Dieses Buch enthält die Fallstudie des mittelständischen Maschinenbau-Unternehmens Peter Pollmann Pumpen GmbH. Durch Mißmanagement ist das Unternehmen im Laufe der Zeit in eine existenzbedrohende Krise geraten. Es wird gezeigt, daß vor allem eine fehlende Koordination der Planung in den...

Dieses Buch enthält die Fallstudie der Peter Pollmann Pumpen AG, eines mittelständischen Maschinenbauunternehmens. Durch Mißmanagement ist es in eine existenzbedrohende Krise geraten, die nur durch fundierte strategische und operative Entscheidungen gelöst werden kann. Es wird dargestellt,...

We investigate an externality of earnings pressure from capital markets. We define earnings pressure as managers’ incentives to meet or beat earnings expectations. Using detailed establishment-level sulfur dioxide emission data from China covering 2003 to 2012, we find that firms with earnings...

This paper explores the likelihood and consequences of voluntary disclosure (proxied by management earnings forecasts) for a sample of 1005 cross-listed firms in the US from 40 countries over the period 1996–2005. Our study is grounded in a three-tiered conceptual framework that relies on...

This study investigates whether and how the information values of reported earnings and their components changed around the Asian financial crisis of 1997-1998. Regression analyses on a sample of 10,406 firm-years from nine Asian countries from 1995 to 2000 reveal the following. First, the...

Using a large sample of U.S. firms for the period 1995-2008, we provide strong and robust evidence that corporate tax avoidance is positively associated with firm-specific stock price crash risk. This finding is consistent with the following view: Tax avoidance facilitates managerial rent...

Using a large sample of U.S. firms for the period 1993-2009, we provide evidence that the sensitivity of a chief financial officer's (CFO) option portfolio value to stock price is significantly and positively related to the firm's future stock price crash risk. In contrast, we find only weak...

This study examines whether insiders' incentives for private control benefits affect investment sensitivity to stock price. While Chen et al. (2007) link stock price informativeness to firms' learning from the stock market, we offer an alternative agency-cost based explanation. Using a total of...

This study predicts and finds that chief executive officer (CEO) risk-taking incentives induced by stock option compensation increase a bank's contribution to systemic distress risk and systemic crash risk. We also predict and find that this CEO incentive systemic risk relation operates through...