Losses never sleep - The effect of tax loss offset on stock market returns during economic crises.

IF 6.1 2区计算机科学 Q1 ENGINEERING, ELECTRICAL & ELECTRONIC

IEEE Transactions on Vehicular Technology Pub Date : 2023-01-01 Epub Date: 2023-01-28 DOI:10.1007/s11573-022-01134-4

Reinald Koch, Svea Holtmann, Henning Giese

引用次数: 1

Abstract

We analyze to what extent more generous tax loss offset regulations are associated with a weaker decline and stronger recovery of firm stock prices during economic crises. We argue that an unrestricted loss carryforward and, particularly, an unrestricted loss carryback provides firms with additional liquidity, which should lower the risk of bankruptcy and can be used for investment purposes. Our empirical findings document that (1) an unrestricted loss carryforward and an unrestricted loss carryback result in a weaker decline and more timely recovery of stock prices during the considered crises, (2) this effect is stronger in high-tax countries, and (3) this effect is also dependent upon pre-crisis profitability.

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损失永不停歇——经济危机期间，税收损失对股市回报的抵消效应

我们分析了在经济危机期间，更慷慨的税收损失抵消规定与公司股价较弱的下跌和较强的复苏有多大程度的关联。我们认为，无限制的损失结转，特别是无限制的损失结转，为公司提供了额外的流动性，这应该降低破产的风险，并可用于投资目的。我们的实证研究结果表明:(1)在考虑的危机期间，无限制的亏损结转和无限制的亏损结转导致股价较弱的下跌和更及时的恢复，(2)这种影响在高税收国家更强，(3)这种影响也依赖于危机前的盈利能力。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

IEEE Transactions on Vehicular Technology 工程技术-电信学

CiteScore

6.00

自引率

8.80%

发文量

1245

审稿时长

6.3 months

期刊介绍： The scope of the Transactions is threefold (which was approved by the IEEE Periodicals Committee in 1967) and is published on the journal website as follows: Communications: The use of mobile radio on land, sea, and air, including cellular radio, two-way radio, and one-way radio, with applications to dispatch and control vehicles, mobile radiotelephone, radio paging, and status monitoring and reporting. Related areas include spectrum usage, component radio equipment such as cavities and antennas, compute control for radio systems, digital modulation and transmission techniques, mobile radio circuit design, radio propagation for vehicular communications, effects of ignition noise and radio frequency interference, and consideration of the vehicle as part of the radio operating environment. Transportation Systems: The use of electronic technology for the control of ground transportation systems including, but not limited to, traffic aid systems; traffic control systems; automatic vehicle identification, location, and monitoring systems; automated transport systems, with single and multiple vehicle control; and moving walkways or people-movers. Vehicular Electronics: The use of electronic or electrical components and systems for control, propulsion, or auxiliary functions, including but not limited to, electronic controls for engineer, drive train, convenience, safety, and other vehicle systems; sensors, actuators, and microprocessors for onboard use; electronic fuel control systems; vehicle electrical components and systems collision avoidance systems; electromagnetic compatibility in the vehicle environment; and electric vehicles and controls.