Speaker:Grant Richardson, Chair Professor, Accounting in the School of Accounting and Finance, the University of Adelaide, Australia

Date:September 29, 2017

Time:2:00p.m.-4:00p.m.

Location:Room 423, Block B, Zhixin Building, Central Campus

Sponsor:the School of Economics

Abstract:

This study examines the effect of tax haven utilization on the implied cost of equity capital (ICOE). Using a sample consisting of 252 publicly-listed U.S. multinational firms over the 2006–2014 period (2268 firm-years), our regression results show that tax haven utilization is significantly positively associated with the ICOE. With regards to economic significance, we find that, on average, a one-standard deviation increase in tax haven utilization leads to an increase in the ICOE for our sample firms by approximately 0.35% or 35 basis points. Our regression results are robust to several additional checks. This study provides unique evidence on the important role that tax haven utilization plays in the development of a U.S. multinational firm’s capital structure.

Bio:

Grant Richardson is Chaired Professor of Accounting in the School of Accounting and Finance at the University of Adelaide. He was previously the Discipline Leader of Accounting and Information Systems. Professor Richardson has worked and held several senior full-time and visiting positions at leading academic institutions around the world, including The People's Republic of China (Mainland), Hong Kong (SAR), Japan, Singapore and the United States.

Professor Richardson has published in many high-quality refereed journal publications across the accounting, finance and law disciplines such as The European Accounting Review, Journal of Accounting, Auditing and Finance, The Journal of Accounting and Public Policy, The Journal of Banking and Finance, The Journal of Business Ethics, The Journal of Corporate Finance and The Federal Law Review.

Grant has also published in the Top-4 specialist journals in international accounting, represented by The Journal of International Accounting Research, The International Journal of International Accounting, The Journal of International Financial Management and Accounting and The Journal of International Accounting, Auditing and Taxation.

Professor Richardson is an Associate Editor of The Journal of Contemporary Accounting and Economics. He also serves on the Editorial Boards of several internationally renowned accounting, finance and law journals, including The Journal of Accounting and Public Policy, ABACUS, The International Journal of Accounting, The Journal of International Accounting, Auditing and Taxation, Advances in Taxation, Meditari Accountancy Research and The New Zealand Journal of Taxation Law and Policy.

Grant has also been an Ad Hoc Reviewer on many leading accounting, finance and law journals, including Accounting and Business Research, Accounting and Finance, Accounting Horizons, British Accounting Review, Corporate Governance: An International Review, The European Accounting Review, Journal of Accounting and Public Policy, Journal of Banking and Finance, Journal of Business Ethics, Journal of Business, Finance and Accounting, Journal of Corporate Finance, The International Journal of Accounting, Journal of International Accounting Research, Journal of International Business Studies, Journal of Public Economics, Journal of World Business, and The Monash Law Review.

Finally, Professor Richardson consultants for industry and government in the areas of accounting, taxation and academic research in Australia and internationally.

For more information, please visit:

http://www.econ.sdu.edu.cn/info/1072/30052.htm

Edited by: Zhang Xinyuan