Debt Maturity and Tax Avoidance

References

• Aghion, P., & Bolton, P. (1989). The financial structure of the firm and the problem of control. European Economic Review, 33(2–3), 286–293. doi: 10.1016/0014-2921(89)90105-0
   Web of Science ®Google Scholar
• Almeida, H., Campello, M., & Weisbach, M. (2004). The cash flow sensitivity of cash. The Journal of Finance, 59(4), 1777–1804. doi: 10.1111/j.1540-6261.2004.00679.x
   Web of Science ®Google Scholar
• Auerbach, A., & Poterba, J. (1986). Tax loss carryforwards and corporate tax incentives. Working paper 1863, National Bureau of Economic Research.
   Google Scholar
• Balakrishnan, K., Blouin, J., & Guay, W. (2012). Does tax aggressiveness reduce corporate transparency? Working papers, University of Pennsylvania.
   Google Scholar
• Barclay, M., & Smith, C. (1995). The maturity structure of corporate debt. The Journal of Finance, 50(2), 609–631. doi: 10.1111/j.1540-6261.1995.tb04797.x
   Web of Science ®Google Scholar
• Bates, T., Kahle, K., & Stulz, R. (2009). Why do U.S. firms hold so much more cash than they used to? The Journal of Finance, 64(5), 1985–2021. doi: 10.1111/j.1540-6261.2009.01492.x
   Web of Science ®Google Scholar
• Billett, M., King, T.-H., & Mauer, D. (2007). Growth opportunities and the choice of leverage, debt maturity, and covenants. The Journal of Finance, 62(2), 697–730. doi: 10.1111/j.1540-6261.2007.01221.x
   Web of Science ®Google Scholar
• Bolton, P., & Scharfstein, D. S. (1996). Optimal debt structure and the number of creditors. Journal of Political Economy, 104(1), 1–25. doi: 10.1086/262015
   Web of Science ®Google Scholar
• Brick, I., & Ravid, S. (1985). On the relevance of debt maturity structure. The Journal of Finance, 40(5), 1423–1437. doi: 10.1111/j.1540-6261.1985.tb02392.x
   Web of Science ®Google Scholar
• Brunnermeier, M., & Oehmke, M. (2013). The maturity rat race. The Journal of Finance, 68(2), 483–521. doi: 10.1111/jofi.12005
   Web of Science ®Google Scholar
• Cassell, C. A., Huang, S. X., Sanchez, J. M., & Stuart, M. D. (2012). Seeking safety: The relation between CEO inside debt holdings and the riskiness of firm investment and financial policies. Journal of Financial Economics, 103(3), 588–610. doi: 10.1016/j.jfineco.2011.10.008
   Web of Science ®Google Scholar
• Chava, S., & Roberts, M. R. (2008). How does financing impact investment? The role of debt covenants. The Journal of Finance, 63(5), 2085–2121. doi: 10.1111/j.1540-6261.2008.01391.x
   Web of Science ®Google Scholar
• Christensen, H., Nikolaev, V., & Wittenberg-Moerman, R. (2015). Accounting information in financial contracting: The incomplete contract theory perspective. Working papers, University of Chicago.
   Google Scholar
• Costello, A., & Wittenberg-Moerman, R. (2011). The impact of financial reporting quality on debt contracting: Evidence from internal control weakness reports. Journal of Accounting Research, 49(1), 97–136. doi: 10.1111/j.1475-679X.2010.00388.x
   Web of Science ®Google Scholar
• Custodio, C., Ferreira, M., & Laureano, L. (2013). Why are us firms using more short-term debt? Journal of Financial Economics, 108(1), 182–212. doi: 10.1016/j.jfineco.2012.10.009
   Web of Science ®Google Scholar
• Dechow, P., & Dichev, I. (2002). The quality of accruals and earnings: The role of accrual estimation errors. Accounting Review, 77, 35–59. doi: 10.2308/accr.2002.77.s-1.35
   Web of Science ®Google Scholar
• Demiroglu, C., & James, C. (2010). The information content of bank loan covenants. Review of Financial Studies, 23(10), 3700–3737. doi: 10.1093/rfs/hhq054
   Web of Science ®Google Scholar
• Denis, D., & Wang, J. (2014). Debt covenant renegotiations and creditor control rights. Journal of Financial Economics, 113(3), 348–367. doi: 10.1016/j.jfineco.2014.04.003
   Web of Science ®Google Scholar
• Desai, M. A., & Dharmapala, D. (2006). Corporate tax avoidance and high-powered incentives. Journal of Financial Economics, 79(1), 145–179. doi: 10.1016/j.jfineco.2005.02.002
   Web of Science ®Google Scholar
• Desai, M., Dyck, A., & Zingales, L. (2007). Theft and taxes. Journal of Financial Economics, 84(3), 591–623. doi: 10.1016/j.jfineco.2006.05.005
   Web of Science ®Google Scholar
• Diamond, D. (1991). Monitoring and reputation: The choice between bank loans and directly placed debt. Journal of Political Economy, 99(4), 689–721. doi: 10.1086/261775
   Web of Science ®Google Scholar
• Dyreng, S., Hanlon, M., & Maydew, E. (2008). Long-run corporate tax avoidance. Accounting Review, 83, 61–82. doi: 10.2308/accr.2008.83.1.61
   Web of Science ®Google Scholar
• Dyreng, S., & Lindsey, B. (2009). Using financial accounting data to examine the effect of foreign operations located in tax havens and other countries on U.S. multinational firms’ tax rates. Journal of Accounting Research, 47(5), 1283–1316. doi: 10.1111/j.1475-679X.2009.00346.x
   Web of Science ®Google Scholar
• Dyreng, S., Lindsey, B., & Thornock, J. (2013). Exploring the role Delaware plays as a domestic tax haven. Journal of Financial Economics, 108(3), 751–772. doi: 10.1016/j.jfineco.2013.01.004
   Web of Science ®Google Scholar
• Flannery, M. (1986). Asymmetric information and risky debt maturity choice. The Journal of Finance, 41(1), 19–37. doi: 10.1111/j.1540-6261.1986.tb04489.x
   Web of Science ®Google Scholar
• Flannery, M. (1994). Debt maturity and the deadweight cost of leverage: Optimally financing banking firms. American Economic Review, 84(1), 320–331.
   Web of Science ®Google Scholar
• Foley, F., Hartzell, J., Titman, S., & Twite, G. (2007). Why do firms hold so much cash? A tax-based explanation. Journal of Financial Economics, 86(3), 579–607. doi: 10.1016/j.jfineco.2006.11.006
   Web of Science ®Google Scholar
• Frank, M., & Goyal, V. (2003). Testing the pecking order theory of capital structure. Journal of Financial Economics, 67(2), 217–248. doi: 10.1016/S0304-405X(02)00252-0
   Web of Science ®Google Scholar
• Frank, M., Lynch, L., & Rego, S. (2009). Tax reporting aggressiveness and its relation to aggressive financial reporting. Accounting Review, 84(2), 467–496. doi: 10.2308/accr.2009.84.2.467
   Web of Science ®Google Scholar
• Frischmann, P., Shevlin, T., & Wilson, R. (2008). Economic consequences of increasing the conformity in accounting for uncertain tax benefits. Journal of Accounting and Economics, 46(2–3), 261–278. doi: 10.1016/j.jacceco.2008.08.002
   Web of Science ®Google Scholar
• Goh, B. L. J. L. C., & Shevlin, T. (2013). The effect of corporate tax avoidance on cost of equity. Working papers, Singapore Management University.
   Google Scholar
• Graham, J. R. (2003). Taxes and corporate finance: A review. Review of Financial Studies, 16(4), 1075–1129. doi: 10.1093/rfs/hhg033
   Web of Science ®Google Scholar
• Guedhami, O., & Pittman, J. (2008). The importance of IRS monitoring to debt pricing in private firms. Journal of Financial Economics, 90(1), 38–58. doi: 10.1016/j.jfineco.2007.12.002
   Web of Science ®Google Scholar
• Guenther, D., Matsunaga, S., & Williams, B. (2013). Tax avoidance and firm risk. Working papers, Lundquist College of Business.
   Google Scholar
• Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of Accounting and Economics, 50(2–3), 127–178. doi: 10.1016/j.jacceco.2010.09.002
   Web of Science ®Google Scholar
• Hanlon, M., Maydew, E., & Saavedra, D. (2014). The taxman cometh: Does tax uncertainty affect corporate cash holdings? Working paper, MIT.
   Google Scholar
• Hanlon, M., & Shevlin, T. (2005). Book-tax conformity for corporate income: An introduction to the issues. In Tax Policy and the Economy (Vol. 19, pp. 101–134). Cambridge, MA: National Bureau of Economic Research.
   Google Scholar
• Hanlon, M., & Slemrod, J. (2009). What does tax aggressiveness signal? Evidence from stock price reactions to news about tax shelter involvement. Journal of Public Economics, 93(1–2), 126–141. doi: 10.1016/j.jpubeco.2008.09.004
   Web of Science ®Google Scholar
• Harford, J., Klasa, S., & Maxwell, W. (2014). Refinancing risk and cash holdings. The Journal of Finance, 69(3), 975–1012. doi: 10.1111/jofi.12133
   Web of Science ®Google Scholar
• Hart, O. (1995). Firms, contracts, and financial structure. New York: Oxford University Press.
   Google Scholar
• Hart, O., & Moore, J. (1988). Property rights and the nature of the firm. Working papers 495, Massachusetts Institute of Technology (MIT).
   Google Scholar
• Hart, O., & Moore, J. (1991). A theory of debt based on the inalienability of human capital. Working papers 592, Massachusetts Institute of Technology (MIT).
   Google Scholar
• Hasan, I., Hoi, C., Wu, Q., & Zhang, H. (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, 113(1), 109–130. doi: 10.1016/j.jfineco.2014.03.004
   Web of Science ®Google Scholar
• Hutchens, M., & Rego, S. (2012). Tax risk and the cost of equity capital. Working papers, Indiana University.
   Google Scholar
• Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. doi: 10.1016/0304-405X(76)90026-X
   Web of Science ®Google Scholar
• Johnson, S. A. (2003). Debt maturity and the effects of growth opportunities and liquidity risk on leverage. Review of Financial Studies, 16(1), 209–236. doi: 10.1093/rfs/16.1.0209
   Web of Science ®Google Scholar
• Kim, J., Li, Y., & Zhang, L. (2010). Corporate tax avoidance and bank loan contracting. Working papers, Krannert School of Management.
   Google Scholar
• Kim, J.-B., Li, Y., & Zhang, L. (2011). Corporate tax avoidance and stock price crash risk: Firm-level analysis. Journal of Financial Economics, 100(3), 639–662. doi: 10.1016/j.jfineco.2010.07.007
   Web of Science ®Google Scholar
• Kubick, T., Lockhart, G., & Robinson, J. (2014a). Does inside debt moderate corporate tax avoidance? Working papers, University of Kansas.
   Google Scholar
• Kubick, T., Lynch, D., Mayberry, M., & Omer, T. (2014b). The effects of regulatory scrutiny on tax avoidance: An examination of SEC comment letters. Working papers, University of Kansas.
   Google Scholar
• Lin, S., Tong, N., & Tucker, A. (2014). Corporate tax aggression and debt. Journal of Banking & Finance, 40, 227–241. doi: 10.1016/j.jbankfin.2013.11.035
   Web of Science ®Google Scholar
• Lisowsky, P., Mescall, D., Novack, G., & Pittman, J. (2010). The importance of tax aggressiveness to corporate borrowing costs. Working papers, University of Illinois at Urbana-Champaign.
   Google Scholar
• Mills, L., Erickson, M., & Maydew, E. (1998). Investments in tax planning. Journal of the American Taxation Association, 20, 1–20.
   Google Scholar
• Myers, S. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147–175. doi: 10.1016/0304-405X(77)90015-0
   Web of Science ®Google Scholar
• Petersen, M. (2009). Estimating standard errors in finance panel data sets: Comparing approaches. Review of Financial Studies, 22(1), 435–480. doi: 10.1093/rfs/hhn053
   Web of Science ®Google Scholar
• Rajan, R., & Winton, A. (1995). Covenants and collateral as incentives to monitor. The Journal of Finance, 50(4), 1113–1146. doi: 10.1111/j.1540-6261.1995.tb04052.x
   Web of Science ®Google Scholar
• Saavedra, D. (2013). Analysis of unsuccessful tax avoiders. Working papers, Massachusetts Institute of Technology (MIT).
   Google Scholar
• Shevlin, T., Urcan, O., & Vasvari, R. (2013). Corporate tax avoidance and public debt costs. Working paper, University of California.
   Google Scholar
• Smith, C., & Watts, R. (1992). The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Financial Economics, 32(3), 263–292. doi: 10.1016/0304-405X(92)90029-W
   Web of Science ®Google Scholar
• Thomas, J., & Zhang, F. (2011). Tax expense momentum. Journal of Accounting Research, 49(3), 791–821. doi: 10.1111/j.1475-679X.2011.00409.x
   Web of Science ®Google Scholar
• Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. The Journal of Finance, 43(1), 1–19. doi: 10.1111/j.1540-6261.1988.tb02585.x
   Web of Science ®Google Scholar
• Vig, V. (2013). Access to collateral and corporate debt structure: Evidence from a natural experiment. The Journal of Finance, 68(3), 881–928. doi: 10.1111/jofi.12020
   Web of Science ®Google Scholar
• Weisbach, D. (2002). Ten truths about tax shelters. Tax Law Review, 55, 215–253.
   Google Scholar
• Williamson, O. (1988). Corporate finance and corporate governance. The Journal of Finance, 43(3), 567–591. doi: 10.1111/j.1540-6261.1988.tb04592.x
   Web of Science ®Google Scholar
• Wilson, R. (2009). An examination of corporate tax shelter participants. The Accounting Review, 84(3), 969–999. doi: 10.2308/accr.2009.84.3.969
   Web of Science ®Google Scholar
• Wittenberg-Moerman, R. (2008). The role of information asymmetry and financial reporting quality in debt trading: Evidence from the secondary loan market. Journal of Accounting and Economics, 46(2–3), 240–260. doi: 10.1016/j.jacceco.2008.08.001
   Web of Science ®Google Scholar