| 1. |
- Baboukardos, Diogenis, 1981-
(författare)
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Essays on the market valuation implications of mandatory corporate reporting
- 2016
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- The purpose of this dissertation is to enrich understanding on the market valuation implications of mandatory financial and non-financial reporting beyond and in relation to traditional accounting information. It is comprised of four individual essays each of which examines a different, and to some extent internationally unique, jurisdiction that can best serve the particular purpose of the essay as well as the overarching purpose of the dissertation.The starting point of this empirical inquiry is the value relevance of purchased goodwill under IFRS and the moderating role that different levels of compliance with IFRS mandatory disclosures play on its market valuation. Similar to the first essay, the second essay focuses on traditional accounting information (specifically book value of equity and earnings) and examines potential differences on its market valuation before and after the mandatory introduction of an integrated reporting approach. The third essay focuses on mandatory carbon emissions reporting and compares its valuation relevance when such reporting is mandated by regulation vis-à-vis when it is voluntary. Finally, the fourth essay examines the market valuation interplay between mandatory financial and non-financial disclosures.This dissertation intends to be of particular relevance first; to the accounting academic community which acknowledges that mandatory disclosures are not well understood and it calls for further research on how users of annual reports view mandatory disclosures and second; to accounting regulators. Empirical research on the value relevance of corporate reporting can provide useful insights into questions of interest to regulators because its research questions are often motivated by broader questions raised by these non-academic constituents. The dissertation in hand has similar motivations.
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| 2. |
- Baczko, Tadeusz, et al.
(författare)
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Location Conditions in East Germany and in Poland from the Point of View of the Companies
- 2008
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Ingår i: DIW: Weekly Report. - : German Institute for Economic Research. - 1860-3343. ; 4:3, s. 14-20
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Tidskriftsartikel (refereegranskat)abstract
- A joint research project at the European University Viadrina, DIW Berlin and the Polish Academy of Science has investigated how companies assess their locational conditions and whether there is a relationship between location attributes and the company performance. In both countries the majority of companies assessed the same location attributes as being important or unimportant for the company's performance. Some remarkable differences were found in the evaluation of locational quality. In both countries, the supply of skilled employees is deemed to be the most important quality criterion of a location, and the current situation regarding this location factor is assessed as satisfactory. The companies in Poland more often evaluate the supply of training and qualification facilities as important compared to companies in East Germany, and the availability is assessed as good in both regions. Less important are traffic conditions. This is-not unexpectedly-assessed worse by Polish companies compared to the East German ones. The support by chambers of commerce is more often important for the Polish companies compared to East German ones. This potentially reflects the different importance of commercial authorities in both countries. Local administration is on average rated worse by the East German companies compared to Polish counterparts.
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| 3. |
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| 4. |
- Badunenko, Oleg, et al.
(författare)
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Allocative Efficiency Measurement Revisited : Do We Really Need Input Prices?
- 2008
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Ingår i: Economic Modelling. - : Elsevier. - 0264-9993 .- 1873-6122. ; 25:5, s. 1093-1109
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Tidskriftsartikel (refereegranskat)abstract
- The traditional approach to measuring allocative efficiency exploits input prices, which are rarely known at the firm level. This paper proves allocative efficiency can be measured as a profit-oriented distance to the frontier in a profit-technical efficiency space. This new approach does not require information on input prices. To validate the new approach, we perform a Monte-Carlo experiment providing evidence that the estimates of allocative efficiency employing the new and the traditional approach are highly correlated. Finally, as an illustration, we apply the new approach to a sample of about 900 enterprises from the chemical manufacturing industry in Germany.
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| 5. |
- Badunenko, Oleg, et al.
(författare)
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What Drives the Productive Efficiency of a Firm? : the importance of industry, location, R&D, and size
- 2008
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- This paper investigates the factors that explain the level and dynamics of manufacturing firm productive efficiency. In our empirical analysis, we use a unique sample of about 39,000 firms in 256 industries from the German Cost Structure Census over the years 1992-2005. We estimate the efficiencies of the firms and relate them to firm-specific and environmental factors. We find that (1) about half the model’s explanatory power is due to industry effects, (2) firm size accounts for another 20 percent, and (3) location of headquarters explains approximately 15 percent. Interestingly, most other firm characteristics, such as R&D intensity, outsourcing activities, or the number of owners, have extremely little explanatory power. Surprisingly, our findings suggest that higher R&D intensity is associated with being less efficient, though higher R&D spending increases a firm’s efficiency over time.
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| 6. |
- Barasinska, Nataliya, et al.
(författare)
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Financial Risk Aversion and Household Asset Diversification
- 2008
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- This paper explores the relationship between risk attitude and asset diversification in household portfolios. We first examine the impact of manifested risk aversion on the total number of distinct assets held in a portfolio (naive diversification). The second part of the paper focuses on a more sophisticated strategy of diversification and asks whether financial theory is compatible with observed diversification patterns. Based on the German Socioeconomic Panel which provides unique measures of individual propensity for taking risk, the results of the regression analysis show that, along with some socioeconomic characteristics, the propensity for taking investment risk is an important predictor of a household's diversification strategy. However, some of our findings are strongly at odds with what the concept of mean-variance utility suggests.
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| 7. |
- Barasinska, Nataliya, et al.
(författare)
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Hohe Risikoaversion privater Haushalte bei Geldanlagen
- 2008
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Ingår i: Wochenbericht. - Berlin : DIW Berlin. - 0012-1304. ; 75:45, s. 704-710
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Tidskriftsartikel (refereegranskat)abstract
- Eine möglichst breite Streuung der Geldanlagengilt als eine wichtige Strategie der Risikominimierungbei Investitionsentscheidungen. Die Mehrzahlder Haushalte in Deutschland streut auch ihrGeldvermögen über mehrere Anlageformen. IhrAnlageverhalten stimmt jedoch nur bedingt mitder von Haushaltsvorständen bekundeten Risikobereitschaftüberein. Dies zeigt eine aktuelle empirischeStudie auf Basis des Sozio-oekonomischenPanels (SOEP). So steigt zwar die Wahrscheinlichkeit,seine Anlagen zu streuen tendenziell mit derRisikoaversion an, allerdings nur solange es sichnicht um einen „vollständig gestreuten Anlagekorb“handelt. Die Neigung, ein Portfolio mit allenAnlageformen zu halten, nimmt mit wachsenderScheu vor dem Risiko ab. Offenbar entscheidenHaushaltsvorstände nach dem bereits von Keynespropagierten Prinzip: Sicherheit und Liquiditätkommen zuerst. Die Bereitschaft in riskantere Anlagenzu investieren, steigt mit der Anzahl bereitsbestehender sicherer Anlagen im Portfolio.
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| 8. |
- Barasinska, Nataliya, et al.
(författare)
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Individual risk attitudes and the composition of financial portfolios : Evidence from German household portfolios
- 2012
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Ingår i: Quarterly Review of Economics and Finance. - : Elsevier. - 1062-9769 .- 1878-4259. ; 52:1, s. 1-14
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Tidskriftsartikel (refereegranskat)abstract
- This paper explores the relationship between the self-declared risk aversion of private investors and theirpropensity to hold incomplete portfolios of financial assets. The analysis is based on household surveydata from the German Socioeconomic Panel (SOEP) that provides a reliable measure of individual attitudestoward financial risk. Our findings suggest that more risk averse households tend to hold incompleteportfolios consisting mainly of a few risk-free assets. We also find that the propensity to acquire additionalassets is highly dependent on whether liquidity and safety needs are met.
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| 9. |
- Barasinska, Nataliya, et al.
(författare)
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Private Households Display Strong Aversion to Investment Risk
- 2009
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Ingår i: DIW Berlin Weekly Report. - : German Institute for Economic Research. - 1860-3343. ; 5:2, s. 13-18
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Tidskriftsartikel (refereegranskat)abstract
- The broadest possible diversification of investments is considered an important strategy for minimizing investment risk. Most households in Germany do distribute their financial assets over several types of investment. However, investment behavior is only partially consistent with the overall readiness for risk-taking reported by heads of households. This is demonstrated by a current empirical study based on data from the Socio-Economic Panel Study (SOEP). The probability of diversification does tend to rise according to the degree of risk aversion, yet not when it comes to a ""fully diversified investment basket."" With a higher fear of risk, the tendency to fill a portfolio with every kind of investment falls. Clearly, households make decisions in keeping with a principle propagated by Keynes: security and liquidity come first. The readiness to invest in riskier assets rises with the number of secure investments already in place in the portfolio.
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| 10. |
- Bartkowiak, Igor, et al.
(författare)
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Innovationspolitik in Grossbritannien
- 2007
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Ingår i: Innovationspolitik. - Marburg : Schüren Verlag. - 9783894722173 ; , s. 103-119
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Bokkapitel (övrigt vetenskapligt/konstnärligt)
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