Corporate organizational structure, tax havens and analyst forecast properties

References

• Akamah, H., O.-K. Hope, and W. B. Thomas. 2018. “Tax Havens and Disclosure Aggregation.” Journal of International Business Study 49 (1): 49–69. doi:10.1057/s41267-017-0084-x.
   Web of Science ®Google Scholar
• Almeida, H. V., and D. Wolfenzon. 2006. “A Theory of Pyramidal Ownership and Family Business Groups.” Journal of Finance 6: 2637–2680. doi:10.1111/j.1540-6261.2006.01001.x.
   Web of Science ®Google Scholar
• Andrade, S., J. Bian, and T. Burch. 2013. “Analyst Coverage, Information, and Bubbles.” Journal of Financial and Quantitative Analysis 48 (5): 1573–1605. doi:10.1017/S0022109013000562.
   Web of Science ®Google Scholar
• Atiase, R. 1985. “Predisclosure Information, Firm Capitalization, and Security Price Behavior around Earnings Announcements.” Journal of Accounting Research 23: 21–36. doi:10.2307/2490905.
   Web of Science ®Google Scholar
• Bae, K. H., J. Kang, and J. M. Kim. 2002. “Tunneling or Value Added? Evidence from Mergers by Korean Business Groups.” The Journal of Finance 11: 2695–2740. doi:10.1111/1540-6261.00510.
   Google Scholar
• Bebchuk, L., R. Kraakman, and G. Triantis. 2000. “Stock Pyramids, Cross-ownership, Dual-class Equity: The Creation of Agency Costs of Separating Control from Cash Flow Rights.” In Concentrated Corporate Ownership, edited by R. K. Morck, 295–318. Chicago: University of Chicago Press.
   Google Scholar
• Behn, B. K., J. Choi, and T. Kang. 2008. “Audit Quality and Properties of Analyst Earnings Forecasts.” The Accounting Review 83 (2): 327–349. doi:10.2308/accr.2008.83.2.327.
   Web of Science ®Google Scholar
• Bena, J., and H. Ortiz-Molina. 2013. “Pyramidal Ownership and the Creation of New Firms.” Journal of Financial Economics 108: 798–821. doi:10.1016/j.jfineco.2013.01.009.
   Web of Science ®Google Scholar
• Bertrand, M., P. Mehta, and S. Mullanaithan. 2002. “Ferreting Out Tunneling: An Application to Indian Business Group.” Quarterly Journal of Economics 23: 121–148. doi:10.1162/003355302753399463.
   Google Scholar
• Brown, L. 2001. “How Important Is past Analyst Forecast Accuracy?” Financial Analyst Journal 57 (November/December): 44–49. doi:10.2469/faj.v57.n6.2492.
   Google Scholar
• Bushman, R., Q. Chen, E. Engel, and A. Smith. 2004. “Financial Accounting Information, Organizational Complexity and Corporate Governance Systems.” Journal of Accounting and Economics 37: 167–201. doi:10.1016/j.jacceco.2003.09.005.
   Web of Science ®Google Scholar
• Chan, L. C., and A. W. Hsu. 2013. “Corporate Pyramids, Conservatism and Cost of Debt: Evidence from Taiwan.” International Journal of Accounting 48 (3): 390–413. doi:10.1016/j.intacc.2013.07.001.
   Google Scholar
• Chen, Y., S. Huang, R. Pereira, and J. Wang. 2011. “Corporate Tax Avoidance and Firm Opacity.” Working paper. Florida International University.
   Google Scholar
• Claessens, S., S. Djankov, and L. H. P. Lang. 2000. “The Separation of Ownership and Control in East Asian Corporations.” Journal of Financial Economics 58: 81–112. doi:10.1016/S0304-405X(00)00067-2.
   Web of Science ®Google Scholar
• Claessens, S., S. Djankov, and L. H. P. Lang. 2002. “Disentangling the Incentive and Entrenchment Effects of Large Shareholdings.” The Journal of Finance 57: 2741–2771. doi:10.1111/1540-6261.00511.
   Web of Science ®Google Scholar
• Desai, M., and D. Dharmapala. 2006. “Corporate Tax Avoidance and High-powered Incentives.” Journal of Financial Economics 79: 145–179. doi:10.1016/j.jfineco.2005.02.002.
   Web of Science ®Google Scholar
• Dichev, I. D., and V. W. Tang. 2009. “Earnings Volatility and Earnings Predictability.” Journal of Accounting and Economics 47 (1–2): 160–181. doi:10.1016/j.jacceco.2008.09.005.
   Web of Science ®Google Scholar
• Drucker, J. 2010. “Google 2.4% Rate Shows How $60 Billions Lost to Tax Loopholes.” Bloomberg News, October 21.
   Google Scholar
• Dunn, K., and S. Nathan. 1998. “The Effect of Industry Diversification on Consensus and Individual Analysts’ Earnings Forecasts.” Working paper. Florida Atlantic University and Georgia State University.
   Google Scholar
• Durnev, A., T. Li, and M. Magnan. 2017. “Beyond Tax Avoidance: Offshore Firms’ Institutional Environment and Financial Reporting.” Journal of Business Finance & Accounting 44 (5&6): 646–696. doi:10.1111/jbfa.12240.
   Web of Science ®Google Scholar
• Duru, A., and D. Reeb. 2002. “International Diversification and Analysts’ Forecast Accuracy and Bias.” The Accounting Review 77: 415–433. doi:10.2308/accr.2002.77.2.415.
   Web of Science ®Google Scholar
• Dyreng, S., M. Hanlon, and E. Maydew. 2012. “Where Do Firms Manage Earnings?” Review of Accounting Studies 17: 649–687. doi:10.1007/s11142-012-9194-7.
   Web of Science ®Google Scholar
• Dyreng, S. D., and B. P. Lindsey. 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/joar.2009.47.issue-5.
   Web of Science ®Google Scholar
• Eames, M., and S. Glover. 2003. “Earnings Predictability and the Directing of Analysts’ Earnings Forecast Errors.” The Accounting Review 78 (July): 707–724. doi:10.2308/accr.2003.78.3.707.
   Google Scholar
• Faccio, M., and L. Lang. 2002. “The Ultimate Ownership of Western European Corporations.” Journal of Finance and Economics 65 (3): 365–395. doi:10.1016/S0304-405X(02)00146-0.
   Web of Science ®Google Scholar
• Fan, P. H., and T. J. Wong. 2002. “Corporate Ownership Structure and the Informativeness of Accounting Earnings in East Asia.” Journal of Accounting and Economics 33: 401–425. doi:10.1016/S0165-4101(02)00047-2.
   Web of Science ®Google Scholar
• Financial Stability Forum. 2000. Basel. Switzerland: Financial Stability Board.
   Google Scholar
• Frank, M. M., L. Lynch, and S. Rego. 2009. “Tax Reporting Aggressiveness and Its Relation to Aggressive Financial Reporting.” The Accounting Review 84: 467–496. doi:10.2308/accr.2009.84.2.467.
   Web of Science ®Google Scholar
• Gul, F., A. Hsu, and S. Liu. 2018. “Parent-subsidiary Investment Layers and Audit Fee.” Journal of Accounting, Auditing & Finance 33 (4): 555–579. doi:10.1177/0148558X17696763.
   Web of Science ®Google Scholar
• Gul, F., M. Hutchinson, and K. Lai. 2013. “Gender-diverse Boards and Properties of Analyst Earnings Forecasts.” Accounting Horizon 27 (3): 511–538. doi:10.2308/acch-50486.
   Web of Science ®Google Scholar
• Haw, I. M., B. B. Hu, L. S. Hwang, and W. Wu. 2004. “Ultimate Ownership, Income Management and Legal and Extra-legal Institutions.” Journal of Accounting Research 42 (May): 423–462. doi:10.1111/j.1475-679X.2004.00144.x.
   Google Scholar
• Hermann, D., and W. B. Thomas. 2005. “Rounding of Analyst Forecasts.” The Accounting Review 80 (July): 805–823. doi:10.2308/accr.2005.80.3.805.
   Google Scholar
• Hope, O. 2003. “Disclosure Practices, Enforcement of Accounting Standards, and Analysts’ Forecast Accuracy: An International Study.” Journal of Accounting Research 41 (May): 235–272. doi:10.1111/1475-679X.00102.
   Google Scholar
• Hope, O.-K., M. Ma, and W. B. Thomas. 2013. “Tax Avoidance and Geographic Earnings Disclosures.” Journal of Accounting and Economics 56 (2): 170–189. doi:10.1016/j.jacceco.2013.06.001.
   Web of Science ®Google Scholar
• Hope, O.-K., and W. B. Thomas. 2008. “Managerial Empire Building and Firm Disclosure.” Journal of Accounting Research 46: 591–626. doi:10.1111/j.1475-679X.2008.00289.x.
   Web of Science ®Google Scholar
• Hoyle, J., T. Schaefer, and T. Doupnik. 2011. Advanced Accounting. 11th ed. New York, NY: McGraw-Hill.
   Google Scholar
• Hsu, A., C. Huang, and S. Liu. 2015. “Investment Layers, Regional Environments, and Investment Efficiency: Evidence from FDI in China.” Asia-Pacific Journal of Accounting & Economics 22 (3): 291–310. doi:10.1080/16081625.2015.1057951.
   Web of Science ®Google Scholar
• Hsu, A., and S. Liu. 2016. “Organizational Structure, Agency Costs and Accrual Quality.” Journal of Contemporary Accounting & Economics 12: 35–60. doi:10.1016/j.jcae.2016.02.002.
   Web of Science ®Google Scholar
• Hsu, A., and S. Liu. 2018. “Parent-subsidiary Investment Layers and the Value of Corporate Cash Holdings.” Review of Quantitative Finance and Accounting 51: 651–681. doi:10.1007/s11156-017-0684-3.
   Web of Science ®Google Scholar
• Hwang, L., C. Jan, and S. Basu. 1996. “Loss Firms and Analysts’ Earnings Forecast Errors.” Journal of Financial Statement Analysis 1 (Winter): 18–31.
   Google Scholar
• Imhoff, E. A., and G. J. Lobo. 1992. “The Effect of Ex Ante Earnings Uncertainty on Earnings Response Coefficient.” The Accounting Review 67 (April): 427–439.
   Google Scholar
• International Monetary Fund. 2008. Offshore Financial Centers: A Report on the Assessment Program and Proposal for Integration with the Financial Sector Assessment Program. Washington, DC.
   Google Scholar
• Johnson, S., R. La Porta, F. Lopez-de-Silanes, and A. Shleifer. 2000. “Tunneling.” American Economic Review 90: 22–27. doi:10.1257/aer.90.2.22.
   Web of Science ®Google Scholar
• Kim, J., Y. Li, and L. Zhang. 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
• Kross, W., B. T. Ro, and D. Schroeder. 1990. “Earnings Expectations: The Analysts’ Information Advantage.” The Accounting Review 65 (April): 461–476.
   Google Scholar
• La Porta, R., F. Lopez-de-Silanes, and A. Shleifer. 1999. “Corporate Ownership around the World.” The Journal of Finance 54 (2): 471–517. doi:10.1111/0022-1082.00115.
   Web of Science ®Google Scholar
• Lang, M., K. Lins, and D. Miller. 2003. “ADRS, Analysts, and Accuracy: Does Cross-listing in the United States Improve a firm’s Information Environment and Increase Market Value?” Journal of Accounting Research 41 (2): 317–345. doi:10.1111/1475-679X.00106.
   Web of Science ®Google Scholar
• Lang, M., and R. Lundholm. 1996. “Corporate Disclosure Policy and Analyst Behavior. The.” Accounting Review 71 (4): 467–493.
   Web of Science ®Google Scholar
• Leuz, C., D. Nanda, and P. Wysocki. 2003. “Earnings Management and Investor Protection: An International Comparison.” Journal of Financial Economics 69: 505–527. doi:10.1016/S0304-405X(03)00121-1.
   Web of Science ®Google Scholar
• Lys, T., and L. Soo. 1995. “Analysts’ Forecast Precision as a Response to Competition.” Journal of Accounting, Auditing and Finance 10 (4): 751–765. doi:10.1177/0148558X9501000404.
   Google Scholar
• Morck, R., 2005. “How to Eliminate Pyramidal Business Groups-the Double Taxation of Inter-corporate Dividends and Other Incisive Uses of Tax Policy.” NBER Working paper.
   Google Scholar
• Morck, R., D. Wolfenzon, and B. Yeung. 2005. “Corporate Governance, Economic Entrenchment, and Growth.” Journal of Economic Literature 43 (3): 655–720. doi:10.1257/002205105774431252.
   Web of Science ®Google Scholar
• Nowland, J. 2008. “The Effect of National Governance Codes on Firm Disclosure Practices: Evidence from Analyst Earnings Forecasts.” Corporate Governance: An International Review 16 (6): 475–491. doi:10.1111/j.1467-8683.2008.00707.x.
   Web of Science ®Google Scholar
• Okuda, S., and A. Shiiba. 2010. “An Evaluation of Relative Importance of Parent-only and Subsidiary Earnings in Japan: A Variance Decomposition Approach.” Journal of International Accounting Research 9 (1): 39–54. doi:10.2308/jiar.2010.9.1.39.
   Google Scholar
• Rosenbaum, P., and D. Rubin. 1983. “The Central Role of the Propensity Score in Observational Studies for Causal Effects.” Biometrika 70 (1): 41–55. doi:10.1093/biomet/70.1.41.
   Web of Science ®Google Scholar
• Rosenbaum, P. R. 2002. Observational Studies. 2nd ed. New York, NY: Springer-Verlag.
   Google Scholar
• Shipman, J. E., Q. T. Swanquist, and R. L. Whited. 2016. “Propensity Score Matching in Accounting Research.” The Accounting Review 92 (1): 213–244. doi:10.2308/accr-51449.
   Web of Science ®Google Scholar
• Wagener, T., and C. Watrin. 2014. “The Relevance of Complex Group Structures for Income Shifting and Investors’ Valuation of Tax Avoidance.” Working paper. University of Münster.
   Google Scholar
• Wang, X., 2011. “Tax Avoidance, Corporate Transparency, and Firm Value.” Working paper. University of Texas at Austin. doi:10.1094/PDIS-01-11-0064
   Google Scholar
• Zhang, Y. 2008. “Analyst Responsiveness and the Post-earnings-announcement Drift.” Journal of Accounting and Economics 46: 201–215. doi:10.1016/j.jacceco.2008.04.004.
   Web of Science ®Google Scholar
• Zmijewski, M. E. 1984. “Methodological Issues Related to the Estimation of financial Distress Prediction Models.” Journal of Accounting Research 22 (Supplement): 59–82. doi:10.2307/2490859.
   Web of Science ®Google Scholar