Josef Schosser

Josef Schosser
Universität Passau · Faculty of Business Administration and Economics

Dr.
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About

24
Publications
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38
Citations

Publications

Publications (24)
Article
If decision makers have exclusive rights to particular investment projects, they frequently have the opportunity to delay these investments. This paper analyzes the effect of quasi-hyperbolic discounting, i.e. time-inconsistent preferences on the exercise timing of such options to defer an investment. It complements earlier work on this issue cover...
Article
The paradigm of service orientation and its incarnation in the form of service-oriented architecture and information technology (IT) services play a crucial role in enabling companies to achieve considerable competitive advantages. However, to be able to leverage the opportunities of service-oriented architecture and IT services, companies need to...
Article
In a parsimonious model, we analyze how to obtain consistent incentives when both principal and agent are risk-averse and when a setting prevails in which the agent may have a shorter time horizon than the principal. Intertemporal dependencies in risky cash flows are taken into account. Building on the fundamental results produced by Rogerson (Jou...
Article
Purpose – On May 17, 2012, the social networking company Facebook Inc. fixes its initial public offering (IPO) price at $38.00 a share. Over the next couple of months, contrary to expectations raised by previous IPOs, the stock price crashes more than 50%. Immediately, the question arises whether the issuer’s or the stock market’s pricing of the sh...
Article
Full-text available
Capacity limitations are indispensable measures of social distancing in fighting COVID-19 and other pandemics. The paper at hand analyzes these restrictions from the viewpoint of fairness, understood as the possibility of equal access to the scarce resource. To this end, it employs the so-called El Farol Bar problem in conjunction with an adaptive...
Article
Full-text available
Background Contemporary data sets are frequently relational in nature. In retail, for example, data sets are more granular than traditional data, often indexing individual products, outlets, or even users, rather than aggregating them at the group level. Tensor extrapolation is used to forecast relational time series data; it combines tensor decomp...
Article
Tensor extrapolation attempts to forecast relational time series data using multi-linear algebra. It proceeds as follows. Multi-way data are arranged in the form of tensors, i.e., multi-dimensional arrays. Tensor decompositions are then used to retrieve periodic patterns in the data. Afterwards, these patterns serve as input for time series methods...
Article
The paper comments on Khan et al. (J Assoc Inf Syst 18(5):372-402, 2017), who study real option exercise decisions in the context of a single IT project and in a portfolio setting, respectively. The issues identified concern the concept of (economic) rationality and the treatment of project interdependencies. The explanations provided may prove use...
Conference Paper
Tensor extrapolation attempts to integrate temporal link prediction and time series analysis using multi-linear algebra. It proceeds as follows. Multi-way data are arranged in the form of tensors, i.e., multi-dimensional arrays. Tensor decompositions are then used to retrieve periodic patterns in the data. Afterwards, these patterns serve as input...
Article
Full-text available
I address the comments made by Ortner (Games 9(4): 93, 2018) in relation to my note “Incentive Systems for Risky Investment Decisions Under Unknown Preferences: Ortner et al. Revisited” (Games 9(2): 26, 2018).
Article
Full-text available
Ortner et al. (Manage. Account. Res. 36(1):43–50, 2017) propose the State-Contingent Relative Benefit Cost Allocation Scheme as an incentive system for risky investment decisions. The note at hand reveals the information distribution implicitly assumed within the framework of this study. Based on this information distribution, both simpler and more...
Article
When firms want to raise external financing, why do they resort to contracts with fixed repayment, i.e., standard debt contracts? The canonical work of Gale and Hellwig (Rev Econ Stud, 52(4):647–663, 1985) gives the following answer to this question: Assuming that only the entrepreneur can observe the project’s outcome free of charge, the standard...
Technical Report
When firms want to raise external financing, why do they resort to contracts with fixed repayment, i.e. standard debt contracts? The canonical work of Gale and Hellwig (Review of Economic Studies 52(4):647--663, 1985) gives the following answer to this question: Assuming that only the entrepreneur can observe the project's outcome free of charge, t...
Technical Report
This note reveals the information distribution implicitly assumed by Ortner et al. (2017). Based on this information distribution, both simpler and more powerful ways to induce consistency exist. As a result, the analysis of Ortner et al. (2017) cannot give justi�fication for the use of residual income as a performance measure in managerial incenti...
Article
Full-text available
The paradigm of service orientation and its incarnation in the form of service-oriented architecture (SOA) and information technology (IT) services play a crucial role in enabling companies to achieve considerable competitive advantages. However, to be able to leverage the opportunities of SOA and IT services, companies need to gain a thorough unde...
Technical Report
If decision makers have exclusive rights to particular investment projects , they frequently have the opportunity to delay these investments. This paper analyzes the effect of quasi-hyperbolic discounting, i.e. time-inconsistent preferences on the exercise timing of such options to defer an investment. It complements earlier work on this issue cove...
Technical Report
To actually leverage the opportunities of service-oriented architectures (SOAs) and IT services, companies need to gain a thorough understanding about the business value of IT service investments. Therefore, in our paper we aim at contributing to the ex ante valuation of IT service investments from a decision theoretical point of view. By analyzing...
Conference Paper
From the viewpoint of a partial setting we analyse the conditions under which one can obtain investment neutral tax systems for tax payers with heterogeneous risk attitudes. We find that we can create investment neutral tax systems. However, to guarantee a tax system which is tax neutral, the government needs to refund or tax a certain amount to/fr...
Article
Die sog. "Sicherheitsäquivalentmethode" gilt als klassisches Verfahren nutzengestützter Bewertung. Sie bestimmt den Wert eines Stroms unsicherer Zahlungen, indem periodenspezifische Sicherheitsäquivalente gebildet und mit Hilfe des risikofreien Zinssatzes in einer Größe verdichtet werden. Im Anschluss an Kürsten (zfbf, 54. Jg., S. 128–144, 2002) ka...
Article
Zur Ermittlung des sog. „Steuervorteils der Fremdfinanzierung“ bedienen sich große Teile der Unternehmensbewertungsliteratur einfacher Duplikationsüberlegungen in der Tradition von Modigliani und Miller (1958). Im Kontext asymmetrischer Besteuerung von Kapitalanlagen und Kreditaufnahmen vermag diese Herangehensweise indes nicht zu überzeugen: Aufgr...
Article
Full-text available
Der Beitrag entwickelt ein umfassendes Modell zur Bewertung von Unternehmen auf der Grundlage der Arbitragetheorie. Es wird gezeigt, wie Steuern auf Unternehmens- und Kapitalgeberebene in konsistenter Weise abgebildet werden können, ohne auf das mit schwerwiegenden Mängeln behaftete Konzept der Kapitalkosten zurückzugreifen. Dabei werden in vielfäl...
Article
Full-text available
We study the implications of the absence of arbitrage possibilities on asset pricing with and without personal income taxes. While no-arbitrage conditions in frictionless markets have sufficiently been investigated, personal income taxation is still beyond of being fully integrated into arbitrage theory. In extending the primary analysis of Ross (J...

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Projects

Projects (2)
Project
This project is concerned with the creation of incentives for (risk-averse) decision makers in delegation settings.
Project
Our goal is to review, extend, and apply approaches to tensor-based extrapolation.