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Valuation of International Oil Companies –The RoACE Era

Osmundsen, Petter; Asche, Frank; Misund, Bård; Mohn, Klaus - CESifo - 2005

High oil prices are normally expected to stimulate exploration and the development of new oil and gas fields. But over the last few years, financial analysts have focused strongly on short-term accounting return (RoACE) for benchmarking and valuation, and this has led to high capital discipline...

Persistent link: https://www.econbiz.de/10005406311

Taxes and Financial Reporting: Evidence from Discretionary Investment Write-Offs in Italy

Arachi, Giampaolo; Bucci, Valeria - CESifo - 2010

This paper provides further empirical evidence on the relationship between taxes and financial reporting by focusing on accounting decisions to write-offs equity investments. The analysis is based on panel data for Italian companies. In the period 1998-2006 the Italian corporate income tax has...

Persistent link: https://www.econbiz.de/10008799740

Limited Liability, Asymmetric Taxation, and Risk Taking - Why Partial Tax Neutralities can be Harmful

Ewert, Ralf; Niemann, Rainer - CESifo - 2010

We examine the combined effects of asymmetric taxation and limited liability on optimal risk taking of investors. Given … an optimal risk level in the pre-tax case under full liability, loss-offset restrictions reduce, and limited liability … enhances the incentives for taking risk. For every degree of limited liability we can find corresponding loss …

Persistent link: https://www.econbiz.de/10008833930

Asymmetric Taxation and Performance-Based Incentive Contracts

Niemann, Rainer - CESifo - 2011

This paper analyzes the effects of symmetric and asymmetric taxation on performance-based versus fixed remuneration contracts. I integrate a proportional corporation tax and a proportional wage tax into a binary principal-agent model. The wage tax increases the remuneration costs and makes the...

Persistent link: https://www.econbiz.de/10008853851

The Impact of Taxation on International Assignment Decisions - A Principal-Agent Approach

Martini, Jan Thomas; Niemann, Rainer - CESifo - 2013

In many industries like management consulting, IT consulting, or construction highly qualified employees, i.e., experts or executive managers, have to be assigned to temporary projects. In firms with many employees and various different projects, this assignment decision involves a complex...

Persistent link: https://www.econbiz.de/10010678210

Fishing for Excuses and Performance Evaluation

Larmande, François; Ponssard, Jean-Pierre - CESifo - 2014

of conforming to a result-based system with no adjustments. The risk aversion and a possible limited liability of the …

Persistent link: https://www.econbiz.de/10010877776

Vertical Integration and Valuation of International Oil Companies

Misund, Bård; Osmundsen, Petter; Sikveland, Marius - CESifo - 2014

This paper studies financial statement information from the 50 largest international oil and gas companies during 1992 to 2011 and evaluates their relation to market values. In particular, we examine how this relationship is affected by accounting method choice (successful efforts versus full...

Persistent link: https://www.econbiz.de/10010960642

Management Incentives under Formula Apportionment - Tax-Induced Distortions of Effort and Compensation in a Principal-Agent Setting -

Martini, Jan Thomas; Niemann, Rainer; Simons, Dirk - CESifo - 2014

The introduction of a common consolidated corporate tax base (CCCTB) and tax allocation via formula apportionment (FA) is hotly debated in the European Union (EU) since more than a decade. While the literature has thoroughly analyzed the economic effects of FA from a macro-level perspective, the...

Persistent link: https://www.econbiz.de/10010812490

Levelized Product Cost: Concept and Decision Relevance

Reichelstein, Stefan; Rohlfing-Bastian, Anna - CESifo - 2014

This paper examines a life-cycle cost concept that applies to both manufacturing and service industries in which upfront capacity investments are essential. Borrowing from the energy literature, we refer to this cost measure as the levelized product cost (LC). Per unit of output, the levelized...

Persistent link: https://www.econbiz.de/10010736750

Conservatism Correction for the Market-To-Book Ratio and Tobin's q

McNichols, Maureen; Rajan, Madhav V.; Reichelstein, Stefan - CESifo - 2014

We decompose the market-to-book ratio into two additive components: a conservatism correction factor and a future-to-book ratio. The conservatism correction factor exceeds the benchmark value of one whenever the accounting for past transactions has been subject to an (unconditional) conservatism...

Persistent link: https://www.econbiz.de/10010741314