haku: @indexterm SHARE PRICES / yhteensä: 1009
viite: 12 / 1009
| Tekijä: | Hanlon, M. Slemrod, J. |
| Otsikko: | What does tax aggressiveness signal? Evidence from stock price reactions to news about tax shelter involvement? |
| Lehti: | Journal of Public Economics
2009 : FEB, VOL. 93:1-2, p. 126-141 |
| Asiasana: | taxation SHARE PRICES |
| Kieli: | eng |
| Tiivistelmä: | This paper examines the stock price reaction to news about corporate tax aggressiveness. It is revealed that on average a company's stock price declines when there is news about its involvement in tax shelters. Some limited evidence of cross-sectional variation in the reaction is found. The reaction is more negative for firms in the retail sector, suggesting that part of the reaction may be a consumer/taxpayer backlash. In addition, the reaction is less negative for firms that are viewed to be generally less tax aggressive. This is interpreted as being consistent with the market reacting positively to evidence that a firm is trying to reduce taxes when their financial reports would lead one to believe the firm is not tax aggressive. |
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