Günaydin, A. Doruk - In: Borsa Istanbul Review 22 (2022) 4, pp. 711-724
This study investigates the relationship between tax expense surprise and expected equity returns in emerging markets …. Using a broad sample of equities from 27 emerging countries, we find a strong positive link between tax expense surprise and … highest tax expense surprise quintile earn 9.48% higher risk-adjusted annual returns than equities in the lowest tax expense …