We test whether tax avoidance strategies are associated with greater firm risk. We find that low tax rates tend to be … associated with either future tax rate volatility or future overall firm risk. Our evidence suggests that, on average, corporate … tax avoidance is accomplished using strategies that are persistent and do not increase firm risk. We also find that the …

-market risk exposure. We find that the intensity of offshore sales of outputs is positively associated with the cash effective tax …

threshold. We assume risk neutral investors and that tax authorities integrate investors' reasoning in their decision on whether …. First, we find that even risk neutral investors will pay for tax certainty. Second, they enable us to explain the enormous …