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Taxes, Investors, and Managers: Exploring the Taxation of Foreign Investors in U.S. REITs 税收、投资者和管理者:探讨外国投资者在美国房地产投资信托基金的税收
IF 1.6
Journal of the American Taxation Association Pub Date : 2016-06-01 DOI: 10.2308/ATAX-51506
M. Howard, Katherine A. Pancak, Douglas A. Shackelford
{"title":"Taxes, Investors, and Managers: Exploring the Taxation of Foreign Investors in U.S. REITs","authors":"M. Howard, Katherine A. Pancak, Douglas A. Shackelford","doi":"10.2308/ATAX-51506","DOIUrl":"https://doi.org/10.2308/ATAX-51506","url":null,"abstract":"ABSTRACT Exploiting a 2004 reduction in a unique capital gains withholding tax for foreign investors in U.S. publicly traded REITs, this paper explores both the sensitivity of real estate investors to changes in their own taxes and the reaction of real estate managers to changes in their investors' taxes. We find that both foreign investors and REIT managers responded to the tax change. This is consistent with taxes both restricting the flow of foreign capital into U.S. REITs and affecting the management of their real estate properties. To our knowledge, this is the first paper documenting that U.S. managers change their U.S. operations in response to the tax positions of foreign investors. This work should spur further study of the interplay between real estate and income taxes, the role of taxes on foreign portfolio investment, and the role of taxes on real managerial decisions. It should also be informative to policymakers who recently relaxed the discriminatory tax treatment for foreign investors in U...","PeriodicalId":45477,"journal":{"name":"Journal of the American Taxation Association","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2016-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68958064","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Do Investors Use Prior Tax Avoidance when Pricing Tax Loss Carryforwards 投资者在为税收损失结转定价时是否使用先前避税
IF 1.6
Journal of the American Taxation Association Pub Date : 2016-05-01 DOI: 10.2308/ATAX-51483
Sean McGuire, Stevanie S. Neuman, Adam Olson, Thomas C. Omer
{"title":"Do Investors Use Prior Tax Avoidance when Pricing Tax Loss Carryforwards","authors":"Sean McGuire, Stevanie S. Neuman, Adam Olson, Thomas C. Omer","doi":"10.2308/ATAX-51483","DOIUrl":"https://doi.org/10.2308/ATAX-51483","url":null,"abstract":"ABSTRACT The Internal Revenue Code allows firms to carry excess tax losses forward to offset future taxable income and reduce taxes. Consistent with tax loss carryforwards (TLCFs) creating a significant asset, prior research finds that investors positively value TLCFs. However, investors face significant uncertainty about whether firms will have sufficient future taxable income to benefit from TLCFs. We hypothesize that investors' valuation of new TLCFs will vary with firms' prior tax avoidance behavior because it signals firms' abilities to generate taxable income to offset TLCFs through tax planning. We confirm that investors assign a positive value to new TLCFs and find that investors' valuation varies with firms' prior tax avoidance behavior. Investors positively value TLCFs when firms exhibit high variability in prior tax avoidance and high levels of prior tax avoidance. Our results are incremental to the effect of changes in the valuation allowance on investors' valuation of new TLCFs. JEL Classific...","PeriodicalId":45477,"journal":{"name":"Journal of the American Taxation Association","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2016-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68958005","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 13
Are More Choices Better? An Experimental Investigation of the Effects of Multiple Tax Incentives 选择越多越好吗?多重税收优惠效应的实验研究
IF 1.6
Journal of the American Taxation Association Pub Date : 2016-05-01 DOI: 10.2308/ATAX-51478
Donna D. Bobek, Jason Chen, Amy M. Hageman, Yu Tian
{"title":"Are More Choices Better? An Experimental Investigation of the Effects of Multiple Tax Incentives","authors":"Donna D. Bobek, Jason Chen, Amy M. Hageman, Yu Tian","doi":"10.2308/ATAX-51478","DOIUrl":"https://doi.org/10.2308/ATAX-51478","url":null,"abstract":"ABSTRACT The U.S. federal income tax system includes numerous incentives intended to encourage many behaviors. However, these incentives add complexity. This study investigates how one source of complexity, the number of different incentives, affects individuals' use of tax incentives. The results from two experiments detect no evidence that having more (versus fewer) incentive choices (i.e., high choice complexity) affects individuals' decisions to engage in the targeted behavior or select an incentive. However, the results do show that individuals faced with high choice complexity are more likely to make errors and less likely to choose the optimal incentive. Further, high choice complexity leads to greater perceived complexity and difficulty, which, in turn, is related to less positive emotions and more anxiety. Thus, high choice complexity has negative consequences on individuals. This study also contributes to the choice complexity literature by examining its effect on making an optimal choice.","PeriodicalId":45477,"journal":{"name":"Journal of the American Taxation Association","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2016-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68957945","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 8
A Comparison of U.S. and Offshore-Indian Tax Professionals’ Client Advocacy Attitudes and Client Recommendations 美国与离岸印度税务专业人士客户倡导态度及客户建议之比较
IF 1.6
Journal of the American Taxation Association Pub Date : 2016-04-28 DOI: 10.2308/ATAX-51502
Brian C. Spilker, Bryan W. Stewart, Jaron H. Wilde, David A. Wood
{"title":"A Comparison of U.S. and Offshore-Indian Tax Professionals’ Client Advocacy Attitudes and Client Recommendations","authors":"Brian C. Spilker, Bryan W. Stewart, Jaron H. Wilde, David A. Wood","doi":"10.2308/ATAX-51502","DOIUrl":"https://doi.org/10.2308/ATAX-51502","url":null,"abstract":"ABSTRACT This study compares the client advocacy attitudes of U.S. tax professionals who do U.S. tax work in the U.S. and Indian tax professionals who do U.S. tax work offshore. We find that experienced U.S. tax professionals have stronger client advocacy attitudes than experienced Indian tax professionals, while the client advocacy attitudes of inexperienced U.S. and inexperienced Indian tax professionals are not significantly different. Further, client advocacy attitudes of experienced U.S. tax professionals are stronger than advocacy attitudes of inexperienced U.S. tax professionals while the client advocacy attitudes of experienced Indian tax professionals are not different from advocacy attitudes of inexperienced Indian tax professionals. We also provide evidence that the client advocacy attitudes of experienced U.S. tax professionals are positively associated with their recommendations of the client-preferred position, while the client advocacy attitudes of experienced Indian tax professionals are n...","PeriodicalId":45477,"journal":{"name":"Journal of the American Taxation Association","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2016-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68958050","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 10
Discussion of CEO Narcissism and Corporate Tax Sheltering CEO自恋与企业避税的探讨
IF 1.6
Journal of the American Taxation Association Pub Date : 2016-04-01 DOI: 10.2308/ATAX-51295
Jennifer L. Brown
{"title":"Discussion of CEO Narcissism and Corporate Tax Sheltering","authors":"Jennifer L. Brown","doi":"10.2308/ATAX-51295","DOIUrl":"https://doi.org/10.2308/ATAX-51295","url":null,"abstract":"","PeriodicalId":45477,"journal":{"name":"Journal of the American Taxation Association","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2016-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2308/ATAX-51295","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68957618","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
General Counsel Prominence and Corporate Tax Policy 总法律顾问地位和公司税收政策
IF 1.6
Journal of the American Taxation Association Pub Date : 2016-04-01 DOI: 10.2308/ATAX-51258
John L. Abernathy, Thomas R. Kubick, Adi Masli
{"title":"General Counsel Prominence and Corporate Tax Policy","authors":"John L. Abernathy, Thomas R. Kubick, Adi Masli","doi":"10.2308/ATAX-51258","DOIUrl":"https://doi.org/10.2308/ATAX-51258","url":null,"abstract":"ABSTRACT: Prior research provides evidence that individual executives have a significant effect on firm-level tax policy. Further research has shown that having a corporate general counsel (GC) in a firm's top management team (top five highest-paid executives) significantly affects a firm's accounting and disclosure practices. In this paper, we examine the role of the GC in corporate tax policy. Specifically, we use the ascension of the corporate GC to top management as the identifying event in which the role and influence of the corporate GC becomes more salient. We find strong evidence that GC ascension to top management is associated with an increase in tax aggressiveness, as evidenced by greater book-tax differences and a higher likelihood of engaging in tax shelter activities. Data Availability: Data are obtained from public sources identified in the paper.","PeriodicalId":45477,"journal":{"name":"Journal of the American Taxation Association","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2016-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68957563","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 20
The Effects of Changes in State Tax Enforcement on Corporate Income Tax Collections 国家税收执行变化对企业所得税征收的影响
IF 1.6
Journal of the American Taxation Association Pub Date : 2016-04-01 DOI: 10.2308/ATAX-51301
Sanjay Gupta, Dan Lynch
{"title":"The Effects of Changes in State Tax Enforcement on Corporate Income Tax Collections","authors":"Sanjay Gupta, Dan Lynch","doi":"10.2308/ATAX-51301","DOIUrl":"https://doi.org/10.2308/ATAX-51301","url":null,"abstract":"ABSTRACT: Using a new hand-collected database on state department of revenue (DOR) expenditures, this study examines the association between changes in state corporate tax enforcement expenditures and state-level tax collections during the 2000–2008 time period. The results, after addressing endogeneity concerns using a changes specification and state fixed effects, suggest a $1 increase (decrease) in current period corporate enforcement is associated with an $8 to $11 increase (decrease) in state tax collections two years into the future. The association appears to be attenuated in states with restrictive tax policies (i.e., unitary/combined reporting and related-party add-back provisions) suggesting that enforcement and restrictive tax policies could serve as substitutes. JEL Classifications: H26; H71; H72. Data Availability: Enforcement data were hand collected from state revenue department annual reports and by contacting state corporate income tax personnel. All annual reports are publicly available.","PeriodicalId":45477,"journal":{"name":"Journal of the American Taxation Association","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2016-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68957637","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 23
Do Stock-Based Compensation Deferred Tax Assets Provide Incremental Information about Future Tax Payments? 股票报酬递延所得税资产是否提供有关未来纳税的增量信息?
IF 1.6
Journal of the American Taxation Association Pub Date : 2016-04-01 DOI: 10.2308/ATAX-51237
Derek Johnston, L. Kutcher
{"title":"Do Stock-Based Compensation Deferred Tax Assets Provide Incremental Information about Future Tax Payments?","authors":"Derek Johnston, L. Kutcher","doi":"10.2308/ATAX-51237","DOIUrl":"https://doi.org/10.2308/ATAX-51237","url":null,"abstract":"ABSTRACT: We explore whether an accounting treatment similar to that required under IFRS improves the ability of the stock-based compensation component of deferred tax assets to predict future tax payments, relative to U.S. GAAP. Using hand-collected data for SP M41.","PeriodicalId":45477,"journal":{"name":"Journal of the American Taxation Association","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2016-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68957415","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Shifts in Ownership Composition and Changes in the Implied Cost of Equity Capital for Dividend and Non-Dividend Stocks Following JGTRRA03 JGTRRA03 .股权构成变动及派息与非派息股票隐含权益资本成本变动
IF 1.6
Journal of the American Taxation Association Pub Date : 2016-04-01 DOI: 10.2308/ATAX-51302
Shane R. Stinson, Robert C. Ricketts
{"title":"Shifts in Ownership Composition and Changes in the Implied Cost of Equity Capital for Dividend and Non-Dividend Stocks Following JGTRRA03","authors":"Shane R. Stinson, Robert C. Ricketts","doi":"10.2308/ATAX-51302","DOIUrl":"https://doi.org/10.2308/ATAX-51302","url":null,"abstract":"ABSTRACT: Prior studies of the Jobs and Growth Tax Relief Reconciliation Act of 2003, which cut individual tax rates on both dividends and capital gains, unexpectedly find that non-dividend firms were more favorably affected by this legislation than dividend firms. We address this apparent inconsistency by extending prior research to account for significant shifts in institutional holdings for non-dividend stocks relative to dividend stocks following the tax change. These clientele shifts were especially concentrated among high-risk firms and provide a plausible explanation for the results reported in prior literature. Specifically, we find that significant increases in institutional ownership for high-risk firms led to larger reductions in the implied cost of equity capital compared to other firms that were more heavily favored by individuals following the reduction in shareholder tax rates.","PeriodicalId":45477,"journal":{"name":"Journal of the American Taxation Association","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2016-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68957655","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
CEO Narcissism and Corporate Tax Sheltering 首席执行官自恋和企业避税
IF 1.6
Journal of the American Taxation Association Pub Date : 2016-03-31 DOI: 10.2308/ATAX-51251
K. Olsen, James Stekelberg
{"title":"CEO Narcissism and Corporate Tax Sheltering","authors":"K. Olsen, James Stekelberg","doi":"10.2308/ATAX-51251","DOIUrl":"https://doi.org/10.2308/ATAX-51251","url":null,"abstract":"ABSTRACT:  We examine the effect of CEO narcissism on an especially aggressive form of corporate tax avoidance: tax sheltering. Narcissism is a multifaceted personality trait associated with a sens...","PeriodicalId":45477,"journal":{"name":"Journal of the American Taxation Association","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2016-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2308/ATAX-51251","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68957435","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 196
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