In diesem Arbeitspapier werden Regelwerke betrachtet, aus denen rechtliche Vorgaben für die IT des Unternehmens resultieren. Dies umfasst Gesetze und Rechtsverordnungen, Verwaltungsvorschriften, referenzierte Regelwerke und Urteile sowie Verträge. Die wichtigsten in der Praxis relevanten und...

The probability that actors in economic relationships break rules increases with the profits they thus expect to earn. It decreases with the probability and level of short - and long-term losses resulting from disclosure. It also decreases with the level of social context factors and intrinsic...

A substantial literature examines second-best environmental policy, focusingparticularly on how the Pigouvian directive that marginal taxes should equalmarginal external harms needs to be modified in light of the preexistingdistortion due to labor income taxation. Additional literature is...

The paper offers a new explanation for the widely observed use of redeemable and convertible preferred stock in venture capital finance. Redeemable and convertible preferred stocks can be used to endogenously allocate cash flow and control rights as a function of the state of nature, the...

Credit rationing and the use of collateral are widely observed in debt financing. To our view there is yet no appropriate theoretical explanation for these facts. In the standard debt financing models the occurrence of credit rationing can be explained based on suitable assumptions. But those...

This paper investigates whether firms employing IAS or US GAAP exhibit measurable differences in proxies for information asymmetry and market liquidity. Sample firms are drawn from the "New Market" at the Frankfurt Stock Exchange. All firms listed in this market segment are required to provide...

Die neoklassische Arbitragetheorie setzt voraus, daß alle Marktteilnehmer identische Erwartungenbezüglich der künftigen zustandsabhängigen Auszahlungen von risikobehafteten Wertpapierenbilden. Die Unsicherheit besteht dann im Eintritt des Zustandes selber, jedoch nicht indessen...

In der Literatur zur Abschlußprüfung ist ein negativer Effekt eines ökonomischen Vorteils aus der wiederholten Mandatsannahme, der aufgrund von Transaktionskosten entsteht, auf die Unabhängigkeit des Abschlußprüfers diskutiert worden. Anders als die bisher vorgestellten Ansätze wird im...

During the last years the relationship between financial development and economic growth has received widespread attention in the literature on growth and development. This paper summarises in its first part the results of this research, stressing the growth-enhancing effects of an increased...

Performance fees for portfolio managers are designed to align the managers' goals withthose of the investors and to motivate managers to aquire "superior" information and tomake better investment decisions. A part of the literature analyzes performance fees on thebasis of market valuation. In...