Der vorliegende Beitrag untersucht, ob der Mehrheitsaktionär einer Gesellschaftim Vorfeld eines Zwangsausschlusses von Minderheitsaktionären (sog.Squeeze-Out) versucht, die Kapitalmarkterwartungen negativ zu beeinussen.Ein solches "manipulatives\ Verhalten wird häufig in der juristischen wie...

In their joint framework project, the FASB and the IASB recently proposeddropping stewardship as a separate objective of financial accounting, because the Boards view stewardship and valuation usefulness as compatible sub-objectives ranking under an overall objective of decision usefulness. This...

We examine whether UK firms engage in earnings management or forecast guidance over theperiod 1994−2002 in order to ensure that their reported earnings meet analyst earnings expectations.We explore two earnings management mechanisms: a) the use of positive abnormal working capitalaccruals and...

We explore the capital market consequences of achieving analyst earnings expectations,distinguishing between expectations achieved genuinely or through earnings guidance ormanagement. We examine an inclusive set of earnings management tools: real earningsmanagement, working capital accruals...

Executive Stock Option Programs (SOPs) have become the dominant compensation instrument for top-management in recent years. The incentive effects of an SOP both with respect to corporate investment and financing decisions critically depend on the design of the SOP. A specific problem in...

Our study provides evidence on the share price reactions to the announcement of equity issues inGermany, where capital market is characterized by institutional features distinct from the U.S. market.German seasoned equity issues yield a positive market reaction which contrasts to the significant...

This paper documents a relation between the shareholder base and payout policy. Consistentwith the idea that the shareholder base is related to the cost of external financing we find thatfirms with small shareholder bases have lower payout levels and maintain higher cash holdingsthan firms with...

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...

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...