Additionally to the financial crisis causing a world recession, Liechtenstein's financial sector has been challenged by the so-called "Zumwinkel-Affair", when a whistle-blower sold data of hundreds of tax evaders to international tax authorities. This paper investigates the impact of this affair...

Additionally to the financial crisis causing a world recession, Liechtenstein’s financial sector has been challenged by the so-called "Zumwinkel-Affair" when a whistle-blower sold data of hundreds of tax evaders to international tax authorities. This paper investigates the impact of this...

Tax minimization strategies may lead to significant tax savings, which could, in turn, increase firm value. However, such strategies are also associated with significant costs, such as expected penalties and planning, agency, and reputation costs. The overall impact of firms' tax minimization...

On November 8, 2016, the Indian government made a surprise announcement that certain currency notes (representing 86% of the currency then in circulation) would no longer be legal tender (although they could be deposited in banks over a limited period). The stated reason for this sudden...

In the present paper an empirical analysis will point out that shadow economy can affect stock prices. The sample covers most industrialized world. Data are taken from Eurostat and (Schneider et al., 2010); (Schneider, 2013). The elaboration of these panel data is made feasible by means of the...

Liechtenstein's economy has been heavily affected by the international economic downturn during the financial crisis. Additionally to the deep world recession, Liechtenstein's financial sector was challenged by the "Zumwinkel-Affair" (data of thousands of tax evaders were sold to several...