Us Tax Inversions And Shareholder Wealth Effects
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U.S. Tax Inversions and Shareholder Wealth Effects
Author | : Elaine Laing |
Publisher | : |
Total Pages | : 40 |
Release | : 2019 |
Genre | : |
ISBN | : |
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We examine a sample of corporate inversions from 1993 to 2015 by firms active in the U.S. markets and find that shareholders experience positive abnormal returns in the short-run. In the long-run, inversions have a deleterious effect on shareholder wealth. The form of the inversion and country-pair differences in geographic distance, economic development and corporate governance standards are determinants of shareholder wealth. Furthermore, we find evidence of a negative and non-linear relation between CEO total return and long-run shareholder returns.
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