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Der Wertpapierprospekt: empirische Befunde zur Qualität der Risikoangaben bei Neuemissionen

Henselmann, Klaus; Klein, Martin; Maier, Christian - 2009

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 …

Persistent link: https://www.econbiz.de/10010300003

The abnormal returns of UK privatisations: From underpricing to outperformance

Florio, Massimo; Manzoni, Katiuscia - 2002

This paper offers a review and discussion of the evidence concerning the underpricing and long run performance of British PIPOs (Privatisation Initial Public Offerings) between 1977-1996, i.e. from the first privatisation under a Labour Government (British Petroleum), until the last ones by a...

Persistent link: https://www.econbiz.de/10011335748

Banks' Risk and The Impact of Audit Quality on Income Smoothing

Vasilakopoulos, Konstantinos; Tzovas, Christos; Ballas, … - In: Journal of Accounting and Management Information … 20 (2021) 3, pp. 425-453

quality, little is known about the audit quality in the banking sector. Excessive risk taking and business complexity may … further impair auditors' work and an audit's outcome may be conditioned upon banks' risk. Idea - We examine whether auditors …' independence influences bank managers' decision to smooth income and whether this attribute depends on bank risk and systemic …

Persistent link: https://www.econbiz.de/10015195999

Did fair-value accounting contribute to the financial crisis?

Laux, Christian; Leuz, Christian - 2009

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...

Persistent link: https://www.econbiz.de/10010303680

The crisis of fair value accounting: Making sense of the recent debate

Laux, Christian; Leuz, Christian - 2009

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...

Persistent link: https://www.econbiz.de/10010303740

Sell-side analysts with accounting experience

Andres, Christian; Brochet, François; Limbach, Peter; … - 2025

This study provides evidence on the performance and labor market trajectories of sell-side equity analysts with prior experience or education in accounting. Analysts with work experience in accounting issue both more accurate earnings per share (EPS) forecasts and more profitable sell...

Persistent link: https://www.econbiz.de/10015409445

The Market for Liars: Reputation and Auditor Honesty

McLennan, Andrew - 2003

In the model there are two types of financial auditors with identical technology, one of which is endowed with a prior reputation for honesty. We characterize conditions under which there exists a "two-tier equilibrium" in which "reputable" auditors refuse bribes offered by clients for fear of...

Persistent link: https://www.econbiz.de/10010263371

The Market for liars: Reputation and auditor honesty

McLennan, Andrew; Park, In-Uck - 2003

In the model there are two types of financial auditors with identical technology, one of which is endowed with a prior reputation for honesty. We characterize conditions under which there exists a 'two-tier equilibrium' in which 'reputable' auditors refuse bribes offered by clients for fear of...

Persistent link: https://www.econbiz.de/10010332213

Information disclosure, intertemporal risk sharing, and asset prices

Dang, Tri Vi; Hakenes, Hendrik - 2010

the information would otherwise have become public. Consequently, disclosure shifts risk from later cohorts of investors … to allocate risk intertemporally. This paper shows that a policy of partial disclosure (and, hence, of intertemporal risk …

Persistent link: https://www.econbiz.de/10010286717

Extended dividend, cash flow and residual income valuation models: Accounting for deviations from ideal conditions

Heinrichs, Nicolas; Hess, Dieter; Homburg, Carsten; … - 2011

Standard equity valuation approaches (i.e., DDM, RIM, and DCF model) are derived under the assumption of ideal conditions, such as infinite payoffs and clean surplus accounting. Because these conditions are hardly ever met, we extend the standard approaches, based on the fundamental principle of...

Persistent link: https://www.econbiz.de/10010306614