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See detailThe cross-section of returns, benchmark model parameters, and idiosyncratic volatility of the world’s nuclear energy firms after Fukushima Daiichi
Lopatta, Kerstin UL; Kaspereit, Thomas UL

in Energy Economics (2014), 41

This study analyzes how the stock market returns, the factor loadings from the Carhart (1997) 4-factor model, and the idiosyncratic volatility of shares in energy firms have been affected by the Fukushima ... [more ▼]

This study analyzes how the stock market returns, the factor loadings from the Carhart (1997) 4-factor model, and the idiosyncratic volatility of shares in energy firms have been affected by the Fukushima nuclear accident. Unlike existing studies, which provide evidence of a wealth transfer from nuclear to renewable energy firms for specific countries, we use an international sample and investigate whether changes in the regulatory Environment and the firm-specific commitment to nuclear and renewable energies correlate with the capital market's reactions to the Fukushima Daiichi accident. Our findings suggest that the more a firm relies on nuclear power, the more its share price declined after the accident. A commitment to renewable energies does not prevent declines in share prices but significantly helps to reduce the increase in market beta that is associated with this event. Nuclear energy firms domiciled in countries with a higher number of regulatory interventions that were triggered by the catastrophe have lower abnormal returns than those that are domiciled elsewhere. However, as a cross-sectional analysis reveals, a stronger commitment to nuclear power is the main driver for negative stock market returns. Furthermore, nuclear energy firms domiciled in countries with stronger regulatory shifts away from nuclear energy experience significant increases in market beta and the book-to-market equity factor loading according to the Carhart (1997) 4-factor model. We conclude that capital market participants are able to differentiate between the affectedness of firms with respect to their product portfolio. Energy firms could prevent increases in market beta due to catastrophes such as the Fukushima Daiichi accident by shifting some of their energy production from nuclear to renewable or other sources. [less ▲]

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See detailThe effect of the German Accounting Law Modernization Act (BilMoG) on the earnings quality of private firms
Lopatta, Kerstin UL; Kaspereit, Thomas UL; Jaeschke, Reemda et al

in Corporate Finance (2013), 5

The 2009 Accounting Law Modernization Act (BilMoG) had a considerable impact on German accounting principles, especially in terms of tax regulations, recognition, and measurement options. This paper ... [more ▼]

The 2009 Accounting Law Modernization Act (BilMoG) had a considerable impact on German accounting principles, especially in terms of tax regulations, recognition, and measurement options. This paper analyzes whether these changes have had a positive effect on the quality of earnings reported in German financial statements. We find that earnings management significantly decreased after the implementation of BilMoG. This study is the first to examine potential improvements on earnings quality as a result of BilMoG. Our results indicate that in the run-up to the reform, legislators effectively aligned domestic accounting standards with IFRS principles, which led to improved transparency within financial reporting. [less ▲]

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See detailSustainability reporting out of a prisoner’s dilemma
Kaspereit, Thomas UL

in Comby, J.; Eames, K.; Guiherý, L. (Eds.) et al Developing Sustainability (2013)

Listed firms increasingly strive for a sustainable appearance, which has made sustainability reporting very popular in recent years. This would be completely rational if sustainability reporting could ... [more ▼]

Listed firms increasingly strive for a sustainable appearance, which has made sustainability reporting very popular in recent years. This would be completely rational if sustainability reporting could enhance shareholder value. This paper investigates from a theoretical perspective which conditions are sufficient for the individual and collective rationality of sustainability reporting. The Analysis leads to the conclusion that, due to the competition between firms, sustainability reporting generates a separation equilibrium as long as the reporting costs are proportional to the reported level and the marginal costs of reporting differ with the true level of sustainability. Although it might be preferable, a pooling equilibrium with no sustainability reporting cannot be sustained, which is a result of the so-called prisoner’s dilemma that firms find themselves caught within. The most important practical implication of the model is a call for external auditing with high assurance levels to ensure an efficient separation of highly and weakly sustainable firms [less ▲]

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See detailNachhaltigkeitsberichterstattung als Instrument der Kapitalmarktkommunikation
Eiselt, Andreas; Kaspereit, Thomas UL

in KoR : internationale und kapitalmarktorientierte Rechnungslegung : IFRS (2010), 7-8

Der Beitrag erläutert die Grundzüge der Nachhaltigkeitsberichterstattung, stellt den aktuellen Forschungsstand zur Verbreitung dieses Berichtsinstruments anhand ausgewählter Studien dar und analysiert die ... [more ▼]

Der Beitrag erläutert die Grundzüge der Nachhaltigkeitsberichterstattung, stellt den aktuellen Forschungsstand zur Verbreitung dieses Berichtsinstruments anhand ausgewählter Studien dar und analysiert die Praxis der Nachhaltigkeitsberichterstattung der Unternehmen des DJ STOXX Europe 600. [less ▲]

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See detailZum Einsatz von Residualgewinnmodellen post BilMoG – Nähert sich das Accounting Model dem Economic Model
Paetzmann, Karsten; Kaspereit, Thomas UL

in Journal of Management Control (2010), 20(4), 419-444

Im Zuge der Umsetzung einer wertorientierten Unternehmenssteuerung hat das Konzept Economic Value Added (EVA) als Residualgewinnmodell weite Verbreitung auch bei deutschen Großunternehmen gefunden. Das ... [more ▼]

Im Zuge der Umsetzung einer wertorientierten Unternehmenssteuerung hat das Konzept Economic Value Added (EVA) als Residualgewinnmodell weite Verbreitung auch bei deutschen Großunternehmen gefunden. Das Konzept lehnt sich an die Idee des ökonomischen Gewinns an und versucht, von den Daten des externen Rechnungswesens ausgehend eine Kennzahl zu ermitteln, die dem tatsächlichen ökonomischen Gewinn nahe kommt. Der Umfang der hierzu notwendigen Konversionen ist abhängig vom Rechnungslegungssystem. Gerade die Komplexität dieser Konversionen war in der Vergangenheit Gegenstand von Kritik. Der Beitrag untersucht, inwieweit das 2009 verabschiedete Bilanzrechtsmodernisierungsgesetz Einfluss auf den Umfang der notwendigen Konversionen hat und ob aus möglichen Vereinfachungen eine Attraktivitätssteigerung des EVA-Konzepts gerade auch für deutsche mittelständische Unternehmen erwartet werden kann. [less ▲]

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