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Publikation Évaluation de jeunes entreprises (start-ups)(Treuhandsuisse, 2024) Hüttche, Tobias; Schmid, FabianLes start-ups ne deviennent pas toutes des «licornes», beaucoup demeurent des PME. L’évaluation de jeunes entreprises est une thématique récurrente dans le secteur fiduciaire. La valeur de ces entreprises, au départ sans substance, est au sens premier du terme une question de point de vue. Dans cet article, nous présenterons tout d’abord les procédures possibles et usuelles d’évaluation dans l’optique des investisseurs et des propriétaires. Puis, nous discuterons des particularités d’une évaluation objective et retomberons sur de nouvelles et anciennes notions connues, à savoir les «données» et la valeur substantielle.01B - Beitrag in Magazin oder ZeitungPublikation Effects of an audit split on consulting and audit quality(2024) Sütterle, NicoThe simultaneous provision of audit and consulting services to clients is of significant concern because it could impair an auditor’s independence. In 2002, the Securities and Exchange Commission (SEC) responded by restricting auditors from providing most non-audit services (NAS). This paper addresses the implications of such a ban. Using a game theoretic model, I examine the economic effects of separating NAS from audit services. Moreover, this study explores how an enforcement change affects the effort incentives of an auditor and a consultant within a combined firm as well as in separate firms. I show that despite lower auditor independence, the financial reporting quality in case of a combined audit firm is higher than in a split case, provided the enforcement level is sufficiently low. Finally, the magnitude of this effect increases as the consultant’s share of the combined audit firm decreases.06 - PräsentationPublikation Household saving in times of crisis(Springer, 2024) Höchle, Daniel; Graef, Frank; Hüttche, TobiasIn times of economic uncertainty, understanding household saving behavior is of particular importance to researchers and policymakers alike. We review the recent empirical literature on household saving over the life cycle, cross-sectional determinants of saving rates, and retirement saving, focusing on studies based on high-quality administrative data. We also discuss recent evidence on similarities in economic behavior and outcomes across generations. There are some common themes. While less financially savvy and low-income households are particularly at risk of under-saving, the literature also shows surprising differences in savings rates among financially well-off households. Individuals tend to exhibit present bias and inertia in their saving and consumption behavior and are strongly influenced by their upbringing and genetic predisposition.04A - Beitrag SammelbandPublikation Corporate governance und corporate performance. Case study Japan(Springer, 2024) Kustner, Clemens; Waterstraat, Silke; Hüttche, TobiasAfter the bursting of the stock market bubble at the end of the 1980s Japan began to comprehensively reform its corporate governance system. Modernising Japan’s corporate governance system was seen as one of the key levers to making Japanese companies more profitable, faster growing and less risk-prone, with the overarching goal of revitalising the Japanese economy in the long term. The first phase of the reform lost some of its momentum in the wake of the great financial crisis that broke out in 2008. Prime Minister Abe then pushed the reform process forward again with vehemence from 2012 onwards. Abe’s reform efforts encompassed several elements, such as the reform of company law and the introduction of a corporate governance code and a stewardship code. At the same time, the Tokyo Stock Exchange has influenced the corporate governance of Japanese companies through its listing rules. From a regulatory perspective, the Japanese corporate governance system can be described as modern and efficient. However, corporate practice often lags behind. The Fujitec case study at the end of this chapter shows two things: first, how lacking the actual practice of corporate governance can be despite good rules. Second, it shows how determined shareholders today have the power to protect their interests and ensure that Japan’s modern corporate governance rules are brought to life, to the benefit of employees, shareholders and the Japanese economy as a whole.04A - Beitrag SammelbandPublikation Efficient estimation of bid–ask spreads from open, high, low, and close prices(Elsevier, 2024) Ardia, David; Guidotti, Emanuele; Kröncke, TimPopular bid–ask spread estimators are downward biased when trading is infrequent. Moreover, they consider only a subset of open, high, low, and close prices and neglect potentially useful information to improve the spread estimate. By accounting for discretely observed prices, this paper derives asymptotically unbiased estimators of the effective bid–ask spread. Moreover, we combine them optimally to minimize the estimation variance and obtain an efficient estimator. Through theoretical analyses, numerical simulations, and empirical evaluations, we show that our efficient estimator dominates other estimators from transaction prices, yields novel insights for measuring bid–ask spreads, and has broad applicability in empirical finance.01A - Beitrag in wissenschaftlicher ZeitschriftPublikation The establishment of an asynchronous e-learning course in higher education – challenges and guidance to overcome them(The International Academic Forum (IAFOR), 2024) Schuler, Brido; Pülz, MichaelAfter the Corona period, the use of asynchronous e-learning settings has increased in higher education, including the Bachelor's degree program in Business Information Technology (BIT) at the University of Applied Sciences Northwestern Switzerland (FHNW). In autumn 2022 an asynchronous e-learning course was introduced for a compulsory finance module in the aforementioned program. The comparison of the grades achieved in this course before Corona in a face-to-face setting (F2F) and after Corona in an asynchronous e-learning setting showed that the students' grades increased notably. The literature review shows that asynchronous e-learning has the potential to increase students' learning success. Interestingly, in the second run of the asynchronous e-learning finance course, held in spring 2023, students' grades increased even further. At the same time, the standard deviation also increased. No changes were made to the learning environment, the course content, or the learning materials. The aim of this conference paper, which constitutes a continuation of the previously published work, is to find possible factors for the increased scores and the increased standard deviation comparing the two runs of the asynchronous e-learning finance course. The research is based on a literature review and the results of a survey of students' course evaluations. The identified factors and their consideration might help to improve comparable asynchronous e-learning settings.04B - Beitrag KonferenzschriftPublikation 04B - Beitrag KonferenzschriftPublikation Price discovery in euro area sovereign credit markets: Evidence from the GIIPS countries 10 years after the implementation of the ban on naked short selling of CDS(Springer, 2024) Häusler, Sascha; Ters, Kristyna; Hüttche, TobiasWe analyze the price discovery process between credit spreads and credit default swaps (CDS) of sovereign credit risk in GIIPS countries (Greece, Ireland, Italy, Portugal, and Spain) as well as Germany and France after the implementation of the regulatory ban on outright short selling of sovereign CDS, implemented after the euro area sovereign debt crisis. Our findings show evidence, that the CDS market continues to be relevant for price discovery in euro area sovereign credit markets. However, unlike earlier studies with shorter sample periods, the bond market has been observed to incorporate information more rapidly than the CDS market for most countries in the sample. In the case of Ireland and Greece, both markets significantly contribute to the price discovery process, but the bond market in most countries exhibits faster adjustment dynamics. Our findings deviate from previous research with shorter sample periods after the introduction of the ban, which indicated CDS market leadership in price discovery for most markets. However, in our analysis, CDS leadership was observed only in Portugal and Spain, suggesting that further investigation is warranted to comprehend the evolving dynamics of the sovereign credit market. One intriguing finding concerns the Italian credit market, where the implementation of the unconventional European Central Bank (ECB) monetary policy, specifically the Quantitative Easing (QE) program in January 2015, disrupted market functioning due to excessive liquidity. Consequently, the CDS and bond yield spreads in the Italian market were no longer cointegrated during that period.04A - Beitrag SammelbandPublikation Three essays in information economics and financial accounting(Universität Basel, 2024) Sütterle, Nico11 - Studentische ArbeitPublikation Evolution of sovereign risk of european G-SIBs(Springer, 2024) Alvarez, Loïc; Ters, Kristyna; Hüttche, TobiasThis chapter shows some evidence that sovereign risk remains a sigu0002nificant concern for European ‘Global Systemically Important Banks’ (G-SIBs) despite the lessons learned from the euro area sovereign debt crisis. Analysis of data from the European Banking Authority (EBA) reveals that many of these banks continue to hold substantial levels of sovereign debt exposure to GIIPS (Greece, Ireland, Italy, Portugal, and Spain) countries, with exposure ranging from 10% to 20%. Notably, UniCredit and Santander stand out with exposure levels exceeding 25% towards GIIPS nations, exposing them to potential sovereign risk from market disturbances within those countries. We also show that partial correlations between Credit Default Swaps (CDS) spreads of certain G-SIBs and GIIPS countries remain relatively high, likely influenced by the significant sovereign debt exposure these banks maintain. Furthermore, the high Debt-to-GDP ratios of GIIPS countries, along with the potential cascading effects of a government’s failure on financial institutions, highlight the interconnectedness and vulnerability of the European banking system. While regulatory frameworks like the Basel Accords have played a crucial role in maintaining financial stability, the approach to risk-weighted assets associated with sovereign debts remains contentious. The allowance for a 0% risk weight on sovereign bonds issued by EU member states, as part of the Capital Requirements Regulation (CRR), may incentivize increased holdings of such debts, amplifying sovereign risk. Moreover, High Quality Liquid Assets (HQLA) regulations encouraging banks to retain sovereign debt result in an increased risk for a new sovereign-bank nexus. Our findings reveal potential weaknesses within the European banking system, emphasizing the need for thorough scrutiny and systemic management of this persisting issue.04A - Beitrag SammelbandPublikation Unternehmensbewertung junger Unternehmen (Start-ups)(Treuhandsuisse, 2024) Hüttche, Tobias; Schmid, FabianNicht jedes Start-up wird ein «Einhorn», viele bleiben ein KMU. Daher ist die Bewertung junger Unternehmen auch in der Treuhandbranche ein Thema. Der Wert dieser zunächst substanzlosen Unternehmen ist im wörtlichen Sinne Ansichtssache. In diesem Beitrag stellen wir zunächst die aus der Optik von Investoren und Eigentümern möglichen und üblichen Verfahren dar. Schliesslich diskutieren wir die Besonderheiten einer objektivierenden Bewertung und stossen dort auf neue und alte Bekannte, nämlich «Daten» und den Substanzwert.01B - Beitrag in Magazin oder ZeitungPublikation Update Unternehmensbewertung 2024. Aktuelles aus Lehre, Praxis und Rechtsprechung zur Unternehmensbewertung(ExpertSuisse, 2024) Hüttche, Tobias; Schmid, FabianBei Unternehmensbewertungen treffen Theorie und Praxis, Ökonomen/-innen und Juristen/-innen aufeinander. Dies sorgt für Dynamik in der Bewertungslehre, -praxis und der Rechtsprechung. Das «Update Unternehmensbewertung» berichtet jährlich über aktuelle Entwicklungen.01B - Beitrag in Magazin oder ZeitungPublikation Increased uncertainty in times of crises and implications for financial reporting, focusing on the going concern principle(Springer, 2024) Schuler, Brido; Hüttche, TobiasEven in normal, non-crisis periods, a company’s financial reporting is affected by uncertainty. Financial reporting is based on uncertain assumptions and valuations. However, there is no doubt that the going concern principle applies. This means that the continuation of the company as a whole is possible and planned for the foreseeable future. Times of crisis are characterized by increased uncertainty. Uncertainty can be so great that the going concern status of the entity is called into question, with implications for the preparation of the financial statements and the reporting. This chapter discusses some of the implications of preparing and reporting on the going concern basis and some of the challenge for those involved, particularly corporate management and the auditors.04A - Beitrag SammelbandPublikation Consideration of uncertainties in business valuations(Springer, 2024) Hüttche, Tobias; Schmid, Fabian; Hüttche, TobiasValuation seems to be impossible since the future is uncertain. Nevertheless, company values are necessary for many reasons, so the question arises as to how valuations can take these uncertainties into account. Traditionally, the past is used as a basis for planning, i.e., it is more or less simply extrapolated. Given current experiences (Corona pandemic, Ukraine war, inflation, and energy crisis, to name but a few), the hope remains that these will not be perpetuated. On the other hand, however, we must also expect new and as yet unknown developments, or developments that are not considered likely or unlikely. To produce reliable valuations as a basis for economic decisions even in times of increased uncertainty, selecting suitable procedures and the appropriate handling of risks is important. Basically—and recurring to the mathematical model of discounting future cash flow—uncertainties or risks can be taken into account above the line (in the numerator or the cash flows) or below the line (in the denominator or the cost of capital). Double counting must be avoided, meaning that the denominator matches the numerator (equivalence principle) and that the cost of capital adequately reflects the fluctuations in cash flows. Up to now, most valuations reflect only one path, the future developments may take. In this paper, we want to demonstrate how the traditional valuation approach can be extended by sensitivity analyses, scenario calculations, and simulations to move from pure point estimates to reliable value ranges that may reflect reality more accurately.04A - Beitrag SammelbandPublikation Electricity trading with derivative instruments: Speculation, hedging, or speculative hedging?(Springer, 2024) Härri, Matthias; Hüttche, TobiasThe physical nature of electricity makes it difficult to store, which means that current demand must always match current production. This requires both flexible and internationally interconnected generation capacity and appropriate hedging strategies. Electricity is typically traded ‘forward’, i.e., future energy volumes and prices are hedged in advance with derivative instruments to minimize price risks. In times of crisis, when energy prices can be highly volatile, such instruments can also be used for speculative purposes. However, hedging and speculative positions can trigger margin calls on derivatives exchanges or increased collateral requirements in the over-the-counter (OTC) market. The causes, interrelationships and possible consequences of such margin calls on the financial situation of buyers and sellers of electricity (e.g., on balance sheet liquidity) are discussed. Paradoxically, the use of hedging instruments to protect against price volatility, together with prudential accounting standards, has led to financial problems for many electricity producers during the market turmoil of 2022, and to governmental bail outs. Whether the problems of large energy companies in Switzerland are due solely to hedging motives or to speculative proprietary trading is difficult for outsiders to judge.04A - Beitrag SammelbandPublikation Controlling of the circular economy(Springer, 2024) Schmied, Simon; Krings, Ulrich; Koch, Maximilian; Hüttche, TobiasThis chapter analyzes the role of the controlling function in the transformation process from a traditional to a circular business model. Although the task of controlling lies precisely in measuring and managing corporate strategy, controlling has not yet established itself as a strong player when it comes to implementing a sustainable business model. Controlling still plays too passive a role and lacks the necessary expertise. Furthermore, controlling views sustainability more as a marketing or compliance issue than as a fundamental basic understanding of future entrepreneurial action. The chapter describes the linear business model and the need for a shift to a circular model. Based on this, the requirements for sustainability oriented corporate management are outlined and the form in which controlling can support and accompany such sustainability management in a meaningful way and with suitable key performance indicators (KPIs).04A - Beitrag SammelbandPublikation Were the crises of the recent past a litmus test for goodwill in the automotive industry?(Springer, 2024) Canipa, Marco; Tettenborn, Martin; Tettenborn, Maya; Hüttche, TobiasGiven the recent crises and ongoing structural changes in the automotive industry, future success potentials from formerly acquired investments within the automotive industry should be questioned. In this context, the estimation of future cash inflows and outflows as well as the corresponding discount rate, which is necessary within the IFRS framework of the impairment test of assets, becomes much more challenging. To shed new light on the impact of these effects on the litmus test, i.e. on the value of goodwill, the chapter is using the example of the automotive sector in Germany. The possibility of a goodwill bubble in the automotive industry cannot be ruled out, as our chapter suggests.04A - Beitrag SammelbandPublikation ESG Disclosures – Voluntary guidelines and standards & mandatory regulations. A decision framework for directors of multinational firms(ExpertSuisse, 2023) Da Silva Lima, Yanina; Waterstraat, Silke01A - Beitrag in wissenschaftlicher ZeitschriftPublikation L’évaluation de PME fondée en droit et défendable(Treuhandsuisse, 2023) Hüttche, Tobias; Schmid, FabianL’évaluation d’entreprises relève davantage de l’art que de la science et, en matière d’art – tout comme d’évaluation d’ailleurs –, les avis peuvent fort bien diverger. Alors comment établir une évaluation d’entreprise qui soit bien fondée en droit et défendable? Quelles sont les méthodes recommandables pour valoriser des PME et comment les mettre en pratique? Ces questions et d’autres trouvent leurs réponses dans le présent article.01A - Beitrag in wissenschaftlicher ZeitschriftPublikation Update Unternehmensbewertung 2023. Aktuelles aus Lehre, Praxis und Rechtsprechung zur Unternehmensbewertung(ExpertSuisse, 2023) Hüttche, Tobias; Schmid, FabianBei Unternehmensbewertungen treffen Theorie und Praxis, Ökonom/-innen und Jurist/-innen aufeinander. Dies sorgt für Dynamik in der Bewertungslehre, -praxis und der Rechtsprechung. Das «Update Unternehmensbewertung» berichtet jährlich über aktuelle Entwicklungen.01A - Beitrag in wissenschaftlicher Zeitschrift