Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Equity Compensation And Tax Avoidance
Download Equity Compensation And Tax Avoidance full books in PDF, epub, and Kindle. Read online Equity Compensation And Tax Avoidance ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis Equity Compensation and Tax Avoidance by : Jeri K. Seidman
Download or read book Equity Compensation and Tax Avoidance written by Jeri K. Seidman and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Much empirical evidence is consistent with properly incentivized executives engaging in more tax avoidance. However, other studies provide evidence consistent with tax avoidance facilitating managerial rent extraction. We address these mixed results by reexamining the negative relation between executives' equity compensation and tax avoidance that is concentrated in firms with weaker shareholder rights. We propose this pattern of results is consistent with tax exhaustion theory because tax benefits from equity compensation reduce firms' demand for additional tax avoidance. Further, we draw on evidence suggesting shareholder rights indices are problematic as measures of governance when examining tax avoidance. Our results suggest tax exhaustion is a more compelling explanation for the relation between executives' equity compensation and tax avoidance. Although our analyses do not disprove the notion that managers can use tax avoidance to facilitate rent extraction, they challenge the interpretation of early evidence suggesting this behavior is widespread.
Book Synopsis Equity Compensation and Tax Avoidance by : Jeri K. Seidman
Download or read book Equity Compensation and Tax Avoidance written by Jeri K. Seidman and published by . This book was released on 2016 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine two competing explanations for the negative relation between equity compensation and tax avoidance documented in prior research. The first explanation suggests that equity compensation aligns managerial interests and reduces managers' incentives to invest in tax avoidance schemes that facilitate rent extraction. The second explanation predicts that tax benefits from equity compensation reduce firms' demand for additional tax avoidance by lowering its marginal benefits. We find evidence that the tax benefits from equity compensation, and not incentive alignment, drive the observed negative relation. Our findings suggest that researchers should consider the tax benefits of equity compensation to be of primary importance and control for these benefits when studying tax avoidance. Further, our results challenge the theory that managers use tax avoidance to facilitate rent extraction. Studies that rely on nefarious managerial behavior to motivate tax avoidance in the context of agency problems should reconsider the validity of this theory.
Book Synopsis Consider Your Options by : Kaye A. Thomas
Download or read book Consider Your Options written by Kaye A. Thomas and published by Fairmark Press Inc.. This book was released on 2005 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the 2005 edition of the most popular book on employee stock options. It's a major revision from the previous edition, with new design, content and organization to make it even easier for employees to learn what they need to know about their equity compensation.
Book Synopsis Rethinking Wealth and Taxes by : Geoffrey Poitras
Download or read book Rethinking Wealth and Taxes written by Geoffrey Poitras and published by Edward Elgar Publishing. This book was released on 2020-08-28 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: Taxes on the wealthy are a topic sure to incite venomous rants from both right-wing and left-wing ideologues. The topic attracts conflicting interpretations and policy recommendations, and generates proposals for tax reform that consume political debate. All this activity takes place against an opaque backdrop of empirical evidence dealing with the distribution of wealth and income, and tax avoidance and tax evasion by corporations and wealthy individuals. Rethinking Wealth and Taxes explores these problems and considers the possibilities for increasing taxes on wealth to address the increasingly unequal distribution of wealth and income.
Book Synopsis How Does Stock Liquidity Affect Corporate Tax Avoidance? Evidence from China by : E. Han Kim
Download or read book How Does Stock Liquidity Affect Corporate Tax Avoidance? Evidence from China written by E. Han Kim and published by . This book was released on 2020 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior studies show stock liquidity improves price informativeness and strengthens governance. Stock price informativeness offers an incentive for managers with equity-based compensation to avoid tax. Strengthening governance, by contrast, reduces tax avoidance if diverting corporate profits for private benefits complements tax avoidance. Using an exogenous shock that drastically increased the liquidity of stocks listed in China, we find robust evidence that higher liquidity significantly increases the overall level of tax avoidance. The increase is more substantial when controlling shareholders own more shares, and when diversion is less complementary to tax avoidance. Liquidity has no significant impact on tax evasion--the most aggressive and risky tax avoidance--and at the higher ends of the tax avoidance distribution. The positive and significant effects are observed only at lower levels of tax avoidance. We attribute the weaker impact of liquidity on aggressive tax avoidance to diversion being more complementary to higher-risk tax avoidance.
Book Synopsis Tax Avoidance Activities of U.S. Multinational Corporations by : Sonja Lynne Olhoft
Download or read book Tax Avoidance Activities of U.S. Multinational Corporations written by Sonja Lynne Olhoft and published by . This book was released on 1999 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Effects of Taxation by : Challis A. Hall
Download or read book Effects of Taxation written by Challis A. Hall and published by . This book was released on 1951 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Accounting for Equity Compensation, 17th Ed by : Barbara Baksa
Download or read book Accounting for Equity Compensation, 17th Ed written by Barbara Baksa and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effect of Tax Policy on Executive and Worker Compensation by : Tax Institute
Download or read book The Effect of Tax Policy on Executive and Worker Compensation written by Tax Institute and published by . This book was released on 1958 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Entrepreneur's Guide to Equity Compensation by : Ron Bernstein
Download or read book The Entrepreneur's Guide to Equity Compensation written by Ron Bernstein and published by . This book was released on 1998 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Analysis of Differences in the Recognized and Realized Costs of Stock Options and the Implications for Studies of Tax Avoidance by : Chelsea Rae Austin
Download or read book Analysis of Differences in the Recognized and Realized Costs of Stock Options and the Implications for Studies of Tax Avoidance written by Chelsea Rae Austin and published by . This book was released on 2014 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation contains two separate essays on the implications of the complex financial reporting rules of stock option compensation outlined under ASC 718. The first essay examines the effect of the tax benefit from employees' exercise of stock options on the cash effective tax rate. While not explicitly stated, many tax avoidance studies implicitly want to investigate tax avoidance that is the result of firms' intentional choices. Although stock option exercise reduces firms' tax burden, the firm does not control the timing of option exercise and the accompanying tax benefit. When the realized tax benefit deviates from the firm's expected cost, stock option exercise results in unanticipated changes in the cash taxes paid. The cash effective tax rate (CASHETR), a common measure of tax avoidance, reflects both the anticipated and unanticipated cash tax savings from employees' exercise of stock options. CASHETR's inclusion of unanticipated cash tax savings mismeasures intentional tax avoidance. Using both parametric and non-parametric analysis I show that the unanticipated tax benefit from employees' stock option exercise can cause firms to be identified as more aggressive tax avoiders. I also show that, among other differences, firms with greater unanticipated tax benefits from employees' exercise of stock options are more profitable, are less levered, have more extensive R&D, and have larger market-to-book ratios. Because these firm characteristics are often used as controls in studies of tax avoidance, the relationship between them and CASHETR's mismeasurement of intentional tax avoidance creates an endogeneity problem for researchers and could lead to incorrect inferences. I use a research simulation to inform researchers of an implication of this endogeneity concern when CASHETR is used to measure firms' intentional tax avoidance. I construct a hypothetical firm characteristic that is correlated to varying degrees with stock growth.
Book Synopsis Tax Law Influences on the Form and Substance of Equity Compensation in the United States by : Mark P. Gergen
Download or read book Tax Law Influences on the Form and Substance of Equity Compensation in the United States written by Mark P. Gergen and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This brief essay was written for a forthcoming book by Prof. Zenich Shisido, Enterprise Law: Contracts, Markets, and Laws in the US and Japan (Edward Elger). It summarizes recent scholarship on the influence of tax law on equity compensation in the United States. The essay finds there is little evidence or reason to believe that tax law significantly influences the substance of equity compensation, meaning the mix between equity and cash compensation and the risk and term structure of equity compensation. For publicly traded firms, tax law generally and roughly is neutral in the choice between equity and cash compensation once costs and benefits to both the firm and the recipient are considered. Tax law probably also has not had much impact on the form of equity compensation in publicly traded firms. Tax considerations do seem to have had an impact on the form of equity compensation in the venture capital (“VC”) and private equity industries both at the start-up company level and at the fund level. There is an arguable tax bias against giving founders equity compensation in the form of founders' common in start-ups in the VC industry. And there is arguable tax bias in favor of giving fund managers equity compensation in the form of a profits interest in the private equity industry, which includes the VC industry. But there are reasons to be skeptical about whether these tax biases have had much of an impact on the substance of equity compensation. Start-ups are so poorly engineered from a tax perspective that it is unlikely that tax considerations significantly influence the economic deal struck between founders and investors. If the tax cost of founders' common was perceived as an impediment to using equity compensation, then the parties would redesign the deals to eliminate those costs. On the other hand, funds are so exquisitely well engineered from a tax perspective that that we can expect engineers to design around any tax rules that are more than a minor irritant. The co-existence of these poorly and exquisitely designed structures in the same industry is curious.
Book Synopsis The Holloway Guide to Equity Compensation by : Joshua Levy
Download or read book The Holloway Guide to Equity Compensation written by Joshua Levy and published by . This book was released on 2023-09-11 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Stock options, RSUs, job offers, and taxes-a detailed reference, including hundreds of resources, explained from the ground up and made to be improved over time.
Book Synopsis Tax and Securities Sources for Equity Compensation by : NCEO=National Center for Employee Ownership
Download or read book Tax and Securities Sources for Equity Compensation written by NCEO=National Center for Employee Ownership and published by . This book was released on 2004-01-01 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Accounting for Equity Compensation by : Barbara A. Baksa
Download or read book Accounting for Equity Compensation written by Barbara A. Baksa and published by . This book was released on 2006 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Estimates of Federal Tax Expenditures by : United States. Department of the Treasury
Download or read book Estimates of Federal Tax Expenditures written by United States. Department of the Treasury and published by . This book was released on 1975 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Analysis of Stock Option Tax Benefits on the Cash Effective Tax Rate by : Chelsea Rae Austin
Download or read book Analysis of Stock Option Tax Benefits on the Cash Effective Tax Rate written by Chelsea Rae Austin and published by . This book was released on 2014 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: While not explicitly stated, many tax avoidance studies seek to investigate tax avoidance that is the result of firms' intentional choices. Stock option compensation can result in unanticipated reductions to a firm's tax liability because the timing and magnitude of the related tax deduction is determined by employees' exercise of stock options. Because CASHETR includes these unanticipated tax liability reductions, CASHETR mismeasures firms' intentional tax avoidance. I show this mismeasurement is material and can lead to inflated Type I error rates in studies of intentional tax avoidance. I also provide suggestions to aid researchers in mitigating these concerns.
