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The value relevance of taxes: International evidence on the proxy for profitability role of tax surprise
16 references·5 citing·32 second hop
The value relevance of taxes: International evidence on the proxy for profitability role of tax surprise (2018)The value relevance of taxes: Internation…Mandatory IFRS reporting and changes in enforcement (2013)Mandatory IFRS reporting and …Home Country Tax System Characteristics and Corporate Tax Avoidance: International Evidence (2011)Home Country Tax System Chara…Theft and taxes☆ (2007)Theft and taxes☆Taxable Income, Future Earnings, and Equity Values (2004)Taxable Income, Future Earnin…Incentives versus standards: properties of accounting income in four East Asian countries (2003)Incentives versus standards: …Capital markets research in accounting (2001)Capital markets research in a…The effect of international institutional factors on properties of accounting earnings (2000)The effect of international i…Country-Specific Factors Related to Financial Reporting and the Value Relevance of Accounting Data (2000)Country-Specific Factors Rela…Accounting standards and value relevance of financial statements: An international analysis (2000)Accounting standards and valu…Have Financial Statements Lost Their Relevance? (1999)Have Financial Statements Los…Law and Finance (1998)Law and FinanceThe information content of losses (1995)The information content of lo…Fundamental Information Analysis (1993)Fundamental Information Analy…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…The Information Content of Annual Earnings Announcements (1968)The Information Content of An…An Empirical Evaluation of Accounting Income Numbers (1968)An Empirical Evaluation of Ac…The role of tax enforcement on green innovation: Evidence from the consolidation of state and local tax bureau (CSLTB) (2024)The role of tax enforcement o…Corporate governance and tax avoidance: Evidence from governance reform (2024)Corporate governance and tax …The effects of analysts’ tax expense forecast accuracy on corporate tax avoidance: An international analysis (2021)The effects of analysts’ tax …Street versus GAAP : Which Effective Tax Rate Is More Informative?* (2020)Street versus GAAP : Which Ef…Is Tax Return Information Useful to Equity Investors? (2018)Is Tax Return Information Use…CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)Efficient Capital Markets: II (1991)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The Cross-Section of Expected Stock Returns (1992)On Persistence in Mutual Fund Performance (1997)Job Market Signaling (1973)Positive Accounting Theory (1985)Earnings management and investor protection: an international comparison (2003)A review of tax research (2010)Financing Constraints and Corporate Investment (1987)Financing Constraints and Corporate Investment (1988)Value-relevance of nonfinancial information: The wireless communications industry (1996)Are Selling, General, and Administrative Costs “Sticky”? (2003)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Legal Determinants of External Finance (1997)Corporate Ownership Around the World (1999)Investor protection and corporate governance (2000)The Colonial Origins of Comparative Development: An Empirical Investigation (2001)Judgment under Uncertainty: Heuristics and Biases (1974)Common risk factors in the returns on stocks and bonds (1993)Econometrics of Event Studies**We thank Espen Eckbo, Jon Lewellen, Adam Kolasinski, and Jay Ritter for insightful comments, and Irfan Safdar and Alan Wancier for research assistance. (2007)Driven to Distraction: Extraneous Events and Underreaction to Earnings News (2009)Investor Inattention and Friday Earnings Announcements (2009)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)Costs of Equity and Earnings Attributes (2004)Understanding earnings quality: A review of the proxies, their determinants and their consequences (2010)The conservatism principle and the asymmetric timeliness of earnings1 (1997)Earnings Management through Real Activities Manipulation (2003)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)Using daily stock returns (1985)
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References

  • 1998Law and Finance17,902 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1968An Empirical Evaluation of Accounting Income Numbers6,384 cited
  • 2000The effect of international institutional factors on properties of accounting earnings3,198 cited
  • 1968The Information Content of Annual Earnings Announcements2,739 cited
  • 2001Capital markets research in accounting2,575 cited
  • 1995The information content of losses2,315 cited
  • 2003Incentives versus standards: properties of accounting income in four East Asian countries2,078 cited
  • 1999Have Financial Statements Lost Their Relevance?1,917 cited
  • 1993Fundamental Information Analysis1,084 cited
  • 2000Country-Specific Factors Related to Financial Reporting and the Value Relevance of Accounting Data919 cited
  • 2007Theft and taxes☆876 cited
  • 2013Mandatory IFRS reporting and changes in enforcement816 cited
  • 2000Accounting standards and value relevance of financial statements: An international analysis623 cited
  • 2004Taxable Income, Future Earnings, and Equity Values507 cited
  • 2011

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Home Country Tax System Characteristics and Corporate Tax Avoidance: International Evidence
460 cited

Cited by

  • 2024Corporate governance and tax avoidance: Evidence from governance reform24 cited
  • 2020Street versus GAAP : Which Effective Tax Rate Is More Informative?*22 cited
  • 2018Is Tax Return Information Useful to Equity Investors?19 cited
  • 2024The role of tax enforcement on green innovation: Evidence from the consolidation of state and local tax bureau (CSLTB)19 cited
  • 2021The effects of analysts’ tax expense forecast accuracy on corporate tax avoidance: An international analysis16 cited