Narrow search
Showing 1 - 10 of 79
Cover Image
The Conglomerate Discount in Germany and the Relationship to Corporate Governance
Weiner, Christian - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2005
This paper documents the conglomerate discount for all available German firms and the DAX 30 firms in detail. It shows a moderate discount of about 0.06 based on German comparable firms and of about 0.20 for a combined sample of German and European peer groups. I further examine the relationship...
Persistent link: https://www.econbiz.de/10005652748
Cover Image
LONG-TERM ORIENTATION IN FAMILY AND NON-FAMILY FIRMS: A BAYESIAN ANALYSIS
Block, Jörn Hendrich; Thams, Andreas - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2007
A stronger long-term orientation is considered a competitive advantage of family firms relative to non-family firms. In this study, we use panel data of U.S. firms and analyze this proposition. Our findings are surprising. Only in when the family is involved in the management of the firm is the...
Persistent link: https://www.econbiz.de/10005678047
Cover Image
Bank Lending Relationships and the Use of Performance-Sensitive Debt
Adam, Tim R.; Streitz, Daniel - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2013
We show that performance-sensitive debt (PSD) is used to reduce hold-up problems in repeated lending relationships. Using a large sample of bank loans, we find a more frequent use of PSD if hold-up is more likely, e.g. if a longterm lending relationship exists and the borrower has fewer outside...
Persistent link: https://www.econbiz.de/10010659439
Cover Image
Auswirkungen der IFRS-Umstellung auf die Risikoprämie von Unternehmensanleihen - Eine empirische Studie für Deutschland, Österreich und die Schweiz
Kiefer, Kerstin; Schorn, Philipp - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2007
Reduziert eine IFRS-Umstellung die Informationsdefizite der Fremdkapitalgeber und somit auch die Risikoprämie von … für Fremdfinanzierung. Folglich analysieren wir den Einfluss einer IFRS-Umstellung auf die Risikoprämie von Anleihen … Veränderung der Risikoprämie nach einer Umstellung auf IFRS um ca. 39% verringert. Allerdings tritt dieser Effekt mit einer …
Persistent link: https://www.econbiz.de/10005784860
Cover Image
Why Do Firms Engage in Selective Hedging?
Adam, Tim R.; Fernando, Chitru S.; Salas, Jesus M. - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2012
Surveys of corporate risk management document that selective hedging, where managers incorporate their market views into firms’ hedging programs, is widespread in the U.S. and other countries. Stulz (1996) argues that selective hedging could enhance the value of firms that possess an...
Persistent link: https://www.econbiz.de/10009649737
Cover Image
Managerial Overconfidence and Corporate Risk Management
Adam, Tim R.; Fernando, Chitru S.; Golubeva, Evgenia - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2012
We show that managerial overconfidence, which has been found to influence a number of corporate financial decisions, also affects corporate risk management. We find that managers increase their speculative activities using derivatives following speculative gains, while they do not reduce their...
Persistent link: https://www.econbiz.de/10009649738
Cover Image
Comparability Effects of Mandatory IFRS Adoption
Cascino, Stefano; Gassen, Joachim - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2012
The mandatory adoption of IFRS by many countries worldwide fuels the expectation that financial accounting information … of mandatory IFRS adoption on the comparability of financial accounting information around the world. Using two … comparability proxies based on De Franco et al. [2011], our results suggest that the overall comparability effect of mandatory IFRS …
Persistent link: https://www.econbiz.de/10009651903
Cover Image
Mandatory IFRS adoption and accounting comparability
Cascino, Stefano; Gassen, Joachim - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2010
The adoption of IFRS by many countries worldwide fuels the expectation that financial accounting might become more … shaping accounting information. We provide early evidence on this debate by investigating the effects of mandatory IFRS … adoption of IFRS increases the comparability of some prominent balance sheet line items across countries, it has no clear …
Persistent link: https://www.econbiz.de/10008682877
Cover Image
Are stewardship and valuation usefulness compatible or alternative objectives of financial accounting?
Gassen, Joachim - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2008
In their joint framework project, the FASB and the IASB recently proposed dropping stewardship as a separate objective of financial accounting, because the Boards view stewardship and valuation usefulness as compatible sub-objectives ranking under an overall objective of decision usefulness....
Persistent link: https://www.econbiz.de/10005677911
Cover Image
Selecting Comparables for the Valuation of European Firms
Dittmann, Ingolf; Weiner, Christian - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2005
This paper investigates which comparables selection method generates the most precise forecasts when valuing European companies with the enterprise value to EBIT multiple. We also consider the USA as a reference point. It turns out that selecting comparable companies with similar return on...
Persistent link: https://www.econbiz.de/10005677931