Similar Search Results

A note on the time series measure of conservatism

Brauer, Sebastian; Westermann, Frank - 2010

Asymmetric persistence of accounting income is often tested in a regression of changes in earnings on lagged changes in earnings, including an interaction term for negative changes (see Basu [1997] or Ball et al. [2009] for a recent overview). In this note we propose an alternative, but closely...

Persistent link: https://www.econbiz.de/10003940082

Limited liability, asymmetric taxation, and risk taking : why partial tax neutralities can be harmful

Ewert, Ralf; Niemann, Rainer - 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...

Persistent link: https://www.econbiz.de/10008808263

Asymmetric taxation and performance-based incentive contracts

Niemann, Rainer - 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/10009011369

The impact of taxation on international assignment decisions : a principal-agent approach

Martini, Jan Thomas; Niemann, Rainer - 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/10009765514

Fishing for excuses and performance evaluation

Larmande, François; Ponssard, Jean-Pierre - 2014

We study a principal-agent model in which the agent can provide ex post additional relevant information regarding his performance. In particular, he can provide a legitimate excuse, that is, evidence that a poor result is only due to factors outside his control. However, building a convincing...

Persistent link: https://www.econbiz.de/10010229868

Conservatism correction for the market-to-book ratio and Tobin's q

McNichols, Maureen; Rajan, Madhav V.; Reichelstein, Stefan - 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/10010246096

Management incentives under formula apportionment : tax-induced distortions of effort and compensation in a principal-agent setting

Martini, Jan T.; Niemann, Rainer; Simons, Dirk - 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/10010383849

A theory of tax avoidance : managerial incentives for tax planning in a multi-task principal-agent model

Ewert, Ralf; Niemann, Rainer - 2014

We derive determinants of tax avoidance by means of a multi-task principal-agent model. We extend prevailing models by integrating both corporate and individual income taxation as well as by including tax planning effort in the agent’s action portfolio. Our model shows novel and apparently...

Persistent link: https://www.econbiz.de/10010367166

Costs, benefits, and tax-induced distortions of stock option plans

Niemann, Rainer; Simons, Dirk - 2002

In recent years stock option plans (SOPs) have become an important component of managerial remuneration in most industrialized countries. Commonly accepted, corporate as well as individual taxes have a major impact on the costs of a SOP. In contrast, the tax influence on the benefits of a SOP...

Persistent link: https://www.econbiz.de/10011514043

Vertical integration and valuation of international oil companies

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

. Furthermore, the value relevance of oil and gas reserves is different among successful efforts and full cost companies. Larger … reserves among successful efforts companies are awarded a premium by stock markets. The value relevance of book value is … significantly lower for integrated companies than for pure upstream companies. We also find that the value relevance of oil and gas …

Persistent link: https://www.econbiz.de/10010428751

1
2
3
4
5
6
7
8
9
10
Next
Last