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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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  • Kiefer, Kerstin
  • Schorn, Philipp

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.

Suggested Citation

  • Kiefer, Kerstin & Schorn, Philipp, 2007. "Auswirkungen der IFRS-Umstellung auf die Risikoprämie von Unternehmensanleihen: Eine empirische Studie für Deutschland, Österreich und die Schweiz," SFB 649 Discussion Papers 2007-056, Humboldt University Berlin, Collaborative Research Center 649: Economic Risk.
    • Handle: RePEc:zbw:sfb649:sfb649dp2007-056
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    1. Axel Haller & Daniel Blab, 2009. "Internationale Rechnungslegungsgrundsätze für den öffentlichen Sektor," Metrika: International Journal for Theoretical and Applied Statistics, Springer, vol. 19(4), pages 441-465, January.

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    More about this item

    Keywords

    IFRS-Umstellung; Fremdkapitalkosten;

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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