This paper identifies several approaches to detection of manipulation in financial statements and creates a combined practical approach, which uses each of the existing algorithms in the complement manner to the others. It also introduces new P-Score formula, which in conjunction with Altman...

Im klassischen Beitrag von Salant, Switzer und Reynolds (1983) wird für symmetrische Unternehmungen gezeigt, daß bei Verfolgung einer Mengenpolitik Fusionen zur Einschränkung des Wettbewerbs nur dann für die beteiligten Unternehmungen lohnend sind, wenn wenigstens 80 % der Unternehmungen an...

In jüngster Vergangenheit hat die Versicherungswirtschaft einen grundlegenden Wandel durchlaufen. Deregulierung, Globalisierung sowie Substitutionskonkurrenz führten zu einem verschärften Wettbewerb um Marktanteile bei sinkenden Gewinnmargen. Aufgrund dieser neuen Wettbewerbsdynamik und den...

Using a simulation analysis based on historical U.S. stock market returns, we assess the total tax burden (federal plus state) of active portfolio management. Our results show that taxes can erode a large portion of the profits, even for moderately intense trading strategies where the capital...

We examine a duopolistic setting in which firms pre-announce their future competitive decisions (e.g. prices, production quantities, capacity investments) before they actually undertake them. We show that firms overstate their future actions in their pre-announcements, and that their real action...

Investors have strong economic incentives to engage in unbiased information search in order to maximize the expected value of their investments. I examine whether an investor's psychological preference for information that supports his past investment decisions dominates his economic incentive...

While academic and practitioner literature has advocated the use of real options in firms' long-term investment appraisal processes, few studies have examined the extent to which real options are incorporated into decisions when they are made available. We experimentally examine supervising...

Relevance of earnings for explaining equity prices is investigated by many value relevance studies. This study investigates whether fiscal year end earnings as a proxy for next period's earnings have additional information, beyond the information incorporated in contemporaneous equity price, for...

Competitive power of a product in the market depends on factors such as cost, performance, aesthetics, time of submission to market, and quality. High competition conditions and change in customer expectations have shortened life span of products and time of submission to the market. This has...

Multinational Banks operate on a wider economic and geographical spectrum and are faced with vast challenges in each economic territory. There is however general observation that multinational banks do not make proper disclosures on portfolios operating in hyperinflationary economies as outlined...