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Returns to private equity: idiosyncratic risk does matter!
Müller, Elisabeth - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2009
idiosyncratic risk. For US companies we investigate whether owners require compensation for lack of diversification in the form of … higher returns to equity. Exposure to idiosyncratic risk is measured as the share of the owner’s net worth invested in the … and significant influence of exposure to idiosyncratic risk. This paper improves our understanding of returns to private …
Persistent link: https://www.econbiz.de/10008474665
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Returns to private equity: idiosyncratic risk does matter!
Müller, Elisabeth - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2009
idiosyncratic risk. For US companies we investigate whether owners require compensation for lack of diversification in the form of … higher returns to equity. Exposure to idiosyncratic risk is measured as the share of the owner's net worth invested in the … and significant influence of exposure to idiosyncratic risk. This paper improves our understanding of returns to private …
Persistent link: https://www.econbiz.de/10008533673
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Returns to Private Equity: Idiosyncratic Risk Does Matter!
Müller, Elisabeth - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2007
idiosyncratic risk. For US companies we investigate whether owners require compensation for lack of diversification in the form of … higher returns to equity. Exposure to idiosyncratic risk is measured as the share of the owner's net worth invested in the … and significant influence of exposure to idiosyncratic risk. This paper improves our understanding of returns to private …
Persistent link: https://www.econbiz.de/10005097857
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Underdiversification in Private Companies: Required Returns and Incentive Effects
Müller, Elisabeth - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2004
Owners of private companies are often highly underdiversified which exposes them to idiosyncratic risk. We investigate …
Persistent link: https://www.econbiz.de/10005098148
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Is there a Difference? The Performance Characteristics of SRI Equity Indexes
Schröder, Michael - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2005
the cross-section. The results show that SRI stock indexes do not exhibit a different risk-adjusted return than … conventional benchmarks. But many SRI indexes have a higher risk relative to the benchmarks. These findings are robust to the use …
Persistent link: https://www.econbiz.de/10005098046
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Book-tax conformity: Empirical evidence from Germany
Zinn, Benedikt; Spengel, Christoph - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2012
We use a unique matched tax return-financial statement data set to examine the magnitude and sources of book-tax differences in Germany. For the first time, the data set enables us to evaluate the extent to which financial and tax accounting differ in Germany in the most accurate manner. Despite...
Persistent link: https://www.econbiz.de/10010957604
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Evidence on book-tax differences and disclosure quality based on the notes to the financial statements
Evers, Maria Theresia; Finke, Katharina; Matenaer, Sebastian - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2014
The German Accounting Law Modernization Act (BilMoG) represents a change in paradigm with regard to the traditionally close relationship between financial and tax accounting in Germany. At the same time, requirements on the disclosure of deferred taxes were revised considerably. We make use of...
Persistent link: https://www.econbiz.de/10010957649
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Transparency in financial reporting: Is country-by-country reporting suitable to combat international profit shifting?
Evers, Maria Theresia; Meier, Ina; Spengel, Christoph - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2014
Aggressive tax planning efforts of highly profitable multinational companies (Base Erosion and Profit Shifting (BEPS)) have recently become the subject of intense public debate. As a response, several international initiatives and parties have called for more transparency in financial reporting,...
Persistent link: https://www.econbiz.de/10010957713
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New economy accounting : why are broad-based stock option plans so attractive?
Hess, Dieter E.; Lüders, Erik - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2000
Several studies indicate that stock option plans are becoming more and more a substantial part of compensation schemes in U.S. companies. This paper shows the tax implications and accounting rules for stock option plans. By comparison of the tax and accounting rules for different compensation...
Persistent link: https://www.econbiz.de/10005097854
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Accounting for stock-based compensation: an extended clean surplus relation
Hess, Dieter E.; Lüders, Erik - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2001
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...
Persistent link: https://www.econbiz.de/10005098285