Tax Risk and the Cost of Equity Capital

K Balakrishnan, 2012, Does tax aggressiveness reduce corporate transparency? Working paper

A Bauer, 2014, Estimating downside tax risk using large unfavorable tax payments, 10.2139/ssrn.2379666

C A Botosan, 2005, Assessing alternative proxies for the expected risk premium, The Accounting Review, 80, 21, 10.2308/accr.2005.80.1.21

B Bratten, 2015, Forecasting taxes: New evidence from analysts, 10.2139/ssrn.2538722

C M Callahan, 2012, An examination of the cost of capital implications of FIN 46, The Accounting Review, 87, 1105, 10.2308/accr-10272

R Cazier, 2015, Did increased disclosure requirements and the standarization of accounting practices reduce earnings management through the reserve for income taxes?, Review of Accounting Studies, 20, 436, 10.1007/s11142-014-9302-y

A Choudhary, 2015, Measuring income tax accrual quality, Review of Accounting Studies, 10.1007/s11142-015-9336-9

W Ciconte, 2014, Predictable uncertainty: The relation berween unrecognized tax benefits and future income tax cash outflows, 10.2139/ssrn.2390150

J Claus, 2001, Equity premia as low as three percent? Evidence from analysts' earnings forecasts for domestic and international stock markets, The Journal of Finance, 56, 1629, 10.1111/0022-1082.00384

K Cook, 2015, Tax avoidance and ex-ante cost of capital, 10.2139/ssrn.2404032

J E Core, 2008, Is accruals quality a priced risk factor?, Journal of Accounting and Economics, 46, 2, 10.1016/j.jacceco.2007.08.001

H Daske, 2008, Mandatory IFRS reporting around the world: Early evidence on the economic consequences, Journal of Accounting Research, 46, 1085, 10.1111/j.1475-679x.2008.00306.x

P M Dechow, 2002, The quality of accruals and earnings: The role of accrual estimation errors, The Accounting Review, 77, 35, 10.2308/accr.2002.77.s-1.35

Deloitte, 2014, 10.1093/ww/9780199540884.013.45187

M A Desai, 2006, Corporate tax avoidance and high-powered incentives, Journal of Financial Economics, 79, 145, 10.1016/j.jfineco.2005.02.002

M A Desai, 2009, Corporate tax avoidance and firm value, The Review of Economics and Statistics, 91, 537, 10.1162/rest.91.3.537

L Desimone, 2014, What does income mobility reveal about the tax risk-reward tradeoff? Working paper

D Dhaliwal, 2006, Taxes, leverage, and the cost of equity capital, Journal of Accounting Research, 44, 691, 10.1111/j.1475-679x.2006.00214.x

S D Dyreng, 2008, Long-run corporate tax avoidance, The Accounting Review, 83, 61, 10.2308/accr.2008.83.1.61

S Dyreng, 2014, Rolling the dice: When does tax avoidance result in tax uncertainty? Working paper, 10.2139/ssrn.2374945

P D Easton, 2004, PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital, The Accounting Review, 79, 73, 10.2308/accr.2004.79.1.73

& Ernst, 2014

& Ernst, 2014, 10.1002/9781119449287.ch21

E F Fama, 1993, Common risk factors in the returns on stocks and bonds, Journal of Financial Economics, 33, 3, 10.1016/0304-405x(93)90023-5

2006, Accounting for Uncertainty in Income Taxes: An Interpretation of FASB Statement No. 109. FASB Interpretation No. 48, Financial Accounting Standards Board (FASB)

2009, Accounting Standards Codification: 740 Income Taxes, Financial Accounting Standards Board (FASB)

J Francis, 2005, The market pricing of accruals quality, Journal of Accounting and Economics, 39, 295, 10.1016/j.jacceco.2004.06.003

M M Frank, 2009, Tax reporting aggressiveness and its relation to aggressive financial reporting, The Accounting Review, 84, 467, 10.2308/accr.2009.84.2.467

W R Gebhardt, 2001, Toward an implied cost of capital, Journal of Accounting Research, 39, 135, 10.1111/1475-679x.00007

B W Goh, 2015, The effect of corporate tax avoidance on the cost of equity, 10.2139/ssrn.2237742

W R Guay, 1999, The sensitivity of CEO wealth to equity risk: an analysis of the magnitude and determinants, Journal of Financial Economics, 53, 43, 10.1016/s0304-405x(99)00016-1

D A Guenther, 2015, Do low tax rates reflect risky tax avoidance? Working Paper

L Hail, 2006, International differences in the cost of equity capital: Do legal institutions and securities regulation matter, Journal of Accounting Research, 44, 485, 10.1111/j.1475-679x.2006.00209.x

2009, Cost of capital effects and changes in growth expectations around US crosslistings, Journal of Financial Economics, 93, 428, 10.1016/j.jfineco.2008.09.006

M Hanlon, 2005, The persistence and pricing of earnings, accruals, and cash flows when firms have large book-tax differences, The Accounting Review, 80, 137, 10.2308/accr.2005.80.1.137

I Hasan, 2014, Beauty is in the eye of the beholder: The effect of corporate tax avoidance on the cost of bank loans, Journal of Financial Economics, 113, 109, 10.1016/j.jfineco.2014.03.004

A Koester, 2011, Investor valuation of tax avoidance through uncertain tax positions, 10.2139/ssrn.1905210

Kpmg, 2011

B Lev, 2004, Taxable income, future earnings, and equity values, The Accounting Review, 79, 1039, 10.2308/accr.2004.79.4.1039

P Lisowsky, 2013, Do Publicly Disclosed UTBs Tell Us About Privately Disclosed Tax Shelter Activity?, Journal of Accounting Research, 51, 583, 10.1111/joar.12003

J Mcinnis, 2010, Earnings smoothness, average returns, and implied cost of equity capital, The Accounting Review, 85, 315, 10.2308/accr.2010.85.1.315

J A Ohlson, 2005, Expected EPS and EPS growth as determinants of value, Review of Accounting Studies, 10, 349, 10.1007/s11142-005-1535-3

M A Plumlee, 2003, The effect of information complexity on analysts' use of that information, The Accounting Review, 78, 275, 10.2308/accr.2003.78.1.275

T Shevlin, 2013, Corporate tax avoidance and public debt costs, 10.2139/ssrn.2228601

D P Weber, 2009, Do Analysts and Investors Fully Appreciate the Implications of Book-Tax Differences for Future Earnings?*, Contemporary Accounting Research, 26, 1175, 10.1506/car.26.4.7