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Jahresbericht
(2012)
Fair value and audit fees
(2012)
This paper investigates the effect of fair value reporting and its attributes on audit fees. We use as our primary sample the European real estate industry around mandatory IFRS adoption (under which reporting of property fair values becomes compulsory), due to its unique operating and reporting characteristics. We document lower audit fees for firms reporting property assets at fair value relative to those employing depreciated cost―a difference that appears driven (in part) by impairment tests that occur only under depreciated cost. We further find that audit fees are decreasing in firm’s exposure to fair value, and increasing both in the complexity of the fair value estimation and for recognition (versus only disclosure) of fair values. We corroborate our findings in two alternative settings: contrasting UK and US real estate firms; and using UK investment trusts. Overall, the results suggest that fair values can lead to lower monitoring costs; however, any reductions in audit fees will vary with salient characteristics of the fair value reporting, including the difficulty to measure and the treatment within the financial statements.
Delegated monitoring
(2012)
To highlight the value of delegated monitoring through bond trustees, we examine the high-yield corporate bond market where default risk is high, covenants are numerous, and market values are particularly sensitive to wealth transfers. We show that bond trustees that also act as underwriters in the low-grade bond segment, but not the market’s largest trustees, reduce firms’ at-issue bond yields by 33 to 40 basis points. Accordingly, we report significantly lower bond default and downgrade risks associated with superior monitoring by these trustees. These pricing effects remain when we control for self-selection and do not hinge on whether we solely consider trustee identity or interaction terms of trustees with covenant variables that measure necessary monitoring effort. Our results can be interpreted as evidence for informational and reputational spillover effects of banks providing several services in the high-yield market segment.
Im Ergebnis wird über einen Untersuchungszeitraum von Januar 2008 bis Dezember 2011 festge-stellt, dass Privatanleger die Risiken von gehebelten ETFs und Short-ETFs im Wesentlichen richtig einschätzen und diese Instrumente überwiegend kurzfristig halten. Die Kritik u.a. von Regulatoren an Short- und Leveraged-ETFs, die sich vor allem auf das Risiko über lange Investitionsperioden dieser Produkte bezieht, kann somit nicht bestätigt werden.
Activity report
(2012)
Activity report
(2012)
Lehrstuhlbericht
(2012)
Activity report
(2012)
Activity report
(2012)
Activity report
(2012)
Activity report
(2012)
Lehrstuhlbericht
(2012)
Activity report
(2012)
Geschäftsbericht 2011/2012
(2012)
This paper analyzes a congested airport that provides aeronautical services to airlines and concessions to retailers and car rental companies. The sum of retail demands inside and outside the airport area is fixed, while an increase of the passenger quantity increases car rental demand. It is shown that an increase of the per passenger retail profit can reduce the private aeronautical charge and the private car rental charge. By contrast, the effect of car rentals on the private aeronautical charge is ambiguous. The welfare-optimal passenger number and aeronautical charge are both independent of retail profit.
This paper develops a tractable model of third-degree price discrimination in airline markets that features two types of passengers with different time valuations, carriers in Cournot competition and a congested infrastructure. We find that price discrimination always leads to a loss of social welfare when, in the first stage, the congestion charge is chosen to maximize welfare by incorporating carriers’ behavior in the second stage. We also show that the welfare loss can be small if, in the process of choosing the optimal airport charges, carriers were treated as atomistic.
Annual report
(2012)
Lehrstuhlbericht
(2012)
Activity report
(2012)
Activity report
(2012)
Activity report
(2012)
Activity report
(2012)
Activity report
(2012)
IMC Report
(2012)
Activity report
(2012)
Activity report
(2012)
Activity report
(2012)
Activity report
(2012)
Activity report
(2012)
Activity report
(2012)
Activity report
(2012)
Activity report
(2012)
Supply chain risk management
(2012)
Hedging retail promotions
(2012)
Die Erwartungen in eine gelungene Kooperation von Logistik und Vertrieb sind hoch. Besonders die Umsetzung von modernen Supply Chain Management Konzepten treibt diese Erwartungen. Ein erhöhter Kooperationsbedarf ergibt sich hier nicht nur aus der Anforderung, reibungslose Abläufe zwischen den Bereichen sicherzustellen. Eine gelungene Kooperation von Logistik und Vertrieb birgt vielmehr das Potenzial, eine hohe Leistung im Kundenservice vermarkten zu können und diese letztlich als Wettbewerbsvorteil auszubauen. In der Praxis gestaltet sich die Umsetzung von Kooperation jedoch häufi g als schwierig. Somit stellt sich die Frage, welche Faktoren die Kooperation an der
Schnittstelle beider Bereiche in positiver und negativer Weise beeinflussen.
Auf Basis einer empirischen Studie mit Antworten von 347 Managern aus Logistik und Vertrieb verschiedener Branchen untersucht die vorliegende Arbeit Einfl ussfaktoren der Kooperation. Dazu werden kooperationsfördernde Mechanismen auf ihre Wirksamkeit hin überprüft. Außerdem werden grundlegende Orientierungen und Kompetenzen von Logistik und Vertrieb an der Schnittstelle beider Abteilungen in ihren Wirkungen betrachtet. Diese sogenannten Thought Worlds sind die Konsequenz einer notwendigen Spezialisierung der Bereiche und prägen deren Arbeitsweisen und Prioritäten. Sie erweisen sich jedoch in der Zusammenarbeit vielfach als beeinträchtigend. Darüber hinaus werden Ansatzpunkte aufgezeigt, um die Kooperation und den gemeinsamen Erfolg von Logistik und Vertrieb zu erhöhen.
CO2 hedging for airlines
(2012)