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A Closer Look at the Regime-Switching Evidence of Bull and Bear Markets
In: FRL-D-22-01318
SSRN
Income Shifting as an Aspect of Tax Avoidance: Evidence from U.S. Multinational Corporations
In: Review of Pacific Basin Financial Markets and Policies, Band 21, Heft 1, S. 1850001
ISSN: 1793-6705
We use jurisdiction-specific effective tax rates (ETRs) to investigate income shifting as an aspect of tax avoidance by U.S. firms. Our central prediction is that tax-based incentives for shifting income, as measured by the spread between domestic and foreign ETRs, should be reflected in the share of pre-tax income earned by U.S. firms in foreign jurisdictions. The data lend substantial support to this prediction. We find robust evidence of a positive correlation between the foreign share of pre-tax income and the ETR spread that is consistent with firms shifting income both into and out of the United States. The evidence also indicates that firms respond asymmetrically to positive and negative ETR spreads. Specifically, the response to a negative spread is stronger than to a positive spread of the same magnitude.
SSRN
Working paper
Stochastic Volatility, Trading Volume, and the Daily Flow of Information*
In: The journal of business, Band 79, Heft 3, S. 1551-1590
ISSN: 1537-5374
SSRN
Working paper