We analyze the effect of committee formation on how corporate boards perform two main functions: setting CEO pay and overseeing the financial reporting process. The use of performance-based pay schemes induces the CEO to manipulate earnings, which leads to an increased need for board oversight....

Der Begriff des Kundenwerts ist vielschichtig und je nach Perspektive anders zu definieren. Es gibt verschiedene Herangehensweisen, den Kundenwert zu bestimmen, die jeweils unterschiedliche Ergebnisse liefern. Einen Überblick darüber gibt das vorliegende Diskussionspapier. Zu Beginn der Arbeit...

Residual income valuation is based on the assumption that the clean surplus relation holds. As pointed out by Ohlson (2000), among others, the standard clean surplus relation is frequently violated. Moreover, standard residual income valuation models rest on the implicit assumption that future...

We examine a static one-risk-free-one-risky asset portfolio choice when the investor’s wellbeing is affected by the anticipatory feelings associated to potential capital gains and losses. These feelings can be manipulated by the choice of subjective beliefs on the distribution of returns....