Nicolas Rudolf

[Nicolas Rudolf @NicolasJRudolf]

@PochardCapital @FTAlphaville Its directly tied to operations, retooling for instance, that is why it is in the cost of automotive revenues. For context, I think they never disclosed loss on disposal separately, even though it might be material. Other income is only forex as you say

[Nicolas Rudolf @NicolasJRudolf]

@PochardCapital @FTAlphaville Its cost of revenues, not forex or other income as it is related to production equipment

[Nicolas Rudolf @NicolasJRudolf]

@PochardCapital @FTAlphaville You are totally right about this. These were likely not asset solds but scrapped, likely older equipment such as model y/s/x production equipment or older AI clusters, therefore low proceeds from the transactions.

[Nicolas Rudolf @NicolasJRudolf]

@RealJimChanos @FTAlphaville It's not in prepaid assets, there is a even a decrease. These assets are in Construction in Progress in PP&E. The 1.4bn are in PPE in CIP but simply offset by disposals, this you can see when comparing depreciation expense and accumulated depreciation (266m higher expense in q4)

[Nicolas Rudolf @NicolasJRudolf]

@FT If you look at the accumulated depreciation vs. depreciation expense in Q4 you can see that this "gap" arises from asset disposals (depreciation expense is larger than accumulated depreciation by about 266m).

[Nicolas Rudolf @NicolasJRudolf]

The study was also covered by @RobinWigg in the @FinancialTimes : https://t.co/tSwSGY5wCm

[Nicolas Rudolf @NicolasJRudolf]

Happy to share our recent study with Alexis Wegerich and Rüdiger Fahlenbrach on institutional investor voting pre-disclosure:
https://t.co/477J7M1SQa

@NorgesBank @EPFL @SFI_CH @ecgiorg @heclausanne

[Nicolas Rudolf @NicolasJRudolf]

This effect is even more pronounced for proposals requiring more information and when the large shareholder's decision isn't obvious from their usual voting patterns.

[Nicolas Rudolf @NicolasJRudolf]

@econ_martens I would say that incentives matter more than standards ;)

[Duke Financial Economics Center @DFE_Duke]

NEW FinReg Blog post:

How Do Non-Performing Loans Evolve along the Economic Cycle? The Role of Macroeconomic Conditions and Legal Efficiency

Link: https://t.co/EBmSryj5xJ

Authors: Jannis Bischof, @NicolasJRudolf, and Wilhelm Schmundt, @trr_accounting

[Nicolas Rudolf @NicolasJRudolf]

@sascha_steffen It is surprising but EU NPLs decreased from March 18 to December 20 from 3.4% to 2.3% and dispersion across countries is also lower. Only two countries had slight increases in NPLs. I think it is in line with the decline in insolvency filings (due to moratoria and subsidies)