The current global waste problem presents significant challenges worldwide, and Spain is no different. Factors such as rapid urbanization, population growth, intensive agriculture, linear production models, and changing consumption patterns contribute to the upward trend in waste generation. To address these challenges and meet EU requirements, Spain developed the Law 7/2022 on Waste and Contaminated Soils for a Circular Economy (LRSC) to establish a legal framework promoting waste reduction, reuse, recycling, and proper waste management. The LRSC includes green taxes on plastic and landfill waste, incineration, and co-incineration. This qualitative policy research investigates the drivers and barriers influencing Spanish small and medium companies (SMEs) in transitioning to a circular economy (CE) and evaluates the effectiveness of the LRSC in supporting this shift reducing the scope to packaging waste. The study also aims to assess the impact of the LRSC, particularly the two green taxes within it, and address any emerging issues. Through a literature review and interviews with ten SMEs, the research reveals challenges in waste management, low recycling rates, and high landfilling rates in Spain. Barriers to circular economic models include the need for EU-wide alignment of laws, consumer education, stagnation of recycling technology, lack of economic incentives, high prices of recycled plastic, greenwashing, and cost savings. Companies face challenges such as lack of availability of recycled plastic, concerns about food contact packaging approval if produced with recycled plastics, changing company values and workforce habits, lack of legislative harmonization which increase the system complexity, capitalist marketing strategies, investment requirements, and lack of education. However, drivers for transition include consumer choices, economic incentives, and market demand. Concerns about the LRSC’s effectiveness in reducing packaging waste and facilitating the transition to a CE, include late implementation, eco-design and circular economy foundation deficiencies, selective collection challenges, and the low availability of recycled plastics. The LRSC is believed to have potential positive impact for the environment, however further efforts are needed to overcome the challenges identified in the study.

This dissertation consists of two theoretical papers on market-based environmental policy. The first paper exploits the correlation between the environmental performance of firms and their economic performance to show that financial markets can be used to help enforce environmental policy and to design more efficient regulations. The results indicate that when markets punish firms for not complying with environmental standards, environmental regulators can exploit this by setting stricter standards. In fact, it is possible for the regulator to use market-driven enforcement to reduce a firm’s emissions and monitoring of the firm simultaneously. The second paper provides a theoretical analysis of the nature of an optimal emissions tax when firms’ emissions are not perfectly observable. The purpose is to examine how the optimal tax is affected by enforcement costs and the market structure. We obtain the result that market imperfections and enforcement costs push the optimal tax lower than the marginal damage when the number of firms in the market is exogenous. However, when the number of firms is determined endogenously enforcement costs generate two countervailing effects on the optimal tax. The overall effect of enforcement costs on the optimal tax depends on the strength of direct relative to indirect effects when there is free entry and exit.

Die StuFo-Expo gibt mir die Möglichkeit meine Forschung im Rahmen meines Promotionsprojektes zugänglich für eine breite, fachübergreifende Öffentlichkeit zu machen. Zudem erhalte ich die Chance, Forschungsthemen, -ergebnisse und -methoden fachübergreifend kennenzulernen. Es ist ein einzigartiges Projekt, welches Studierende miteinander vernetzt und wichtige Fähigkeiten der Studierenden fördert. Das Thema meiner Forschung ist die Wertrelevanz latenter Steuern. Ich untersuche die Fragestellung ob latente Steuern bei der Vorhersage der zukünftigen Unternehmensentwicklung zusätzliche Informationen für verschiedene Stakeholder liefern. Dafür analysiere ich die knapp 1.800 verfügbaren Jahresabschlüsse aller im DAX Prime Standard gelisteten Firmen zwischen 2007 und 2018. Das von mir eingereichte Poster zeigt, dass latente Steuern dabei helfen, die Entwicklung des Marktwertes des Eigenkapitals bis zu zwei Jahren im Voraus zu prognostizieren. Dabei tragen aktive latente Steuern als wahrscheinliche zukünftige Steuerrückzahlungen positiv zum Unternehmenswert und deshalb zum Marktwert bei und passive latente Steuern als wahrscheinliche zukünftige Steuerzahlungen negativ zum Unternehmenswert und deshalb zum Marktwert bei. Ferner kann ich nachweisen, dass die ergänzende Berichterstattung über latente Steuern eher negativ von Marktteilnehmern bewertet wird. Mögliche Gründe hierfür sind die hohe Komplexität der Informationen und die fehlende Überleitbarkeit dieser Informationen auf Bilanz- und Gewinn- und Verlustrechnungszahlen. Auch zeigen Interviewstudien, dass das Vertrauen in latente Steuern und die dazugehörige Berichterstattung gering ist, da Stakeholder vermuten, dass latente Steuern zumindest teilweise für Bilanzpolitik genutzt werden. / The StuFo-Expo gives me the opportunity to make my research accessible to a broad, interdisciplinary public as part of my doctoral project. I also get the chance to get to know research topics, results and methods across disciplines. It is a unique project that connects students with one another and promotes important student skills. The topic of my research is the value relevance of deferred taxes. I am investigating the question of whether deferred taxes provide additional information for various stakeholders when predicting future corporate development. To do this, I analyze the almost 1,800 available annual financial statements of all companies listed in the DAX Prime Standard between 2007 and 2018. The poster I submitted shows that deferred taxes help forecast the development of the market value of equity up to two years in advance. Deferred tax assets as probable future tax repayments contribute positively to the company value and therefore to the market value, and deferred tax liabilities as probable future tax payments contribute negatively to the company value and therefore to the market value. I can also prove that the supplementary reporting on deferred taxes is rated negatively by market participants. Possible reasons for this are the high complexity of the information and the lack of transferability of this information to balance sheet and income statement figures. Interview studies also show that trust in deferred taxes and the associated reporting is low, as stakeholders suspect that deferred taxes are at least partially used for accounting policy.

Магистерская диссертация посвящена исследованию налогообложения юридических лиц. Предметом исследования является система экономических отношений, связанных с исчислением и уплатой налогов юридическими лицами. Цель магистерской диссертации заключается в выявлении проблем налогообложения юридических лиц в РФ и анализируемого предприятия ООО «ГрадСтрой» и разработка мероприятий по их решению. В заключении подводятся итоги проведенного исследования, формулируются основные проблемы налогообложения юридических лиц и предлагаются пути их решения. / Master's thesis is devoted to the study of taxation of legal entities. The subject of the research is the system of economic relations related to the calculation and payment of taxes by legal entities. The purpose of the master's thesis is to identify problems of taxation of legal entities in the Russian Federation and the analyzed enterprise and develop measures to solve them. In conclusion, the results of the study are summarized, the main problems of taxation of legal entities are formulated and ways to solve them are proposed.

Структура магистерской диссертации включает в себя введение, три главы, заключение, список использованных источников и приложения. В первой главе рассмотрены виды налогов в России и Китае, механизм их взыскания. Во второй главе исследованы компании, осуществляющие производство и продажу металлургической промышленности. В третьей главе разработан путь оптимизации налогов для двух стран. В заключении сформированы основные выводы. / The structure of the master's thesis includes an introduction, three chapters, conclusion, list of references and appendices. The first Chapter discusses the types of taxes in Russia and China, and the mechanism for collecting them. In the second Chapter, companies engaged in the production and sale of the metallurgical industry are studied. In the third Chapter, a way to optimize taxes for the two countries is developed. In conclusion, the main conclusions are formed.

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This dissertation consists of two essays. In the first essay, I examine the source of momentum in stock returns. The reversal of momentum returns has been interpreted as evidence that momentum results from delayed overreaction to information. I examine momentum and reversals conditional on firms’ share issuance (net of repurchases) during the momentum holding period and show that (1) among losers, the momentum returns are statistically significant, but the reversals are non-existent, for both issuers and non-issuers; (2) among winners, momentum and reversals are restricted to issuers, but are non-existent among non-issuers. After further conditioning on firm size, I find that winner reversals are restricted to small, equity issuing firms. After excluding these small issuers from the sample, the remaining firms have strong momentum profits with no accompanying reversals. The evidence suggests that the return reversals are a manifestation of the poor performance of equity issuing firms. Further, while investor overreaction potentially contributes to the momentum among winners, a large fraction of firms do not earn any significant abnormal returns following initial price continuation, suggesting that underreaction, and not delayed overreaction to information, is the dominant source of momentum in stock returns. In the second essay, I examine alternative explanations of reversals in stock returns. George and Hwang (2007) find that long-term reversals in stock returns are driven by investors’ incentive to defer payment of taxes on locked-in capital gains rather than by overreaction to information. I show that return reversals are instead attributable to the negative relationship between firms’ composite share issuance and future stock returns documented in Daniel and Titman (2006). The ability of locked-in capital gains measures to forecast stock returns is largely subsumed by the composite share issuance measure. My results do not support the hypothesis that capital gains taxes drive long-term return reversals. / Ph. D.

The dissertation, 'The information content of deferred tax items', examines the information content of deferred tax items. Technically, deferred taxes are assets or liabilities that arise from temporary differences between the carrying amount of an asset or liability in the financial statements and its tax base. Their recognition intends to record the future tax consequences of these differences. To investigate the information content of deferred tax items, this dissertation uses the systematic literature review methodology (research paper 1) and empirical analyses (research papers 2; 3). The research paper, 'Financial accounting for deferred taxes: A systematic review of empirical evidence', identifies, systematizes, and evaluates the state of the art with the goal of synthesizing evidence on the value relevance of deferred taxes, their use to manage earnings and their ability to identify earnings management. The empirical analyses are based on these findings and evaluate 1.5 thousand German IFRS financial statements. They examine the value relevance of deferred tax items and related disclosures under IAS 12 ('The value relevance of deferred taxes and related disclosures under IAS 12'), as well as the relationship between individual components of deferred taxes and future tax cash flows ('Deferred taxes under IFRS: Which components predict future tax cash flows'). The results of the publications show that deferred tax items have significant information content for capital providers, as they subsume information about future tax cash flows and the performance of an entity. Their information content depends on several factors. These are the association of individual deferred tax components with future tax cash flows, private information signaled by deferred tax items and disclosures, and the suspicion that specific deferred tax items identify earnings management or are used to manage earnings. So, this dissertation makes an important contribution to a deeper understanding of the information content of deferred tax items and related disclosures. Each publication has developed methodological and content-driven novelties to contribute comprehensively to previous research. Due to the considerable size of the underlying database, the results of this dissertation are of statistical relevance.

This thesis seeks to construct an empirical model of highway finance in the United States, and in particular, to examine the relationship between highway-user revenues and highway spending. It provides a general overview of the current highway system, including the federal-aid highway program, and the flow of highway funds between different levels of government. It also examines issues relating to highway-user revenues. A review of the literature failed to provide any "standard" model of highway spending and no previous studies of spending across all levels of government. Using data from the 50 states and the District of Columbia over the three-year period 1998-2000, regressions were run on the dollars spent on highways in each state from all levels of government. The independent variables included highway-user revenues (as defined by the Federal Highway Administration) in each state from all levels of government, lane-miles, daily vehicle-miles of traffic, land area, percent of land area classified as urban, population, gross state product, annual average wage, percent of traffic consisting of trucks, and average winter temperature. OLS estimates using the classical linear regression model were found to be unreliable, and attempts at using a growth rate model provided poor overall fit. Opportunities for future research are identified, as this is an important issue that should be of interest in public policy decision-making. / Master of Arts

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