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Auswirkungen der IFRS-Umstellung auf die Risikoprämie von Unternehmensanleihen - Eine empirische Studie für Deutschland, Österreich und die Schweiz

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  • Kerstin Kiefer
  • Philipp Schorn
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    Abstract

    Reduziert eine IFRS-Umstellung die Informationsdefizite der Fremdkapitalgeber und somit auch die Risikoprämie von Unternehmensanleihen? Entgegen bisherigen empirischen Untersuchungen betrachten wir den Zusammenhang zwischen Offenlegung und Kapitalkosten für Fremdfinanzierung. Folglich analysieren wir den Einfluss einer IFRS-Umstellung auf die Risikoprämie von Anleihen deutscher, österreichischer und schweizer Unternehmen im Zeitraum von 1997 bis 2005. Unsere Ergebnisse zeigen, dass sich die Veränderung der Risikoprämie nach einer Umstellung auf IFRS um ca. 39% verringert. Allerdings tritt dieser Effekt mit einer zeitlichen Verzögerung auf, da die Verringerung im zweiten Jahr nach der Umstellung stärker ist als im ersten Jahr.

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    Paper provided by Sonderforschungsbereich 649, Humboldt University, Berlin, Germany in its series SFB 649 Discussion Papers with number SFB649DP2007-056.

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    Length: 26 pages
    Date of creation: Sep 2007
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    Handle: RePEc:hum:wpaper:sfb649dp2007-056

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    Keywords: IFRS-Umstellung; Fremdkapitalkosten.;

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