This paper examines the effects of horizontal cross-border mergers and acquisitions on the value of industry rivals. Using firm-level data from 45 countries during the period 1990–2020, I find that the average stock price reactions of industry rivals around deal announcements are significantly...

In this paper, I investigate the influence of tax incentives on the financial structures of mergers and acquisitions (M&A) conducted by multinational entities (MNE). Previous research has already found evidence for tax avoidance by debt shifting. I analyze the importance of locating debt at...

This study investigates the effect of flexible tax enforcement on firms’ excess goodwill using unique manually collected data on taxpaying credit rating in China from 2014 to 2021. We document that A-rated taxpayer firms have less excess goodwill; A-rated firms reduce excess goodwill by 0.005...