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  1. Article ; Online: Does IFRS information on tax loss carryforwards and negative performance improve predictions of earnings and cash flows?

    Dreher, Sandra / Eichfelder, Sebastian / Noth, Felix

    Journal of business economics

    2023  , Page(s) 1–39

    Abstract: We analyze the usefulness of accounting information on tax loss carryforwards and negative performance to predict earnings and cash flows. We use hand-collected information on tax loss carryforwards and corresponding deferred taxes from the International ...

    Abstract We analyze the usefulness of accounting information on tax loss carryforwards and negative performance to predict earnings and cash flows. We use hand-collected information on tax loss carryforwards and corresponding deferred taxes from the International Financial Reporting Standards tax footnotes for listed firms from Germany. Our out-of-sample tests show that considering accounting information on tax loss carryforwards does not enhance performance forecasts and typically even worsens predictions. The most likely explanation is model overfitting. Besides, common forecasting approaches that deal with negative performance are prone to prediction errors. We provide a simple empirical specification to account for that problem.
    Supplementary information: The online version contains supplementary material available at 10.1007/s11573-023-01147-7.
    Language English
    Publishing date 2023-04-29
    Publishing country Germany
    Document type Journal Article
    ZDB-ID 2059561-X
    ISSN 1861-8928 ; 0044-2372
    ISSN (online) 1861-8928
    ISSN 0044-2372
    DOI 10.1007/s11573-023-01147-7
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  2. Book ; Online ; Thesis: Five Essays on The impact of business taxation and tax planning on investment and wages

    Knaisch, Jonas David [Verfasser] / Eichfelder, Sebastian [Gutachter]

    2023  

    Author's details Jonas David Knaisch ; Gutachter: Sebastian Eichfelder
    Keywords Recht ; Law
    Subject code sg340
    Language English
    Publisher Universitätsbibliothek Otto-von-Guericke-Universität
    Publishing place Magdeburg
    Document type Book ; Online ; Thesis
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  3. Article: Steuerpolitik in der COVID-19-Krise.

    Eichfelder, Sebastian / Hoke, Jonathan

    Wirtschaftsdienst (Hamburg, Germany : 1949)

    2020  Volume 100, Issue 10, Page(s) 767–773

    Abstract: Current reform proposals call for a reduction of the corporate tax burden in Germany and justify this due to the competitiveness of Germany as a business location. However, in view of Germany's continuously high attractiveness in this regard, these ... ...

    Title translation Tax Policy in the COVID-19 Crisis.
    Abstract Current reform proposals call for a reduction of the corporate tax burden in Germany and justify this due to the competitiveness of Germany as a business location. However, in view of Germany's continuously high attractiveness in this regard, these demands appear to be inappropriate, even in an international context. To ensure this attractiveness in the long term, it seems to be more important to focus on investments in digitisation, the digital infrastructure, and electromobility. Even in times of economic problems, e.g., the COVID19 pandemic, lowering the nominal tax burdens on companies is not necessarily the answer. Instead, temporary tax breaks for companies that invest during this phase of economic weakness may be more appropriate.
    Keywords covid19
    Language German
    Publishing date 2020-10-24
    Publishing country Germany
    Document type English Abstract ; Journal Article
    ZDB-ID 202814-1
    ISSN 1613-978X ; 0043-6275
    ISSN (online) 1613-978X
    ISSN 0043-6275
    DOI 10.1007/s10273-020-2761-9
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  4. Book ; Article ; Online: How does bonus depreciation affect real investment? Effect size, asset structure, and tax planning

    Eichfelder, Sebastian / Knaisch, Jonas / Schneider, Kerstin

    2023  

    Abstract: We analyze how tax incentives (bonus depreciation) affect real investment choices of firms by exploiting an exogenous variation in regional tax regulation in former East Germany (Development Area Law, DAL). Our rich administrative panel data for the ... ...

    Abstract We analyze how tax incentives (bonus depreciation) affect real investment choices of firms by exploiting an exogenous variation in regional tax regulation in former East Germany (Development Area Law, DAL). Our rich administrative panel data for the universe of German manufacturing firms at the establishment level allow us not only to identify an aggregate effect, but also to identify which types of investment (equipment, buildings, land) are are most affected (asset structure). Our baseline results suggest that the DAL increased real gross investment by 16.0% to 19.9%. This aggregate effect is primarily driven by additional investments in buildings (76.6% to 92.3%) and land (108.0% to 121.3%) investments, which have the longest regular depreciation periods in absence of bonus depreciation. The impact on equipment investment is significantly smaller (7.3% to 10.5%). Hence, firms did not only increase their real investment, but also adjusted their asset structure in response to the tax incentive. Addressing firm heterogeneity, we observe a stronger response for firms with more than one business establishment and large firms, thereby providing evidence of tax planning opportunities (multi-establishment firms) and relatively low tax planning costs (large firms) enhancing the effect of bonus depreciation on investment. There is only week evidence of financial reporting costs (accounting incentives) moderating the tax induced effect on firms' real investment choices.
    Keywords ddc:330 ; G11 ; H25 ; H32 ; M41 ; business taxation ; user cost of capital ; tax elasticity ; real investment
    Subject code 338 ; 336
    Language English
    Publisher Berlin: Arbeitskreis Quantitative Steuerlehre (arqus)
    Publishing country de
    Document type Book ; Article ; Online
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

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  5. Book ; Online ; Thesis: Whistleblowing as a means to detect and prevent fraud

    Oelrich, Sebastian [Verfasser] / Chwolka, Anne [Gutachter] / Schmidt, Susanne Gutachter] / [Eichfelder, Sebastian [Gutachter]

    four essays from different behavioral and economic perspectives

    2021  

    Author's details Sebastian Oelrich ; Gutachter: Anne Chwolka, Susanne Schmidt, Sebastian Eichfelder
    Keywords Wirtschaft ; Economics
    Subject code sg330
    Language English
    Publisher Universitätsbibliothek Otto-von-Guericke-Universität
    Publishing place Magdeburg
    Document type Book ; Online ; Thesis
    Database Digital theses on the web

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  6. Book ; Online: Compliance cost estimates

    Eichfelder, Sebastian

    survey non-response and temporal framing effects

    (Arqus-Diskussionsbeiträge zur quantitativen Steuerlehre ; 146)

    2013  

    Abstract: Due to empirical research, tax and accounting compliance costs are a considerable burden for private businesses. However, cost estimates may be biased due to survey nonresponse and questionnaire framing effects. This paper investigates the impact of both ...

    Author's details Sebastian Eichfelder
    Series title Arqus-Diskussionsbeiträge zur quantitativen Steuerlehre ; 146
    Abstract Due to empirical research, tax and accounting compliance costs are a considerable burden for private businesses. However, cost estimates may be biased due to survey nonresponse and questionnaire framing effects. This paper investigates the impact of both aspects on the estimated cost burden. I do not find significant evidence for a non-response bias. By contrast, my results indicate that framing effects regarding the temporal dimension of cost measurement (temporal framing effects) might alter cost estimates by up to 68 percent downwards (respectively 211 percent upwards). There is also evidence that temporal framing effects are more relevant for small self-employed businesses with limited information capacities and accounting obligations as well as for internal cost burdens.
    Keywords compliance cost measurement ; measurement error ; non-response bias ; temporal framing effect
    Language English
    Size Online-Ressource (33 S.)
    Edition Version: September 2013
    Publisher Arbeitskreis Quantitative Steuerlehre (arqus)
    Publishing place S.l.
    Document type Book ; Online
    Note IMD-Felder maschinell generiert
    Database ECONomics Information System

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  7. Article ; Online: A never ending story?

    Eichfelder, Sebastian

    Wirtschaftsdienst Vol. 91, No. 9 , p. 581-582

    Ausbildungskosten als Werbungskosten

    2011  Volume 91, Issue 9, Page(s) 581–582

    Author's details Sebastian Eichfelder
    Language German
    Size Online-Ressource
    Publisher Springer
    Publishing place Heidelberg
    Document type Article ; Online
    Note IMD-Felder maschinell generiert
    ZDB-ID 2079503-8 ; 202814-1
    ISSN 1613-978X ; 0043-6275
    ISSN (online) 1613-978X
    ISSN 0043-6275
    DOI 10.1007/s10273-011-1267-x
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  8. Book ; Online: The impact of financial transaction taxes on stock markets

    Eichfelder, Sebastian / Lau, Mona / Noth, Felix

    short-run effects, long-run effects, and migration

    (Arqus discussion paper ; no. 228 (July 2018))

    2018  

    Abstract: We investigate the impact of the French 2012 financial transaction tax on trading volumes and volatility. We extend empirical research by analyzing announcement and short-run treatment effects, migration effects, and long-run volatility measures. We find ...

    Author's details Sebastian Eichfelder, Mona Lau, Felix Noth
    Series title Arqus discussion paper ; no. 228 (July 2018)
    Abstract We investigate the impact of the French 2012 financial transaction tax on trading volumes and volatility. We extend empirical research by analyzing announcement and short-run treatment effects, migration effects, and long-run volatility measures. We find a strong short-run impact on trading volume, but show that the long-run effect is small and only significant for low liquidity stocks. We also identify a reduction of long-term volatility measures after the effective date as evidence for a market-stabilizing effect, and an increase in the trading volume of substitute stocks as evidence for a migration of trading activity.
    Keywords Financial transaction tax ; market quality ; announcement effect ; short-run treatment effect
    Language English
    Size 1 Online-Ressource (circa 47 Seiten), Illustrationen
    Edition Version: July 2018
    Document type Book ; Online
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  9. Book ; Online: Financial transaction taxes

    Eichfelder, Sebastian / Lau, Mona

    announcement effects, short-run effects, and long-run effects

    (Arqus discussion paper ; no. 211 (October 2016))

    2016  

    Abstract: We analyze the impact of the French 2012 financial transaction tax (FTT) on trading volumes, stock prices, stock liquidity and volatility. We extend the empirical research by the identification of FTT announcement and short-run treatment effects, which ... ...

    Author's details Sebastian Eichfelder, Mona Lau
    Series title Arqus discussion paper ; no. 211 (October 2016)
    Abstract We analyze the impact of the French 2012 financial transaction tax (FTT) on trading volumes, stock prices, stock liquidity and volatility. We extend the empirical research by the identification of FTT announcement and short-run treatment effects, which may distort difference-in-differences estimates. In addition, we account not only for the intraday volatility but also for long-term volatility measures. While we find strong evidence for a positive FTT announcement effect on trading volumes, there is almost no statistically significant evidence for a long-run treatment effect. Thus, existing evidence on a strong reduction of trading volumes resulting from the French FTT might be biased by FTT announcement effects. We also find an increase of intraday volatilities in the announcement period and a significant reduction of weekly and monthly volatilities in the treatment period. Therefore, our findings support theoretical considerations suggesting a stabilizing impact of FTTs on financial markets. While some of our results suggest a reduction of stock prices in the announcement period, our results on bid-ask spreads and daily returns are not fully conclusive.
    Keywords Financial transaction taxes ; market quality ; volatility ; trading volume ; liquidity ; price discovery ; announcement effects ; short-run treatment effects
    Language Undetermined
    Size 1 Online-Ressource (circa 48 Seiten), Illustrationen
    Edition Version: October 2016
    Publisher Arbeitskreis Quantitative Steuerlehre
    Publishing place Berlin
    Document type Book ; Online
    Database ECONomics Information System

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  10. Article ; Online: Hat die Einführung der Abgeltungsteuer Aktienkurse beeinflusst?

    Eichfelder, Sebastian / Lau, Mona

    Wirtschaftsdienst Vol. 96, No. 2 , p. 101-105

    empirische Ergebnisse und Implikationen für die Kapitalmarkttheorie = Did the implementation of the flat withholding tax have a bearing on the prices of shares?

    2016  Volume 96, Issue 2, Page(s) 101–105

    Abstract: Der Einführungszeitpunkt der Abgeltungsteuer zum 1.1.2009 war schon lange in der Öffentlichkeit bekannt. Der Kapitalmarkttheorie folgend wäre bei vollständiger Verarbeitung der bekannten Informationen zu erwarten gewesen, dass die Marktteilnehmer die mit ...

    Author's details Sebastian Eichfelder, Mona Lau
    Abstract Der Einführungszeitpunkt der Abgeltungsteuer zum 1.1.2009 war schon lange in der Öffentlichkeit bekannt. Der Kapitalmarkttheorie folgend wäre bei vollständiger Verarbeitung der bekannten Informationen zu erwarten gewesen, dass die Marktteilnehmer die mit der Abgeltungsteuer verbundene erhöhte Steuerlast auf Aktienkursgewinne bereits vor dem Einführungszeitpunkt in den Aktienkursen antizipiert hätten. Tatsächlich kam es aber zur Jahreswende 2008/2009 zu einem sprunghaften temporären Anstieg von Aktienkursen und Handelsvolumina. Die Autoren sehen darin ein Zeichen dafür, dass Kapitalmärkte Informationen nicht in jeder Situation verarbeiten. So kann es gerade bei umfassenden Handelsaktivitäten von Privatanlegern mit beschränkten Informationen, einer Fokussierung auf wenige Handelstage und einer begrenzten Liquidität zu Herdenverhalten und erheblichen Marktschwankungen kommen.

    This paper discusses findings of a current research project whose results indicate that the implementation of the German flat withholding tax on capital gains at the turn of the year 2008-09 led to a temporary but signifi cant increase in trading volumes and share prices on the German stock market. As this capital gains tax reform had already been announced in 2007, corresponding market reactions imply a delayed dissemination of tax information. Hence, our results raise some doubt regarding the information-processing capacity of stock markets. This holds true especially in the following circumstances: 1) extensive trading activities of individual investors with limited information access and attention; 2) a strong focus by a large group of individual investors to a limited number of trading days (herd behaviour); and 3) limited liquidity in the market (e.g. stocks with a small market capitalisation).
    Keywords Kapitalertragsteuer ; Kapitalmarkttheorie ; Börsenkurs ; Aktienmarkt ; Informationsverhalten ; Herdenverhalten ; Deutschland
    Language German
    Size Online-Ressource
    Publisher Springer
    Publishing place Heidelberg
    Document type Article ; Online
    Note Zusammenfassung in englischer Sprache
    ZDB-ID 2079503-8 ; 202814-1
    ISSN 1613-978X ; 0043-6275
    ISSN (online) 1613-978X
    ISSN 0043-6275
    DOI 10.1007/s10273-016-1933-0
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