Urska Kosi. <i>Private Peers’ Disclosure
    Transparency and Public Firms’ Information Environment</i>. TRR 266 Accounting
    for Transparency Working Paper Series No. 143. TRR 266 Accounting for Transparency,
    2026. <a href="https://doi.org/10.2139/ssrn.4438123">https://doi.org/10.2139/ssrn.4438123</a>.
  ieee: B. Beyer, V. Flagmeier, and U. Kosi, <i>Private Peers’ Disclosure Transparency
    and Public Firms’ Information Environment</i>. TRR 266 Accounting for Transparency,
    2026.
  mla: Beyer, Bianca, et al. <i>Private Peers’ Disclosure Transparency and Public
    Firms’ Information Environment</i>. TRR 266 Accounting for Transparency, 2026,
    doi:<a href="https://doi.org/10.2139/ssrn.4438123">10.2139/ssrn.4438123</a>.
  short: B. Beyer, V. Flagmeier, U. Kosi, Private Peers’ Disclosure Transparency and
    Public Firms’ Information Environment, TRR 266 Accounting for Transparency, 2026.
date_created: 2026-06-15T08:15:56Z
date_updated: 2026-08-25T09:58:22Z
department:
- _id: '186'
- _id: '551'
- _id: '635'
doi: 10.2139/ssrn.4438123
language:
- iso: eng
publication_identifier:
  issn:
  - 1556-5068
publication_status: published
publisher: TRR 266 Accounting for Transparency
series_title: TRR 266 Accounting for Transparency Working Paper Series No. 143
status: public
title: Private Peers’ Disclosure Transparency and Public Firms’ Information Environment
type: working_paper
user_id: '15866'
year: '2026'
...
---
_id: '66347'
author:
- first_name: Mahdi
  full_name: Rahali, Mahdi
  id: '80161'
  last_name: Rahali
- first_name: Urska
  full_name: Kosi, Urska
  id: '54068'
  last_name: Kosi
  orcid: 0009-0009-2545-5929
- first_name: Joachim
  full_name: Gassen, Joachim
  last_name: Gassen
citation:
  ama: Rahali M, Kosi U, Gassen J. <i>The Spatial and Sectoral Incidence of Germany’s
    COVID-19 Insolvency Gap</i>.
  apa: Rahali, M., Kosi, U., &#38; Gassen, J. (n.d.). <i>The spatial and sectoral
    incidence of Germany’s COVID-19 insolvency gap</i>.
  bibtex: '@book{Rahali_Kosi_Gassen, title={The spatial and sectoral incidence of
    Germany’s COVID-19 insolvency gap}, author={Rahali, Mahdi and Kosi, Urska and
    Gassen, Joachim} }'
  chicago: Rahali, Mahdi, Urska Kosi, and Joachim Gassen. <i>The Spatial and Sectoral
    Incidence of Germany’s COVID-19 Insolvency Gap</i>, n.d.
  ieee: M. Rahali, U. Kosi, and J. Gassen, <i>The spatial and sectoral incidence of
    Germany’s COVID-19 insolvency gap</i>. .
  mla: Rahali, Mahdi, et al. <i>The Spatial and Sectoral Incidence of Germany’s COVID-19
    Insolvency Gap</i>.
  short: M. Rahali, U. Kosi, J. Gassen, The Spatial and Sectoral Incidence of Germany’s
    COVID-19 Insolvency Gap, n.d.
date_created: 2026-07-08T07:16:20Z
date_updated: 2026-08-25T09:48:49Z
department:
- _id: '186'
- _id: '551'
- _id: '635'
language:
- iso: eng
publication_status: unpublished
status: public
title: The spatial and sectoral incidence of Germany’s COVID-19 insolvency gap
type: working_paper
user_id: '15866'
year: '2026'
...
---
_id: '65896'
author:
- first_name: Dennis
  full_name: Böing, Dennis
  id: '99410'
  last_name: Böing
- first_name: Urska
  full_name: Kosi, Urska
  id: '54068'
  last_name: Kosi
  orcid: 0009-0009-2545-5929
citation:
  ama: Böing D, Kosi U. <i>Dissemination of Information by Small Caps</i>.
  apa: Böing, D., &#38; Kosi, U. (n.d.). <i>Dissemination of information by small
    caps</i>.
  bibtex: '@book{Böing_Kosi, title={Dissemination of information by small caps}, author={Böing,
    Dennis and Kosi, Urska} }'
  chicago: Böing, Dennis, and Urska Kosi. <i>Dissemination of Information by Small
    Caps</i>, n.d.
  ieee: D. Böing and U. Kosi, <i>Dissemination of information by small caps</i>. .
  mla: Böing, Dennis, and Urska Kosi. <i>Dissemination of Information by Small Caps</i>.
  short: D. Böing, U. Kosi, Dissemination of Information by Small Caps, n.d.
date_created: 2026-06-15T11:20:59Z
date_updated: 2026-08-25T09:50:10Z
department:
- _id: '186'
- _id: '551'
- _id: '635'
language:
- iso: eng
publication_status: unpublished
status: public
title: Dissemination of information by small caps
type: working_paper
user_id: '15866'
year: '2026'
...
---
_id: '65860'
abstract:
- lang: eng
  text: We investigate the role of stakeholders in the CSR reporting of non-listed
    savings banks in Germany. They are established by municipal trustees and serve
    clients in their distinct operating area. Reporting discretion under the Non-Financial
    Reporting Directive may lead to variation in CSR reporting due to differences
    in sustainability interests of banks’ stakeholders and CSR governance (e.g. existence
    of a CSR manager). We document that the CSR reports and specific CSR dimensions
    are intensely associated with the existence of strong CSR governance and to a
    lesser extent with the interests of municipal trustees and bank clients. However,
    the associations with these stakeholders are predominantly present in banks with
    strong CSR governance. Our findings inform policy discussions about detailed CSR
    disclosure requirements (e.g. the European Sustainability Reporting Standards)
    and extension of reporting scope to firms with regional orientation and absence
    of typical shareholders.
author:
- first_name: Maryna
  full_name: Gulenko, Maryna
  last_name: Gulenko
- first_name: Saskia
  full_name: Kohlhase, Saskia
  last_name: Kohlhase
- first_name: Urska
  full_name: Kosi, Urska
  id: '54068'
  last_name: Kosi
  orcid: 0009-0009-2545-5929
citation:
  ama: Gulenko M, Kohlhase S, Kosi U. The Role of Stakeholders in CSR Reporting of
    Non-Listed Banks. <i>Accounting in Europe</i>. Published online 2026:1-35. doi:<a
    href="https://doi.org/10.1080/17449480.2026.2631702">10.1080/17449480.2026.2631702</a>
  apa: Gulenko, M., Kohlhase, S., &#38; Kosi, U. (2026). The Role of Stakeholders
    in CSR Reporting of Non-Listed Banks. <i>Accounting in Europe</i>, 1–35. <a href="https://doi.org/10.1080/17449480.2026.2631702">https://doi.org/10.1080/17449480.2026.2631702</a>
  bibtex: '@article{Gulenko_Kohlhase_Kosi_2026, title={The Role of Stakeholders in
    CSR Reporting of Non-Listed Banks}, DOI={<a href="https://doi.org/10.1080/17449480.2026.2631702">10.1080/17449480.2026.2631702</a>},
    journal={Accounting in Europe}, publisher={Informa UK Limited}, author={Gulenko,
    Maryna and Kohlhase, Saskia and Kosi, Urska}, year={2026}, pages={1–35} }'
  chicago: Gulenko, Maryna, Saskia Kohlhase, and Urska Kosi. “The Role of Stakeholders
    in CSR Reporting of Non-Listed Banks.” <i>Accounting in Europe</i>, 2026, 1–35.
    <a href="https://doi.org/10.1080/17449480.2026.2631702">https://doi.org/10.1080/17449480.2026.2631702</a>.
  ieee: 'M. Gulenko, S. Kohlhase, and U. Kosi, “The Role of Stakeholders in CSR Reporting
    of Non-Listed Banks,” <i>Accounting in Europe</i>, pp. 1–35, 2026, doi: <a href="https://doi.org/10.1080/17449480.2026.2631702">10.1080/17449480.2026.2631702</a>.'
  mla: Gulenko, Maryna, et al. “The Role of Stakeholders in CSR Reporting of Non-Listed
    Banks.” <i>Accounting in Europe</i>, Informa UK Limited, 2026, pp. 1–35, doi:<a
    href="https://doi.org/10.1080/17449480.2026.2631702">10.1080/17449480.2026.2631702</a>.
  short: M. Gulenko, S. Kohlhase, U. Kosi, Accounting in Europe (2026) 1–35.
date_created: 2026-06-15T08:08:05Z
date_updated: 2026-08-25T10:15:25Z
department:
- _id: '186'
- _id: '551'
- _id: '635'
doi: 10.1080/17449480.2026.2631702
language:
- iso: eng
main_file_link:
- open_access: '1'
  url: https://doi.org/10.1080/17449480.2026.2631702
oa: '1'
page: 1-35
publication: Accounting in Europe
publication_identifier:
  issn:
  - 1744-9480
  - 1744-9499
publication_status: published
publisher: Informa UK Limited
status: public
title: The Role of Stakeholders in CSR Reporting of Non-Listed Banks
type: journal_article
user_id: '15866'
year: '2026'
...
---
_id: '65894'
abstract:
- lang: eng
  text: We examine the relation between voluntary audit and the cost of debt in private
    firms. We use a sample of 7420 small private firms operating in the period 2006-2022
    that are not subject to mandatory audits. Firms self-select into voluntary audits
    because of the economic setting (e.g., ownership complexity, export, subsidiary
    status) or because firm fundamentals limit their access to financial debt. In
    the outcome analyses, we find that voluntary audits result in higher, rather than
    lower, interest rates with increases ranging from approximately 1.7 percentage
    points, but going higher depending on the exact specification. This effect is
    present regardless of the perceived audit quality (Big-4 vs. non-Big-4), consistent
    across auditor types. Audited firms’ earnings are less informative about future
    operating performance. Voluntary audits facilitate access to financial debt for
    high-risk firms. The price paid is reflected in higher interest rates for voluntary
    audits – firms with higher information/fundamental risk.
article_number: '105474'
author:
- first_name: Riste
  full_name: Ichev, Riste
  last_name: Ichev
- first_name: Jernej
  full_name: Koren, Jernej
  last_name: Koren
- first_name: Urska
  full_name: Kosi, Urska
  id: '54068'
  last_name: Kosi
  orcid: 0009-0009-2545-5929
- first_name: Katarina
  full_name: Sitar Sustar, Katarina
  last_name: Sitar Sustar
- first_name: Aljosa
  full_name: Valentincic, Aljosa
  last_name: Valentincic
citation:
  ama: 'Ichev R, Koren J, Kosi U, Sitar Sustar K, Valentincic A. Cost of debt for
    private firms revisited: voluntary audits as a reflection of risk. <i>International
    Review of Economics &#38; Finance</i>. 2026;109. doi:<a href="https://doi.org/10.1016/j.iref.2026.105474">10.1016/j.iref.2026.105474</a>'
  apa: 'Ichev, R., Koren, J., Kosi, U., Sitar Sustar, K., &#38; Valentincic, A. (2026).
    Cost of debt for private firms revisited: voluntary audits as a reflection of
    risk. <i>International Review of Economics &#38; Finance</i>, <i>109</i>, Article
    105474. <a href="https://doi.org/10.1016/j.iref.2026.105474">https://doi.org/10.1016/j.iref.2026.105474</a>'
  bibtex: '@article{Ichev_Koren_Kosi_Sitar Sustar_Valentincic_2026, title={Cost of
    debt for private firms revisited: voluntary audits as a reflection of risk}, volume={109},
    DOI={<a href="https://doi.org/10.1016/j.iref.2026.105474">10.1016/j.iref.2026.105474</a>},
    number={105474}, journal={International Review of Economics &#38; Finance}, publisher={Elsevier
    }, author={Ichev, Riste and Koren, Jernej and Kosi, Urska and Sitar Sustar, Katarina
    and Valentincic, Aljosa}, year={2026} }'
  chicago: 'Ichev, Riste, Jernej Koren, Urska Kosi, Katarina Sitar Sustar, and Aljosa
    Valentincic. “Cost of Debt for Private Firms Revisited: Voluntary Audits as a
    Reflection of Risk.” <i>International Review of Economics &#38; Finance</i> 109
    (2026). <a href="https://doi.org/10.1016/j.iref.2026.105474">https://doi.org/10.1016/j.iref.2026.105474</a>.'
  ieee: 'R. Ichev, J. Koren, U. Kosi, K. Sitar Sustar, and A. Valentincic, “Cost of
    debt for private firms revisited: voluntary audits as a reflection of risk,” <i>International
    Review of Economics &#38; Finance</i>, vol. 109, Art. no. 105474, 2026, doi: <a
    href="https://doi.org/10.1016/j.iref.2026.105474">10.1016/j.iref.2026.105474</a>.'
  mla: 'Ichev, Riste, et al. “Cost of Debt for Private Firms Revisited: Voluntary
    Audits as a Reflection of Risk.” <i>International Review of Economics &#38; Finance</i>,
    vol. 109, 105474, Elsevier , 2026, doi:<a href="https://doi.org/10.1016/j.iref.2026.105474">10.1016/j.iref.2026.105474</a>.'
  short: R. Ichev, J. Koren, U. Kosi, K. Sitar Sustar, A. Valentincic, International
    Review of Economics &#38; Finance 109 (2026).
date_created: 2026-06-15T10:26:04Z
date_updated: 2026-08-25T10:18:05Z
department:
- _id: '186'
- _id: '551'
- _id: '635'
doi: 10.1016/j.iref.2026.105474
intvolume: '       109'
language:
- iso: eng
main_file_link:
- open_access: '1'
  url: https://doi.org/10.1016/j.iref.2026.105474
oa: '1'
publication: International Review of Economics & Finance
publication_identifier:
  issn:
  - 1059-0560
publication_status: published
publisher: 'Elsevier '
status: public
title: 'Cost of debt for private firms revisited: voluntary audits as a reflection
  of risk'
type: journal_article
user_id: '15866'
volume: 109
year: '2026'
...
---
_id: '65863'
abstract:
- lang: eng
  text: We investigate the impact of Brexit on the corporate bond market by analyzing
    a comprehensive database covering corporate bond listings on European and UK trading
    venues. We find a significant shift in bond market activity, evidenced by a 49%
    increase in the number of bond listings in the EEA30 countries relative to the
    UK market after Brexit. Country-level analyses reveal a staggered effect on market
    activity, with predominantly international issuers adjusting their bond listings
    between the initially scheduled Brexit date and the final withdrawal date. At
    the issuer level, our findings indicate that the relative attractiveness of the
    EEA30 market has increased post-Brexit. Overall, these results suggest that the
    European capital market has successfully adapted to the loss of its largest financial
    center and exhibits a rising corporate bond market activity.
author:
- first_name: Benedikt
  full_name: Franke, Benedikt
  last_name: Franke
- first_name: Urska
  full_name: Kosi, Urska
  id: '54068'
  last_name: Kosi
  orcid: 0009-0009-2545-5929
- first_name: Pia
  full_name: Stoczek, Pia
  last_name: Stoczek
citation:
  ama: Franke B, Kosi U, Stoczek P. <i>Brexit and European Corporate Bond Markets</i>.
    TRR 266 Accounting for Transparency ; 2025. doi:<a href="https://doi.org/10.2139/ssrn.5230141">10.2139/ssrn.5230141</a>
  apa: Franke, B., Kosi, U., &#38; Stoczek, P. (2025). <i>Brexit and European Corporate
    Bond Markets</i>. TRR 266 Accounting for Transparency . <a href="https://doi.org/10.2139/ssrn.5230141">https://doi.org/10.2139/ssrn.5230141</a>
  bibtex: '@book{Franke_Kosi_Stoczek_2025, series={TRR 266 Accounting for Transparency
    Working Paper Series No. 190}, title={Brexit and European Corporate Bond Markets},
    DOI={<a href="https://doi.org/10.2139/ssrn.5230141">10.2139/ssrn.5230141</a>},
    publisher={TRR 266 Accounting for Transparency }, author={Franke, Benedikt and
    Kosi, Urska and Stoczek, Pia}, year={2025}, collection={TRR 266 Accounting for
    Transparency Working Paper Series No. 190} }'
  chicago: Franke, Benedikt, Urska Kosi, and Pia Stoczek. <i>Brexit and European Corporate
    Bond Markets</i>. TRR 266 Accounting for Transparency Working Paper Series No.
    190. TRR 266 Accounting for Transparency , 2025. <a href="https://doi.org/10.2139/ssrn.5230141">https://doi.org/10.2139/ssrn.5230141</a>.
  ieee: B. Franke, U. Kosi, and P. Stoczek, <i>Brexit and European Corporate Bond
    Markets</i>. TRR 266 Accounting for Transparency , 2025.
  mla: Franke, Benedikt, et al. <i>Brexit and European Corporate Bond Markets</i>.
    TRR 266 Accounting for Transparency , 2025, doi:<a href="https://doi.org/10.2139/ssrn.5230141">10.2139/ssrn.5230141</a>.
  short: B. Franke, U. Kosi, P. Stoczek, Brexit and European Corporate Bond Markets,
    TRR 266 Accounting for Transparency , 2025.
date_created: 2026-06-15T08:29:09Z
date_updated: 2026-08-25T09:51:35Z
department:
- _id: '186'
- _id: '551'
- _id: '635'
doi: 10.2139/ssrn.5230141
language:
- iso: eng
main_file_link:
- open_access: '1'
  url: https://dx.doi.org/10.2139/ssrn.5230141
oa: '1'
publication_status: published
publisher: 'TRR 266 Accounting for Transparency '
series_title: TRR 266 Accounting for Transparency Working Paper Series No. 190
status: public
title: Brexit and European Corporate Bond Markets
type: working_paper
user_id: '15866'
year: '2025'
...
---
_id: '65861'
abstract:
- lang: eng
  text: The study examines whether the announcement and passing of the Corporate Sustainability
    Reporting Directive (CSRD) impacts the sustainability reporting of German firms.
    It sheds light on the interdependence of various actors, sectors and policy levels
    by examining how regulatory changes at the policy level affect the reporting practices
    of firms across multiple sectors. On the one hand, the scope of the CSRD is being
    extended, so that new firms falling within its scope may increase their voluntary
    sustainability reporting as part of the preparation process. On the other hand,
    the reporting requirements will be more stringent, so that firms currently under
    the mandate of the Non-Financial Reporting Directive (NFRD) may enhance their
    sustainability reporting disclosure practices in preparation for the CSRD. First,
    we find no increase in voluntary sustainability reporting by firms that are not
    under the scope of the NFRD but will be under the scope of the CSRD. Second, we
    find enhanced sustainability reporting practices by firms that are subject to
    the NFRD after the CSRD’s announcement and passing. This finding suggests that
    these firms begin to implement the new reporting requirements before the first
    reports are published in 2025. We illuminate the preparation for extensive reporting
    changes through sustainability reporting disclosure practices as an outcome of
    the preparation process. These changes may represent a high burden, particularly
    for firms with no previous experience of sustainability reporting.
article_number: '5'
author:
- first_name: Urska
  full_name: Kosi, Urska
  id: '54068'
  last_name: Kosi
  orcid: 0009-0009-2545-5929
- first_name: Paula
  full_name: Relard, Paula
  last_name: Relard
citation:
  ama: Kosi U, Relard P. Are firms (getting) ready for the corporate sustainability
    reporting directive? <i>Sustainability Nexus Forum</i>. 2024;32(1). doi:<a href="https://doi.org/10.1007/s00550-024-00541-1">10.1007/s00550-024-00541-1</a>
  apa: Kosi, U., &#38; Relard, P. (2024). Are firms (getting) ready for the corporate
    sustainability reporting directive? <i>Sustainability Nexus Forum</i>, <i>32</i>(1),
    Article 5. <a href="https://doi.org/10.1007/s00550-024-00541-1">https://doi.org/10.1007/s00550-024-00541-1</a>
  bibtex: '@article{Kosi_Relard_2024, title={Are firms (getting) ready for the corporate
    sustainability reporting directive?}, volume={32}, DOI={<a href="https://doi.org/10.1007/s00550-024-00541-1">10.1007/s00550-024-00541-1</a>},
    number={15}, journal={Sustainability Nexus Forum}, publisher={Springer Science
    and Business Media LLC}, author={Kosi, Urska and Relard, Paula}, year={2024} }'
  chicago: Kosi, Urska, and Paula Relard. “Are Firms (Getting) Ready for the Corporate
    Sustainability Reporting Directive?” <i>Sustainability Nexus Forum</i> 32, no.
    1 (2024). <a href="https://doi.org/10.1007/s00550-024-00541-1">https://doi.org/10.1007/s00550-024-00541-1</a>.
  ieee: 'U. Kosi and P. Relard, “Are firms (getting) ready for the corporate sustainability
    reporting directive?,” <i>Sustainability Nexus Forum</i>, vol. 32, no. 1, Art.
    no. 5, 2024, doi: <a href="https://doi.org/10.1007/s00550-024-00541-1">10.1007/s00550-024-00541-1</a>.'
  mla: Kosi, Urska, and Paula Relard. “Are Firms (Getting) Ready for the Corporate
    Sustainability Reporting Directive?” <i>Sustainability Nexus Forum</i>, vol. 32,
    no. 1, 5, Springer Science and Business Media LLC, 2024, doi:<a href="https://doi.org/10.1007/s00550-024-00541-1">10.1007/s00550-024-00541-1</a>.
  short: U. Kosi, P. Relard, Sustainability Nexus Forum 32 (2024).
date_created: 2026-06-15T08:12:38Z
date_updated: 2026-08-25T10:19:16Z
department:
- _id: '186'
- _id: '551'
- _id: '635'
doi: 10.1007/s00550-024-00541-1
intvolume: '        32'
issue: '1'
language:
- iso: eng
main_file_link:
- open_access: '1'
  url: https://doi.org/10.1007/s00550-024-00541-1
oa: '1'
publication: Sustainability Nexus Forum
publication_identifier:
  issn:
  - 2948-1627
publication_status: published
publisher: Springer Science and Business Media LLC
status: public
title: Are firms (getting) ready for the corporate sustainability reporting directive?
type: journal_article
user_id: '15866'
volume: 32
year: '2024'
...
---
_id: '37131'
abstract:
- lang: eng
  text: 'This paper introduces a novel database on the European corporate bond market
    to analyze the role of transparency regulation and recent developments in bond
    markets. We use data from the European Securities and Markets Authority (ESMA)
    to build a comprehensive database covering daily corporate bond listing information
    in Europe starting in 2018. We then analyze the different market segments of the
    European bond market along four key areas: (i) time and cross-sectional trends
    in bond listings; (ii) composition of firms on the market; (iii) firms’ financial
    reporting transparency; (iv) bond contract terms. Furthermore, we discuss the
    impact of recent economic events on these key areas.'
author:
- first_name: Benedikt
  full_name: Franke, Benedikt
  last_name: Franke
- first_name: Urska
  full_name: Kosi, Urska
  id: '54068'
  last_name: Kosi
- first_name: Pia
  full_name: Stoczek, Pia
  last_name: Stoczek
citation:
  ama: Franke B, Kosi U, Stoczek P. <i>Current Developments in the European Corporate
    Bond Market</i>.; 2022.
  apa: Franke, B., Kosi, U., &#38; Stoczek, P. (2022). <i>Current developments in
    the European corporate bond market</i>.
  bibtex: '@book{Franke_Kosi_Stoczek_2022, title={Current developments in the European
    corporate bond market}, author={Franke, Benedikt and Kosi, Urska and Stoczek,
    Pia}, year={2022} }'
  chicago: Franke, Benedikt, Urska Kosi, and Pia Stoczek. <i>Current Developments
    in the European Corporate Bond Market</i>, 2022.
  ieee: B. Franke, U. Kosi, and P. Stoczek, <i>Current developments in the European
    corporate bond market</i>. 2022.
  mla: Franke, Benedikt, et al. <i>Current Developments in the European Corporate
    Bond Market</i>. 2022.
  short: B. Franke, U. Kosi, P. Stoczek, Current Developments in the European Corporate
    Bond Market, 2022.
date_created: 2023-01-17T14:27:46Z
date_updated: 2024-05-21T11:10:24Z
ddc:
- '330'
department:
- _id: '635'
- _id: '186'
- _id: '551'
file:
- access_level: closed
  content_type: application/pdf
  creator: ast
  date_created: 2024-05-21T10:45:24Z
  date_updated: 2024-05-21T10:45:24Z
  file_id: '54377'
  file_name: Franke_Kosi_Stoczek.pdf
  file_size: 1426835
  relation: main_file
  success: 1
file_date_updated: 2024-05-21T10:45:24Z
has_accepted_license: '1'
keyword:
- Transparency regulation
- Corporate bond
- European market
language:
- iso: eng
status: public
title: Current developments in the European corporate bond market
type: working_paper
user_id: '15866'
year: '2022'
...
---
_id: '37088'
abstract:
- lang: eng
  text: We examine variation in mandatory CSR reporting practices based on a large
    sample of non-publicly listed savings banks in Germany. They do not have typical
    shareholders but rather are established by municipal trustees and can serve clients
    only in their distinct operating area. This setting permits us to identify demand
    for CSR information by their main stakeholder groups – municipal trustees and
    private and corporate clients. In this way, our analysis focuses on the double-materiality
    approach to CSR reporting. We find that demand for CSR information by supervisory
    board chairperson belonging to a left-wing or green party and the presence of
    more supervisory board members belonging to a left-wing or green party are associated
    with longer CSR reports and more disclosure on environmental, social, employee
    and human rights matters. In addition, competition for private clients and the
    sustainability orientation of corporate clients are associated with longer reports
    and more disclosure on environmental, employee and human rights matters. These
    findings suggest that savings banks’ CSR reports cater to their principal stakeholders’
    demand for CSR information.
author:
- first_name: Maryna
  full_name: Gulenko, Maryna
  id: '64226'
  last_name: Gulenko
- first_name: Saskia
  full_name: Kohlhase, Saskia
  last_name: Kohlhase
- first_name: Urska
  full_name: Kosi, Urska
  id: '54068'
  last_name: Kosi
  orcid: 0009-0009-2545-5929
citation:
  ama: 'Gulenko M, Kohlhase S, Kosi U. <i>CSR Reporting under the Non-Financial Reporting
    Directive: Evidence from Non-Publicly Listed Firms</i>.; 2022. doi:<a href="https://doi.org/10.2139/ssrn.4040946">10.2139/ssrn.4040946</a>'
  apa: 'Gulenko, M., Kohlhase, S., &#38; Kosi, U. (2022). <i>CSR Reporting under the
    Non-Financial Reporting Directive: Evidence from Non-publicly Listed Firms</i>.
    <a href="https://doi.org/10.2139/ssrn.4040946">https://doi.org/10.2139/ssrn.4040946</a>'
  bibtex: '@book{Gulenko_Kohlhase_Kosi_2022, title={CSR Reporting under the Non-Financial
    Reporting Directive: Evidence from Non-publicly Listed Firms}, DOI={<a href="https://doi.org/10.2139/ssrn.4040946">10.2139/ssrn.4040946</a>},
    author={Gulenko, Maryna and Kohlhase, Saskia and Kosi, Urska}, year={2022} }'
  chicago: 'Gulenko, Maryna, Saskia Kohlhase, and Urska Kosi. <i>CSR Reporting under
    the Non-Financial Reporting Directive: Evidence from Non-Publicly Listed Firms</i>,
    2022. <a href="https://doi.org/10.2139/ssrn.4040946">https://doi.org/10.2139/ssrn.4040946</a>.'
  ieee: 'M. Gulenko, S. Kohlhase, and U. Kosi, <i>CSR Reporting under the Non-Financial
    Reporting Directive: Evidence from Non-publicly Listed Firms</i>. 2022.'
  mla: 'Gulenko, Maryna, et al. <i>CSR Reporting under the Non-Financial Reporting
    Directive: Evidence from Non-Publicly Listed Firms</i>. 2022, doi:<a href="https://doi.org/10.2139/ssrn.4040946">10.2139/ssrn.4040946</a>.'
  short: 'M. Gulenko, S. Kohlhase, U. Kosi, CSR Reporting under the Non-Financial
    Reporting Directive: Evidence from Non-Publicly Listed Firms, 2022.'
date_created: 2023-01-17T12:40:09Z
date_updated: 2026-06-15T09:42:09Z
department:
- _id: '635'
- _id: '186'
- _id: '551'
doi: 10.2139/ssrn.4040946
keyword:
- Corporate social responsibility
- Mandatory reporting
- Non-publicly listed banks
- Double materiality
- Stakeholder groups
- Political influence
language:
- iso: eng
main_file_link:
- url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4040946
status: public
title: 'CSR Reporting under the Non-Financial Reporting Directive: Evidence from Non-publicly
  Listed Firms'
type: working_paper
user_id: '54068'
year: '2022'
...
---
_id: '37089'
abstract:
- lang: eng
  text: This research note links the legal framework of the insolvency process of
    German firms to the information available in the newly-constructed insol database.
    In particular, the database contains information from documents published by German
    insolvency courts in period 2005- 2022. This research note first presents the
    insolvency process with steps and events of the process as determined by the Insolvency
    Law (InsO). Next, it classifies the documents to specific steps and events, and
    then presents their information content using textual analysis. Specifically,
    we identify target phrases via manual document checks and then create regular
    expressions for the target phrases. Classification of documents allows us to sketch
    most common paths that insolvent firms go through.
author:
- first_name: Theresa
  full_name: Ahlers, Theresa
  last_name: Ahlers
- first_name: Fikir Worku
  full_name: Edossa, Fikir Worku
  last_name: Edossa
- first_name: Urska
  full_name: Kosi, Urska
  id: '54068'
  last_name: Kosi
  orcid: 0009-0009-2545-5929
- first_name: Mathias
  full_name: Uckert, Mathias
  last_name: Uckert
citation:
  ama: 'Ahlers T, Edossa FW, Kosi U, Uckert M. <i>Insolvency Process in Germany and
    the Insol Database: A Research Note</i>. TRR 266 Accounting for Transparency;
    2022.'
  apa: 'Ahlers, T., Edossa, F. W., Kosi, U., &#38; Uckert, M. (2022). <i>Insolvency
    Process in Germany and the insol database: A Research Note</i>. TRR 266 Accounting
    for Transparency.'
  bibtex: '@book{Ahlers_Edossa_Kosi_Uckert_2022, title={Insolvency Process in Germany
    and the insol database: A Research Note}, publisher={TRR 266 Accounting for Transparency},
    author={Ahlers, Theresa and Edossa, Fikir Worku and Kosi, Urska and Uckert, Mathias},
    year={2022} }'
  chicago: 'Ahlers, Theresa, Fikir Worku Edossa, Urska Kosi, and Mathias Uckert. <i>Insolvency
    Process in Germany and the Insol Database: A Research Note</i>. TRR 266 Accounting
    for Transparency, 2022.'
  ieee: 'T. Ahlers, F. W. Edossa, U. Kosi, and M. Uckert, <i>Insolvency Process in
    Germany and the insol database: A Research Note</i>. TRR 266 Accounting for Transparency,
    2022.'
  mla: 'Ahlers, Theresa, et al. <i>Insolvency Process in Germany and the Insol Database:
    A Research Note</i>. TRR 266 Accounting for Transparency, 2022.'
  short: 'T. Ahlers, F.W. Edossa, U. Kosi, M. Uckert, Insolvency Process in Germany
    and the Insol Database: A Research Note, TRR 266 Accounting for Transparency,
    2022.'
date_created: 2023-01-17T12:50:09Z
date_updated: 2026-06-29T09:42:41Z
ddc:
- '330'
department:
- _id: '635'
- _id: '186'
- _id: '551'
file:
- access_level: closed
  content_type: application/pdf
  creator: ast
  date_created: 2024-05-21T11:06:28Z
  date_updated: 2024-05-21T11:06:28Z
  file_id: '54378'
  file_name: ahlers_etal.pdf
  file_size: 760825
  relation: main_file
  success: 1
file_date_updated: 2024-05-21T11:06:28Z
has_accepted_license: '1'
keyword:
- insol database
- insolvency process
- Germany
- court fillings
language:
- iso: eng
main_file_link:
- open_access: '1'
  url: https://wiwi.uni-paderborn.de/fileadmin-wiwi/dep2ls4/ahlers_etal.pdf
oa: '1'
publication_status: published
publisher: TRR 266 Accounting for Transparency
status: public
title: 'Insolvency Process in Germany and the insol database: A Research Note'
type: working_paper
user_id: '95496'
year: '2022'
...
---
_id: '37070'
author:
- first_name: Bianca
  full_name: Beyer, Bianca
  last_name: Beyer
- first_name: Vanessa
  full_name: Flagmeier, Vanessa
  id: '8084'
  last_name: Flagmeier
- first_name: Urska
  full_name: Kosi, Urska
  id: '54068'
  last_name: Kosi
  orcid: 0009-0009-2545-5929
citation:
  ama: Beyer B, Flagmeier V, Kosi U. <i>Does Private Firms’ Disclosure Affect Public
    Peers’ Information Environment?</i> TRR 266 Accounting for Transparency; 2022.
  apa: Beyer, B., Flagmeier, V., &#38; Kosi, U. (2022). <i>Does private firms’ disclosure
    affect public peers’ information environment?</i> TRR 266 Accounting for Transparency.
  bibtex: '@book{Beyer_Flagmeier_Kosi_2022, title={Does private firms’ disclosure
    affect public peers’ information environment?}, publisher={TRR 266 Accounting
    for Transparency}, author={Beyer, Bianca and Flagmeier, Vanessa and Kosi, Urska},
    year={2022} }'
  chicago: Beyer, Bianca, Vanessa Flagmeier, and Urska Kosi. <i>Does Private Firms’
    Disclosure Affect Public Peers’ Information Environment?</i> TRR 266 Accounting
    for Transparency, 2022.
  ieee: B. Beyer, V. Flagmeier, and U. Kosi, <i>Does private firms’ disclosure affect
    public peers’ information environment?</i> TRR 266 Accounting for Transparency,
    2022.
  mla: Beyer, Bianca, et al. <i>Does Private Firms’ Disclosure Affect Public Peers’
    Information Environment?</i> TRR 266 Accounting for Transparency, 2022.
  short: B. Beyer, V. Flagmeier, U. Kosi, Does Private Firms’ Disclosure Affect Public
    Peers’ Information Environment?, TRR 266 Accounting for Transparency, 2022.
date_created: 2023-01-17T12:24:02Z
date_updated: 2026-06-29T09:51:50Z
department:
- _id: '635'
- _id: '186'
- _id: '551'
language:
- iso: eng
publisher: TRR 266 Accounting for Transparency
status: public
title: Does private firms’ disclosure affect public peers’ information environment?
type: working_paper
user_id: '95496'
year: '2022'
...
---
_id: '65864'
author:
- first_name: Joachim
  full_name: Gassen, Joachim
  last_name: Gassen
- first_name: Urska
  full_name: Kosi, Urska
  id: '54068'
  last_name: Kosi
  orcid: 0009-0009-2545-5929
citation:
  ama: 'Gassen J, Kosi U. Bankruptcies: A victim of the corona crisis? TRR 266 Accounting
    for Transparency. <i>Bankruptcies: A victim of the corona crisis?</i>. 2021.'
  apa: 'Gassen, J., &#38; Kosi, U. (2021). Bankruptcies: A victim of the corona crisis?
    TRR 266 Accounting for Transparency. <i>Bankruptcies: A Victim of the Corona Crisis?</i>'
  bibtex: '@article{Gassen_Kosi_2021, title={Bankruptcies: A victim of the corona
    crisis? TRR 266 Accounting for Transparency.}, journal={Bankruptcies: A victim
    of the corona crisis?}, author={Gassen, Joachim and Kosi, Urska}, year={2021}
    }'
  chicago: 'Gassen, Joachim, and Urska Kosi. “Bankruptcies: A Victim of the Corona
    Crisis? TRR 266 Accounting for Transparency.” <i>Bankruptcies: A Victim of the
    Corona Crisis?</i>, 2021.'
  ieee: 'J. Gassen and U. Kosi, “Bankruptcies: A victim of the corona crisis? TRR
    266 Accounting for Transparency.,” <i>Bankruptcies: A victim of the corona crisis?</i>,
    2021.'
  mla: 'Gassen, Joachim, and Urska Kosi. “Bankruptcies: A Victim of the Corona Crisis?
    TRR 266 Accounting for Transparency.” <i>Bankruptcies: A Victim of the Corona
    Crisis?</i>, 2021.'
  short: 'J. Gassen, U. Kosi, Bankruptcies: A Victim of the Corona Crisis? (2021).'
date_created: 2026-06-15T08:41:10Z
date_updated: 2026-08-25T09:52:56Z
department:
- _id: '186'
- _id: '551'
- _id: '635'
language:
- iso: eng
main_file_link:
- open_access: '1'
  url: https://www.accounting-for-transparency.de/bankruptcies-a-victim-of-the-corona-crisis/
oa: '1'
publication: 'Bankruptcies: A victim of the corona crisis?'
publication_date: '2021'
publication_status: published
status: public
title: 'Bankruptcies: A victim of the corona crisis? TRR 266 Accounting for Transparency.'
type: newspaper_article
user_id: '15866'
year: '2021'
...
---
_id: '3542'
abstract:
- lang: eng
  text: "We study the historical development of Slovenian Accounting Standards (SAS)
    and their association with accounting quality (AQ). We focus on private firms
    where the financial reporting process is characterised by low demand for high-quality
    reporting. We investigate three distinct editions of SAS since 1994 and test how
    their development towards international standards is related to AQ. Aggregate
    earnings management measures indicate that the use of accounting discretion decreases
    with less earnings smoothing over time. The main features of AQ have been consistent
    throughout historical development. Asymmetric timeliness of earnings, the ability
    of earnings to predict future cash flows, and the ability of accruals to mitigate
    mismatching are all present throughout. We also document typical departures from
    properties of high AQ. For example, accruals do not (always) facilitate timely
    recognition of losses. However, these can be attributed to the overwhelming influence
    of reporting incentives (e.g. taxation, debt, size) rather than to the (lower)
    quality of accounting standards.\r\n\r\n\r\n     \r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
    \r\n\r\n\r\n\r\n Full Article  \r\n  Figures & data  \r\n References \r\n 
    Citations  \r\n \r\n Metrics \r\n  Reprints & Permissions \r\n  PDF \r\n \r\n
    \r\n\r\n\r\n\r\n\r\nAbstract\r\n\r\n\r\nWe study the historical development of
    Slovenian Accounting Standards (SAS) and their association with accounting quality
    (AQ). We focus on private firms where the financial reporting process is characterised
    by low demand for high-quality reporting. We investigate three distinct editions
    of SAS since 1994 and test how their development towards international standards
    is related to AQ. Aggregate earnings management measures indicate that the use
    of accounting discretion decreases with less earnings smoothing over time. The
    main features of AQ have been consistent throughout historical development. Asymmetric
    timeliness of earnings, the ability of earnings to predict future cash flows,
    and the ability of accruals to mitigate mismatching are all present throughout.
    We also document typical departures from properties of high AQ. For example, accruals
    do not (always) facilitate timely recognition of losses. However, these can be
    attributed to the overwhelming influence of reporting incentives (e.g. taxation,
    debt, size) rather than to the (lower) quality of accounting standards."
author:
- first_name: Aljosa
  full_name: Valentincic, Aljosa
  last_name: Valentincic
- first_name: Ales
  full_name: Novak, Ales
  last_name: Novak
- first_name: Urska
  full_name: Kosi, Urska
  id: '54068'
  last_name: Kosi
citation:
  ama: Valentincic A, Novak A, Kosi U. Accounting quality in private firms during
    the transition towards international standards. <i>Accounting in Europe</i>. 2017;14(3):358-387.
    doi:<a href="https://doi.org/10.1080/17449480.2017.1378821">10.1080/17449480.2017.1378821</a>
  apa: Valentincic, A., Novak, A., &#38; Kosi, U. (2017). Accounting quality in private
    firms during the transition towards international standards. <i>Accounting in
    Europe</i>, <i>14</i>(3), 358–387. <a href="https://doi.org/10.1080/17449480.2017.1378821">https://doi.org/10.1080/17449480.2017.1378821</a>
  bibtex: '@article{Valentincic_Novak_Kosi_2017, title={Accounting quality in private
    firms during the transition towards international standards}, volume={14}, DOI={<a
    href="https://doi.org/10.1080/17449480.2017.1378821">10.1080/17449480.2017.1378821</a>},
    number={3}, journal={Accounting in Europe}, author={Valentincic, Aljosa and Novak,
    Ales and Kosi, Urska}, year={2017}, pages={358–387} }'
  chicago: 'Valentincic, Aljosa, Ales Novak, and Urska Kosi. “Accounting Quality in
    Private Firms during the Transition towards International Standards.” <i>Accounting
    in Europe</i> 14, no. 3 (2017): 358–87. <a href="https://doi.org/10.1080/17449480.2017.1378821">https://doi.org/10.1080/17449480.2017.1378821</a>.'
  ieee: 'A. Valentincic, A. Novak, and U. Kosi, “Accounting quality in private firms
    during the transition towards international standards,” <i>Accounting in Europe</i>,
    vol. 14, no. 3, pp. 358–387, 2017, doi: <a href="https://doi.org/10.1080/17449480.2017.1378821">10.1080/17449480.2017.1378821</a>.'
  mla: Valentincic, Aljosa, et al. “Accounting Quality in Private Firms during the
    Transition towards International Standards.” <i>Accounting in Europe</i>, vol.
    14, no. 3, 2017, pp. 358–87, doi:<a href="https://doi.org/10.1080/17449480.2017.1378821">10.1080/17449480.2017.1378821</a>.
  short: A. Valentincic, A. Novak, U. Kosi, Accounting in Europe 14 (2017) 358–387.
date_created: 2018-07-11T08:57:03Z
date_updated: 2023-01-24T15:34:31Z
department:
- _id: '551'
- _id: '635'
- _id: '186'
doi: 10.1080/17449480.2017.1378821
intvolume: '        14'
issue: '3'
jel:
- M41
- C23
- L21
- P20
keyword:
- private firms
- accounting quality
- development of accounting standards
- IFRS-like standards
- Slovenia
language:
- iso: eng
page: 358-387
publication: Accounting in Europe
publication_status: published
status: public
title: Accounting quality in private firms during the transition towards international
  standards
type: journal_article
user_id: '54068'
volume: 14
year: '2017'
...
---
_id: '4034'
abstract:
- lang: eng
  text: We examine whether the credit relevance of financial statements, defined as
    the ability of accounting numbers to explain credit ratings, is higher after firms
    are required to report under International Financial Reporting Standards (IFRS).
    We find an improvement in credit relevance for firms in 17 countries after mandatory
    IFRS reporting is introduced in 2005; this increase is higher than that reported
    for a matched sample of US firms. The increase in credit relevance is particularly
    pronounced for higher risk speculative-grade issuers, where accounting information
    is predicted to be more important; and for IFRS adopters with large first-time
    reconciliations, where the impact of IFRS is expected to be greater. These tests
    provide reassurance that the overall enhancement in estimated credit relevance
    is driven by accounting changes related to IFRS adoption. Our results suggest
    that credit rating analysts’ views of economic fundamentals are more closely aligned
    with IFRS numbers, and that analysts anticipate at least some of the effects of
    the IFRS transition.
author:
- first_name: Annita
  full_name: Florou, Annita
  last_name: Florou
- first_name: Urska
  full_name: Kosi, Urska
  id: '54068'
  last_name: Kosi
- first_name: Peter F
  full_name: Pope, Peter F
  last_name: Pope
citation:
  ama: Florou A, Kosi U, Pope PF. Are international accounting standards more credit
    relevant than domestic standards? <i>Accounting and Business Research</i>. 2016;47(1):1-29.
    doi:<a href="https://doi.org/10.1080/00014788.2016.1224968">10.1080/00014788.2016.1224968</a>
  apa: Florou, A., Kosi, U., &#38; Pope, P. F. (2016). Are international accounting
    standards more credit relevant than domestic standards? <i>Accounting and Business
    Research</i>, <i>47</i>(1), 1–29. <a href="https://doi.org/10.1080/00014788.2016.1224968">https://doi.org/10.1080/00014788.2016.1224968</a>
  bibtex: '@article{Florou_Kosi_Pope_2016, title={Are international accounting standards
    more credit relevant than domestic standards?}, volume={47}, DOI={<a href="https://doi.org/10.1080/00014788.2016.1224968">10.1080/00014788.2016.1224968</a>},
    number={1}, journal={Accounting and Business Research}, author={Florou, Annita
    and Kosi, Urska and Pope, Peter F}, year={2016}, pages={1–29} }'
  chicago: 'Florou, Annita, Urska Kosi, and Peter F Pope. “Are International Accounting
    Standards More Credit Relevant than Domestic Standards?” <i>Accounting and Business
    Research</i> 47, no. 1 (2016): 1–29. <a href="https://doi.org/10.1080/00014788.2016.1224968">https://doi.org/10.1080/00014788.2016.1224968</a>.'
  ieee: 'A. Florou, U. Kosi, and P. F. Pope, “Are international accounting standards
    more credit relevant than domestic standards?,” <i>Accounting and Business Research</i>,
    vol. 47, no. 1, pp. 1–29, 2016, doi: <a href="https://doi.org/10.1080/00014788.2016.1224968">10.1080/00014788.2016.1224968</a>.'
  mla: Florou, Annita, et al. “Are International Accounting Standards More Credit
    Relevant than Domestic Standards?” <i>Accounting and Business Research</i>, vol.
    47, no. 1, 2016, pp. 1–29, doi:<a href="https://doi.org/10.1080/00014788.2016.1224968">10.1080/00014788.2016.1224968</a>.
  short: A. Florou, U. Kosi, P.F. Pope, Accounting and Business Research 47 (2016)
    1–29.
date_created: 2018-08-22T07:16:25Z
date_updated: 2023-01-18T13:41:47Z
department:
- _id: '551'
- _id: '635'
- _id: '186'
doi: 10.1080/00014788.2016.1224968
intvolume: '        47'
issue: '1'
jel:
- G15
- G33
- K20
- M41
- M48
keyword:
- IFRS
- debt markets
- credit ratings
- credit relevance
language:
- iso: eng
page: 1-29
publication: Accounting and Business Research
publication_status: published
status: public
title: Are international accounting standards more credit relevant than domestic standards?
type: journal_article
user_id: '54068'
volume: 47
year: '2016'
...
---
_id: '37098'
author:
- first_name: Aljosa
  full_name: Valentincic, Aljosa
  last_name: Valentincic
- first_name: Ales
  full_name: Novak, Ales
  last_name: Novak
- first_name: Urska
  full_name: Kosi, Urska
  id: '54068'
  last_name: Kosi
citation:
  ama: 'Valentincic A, Novak A, Kosi U. Accounting quality in private firms during
    the transition to international standards. In: ; 2016.'
  apa: Valentincic, A., Novak, A., &#38; Kosi, U. (2016). <i>Accounting quality in
    private firms during the transition to international standards</i>. 7th Workshop
    on Accounting and Regulation, Siena, Italy.
  bibtex: '@inproceedings{Valentincic_Novak_Kosi_2016, title={Accounting quality in
    private firms during the transition to international standards}, author={Valentincic,
    Aljosa and Novak, Ales and Kosi, Urska}, year={2016} }'
  chicago: Valentincic, Aljosa, Ales Novak, and Urska Kosi. “Accounting Quality in
    Private Firms during the Transition to International Standards,” 2016.
  ieee: A. Valentincic, A. Novak, and U. Kosi, “Accounting quality in private firms
    during the transition to international standards,” presented at the 7th Workshop
    on Accounting and Regulation, Siena, Italy, 2016.
  mla: Valentincic, Aljosa, et al. <i>Accounting Quality in Private Firms during the
    Transition to International Standards</i>. 2016.
  short: 'A. Valentincic, A. Novak, U. Kosi, in: 2016.'
conference:
  end_date: 2016-07-09
  location: Siena, Italy
  name: 7th Workshop on Accounting and Regulation
  start_date: 2016-07-07
date_created: 2023-01-17T13:04:16Z
date_updated: 2023-01-18T14:02:03Z
department:
- _id: '635'
- _id: '186'
- _id: '551'
language:
- iso: eng
status: public
title: Accounting quality in private firms during the transition to international
  standards
type: conference
user_id: '88603'
year: '2016'
...
---
_id: '4035'
abstract:
- lang: eng
  text: We examine whether the mandated introduction of International Financial Reporting
    Standards (IFRS) is associated with the propensity to access the public rather
    than private debt market and the cost of debt. We use a global sample of public
    bonds and private loans and find that mandatory IFRS adopters are more likely,
    post-IFRS, to issue bonds than to borrow privately. We also find that mandatory
    IFRS adopters pay lower bond yield spreads, but not lower loan spreads, after
    the mandate. These findings are consistent with debt providers responding positively
    to financial reporting of higher quality and comparability, but only when there
    is a greater reliance on publicly available financial statements than private
    communication. Lastly, we document that the observed debt market benefits are
    concentrated in countries with larger differences between domestic GAAP and IFRS
    and are present even for EU countries that did not experience concurrent financial
    reporting enforcement or other institutional reforms. Overall, our study documents
    positive economic consequences around the mandated IFRS adoption for corporate
    debt financing and, in particular, for bond financing.
author:
- first_name: Annita
  full_name: Florou, Annita
  last_name: Florou
- first_name: Urska
  full_name: Kosi, Urska
  id: '54068'
  last_name: Kosi
  orcid: 0009-0009-2545-5929
citation:
  ama: Florou A, Kosi U. Does mandatory IFRS adoption facilitate debt financing? <i>Review
    of Accounting Studies</i>. 2015;20(4):1407-1456. doi:<a href="https://doi.org/10.1007/s11142-015-9325-z">10.1007/s11142-015-9325-z</a>
  apa: Florou, A., &#38; Kosi, U. (2015). Does mandatory IFRS adoption facilitate
    debt financing? <i>Review of Accounting Studies</i>, <i>20</i>(4), 1407–1456.
    <a href="https://doi.org/10.1007/s11142-015-9325-z">https://doi.org/10.1007/s11142-015-9325-z</a>
  bibtex: '@article{Florou_Kosi_2015, title={Does mandatory IFRS adoption facilitate
    debt financing?}, volume={20}, DOI={<a href="https://doi.org/10.1007/s11142-015-9325-z">10.1007/s11142-015-9325-z</a>},
    number={4}, journal={Review of Accounting Studies}, author={Florou, Annita and
    Kosi, Urska}, year={2015}, pages={1407–1456} }'
  chicago: 'Florou, Annita, and Urska Kosi. “Does Mandatory IFRS Adoption Facilitate
    Debt Financing?” <i>Review of Accounting Studies</i> 20, no. 4 (2015): 1407–56.
    <a href="https://doi.org/10.1007/s11142-015-9325-z">https://doi.org/10.1007/s11142-015-9325-z</a>.'
  ieee: 'A. Florou and U. Kosi, “Does mandatory IFRS adoption facilitate debt financing?,”
    <i>Review of Accounting Studies</i>, vol. 20, no. 4, pp. 1407–1456, 2015, doi:
    <a href="https://doi.org/10.1007/s11142-015-9325-z">10.1007/s11142-015-9325-z</a>.'
  mla: Florou, Annita, and Urska Kosi. “Does Mandatory IFRS Adoption Facilitate Debt
    Financing?” <i>Review of Accounting Studies</i>, vol. 20, no. 4, 2015, pp. 1407–56,
    doi:<a href="https://doi.org/10.1007/s11142-015-9325-z">10.1007/s11142-015-9325-z</a>.
  short: A. Florou, U. Kosi, Review of Accounting Studies 20 (2015) 1407–1456.
date_created: 2018-08-22T07:47:41Z
date_updated: 2026-06-15T09:39:29Z
department:
- _id: '551'
- _id: '635'
- _id: '186'
doi: 10.1007/s11142-015-9325-z
extern: '1'
intvolume: '        20'
issue: '4'
jel:
- G15
- K22
- M41
- M48
keyword:
- Accounting regulation
- IFRS
- Accounting quality
- Public and private debt markets
- Cost of debt
language:
- iso: eng
page: 1407-1456
publication: Review of Accounting Studies
publication_identifier:
  eissn:
  - 1573-7136
publication_status: published
status: public
title: Does mandatory IFRS adoption facilitate debt financing?
type: journal_article
user_id: '54068'
volume: 20
year: '2015'
...
---
_id: '37107'
author:
- first_name: Annita
  full_name: Florou, Annita
  last_name: Florou
- first_name: Urska
  full_name: Kosi, Urska
  id: '54068'
  last_name: Kosi
citation:
  ama: 'Florou A, Kosi U. Does mandatory IFRS adoption facilitate debt financing?
    . In: ; 2014.'
  apa: Florou, A., &#38; Kosi, U. (2014). <i>Does mandatory IFRS adoption facilitate
    debt financing? </i>. DART Research Seminar, Graz, Austria.
  bibtex: '@inproceedings{Florou_Kosi_2014, title={Does mandatory IFRS adoption facilitate
    debt financing? }, author={Florou, Annita and Kosi, Urska}, year={2014} }'
  chicago: Florou, Annita, and Urska Kosi. “Does Mandatory IFRS Adoption Facilitate
    Debt Financing? ,” 2014.
  ieee: A. Florou and U. Kosi, “Does mandatory IFRS adoption facilitate debt financing?
    ,” presented at the DART Research Seminar, Graz, Austria, 2014.
  mla: Florou, Annita, and Urska Kosi. <i>Does Mandatory IFRS Adoption Facilitate
    Debt Financing? </i>. 2014.
  short: 'A. Florou, U. Kosi, in: 2014.'
conference:
  location: Graz, Austria
  name: DART Research Seminar
  start_date: 2014-03-03
date_created: 2023-01-17T13:20:21Z
date_updated: 2023-01-17T13:36:58Z
department:
- _id: '635'
- _id: '186'
- _id: '551'
extern: '1'
language:
- iso: eng
status: public
title: 'Does mandatory IFRS adoption facilitate debt financing? '
type: conference
user_id: '88603'
year: '2014'
...
---
_id: '4037'
abstract:
- lang: eng
  text: This study examines the determinants of financial firms' lobbying behaviour
    in the replacement process of International Financial Reporting Standard 4 (IFRS
    4) Insurance Contracts. Based on comment letters in response to International
    Accounting Standards Board's (IASB) Exposure Draft 2010/8, we investigate firms'
    lobbying decisions and their long-term lobbying intensity. Using an international
    sample of publicly listed financial firms, we show that insurance companies and
    financially constrained IFRS firms are more likely to lobby the IASB. We also
    examine the long-term lobbying activity in the IFRS 4 replacement process during
    the years 2007–2010. We find that insurance companies and firms with dispersed
    ownership lobby more. Our results are stronger for IFRS firms compared to US generally
    accepted accounting principles users. Overall, we document intense lobbying by
    financial firms and present results that are largely consistent with economic
    consequences of anticipated accounting changes being the main driver of firms'
    lobbying behaviour. These results are in line with prior findings for non-financial
    firms.
author:
- first_name: Urska
  full_name: Kosi, Urska
  id: '54068'
  last_name: Kosi
- first_name: Antonia
  full_name: Reither, Antonia
  last_name: Reither
citation:
  ama: Kosi U, Reither A. Determinants of corporate participation in the IFRS 4 (insurance
    contracts) replacement process. <i>Accounting in Europe</i>. 2014;11(1):89-112.
    doi:<a href="https://doi.org/10.1080/17449480.2014.897459">10.1080/17449480.2014.897459</a>
  apa: Kosi, U., &#38; Reither, A. (2014). Determinants of corporate participation
    in the IFRS 4 (insurance contracts) replacement process. <i>Accounting in Europe</i>,
    <i>11</i>(1), 89–112. <a href="https://doi.org/10.1080/17449480.2014.897459">https://doi.org/10.1080/17449480.2014.897459</a>
  bibtex: '@article{Kosi_Reither_2014, title={Determinants of corporate participation
    in the IFRS 4 (insurance contracts) replacement process}, volume={11}, DOI={<a
    href="https://doi.org/10.1080/17449480.2014.897459">10.1080/17449480.2014.897459</a>},
    number={1}, journal={Accounting in Europe}, author={Kosi, Urska and Reither, Antonia},
    year={2014}, pages={89–112} }'
  chicago: 'Kosi, Urska, and Antonia Reither. “Determinants of Corporate Participation
    in the IFRS 4 (Insurance Contracts) Replacement Process.” <i>Accounting in Europe</i>
    11, no. 1 (2014): 89–112. <a href="https://doi.org/10.1080/17449480.2014.897459">https://doi.org/10.1080/17449480.2014.897459</a>.'
  ieee: 'U. Kosi and A. Reither, “Determinants of corporate participation in the IFRS
    4 (insurance contracts) replacement process,” <i>Accounting in Europe</i>, vol.
    11, no. 1, pp. 89–112, 2014, doi: <a href="https://doi.org/10.1080/17449480.2014.897459">10.1080/17449480.2014.897459</a>.'
  mla: Kosi, Urska, and Antonia Reither. “Determinants of Corporate Participation
    in the IFRS 4 (Insurance Contracts) Replacement Process.” <i>Accounting in Europe</i>,
    vol. 11, no. 1, 2014, pp. 89–112, doi:<a href="https://doi.org/10.1080/17449480.2014.897459">10.1080/17449480.2014.897459</a>.
  short: U. Kosi, A. Reither, Accounting in Europe 11 (2014) 89–112.
date_created: 2018-08-22T07:55:49Z
date_updated: 2023-01-24T15:33:00Z
department:
- _id: '551'
- _id: '635'
- _id: '186'
doi: 10.1080/17449480.2014.897459
extern: '1'
intvolume: '        11'
issue: '1'
jel:
- D72
- M41
- M48
keyword:
- standard setting
- IASB
- corporate lobbying
- financial firms
- IFRS 4
language:
- iso: eng
page: 89-112
publication: Accounting in Europe
publication_status: published
status: public
title: Determinants of corporate participation in the IFRS 4 (insurance contracts)
  replacement process
type: journal_article
user_id: '54068'
volume: 11
year: '2014'
...
---
_id: '4879'
abstract:
- lang: eng
  text: '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:
- first_name: Jernej
  full_name: Koren, Jernej
  last_name: Koren
- first_name: Urska
  full_name: Kosi, Urska
  id: '54068'
  last_name: Kosi
  orcid: 0009-0009-2545-5929
- first_name: Aljosa
  full_name: Valentincic, Aljosa
  last_name: Valentincic
citation:
  ama: Koren J, Kosi U, Valentincic A. <i>Does Financial Statement Audit Reduce the
    Cost of Debt of Private Firms?</i>; 2014. doi:<a href="https://doi.org/10.2139/ssrn.2373987">10.2139/ssrn.2373987</a>
  apa: Koren, J., Kosi, U., &#38; Valentincic, A. (2014). <i>Does Financial Statement
    Audit Reduce the Cost of Debt of Private Firms?</i> <a href="https://doi.org/10.2139/ssrn.2373987">https://doi.org/10.2139/ssrn.2373987</a>
  bibtex: '@book{Koren_Kosi_Valentincic_2014, title={Does Financial Statement Audit
    Reduce the Cost of Debt of Private Firms?}, DOI={<a href="https://doi.org/10.2139/ssrn.2373987">10.2139/ssrn.2373987</a>},
    author={Koren, Jernej and Kosi, Urska and Valentincic, Aljosa}, year={2014} }'
  chicago: Koren, Jernej, Urska Kosi, and Aljosa Valentincic. <i>Does Financial Statement
    Audit Reduce the Cost of Debt of Private Firms?</i>, 2014. <a href="https://doi.org/10.2139/ssrn.2373987">https://doi.org/10.2139/ssrn.2373987</a>.
  ieee: J. Koren, U. Kosi, and A. Valentincic, <i>Does Financial Statement Audit Reduce
    the Cost of Debt of Private Firms?</i> 2014.
  mla: Koren, Jernej, et al. <i>Does Financial Statement Audit Reduce the Cost of
    Debt of Private Firms?</i> 2014, doi:<a href="https://doi.org/10.2139/ssrn.2373987">10.2139/ssrn.2373987</a>.
  short: J. Koren, U. Kosi, A. Valentincic, Does Financial Statement Audit Reduce
    the Cost of Debt of Private Firms?, 2014.
date_created: 2018-10-26T07:39:16Z
date_updated: 2026-06-15T11:11:10Z
department:
- _id: '551'
- _id: '635'
- _id: '186'
doi: 10.2139/ssrn.2373987
language:
- iso: eng
main_file_link:
- open_access: '1'
  url: https://dx.doi.org/10.2139/ssrn.2373987
oa: '1'
status: public
title: Does Financial Statement Audit Reduce the Cost of Debt of Private Firms?
type: working_paper
user_id: '54068'
year: '2014'
...
---
_id: '37109'
abstract:
- lang: eng
  text: 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:
- first_name: Urska
  full_name: Kosi, Urska
  id: '54068'
  last_name: Kosi
- first_name: Jerney
  full_name: Koren, Jerney
  last_name: Koren
- first_name: Aljosa
  full_name: Valentincic, Aljosa
  last_name: Valentincic
citation:
  ama: 'Kosi U, Koren J, Valentincic A. Does Financial Statement Audit Reduce the
    Cost of Debt of Private Firms? In: ; 2013.'
  apa: Kosi, U., Koren, J., &#38; Valentincic, A. (2013). <i>Does Financial Statement
    Audit Reduce the Cost of Debt of Private Firms?</i> 36th Annual Congress of European
    Accounting Association, Paris, France.
  bibtex: '@inproceedings{Kosi_Koren_Valentincic_2013, title={Does Financial Statement
    Audit Reduce the Cost of Debt of Private Firms?}, author={Kosi, Urska and Koren,
    Jerney and Valentincic, Aljosa}, year={2013} }'
  chicago: Kosi, Urska, Jerney Koren, and Aljosa Valentincic. “Does Financial Statement
    Audit Reduce the Cost of Debt of Private Firms?,” 2013.
  ieee: U. Kosi, J. Koren, and A. Valentincic, “Does Financial Statement Audit Reduce
    the Cost of Debt of Private Firms?,” presented at the 36th Annual Congress of
    European Accounting Association, Paris, France, 2013.
  mla: Kosi, Urska, et al. <i>Does Financial Statement Audit Reduce the Cost of Debt
    of Private Firms?</i> 2013.
  short: 'U. Kosi, J. Koren, A. Valentincic, in: 2013.'
conference:
  end_date: 2013-05-05
  location: Paris, France
  name: 36th Annual Congress of European Accounting Association
  start_date: 2013-05-02
date_created: 2023-01-17T13:25:30Z
date_updated: 2023-01-17T13:51:24Z
department:
- _id: '635'
- _id: '186'
- _id: '551'
extern: '1'
keyword:
- private firms
- voluntary audit
- cost of debt
- self-selection bias
- lemon problem
language:
- iso: eng
main_file_link:
- url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2373987
status: public
title: Does Financial Statement Audit Reduce the Cost of Debt of Private Firms?
type: conference
user_id: '88603'
year: '2013'
...