Analysts' Forecast Accuracy in Germany: The Effect of Different Accounting Principles and Changes of Accounting Principles

This paper assesses the influence of an adoption of IAS/IFRS or US GAAP on the financial analysts’ forecast accuracy in a homogenous institutional framework. Our findings suggest that the forecast accuracy is higher for estimates based on IFRS or US GAAP data than for forecasts based on German GAAP data.Moreover, in the year of switching from German GAAP to US GAAP the forecast accuracy is lower than in other years. The paper contributes to prior research by providing evidence about the usefulness of international accounting data and about the adoption effects of a change to such accounting principles.

A Simple Accounting-based Valuation Model for the Debt Tax Shield

This paper describes a simple way to integrate the debt tax shield into an accounting-based valuation model. The market value of equity is determined by forecasting residual operating income, which is calculated by charging operating income for the operating assets at a required return that accounts for the tax benefit that comes from borrowing to raise cash for the operations. The model assumes that the firm maintains a deterministic financial leverage ratio, which tends to converge quickly to typical steady-state levels over time. From a practical point of view, this characteristic is of particular help, because it allows a continuing value calculation at the end of a short forecast period.

Efficient Bimanual Symmetric 3D Manipulation for Bare-Handed Interaction

Recently, stable markerless 6 DOF video based handtracking devices became available. These devices simultaneously track the positions and orientations of both user hands in different postures with at least 25 frames per second. Such hand-tracking allows for using the human hands as natural input devices. However, the absence of physical buttons for performing click actions and state changes poses severe challenges in designing an efficient and easy to use 3D interface on top of such a device. In particular, for coupling and decoupling a virtual object’s movements to the user’s hand (i.e. grabbing and releasing) a solution has to be found. In this paper, we introduce a novel technique for efficient two-handed grabbing and releasing objects and intuitively manipulating them in the virtual space. This technique is integrated in a novel 3D interface for virtual manipulations. A user experiment shows the superior applicability of this new technique. Last but not least, we describe how this technique can be exploited in practice to improve interaction by integrating it with RTT DeltaGen, a professional CAD/CAS visualization and editing tool.