Author pages are created from data sourced from our academic publisher partnerships and public sources.
- Publications
- Influence
The Crisis of Fair Value Accounting: Making Sense of the Recent Debate
The recent financial crisis has led to a vigorous debate about the pros and cons of fair-value accounting (FVA). This debate presents a major challenge for FVA going forward and standard setters’… Expand
Limited Liability and Incentive Contracting with Multiple Projects
- C. Laux
- Economics
- 4 September 2001
I examine a principal-agent model with multiple projects where a risk-neutral manager is protected by limited liability. The analysis has several interesting implications: (i) incentive problems are… Expand
Did Fair-Value Accounting Contribute to the Financial Crisis?
The recent financial crisis has led to a major debate about fair-value accounting. Many critics have argued that fair-value accounting, often also called mark-to-market accounting, has significantly… Expand
Board Committees, CEO Compensation, and Earnings Management
We analyze the board of directors' equilibrium strategies for setting CEO incentive pay and overseeing financial reporting and their effects on the level of earnings management. We show that an… Expand
Board Committees , CEO Compensation , and Earnings Management ∗
We analyze the effect of committee formation on how corporate boards perform two main functions: setting CEO pay and overseeing the financial reporting process. The use of performance-based pay… Expand
Financial Instruments, Financial Reporting, and Financial Stability
- C. Laux
- Economics
- 22 February 2012
I review new empirical evidence from the recent financial crisis on the relation between financial reporting and financial stability. I draw the following conclusions: First, there is still no… Expand
Incentives in Internal Capital Markets: Capital Constraints, Competition, and Investment Opportunities
- R. Inderst, C. Laux
- Economics, Business
- 1 May 2001
We examine the effect of competition for scarce corporate financial resources on managers' incentives to generate profitable investment opportunities. Operating an active internal capital market is… Expand
Incentives in Internal Capital Markets
- R. Inderst, C. Laux
- Business
- 18 October 2000
The present paper analyzes the effect of competition for scarce corporate financial resources on managers' incentives to generate profitable investment opportunities. Competition is only… Expand
- 14
- 3
Initial public offerings and venture capital in Germany
- S. Franzke, Stefanie Grohs, C. Laux
- Business
- 2003
We present a survey on the role of initial public offerings (IPOs) and venture capital (VC) in Germany after the Second World War. Between 1945 and 1983 IPOs hardly played a role at all and only a… Expand
Financing Risk Transfer under Governance Problems: Mutual versus Stock Insurers
- C. Laux, Alexander Muermann
- Business
- 16 June 2009
Mutual insurance companies and stock insurance companies are different forms of organized risk sharing: policyholders and owners are two distinct groups in a stock insurer, while they are one and the… Expand