CORPORATE TAX AVOIDANCE AND FIRM VALUE Desai, Mihir A.; Dharmapala, Dhammika
The review of economics and statistics,
08/2009, Letnik:
91, Številka:
3
Journal Article
Recenzirano
Odprti dostop
Do corporate tax avoidance activities advance shareholder interests? This paper tests alternative theories of corporate tax avoidance using unexplained differences between income reported to capital ...markets and to tax authorities. OLS estimates indicate that the effect of tax avoidance on firm value is a function of firm governance, as predicted by an agency perspective on corporate tax avoidance. Instrumental variables estimates based on exogenous changes in tax regulations yield larger overall effects and reinforce the basic result, as do several robustness checks. The results suggest that the simple view of corporate tax avoidance as a transfer of resources from the state to shareholders is incomplete given the agency problems characterizing shareholder-manager relations.
This paper analyzes the links between corporate tax avoidance and the growth of high-powered incentives for managers. A simple model demonstrates the role of feedback effects between tax sheltering ...and managerial diversion in determining how high-powered incentives influence tax sheltering decisions. A novel measure of corporate tax avoidance (the component of the book-tax gap not attributable to accounting accruals) allows for an investigation of the link between tax avoidance and incentive compensation. Increases in incentive compensation tend to reduce the level of tax sheltering, in a manner consistent with a complementary relationship between diversion and sheltering. In addition, this negative effect is driven primarily by firms with relatively weak governance arrangements, confirming a central prediction of the model. These results can help explain the growing cross-sectional variation among firms in their levels of tax avoidance, the undersheltering puzzle, and why large book-tax gaps are associated with subsequent negative abnormal returns.
This paper employs heterogeneity in institutional shareholder tax characteristics to identify the relation between firm payout policy and tax incentives. Analysis of a panel of firms matched with the ...tax characteristics of the clients of their institutional shareholders indicates that “dividend-averse” institutions are significantly less likely to hold shares in firms with larger dividend payouts. This relation between the tax preferences of institutional shareholders and firm payout policy may reflect dividend-averse institutions gravitating towards low dividend paying firms or managers adapting their payout policies to the interests of their institutional shareholders. Evidence is provided that both effects are operative. Plausibly exogenous changes in payout policy result in shifting institutional ownership patterns. Similarly, exogenous changes in the tax cost of institutional investors receiving dividends results in changes in firm dividend policy.
The Magnetospheric Multiscale (MMS) spacecraft obtained unprecedented high‐time resolution multipoint particle and field measurements of an interplanetary shock event on 8 January 2018. The ...spacecraft encountered the supercritical forward shock of a forward/reverse shock pair in the pristine solar wind upstream of the bow shock near the subsolar point as they neared apogee at ~25 RE. The high‐time resolution measurements from the four spacecraft, separated by only ~20 km, allowed direct measurement of particle distributions revealing evidence of electron heating and near specularly reflected ions. The cross‐shock potential is calculated directly from 3‐D electric field measurements. This is the first reported direct high temporal resolution (<1 s) observation at an interplanetary shock of near specularly reflected ions. Calculation of the cross‐shock potential yields a potential jump significant enough to reflect at least some of the protons from the incident solar wind beam. The cross‐shock potential calculated here is consistent with previous estimations based on particle measurements and numerical/analytical simulations. The ambipolar contribution to the cross‐shock potential calculated from the four‐spacecraft divergence of the electron pressure tensor is somewhat higher than that inferred form the Liouville‐mapped electron energy gain across the shock. Furthermore, the high‐time‐resolution 3‐D electric field measurements reported here reveal small‐scale nonlinear structures embedded in the shock layer that contribute to the nonmonotonic shock transition.
Key Points
MMS observed a supercritical IP shock in the upstream pristine solar wind, directly resolving near specularly reflected ions
The cross‐shock potential jump calculated from 3‐D E‐field measurements is consistent with the observed electron heating and ion reflection
The high‐temporal‐resolution 3‐D electric field measurements revealed small‐scale nonlinear structures embedded within the shock front
Theft and taxes Desai, Mihir A.; Dyck, Alexander; Zingales, Luigi
Journal of financial economics,
06/2007, Letnik:
84, Številka:
3
Journal Article
Recenzirano
This paper analyzes the interaction between corporate taxes and corporate governance. We show that the design of the corporate tax system affects the amount of private benefits extracted by company ...insiders and that the quality of the corporate governance system affects the sensitivity of tax revenues to tax changes. Analyses of a tax enforcement crackdown in Russia and cross-country data on tax changes support this two-way interaction between corporate governance and corporate taxation.
Abstract Context Percutaneous nephrolithotomy (PCNL) is the surgical standard for treating large or complex renal stones. Since its inception, the technique of PCNL has undergone many modifications. ...Objective To perform a collaborative review on the latest evidence related to outcomes and innovations in the practice of PCNL since 2000. Evidence acquisition A literature review was performed using the PubMed database between 2000 and July 2015, restricted to human species, adults, and the English language. The Medline search used a strategy including the following keywords: percutaneous nephrolithotomy, PNL, advances, trends, technique , and the Medical Subject Headings term percutaneous nephrostomy. Evidence synthesis Population-based studies have now provided a wealth of information regarding patient outcomes following PCNL. The complexity of the stone treated can be quantified using a variety of validated nephrolithometry classification systems. Increasing familiarity with the supine approach to PCNL has enabled simultaneous combined retrograde and antegrade surgery. Advances such as endoscopic guided percutaneous access may help urologists achieve access with less morbidity. Increasing miniaturization of equipment has led to the development of mini, micro, and ultramini techniques. The tubeless method of PCNL is now accepted practice with good evidence of safety in appropriately selected patients. Conclusions Modern-day PCNL allows personalized stone management tailored to individual patient and surgeon factors. Future studies should continue to refine methods to assess complexity and safety and to determine consensus on the use of miniaturized PCNL. Patient summary Modern-day percutaneous nephrolithotomy has transformed from an operation traditionally undertaken in one position, using one access method with one set of instrumentation and one surgeon, to one with a variety of options at each step.
The US Preventive Services Task Force (USPSTF) has recommended against routine prostate-specific antigen (PSA)-based prostate cancer (PCa) screening, initially for men older than 75 years in 2008, ...and then for all men in 2012. Concern has been raised that, by recommending against screening, and thus early detection, the USPSTF recommendations may be associated with an increase in the incidence of metastatic PCa (mPCa).
To explore the incidence of mPCa before and after the USPSTF recommendations against routine PCa screening.
This population-based cohort study used the recently released Surveillance, Epidemiology, and End Results (SEER) 18 registry incidence data to identify men aged 45 years and older with a diagnosis of invasive PCa from 2004 through 2018. Data were analyzed from January 1, 2004 to December 31, 2018.
Outcomes were assessed before vs after the USPSTF recommendations against routine screening.
Annual age-adjusted incidence rates per 100 000 population of mPCa (defined using SEER Summary Stage and American Joint Committee on Cancer AJCC staging systems), with adjustments for age structure and reporting delay from 2004 to 2011, according to race and age were examined. Annual percentage changes (APCs) were calculated to quantify changes in the annual incidence rates.
From 2004 to 2018, a total of 836 282 patients with PCa were recorded in the SEER database; 26 642 (56.5%) distant mPCa cases were reported in men aged 45 to 74 years, and 20 507 (43.5%) cases were reported in men aged 75 years or older. Among men aged 45 to 74 years, the incidence rate of distant mPCa (SEER Summary staging) remained stable during 2004 to 2010 (APC, -0.4%; 95% CI, -1.7% to 1.1%; P = .60), then increased significantly during 2010 to 2018 (APC, 5.3%; 95% CI, 4.5% to 6.0%; P < .001). In men aged 75 years or older, the incidence rate of distant mPCa decreased from 2004 to 2011 (APC, -1.5%; 95% CI, -3.0% to 0%; P = .046), and then increased from 2011 to 2018 (APC, 6.5%; 95% CI, 5.1% to 7.8%; P < .001). Similar trends were also seen for M1 mPCa defined per the AJCC staging system. These increased trends in mPCa incidence were particularly significant in non-Hispanic White men (2010-2018 APC, 6.9%; 95% CI, 5.4% to 8.4%; P < .001).
Analysis of the emerging trends from the most recently released SEER data set (2004-2018) suggests that the incidence rates of mPCa have increased significantly and coincide temporally with the USPSTF recommendations against PCa screening across races and age groups. These mPCa trends are associated with reported changes in screening practices following the USPSTF recommendations.
Abstract Background Ischemic injury impacts renal function outcomes following partial nephrectomy. Efforts to minimize, better yet, eliminate renal ischemia are imperative. Objective Describe a novel ...technique of “zero ischemia” laparoscopic (LPN) and robotic-assisted (RAPN) partial nephrectomy. Design, setting, and participants Data were prospectively collected into an institutional review board–approved database. Fifteen consecutive patients underwent zero ischemia procedures: LPN ( n = 12), RAPN ( n = 3). Included were all candidates for LPN or RAPN, irrespective of tumor complexity, including tumors that were central ( n = 9; 60%), hilar ( n = 1), in solitary kidney ( n = 1), in patients with chronic kidney disease grade 3 or greater ( n = 3). Anesthesia-related monitoring included pulmonary artery catheter (ie, Swan–Ganz), transesophageal echocardiography, cerebral oximetry, electroencephalographic bispectral index, mixed venous oxygen measurements, and vigorous hydration/diuresis. Pharmacologically induced hypotension was carefully timed to correspond with excision of the deepest aspect of the tumor. Renal parenchymal reconstruction was completed under normotension, ensuring complete hemostasis. Measurements Intraoperative and early postoperative data were collected prospectively. Results and limitations All cases were successfully completed without hilar clamping. Ischemia time was zero in all cases. Median tumor size was 2.5 cm (range: 1–4); operative time was 3 h (range: 1.3–6); blood loss was 150 ml (range: 20–400); and hospital stay was 3 d (range: 2–19). Nadir mean arterial pressure ranged from 52–65 mm Hg (median: 60), typically for 1–5 min. No patient had intraoperative transfusion or complication, acute or delayed renal hemorrhage, or hypotension-related sequelae. Postoperative complications ( n = 5) included urine retention ( n = 1), septicemia from presumed prostatitis ( n = 1), atrial fibrillation ( n = 1), urine leak ( n = 2). Pathology confirmed renal cell carcinoma in 13 patients (87%), all with negative margins. Median pre- and postoperative serum creatinine (0.9 mg/dl and 0.95 mg/dl, respectively) and estimated glomerular filtration rate (eGFR) (75.3 and 72.9, respectively) were comparable. Median absolute and percent change in discharge serum creatinine and eGFR were 0 and 0%, respectively. Conclusions A novel zero ischemia technique for RAPN and LPN for substantial renal tumors is presented. The initial experience is encouraging.
Abstract
We report on the annual variation of quiet-time suprathermal ion composition for C through Fe using Advanced Composition Explorer (ACE)/Ultra-Low Energy Isotope Spectrometer data over the ...energy range 0.3–1.28 MeV nuc
−1
from 1998 through 2019, covering solar cycle 23's rising phase through Solar Cycle 24's declining phase. Our findings are: (1) quiet-time suprathermal abundances resemble CIR-associated particles during solar minima; (2) quiet-time suprathermals are M/Q fractionated in a manner that is consistent with M/Q fractionation in large gradual solar energetic particle events (GSEP) during solar maxima; and (3) variability within the quiet-time suprathermal pool increases as a function of M/Q and is consistent with the analogous variability in GSEP events. From these observations, we infer that quiet-time suprathermal ions are remnants of CIRs in solar minima and GSEP events in solar maxima. Coincident with these results, we also unexpectedly show that S behaves like a low FIP ion in the suprathermal regime, and is therefore drawn from low FIP solar sources.
Purpose We present the initial 4 patients undergoing single port transumbilical live donor nephrectomy. Scar-free abdominal surgery via natural body orifices is called NOTES (natural orifice ...translumenal endoscopic surgery). In a similar manner the umbilicus, an embryonic (E) natural orifice, permits abdominal access with hidden scar of entry. We propose the term E-NOTES for embryonic natural orifice transumbilical endoscopic surgery. Materials and Methods Through an intra-umbilical incision a novel single access tri-lumen R-port was inserted into the abdomen. No extra-umbilical skin incisions were made whatsoever. A 2 mm Veress needle port, inserted via skin needle puncture to establish pneumoperitoneum, was used to selectively insert a needlescopic grasper for tissue retraction. Donor kidney was pre-entrapped and extracted transumbilically. Results E-NOTES donor nephrectomy was successful in all 4 patients. Median operating time was 3.3 hours, blood loss was 50 cc, warm ischemia time was 6.2 minutes and hospital stay was 3 days. Median length of harvested renal artery was 3.3 cm, renal vein 4 cm and ureter 15 cm. No intraoperative complications occurred. Donor visual analog scores were 0/10 at 2 weeks. Each allograft functioned immediately on transplantation. Conclusions The initial experience with E-NOTES donor nephrectomy is encouraging. Excellent donor vascular and tissue dissection could be performed, and a quality donor kidney was retrieved transumbilically without any extra-umbilical skin incision. E-NOTES donor nephrectomy appears to have relevance and promise, especially for this typically younger, altruistic population. Natural orifices present an unprecedented opportunity for scar-free surgery.
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