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講座:Short Selling Pressure and Corporate Tax Aggressiven...

來源:上海交通大學安泰經濟與管理學院 | 2019-11-18 | 發布:經管之家

題目:Short Selling Pressure and Corporate Tax Aggressiveness

嘉賓:Yao Lu, Associate Professor in Department of Finance Tsinghua University

主持人:萬相偉副教授上海交通大學安泰經濟與管理學院金融系

時間:2019年11月27日(周三) 14:30-16:00

地點:上海交通大學徐匯校區包圖 A503

內容簡介:

Short sellers have an incentive to dig up negative news about the firms they sell short, and prior evidence shows news of aggressive tax avoidance act is associated with a drop in stock price. We offer a simple model of tax avoidance and investigate how short sellers’ monitoring affects tax aggressiveness by using the pilot program in Regulation SHO, which removed short-sale constraints (the tick rules) for pilot firms, subjecting them to greater short selling pressure. Our difference-in-differences estimates indicate stronger short selling pressure reduces tax avoidance. The effect is greater for firms which prior studies show have greater incentives to avoid tax: firms operating in more competitive product markets and firms under greater financially constraints. These effects seem to arise through a detection channel: when short selling pressure increases, the likelihood of detecting an aggressive tax act increases and its incidence decreases. Furthermore, short selling pressure has weaker (stronger) effects for firms under stronger (weaker) external monitoring, as proxied by financial analyst coverage and the IRS audit rates. These findings imply short sellers’ monitoring helps reduce aggressiveness in tax avoidance.

演講人簡介:

陸瑤,清華大學經管學院金融系副教授。在2009年,獲得了美國密歇根大學-安娜堡分校(University of Michigan -- Ann Arbor)羅斯商學院(Ross School of Business) 博士Ph.D. in Business Economics; 在這之前獲得美國紐約大學斯特恩商學院 (New York Univesity, Stern School of Business) 統計學-金融工程方向碩士學位,中央財金大學經濟學學士學位。 她的主要研究領域為公司金融、投資、融資、兼并收購、公司治理、勞動經濟學與金融、金融與法,以及資本市場發展與國際化。曾經在《Journal of Finance》,《Journal of Financial Economics》,《Journal of Financial and Quantitative Analysis》,《Management Science》, 《Review of Finance》,《Journal of Corporate Finance》, 《Ecological Economics》,《Asia Pacific Journal of Financial Studies》,《管理世界》,《金融研究》,《管理科學學報》,《南開管理評論》,《投資研究》等多個國內外重要學術期刊上發表過文章。陸瑤副教授目前擔任《Pacific-Basin Finance Journal》的副主編,和《Journal of Financial Economics》,《Review of Financial Studies》,《Journal of Corporate Finance》,《Journal of Banking and Finance》,《International Review of Finance》,《Journal of Comparative Economics》,《Journal of Law, Economics and Organization》,《Accounting and Business Research》,《金融研究》,《南開管理評論》等國內外多個學術雜志的匿名評審員。還擔任金融系博士生委員會主席、TIEMBA項目學術主任和清華大學經管學院公司治理中心副主任。曾于2017年獲得國家自然科學基金委優秀青年科學基金,國家自然科學基金“特優”結題,2014年獲得“清華大學學術新人獎”。另外,她的多篇文章被哈佛大學公司治理論壇所收錄。

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