We investigate the co-movement of stock prices and intrinsic value estimates focusing on the estimation of risk. We apply risk measurements based on a) market and b) accounting data. We find that price and value co-move from 1983 to 2014 on an index-level using accounting-based risk measurement...

The tax literature of the past two decades has been dominated by empirical studies on corporate tax avoidance. What this literature lacks, however, are a quantitative synthesis of these studies and an in-depth discussion of potential convergences and divergences in empirical findings. To...

Motivated by concerns about Canada’s tax system being overly complex, this study examines the Canadian corporate income tax system complexity faced by multinational corporations and compares it to the average complexity from other OECD countries, using the survey data of the Tax Complexity...

The cost and revenue earnings potential of alternative power generation sources has shifted considerably in recent years. Here we introduce the concept of Levelized Profit Margins (LPM) to capture the changing unit economics of both intermittent and dispatchable generation technologies. We...

We investigate the relationship between private firms’ disclosures and the demand for the equity of their publicly traded peers. Using data on the global movement of public equity, we find that a one standard deviation increase in private firm disclosure transparency – proxied by the number...

We study an infinitely-repeated game of team production, where agents must supply costly effort under moral hazard. The principal also has the option to delegate an additional production-relevant decision to a team member. We provide conditions under which delegation changes the scope of peer...

German Abstract: Eine von Die Grünen/EFA in Auftrag gegebene Studie kommt basierend auf handelsrechtlichen Einzelabschlüssen zum Ergebnis, deutsche Kapitalgesellschaften würden durch erfolgreiche Steuergestaltungen lediglich rund 20 % anstelle der gesetzlich geforderten knapp 30 % an Steuern...

German Abstract: Die Komplexität von Steuersystemen gewinnt in der Debatte um den inter- nationalen Steuerwettbewerb zunehmend an Bedeutung. Im vorliegenden Beitrag erfolgt, ba- sierend auf den Daten, die dem Tax Complexity Index (www.taxcomplexity.org) zugrunde lie- gen, eine umfassende...

The effect of economy-wide political uncertainty on stock market returns is well documented in the literature. However, in order to take a stand on the relation between firm-specific political risk and the cross-section of stock returns, we need a measure independent of those returns. Using a...

This paper empirically evaluates the effects of various merger and acquisition (M&A) advisors on perceived M&A success by using survey data from M&A experts around the globe. The dataset includes three different M&A advisor types including legal/tax/audit advisors, financial advisors, and, most...