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Havenly acquisitions
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DOI：10.1016/j.intfin.2021.101504.png)
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摘要
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We explore the valuation, tax and post-merger performance consequences of M&As with tax haven firms. Using an international sample of cross-border mergers over the period 1989 to 2010, we find that acquirers of tax haven firms decrease their effective tax rates significantly in two years following the M&As. The announcement returns to acquirers of tax haven firms are, on average positive but lower relative to a control sample of non-tax motivated M&As. Lower returns are associated with potential agency costs, taxpayer/consumer backlash as well as relatively poor operating and sales performance of the acquirers following these acquisitions.
Keyword:
Tax haven
Cross-border mergers
Tax avoidance
Corporate governance
期刊
J
IF:
6.1
论文数:
1.5K
被引数:
5.8K
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引用论文
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