Empirical evidence suggests that banks often engage in refinancing of intrinsically insolvent debtors instead of writing of their non-performing loans. Such forbearance lending may induce soft budget constraints for the debtors, as it diminishes their incentives to thwart default. This paper...

We construct a vintage capital model à la Whelan (2002) with both exogenous embodied and disembodied technical progress, and variable utilization of each vintage. The lifetime of capital goods is endogenous and it relies on the associated maintenance costs. We study the properties of the...

Das Lösungsbuch zur Buchführung 2 hilft Ihnen, Ihre selbst erarbeiteten Lösungen zu den Übungsaufgaben des Lehrbuchs zu überprüfen. Um Ihnen über die Angebote des Lehrbuchs hinaus Übungsmaterial zur Verfügung zu stellen, ist die 29., überarbeitete Auflage des Lösungsbuchs um...

We analyze under which situations it is optimal to opportunistically delay a fixed asset write-off and when transparent reporting of write-offs is optimal. We apply a simplified real options approach to find an answer to this question. Therefore, we analyze two settings, one of which does not...

Private firms are likely to use the financial reporting process more for other objectives, such as tax savings, than for communicating performance. However, observing firms choosing accounting policies for tax-minimisation purposes is not straightforward due to (i) tax and non-tax costs of...