International evidence on the accrual anomaly is sparse and conflicting. Testing for accrual mispricing in 28 equity markets, we provide statistical evidence for anomalous returns in some countries. However, we question whether this result might have occurred by chance alone and that it might...

Both the FASB and the IASB do not actively consider information needs of the managementin the process of standard setting. We argue that this focus on external users does not fullyanswer the question as to what constitutes useful accounting information. We analyze thedifferences of managerial...

With its standards FAS 141 and 142 the Financial Accounting Standard Board has revo-lutionized the accounting for business combinations. One of the major changes is theabolishment of goodwill-amortization, which has been replaced by an annual impairmenttest at the level of a reporting unit....

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...

The European insurance industry is currently undergoing a substantial change in financial reporting requirements. Beginning in 2005, compliance with the International Financial Reporting Standards (IFRS) has been required in the European Union. Substantial sections of the IFRS - leading to a...

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...

Standard equity valuation approaches (i.e., DDM, RIM, and DCF) are derivedunder the assumption of ideal conditions, such as infinite payoffs and cleansurplus accounting. Since these conditions are hardly ever met, we provideextensions of the standard approaches based on the fundamental principle...

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

The recent financial crisis has led to a vigorous debate about the pros and cons of fair-value accounting (FVA). This debate presents a major challenge for FVA going forward and standard setters’ push to extend FVA into other areas. In this article, we highlight four important issues as an...

The recent financial crisis has led to a major debate about fair-value accounting. Many critics have argued that fair-value accounting, often also called mark-to-market accounting, has significantly contributed to the financial crisis or, at least, exacerbated its severity. In this paper, we...