Are pandemics systemically important to modern-day financial markets? This study uses the COVID-19 pandemic as a natural experiment for testing how large-scale pandemics affect the financial markets. Using hand-collected data at the firm level, I find that managers systematically underestimated...

The paper analyzes the risk disclosure quality in the prospectus of IPOs in Germany between 2006 and 2008. Quality of risk information is measured as precision and comprehensibility. The relationship between risk disclosure quality and earnings power is tested. -- Risikoberichterstattung ;...

Der Einfluss der Rechnungslegung auf den Kapitalmarkt wir mittels verschiedener Ansätze empirisch untersucht. Insbesondere die Auswirkungen der Übernahme internationaler Rechnungslegungsstandards ist in den vergangenen Jahren in den Mittelpunkt der Forschung gerückt....

We decompose the market-to-book ratio into two additive components: a conservatism correction factor and a future-to-book ratio. The conservatism correction factor exceeds the benchmark value of one whenever the accounting for past transactions has been subject to an (unconditional) conservatism...

Earnings management erodes the usefulness of financial statements, because the typical result of cooking the books is the occurrence of earnings bubble that bursts sooner or later, causing stock price to dive. This paper explores the presence of earnings management in the case of companies...

Empirical research shows that corporate financial results (measured by sales growth, profitability, earnings growth, leverage, etc.) are characterized by the long-term reversion toward the levels average for the whole economy. In the case of sales growth this means that companies which in a...

This paper was aiming to address an in time research question: why Chinese public listed companies showed differences in terms of the number of auditors they used to audit internal control over financial reporting and financial statement under new regulations on security exchange. Integrating...