Do Treasure Islands Create Firm Value?

Siu Kai Choy, Tat-kei Lai

Publikation: KonferencebidragPaperForskningpeer review

Abstrakt

On October 11, 2011, a non-governmental organization called ActionAid published a report condemning the FTSE 100 firms for holding an unusually large number of subsidiaries in tax havens. Urging the government to take appropriate actions, the report raised the firms’ costs of holding tax haven subsidiaries. After this event, there was a 0.9% drop in cumulative abnormal returns among the non-financial firms (corresponding to about £9 billion in market capitalization), more so for better-governed firms and those with larger shares of subsidiaries in tax havens. We find some evidence that government scrutiny, reputation, and investor sentiment were plausible channels.
OriginalsprogEngelsk
Publikationsdato2016
Antal sider51
StatusUdgivet - 2016
Begivenhed2016 Financial Management Association Annual Meeting - Las Vegas, USA
Varighed: 19 okt. 201622 okt. 2016
Konferencens nummer: FMA 2016
http://fmaconferences.org/Vegas/VegasProgram.htm

Konference

Konference2016 Financial Management Association Annual Meeting
NummerFMA 2016
LandUSA
ByLas Vegas
Periode19/10/201622/10/2016
Internetadresse

Emneord

  • Tax havens
  • Firm value
  • Corporate governance
  • Corporate tax
  • Event study

Citationsformater