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See detailImproving Predictions of Upward Cost Adjustment and Cost Asymmetry at the Firm-Year Level
Kaspereit, Thomas UL; Lopatta, Kerstin

in Journal of Management Accounting Research (2018)

This study introduces a new method for predicting cost elasticity with respect to changes in sales that incorporates cost asymmetry at the firm-year level. The new method is based on widely available ... [more ▼]

This study introduces a new method for predicting cost elasticity with respect to changes in sales that incorporates cost asymmetry at the firm-year level. The new method is based on widely available factors that, according to the “economic theory of sticky costs” (Banker et al., 2013) and the “integrated theory of cost behavior” (Banker and Byzalov, 2014), are expected to influence cost behavior. The new method is subject to fewer data restrictions than the method proposed by Weiss (2010). By extending the cost variability and cost stickiness (CVCS) model of Banker and Chen (2006), we find that incorporating firm-year specific proxy measures for upward cost adjustment and cost asymmetry significantly enhances earnings forecasts. However, this improvement in forecast accuracy is not reflected in contemporaneous stock returns, pointing towards a partial understanding of cost behavior by capital markets. We further find that predicted cost stickiness is associated with lower analysts’ forecast accuracy and a weaker effect of earnings surprises on market reactions, confirming the results reported in Weiss(2010) for his measure of cost asymmetry. [less ▲]

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See detailSystemic Operational Risk − Spillover Effects of Large Operational Losses in the European Banking Industry
Kaspereit, Thomas UL; Lopatta, Kerstin UL; Pakhchanyan, Suren et al

in Journal of Risk Finance (2017), 18(3),

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See detailKritischer Vergleich der Wertminderungsmodelle nach IAS 39 und IFRS 9 - eine Fallstudie
Lopatta, Kerstin UL; Kaspereit, Thomas UL; Böttcher, Katarina et al

in Zeitschrift für internationale Rechnungslegung (2016), 11(12), 499-505

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See detailAsymmetric Cost Behavior and Analyst Earnings Forecasts Revisited: Evidence from a New Firm-year Measure of Cost Stickiness
Kaspereit, Thomas UL

Scientific Conference (2016, August 08)

This study introduces a new firm-year measure of cost stickiness. This new measure, which is based on cross-sectional regressions of changes in cost on changes in sales, is benchmarked against the ... [more ▼]

This study introduces a new firm-year measure of cost stickiness. This new measure, which is based on cross-sectional regressions of changes in cost on changes in sales, is benchmarked against the quarterly firm-level measure developed in Weiss (2010). The results show that the new measure is subject to fewer data restrictions and therefore results in larger sample sizes. Like the Weiss (2010) measure, the new measure is positively correlated with analysts’ forecast accuracy (higher levels of cost stickiness are associated with larger absolute forecast errors) and increases the effect of earnings surprises on market reactions (lower levels of cost stickiness are associated with stronger market reactions). In line with economic theory (Bhushan, 1989; Das et al., 1998), the new measure exhibits a negative correlation with analyst coverage (higher levels of cost stickiness are associated with higher analyst coverage), indicating that analysts meet the enhanced demand for private information that results from less predictable earnings. [less ▲]

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See detailInternational Evidence on the Relationship between Insider and Bank Ownership and CSR Performance
Lopatta, Kerstin UL; Jaeschke, Reemda; Canitz, Felix et al

in Corporate Governance : An International Review (2016), Forthcoming

Our study contributes to existing literature by investigating the effects of blockholder and bank ownership on CSR performance within an international context. Prior research has predominantly examined ... [more ▼]

Our study contributes to existing literature by investigating the effects of blockholder and bank ownership on CSR performance within an international context. Prior research has predominantly examined local markets. Additionally, we identify ownership dispersion to strengthen the relationship between investors and CSR and thus provide further evidence on the factors influencing investors’ CSR preferences. Conducting an instrumental variables approach supports our findings that bank ownership is positively and blockholder ownership is negatively related to CSR performance. [less ▲]

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See detailNeudefinition der Umsatzerlöse und Anpassung der Größenklassen gem. BilRUG
Lopatta, Kerstin UL; Kaspereit, Thomas UL; Gloger, Mario et al

in Der Betrieb (2016), 26-27

Zum 01.01.2016 sind die Änderungen des HGB in Form des BilRUG verpflichtend in Kraft getreten. Hauptmerkmale der Gesetzesnovelle sind eine Neudefinition des Begriffs der Umsatzerlöse und neue ... [more ▼]

Zum 01.01.2016 sind die Änderungen des HGB in Form des BilRUG verpflichtend in Kraft getreten. Hauptmerkmale der Gesetzesnovelle sind eine Neudefinition des Begriffs der Umsatzerlöse und neue Größenklassen in Bezug auf Jahresabschluss- und Offenlegungspflichten. Während letztere zur Entlastung der Bilanzierer beitragen soll, können die tatsächlichen Effekte durch einen definitionsbedingten Anstieg der Umsatzerlöse gemindert werden. [less ▲]

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See detailThe Information Content of Issuer Rating Changes: Evidence for the G7 Stock Markets
Hu, Haoshen; Kaspereit, Thomas UL; Prokop, Jörg

in International Review of Financial Analysis (2016), 47

We study the firm-specific and intra-industry stock market effects of issuer credit rating changes and negative watch list placements for the G7 countries. We show that both the information content and ... [more ▼]

We study the firm-specific and intra-industry stock market effects of issuer credit rating changes and negative watch list placements for the G7 countries. We show that both the information content and the information transfer effects of these rating signals differ considerably in terms of magnitude and in terms of direction across the G7 countries. In particular, conditional on the type of rating change we find significant contagion effects for the US, the UK and Italy, but not for the other G7 countries. Moreover, we show that in some countries abnormal industry portfolio returns associated with rating downgrades and negative watch list signals tend to be more negative for more concentrated and more heavily levered industries. Overall, our results shed new light on country-specific differences in the relevance of credit ratings as risk indicators from an equity investor's perspective, and they may also be of interest to both risk managers and financial market supervisors striving to develop more accurate credit risk models and to better assess the systemic relevance of credit ratings. [less ▲]

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See detailThe Solar Shakeout – Capital Market Reactions to Bankrupcty Announcements in the German Solar Industry
Kaspereit, Thomas UL; Lopatta, Kerstin UL

in Zeitschrift für Energiewirtschaft (2016), 40(3), 139-158

This paper investigates how bankruptcy announcements in the German solar industry affect the stock market returns of announcing firms and their competitors. We show that German solar firms experience ... [more ▼]

This paper investigates how bankruptcy announcements in the German solar industry affect the stock market returns of announcing firms and their competitors. We show that German solar firms experience negative capital market reactions to their own bankruptcy announcements and to the announcements of their competitors. Cross-sectional analysis reveals that these negative Information externalities are magnified by higher leverage. Further analysis also indicates that these negative Information externalities are valuable predictors in short-term default probability models. [less ▲]

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See detailAsymmetric Information and Corporate Social Responsibility
Lopatta, Kerstin UL; Buchholz, Frerich; Kaspereit, Thomas UL

in Business and Society (2016), 55(3), 458-488

This article addresses the question whether companies benefit from their commitment to corporate social responsibility (CSR). The authors argue that firms which score high on CSR activities build investor ... [more ▼]

This article addresses the question whether companies benefit from their commitment to corporate social responsibility (CSR). The authors argue that firms which score high on CSR activities build investor confidence and find evidence that they benefit from lower information asymmetry. The authors measure information asymmetry by insider trading, which is defined as the trading of a company’s shares by corporate insiders who have an information advantage with the aim to reap gains or avoid losses. Using a sample of U.S. firms listed in the MSCI World Index during the period 2004 to 2013 and the firm- and industry-level CSR rating from Global Engagement Service (GES), the authors show that insider transactions in firms with a high score on CSR activities lead to lower abnormal returns. This investigation extends current literature on the business case for CSR by explaining the influence of CSR activities on asymmetric information [less ▲]

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See detailThe value relevance of SAM’s corporate sustainability ranking and GRI sustainability reportingin the European stock markets
Kaspereit, Thomas UL; Lopatta, Kerstin UL

in Business Ethics : A European Review (2016), 25(1), 1-24

This paper investigates whether relative corporate sustainability as measured by the SAM sustainability ranking and sustainability reporting in terms of Global Reporting Initiative (GRI) application ... [more ▼]

This paper investigates whether relative corporate sustainability as measured by the SAM sustainability ranking and sustainability reporting in terms of Global Reporting Initiative (GRI) application levels are associated with a higher market valuation. We conduct a value relevance study for the 600 largest European companies with the Feltham and Ohlson valuation model as a reference point. Our results indicate that for the observation period 2001 to 2011, the association between corporate sustainability and market value is positive. The empirical evidence of a positive relationship between GRI reporting and market value is statistically significant in some but not all of the model specifications. We find no evidence of interaction between the value relevance of corporate sustainability and sustainability reporting, nor do we find any positive effect of external assurance on the capital market perception of GRI application levels. Our results support the notion that conducting business in accordance with ethical norms is also a shareholder valueincreasing business strategy. However, it is not possible to verify the information given in sustainability reports through external assurance. [less ▲]

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See detailDoes compliance with the German Corporate Governance Code pay off?: An investigation of the implied cost of capital
Kaspereit, Thomas UL; Lopatta, Kerstin UL; Zimmermann, Jochen

in Journal of Risk Finance (2015), 16(3), 344-376

This paper aims to empirically investigate the relationship between the level of compliance with the German Corporate Governance Code’s (GCGC) recommendations and the implied cost of equity capital (ICC ... [more ▼]

This paper aims to empirically investigate the relationship between the level of compliance with the German Corporate Governance Code’s (GCGC) recommendations and the implied cost of equity capital (ICC). German listed companies are required by law to annually disclose their compliance with the recommendations of the GCGC. Whether the GCGC achieves its aim to promote the trust of stakeholders in the management and supervision is still an open question [less ▲]

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See detailAbschlussprüfung und Honorarabängigkeit - Eine empirische Untersuchung der Auswirkungen auf die Unabhängigkeit des Abschlussprüfers
Lopatta, Kerstin UL; Kaspereit, Thomas UL; Canitz, Felix et al

in Betriebswirtschaftliche Forschung und Praxis (2015), (5), 563-588

Auditor fee dependence on one client mitigates auditor independence and increases earnings management. Up to our knowledge we are the first to provide evidence on a positive relationship between positive ... [more ▼]

Auditor fee dependence on one client mitigates auditor independence and increases earnings management. Up to our knowledge we are the first to provide evidence on a positive relationship between positive discretionary working capital accruals and the auditor’s percentage of total and non-audit fee dependence on the German audit market. Our study is based on German listed companies from 2005–2011 and the „performance adjusted modified Jones Model”. Our empirical evidence contributes to the current proposals for a regulation on statutory audits of annual accounts of the European Commission and the controversy about advisory services and statutory Audit. [less ▲]

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See detailShareholder Value Implications of Compliance with the German Corporate Governance Code
Kaspereit, Thomas UL; Lopatta, Kerstin UL; Onnen, Dennis

in Managerial & Decision Economics (2015), Forthcoming

This study contributes to the ongoing discussion of the German Corporate Governance Code (GCGC) of the Regierungskommission Deutscher Corporate Governance Kodex (Government Commission), which should ... [more ▼]

This study contributes to the ongoing discussion of the German Corporate Governance Code (GCGC) of the Regierungskommission Deutscher Corporate Governance Kodex (Government Commission), which should enhance the confidence of national and international investors. We apply the Feltham and Ohlson (1995) valuation model to a panel dataset of 421 German CDAX firms over the period 2002–2012 and find a positive effect of the level of compliance with the GCGC on the market value of firms. We conclude that the recommendations of the GCGC reflect corporate governance that satisfies investors' needs, as the capital markets perceive them. Our results are in favor of the efforts of the Government Commission, which have attracted criticism from both theorists and practitioners both in the past and at present. From the perspective of managerial and decision economics, the empirical results of this study suggest that executives should follow as many recommendations of the GCGC as possible. [less ▲]

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See detail The 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 World Capital Markets’ Perception of Sustainability and the Impact of the Financial Crisis
Lopatta, Kerstin UL; Kaspereit, Thomas UL

in Journal of Business Ethics (2014), 122(3), 475-500

Using a unique dataset provided by the international rating agency GES®, we investigate the effects of corporate sustainability and industry-related exposure to environmental and social risks on the ... [more ▼]

Using a unique dataset provided by the international rating agency GES®, we investigate the effects of corporate sustainability and industry-related exposure to environmental and social risks on the market value of MSCI World firms. The results show a negative relationship in the earlier years of our sample period. However, the analysis reveals that the capital market perception of sustainability has changed owing to the financial crisis. Looking at the height of the crisis in September 2008, the month in which Lehman Brothers shocked the world’s capital markets by filing for Chapter 11 bankruptcy protection, we find that the previously negative perception of corporate sustainability across its various dimensions was positively affected and offset. In addition, as a moderated regression analysis shows, the crisis led to a positive perception of corporate sustainability in industries that are exposed to higher environmental and social risks. Our study has the practical implication that executives, in particular in industries with high environmental and social risks, should increase their commitment to corporate sustainability due to the changes in the institutional setting triggered by the financial crisis. [less ▲]

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See detailCorporate Sustainability in Asset Pricing Models and Mutual Funds Performance Measurement
Walker, Thomas; Lopatta, Kerstin UL; Kaspereit, Thomas UL

in Financial Markets and Portfolio Management (2014), 28(4), 363-407

This study explores whether corporate sustainability is a relevant factor in multifactor asset pricing models. It contributes to the literature on asset pricing, as well as to the literature that examines ... [more ▼]

This study explores whether corporate sustainability is a relevant factor in multifactor asset pricing models. It contributes to the literature on asset pricing, as well as to the literature that examines how sustainability impacts capital markets, by constructing a new factor that captures differences in the returns of sustainable and non-sustainable firms. Specifically, it examines whether an additional sustainability factor has explanatory power in asset pricing models that include size, book-to-market equity, and momentum factors. This research has practical implications for the performance measurement of portfolios and mutual funds that are managed in accordance with sustainability criteria in that it disentangles general stock-picking skills from the differences in returns between sustainable and non-sustainable stocks. [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), 234-242

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 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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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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