Open Access. Powered by Scholars. Published by Universities.®
- Publication Type
Articles 1 - 2 of 2
Full-Text Articles in Law
Mandatory Adoption Of International Accounting Standards In Germany: Financial Statement Effects, Sarah Wagemann
Mandatory Adoption Of International Accounting Standards In Germany: Financial Statement Effects, Sarah Wagemann
Graduate Theses
This paper addresses the mandatory adoption of International Financial Reporting Standards (IFRS) in Germany in 2005. The financial, statement effects and the variability of key accounting measures are analyzed under the German Commercial Code (Handelsgesetzbuch - HGB, German GAAP) and IFRS. I find that book value of equity and net income are slightly larger under IFRS than under German GAAP which reflects the fair value orientation of IFRS. Only weak evidence exists that the mandatory adoption of IFRS results in significant accounting differences unlike the results found in financial statements of German firms that voluntarily adopted IFRS.
Lessons From The Flash Crash For The Regulation Of High-Frequency Traders, Edgar Ortega Barrales
Lessons From The Flash Crash For The Regulation Of High-Frequency Traders, Edgar Ortega Barrales
Fordham Journal of Corporate & Financial Law
Are equity markets vulnerable to a sudden collapse if the traders who account for about half of the volume have no regulatory obligations to stabilize prices? After the “Flash Crash” of May 6, 2010, policymakers have resoundingly answered this question in the affirmative. During the worst of the crash, some of the so-called high-frequency trading firms that dominate equity markets stopped trading and prices collapsed, momentarily wiping out almost $1 trillion in market value. In response, the U.S. Securities and Exchange Commission is considering whether high-frequency trading firms should be required to act as the traders of last resort. This …