Regulations that limit dividend payouts, made by limited liability companies in order to safeguard the interests of creditors, represent important legal constraints as they ensure a minimum level of protection. Hereby, this task, which is performed in Germany by annual financial statements...

The one-sided focus on shareholders' interests inherent in shareholder value-orientated corporate policies presupposes that there is a functioning system to protect the economic interests of the other stakeholder groups (creditors, employees, customers, suppliers, etc.). This is an important...

In this essay, bankster reputation as a coordination mechanism (“focal arbitrator”) in the game of interest rate manipulation and the effects punishment will be analyzed with the aid of game-theoretical instruments

The rational management of the current value accounting according to the fair value concept is one of the major problems. The history of current value accounting in Germany has not been researched very well yet. Although, some aspects of history would certainly provide new insight into the...

More than 20 years ago, Professor Herbert Hax (1989) derived the basic principles for measuring performance from the two conflicting demands that the ascertainable profit in a given period should be bound up with the effect of management decisions, and should also not be able to be manipulated....