I study publication of the European Union (EU) tax haven blacklist on December 5, 2017 to examine whether and how the use of recognized tax havens affects firm value. I find that the tax haven naming and shaming by the EU was associated with a negative stock price reaction of firms with tax...

In this paper we investigate the EM-estimator of the model by Caudill et al. (2005). The purpose of the model is to identify items, e.g. individuals or companies, that are wrongly classified as honest; an example of this is the detection of tax evasion. Normally, we observe two groups of items,...

We study asset price reactions to news on firms' decisions to acquire affiliates located in known secrecy havens. Our sample consists of data on the S&P 500 companies in the period 2007 to 2014. We find that acquisitions of secrecy havens are associated with a negative market reaction,...