Caren Sureth-Sloane

Paderborn University

Professor

Warburger Str. 100

Paderborn, 33098

Germany

Vienna University of Economics and Business

Welthandelsplatz 1

Vienna, Wien 1020

Austria

TRR 266 Accounting for Transparency

Warburger Straße 100

Paderborn, 33098

Germany

  • Paderborn University

  • Vienna University of Economics and Business

  • TRR 266 Accounting for Transparency

SCHOLARLY PAPERS

41

DOWNLOADS
Rank 7,671

SSRN RANKINGS

Top 7,671

in Total Papers Downloads

7,171

SSRN CITATIONS
Rank 15,914

SSRN RANKINGS

Top 15,914

in Total Papers Citations

15

CROSSREF CITATIONS

54

Scholarly Papers (41)

Actions:
Email selected abstracts
1.

Interest Barrier and Capital Structure Response

WU International Taxation Research Paper Series No. 2015-09
Number of pages: 53 Posted: 25 Feb 2015 Last Revised: 01 Jun 2016
Stephan Alberternst and Caren Sureth-Sloane
University of Paderborn and Paderborn University
Downloads 598 (54,343)
Citation 8

Abstract:

Loading...

Financing decisions, German tax reform, interest barrier, leverage

2.

Measuring Tax Complexity Across Countries: A Survey Study on MNCs

WU International Taxation Research Paper Series No. 2019-06, TRR 266 Accounting for Transparency Working Paper Series No. 5
Number of pages: 90 Posted: 16 Sep 2020 Last Revised: 30 Apr 2021
Thomas Hoppe, Deborah Schanz, Susann Sturm and Caren Sureth-Sloane
Paderborn University, Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management), Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management) and Paderborn University
Downloads 470 (73,664)
Citation 10

Abstract:

Loading...

business taxation, cross-country survey, multinational corporations, tax complexity, tax consultants, tax index

3.

What Are the Drivers of Tax Complexity for MNCs? Global Evidence

Downloads 451 ( 77,039)
Citation 2

What Are the Drivers of Tax Complexity for MNCs? Global Evidence

Intertax, Volume 46, Issue 8/9, pp. 654-675, 2018
Number of pages: 22 Posted: 24 Aug 2018 Last Revised: 13 Feb 2019
Thomas Hoppe, Deborah Schanz, Susann Sturm and Caren Sureth-Sloane
Paderborn University, Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management), Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management) and Paderborn University
Downloads 105 (307,094)
Citation 1

Abstract:

Loading...

Complexity Drivers, International Comparison, Survey, Tax Complexity, Tax Consultants

What are the Drivers of Tax Complexity for Multinational Corporations? Evidence from 108 Countries

WU International Taxation Research Paper Series No. 2017-12
Number of pages: 28 Posted: 03 Oct 2017 Last Revised: 14 Aug 2018
Thomas Hoppe, Deborah Schanz, Susann Sturm and Caren Sureth-Sloane
Paderborn University, Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management), Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management) and Paderborn University
Downloads 346 (103,820)
Citation 1

Abstract:

Loading...

Complexity Drivers, International Comparison, Survey, Tax Complexity, Tax Practitioners

4.

Taxation Under Uncertainty - Problems of Dynamic Programming and Contingent Claims Analysis in Real Option Theory

Number of pages: 29 Posted: 16 May 2002
Rainer Niemann and Caren Sureth-Sloane
University of Graz, Center for Accounting Research and Paderborn University
Downloads 427 (82,177)

Abstract:

Loading...

5.

Boon or Bane? Advance Tax Rulings as a Measure to Mitigate Tax Uncertainty and Foster Investment

WU International Taxation Research Paper Series No. 2014-06
Number of pages: 52 Posted: 31 May 2014 Last Revised: 21 Mar 2016
Markus Diller, Pia Kortebusch, Georg Thomas Schneider and Caren Sureth-Sloane
University of Passau, University of Paderborn, University of Graz and Paderborn University
Downloads 370 (96,993)
Citation 3

Abstract:

Loading...

Advance Tax Rulings, Fee Design, Investment Effects, Tax Uncertainty

6.

Capital Gains Taxation Under Different Tax Regimes

Arqus Quantitative Tax Research Discussion Paper No. 6
Number of pages: 27 Posted: 10 Oct 2005
Caren Sureth-Sloane and Dirk Langeleh
Paderborn University and University of Paderborn, Faculty of Business Administration and Economics
Downloads 301 (121,746)
Citation 2

Abstract:

Loading...

capital budgeting, capital gains taxation, dividend policy, investment decisions, tax neutrality, timing decisions

7.

Hold or Sell? How Capital Gains Taxation Affects Holding Decisions

WU International Taxation Research Paper Series No. 2015-06
Number of pages: 45 Posted: 25 Feb 2015 Last Revised: 16 Mar 2016
Annika Hegemann, Angela Kunoth, Kristina Rupp and Caren Sureth-Sloane
University of Paderborn, University of Cologne - Institute of Mathematics, University of Paderborn and Paderborn University
Downloads 250 (147,405)

Abstract:

Loading...

Capital Gains Taxation, Holding Period, Exit Flexibility, Investment Decisions, Timing Decisions

8.

Thin Capitalization Rules and Entrepreneurial Capital Structure Decisions

BuR Business Research Journal, Vol. 2, No. 2, December 2009
Number of pages: 23 Posted: 12 Mar 2010 Last Revised: 31 Aug 2012
Alexandra Maßbaum and Caren Sureth-Sloane
University of Paderborn - Faculty of Business Administration, Economics and Business Computing and Paderborn University
Downloads 243 (151,604)

Abstract:

Loading...

business taxation, capital structure, critical income tax rate, financing decision, Miller equilibrium, tax planning, thin capitalization

9.

The Impact of Thin Capitalization Rules on Shareholder Financing

Arqus Quantitative Tax Research Discussion Paper No. 39
Number of pages: 33 Posted: 20 May 2008
Caren Sureth-Sloane and Alexandra Maßbaum
Paderborn University and University of Paderborn - Faculty of Business Administration, Economics and Business Computing
Downloads 239 (154,015)

Abstract:

Loading...

business taxation, capital structure, interest barrier, Miller equilibrium, shareholder financing, thin capitalization rules

10.

Does Capital Tax Uncertainty Delay Irreversible Risky Investment?

Downloads 224 (163,975)
Citation 2

Does Capital Tax Uncertainty Delay Irreversible Risky Investment?

WU International Taxation Research Paper Series No. 2016-05
Number of pages: 40 Posted: 23 Aug 2016
Rainer Niemann and Caren Sureth-Sloane
University of Graz, Center for Accounting Research and Paderborn University
Downloads 188 (192,742)
Citation 3

Abstract:

Loading...

property tax, capital tax, investment decisions, real options, timing flexibility, uncertainty

Does Capital Tax Uncertainty Delay Irreversible Risky Investment?

CESifo Working Paper Series No. 6046
Number of pages: 39 Posted: 10 Oct 2016
Rainer Niemann and Caren Sureth-Sloane
University of Graz, Center for Accounting Research and Paderborn University
Downloads 36 (532,477)

Abstract:

Loading...

property tax, capital tax, investment decisions, real options, timing, flexibility, uncertainty

11.

The Degree of Integrating Corporate and Capital Gains Tax into Income Tax and its Impact on Investment Decisions

Schmalenbach Business Review, Vol. 59, October 2007
Number of pages: 30 Posted: 15 Nov 2007
Caren Sureth-Sloane and Dirk Langeleh
Paderborn University and University of Paderborn - Faculty of Business Administration, Economics and Business Computing
Downloads 216 (169,627)

Abstract:

Loading...

Capital Gains Tax, Corporate Tax, Dividend Policy, Investment Decisions

12.

Do Country Risk Factors Attenuate the Effect of Taxes on Corporate Risk-Taking?

WU International Taxation Research Paper Series No. 2018-09, TRR 266 Accounting for Transparency Working Paper Series No. 28
Number of pages: 76 Posted: 14 Dec 2018 Last Revised: 30 Apr 2021
Benjamin Osswald and Caren Sureth-Sloane
University of Illinois at Urbana-Champaign - Department of Accountancy and Paderborn University
Downloads 210 (174,200)
Citation 1

Abstract:

Loading...

corporate risk-taking, country risk, fiscal budget risk, investment incentives, loss offset, political risk

13.

Wealth Tax as Alternative Minimum Tax - the Impact of a Wealth Tax on Business Structure and Strategy

Arqus Quantitative Tax Research Discussion Paper No. 3
Number of pages: 32 Posted: 13 Apr 2005
Caren Sureth-Sloane and Ralf Maiterth
Paderborn University and Leibniz Universität Hannover - Economics and Business Administration Area
Downloads 207 (176,591)
Citation 4

Abstract:

Loading...

Alternative minimum tax, business strategy, investment decisions, wealth tax

14.

Can the CCCTB Alleviate Tax Discrimination Against Loss-Making European Multinational Groups?

WU International Taxation Research Paper Series No. 2014 - 08
Number of pages: 34 Posted: 31 May 2014 Last Revised: 11 Mar 2015
Regina Ortmann and Caren Sureth-Sloane
University of Paderborn and Paderborn University
Downloads 186 (194,641)
Citation 1

Abstract:

Loading...

Loss-Offset, CCCTB, Separate Accounting, Investment Decisions

15.

The Relation between Tax Complexity and Foreign Direct Investments: Evidence Across Countries

WU International Taxation Research Paper Series No. 2020-03, TRR 266 Accounting for Transparency Working Paper Series No. 13
Number of pages: 60 Posted: 28 Jan 2020 Last Revised: 30 Apr 2021
Thomas Hoppe, Deborah Schanz, Susann Sturm, Caren Sureth-Sloane and Johannes Voget
Paderborn University, Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management), Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management), Paderborn University and University of Mannheim - Accounting and Taxation
Downloads 174 (206,313)

Abstract:

Loading...

Corporate Taxation, Tax Complexity, Foreign Direct Investments, Location Choice, Multinational Corporations

16.

Tax Misperception and Its Effects on Decision Making – Literature Review and Behavioral Taxpayer Response Model

TRR 266 Accounting for Transparency Working Paper Series No. 39, WU International Taxation Research Paper Series No. 2020-13
Number of pages: 85 Posted: 23 Sep 2020 Last Revised: 30 Apr 2021
Kay Blaufus, Malte Chirvi, Hans-Peter Huber, Ralf Maiterth and Caren Sureth-Sloane
Leibniz Universität Hannover, Humboldt University of Berlin - School of Business and Economics, Humboldt University of Berlin - School of Business and Economics, Humboldt University of Berlin and Paderborn University
Downloads 173 (207,331)
Citation 1

Abstract:

Loading...

Behavioral Taxation, Business Taxation, Misperception, Real Effects, Tax Perception, Tax Policy

17.

Investment Effects of Wealth Taxes Under Uncertainty and Irreversibility

WU International Taxation Research Paper Series No. 2015 - 24
Number of pages: 49 Posted: 04 Nov 2015
Rainer Niemann and Caren Sureth-Sloane
University of Graz, Center for Accounting Research and Paderborn University
Downloads 161 (220,328)
Citation 1

Abstract:

Loading...

wealth tax, investment decisions, real options, timing flexibility, uncertainty, irreversibility

18.

Can Tax Rate Increases Foster Investment Under Entry and Exit Flexibility? - Insights from an Economic Experiment

WU International Taxation Research Paper Series No. 2014 - 05
Number of pages: 51 Posted: 31 May 2014 Last Revised: 24 Jun 2014
Rene Fahr, Elmar Janssen and Caren Sureth-Sloane
University of Paderborn, University of Paderborn and Paderborn University
Downloads 161 (220,328)
Citation 2

Abstract:

Loading...

Investment Decisions, Tax Effects, Timing Flexibility, Economic Experiment

19.

Shaping Profit Participation Rights and Silent Participation as Employee Share Ownership from a Tax and Financial Perspective (Steuerliche Und Finanzwirtschaftliche Aspekte Bei Der Gestaltung Von Genussrechten Und Stillen Beteiligungen Als Mitarbeiterkapitalbeteiligungen)

Arqus Quantitative Tax Research Discussion Paper No. 18
Number of pages: 24 Posted: 18 Dec 2006
Caren Sureth-Sloane and Alexander Halberstadt
Paderborn University and University of Paderborn - Department of Economics
Downloads 147 (237,530)
Citation 3

Abstract:

Loading...

share ownership, profit participation rights, silent

20.

Tax Loss Offset Restrictions and Biased Perception of Risky Investments

WU International Taxation Research Paper Series No. 2017-11
Number of pages: 59 Posted: 03 Oct 2017
Annika Mehrmann and Caren Sureth-Sloane
Paderborn University and Paderborn University
Downloads 144 (241,620)
Citation 3

Abstract:

Loading...

asymmetric taxation, investment decisions, loss offset restrictions, perception bias, risk-taking, tax effects, tax losses, prospect theory, behavioral taxation

21.

Taxation of Risky Investment and Paradoxical Investor Behavior

Arqus Quantitative Tax Research Discussion Paper No. 26
Number of pages: 49 Posted: 03 Dec 2007
Thomas Gries, Ulrich Prior and Caren Sureth-Sloane
University of Paderborn, University of Paderborn - Department of Economics and Paderborn University
Downloads 128 (264,884)
Citation 6

Abstract:

Loading...

investment decisions, real options, tax paradox, uncertainty

22.

Empirische Analyse der Unternehmensbewertung für die Erbschaftsteuer mit dem vereinfachten Ertragswertverfahren (Empirical Analysis of Firm Valuation for Inheritance Tax Purposes Using the Simplified Discounted Cash Flow Method)

Arqus Quantitative Tax Research Discussion Paper No. 6
Number of pages: 63 Posted: 01 Oct 2012
Jens Mueller and Caren Sureth-Sloane
Paderborn University and Paderborn University
Downloads 122 (274,596)

Abstract:

Loading...

discounted cash flow method, firm value, inheritance tax, private companies, valuation

23.

Willingness to Invest and Time Indifference Under Uncertainty and Taxes

Arqus Quantitative Tax Research Discussion Paper No. 2
Number of pages: 39 Posted: 20 Jun 2006
Caren Sureth-Sloane and Armin Voß
Paderborn University and University of Paderborn - Faculty of Business Administration, Economics and Business Computing
Downloads 118 (281,293)

Abstract:

Loading...

asymmetrische Besteuerung, Veräußerungsgewinnsteuer, Investitionsentscheidungen, Riskoaversion, Unsicherheit

24.

Real Effects of Public Country-by-Country Reporting and the Firm Structure of European Banks

WU International Taxation Research Paper Series No. #2020-01
Number of pages: 41 Posted: 24 Jan 2020 Last Revised: 04 Mar 2020
Eva Eberhartinger, Raffael Speitmann and Caren Sureth-Sloane
Vienna University of Economics and Business, Vienna University of Economics and Business and Paderborn University
Downloads 117 (283,031)
Citation 2

Abstract:

Loading...

country-by-country reporting, real effects, tax haven, tax disclosure

25.

Asymmetric Taxation of Profits and Losses and its Influence on Investment Timing: Paradoxical Effects of Tax Increases

Number of pages: 39 Posted: 18 Jul 2012 Last Revised: 19 Jul 2012
Annika Mehrmann, Georg Thomas Schneider and Caren Sureth-Sloane
Paderborn University, University of Graz and Paderborn University
Downloads 113 (290,005)
Citation 2

Abstract:

Loading...

26.

When Do Firms Highlight Their Effective Tax Rate?

TRR 266 Accounting for Transparency Working Paper Series No. 37, WU International Taxation Research Paper Series No. 2020-11
Number of pages: 57 Posted: 17 Sep 2020 Last Revised: 30 Apr 2021
Vanessa Flagmeier, Jens Mueller and Caren Sureth-Sloane
University of Passau, Paderborn University and Paderborn University
Downloads 112 (291,796)
Citation 2

Abstract:

Loading...

Effective tax rate, Cost-benefit trade-off, Disclosure decision, Reputational costs, Tax disclosure

27.

Financing Decisions, Legal Status of the Firm, and Business Taxation (Unternehmensfinanzierung, Unternehmensrechtsform Und Besteuerung)

Arqus Quantitative Tax Research Discussion Paper No. 15
Number of pages: 24 Posted: 25 Nov 2006
Ralf Maiterth and Caren Sureth-Sloane
Leibniz Universität Hannover - Economics and Business Administration Area and Paderborn University
Downloads 107 (301,303)
Citation 3

Abstract:

Loading...

tax neutrality, legal status of the firm, financing decisions, cost of capital, capital import neutrality, capital export neutrality, synthetic income tax, shareholder tax

28.

How Does Trust Affect Concessionary Behavior in Tax Bargaining?

WU International Taxation Research Paper Series No. 2020-15, TRR 266 Accounting for Transparency Working Paper Series No. 41
Number of pages: 68 Posted: 02 Nov 2020 Last Revised: 05 May 2021
Eva Eberhartinger, Raffael Speitmann, Caren Sureth-Sloane and Yuchen Wu
Vienna University of Economics and Business, Vienna University of Economics and Business, Paderborn University and Vienna University of Economics and Busines
Downloads 103 (309,166)
Citation 2

Abstract:

Loading...

Bargaining, behavioral taxation, interpersonal trust, tax audit, trust in government

29.

Internationalisierung, Unternehmensgröße und Konzernsteuerquote (Internationalization, Enterprise Size, and Effective Tax Rate)

Arqus Quantitative Tax Research Discussion Paper No. 56
Number of pages: 35 Posted: 18 Feb 2013
Dennis Bischoff, Alexander Halberstadt and Caren Sureth-Sloane
KPMG, United Kingdom, University of Paderborn - Department of Economics and Paderborn University
Downloads 98 (319,437)

Abstract:

Loading...

business taxation, effective tax rate, empirical analysis, industry effects, tax reconciliation

30.

Vermögensteuer und ihre Implikationen für den Wirtschaftsstandort Deutschland - eine betriebswirtschaftliche Analyse (Wealth Tax and its Implications for Germany as a Location for Business - An Economic Analysis)

Arqus Discussion Paper No. 181
Number of pages: 45 Posted: 14 Jan 2015 Last Revised: 06 Oct 2015
Thomas Hoppe, Ralf Maiterth and Caren Sureth-Sloane
Paderborn University, Humboldt University of Berlin and Paderborn University
Downloads 96 (323,672)
Citation 1

Abstract:

Loading...

Equity Loss, Tax Assessment Simulation, Tax Burden, Wealth Inequality, Wealth Tax

31.

Zinsabzugsbeschränkung durch die Zinsschranke, Fremdkapitalsteuerschild und unternehmerische Kapitalstrukturentscheidungen (Interest Barrier-Induced Interest Deduction Restrictions, the Debt Capital Tax Shield, and Entrepreneurial Capital Structure Decisions )

Arqus Quantative Tax Research Discussion Paper No. 100
Number of pages: 49 Posted: 10 Sep 2012 Last Revised: 14 Feb 2013
Tasja Klotzkowski, Massbaum Alexandra and Caren Sureth-Sloane
University of Passau, University of Paderborn - Faculty of Business Administration, Economics and Business Computing and Paderborn University
Downloads 92 (332,588)

Abstract:

Loading...

business taxation, capital structure, corporate taxation, interest barrier, Miller equilibrium, shareholder debt financing

32.

The Impact of Corporate Taxes and Flexibility on Entrepreneurial Decisions with Moral Hazard and Simultaneous Firm and Personal Level Taxation

Arqus Quantative Tax Research Discussion Paper No. 141
Number of pages: 35 Posted: 17 Feb 2013
Fabian Meißner, Georg Thomas Schneider and Caren Sureth-Sloane
University of Paderborn, University of Graz and Paderborn University
Downloads 83 (354,203)

Abstract:

Loading...

Tax Effects, Real Options, Moral Hazard, Investment Decisions

33.

Are Taxes and Risk Substitutional or Complementary Determinants of Entrepreneurial Investment Policy? (Steuern und Risiko als substitutionale oder komplementaere Determinanten unternehmerischer Investitionspolitik?)

Arqus Quantitative Tax Research Discussion Paper No. 51
Number of pages: 26 Posted: 26 Aug 2008 Last Revised: 13 Aug 2012
Rainer Niemann and Caren Sureth-Sloane
University of Graz, Center for Accounting Research and Paderborn University
Downloads 78 (367,416)

Abstract:

Loading...

risk-taking, taxes and investment decisions, uncertainty, real options

34.

Investment Effects of Wealth Taxes Under Uncertainty and Irreversiblity

CESifo Working Paper Series No. 5610
Number of pages: 48 Posted: 21 Dec 2015
Rainer Niemann and Caren Sureth-Sloane
University of Graz, Center for Accounting Research and Paderborn University
Downloads 77 (370,193)

Abstract:

Loading...

wealth tax, investment decisions, real options, timing flexibility, uncertainty, irreversibility

35.

Group Simulation and Income Tax Statistics - How Big is the Error?

Arqus Quantitative Tax Research Discussion Paper No. 24
Number of pages: 32 Posted: 06 Feb 2007 Last Revised: 13 Aug 2012
Caren Sureth-Sloane and Heiko Müller
Paderborn University and Ruhr University of Bochum
Downloads 74 (378,638)

Abstract:

Loading...

microsimulation, group simulation, tax revenue, personal income tax, tax statistics

36.

Investment Effects of Capital Gains Taxation Under Simultaneous Investment and Abandonment Flexibility

Arqus Working Quantitative Tax Research Discussion Paper No. 77
Number of pages: 45 Posted: 12 Aug 2012
Rainer Niemann and Caren Sureth-Sloane
University of Graz, Center for Accounting Research and Paderborn University
Downloads 72 (384,332)
Citation 4

Abstract:

Loading...

capital gains tax, investment decisions, real options, tax paradox, timing flexibility, uncertainty

37.

Verschärfung der Verlustabzugsbeschränkung durch § 8c KStG und deren Einfluss auf den Erwerb von Anteilen an Kapitalgesellschaften (Tightening of the Tax Loss Deduction Restriction Under Section 8c German Corporate Tax Code (Körperschaftsteuergesetz) and its Impact on the Acquisition of Shares in Corporations)

Arqus Quantitative Tax Research Discussion Paper No. 91
Number of pages: 42 Posted: 22 Aug 2012 Last Revised: 27 Nov 2012
Caren Sureth-Sloane and Pia Vollert
Paderborn University and University of Paderborn
Downloads 65 (405,861)

Abstract:

Loading...

business taxation, loss offset restrictions, share deal, tax planning

38.

Proposals for a European Corporate Taxation and their Influence on Multinationals' Tax Planning

Arqus Quantitative Tax Research Discussion Paper No. 54
Number of pages: 43 Posted: 12 Aug 2012
Caren Sureth-Sloane and Michaela Bäumer
Paderborn University and University of Paderborn
Downloads 62 (415,804)
Citation 1

Abstract:

Loading...

European Company Taxation, European Tax Allocation System, Common Consolidated Corporate Tax Base, Choice of International Location, Investment Decisions, Tax Planning

39.

Income-Related Minimum Taxation Concepts and Their Impact on Corporate Investment Decisions

Arqus Quantitative Tax Research Discussion Paper No. 55
Number of pages: 46 Posted: 12 Aug 2012
Claudia Dahle and Caren Sureth-Sloane
University of Paderborn and Paderborn University
Downloads 55 (440,347)
Citation 6

Abstract:

Loading...

corporate taxation, investment, loss carry-forward, loss-offset, minimum taxation, Monte Carlo simulation

40.

The Impact of Profit Taxation on Capitalized Investment with Options to Delay and Divest

Arqus Quantitative Tax Research Discussion Paper No. 97
Number of pages: 45 Posted: 13 Aug 2012
Georg Thomas Schneider and Caren Sureth-Sloane
University of Graz and Paderborn University
Downloads 47 (471,375)

Abstract:

Loading...

investment decisions, real options, tax effects, timing flexibility, uncertainty

41.

Sooner or Later? – Paradoxical Investment Effects of Capital Gains Taxation Under Simultaneous Investment and Abandonment Flexibility

European Accounting Review Forthcoming
Posted: 20 Feb 2012
Rainer Niemann and Caren Sureth-Sloane
University of Graz, Center for Accounting Research and Paderborn University

Abstract:

Loading...

capital gains tax, investment decisions, real options, timing flexibility, uncertainty, conservative accounting