000			01759nab a2200229 a 4500
999			_c199476 _d199476
003			OSt
005			20200226102033.0
008			191218s20162014xxu||||| |||| 00| 0 eng d
040			_aCO-BoUGC _cCO-BoUGC
100	1		_aWee Goh, Beng _9177852
245	1	4	_aThe Effect of Corporate Tax Avoidance on the Cost of Equity _cBeng Wee Goh, Jimmy Lee, Chee Yeow Lim & Terry Shevlin
300			_aPáginas 1647 a la 1670
520	3		_aBased on Lambert, Leuz, and Verrecchia's (2007) derivation of the cost of equity capital in terms of expected cash flows, we generate a testable hypothesis that relates tax avoidance to a firm's cost of equity capital. Using three broad measures of tax avoidance—book-tax differences, permanent book-tax differences, and long-run cash effective tax rates—to test our hypothesis, we find that the cost of equity is lower for tax-avoiding firms. This effect is stronger for firms with better outside monitoring, firms that likely realize higher marginal benefits from tax savings, and firms with higher information quality. Overall, our results suggest that equity investors generally require a lower expected rate of return due to the positive cash flow effects of corporate tax avoidance.
650	1	4	_991036 _aContabilidad _vPublicaciones seriadas
650	2	4	_9177634 _aFinanzas corporativas _xLegislación _zEstados Unidos _vPublicaciones seriadas
650	2	4	_aEvasión de impuestos _vPublicaciones seriadas _9177721
700	1		_aLee, Jimmy _9177853
700	1		_aYeow Lim, Chee _9177854
700	1		_aShevlin, Terry _9177855
773	0		_082265 _9374973 _aThe accounting review 2016 V.91 No.6 (Nov) _o0000002032091 _x0001-4826 (papel) _h24 páginas _nIncluye tablas, referencias bibliográficas y apéndices
942			_2ddc _cART