Cash flow statements have gained popularity worldwide and are nowmandatory also under German GAAP for listed companies. Based on InternationalAccounting Standard No. 7 we review their analytical value from both ashareholder’s and a creditor’s point of view. Cash flow patterns do vary...

This paper studies the incentives of German firms to voluntarily disclose cash flow statements over time. While cash flow statement are mandated under many GAAP regimes, its disclosure has not been mandatory in Germany until recently. Nevertheless, an increasing number of firms provides cash...

Nach den Änderungen durch das BilMoG passen die Standards-Setzerdie Vorgaben für die Lageberichterstattung an die neue Gesetzeslagean. Frei von Widersprüchen sind die Vorgaben aber nicht.[...]

UNTERNEHMENSPUBLIZITÄT: Immer neue Vorschriften und Standardsmachen den IR-Verantwortlichen das Leben schwer. Doch trotz aller Regulierunggibt es noch genügend Möglichkeiten, eigene Akzente zu setzen.[...]

Financial leverage increases the expected return on equity. We show that this leverage effect is not only irrelevant for shareholders' present wealth but also for the return on their invest-ments. This result is straightforward if we do not only look at the return on equity but at the return on...

Die Empfehlung, das Shareholder-Value-Konzept zur Grundlage der Unternehmenspolitik zu machen, erscheint um so überzeugender und wird vermutlich um so eher akzeptiert, (1) je lohnender die Shareholder-Value-Orientierung für die Aktionäre ist, (2) je eindeutiger es ist, wie die Empfehlung...

This contribution discusses a number of ideas for using a shareholder value approach to the problems of risk-adjusted performance measurement and the issue of capital allocation. We demonstrate that, if shareholder value is to be consistently maximised, then not only the total amount of equity...