Suchergebnisse

Pro-forma-Ergebnisgrößen sind freiwillig veröffentlichte Performancemaße, die an der reglementierten Jahresüberschussgröße ansetzen und diese modifizieren. Als Motiv solcher Publizität wird einerseits die Bereitstellung entscheidungsnützlicher Informationen diskutiert, andererseits die gezielt einseitige Beeinflussung von Anlegern. Insbesondere die anknüpfende Regulierungsdiskussion hat eine Vielzahl empirischer Studien im nordamerikanischen Raum, in jüngerer Zeit aber auch in Deutschland motiviert, die im vorliegenden Beitrag systematisiert, rezipiert und gewürdigt werden, um abschließend Pfade für künftige Forschungsbemühungen aufzuzeigen. Während die US-Befunde einerseits den informationsstiftenden Charakter von pro forma earnings stützen, liefern sie gleichzeitig Anhaltspunkte, dass insbesondere Kleinanleger solche Performancemaße mitunter unzutreffend verarbeiten und zu Fehldispositionen veranlasst werden. Im Verbund mit der Evidenz ausgeprägter und facettenreicher Pro-forma-Ergebnis-Publizität in Deutschland stützen diese Ergebnisse die jüngere Aufmerksamkeit europäischer Wertpapieraufsichtsbehörden und unterstreichen den Bedarf nach weiterführenden Untersuchungen zu Motiven und Rezeption der Pro-forma-Publizität am deutschen Kapitalmarkt sowie im EU- bzw. IFRS-Kontext. ; peerReviewed

Die vorliegende Arbeit erforscht Informationsvorteile durch aktuelle Rechnungslegungsregulierung für gelistete Unternehmen anhand dreier Studien. Aus einer breiteren Marktperspektive leistet die Arbeit einen Beitrag zur Erforschung von Informationsvorteilen aus der Einführung eines vollständigen neuen Rechnungslegungsregimes, hier, der verpflichtenden Anwendung der IFRS-Standards in 32 Volkswirtschaften. Hierbei analysiert die Arbeit die Rolle von Selektionseffekten in den betroffenen Finanzmärkten (Studie 1). Die Ergebnisse weisen auf systematische Opt-Outs von Firmen aus den neu eingeführ...

Diese Arbeit untersucht die Rolle des Enforcements der Rechnungslegung bei der Entscheidungsfindung von Abschlusserstellern und -prüfern. Enforcement-Mechanismen sind staatliche oder private Institutionen, die befugt sind, geprüfte Abschlüsse börsennotierter Unternehmen einer weiteren Prüfung zu unterziehen. Enforcement beschreibt im Allgemeinen die Beaufsichtigung börsennotierter Unternehmen durch solche Institutionen mit dem Ziel, die Einhaltung der Rechnungslegungsstandards sicherzustellen. Aus der bisherigen Literatur geht hervor, dass die Einführung oder Stärkung von Enforcement-Behörd...

The level of regulation of disclosure and corporate governance on the national and supranational level has increased substantially in the last decade. With that in mind, and in the light of the demand for evidence-based financial reporting and disclosure regulation (Buijink, 2006; Gassen and Günther, 2014; Leuz and Wysocki, 2016), this dissertation aims at investigating economic consequences of such regulation. In particular, this dissertation attempts to provide empirical evidence that helps regulators to assess intended and unintended economic consequences of regulating disclosure and cor...

The level of regulation of disclosure and corporate governance on the national and supranational level has increased substantially in the last decade. With that in mind, and in the light of the demand for evidence-based financial reporting and disclosure regulation (Buijink, 2006; Gassen and Günther, 2014; Leuz and Wysocki, 2016), this dissertation aims at investigating economic consequences of such regulation. In particular, this dissertation attempts to provide empirical evidence that helps regulators to assess intended and unintended economic consequences of regulating disclosure and cor...

We investigate real effects of a widespread corporate social responsibility (CSR) reporting mandate. In 2014, the European Union (EU) passed Directive 2014/95 (hereafter, "CSR Directive"), mandating large listed EU firms to prepare annual nonfinancial reports beginning from fiscal year 2017 onward. We document that firms within the scope of the directive respond by increasing their CSR activities and that they start doing so before the entry-into-force of the directive. These real effects are concentrated in firms that are plausibly more strongly affected by the directive, that is, those with previously low levels of both CSR reporting and CSR activities. Using various alternative outcome variables (e.g., new CSR initiatives, improvements in CSR infrastructure, or firm performance), we show that these real effects reflect meaningful increases in CSR beyond firms' potential attempts to "greenwash" CSR performance. Finally, we conduct tests that increase our confidence that the documented real effects are attributable to the CSR Directive and not general EU trends in CSR.

This paper discusses empirical evidence on the economic consequences of mandatory adoption of International Financial Reporting Standards (IFRS) in the European Union (EU) and provides suggestions on how future research can add to our understanding of these effects. Based on the explicitly stated objectives of the EU's so-called 'IAS Regulation', we distinguish between intended and unintended consequences of mandatory IFRS adoption. Empirical research on the intended consequences generally fails to document an increase in the comparability or transparency of financial statements. In contrast, there is rich and almost unanimous evidence of positive effects on capital markets and at the macroeconomic level. We argue that certain research design issues are likely to contribute to this apparent mismatch in findings and we suggest areas for future research to address it. The literature investigating unintended consequences of mandatory IFRS adoption is still in its infancy. However, extant empirical evidence and insights from non-IFRS settings suggest that mandatory IFRS adoption has the potential to materially affect contractual outcomes. We conclude that both the intended and the unintended consequences deserve further scrutiny to assess the costs and benefits of mandatory IFRS adoption, which may help provide a basis for evaluating the effectiveness of the IAS Regulation. We provide specific guidance for future research in this field.

This paper discusses empirical evidence on the economic consequences of mandatory adoption of International Financial Reporting Standards (IFRS) in the European Union (EU) and provides suggestions on how future research can add to our understanding of these effects. Based on the explicitly stated objectives of the EU"s so-called "IAS Regulation", we distinguish between intended and unintended consequences of mandatory IFRS adoption. Empirical research on the intended consequences generally fails to document an increase in the comparability or transparency of financial statements. In contrast, there is rich and almost unanimous evidence of positive effects on capital markets and at the macroeconomic level. We argue that certain research design issues are likely to contribute to this apparent mismatch in findings and we suggest areas for future research to address it. The literature investigating unintended consequences of mandatory IFRS adoption is still in its infancy. However, extant empirical evidence and insights from non-IFRS settings suggest that mandatory IFRS adoption has the potential to materially affect contractual outcomes. We conclude that both the intended and the unintended consequences deserve further scrutiny to assess the costs and benefits of mandatory IFRS adoption, which may help provide a basis for evaluating the effectiveness of the IAS Regulation. We provide specific guidance for future research in this field.

Eine grundlegende Einführung in die doppelte Buchführung für die Hochschulausbildung, die Buchungsregeln und Buchungstechnik ausschliesslich auf Basis der IFRS behandelt

This thesis analyzes commodity futures pricing, trading activities in commodity futures contracts and their use for investment strategies. The aim of this thesis is to fill important gaps in the research field of commodity markets and to highlight special characteristics of commodity futures. It consists of three main chapters which are based on three research papers. The first paper Smart Beta Strategies on Commodity Futures Markets analyzes the use of commodity futures for passive long-only factor investment strategies. It builds on the idea of using factor investment strategies, sometime...

"Investment is the fundamental source of firm value and economic growth." (Hanlon and Heitzman, 2010, p. 147) Firms decide on investments based on the expected future cash flows. Since existing tax systems are not decision-neutral, a rational decisionmaker includes tax payments in his decision calculus when choosing between tax-relevant investments. It is not sufficient to only use the statutory tax rate in order to determine the effective tax burden of an investment project. Instead, it is additionally of importance to consider aspects of the tax base. One aspect of the tax system which re...

"Investment is the fundamental source of firm value and economic growth." (Hanlon and Heitzman, 2010, p. 147) Firms decide on investments based on the expected future cash flows. Since existing tax systems are not decision-neutral, a rational decisionmaker includes tax payments in his decision calculus when choosing between tax-relevant investments. It is not sufficient to only use the statutory tax rate in order to determine the effective tax burden of an investment project. Instead, it is additionally of importance to consider aspects of the tax base. One aspect of the tax system which re...

This thesis analyzes commodity futures pricing, trading activities in commodity futures contracts and their use for investment strategies. The aim of this thesis is to fill important gaps in the research field of commodity markets and to highlight special characteristics of commodity futures. It consists of three main chapters which are based on three research papers. The first paper Smart Beta Strategies on Commodity Futures Markets analyzes the use of commodity futures for passive long-only factor investment strategies. It builds on the idea of using factor investment strategies, sometime...