Skip to main content
SpringerLink
Log in

Besonderheiten von Immobilienunternehmen und REITs

  • Chapter
  • First Online:
Kapitalmarktorientierte Rechnungslegung

  • 4701 Accesses

Zusammenfassung

Bisher gibt es nur wenige IFRS, die auf Branchenbesonderheiten Bezug nehmen, obwohl es nicht unplausibel ist, dass die Standards nicht für alle Unternehmen gleich gut passen. Immobilienunternehmen, bei denen der wesentliche Anteil des Vermögens aus Immobilien besteht, stellen ein interessantes Testfeld hierfür dar. Dies liegt einmal am Geschäftsfeld, wobei die sogenannten REITs noch eine Reihe von Besonderheiten aufweisen. Da für Renditeimmobilien Fair Values zu schätzen sind, kann der Substanzwert der Unternehmen in etwa der Bilanz entnommen werden, wenn es nur unwesentliche immaterielle und Firmenwertkomponenten gibt, was regelmäßig unterstellt wird. Allerdings deckt sich dieser Net Asset Value im Allgemeinen nicht mit dem Börsenwert der Unternehmen. Dies löst Erklärungsbedarf aus.

Besonderheiten sind auch für die Finanzierung der Unternehmen zu erwarten, da Immobilien beliebte Kreditsicherheiten darstellen. Schließlich ist zu berücksichtigen, dass für Immobilienunternehmen branchenbezogene Performancemaße (Funds form Operations vor allem) weit verbreitet sind. Dies kann durchaus als Indikator für die Unzulänglichkeit der IFRS-Größen gedeutet werden. Insgesamt zeigt die Fülle an empirischen Studien, dass der Ansatz „one size fits all“ überdenkenswert ist.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 39.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 49.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Literatur

  • Aboody, D./Barth, M. E./Kasznik, R.: Revaluations of fixed assets and future firm Performance: Evidence from the UK, Journal of Accounting and Economics 1999, 149–178

    Google Scholar 

  • Aboody, D./Barth, M. E./Kasznik, R.: Factors Associated with Firms`Decisions to Improve Earnings Quality: The Voluntary Recognition of Stock-Based Compensation Expense, Research Paper No 1795, Stanford 2003

    Google Scholar 

  • Acedo-Ramirez, M. A./Ruiz-Cabestre, F. J.: Determinants of Capital Structure: United Kingdom Versus Continental Eauropean Countries, Journal of International Financial Management and Accounting 2014, 237–270

    Google Scholar 

  • Aharony,J./Bar-Niv,R./Falk, H.: The impact of mandatory IFRS adoption on equity valuation of accounting numbers for security investors in the EU, European Accounting Review 2010, 535–578

    Google Scholar 

  • Alcock, J./Glascock, J./Steiner, E.: Manipulation in U.S. REIT Investment Performance Evaluation: Empirical Evidence, Journal of Real Estate Finance and Economics 2013, 434–465

    Google Scholar 

  • Ambrose, B.W./Bian, X.: Stock Market Information and REIT Earnings Management, Journal of Real Estate Research 2010, 101–137

    Google Scholar 

  • An, H./Cook, D. O./Zumpano, L. V.: Corporate Transparency and Firm Growth: Evidence from Real Estate Investment Trusts, Real Estate Economics 2011, 429–454

    Google Scholar 

  • An, H./Hardin III, W./Wu, Z.: Information Asymmetry and Corporate Liquidity Management: Evidence from Real Estate Investment Trusts, Journal of Real Estate Finance and Economics 2012, 678–704

    Google Scholar 

  • Andersson, P./Hellman, N.: Does Pro Forma Reporting Bias Analyst Forecast?, European Accounting Review 2007, 277–298

    Google Scholar 

  • Anglin, P./Edelstein, R./Gao, Y./Tsang, D.: What is the Relationship Between REIT Governance and Earnings Management? Journal of Real Estate and Financial Economics 2013, 538–563

    Google Scholar 

  • Antonakopoulos, N.: Unabhängigkeit der Cashflow-Analyse nach neuem Handelsrecht?, in: Fink/Schultze/Winkeljohann (Hrsg.): Bilanzpolitik und Bilanzanalyse nach neuem Handelsrecht, Stuttgart 2010, 349–369

    Google Scholar 

  • Baik, B./Billings, B.K./Morton, R. M.: The Effect of Increased Transparency on Manipulation and Value Relevance of Non-GAAP Disclosures by Real Estate Investment Trusts (REITs), Working Paper 2006

    Google Scholar 

  • Baker, H. K./Smith, D. V.: In Search of a Residual Dividend Policy, Working Paper 2002

    Google Scholar 

  • Balakrishnan, K./Core, J. E./Verdi, R. S.: The Relation between Reporting Quality and Financing and Investment: Evidence from Changes in Financing Capacity, Journal of Accounting Research 2014, 1–36

    Google Scholar 

  • Ball, R.: Market and Political/Regulatory Perspectives on the Recent Accounting Scandals, Journal of Accounting Research 2009, 277–323

    Google Scholar 

  • Ballwieser, W.: Unternehmensbewertung, 3. Aufl., Stuttgart 2011

    Google Scholar 

  • Banker, R. D./Huang, R./Natarajan, R.: Incentive Contracting and Value Relevance of Earnings and Cash Flows, Journal of Accounting Research 2009, 647–678

    Google Scholar 

  • Barth, M. E./Landsman, W. R.: How did Financial Reporting Contribute to the Financial Crisis?, European Accounting Review 2010, 399–423

    Google Scholar 

  • Basner, R./ Hirth, H.: Signalisierung und Dividendenpolitik – Theorie und Empirie, BFuP 2011, 76–100

    Google Scholar 

  • Bastini, K./Kasperzak, R.: Erkenntnisfortschritt in der Rechnungslegung durch experimentelle Forschung? – Diskussion methodischer Grundsatzfragen anhand der Entscheidungsnützlichkeit des Performance Reporting, zfbf 2013, 622–660

    Google Scholar 

  • Bauer, R./Eichholtz, P./Kok, N.: Corporate Governance and performance: the REIT effect, Real Estate Economics 2010, 1–29

    Google Scholar 

  • Behringer, S.: Cash – flow und Unternehmensbeurteilung, 10. Aufl., Berlin 2010

    Google Scholar 

  • Ben-Shahar, D./Margalioth, Y./Sulganik, E.: The Straight-Line Depreciation is Wanted, Dead or Alive, Journal of Real Estate Research 2009, 351–370

    Google Scholar 

  • Ben-Shahar, D./Sulganik, E./Tsang, D.: Funds From Operations Versus Net Income: Examining The Dividend-Relevance Of REIT Performance Measures, Journal of Real Estate Research 2011, 415–441

    Google Scholar 

  • Beyer, A./Cohen, D. A./Lys, T. Z./Walther, B. R.: The financial reporting environment: Review of the recent literature, Journal of Accounting and Economics 2010, 296–343

    Google Scholar 

  • Bieker, M./Moser, J.J.: Earnings Before What? – Zur babylonischen Sprachverwirrung in deutschen Geschäftsberichten, PiR 2011, 163–170

    Google Scholar 

  • Black, D. E.: Returns Voaltility and Other Comprehensive Income Components, Working Paper, 2013

    Google Scholar 

  • Bösser, J./Pilhofer, J./Lessel, M.: Kapitalflussrechnung nach IAS 7 in der Unternehmenspraxis, PIR 2013, 359–366

    Google Scholar 

  • Boudry, W. I.: An Examination of REIT Dividend Payout Policy, Real Estate Economics 2011, 601–634

    Google Scholar 

  • Boudry, W. I./Coulson, E./Kallberg, J. G./Liu, C. H.: On the Hybrid Nature of REITs, Journal of Real Estate Finance and Economics 2012, 230–249

    Google Scholar 

  • Boudry, W. I./Kallberg, J. G./Liu, C. H.: An Analysis of REIT Security Issuance Decisions, Working Paper 2010

    Google Scholar 

  • Boudry, W. I./Kallberg, J. G.: REITs: Structure and Performance, in: Baker, H. K./Chinloy, P. (Hrsg.) Public Real Estate Markets and Investments, New York 2014, 195–212

    Google Scholar 

  • Bradley, M./Capozza, D.R./Seguin, P.J.: Dividend Policy and Cash Flow Uncertainty, Real Estate Economics 1998, 555–580

    Google Scholar 

  • Bradshaw, M. T./Sloan, R. G.: GAAP versus The Street: An Empirical Assessment of Two Alternative Definitions of Earnings, Journal of Accounting Research 2002, 41–66

    Google Scholar 

  • Brav, A./Graham, J. R./Harvey, C. R./Michaely, R.: Payout policy in the 21st century, Journal of Financial Economics 2005, 483–527

    Google Scholar 

  • Brealey, R. A./Myers, S. C./Allen, F.: Principles of Corporate Finance, New York, 10. Aufl. 2011

    Google Scholar 

  • Breuer, W.: Investor Relations bei REITs, in: Bone-Winkel/Schäfers/Schulte (Hrsg.): Handbuch Real Estate Investment Trusts, Köln 2008, 215–232

    Google Scholar 

  • Breuer, W.: Freiwillige Transparenz: Die EPRA Best Practices Policy Recommendations, in: Rehkugler (Hrsg.): Die Immobilie als Kapitalmarktprodukt, München 2009, 381–402

    Google Scholar 

  • Brounen, D./ Laak, M. ter: Understanding the Discount: Evidence from European Property Shares, Journal of Real Estate Portfolio Management 2005, 241–251

    Google Scholar 

  • Brounen, D./Kok, N./Ling, D. C.: Shareholder Composition, share turnover, and returns in volatile markets: The case of international REITs, Journal of International Money and Finance 2012, 1867–1889

    Google Scholar 

  • Brouwer, A./Faramarzi, A./Hoogendoorn, M.: Does the New Conceptual Framework Provide Adequate Concepts for Reporting Relevant Information about Performance?, Accounting in Europe 2014, 235–257

    Google Scholar 

  • Brown, D. T./Marble, H.: Secured Debt Financing and Leverage: Theory and Evidence, Working Paper 2006 (SSRN=923476)

    Google Scholar 

  • Brown, N. C./Christensen,T. E./Elliott, W. B./Mergenthaler, R. D.: Investor Sentiment and Pro Forma Earnings Disclosure, Journal of Accounting Research 2012, 1–40

    Google Scholar 

  • Brown, N. C./Christensen,T. E.: The quality of street cash flow from operations, Review of Accounting Studies 2014, 913–954

    Google Scholar 

  • Call, A. C./Chen, S./Tong, Y.H.: Are analyst`s earnings forecasts more accurate when accompanied by cash flow forecasts?, Review of Accounting Studies 2009, 358–391

    Google Scholar 

  • Campbell, R. D./Ghosh, C./Petrova, M./Sirmans, C. F.: Corporate Governance and Performance in the Market for Corporate Control: The Case of REITs, Journal of Real Estate and Financial Economics 2011, 451–480

    Google Scholar 

  • Cannon, S. E./Cole, R. A.: How Accurate are Commercial-Real-Estate Appraisals? Evidence from 25 Years of NCREIF Sales Data, Working Paper 2011 (SSRN=1824807)

    Google Scholar 

  • Capozza, R. D./Seguin, P. J.: Focus, Transparency and Value: The REIT Evidence, Real Estate Economics 1999, 587–619

    Google Scholar 

  • Case, B./Hardin III, W. G./Wu, Z.: REIT Dividend Policies and Dividend Announcement Effects During the 2008-2009 Liquidity Crisis, Real Estate Economics 2012, 387–421B

    Google Scholar 

  • Chen, C-Y.: Do analysts and investors fully understand the persistence of the items excluded from street earnings?, Review of Accounting Studies 2010, 32–69

    Google Scholar 

  • Chen, L./Da, Z./Priestley, R.: Dividend Smoothing and Predictability, Working Paper 2010 (= SSRN 1280833)

    Google Scholar 

  • Cheng, P./Lin, Z./Liu, Y: Heterogeneous Information and Appraisal Smoothing, Journal of Real Estate Research 2011, 443–469

    Google Scholar 

  • Chikolwa, B.: Determinants of Capital Structure for A-REITs, Working Paper 2009

    Google Scholar 

  • Chou, W-S./Hardin III, W. G./Hill, M. D./Kelly, G. W.: Dividends, Values and Agency Costs in REITs, Journal of Real Estate Finance and Economics 2013, 91–114

    Google Scholar 

  • Christensen, T. E.: Discussion of “Why do pro forma and street earnings not reflect changes in GAAP? Evidence from SFAS 123 R”, Review of Accounting Studies 2012, 563–571

    Google Scholar 

  • Christensen, T. E./Merkley, K. J./Tucker, J. W./Venkataramen, S.: Do managers use earnings guidance to influence street earnings exclusions?, Review of Accounting Studies 2011, 501–527

    Google Scholar 

  • Christensen, T. E./Pei, H./Pierce, S. R./Tan, L.: Non-GAAP Reporting following Debt Covenant Violations, Working Paper 5/2015

    Google Scholar 

  • Chung, R./Fung, S./Hung, S.-Y., K.: Institutional Investors and Firm Efficiency of Real Estate Investment Trusts, Journal of Real Estate Finance and Economics 2012, 171–211

    Google Scholar 

  • Clayton, J./Mac Kinnon, G.: Explaining the Discount to NAV in REIT Pricing: Noise or Information? Working Paper 2000 (SSRN= 258268)

    Google Scholar 

  • Clayton, J./Mac Kinnon, G.: Departures from NAV in REIT Pricing: The Private Real Estate Cycle, the Value of Liquidity and Investor Sentiment, Working Paper 2002

    Google Scholar 

  • Coenenberg, A. G./ Haller, A./Schultze, W.: Jahresabschluss und Jahresabschlussanalyse, 23. Aufl., Stuttgart 2014

    Google Scholar 

  • Collins, D. W./Li, O. Z./Xie, H.: What drives the increased informativeness of earnings announcements over time?, Review of Accounting Studies 2009, 1–30

    Google Scholar 

  • Curtis,A./McVay, S./Wolfe, M.: An Analysis of the implications of discontinued operations for continuing income, Journal of Accounting Public Policy 2014, 190–201

    Google Scholar 

  • Danbolt,J./Rees, W.: Mark-toMarket Accounting and Valuation: Evidence from UK Real Estate and Investment Companies, Working Paper 2003

    Google Scholar 

  • Danbolt, J./Rees, W.: An Experiment in Fair Value Accounting: UK Investment Vehicles, European Accounting Review 2008, 271–303

    Google Scholar 

  • Danielsen, B. R./Harrison, D. M./Van Ness, R. A.: REIT Auditor Fees and Financial Market transparency, Real Estate Economics 2009, 515–557

    Google Scholar 

  • Dargenidou, C./McLeay, S.: The Impact of Introducing Estimates of the Future on International Comparability in Earnings Expectations, European Accounting Review 2010, 511–534

    Google Scholar 

  • Dechow, P. M./Richardson, S. A./Sloan, R.G.: The Persistence and Pricing of the Cash Component of Earnings, Journal of Accounting Research 2008, 537–566

    Google Scholar 

  • Dechow, P. M./Schrand, C. M.: Earnings Quality, 2004

    Google Scholar 

  • De Jong, A./Mertens, G./van der Poel, M./van Dijk, R.: How does earnings management influence investor`s perceptions of firm value? Survey evidence from financial analysts, Review of Accounting Studies 2014, 606–627

    Google Scholar 

  • Devos, E./Ong, S.-E./Spieler, A. C.: REIT Institutional Ownership Dynamics and the Financial Crisis, Journal of Real Estate Finance and Economics 2013, 266–288

    Google Scholar 

  • Dimitrov, V./Jain, P. C.: The Value-Relevance of Changes in Financial Leverage Beyond Growth in Assets and GAAP Earnings, Journal of Accounting, Auditing and Finance 2008, 191–222

    Google Scholar 

  • Dirrigl, H.: Unternehmenswert – Orientierung in Rechnungslegung, Value Reporting und Controlling, in: FS Streim 2008, 75–107

    Google Scholar 

  • Dong, M./Ryan, S. G./Zhang, X.: Preserving Amortized Costs within a Fair Value-Accounting Framework: Reclassification of Gains and Losses on Available-for-Sale Securities upon Realization, Working Paper 3/2011

    Google Scholar 

  • Downs, D. H./Güner, Z. N.: On the Quality of FFO Forecasts, Journal of Real Estate Research 2006, 257–274

    Google Scholar 

  • Downs, D. H./Güner, Z. N.: Commercial Real Estate, Information Production and Market Activity, Journal of Real Estate Finance and Economics 2013, 282–298

    Google Scholar 

  • Doyle, J. T./Jennings, J./Soliman, M. T.: Do Managers Define Non-GAAP Earnings to Meet or Beat Analyst Forecasts?, Working Paper 8/2011

    Google Scholar 

  • Edelhoff, D.: Zuverlässigkeit und Relevanz in der Immobilienbewertung, Köln 2011

    Google Scholar 

  • Edelstein, R./Liu, P./Tsang, D.: Real Earnings Management and Dividend Payout Signals: A Study for U.S. Real Estate Investment Trusts, Working Paper 2009

    Google Scholar 

  • Edelstein, R./Qian, W./Tsang,D.: How do Institutional Factors Affect International Real Estate Returns? Journal of Real Estate Finance and Economics 2011, 130–151

    Google Scholar 

  • Eichholtz, P. M. A./Gugler, N./ Kok, N.: Transparency, Integration, and the Cost of International Real Estate Investments, Journal of Real Estate Finance and Economics 2011, 152–173

    Google Scholar 

  • Eiselt, A./Müller, S.: DRS 21 “Kapitalflussrechnung”: kein ganz großer Wurf – Update zu BB 2013, 2155–2158, BB 2014, 1067–1070

    Google Scholar 

  • Elliott, W. B./Hobson, J. L./White, B.: Earnings Metrics, Motivated Reasoning and Market efficiency, Working Paper, 12/2012

    Google Scholar 

  • Entwistle, G./Feltham, G./Mbagwu, C.: The Value Relevance of Alternative Earnings Measures: A Comparison of Pro Forma, GAAP, and I/B/E/S Earnings, Journal of Accounting, Auditing and Finance 2010, 261–288

    Google Scholar 

  • EPRA (European Public Real Estate Association): Reporting: Best Practices Recommendations, Januar 2014 (a)

    Google Scholar 

  • EPRA/Inrev: Real Estate in the Real Economy. Technical Report 1/2014 (b)

    Google Scholar 

  • Erdorf, S./Hartmann-Wendels, T./Matz, M./Heinrichs, N.: Corporate Diversification and Firm Value: A Survey of Recent Literature, Working Paper (Universität Köln), 2012

    Google Scholar 

  • Esplin, A./Hewitt, M./Plunlee, M./Yohn, T. L.: Disaggregating Operating and Financial Activitites: Implication for Forecasts of Profitability, Review of Accounting Studies 2014, 328–362

    Google Scholar 

  • Fairfield, P. M./Kitching, K. A./Tang, V. W.: Are special items informative about future profit margins?, Review of Accounting Studies 2009, 204–236

    Google Scholar 

  • Fields, T. D./Rangan, S./Thiagarajan, S. R.: An Empirical Evaluation of the Usefulness of Non-GAAP Accounting Measures in the Real Estate Investment Trust Industry, Review of Accounting Studies 1998, 103–130

    Google Scholar 

  • Fischer, F.: Der Zusammenhang zwischen Rechnungslegung und Ausschüttungsbemessung, Frankfurt a. M. 2011

    Google Scholar 

  • Forker, J./Powell, R.: A Comparison of Error Rates for EVA, Residual Income, GAAP-earnings and Other Metrics Using a Long-Window Valuation Approach, European Accounting Review 2008, 471–502

    Google Scholar 

  • Fortin, S./Tsang, D./Dionne, F.-P.: Performance Measurement and Recognition of the Real Estate Assets: An International Exploration of Reporting Practices Adopted in the Real Estate Industry, Research Paper, Montreal 2008

    Google Scholar 

  • Francis, J./Nanda, D./Olsson, P.: Voluntary Disclosure, Earnings Quality, and Cost of Capital, Journal of Accounting Research 2008, 53–99

    Google Scholar 

  • Francis, J./Smith, M.: A Reexamination of the Persistence of Accruals and Cash Flows, Journal of Accounting Research 2005, 413–451

    Google Scholar 

  • Frank, M. Z./Goyal, V. K.: Capital Structure Decisions: Which Factors are Reliably Important? Working Paper 2009

    Google Scholar 

  • Frankel, R.: Discussion of “Are special items informative about future profit margins?”, Review of Accounting Studies 2009, 237–245

    Google Scholar 

  • Frankel, R./McVay, S./Soliman, M.: Non-GAAP earnings and board independence, Review of Accounting Studies 2011, 719–744

    Google Scholar 

  • Frey, H.: Konzernabschlussanalyse großer Unternehmen am deutschen Kapitalmarkt auch vor dem Hintergrund der Finanzkrise, KoR 2011, 194–202

    Google Scholar 

  • Frieden, M./Zieseniß, R.: BilRUG: Entfallen des außerordentlichen Ergebnisses, WPg 2016, 450–453

    Google Scholar 

  • Gentry, W. M./Jones, C. M./Mayer, C. J.: Do Stock Prices really reflect fundamental Values? The Case of REITs, Working Paper 2004

    Google Scholar 

  • Ghosh, S./Giambona, E./Harding, J. P./Sirmans, C. F.: How Entrenchment, Incentives and Governance Influence REIT Capital Structure, Journal of Real Estate Finance and Economics 2011 (a), 39–72

    Google Scholar 

  • Ghosh, S./Roark, S./Sirmans, C. F.: On the operating Performance of REITs Following Seasoned Equity Offerings: Anomaly Revisited, Journal of Real Estate Finance and Economics 2011 (b), 1–31

    Google Scholar 

  • Ghosh, C./Sirmans, C. F.: Do Managerial Motives Impact Dividend Decisions in REITs?, Journal of Real Estate Finance and Economics 2006, 327–355

    Google Scholar 

  • Ghosh, C./Sun, L.: Agency Cost, Dividend Policy and Growth: The Special Case of REITs, Journal of Real Estate and Financial Economics 2013

    Google Scholar 

  • Gigler, F./Kanodia, C./Venugopalan, R.: Assessing the Information Content of Mark-to-Market Accounting with Mixed Attributes: The Case of CashFlow Hedges, Journal of Accounting Research 2007, 257–276

    Google Scholar 

  • Gill, A./Biger, N./Pai, C./Bhutani, S.: The Determinants of Capital Structure in the Service Industry: Evidence from the United States, The Open Business Journal 2009, 48–53

    Google Scholar 

  • Gladen, W.: Performance Measurement, 6. Aufl., Wiesbaden 2014

    Google Scholar 

  • Glaser, M./Müller, S.: Is the diversification discount caused by the book value bias of debt? Journal of Banking and Finance 2010, 2307–2317

    Google Scholar 

  • Goncharov, I./Hodgson, A.: Measuring and Reporting Income in Europe, Journal of International Accounting Research 2011, 27–59

    Google Scholar 

  • Goncharov, I./Riedl, E. J./Sellhorn, T.: Fair Value and audit fees, Review of Accounting Studies 2014, 210–241

    Google Scholar 

  • Gordon, E. A./Bischof, J./Daske, H./Munter, P./Saka, C./Smith, K. J./Venter, E. R.: The IASB`s Discussion Paper on the Conceptual Framework for Financial Reporting: A Commentary and Research Review, Journal of International Financial Management and Accounting 2015, 72–110

    Google Scholar 

  • Gore, R./Stott, D. M.: Towards a more informative measure of operating performance in the reit industry: Net Income vs Funds from Operations, Accounting Horizons 1998, 323–339

    Google Scholar 

  • Graham, J. R./Harvey, C. R.: The theory and practice of corporate finance: evidence from the field, Journal of Financial Economics 2001, 187–243

    Google Scholar 

  • Graham, J.R./Harvey, C. R./Rajgopal, S.: The Economic Implications of Corporate Financial Reporting, Journal of Accounting and Economics 2005, 3–73

    Google Scholar 

  • Griffith, J. M./Najand, M./Weeks, H. S.: What Influences the Change in REIT CEO Compensation? Evidence from Panel Data, Journal of Real Estate Research 2011, 209–232

    Google Scholar 

  • Gu, F.: Discussion of “The Value-Relevance of Changes in Financial Leverage Beyond Growth in Assets and GAAP Earnings”, Journal of Accounting, Auditing and Finance 2008, 223–231

    Google Scholar 

  • Guillamon-Saorin, E./Isidro, H./Marques, E.: Impression Management and Non-GAAP Disclosure in Earnings Announcements, Working Paper 2014

    Google Scholar 

  • Gyamfi-Yeboah, F./Ziobrowski, A. J./Lambert, L. S.: REIT`s Price Reaction to Unexpected FFO Announcements, Journal of Real Estate Finance and Economics 2012, 622–644

    Google Scholar 

  • Gyamfi-Yeboah, F./Ziobrowski, A. J./Seagraves, P.: Institutional Ownwership and the Dynamics of Trading Volume around FFO Announcements, Journal of Real Estate Finance and Economics 2013, 73–90

    Google Scholar 

  • Hail, L./Leuz, C./Wysocki, P.: Global Accounting Convergence and the Potential Adoption of IFRS by the United States: An Analysis of Economic and Policy Factors,Working Paper 2009 (SSRN=1357331)

    Google Scholar 

  • Haller, A./Groß, T.: Notwendigkeit und Ansatzpunkte für eine Reform des Statement of Cashflows nach IAS 7, KoR 2014, 298–306

    Google Scholar 

  • Hao, Y.: On Influence of Global Financial Crisis to U. S. REITs Market and Determinants of Capital Structure, Amsterdam 2012

    Google Scholar 

  • Haron,: Key FactorsInfluencing Target Capital Structure of Property Firms in Malaysia, Asian Social Science 2014, 62–69

    Google Scholar 

  • Harrison, D. M./Panasian, C. A./Seiler, M. J.: Further Evidence on the Capital Structure of REITs, Working Paper 2011

    Google Scholar 

  • Harvey, J./Cheigh, J.: The Truth about Real Estate Allocations, http://www.epra.com/body.jsp (September 2011)

  • Hawranek, B./Öppinger, C.: Wertrelevanz rechnungswesenbasierter Erfolgskennzahlen, KoR 2014, 95–102

    Google Scholar 

  • Hayunga, D. K./Stephens, C. P.: Dividend Behavior of U.S. Equity REITs, Working Paper 2009

    Google Scholar 

  • Heflin, F./Hsu, C./Jin, Q.: Accounting Conservatism and Street Earnings, Review of Accounting Studies 2015, 674–709

    Google Scholar 

  • Helpenstein, T.: Die Entscheidungsrelevanz von Managementprognosen, Wiesbaden 2014

    Google Scholar 

  • Higgins, E.J./Ott, R.L./Van Ness, R.A.: The Information Content of the 1999 Announcement of Funds from Operations Changes for Real Estate Investment Trusts, Journal of Real Estate Research 2006, 241–255

    Google Scholar 

  • Hill, M. D./Kelly, G. W./Hardin III, W. G.: Market Value of REIT Liquidity, Journal of Real Estate Finance and Economics 2012, 383–401

    Google Scholar 

  • Hill, V.: Rechnungslegungspolitik im Rahmen der Kaufpreisallokation, Frankfurt a. M. 2011

    Google Scholar 

  • Hirst, D. E./Hopkins, P. E./Wahlen, J. M.: Rair Values, Income Measurement, and Bank Analysts`Risk and Valuation Judgements, Accounting Review 2004, 453–472

    Google Scholar 

  • Hitz, J-M.: The Decision Usefulness of Fair Value Accounting – A Theoretical Perspective, European Accounting Review 2007, 323–362

    Google Scholar 

  • Hitz, J-M.: Information versus adverse Anlegerbeeinflussung: Befund und Implikationen der empirischen Rechnungswesenforschung zur Publizität von Pro-forma-Ergebnisgrößen, Jab 2010, 127–161

    Google Scholar 

  • Hohenstatt, R./Offer, P./Schäfers, W.: Auswirkungen der Kapitalstruktur auf die Performance von börsennotierten Immobilienunternehmen, Zeitschrift für Immobilienökonomie 2010, 27–42

    Google Scholar 

  • Höllerschmid, C.: Signalwirkungen und Bilanzpolitik mithilfe selbst erstellten technologiebezogenen immateriellen Vermögens, Frankfurt a. M. 2010

    Google Scholar 

  • Holt, G.: Profit, Loss and OCI, www.accaglobal.com (Abruf 4/2014)

  • Hribar, P./Collins, D. W.: Errors in Estimating Accruals: Implications for Empirical Research, Journal of Accounting Research 2002, 105–134

    Google Scholar 

  • Isidro, H./Marques, A.: The Role of Institutional and Economic Factors in the Strategic Use of Non-GAAP Disclosures to Beat Earnings Benchmarks, European Accounting Review 2015, 95–128

    Google Scholar 

  • Jedem, U.: Immobilienrating, Freiburg i. Br. 2006

    Google Scholar 

  • Jones, D. A./Smith, K. J.: Comparing the Value Relevance, Predictive Value, and Persistence of Other Comprehensive Income and Special Items, The Acounting Review 2011, 2074–2073

    Google Scholar 

  • Kalay, A.: International Payout Policy, Information Asymmetry, and Agency Costs, Journal of Accounting Research 2014, 457–472

    Google Scholar 

  • Kanagaretam, K./Mathieu, R./Shehata, M.: Usefulness of comprehensive income reporting in Canada, Journal of Accounting and Public Policy 2009, 349–365

    Google Scholar 

  • Kanders, G.: Kurszielermittlung bei der WestLB: Orientierung am NAV, in: Rehkugler (Hrsg.): Die Immobilie als Kapitalmarktprodukt, München 2009, 413–427

    Google Scholar 

  • Kang, Q./Liu, Q./Qi, R.: Predicting Stock Market Returns with Aggregate Discretionary Accruals, Journal of Accounting Research 2010, 815–858

    Google Scholar 

  • Kang, S. H./Zhao, Y.: Information Content and Value Relevance of Depreciation: A Cross-Industry Analysis, Working Paper 2009 (SSRN=1394765)

    Google Scholar 

  • Kaserer, C./Knoll, L./Klingler, C./Gegenfurtner, B.: Die Wechselwirkung von Rechnungslegungsstandards, Informationsverarbeitung und Corporate Governance – Das Beispiel der Accrual Anomaly, in: FS Streim 2008, 201–218

    Google Scholar 

  • Keller, K.: Finanzwirtschaftliche Analyse von US-GAAP-Jahresabschlüssen, Frankfurt a. M. 2007

    Google Scholar 

  • Kim, I.: Discussion – Organizational Structure and Earnings Management, Journal of Accounting, Auditing and Finance 2007, 333–338

    Google Scholar 

  • Kim, M./Kross, W.: The Ability of Earnings to Predict Future Operating Cash Flows Has Been Increasing – Not Decreasing, Journal of Accounting Research 2005, 753–780

    Google Scholar 

  • Kirsch, H.-J./Schoo, L./Kraft, A.: Das Discussion Paper zum Conceptual Framework des IASB – Ein Überblick über Inhalte und Neuerungen, WPg 2014, 301–310

    Google Scholar 

  • Kleiber, W.: Wertermittlungsverfahren, in: Kühnberger, M./Wilke, H. (Hrsg.): Immobilienbewertung, Stuttgart 2010, 11–128

    Google Scholar 

  • Kleiber, W.: Verkehrswertermittlung von Grundstücken. Kommentar und Handbuch, 7. Aufl., Köln 2014

    Google Scholar 

  • Knauer, T./Ledwig, C./Wömpener, A.: Zur Wertrelevanz freiwilliger Managementprognosen in Deutschland, zfbf 2012, 166–204

    Google Scholar 

  • Koelen, P.: Investitionstheoretische Bewertungskalküle in der IFRS-RechnungslegungKöln 2009

    Google Scholar 

  • Köhling, K.: Barwertorientierte Fair Value – Ermittlung für Renditeimmobilien in der IFRS-Rechnungslegung, 2011

    Google Scholar 

  • Kraus, C.: Immobilienbewertung nach IFRS – Spannungsfeld von Entscheidungsrelevanz und Objektivierung, Regensburg 2008

    Google Scholar 

  • Krolle, S.: Bewertung der Immobilien-AG über das Unternehmensergebnis, in: Rehkugler (Hrsg.): Die Immobilien-AG, München/Wien 2003, 33–53

    Google Scholar 

  • Kühnberger, M.: Der Ertragswert nach ImmoWertVO als fair value i. S.von IAS 40?, KoR 2012, 217–223

    Google Scholar 

  • Kühnberger, M.: Theoretische und empirische Aspekte der Anwendung von Kapitalstrukturtheorien bei Immobilienunternehmen, Corporate Finance 2015, 231–241.

    Google Scholar 

  • Kühnberger, M./Brenig, M./Maaßen, H.: REITs-Rechnungslegung, Berlin 2008

    Google Scholar 

  • Kühnberger, M./Thurmann, P.: Pro-forma Earnings bei Immobilien-AG, KoR 2013 (a), 281–292

    Google Scholar 

  • Kühnberger, M./Thurmann, P.: Die Abgrenzung des Konsolidierungskreises in der nationalen und internationalen Rechnungslegung unter besonderer Berücksichtigung der Neuregelungen zu Investmentgesellschaften, DK 2013 (b), 540–547

    Google Scholar 

  • Kühnberger, M./Thurmann, P.: Bilanzielle Besonderheiten in den IFRS-Konzernabschlüssen bei deutschen Immobilien-AG, KoR 2014, 345–354 und 433–436

    Google Scholar 

  • Kühnberger, M./Werling, U.: Praktische Probleme der Fair-Value-Ermittlung für Anlageimmobilien – Auswirkungen von IFRS 13 auf die Bewertungsmethodik, WPg 2012, 988–998

    Google Scholar 

  • Kuhner, C./Lüdtke-Handjery: Unwägbarkeiten durch die Aktivierung eigenen Börsenwertes im Zuge von aktienfinanzierten Unternehmensaquisitionen, BFuP 2005, 546–565

    Google Scholar 

  • Kurzrock, B.-M./Mokinski, F./Schindler, F./Westerheide, P.: Do residential property companies systematically adjust their capital structure? The case of Germany, ZEW Discussion Paper N0 11–014, 2011

    Google Scholar 

  • Küting, K./Kaiser,T.: Fair Value Accounting – Zu komplex für den Kapitalmarkt?, Corporate Finance 2010, 375–386

    Google Scholar 

  • Lachmann, M./Wöhrmann, A./Wömpener, A.: Investorenreaktionen auf die Fair Value-Bilanzierung von Verbindlichkeiten – eine experimentelle Untersuchung, ZfB 2010, 1179–1206

    Google Scholar 

  • Landsman, W.R.: Fair Value Accounting for Financial Instruments: Some Implications for Bank Regulation, BIS Working Papers No 209, 2006

    Google Scholar 

  • LaPorta, R./Lopez-de-Silanes,F./Shleifer, A./Vishny, R.: Investor Protection and Corporate Governance, Journal of Financial Economics 2000, 3–27

    Google Scholar 

  • Laux, C./Leuz, C.: The Crisis of Fair Value Accounting: Making Sense of the Recent Debate, Working Paper 2009 (SSRN=1392645)

    Google Scholar 

  • Le, T. T. T./Ooi, J. T. L.: Financial Structure of property companies and capital market development, Journal of Property Investment and Finance 2012, 596–611

    Google Scholar 

  • Lee, K. W./Lev, B./Yeo, G.: Organizational Structure and Earnings Management, Journal of Accounting, Auditing and Finance 2007, 293–331

    Google Scholar 

  • Lee, M.-L./Chiang, K. C. H./Lin, C.-W.: REIT stock dividends: the policy and intra-industry wealth effects, Journal of Property Investment & Finance 2012, 563–582

    Google Scholar 

  • Lee, M-L./Slawson, V. C.:Monitoring and Dividend Policies of REITs under Asymmetric Information (Working Paper for the 10th PRRES annual conference)

    Google Scholar 

  • Lehavy, R.: Discussion of “Are analyst`s earnings forecasts more accurate when accompanied by cash flow forecasts?”, Review of Accounting Studies 2009, 392–400

    Google Scholar 

  • Leibfried, P./Venzin. A.: Earnings Before Bad Stuff: Pro-forma-Kennzahlen am Schweizer Aktienmarkt, IRZ 2014, 61–65

    Google Scholar 

  • Li, Q./Chow, Y. L./Ong, S. E.: Do Changes in Credit Ratings of REITs Affect Their Capital Structure Decisions?, IRES Working Paper 2013

    Google Scholar 

  • Li, Y./Ibrahim, M. F./Ong, S. E./Ooi, J. T. L.: Market Timing and REIT Capital Structure Changes, IRES Working Paper 2008

    Google Scholar 

  • Lintner, J.: Distribution of Incomes of Corporations among Dividends, Retained Earnings, and Taxes, The American Economic Review 1958, 97–117

    Google Scholar 

  • Liow, K. H.: Firm Value, Profitability and Capital Structure of listed Real Estate Companies: an international Perspective, Journal of Property Research 2010, 119–146

    Google Scholar 

  • Liu, J./Loudon, G./Milunovich, G.: Linkages Between US and Asia-Pacific REITs: the Role of Economics and Financial Factors, Journal of Property Investment and Finance 2012, 473–492

    Google Scholar 

  • Maier, M., T.: Der Management Approach, Herausforderungen für Controller und Abschlussprüfer im Kontext der IFRS-Finanzberichterstattung, Frankfurt a. M. 2009

    Google Scholar 

  • Marques, A.: Disclosure strategies among S&P 500 firms: Evidence on the disclosure of non-GAAP financial measures and financial statements in earnings press releases, The British Accounting Review 2010, 119–131

    Google Scholar 

  • McDonald, C. G./Nixon, T.D./Slawson, V. C.: The Changing Asymmetric Information Component of REIT Spreads: A Study of Anticipated Announcements, Journal of Real Estate and Economics 2000, 195–210

    Google Scholar 

  • Mechelli, A./Cimini, R.: Is Comprehensive Income Value Relevant and Does Location Matter? A European Study, Accounting in Europe 2014, 59–87

    Google Scholar 

  • Meyer, C./Dünhaupt, L.: Fair Value Accounting von Immobilien- und Investmentgesellschaften, Schweizer Treuhänder 2011, 31–39

    Google Scholar 

  • Moll – Amrein, M.: Der Liegenschaftszinssatz in der Immobilienwertermittlung, Wiesbaden 2009

    Google Scholar 

  • Morawski, J./Rehkugler, H.: Risikoverstärkende Effekte bei börsennotierten Immobiliengesellschaften: Repräsentieren verbriefte Immobilien den Aktien- oder den Immobilienmarkt?, in: Rehkugler (Hrsg.): Die Immobilie als Kapitalmarktprodukt 2009, 251–283

    Google Scholar 

  • Morri, G./Beretta, G.: The capital structure determinants of REITs. Is it a peculiar industry?, Journal of European Real Estate Research, 2008, 6–57

    Google Scholar 

  • Morri, G./Cristanziani, F.: What determines the capital structure of real estate companies?, Journal of Property Investment and Finance 2009, 318–372

    Google Scholar 

  • Müller, M. G.: Komparative Untersuchung der EU-REIT-Regime, Arbeitspapiere zur immobilienwirtschaftlichen Forschung und Praxis (TU Darmstadt), Band 20, 2010

    Google Scholar 

  • Muller III, K. A./Riedl, E. J./Sellhorn, T.: Mandatory Fair Value Accounting and Information Asymmetry: Evidence from the European Real Estate Industry, Management Science, 2011, 1138–1153

    Google Scholar 

  • Niskanen, J./Falkenbach, H.: Eauropean Listed Real Estate: The Capital Structure Perspective, Nordic Journal of Surveying and Real Estate Research 2012, 76–97

    Google Scholar 

  • Nobes, C.: On the Definitions of Income and Revenue in IFRS, Accounting in Europe 2012, 85–94

    Google Scholar 

  • Noguera, M.: The Impact oft he Sarbanes-Oxley Act on the Structure of REIT Boards of Directors, Journal of Real Estate Finance and Economics 2012, 869–887

    Google Scholar 

  • Oikarinen, E./Hoesli, M./Serrano, C.: Linkages Between Direct and Securitized Real Estate, Working Paper 2009

    Google Scholar 

  • Ooi, T. L. J./Ong, S. E./Li, L.: An Analysis of the Financing Decisions of REITS: From a Capital Market Perspective, IRES Working Paper 2008

    Google Scholar 

  • Ott, S. H./Riddiough, T. J./Yi, H.-C.: Finance, Investment and Investment Performance: Evidence from the REIT Sector, Real Estate Economics 2005, 203–235

    Google Scholar 

  • Pape, C.: Bewertung im Immobiliensektor, in: Petersen/Zwirner/Brösel (Hrsg.): Handbuch der Unternehmensbewertung, Köln 2013, 988–999

    Google Scholar 

  • Patel, K./Pereira, R. A. M. G./Zavodov, K. V.: Mean Reversion in REITs Discount to NAV & Risk Premium, Journal of Real Estate Finance and Economics 2009, 229–247

    Google Scholar 

  • Pellens, B./Crasselt, N./Schmidt, A./Sellhorn, T.: Fair Value – Bilanzierung und Ergebnisspaltung, in: FS Streim 2008 (a), 279–295

    Google Scholar 

  • Penman, S. H./Yehuda, N.: The Pricing of Earnings and an Affirmation of Accrual Accounting, Working Paper 2004, Review of Accounting Studies 2009, 453–479

    Google Scholar 

  • Price, S. M./Gatzlaff, D. H./Sirmans, C. F.: Information Uncertainty and the Post-Earnings-Announcement Drift Anomaly: Insights from REITs, Journal of Real Estate Finance and Economics 2012, 250–274

    Google Scholar 

  • Promper, N.: Zeitwertbilanzierung bei Immobilien unter Berücksichtigung der EPRA-Kennzahl „Diluted EPRA net asset value“, IRZ 2011 (b), 439–445

    Google Scholar 

  • Pronobis, P./Schwetzler, B./Sperling, M./Zülch, H.: Trends in der Ergebnisqualität (earnings quality) deutscher Jahresabschlüsse. Corporate Finance 2010, 93–99 und 165–169

    Google Scholar 

  • PWC: Measuring Assets and Liabilities. Investment Professionals` Views, 2007

    Google Scholar 

  • PWC: Compare and Contrast. Worldwide Real Estate Investment Trust (REIT) Regimes 2015.

    Google Scholar 

  • Quick, R./Wiemann, D.: Einfluss der Mandatsdauer des Abschlussprüfers auf ergebniszielgrößenorientierte Bilanzpolitik, ZfB 2012, 1107–1142

    Google Scholar 

  • Realpac (Real Property Association of Canada): White Paper on Funds from Operations, 2009

    Google Scholar 

  • Rees, L./Shane, P.: Academic Research and Standard Setting: The Case of Other Comprehensive Income, Working Paper 3/2012

    Google Scholar 

  • Rehkugler, H./Goronczy, S.: Vergleichende Bewertung von verbrieften Immobilienprodukten, in: Rehkugler (Hrsg.): Die Immobilie als Kapitalmarktprodukt, München 2009, 59–94

    Google Scholar 

  • Rehkugler, H./Schindler, F./Zajonz, R.: The net asset value and stock prices of European real estate companies, ZfB Special Issue 1/2012, 53–77

    Google Scholar 

  • Riedl, E. J./Serafeim, G.: Information risk and fair values: An examination of equity betas, Journal of Accounting Research 2011, 1083–1122

    Google Scholar 

  • Ro, S./Ziobrowski, A. J.: Does Focus Really Matter? Specialized vs. Diversified REITs, Journal of Real Estate Finance and Economics 2011, 68–83

    Google Scholar 

  • Ruhwedel, F./Meurer, S.: Value Reporting bei Immobilienaktiengesellschaften – eine empirische Analyse, Immobilien & Finanzierung 2011, 16–20

    Google Scholar 

  • Sadka, G.: Understanding Stock Price Volatility: The Role of Earnings, Journal of Accounting Research 2007, 199–228

    Google Scholar 

  • Schäfers, W./Holzmann, C./Schulte, K.-M./Lang, S./Scholz, A.: Immobilienfinanzierung, in: Schulte, K.-W./Bone-Winkel, S./Schäfers, W. (Hrsg.): Immobilienökonomie I, 2016, 481–577

    Google Scholar 

  • Schäfers, W./Matzen, F.J.: Bewertung von Immobilienunternehmen, in: Drukarczyk, J./Ernst, D. (Hrsg.): Branchenorientierte Unternehmensbewertung, 3. Aufl., München 2010, 523–569

    Google Scholar 

  • Schildbach, T.: Fair Value Accounting. Konzeptionelle Inkonsistenzen und Schlussfolgerungen für die Rechnungslegung, München 2015

    Google Scholar 

  • Schnelle, P./Rehkugler, H.: Diversifikationseffekte verbriefter Immobilienprodukte, in: Rehkugler, H. (Hrsg.): Die Immobilie als Kapitalmarktprodukt, München 2009, 205–250

    Google Scholar 

  • Schulte, K.-W./Bone-Winkel, S./Schäfers, W. (Hrsg.): Immobilienökonomie I, 5. Aufl., Berlin/Boston 2016 (a)

    Google Scholar 

  • Siahaan, U. M./Suhadak/Handayani, S. R./Solimun: The Influence of Company Size and Capital Structure towards Liquidity, Corporate Performance and Firm Value, for Large and Small Group Entities, European Journal of Business and Management 2014, 148–156

    Google Scholar 

  • Sifi, S.: Determinanten der Publizitätspolitik, Frankfurt a. M. u. a. 2010

    Google Scholar 

  • Skinner, D. J.: What do Dividends tell us about Earnings Quality?, Working Paper 2004

    Google Scholar 

  • Skinner, D. J./Soltes, E.: What do dividends tell us about earnings quality, Review of Accounting Studies 2011, 1–28

    Google Scholar 

  • Sotelo, R.: Real Estate Investment Trusts: Immobilien-Anlageprodukte als Herrschaftsform, in: Handbuch Real Estate Private Equity (Hrsg. Von Rottke/Rebitzer), Köln 2006, 543–560

    Google Scholar 

  • Spremann, K./Scheurle, P.: Finanzanalyse, München 2010

    Google Scholar 

  • Srivastava, A.: Why have measures of earnings quality changed over time?, Journal of Accounting and Economics 2014, 196–217

    Google Scholar 

  • Striewe, N. C./Rottke, N. B./Zietz, J.: Corporate Governance and the Leverage of REITs: The Impact Of The Advisor Structure, Working Paper 2010

    Google Scholar 

  • Ting, W. W./Emma, L. W. L.: The Value Relevance of Changes in Leverage: Evidence from Hong Kong Listed Companies, Working Paper 2013

    Google Scholar 

  • Tsang, D.: Comparing the Quality of Accruals for Alternative Summary Performance Measures in the Real Estate Investment Trust (REIT) Industry, Working Paper 2006

    Google Scholar 

  • Van Nieuwerburgh, S./Stanton, R./de Bever, L.: A Review of real estate and infrastructure investments by the Norwegian Government Pension Fund Global, 12/2015

    Google Scholar 

  • Vincent, L.: The information content of funds from operations (FFO) for real estate investment trusts (REITs), Journal of Accounting and Finance 1999, 69–104

    Google Scholar 

  • Volkart, R./Schön, E./Labhart, P.: Fair Value-Bewertung und value reporting, in: Bieg/Heyd (Hrsg.): Fair Value, München 2005, 517–541

    Google Scholar 

  • Volkart, R./Wagner, A. F.: Corporate Finance, 6. Aufl., Zürich 2014

    Google Scholar 

  • Wagenhofer, A.: Internationale Rechnungslegungsstandards – IAS/IFRS, 6. Aufl., München 2009

    Google Scholar 

  • Wappenschmidt, C.: Ratinganalyse durch internationale Ratingagenturen, Frankfurt a. M. 2009

    Google Scholar 

  • Waschbusch, G./Loewens, J.: Monofunktionalität der IFRS zwischen Theorie und Praxis, KoR 2013, 252–255

    Google Scholar 

  • Wendlinger, P.: Immobilienkennzahlen, Wien 2012

    Google Scholar 

  • Winterstein, M.:FFO, AFFO und FAD als Kennzahlen zur Beurteilung von Immobilien-AGs, München 2011

    Google Scholar 

  • Wollny, C.: Die Bewertung von Immobiliengesellschaften, Bewertungspraktiker 2012, 102–107

    Google Scholar 

  • Wu, Z.: REITs: Capital Structure, in: Baker, H. K./Chinloy, P. (Hrsg.) Public Real Estate Markets and Investments, New York 2014, 230–245

    Google Scholar 

  • Young, S.: The Drivers, Consequences and Policy Implications of Non-GAAP Earnings Reporting, Accounting and Business Research 2014, 444–465

    Google Scholar 

  • Zabierek, P.: Real Estate Operating Companies, in: Baker, H. K./Chinloy, P. (Hrsg.) Public Real Estate Markets and Investments, New York 2014, 246–267

    Google Scholar 

  • Zabreski,: Agency Issues surrounding A-RETIs and the Global Financial Crisis, 2014

    Google Scholar 

  • Zajonz, R.: Die Bewertung europäischer Immobilienaktien, Köln 2010

    Google Scholar 

  • Zhang, H./Zheng, L.: The Valuation impact of reconciling pro forma earnings to GAAP earnings, Journal of Accounting and Economics 2011, 186–202

    Google Scholar 

  • Zhu, Y. W./Ong, S.E./Yeo, W. Y.: Do REITs Manipulate Their Financial Results Around Seasoned Equity Offerings? Evidence from US Equity REITs, Journal of Real Estate and Financial Economics 2010, 412–445

    Google Scholar 

  • Zülch, H./Höltken, M.: Das other comprehensive income, PIR 2014, 114–119

    Google Scholar 

  • Zülch, H./Pronobis, P.: The Predictive Power of Comprehensive Income and Its Individual Components under IFRS, HHL Working Paper No 95, 2010

    Google Scholar 

Download references

Author information

Authors and Affiliations

  1. FB 3, Betriebswirtschaft, Hochschule für Technik und Wirtschaft Berlin, Berlin, Deutschland

    Manfred Kühnberger

Authors
  1. Manfred Kühnberger
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Manfred Kühnberger .

Rights and permissions

Reprints and permissions

Copyright information

© 2017 Springer Fachmedien Wiesbaden GmbH

About this chapter

Cite this chapter

Kühnberger, M. (2017). Besonderheiten von Immobilienunternehmen und REITs. In: Kapitalmarktorientierte Rechnungslegung. Springer Gabler, Wiesbaden. https://doi.org/10.1007/978-3-658-13205-7_5

Download citation

  • DOI: https://doi.org/10.1007/978-3-658-13205-7_5

  • Published:

  • Publisher Name: Springer Gabler, Wiesbaden

  • Print ISBN: 978-3-658-13204-0

  • Online ISBN: 978-3-658-13205-7

  • eBook Packages: Business and Economics (German Language)

Publish with us

Policies and ethics

Search

Navigation