Several recent empirical papers assert that the decision to disclose an earnings forecast shortly before the actual earnings announcement reveals only short-term information and is therefore unlikely to entail proprietary costs. Using a simple dynamic model of voluntary disclosure, we show that...

I implement the accounting-based risk measurement approach in equity valuation proposed by Nekrasov and Shroff (2009) for the German market using monthly data from 2002 to 2019. The empirical analysis shows that value estimates based on this risk measurement approach produce a significantly...

Übernahmen und Fusionen bestimmen nach wie vor das Wirtschaftsleben. Häufig zielen Sie auf das Wachstum des Stammgeschäftes. Die angestrebten Wachstumsziele werden allerdings selten erreicht. Als Hauptursache hierfür gilt die durch die Übernahme oder Fusion ausgelöste Kundenabwanderung....

In the field of mergers and acquisitions, German and international tax law allow for several opportunities to step up a firm's assets, i.e., to reevaluate the assets at fair market values. When a step-up is performed the taxpayer recognizes a taxable gain, but also obtains tax benefits in the...

We analyze the decision to announce an open market share repurchase and the share price reaction to the announcement. We use a conditional estimation approach which takes into account that the repurchase decision is made rationally and that, consequently, there is a potential selection bias....

We analyze the decision to announce an open market share repurchase and the share price reaction to the announcement. We use a conditional estimation approach which takes into account that the repurchase decision is made rationally and that, consequently, there is a potential selection bias....

We analyze the decision to announce an open market share repurchase and the share price reaction to the announcement. We use a conditional estimation approach which takes into account that the repurchase decision is made rationally and that, consequently, there is a potential selection bias....