Law Firms as Tax Planning Service Providers

2021 ◽  
Author(s):  
Andrew A. Acito ◽  
Michelle L. Nessa
Keyword(s):  
Service Providers ◽  
Positive Association ◽  
Tax Planning ◽  
Law Firms ◽  
Law Firm ◽  
Publicly Traded ◽  
Planning Service ◽  
Tax Havens ◽  
Publicly Traded Companies ◽  
Market Pressure

We provide large sample evidence of law firms facilitating U.S. publicly traded companies' tax planning, investigate when evidence of law firm involvement is strongest, and examine some tax planning mechanisms law firms facilitate. Because companies' tax planning relationships with law firms are not publicly observable, we use litigation filings and SEC comment letters to identify companies' observable law firm relationships. We find a positive association between companies' tax planning and the average tax planning of other companies that have a relationship with the same law firm. This association is stronger for companies that are smaller, younger, R&D intensive, financially constrained, and facing less capital market pressure but does not vary with auditor-provided tax services. We also find evidence consistent with law firms facilitating the use of tax havens, Double Irish structures, and special purpose entities. Our findings deepen our understanding of companies' tax planning ecosystems.

checklist for law firm mergers

2005 ◽  
Vol 5 (3) ◽  
pp. 195-197 ◽  
Author(s):  
margaret jones ◽  
claire groom
Keyword(s):  
Complex Systems ◽  
Systems Theory ◽  
Service Providers ◽  
Rapid Change ◽  
External Environment ◽  
Open Channels ◽  
Law Firms ◽  
Law Firm ◽  
Library System ◽  
Simple Systems

my hypothesis on the thinking behind this list is that libraries are organisations which are dynamic self evolving complex systems and so i have applied the simple systems theory template to how to merge two libraries. i think the key thing to remember is that systems cannot change radically or quickly and that they depend on feed-back to adjust their equilibrium. that said it follows that any merger, with its implications of big rapid change, will be difficult for any library system. it will be essential to keep open channels of communication and feed-back both within the immediate environment (the law firms themselves) and the external environment (publishers, service providers, journal subscriptions)

Boards of directors in Russian publicly traded companies: the gender aspect

2018 ◽  
pp. 142-155 ◽  
Author(s):  
T. A. Garanina ◽  
A. A. Muravyev
Keyword(s):  
Boards Of Directors ◽  
Company Performance ◽  
Corporate Boards ◽  
Publicly Traded ◽  
Publicly Traded Companies ◽  
Representation Of Women ◽  
Female Directors ◽  
Female Director ◽  
Gender Aspect ◽  
Longitudinal Dataset

This article studies the gender composition of corporate boards of Russian companies, including its relation to company performance. The analysis is based on a unique longitudinal dataset of virtually all Russian companies whose shares were traded on the stock market in 1998-2014. It shows a relatively small representation of women, just 12% of all the seats, while about 40% of the companies did not have any female director. At the same time, both the share of companies that appoint female directors and the share of female directors on boards show a clear upward trend. The econometric analysis suggests a positive link between the presence of female directors on boards and company performance, especially when firms appoint several, rather than one, female directors.

The Market Value and Reputational Effects from Lost Confidential Information

2015 ◽  
Vol 5 (4) ◽  
Author(s):  
Joseph K. Tanimura ◽  
Eric W. Wehrly
Keyword(s):  
Information Security ◽  
Market Value ◽  
Direct Costs ◽  
Publicly Traded ◽  
Confidential Information ◽  
Publicly Traded Companies ◽  
Security Breaches ◽  
Customer Information ◽  
Employee Information

According to many business publications, firms that experience information security breaches suffer substantial reputational penalties. This paper examines incidents in which confidential information, for a firms customers or employees, is stolen from or lost by publicly traded companies. Firms that experience such breaches suffer statistically significant losses in the market value of their equity. On the whole, the data indicate that these losses are of similar magnitudes to the direct costs. Thus, direct costs, and not reputational penalties, are the primary deterrents to information security breaches. Contrary to many published assertions, on average, firms that lose customer information do not suffer reputational penalties. However, when firms lose employee information, we find significant reputational penalties.

Brewing Up Controversy: A Case Exploring the Ethics of Corporate Tax Planning

2015 ◽  
Vol 30 (4) ◽  
pp. 311-327 ◽  
Author(s):  
Megan F. Hess ◽  
Raquel Meyer Alexander
Keyword(s):  
Real World ◽  
Ethical Issues ◽  
Tax Avoidance ◽  
Tax Planning ◽  
Learning Assessment ◽  
Class Discussion ◽  
Corporate Tax ◽  
Tax Havens ◽  
Multinational Organizations ◽  
The U.S

ABSTRACT This instructional case explores the ethical issues surrounding the corporate tax-planning and tax-avoidance strategies of multinational organizations. Drawing on the real-world experiences of SABMiller, one of the world's largest beverage companies, this case provides a launching point for students to consider the ethics of corporate tax planning. The ethics of multinational tax practices, especially the use of tax havens, has recently become the focus of media and legislative debate in both the U.S. and the U.K., and many well-respected companies, such as General Electric, Apple Inc., and Starbucks are now feeling the pressure to reform. In a post-case learning assessment, students demonstrated significant improvement in their understanding and indicated that they enjoyed discussing this controversial issue. The “Implementation Guidance” section and Teaching Notes offer guidance for in-class discussion of the ethical and tax issues in this case.

Valuation of Stock Options of Non‐Publicly Traded Companies

2007 ◽  
Vol 22 (1) ◽  
pp. 11-20 ◽  
Author(s):  
William R. Cron ◽  
Randall B. Hayes
Keyword(s):  
Stock Options ◽  
Publicly Traded ◽  
Publicly Traded Companies

Legal Reform, Law Firms, and Lawyer Stratification in Japan

2014 ◽  
Vol 1 (1) ◽  
pp. 99-123 ◽  
Author(s):  
Mayumi Nakamura
Keyword(s):  
Statistical Analysis ◽  
Survey Data ◽  
Legal Reform ◽  
Law School ◽  
Population Increase ◽  
Law Firms ◽  
Judicial Reform ◽  
Law Firm ◽  
Law School Graduates

AbstractIn many countries, the size of a law firm is closely related to the specializations and incomes of the lawyers it employs, and can be considered an index for disparities among lawyers. Gender and school prestige may affect the size of the first firm that lawyers join. Moreover, since the lawyer population has quadrupled over the last 20 years in Japan, mainly due to judicial reform, I hypothesize that this population increase has changed how gender and school prestige affect the size of the first firm law school graduates decide to join. To test this, I conducted a secondary statistical analysis on the effect of gender and school prestige on the size of the first firm that lawyers joined, using survey data collected by the Japan Federation of Bar Associations in 2010. Findings suggest that there were no significant differences in the size of women’s and men’s first employer, but that school prestige was significant. Moreover, the importance of school prestige has increased over the years.

scholarly journals Relationship Between Free Cash Flows and Corporate Governance Levels in the Light of Agency Theory

2021 ◽  
Vol 20 ◽  
pp. e3206
Author(s):  
Glaysson Aguilar de Araújo ◽  
Lara Alves Corrêa ◽  
Valéria Gama Fully Bressan ◽  
João Estevão Barbosa Neto ◽  
Bruna Camargos Avelino
Keyword(s):  
Corporate Governance ◽  
Stock Market ◽  
Cash Flows ◽  
Least Square ◽  
Publicly Traded ◽  
Potential Conflict ◽  
Return On Equity ◽  
Publicly Traded Companies ◽  
Corporate Governance Mechanisms ◽  
Free Cash Flows

This research analyzes the relationship between free cash flows (FCFs) and the different levels of Corporate Governance present in the Brazilian stock market. To this end, the sample was composed of 212 Brazilian publicly traded companies listed on Brasil, Bolsa, Balcão [B]³, in the period from 2010 to 2018. The methodology consisted of estimating a regression for panel data, using the random effects model, estimating by generalized least square (GLS) and assuming adjustments for autocorrelation and robust standard errors for heteroscedasticity. The results found, for the sample studied, suggest that Corporate Governance levels are positively related to the FCFs. In synergy, when compared to the Traditional level of [B]³, companies listed on the Novo Mercado and Level 2 levels tend to present higher FCF values. In addition, the larger the size of the companies and the higher their return on equity, the higher their FCFs tend to be, just as companies in stages of maturity tend to present lower FCF values. The relevance of this research is based on analyzing, in a stock market subject to imperfections, factors that may affect decisions about the level of cash maintenance of companies, more specifically by evaluating how Corporate Governance mechanisms relate to the theory of FCFs, in a context of potential conflict of interest.

scholarly journals How Do Investors Perceive the Materiality of Data Security Incidents

2021 ◽  
Vol 29 (6) ◽  
pp. 0-0
Keyword(s):  
Data Security ◽  
The United States ◽  
Event Analysis ◽  
Publicly Traded ◽  
Publicly Traded Companies ◽  
Data Breaches ◽  
Material Data ◽  
Confidential Data ◽  
Study Methodology ◽  
Security Incidents

Data security incidents are continually increasing; hackers, governments, and other actors increasingly attempt to gain unauthorized access to confidential data. Information Systems (IS) users are becoming more vulnerable to the risks of data breaches. Many stakeholders perceive cybersecurity incidents as indicators of firms' operational and technological internal deficiencies. Previous research has revealed that investors react negatively to data breaches, yet little is known about investors' reactions to material data security incidents. Using a sample of 232 data security incidents for 132 publicly traded companies in the United States, we applied an event study methodology to discern investors' reactions to material versus immaterial incidents. We also use multivariate regression and time-to-event analysis to examine what determines the degree of investors' reactions, considering several intervals around the event day. Our results show that investors perceive material data security incidents as a deficiency of breached companies in comparison to immaterial incidents.

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