Discussion of “Target's Tax Shelter Participation and Takeover Premiums”

• Autores: Terry Shevlin
• Localización: Contemporary Accounting Research, ISSN-e 1911-3846, Vol. 33, Nº. 4, 2016, págs. 1473-1488
• Idioma: inglés
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• Resumen

  • Chow, Klassen, and Liu (), hereafter CKL, examine whether M&A bidding firms are willing to pay more for target firms that disclose they have not participated in a “tax shelter” sometime in the past. My discussion provides an overview of the past and current tax literature in accounting and places CKL within this expanding literature. I then provide a critique of this interesting and well-executed study that exploits an unusual disclosure to examine tax shelter participation effects.