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  1. Zeitschrift für Betriebswirtschaft
  2. Zeitschrift für Betriebswirtschaft : Volume 79
  3. Zeitschrift für Betriebswirtschaft : Volume 79, Issue 3, March 2009
  4. IFRS-adoption and the cost of debt
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Zeitschrift für Betriebswirtschaft : Volume 87
Zeitschrift für Betriebswirtschaft : Volume 86
Zeitschrift für Betriebswirtschaft : Volume 85
Zeitschrift für Betriebswirtschaft : Volume 84
Zeitschrift für Betriebswirtschaft : Volume 83
Zeitschrift für Betriebswirtschaft : Volume 82
Zeitschrift für Betriebswirtschaft : Volume 81
Zeitschrift für Betriebswirtschaft : Volume 80
Zeitschrift für Betriebswirtschaft : Volume 79
Zeitschrift für Betriebswirtschaft : Volume 79, Issue 12, December 2009
Zeitschrift für Betriebswirtschaft : Volume 79, Issue 11, November 2009
Zeitschrift für Betriebswirtschaft : Volume 79, Issue 10, October 2009
Zeitschrift für Betriebswirtschaft : Volume 79, Issue 9, September 2009
Zeitschrift für Betriebswirtschaft : Volume 79, Issue 7, July 2009
Zeitschrift für Betriebswirtschaft : Volume 79, Issue 6, June 2009
Zeitschrift für Betriebswirtschaft : Volume 79, Issue 5, May 2009
Zeitschrift für Betriebswirtschaft : Volume 79, Issue 4, April 2009
Zeitschrift für Betriebswirtschaft : Volume 79, Issue 3, March 2009
Editorial
Discounted Cash Flow Valuation with Capital Gains Tax
The impact of envy on individual performance: Findings from a panel analysis
IFRS-adoption and the cost of debt
Opportunity Recognition – State of the Art and Research Perspectives
Nachrichten
Grundsätze und Ziele
Herausgeber/Editorial Board
Impressum ( Zeitschrift für Betriebswirtschaft , Volume 79 , Issue 3 )
Zeitschrift für Betriebswirtschaft : Volume 79, Issue 2, February 2009
Zeitschrift für Betriebswirtschaft : Volume 79, Issue 1, January 2009
Zeitschrift für Betriebswirtschaft : Volume 78
Zeitschrift für Betriebswirtschaft : Volume 77
Zeitschrift für Betriebswirtschaft : Volume 76

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Impressum ( Zeitschrift für Betriebswirtschaft , Volume 79 , Issue 3 )

IFRS-adoption and the cost of debt

Content Provider Springer Nature Link
Author Kiefer, Kerstin Schorn, Philipp
Copyright Year 2009
Abstract Die Vorteile einer IFRS-Umstellung liegen – nach Ansicht vieler Forscher und Praktiker – in der Senkung der Kapitalkosten der Unternehmen. Dieses oftmals vorgetragene und auf den ersten Blick plausible Argument wird in der hier vorliegenden Studie näher untersucht. Wir beschränken uns auf die Analyse der Auswirkungen einer freiwilligen IFRS-Umstellung auf die Risikoprämien von deutschen, österreichischen und Schweizer Unternehmensanleihen im Zeitraum zwischen 1997 und 2005, da bisher in der Literatur ausschließlich die Auswirkungen auf die Eigenkapitalkosten untersucht wurden. Dabei betrachten wir die Veränderungen der Risikoprämien. Dies impliziert, dass im Zeitablauf konstant bleibende Faktoren in der Analyse nicht berücksichtigt werden müssen. Somit können insbesondere anleihespezifische Faktoren außer Acht gelassen werden. Unsere Ergebnisse zeigen, dass im ersten und zweiten Jahr einer freiwilligen IFRS-Umstellung die Veränderung der Risikoprämie um jeweils etwa 40% sinkt.Does an IFRS-adoption reduce the information asymmetry between firms and providers of debt capital and therefore the risk premium of corporate bonds? Contrary to prior empirical studies we examine the relationship between disclosure and cost of capital for debt financing. We analyse the impact of an IFRS-adoption on the risk premium of German, Austrian, and Swiss corporate bonds between 1997 and 2005. Our results indicate that the change in risk premium declines after an IFRS-adoption by 40%. However, the effect occurs with a time-lag.
Starting Page 335
Ending Page 365
Page Count 31
File Format PDF
ISSN 00442372
Journal Zeitschrift für Betriebswirtschaft
Volume Number 79
Issue Number 3
Language English
Publisher SP Gabler Verlag
Publisher Date 2009-04-28
Publisher Place Wiesbaden
Access Restriction One Nation One Subscription (ONOS)
Subject Keyword IFRS-adoption risk premium bond Production/Logistics Personnel Management Accounting/Auditing Organization/Planning Management/Business for Professionals Business/Management Science
Content Type Text
Resource Type Article
Subject Business and International Management Economics and Econometrics
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