This paper examines whether the investment horizon of a firm's institutional shareholders affects the extent of tax aggressiveness as proxied by a firm's five-year cash effective tax rate and yearly permanent book-tax differences. Using a sample of firms with institutional ownership data from...

This paper examines shareholder wealth effects in U.S. and home-country markets relating to the SEC's decision to eliminate the Form 20-F reconciliation. During the period of examined events, we find positive cumulative abnormal returns for the treatment sample of U.S. cross-listed firms that...

We investigate whether the level of ownership by institutional shareholders with a long-term horizon is associated with firms’ tax avoidance activities. In theory, tax avoidance increases firm value through tax savings; however, institutions with long-term investment horizons are likely to...