Publications des institutions partenaires
Monetary Relief from a Law and Economics Perspective
Institution partenaire
English / 03/02/2017
How non-financial reporting can make use of Public Value
More than ever, firms need to know how they impact on society, our values and our ways of living. In a world of high uncertainty, it is necessary to develop a sense of what really makes an organization valueable to the people. In research, the notion of Public Value addresses this type of value creation. It is about a firm's contribution to the common good as perceived by the...
Institution partenaire
English / 01/01/2017
Debt and Equity in Domestic and International Tax Law — A Comparative Policy Analysis
The demarcation between debt and equity is a long-standing core constituent of company and taxation law the world over. However, its sustainability for national and international taxation regimes is increasingly the subject of doubt. Domestic and international proposals for reform are directed towards either rendering the classification of financial instruments as equity or debt...
Institution partenaire
English / 01/06/2014
Did the Adoption if IAS/IFRS by German Firms in 2005 Improve Earnings' Predictive Power with regard to Forecasting Future Operating Cash Flows? : An Empirical Analysis of German Publicly Listed Firms
This study examines whether the adoption of International Accounting Standards and International Financial Reporting Standards by German firms in 2005 improved earnings' predictive power with regard to forecasting future operating cash flow. We consider earnings' predictive power as one dimension of accounting quality. We use a data sample of German DAX and MDAX firms...
Institution partenaire
English / 20/05/2013
Did the Adoption of IAS/IFRS by German Firms in 2005 Improve Earnings’ Predictive Power with regard to Forecasting Future Operating Cash Flows?: An Empirical Analysis of German Publicly Listed Firms
This study examines whether the adoption of International Accounting Standards and International Financial Reporting Standards by German firms in 2005 improved earnings' predictive power with regard to forecasting future operating cash flow. We consider earnings' predictive power as one dimension of accounting quality. We use a data sample of German DAX and MDAX firms...
Institution partenaire
English / 20/05/2013
Bleak Prospects for Research in GMP in Switzerland
Many European countries, including Switzerland, share deep suspicions about the broad commercial application of Genetically Modified Plants (GMP) in agriculture. Research in GMP, however, is mostly welcome. In Switzerland, nevertheless, an overprotective legal framework against risks of GMP results in regulatory spillovers for research. This article explores how such expanded legal...
Institution partenaire
English / 01/11/2012
Profit Taxation, Innovation and the Financing of Heterogenous Firms
Innovative firms are frequently credit constrained and tend to earn an above normal return on capital. This paper considers a discrete R&D decision that splits firms into innovative and standard ones. Active intermediaries can facilitate access to credit and improve capital allocation. We find that (i) financial development boosts innovation and welfare; (ii) ACE and cash-flow...
Institution partenaire
English / 10/04/2012
The Revised Lugano Convention from the Swiss Perspective
The Lugano Convention is a set of rules, enacted to facilitate the recognition and enforcement of foreign judgments within the European Union and states outside of the EU, namely three members of the European Free Trade Association (Switzerland, Norway and Iceland). This article briefly describes the Swiss perspective, explaining the Swiss legislation relevant to the revised Lugano...
Institution partenaire
English / 01/08/2011
Regulation of Say on Pay: Engineering Incentives for Executives and Directors – Experiences from the United States and Implications for Regulation in Switzerland
The debate about the compensation of executives and directors is a discussion about incentives and agency costs. This article analyzes basic tools to reduce agency costs and also assesses the ongoing debate about the future regulation of the compensation of executives and directors. It draws upon legislative experience from the United States. Recently proposed legislation in...
Institution partenaire
English / 01/04/2011
Earnings Management in the Financial Crisis 2007/2008 : Evidence from German-Speaking Countries
We investigate the financial crisis's impact on earnings management behavior in the German-origin banking sector during the financial crisis 2007/2008. Controlling for similar institutional settings and company differences, we use four different earnings management measures (discretionary loan loss provisions, small gains/great losses, market to book ratio and an aggregate...
Institution partenaire
English / 31/07/2010
Business Taxation, Corporate Finance and Economic Performance
This survey of recent research in corporate finance discusses how business taxes, subsidies as well as a country's institutional development affect several important decision margins of heterogeneous firms. We argue that innovative firms, as a result of agency problems between insiders and outside investors, are most frequently finance constrained. We discuss how profit taxes...
Institution partenaire
English / 03/05/2010
Optimal Size and Intensity of Job Search Assistance Programs
This paper derives the welfare optimal size and intensity of job search assistance programs in a general equilibrium model where the labor market is affected by search frictions. Both instruments have a priori ambiguous fiscal implications: their direct employment stimulating effects broaden the base of the labor income tax and increase revenues, while also incurring direct costs. At...
Institution partenaire
English / 27/07/2009
Debt and Equity: What's the Difference? A Comparative View
The divide between debt and equity belongs to the focal points of national and international tax law. Under domestic individual income tax law, it is crucial for the distinction between a creditor-debtor relationship and a full partnership of taxpayers jointly carrying on a business. Under domestic corporate income tax law, it is decisive for the application of a two-layer taxation...
Institution partenaire
English / 01/07/2009
Outsourcing, Unemployment and Welfare Policy
The paper investigates the consequences of outsourcing of labor intensive activities to low-wage economies. This trend challenges the two basic functions of the welfare state, redistribution and social insurance when private unemployment insurance markets are missing. The main results are: (i) outsourcing raises unemployment and labor income risk of unskilled workers; (ii) it...
Institution partenaire
English / 05/02/2009
Corporate Governance and Financial Reporting (mit Leibfried, Peter)
This paper examines the link between financial reporting and corporate governance. Based on empirical examples of the recent confidence crisis in financial reporting and within an information economics framework, the fundamental case is being established. Then, the core elements of financial reporting are being presented. Based on an analysis of various international accounting...
Institution partenaire
English / 01/08/2007
A Growth Oriented Dual Income Tax
This paper proposes a growth-oriented dual-income tax by combining an allowance for corporate equity with a broadly defined flat tax on personal capital income. Revenue losses are compensated by an increase in the value added tax. The paper demonstrates the neutrality properties of the reform with respect to investment, firm financial decisions and organizational choice. Tax rates...
Institution partenaire
English / 01/02/2007
Corporate Income Tax Reform in Switzerland
This paper analyzes the likely economic consequences of a specific proposal for corporate income tax reform in Switzerland that is based on the recent ERU (2001) report. The proposal includes a partial dividend tax relief, more effective taxation of capital gains, and a property tax reduction, all relating to qualified stakes in corporate firms. Based on an analytical and...
Institution partenaire
English / 15/12/2004
Reforming Corporate Income Taxation in Switzerland: Economic Analysis
Institution partenaire
English / 24/02/2003
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