This paper examines the relation between CEO inside debt holdings (pension benefits and deferred compensation) and corporate tax sheltering. Because inside debt holdings are generally unsecured and unfunded liabilities of the firm, CEOs are exposed to risk similar to that faced by outside...

This paper examines the relation between CEO inside debt holdings (pension benefits and deferred compensation) and corporate tax sheltering. Because inside debt holdings are generally unsecured and unfunded liabilities of the firm, CEOs are exposed to risk similar to that faced by outside...

This paper evaluates the impact of corporate tax avoidance on the level and valuation of firm cash holdings. Two conflicting views motivate this inquiry. One view is that tax avoidance merely limits tax payments. Hence it may or may not increase firm cash holdings, depending on whether the tax...