Tosun, Mehmet Serkan; Yildiz, Serhat - In: Journal of risk and financial management : JRFM 13 (2020) 12/319, pp. 1-17
We examine the impact of aggregate tax policy uncertainty on firm-level default risk. Due to uncertainties associated … their values. This can increase firms’ financial risk and default probabilities. At the same time, tax policy uncertainty … find that tax policy uncertainty is positively associated with firms’ expected default probabilities. In terms of economic …