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on Accounting and Auditing |
| By: | Paul André (Accounting / Management Control Department - Essec Business School); Andrei Filip (Accounting / Management Control Department - Essec Business School); Luc Paugam (DRM-Finance - DRM - Dauphine Recherches en Management - CNRS - Université Paris IX - Paris Dauphine - Accounting / Management Control Department - Essec Business School) |
| Abstract: | We study the effect of the mandatory adoption of IFRS in Europe in 2005 on conditional conservatism. To capture conditional conservatism, we use three measures: the Basu (1997) measure, the Khan and Watts (2009) measure, and a measure controlling for potential shifts in unconditional conservatism and cost of capital after the adoption of IFRS. From a sample of 7,251 firm-year observations drawn from 16 European countries, we document an overall decline of the degree of conditional conservatism across our three measures. While there is no change in weak enforcement/governance countries which remain less conditionally conservative than strong enforcement/governance countries, the latter exhibit a significant decrease. Further, we demonstrate that the decline is more significant for firms carrying intangible assets and goodwill in their balance sheets, items for which impairment tests rely on unverifiable fair value estimates. We argue that IFRS are conceptually conditionally conservative but that inappropriate application of conditional conservatism principles may have prevented financial reporting from reaching the level of conservatism targeted by the IASB. |
| Date: | 2013–08–27 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-00862683&r=all |
| By: | ZEW |
| Abstract: | The project 'Effective tax rates in an enlarged European Union' is based on the methodology used for the calculation of effective tax rates (ETRs) as set out by Devereux and Griffith (1999, 2003). It extends the scope of the calculation of ETRs conducted under the study on effective levels of company taxation within an enlarged EU (2008). The project includes a focus on the effects of tax reforms in the EU27 for the period 1998-2013 and their impact on the level of taxation for both domestic and cross-border investment. |
| Keywords: | European Union, taxation, effective tax, corporate tax, sector |
| JEL: | H25 |
| Date: | 2014–02 |
| URL: | http://d.repec.org/n?u=RePEc:tax:taxstu:0047&r=all |
| By: | James Alm (Department of Economics, Tulane University); Bibek Adhikari (Department of Economics, Tulane University) |
| Abstract: | Tunisia's tax system has undergone significant structural reforms over the last several decades. Even so, its structure exhibits some major flaws, shortcomings that spill over to and affect the performance of the overall Tunisian economy. Further, the tax system continues to underperform in some fundamental ways, ways that also affect the rest of the economy. Finally, the structure of the Tunisian tax system has some notable shortcomings. This paper discusses these issues. It presents details of the main taxes, it analyzes several main features of this tax system, and it suggests various specific tax reforms that can be introduced both in the short term and in the longer term. |
| Keywords: | flat tax, tax reform, synthetic control methods |
| JEL: | H20 H24 H25 H31 |
| Date: | 2015–08 |
| URL: | http://d.repec.org/n?u=RePEc:tul:wpaper:1516&r=all |
| By: | James Alm (Department of Economics, Tulane University) |
| Abstract: | Tunisia's tax system has undergone significant structural reforms over the last several decades. Even so, its structure exhibits some major flaws, shortcomings that spill over to and affect the performance of the overall Tunisian economy. Further, the tax system continues to underperform in some fundamental ways, ways that also affect the rest of the economy. Finally, the structure of the Tunisian tax system has some notable shortcomings. This paper discusses these issues. It presents details of the main taxes, it analyzes several main features of this tax system, and it suggests various specific tax reforms that can be introduced both in the short term and in the longer term. |
| Keywords: | Tunisia, tax reform |
| JEL: | H20 H24 H25 H87 |
| Date: | 2015–08 |
| URL: | http://d.repec.org/n?u=RePEc:tul:wpaper:1515&r=all |
| By: | Cici, Gjergji; Kempf, Alexander; Sorhage, Christoph |
| Abstract: | Rationality would suggest that advice-seeking investors receive benefits from costly financial advice. However, evidence documenting these benefits for U.S. investors has so far been lacking. This paper is the first to document that U.S. mutual fund investors indeed receive one of the many previously hypothesized benefits associated with financial advice. The documented benefit comes from valuable tax-management advice that helps investors avoid taxable fund distributions and becomes even more valuable when investors face distributions that can cause large and hard-to-predict tax liabilities. Additional evidence suggests that financial advice helps with other aspects of tax management such as tax-loss selling. |
| Keywords: | Mutual funds,Taxable fund distributions,Financial advisors |
| JEL: | D14 G11 G24 H24 |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cfrwps:1209r5&r=all |
| By: | Karine Gauche (MRM - Montpellier Research in Management - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - Université Paul Valéry - Montpellier III - UM2 - Université Montpellier 2 - Sciences et Techniques - UM1 - Université Montpellier 1, Comptabilités et Société - MRM - Montpellier Research in Management - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - Université Paul Valéry - Montpellier III - UM2 - Université Montpellier 2 - Sciences et Techniques - UM1 - Université Montpellier 1); Roxana Ologeanu-Taddei (Systèmes d'information - MRM - Montpellier Research in Management - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - Université Paul Valéry - Montpellier III - UM2 - Université Montpellier 2 - Sciences et Techniques - UM1 - Université Montpellier 1, MRM - Montpellier Research in Management - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - Université Paul Valéry - Montpellier III - UM2 - Université Montpellier 2 - Sciences et Techniques - UM1 - Université Montpellier 1); Ariel Eggrikx (MRM - Montpellier Research in Management - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - Université Paul Valéry - Montpellier III - UM2 - Université Montpellier 2 - Sciences et Techniques - UM1 - Université Montpellier 1, Comptabilités et Société - MRM - Montpellier Research in Management - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - Université Paul Valéry - Montpellier III - UM2 - Université Montpellier 2 - Sciences et Techniques - UM1 - Université Montpellier 1) |
| Abstract: | Pour passer aux responsabilités et compétences élargies (RCE), les universités françaises ont pu demander à l'inspection générale de l'administration de l'éducation nationale et de la recherche (IGAENR) un audit sur leur situation. L'audit se concluait par la nécessité de développer les systèmes d'information pour le pilotage. Considérant différentes recherches ayant relevé les échecs répétés des systèmes d'information implantés dans les universités, cette communication propose une étude du système d'information dédié au pilotage de la recherche dans une université française. Abstract : To switch " responsabilités et compétences élargies " (RCE), the French universities have asked the " inspection générale de l'administration de l'éducation nationale et de la recherché " (IGAENR) an audit of their situation. The audit concluded with the need to develop information systems for controlling. Whereas various studies have noted the repeated failures for information systems implemented in universities, this paper proposes a study of the information system designed for research management control in a French university. |
| Date: | 2014–05–20 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01152211&r=all |
| By: | Andreasen, Eugenia (University of Santiago of Chile); Schindler, Martin (Joint Vienna Institute); Valenzuela, Patricio (University of Chile) |
| Abstract: | Using a novel panel data set for international corporate bonds and capital account restrictions in advanced and emerging economies, we find that restrictions on capital inflows produce a substantial and economically meaningful increase in corporate bond spreads. By contrast, we find no robust significant effect of restrictions on outflows. The effect of capital account restrictions on inflows is particularly strong for bonds maturing in the short-term, issued by small firms and in countries with underdeveloped financial markets. Additionally, the paper shows that capital account restrictions on inflows have a greater effect during periods of financial distress than during periods of financial stability. These results are suggestive of a causal interpretation of the estimated effects and establish a novel channel through which capital controls affect economic outcomes. |
| JEL: | F30 F40 G10 G30 |
| Date: | 2015–01 |
| URL: | http://d.repec.org/n?u=RePEc:ecl:upafin:15-02&r=all |
| By: | Jamal Ibrahim Haidar |
| Abstract: | The paper shows that the effect of the Emergency Economic Stabilization Act (EESA) is ambiguous. It discusses the benefits and costs of mark-to-market valuation and design of executive pay package policies within the US 2009 EESA. It highlights how the mark-to-market valuation standard influenced financial institutions, explains why mark-to-market policy suspension proponents can support the EESA, and realizes how the Financial Accounting Standards Board (FASB) and Securities Exchange Commission (SEC) can count on the EESA while assessing the need and cost of the mark-to-market policy. Also, the paper discusses the promise of executive wage caps within the EESA. Moreover, it differentiates between executive pay packages pre- and post-EESA policies. |
| URL: | http://d.repec.org/n?u=RePEc:qsh:wpaper:310246&r=all |