IDEAS home Printed from https://ideas.repec.org/a/kap/rqfnac/v54y2020i2d10.1007_s11156-019-00795-7.html
   My bibliography  Save this article

The impact of corporate tax avoidance on analyst coverage and forecasts

Author

Listed:
  • Guanming He

    (Durham University)

  • Helen Mengbing Ren

    (University of Warwick)

  • Richard Taffler

    (University of Warwick)

Abstract

Corporate tax avoidance is likely to be associated with a high level of earnings management and with high financial opacity in the time-series. On this basis, we hypothesize that analyst coverage is negatively associated with corporate tax avoidance. Our results confirm this conjecture, and are robust to using a firm-fixed-effects model and a quasi-natural experiment to control for potential endogeneity. Additional analysis shows that analyst coverage is negatively related to tax risk, but there is no evidence that the informativeness of, or errors in, analyst forecasts are associated with tax avoidance. Overall, our study advances understanding of the implications of corporate tax avoidance for analyst behavior.

Suggested Citation

  • Guanming He & Helen Mengbing Ren & Richard Taffler, 2020. "The impact of corporate tax avoidance on analyst coverage and forecasts," Review of Quantitative Finance and Accounting, Springer, vol. 54(2), pages 447-477, February.
    • Handle: RePEc:kap:rqfnac:v:54:y:2020:i:2:d:10.1007_s11156-019-00795-7
    DOI: 10.1007/s11156-019-00795-7
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s11156-019-00795-7
    File Function: Abstract
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s11156-019-00795-7?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Desai, Mihir A. & Dharmapala, Dhammika, 2006. "Corporate tax avoidance and high-powered incentives," Journal of Financial Economics, Elsevier, vol. 79(1), pages 145-179, January.
    2. Chen, Shuping & Chen, Xia & Cheng, Qiang & Shevlin, Terry, 2010. "Are family firms more tax aggressive than non-family firms?," Journal of Financial Economics, Elsevier, vol. 95(1), pages 41-61, January.
    3. Chen, Tao & Lin, Chen, 2017. "Does Information Asymmetry Affect Corporate Tax Aggressiveness?," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 52(5), pages 2053-2081, October.
    4. Cristi A. Gleason & Lillian F. Mills & Michelle L. Nessa, 2018. "Does FIN 48 Improve Firms' Estimates of Tax Reserves?," Contemporary Accounting Research, John Wiley & Sons, vol. 35(3), pages 1395-1429, September.
    5. Terence Lim, 2001. "Rationality and Analysts' Forecast Bias," Journal of Finance, American Finance Association, vol. 56(1), pages 369-385, February.
    6. Jennifer L. Brown & Katharine D. Drake & Melissa A. Martin, 2016. "Compensation in the Post†FIN 48 Period: The Case of Contracting on Tax Performance and Uncertainty," Contemporary Accounting Research, John Wiley & Sons, vol. 33(1), pages 121-151, March.
    7. Smith, Clifford Jr. & Watts, Ross L., 1992. "The investment opportunity set and corporate financing, dividend, and compensation policies," Journal of Financial Economics, Elsevier, vol. 32(3), pages 263-292, December.
    8. Feng Gu & Weimin Wang, 2005. "Intangible Assets, Information Complexity, and Analysts' Earnings Forecasts," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(9-10), pages 1673-1702.
    9. Hueiling Chen & Cheng-Tsu Huang & Hsiou-Wei W. Lin, 2016. "Changes in analyst following for less covered firms accompanying Regulation Fair Disclosure: the roles of ability and industry experience," Review of Quantitative Finance and Accounting, Springer, vol. 46(3), pages 519-541, April.
    10. Lawrence D. Brown & Andrew C. Call & Michael B. Clement & Nathan Y. Sharp, 2015. "Inside the “Black Box” of Sell‐Side Financial Analysts," Journal of Accounting Research, Wiley Blackwell, vol. 53(1), pages 1-47, March.
    11. repec:zbw:bofrdp:2014_003 is not listed on IDEAS
    12. Tristan Roger, 2018. "The coverage assignments of financial analysts," Accounting and Business Research, Taylor & Francis Journals, vol. 48(6), pages 651-673, September.
    13. Wu, Joanna Shuang & Zang, Amy Y., 2009. "What determine financial analysts' career outcomes during mergers?," Journal of Accounting and Economics, Elsevier, vol. 47(1-2), pages 59-86, March.
    14. Xuemin (Sterling) Yan & Zhe Zhang, 2009. "Institutional Investors and Equity Returns: Are Short-term Institutions Better Informed?," Review of Financial Studies, Society for Financial Studies, vol. 22(2), pages 893-924, February.
    15. Thompson, Samuel B., 2011. "Simple formulas for standard errors that cluster by both firm and time," Journal of Financial Economics, Elsevier, vol. 99(1), pages 1-10, January.
    16. Avishek Bhandari & Babak Mammadov & Maya Thevenot, 2018. "The impact of executive inside debt on sell-side financial analyst forecast characteristics," Review of Quantitative Finance and Accounting, Springer, vol. 51(2), pages 283-315, August.
    17. Somnath Das & Re‐Jin Guo & Huai Zhang, 2006. "Analysts' Selective Coverage and Subsequent Performance of Newly Public Firms," Journal of Finance, American Finance Association, vol. 61(3), pages 1159-1185, June.
    18. Xin Chang & Sudipto Dasgupta & Gilles Hilary, 2006. "Analyst Coverage and Financing Decisions," Journal of Finance, American Finance Association, vol. 61(6), pages 3009-3048, December.
    19. Paul Hribar & Daniel W. Collins, 2002. "Errors in Estimating Accruals: Implications for Empirical Research," Journal of Accounting Research, Wiley Blackwell, vol. 40(1), pages 105-134, March.
    20. Mills, LF, 1998. "Book-tax differences and internal revenue service adjustments," Journal of Accounting Research, Wiley Blackwell, vol. 36(2), pages 343-356.
    21. Bin Ke & Yong Yu, 2006. "The Effect of Issuing Biased Earnings Forecasts on Analysts' Access to Management and Survival," Journal of Accounting Research, Wiley Blackwell, vol. 44(5), pages 965-999, December.
    22. Amilcar A. Menichini, 2017. "On the value and determinants of the interest tax shields," Review of Quantitative Finance and Accounting, Springer, vol. 48(3), pages 725-748, April.
    23. Cohen, Randolph B. & Gompers, Paul A. & Vuolteenaho, Tuomo, 2002. "Who underreacts to cash-flow news? evidence from trading between individuals and institutions," Journal of Financial Economics, Elsevier, vol. 66(2-3), pages 409-462.
    24. Daniel Arand & Alexander Kerl & Andreas Walter, 2015. "When Do Sell†side Analyst Reports Really Matter? Shareholder Protection, Institutional Investors and the Informativeness of Equity Research," European Financial Management, European Financial Management Association, vol. 21(3), pages 524-555, June.
    25. Partha S. Mohanram & Shyam V. Sunder, 2006. "How Has Regulation FD Affected the Operations of Financial Analysts?," Contemporary Accounting Research, John Wiley & Sons, vol. 23(2), pages 491-525, June.
    26. Nan-Ting Kuo & Cheng Few Lee, 2020. "A Potential Benefit of Increasing Book–Tax Conformity: Evidence from the Reduction in Audit Fees," World Scientific Book Chapters, in: Cheng Few Lee & John C Lee (ed.), HANDBOOK OF FINANCIAL ECONOMETRICS, MATHEMATICS, STATISTICS, AND MACHINE LEARNING, chapter 3, pages 151-197, World Scientific Publishing Co. Pte. Ltd..
    27. Maggie Hao & Dana A. Forgione & Liang Guo & Hongxian Zhang, 2017. "Improvement in clinical trial disclosures and analysts’ forecast accuracy: evidence from the pharmaceutical industry," Review of Quantitative Finance and Accounting, Springer, vol. 49(3), pages 785-810, October.
    28. Iacus, Stefano & King, Gary & Porro, Giuseppe, 2009. "cem: Software for Coarsened Exact Matching," Journal of Statistical Software, Foundation for Open Access Statistics, vol. 30(i09).
    29. Emery, Douglas R. & Li, Xi, 2009. "Are the Wall Street Analyst Rankings Popularity Contests?," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 44(2), pages 411-437, April.
    30. Lee, Charles M.C. & So, Eric C., 2017. "Uncovering expected returns: Information in analyst coverage proxies," Journal of Financial Economics, Elsevier, vol. 124(2), pages 331-348.
    31. Matthew Blackwell & Stefano Iacus & Gary King & Giuseppe Porro, 2009. "cem: Coarsened exact matching in Stata," Stata Journal, StataCorp LP, vol. 9(4), pages 524-546, December.
    32. Mitchell A. Petersen, 2009. "Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches," The Review of Financial Studies, Society for Financial Studies, vol. 22(1), pages 435-480, January.
    33. Obrien, Pc & Bhushan, R, 1990. "Analyst Following And Institutional Ownership," Journal of Accounting Research, Wiley Blackwell, vol. 28, pages 55-76.
    34. Raj Aggarwal & Dev Mishra & Craig Wilson, 2018. "Analyst recommendations and the implied cost of equity," Review of Quantitative Finance and Accounting, Springer, vol. 50(3), pages 717-743, April.
    35. Sanjay Gupta & Rick C. Laux & Daniel P. Lynch, 2016. "Do Firms Use Tax Reserves to Meet Analysts’ Forecasts? Evidence from the Pre†and Post†FIN 48 Periods," Contemporary Accounting Research, John Wiley & Sons, vol. 33(3), pages 1044-1074, September.
    36. Brennan, Michael J & Hughes, Patricia J, 1991. "Stock Prices and the Supply of Information," Journal of Finance, American Finance Association, vol. 46(5), pages 1665-1691, December.
    37. Frankel, Richard & Kothari, S.P. & Weber, Joseph, 2006. "Determinants of the informativeness of analyst research," Journal of Accounting and Economics, Elsevier, vol. 41(1-2), pages 29-54, April.
    38. Cen, Ling & Maydew, Edward L. & Zhang, Liandong & Zuo, Luo, 2017. "Customer–supplier relationships and corporate tax avoidance," Journal of Financial Economics, Elsevier, vol. 123(2), pages 377-394.
    39. Elgers, Pieter T. & Lo, May H. & Pfeiffer, Ray Jr., 2003. "Analysts' vs. investors' weightings of accruals in forecasting annual earnings," Journal of Accounting and Public Policy, Elsevier, vol. 22(3), pages 255-280.
    40. Clive Lennox & Petro Lisowsky & Jeffrey Pittman, 2013. "Tax Aggressiveness and Accounting Fraud," Journal of Accounting Research, Wiley Blackwell, vol. 51(4), pages 739-778, September.
    41. Chen, Xia & Harford, Jarrad & Li, Kai, 2007. "Monitoring: Which institutions matter?," Journal of Financial Economics, Elsevier, vol. 86(2), pages 279-305, November.
    42. Hope, Ole-Kristian & Ma, Mark (Shuai) & Thomas, Wayne B., 2013. "Tax avoidance and geographic earnings disclosure," Journal of Accounting and Economics, Elsevier, vol. 56(2), pages 170-189.
    43. Paul M. Healy & Amy P. Hutton & Krishna G. Palepu, 1999. "Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure," Contemporary Accounting Research, John Wiley & Sons, vol. 16(3), pages 485-520, September.
    44. David C. Burgstahler & Michael J. Eames, 2003. "Earnings Management to Avoid Losses and Earnings Decreases: Are Analysts Fooled?," Contemporary Accounting Research, John Wiley & Sons, vol. 20(2), pages 253-294, June.
    45. Bipin Ajinkya & Sanjeev Bhojraj & Partha Sengupta, 2005. "The Association between Outside Directors, Institutional Investors and the Properties of Management Earnings Forecasts," Journal of Accounting Research, Wiley Blackwell, vol. 43(3), pages 343-376, June.
    46. Michael P. Donohoe & W. Robert Knechel, 2014. "Does Corporate Tax Aggressiveness Influence Audit Pricing?," Contemporary Accounting Research, John Wiley & Sons, vol. 31(1), pages 284-308, March.
    47. Aaron Crabtree & Thomas Kubick, 2014. "Corporate tax avoidance and the timeliness of annual earnings announcements," Review of Quantitative Finance and Accounting, Springer, vol. 42(1), pages 51-67, January.
    48. Feng Gu & Weimin Wang, 2005. "Intangible Assets, Information Complexity, and Analysts’ Earnings Forecasts," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(9‐10), pages 1673-1702, November.
    49. Chuntai Jin & Tianze Li & Steven Xiaofan Zheng, 2016. "IPO Offering Size and Analyst Forecasts," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 19(03), pages 1-25, September.
    50. Novia X. Chen & Peng‐Chia Chiu & Terry Shevlin, 2018. "Do Analysts Matter for Corporate Tax Planning? Evidence from a Natural Experiment," Contemporary Accounting Research, John Wiley & Sons, vol. 35(2), pages 794-829, June.
    51. David Aboody & Baruch Lev, 2000. "Information Asymmetry, R&D, and Insider Gains," Journal of Finance, American Finance Association, vol. 55(6), pages 2747-2766, December.
    52. Abarbanell, Jeffery & Lehavy, Reuven, 2003. "Biased forecasts or biased earnings? The role of reported earnings in explaining apparent bias and over/underreaction in analysts' earnings forecasts," Journal of Accounting and Economics, Elsevier, vol. 36(1-3), pages 105-146, December.
    53. Clement, Michael B. & Hales, Jeffrey & Xue, Yanfeng, 2011. "Understanding analysts' use of stock returns and other analysts' revisions when forecasting earnings," Journal of Accounting and Economics, Elsevier, vol. 51(3), pages 279-299, April.
    54. Hanlon, Michelle & Slemrod, Joel, 2009. "What does tax aggressiveness signal? Evidence from stock price reactions to news about tax shelter involvement," Journal of Public Economics, Elsevier, vol. 93(1-2), pages 126-141, February.
    55. Graham, John R. & Tucker, Alan L., 2006. "Tax shelters and corporate debt policy," Journal of Financial Economics, Elsevier, vol. 81(3), pages 563-594, September.
    56. Mark T. Bradshaw & Scott A. Richardson & Richard G. Sloan, 2001. "Do Analysts and Auditors Use Information in Accruals?," Journal of Accounting Research, Wiley Blackwell, vol. 39(1), pages 45-74, June.
    57. Stickel, Se, 1990. "Predicting Individual Analyst Earnings Forecasts," Journal of Accounting Research, Wiley Blackwell, vol. 28(2), pages 409-417.
    58. Charles J. Hadlock & Joshua R. Pierce, 2010. "New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index," Review of Financial Studies, Society for Financial Studies, vol. 23(5), pages 1909-1940.
    59. Bhushan, Ravi, 1989. "Firm characteristics and analyst following," Journal of Accounting and Economics, Elsevier, vol. 11(2-3), pages 255-274, July.
    60. Hanlon, Michelle & Heitzman, Shane, 2010. "A review of tax research," Journal of Accounting and Economics, Elsevier, vol. 50(2-3), pages 127-178, December.
    61. Steven J. Huddart & Bin Ke, 2007. "Information Asymmetry and Cross†sectional Variation in Insider Trading," Contemporary Accounting Research, John Wiley & Sons, vol. 24(1), pages 195-232, March.
    62. Harrison Hong & Jeffrey D. Kubik, 2003. "Analyzing the Analysts: Career Concerns and Biased Earnings Forecasts," Journal of Finance, American Finance Association, vol. 58(1), pages 313-351, February.
    63. Yu, Fang (Frank), 2008. "Analyst coverage and earnings management," Journal of Financial Economics, Elsevier, vol. 88(2), pages 245-271, May.
    64. Hope, Ole-Kristian & Thomas, Wayne B. & Winterbotham, Glyn, 2009. "Geographic earnings disclosure and trading volume," Journal of Accounting and Public Policy, Elsevier, vol. 28(3), pages 167-188, May.
    65. Lei Gao & Leo L. Yang & Joseph H. Zhang, 2016. "Corporate patents, R&D success, and tax avoidance," Review of Quantitative Finance and Accounting, Springer, vol. 47(4), pages 1063-1096, November.
    66. Isin, Adnan Anil, 2018. "Tax avoidance and cost of debt: The case for loan-specific risk mitigation and public debt financing," Journal of Corporate Finance, Elsevier, vol. 49(C), pages 344-378.
    67. Desai, Mihir A. & Dharmapala, Dhammika, 2009. "Earnings Management, Corporate Tax Shelters, and Book–Tax Alignment," National Tax Journal, National Tax Association;National Tax Journal, vol. 62(1), pages 169-186, March.
    68. Mei Cheng & K. R. Subramanyam, 2008. "Analyst Following and Credit Ratings," Contemporary Accounting Research, John Wiley & Sons, vol. 25(4), pages 1007-1044, December.
    69. Guanming He & David Marginson & Xixi Dai, 2019. "Do voluntary disclosures of product and business expansion plans impact analyst coverage and forecasts?," Accounting and Business Research, Taylor & Francis Journals, vol. 49(7), pages 785-817, November.
    70. Irani, Rustom M. & Oesch, David, 2013. "Monitoring and corporate disclosure: Evidence from a natural experiment," Journal of Financial Economics, Elsevier, vol. 109(2), pages 398-418.
    71. Hasan, Iftekhar & Hoi, Chun Keung (Stan) & Wu, Qiang & Zhang, Hao, 2014. "Beauty is in the eye of the beholder: The effect of corporate tax avoidance on the cost of bank loans," Journal of Financial Economics, Elsevier, vol. 113(1), pages 109-130.
    72. Kim, Jeong-Bon & Li, Yinghua & Zhang, Liandong, 2011. "Corporate tax avoidance and stock price crash risk: Firm-level analysis," Journal of Financial Economics, Elsevier, vol. 100(3), pages 639-662, June.
    73. Allen, Arthur & Francis, Bill B. & Wu, Qiang & Zhao, Yijiang, 2016. "Analyst coverage and corporate tax aggressiveness," Journal of Banking & Finance, Elsevier, vol. 73(C), pages 84-98.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Chen, Kejing & Guo, Wenqi & Jiang, Lin & Xiong, Xiong & Yang, Mo, 2022. "Does time-space compression affect analyst forecast performance?," Research in International Business and Finance, Elsevier, vol. 62(C).
    2. Audrey Hsu & Sophia Liu, 2023. "The effect of book-tax conformity on the information environment: from the analyst perspective," Review of Quantitative Finance and Accounting, Springer, vol. 61(2), pages 535-565, August.
    3. Agnes Aurora Ngelo & Yani Permatasari & Iman Harymawan & Nadia Anridho & Khairul Anuar Kamarudin, 2022. "Corporate Tax Avoidance and Investment Efficiency: Evidence from the Enforcement of Tax Amnesty in Indonesia," Economies, MDPI, vol. 10(10), pages 1-22, October.
    4. Müller, Raphael & Spengel, Christoph & Vay, Heiko, 2020. "On the determinants and effects of corporate tax transparency: Review of an emerging literature," ZEW Discussion Papers 20-063, ZEW - Leibniz Centre for European Economic Research.
    5. Yonghong Jia & Xinghua Gao, 2021. "Is managerial rent extraction associated with tax aggressiveness? Evidence from informed insider trading," Review of Quantitative Finance and Accounting, Springer, vol. 56(2), pages 423-452, February.
    6. Min Chen & Lufei Ruan & Zhaobo Zhu & Fangjun Sang, 2020. "Macro uncertainty, analyst performance, and managerial ability," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 10(3), pages 333-353, September.
    7. Taufiq Choudhry & Gishan Dissanaike & Ranadeva Jayasekera & Woo-Young Kang & Matthias Nnadi, 2021. "Loss sensitive investors and positively biased analysts in Hong Kong stock market," Review of Quantitative Finance and Accounting, Springer, vol. 57(4), pages 1345-1371, November.
    8. Paul Demeré, 2023. "Is tax return information useful to equity investors?," Review of Accounting Studies, Springer, vol. 28(3), pages 1413-1465, September.
    9. Guanming He, 2023. "How do insider trading incentives shape nonfinancial disclosures? Evidence from product and business expansion disclosures," Review of Quantitative Finance and Accounting, Springer, vol. 60(1), pages 147-194, January.
    10. Guanming He & Xiaorong Li & Jingbo Luo, 2023. "The impact of the Shanghai–Hong Kong stock market connection on corporate innovation: Evidence from mainland China," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(3), pages 3132-3161, July.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Beyer, Anne & Cohen, Daniel A. & Lys, Thomas Z. & Walther, Beverly R., 2010. "The financial reporting environment: Review of the recent literature," Journal of Accounting and Economics, Elsevier, vol. 50(2-3), pages 296-343, December.
    2. Allen, Arthur & Francis, Bill B. & Wu, Qiang & Zhao, Yijiang, 2016. "Analyst coverage and corporate tax aggressiveness," Journal of Banking & Finance, Elsevier, vol. 73(C), pages 84-98.
    3. Lee, Ye Ji, 2021. "The effects of analysts’ tax expense forecast accuracy on corporate tax avoidance: An international analysis," Journal of Contemporary Accounting and Economics, Elsevier, vol. 17(2).
    4. Kovermann, Jost & Velte, Patrick, 2019. "The impact of corporate governance on corporate tax avoidance—A literature review," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 36(C), pages 1-1.
    5. Yonghong Jia & Xinghua Gao, 2021. "Is managerial rent extraction associated with tax aggressiveness? Evidence from informed insider trading," Review of Quantitative Finance and Accounting, Springer, vol. 56(2), pages 423-452, February.
    6. Fangjun Wang & Shuolei Xu & Junqin Sun & Charles P. Cullinan, 2020. "Corporate Tax Avoidance: A Literature Review And Research Agenda," Journal of Economic Surveys, Wiley Blackwell, vol. 34(4), pages 793-811, September.
    7. Gul, Ferdinand A. & Khedmati, Mehdi & Shams, Syed M.M., 2020. "Managerial acquisitiveness and corporate tax avoidance," Pacific-Basin Finance Journal, Elsevier, vol. 64(C).
    8. Ramnath, Sundaresh & Rock, Steve & Shane, Philip, 2008. "The financial analyst forecasting literature: A taxonomy with suggestions for further research," International Journal of Forecasting, Elsevier, vol. 24(1), pages 34-75.
    9. Kim, Jeong-Bon & Li, Yinghua & Zhang, Liandong, 2011. "Corporate tax avoidance and stock price crash risk: Firm-level analysis," Journal of Financial Economics, Elsevier, vol. 100(3), pages 639-662, June.
    10. Chaudhry, Neeru, 2021. "Tax aggressiveness and idiosyncratic volatility," The North American Journal of Economics and Finance, Elsevier, vol. 58(C).
    11. Hasan, Iftekhar & Hoi, Chun Keung (Stan) & Wu, Qiang & Zhang, Hao, 2014. "Beauty is in the eye of the beholder: The effect of corporate tax avoidance on the cost of bank loans," Journal of Financial Economics, Elsevier, vol. 113(1), pages 109-130.
    12. Tao Chen & Sidney Leung & Lingmin Xie, 2021. "Does credit rating conservatism matter for corporate tax avoidance?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(4), pages 5681-5730, December.
    13. Mei-Chen Lin & J. Jimmy Yang, 2023. "Do lottery characteristics matter for analysts’ forecast behavior?," Review of Quantitative Finance and Accounting, Springer, vol. 61(3), pages 1057-1091, October.
    14. Luo, Jinbo & Ni, Xiaoran & Tian, Gary Gang, 2020. "Short selling and corporate tax avoidance: Insights from a financial constraint view," Pacific-Basin Finance Journal, Elsevier, vol. 61(C).
    15. Müller, Raphael & Spengel, Christoph & Vay, Heiko, 2020. "On the determinants and effects of corporate tax transparency: Review of an emerging literature," ZEW Discussion Papers 20-063, ZEW - Leibniz Centre for European Economic Research.
    16. Francis, Bill & Hasan, Iftekhar & Liu, Liuling & Wu, Qiang & Zhao, Yijiang, 2021. "Financial analysts' career concerns and the cost of private debt," Journal of Corporate Finance, Elsevier, vol. 67(C).
    17. Wei Cen & Naqiong Tong & Yushi Sun, 2017. "Tax avoidance and cost of debt: evidence from a natural experiment in China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 57(5), pages 1517-1556, December.
    18. (DJ) Fairhurst, Douglas & Liu, Yanguang & Ni, Xiaoran, 2020. "Employment protection and tax aggressiveness: Evidence from wrongful discharge laws," Journal of Banking & Finance, Elsevier, vol. 119(C).
    19. Jiang, Dequan & Li, Weiping & Shen, Yongjian & Yao, Zhenye, 2020. "Market liberalization and tax avoidance: Evidence from the Shanghai-Hong Kong Stock Connect Program in China," Economic Systems, Elsevier, vol. 44(3).
    20. Sattar Mansi & Jianping Qi & Han Shi, 2020. "Advertising and tax avoidance," Review of Quantitative Finance and Accounting, Springer, vol. 54(2), pages 479-516, February.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:rqfnac:v:54:y:2020:i:2:d:10.1007_s11156-019-00795-7. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.