Einflussfaktoren der Pr��fungshonorare �C Anmerkungen zu den Beitr?gen ?Quasirentenmodell und Honorare f��r Abschlusspr��fungen in Deutschland �C eine empirische Analyse�� und ?Pr��fungshonorare in Deutschland �C Determinanten und Implikationen��

Bigus and Zimmermann and Köhler et al. investigate various determinants of audit fees of companies that are listed on German stock exchanges using multiple linear regression analysis. While Bigus and Zimmermann identify not significant higher audit fees for initial audit engagements than for continuing audit engagements, Köhler et al. detect significant lower audit fees for initial audit engagements than for continuing audit engagements. Although the authors of both studies only investigate the fees for the audit of the German entities of the respective groups of companies, they use determinants from the prior audit fee literature that relate to the audit of the worldwide entities that are included in the groups of companies. In addition to this mismatch of the geographic scope of the variables, the authors use determinants whose influence on audit fees is not explained by theories, that have been rarely used in prior studies, or that have previously been associated with inconsistent results, and that should have been critically questioned. Given the weaknesses of the methodologies used in both studies, the gain in knowledge from their results is questionable.     

Replik auf Stellungnahme zu ?Pr��fungshonorare in Deutschland �C Determinanten und Implikationen��

Responding to Merkl??s discussion the authors show that Merkl??s arguments are not convincing.     

Steuerfreiheit von Gewinnen aus der Ver?u?erung von Kapitalgesellschaftsanteilen durch nat��rliche Personen?

Subject of this article is the question for the taxation of capital gains of holdings in corporations, in which tax effects are reduced. Thereby tax effects are explicated under realistic uncertainty. Under realistic uncertainty tax effects are possible in case of taxation of capital gains, but not mandatory. Furthermore the analysis shows that for capital gains from concealed reserves each form of taxation will entail tax effects. This also applies to tax exemption. In the case of capital gains from profit reserves in the applicable corporate income tax system, tax exemption of capital gains from profit reserves and immediate write-off of profit reserves itself evoke tax effects. In the current corporate tax system only the distribution induced write-down of a shareholding to going concern value reduces tax effects. Nevertheless, this only applies to personal corporations, for public corporations tax effects have to be accepted. Beyond the valid tax system, tax effects must also be expected in a tax system, in which the corporate tax is integrated in the income tax and in which capital gains from profit reserves are tax-exempt. In comparison, the Dual Income Tax as proposed by the German Council of Economic Experts is a better solution for the problem of tax effects caused by the tax exemption of capital gains.     

Die Geld-zur��ck-Garantie �C Mehr als nur ein Qualit?tsindikator?

Money-back guarantees have become an increasingly popular tool for marketing managers??mainly because they are regarded as an effective means to signal product quality. However, from an academic perspective there is sparse empirical evidence on whether such a signaling effect really exists and, most importantly, whether it influences consumer decision making. Hence, the objective of the paper is to empirically analyze the consequences of money-back guarantees on consumer buying behavior in a holistic theoretical framework accounting for both cognitive and affective consumer responses. Our results reveal that the existence of the rather cognitively driven signaling effect of a money-back guarantee is contingent on several factors: Besides the type of the product (search versus experience good), it particularly depends on consumer knowledge as well as on whether a money-back guarantee is offered for a strong or for a rather weak brand. In addition, we show that a money-back guarantee also induces affective consumer responses which additionally contribute to consumer buying behavior. These responses are mainly due to the guarantee??s insurance function reducing consumer uncertainty about product features.