Managing a firm’s current assets and liabilities (working capital management) is highly relevant to the success of that firm. While the short-term liquidity effects of working capital management are straightforward to derive, it is an empirical question how it affects firm profitability. This...

Die freiwillige Unternehmenspublizität dient vor allem der Information der Investoren zum Abbau von Informationsasymmetrien und einer Minderung von Prinzipal-Agent-Konflikten. Vor diesem Hintergrund analysiert der vorliegende Beitrag Befunde zu den mit einer Veröffentlichung einhergehenden...

Purpose – The tax advantage of debt is considered an important motivation for highly leveraged transactions. The German government limited the tax deductibility of interest expenses to 30.0 percent of earnings before interest, taxes, depreciation, and amortization (the interest barrier rule)...

International Accounting Standard 39 (IAS 39) and the Statement of Financial Accounting Standard 159 (SFAS 159) both require a firm to include adjustments to the fair values of its liabilities resulting from changes in its own credit risk in net income. Previous research confirms that including...