The Corrosive Effect Of Offshore Financial Centers On Multinational Firms Disclosure Strategy PDF Download
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Author | : Walid Ben-Amar |
Publisher | : |
Total Pages | : 60 |
Release | : 2018 |
Genre | : |
ISBN | : |
Download The Corrosive Effect of Offshore Financial Centers on Multinational Firms' Disclosure Strategy Book in PDF, ePub and Kindle
This study investigates whether U.S. multinational firms with subsidiaries located in offshore financial centers (OFCs) (i.e., offshore firms) are more likely to be opaque in their voluntary disclosure relative to U.S. multinationals without such subsidiaries (non-offshore firms). We use management earnings forecasts to capture corporate voluntary disclosure. Consistent with the opportunism view, but inconsistent with the efficiency argument, our results (including robustness checks) show that offshore firms are less likely to issue earnings forecasts, disclose forecasts less frequently, exhibit a stronger tendency to withhold bad news forecasts, and release less precise forecasts than non-offshore firms. Moreover, of the three distinct dimensions of OFCs' institutional environment, namely, low taxation, lax regulation, and secrecy policy, each plays a role in negatively shaping firms' disclosure strategy. Thus, OFCs' institutional features exacerbate the opacity that plagues firms seeking to avoid taxes via their OFC subsidiaries. Our results are consistent with the notion that, beyond the scope of taxes, multinational firms' use of OFCs has a corrosive effect on market information dynamics. Hence, OFCs have a much wider impact on the U.S. economy as well as other major economies than just tax avoidance or evasion.
Author | : Karen Wong |
Publisher | : |
Total Pages | : 28 |
Release | : 2014 |
Genre | : |
ISBN | : |
Download Offshore Financial Centres and Offshore Business Structures Book in PDF, ePub and Kindle
This paper attempts to identify the 'real offshore' by analyzing the regulatory systems and business structures of Hong Kong and Singapore; and distinguishing the two jurisdictions from classic tax havens. It argues that these jurisdictions are genuine offshore financial centers with value in fighting against the 'real offshore'.As to strategy against the real offshore, this paper disagrees with William Brittain -- Catlin's 'blanket disengagement' from the real offshore, but recommends 'partial disengagement' from jurisdictions that refuse to cooperate. While supportive of Rolan Palan's strategy of international cooperation and limiting sovereignty rights, this paper is doubtful of its effect, particularly in respect of classic tax havens.This paper recommends international consensus on the critical concepts of international cooperation and highlights the importance of understanding cultural barriers to effective international cooperation in the formulation of appropriate strategies for international actions, using Singapore as an example.As a conclusion, this paper re-affirms the importance of distinguishing genuine offshore financial centers, while acknowledging the legitimate concerns about tax, evasion and money laundering activities in these centers. It queries the effectiveness of the adoption of international standards by these centers and stresses the importance of continuous international cooperation to attack secrecy.
Author | : İsmail Şiriner |
Publisher | : IJOPEC PUBLICATION |
Total Pages | : 210 |
Release | : 2018-09-28 |
Genre | : Business & Economics |
ISBN | : 1912503530 |
Download Institutions, Development & Economic Growth Book in PDF, ePub and Kindle
Author | : Zhengbing Hu |
Publisher | : Springer Nature |
Total Pages | : 468 |
Release | : 2021-07-21 |
Genre | : Technology & Engineering |
ISBN | : 3030804720 |
Download Advances in Computer Science for Engineering and Education IV Book in PDF, ePub and Kindle
This book comprises high-quality refereed research papers presented at the Fourth International Conference on Computer Science, Engineering and Education Applications (ICCSEEA2021), held in Kyiv, Ukraine, on January 23–24, 2021, organized jointly by the National Technical University of Ukraine “Igor Sikorsky Kyiv Polytechnic Institute”, National Aviation University, and the International Research Association of Modern Education and Computer Science. The topics discussed in the book include state-of-the-art papers in computer science, artificial intelligence, engineering techniques, genetic coding systems, deep learning with its medical applications, and knowledge representation with its applications in education. It is an excellent source of references for researchers, graduate students, engineers, management practitioners, and undergraduate students interested in computer science and their applications in engineering and education.
Author | : Michel Magnan |
Publisher | : Edward Elgar Publishing |
Total Pages | : 429 |
Release | : 2024-01-18 |
Genre | : Business & Economics |
ISBN | : 1802208771 |
Download Handbook on Corporate Governance and Corporate Social Responsibility Book in PDF, ePub and Kindle
The world-wide transition towards corporate social responsibility (CSR) results in profound changes to business practices. Hence, this crucial Handbook adopts a global perspective to review key CSR issues and their implications for the future evolution of corporate governance.
Author | : National Intelligence Council |
Publisher | : Cosimo Reports |
Total Pages | : 158 |
Release | : 2021-03 |
Genre | : |
ISBN | : 9781646794973 |
Download Global Trends 2040 Book in PDF, ePub and Kindle
"The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.
Author | : William Brittain-Catlin |
Publisher | : Farrar, Straus and Giroux |
Total Pages | : 292 |
Release | : 2007-05-15 |
Genre | : Business & Economics |
ISBN | : 0374707952 |
Download Offshore Book in PDF, ePub and Kindle
A revealing-and chilling-exposé on the hidden side of global wealth and power A revealing-and chilling-exposé on the hidden side of global wealth and power Offshore is an unprecedented exploration of perhaps the most mysterious aspect of global society today-and one of the most provocative books about money and business to appear in the decade since the age of globalization began. The world of offshore finance is one of dummy companies, shadow bank accounts, post office boxes, foreign registries, and the like, which allow giant corporations--such as Wal-Mart, British Petroleum, and Citigroup--to keep huge profits out of sight of investors, regulators, and the public. Whether in the Cayman Islands or the shadowy redoubts of the Islamic financial center of Labuan, Malaysia, "offshore" is where the game of profit and loss is played. A third of the world's wealth is held offshore. Eighty percent of international banking transactions take place there. Half the capital in the world's stock exchanges is "parked" offshore at some point. Trained as a reporter and a private investigator, William Brittain-Catlin brings both skills to this gripping book. He tells the story of how tax havens have become central to global finance today; in so doing, he takes us into the secret networks of Enron and Parmalat, behind international trade disputes, and into organized crime and terror networks, giving disquieting evidence that, through offshore practices, the key value of capitalism and civilization alike-freedom-is being put in grave danger.
Author | : J. Edgardo Campos |
Publisher | : World Bank Publications |
Total Pages | : 484 |
Release | : 2007-04-04 |
Genre | : Business & Economics |
ISBN | : 0821367269 |
Download The Many Faces of Corruption Book in PDF, ePub and Kindle
Corruption... How can policymakers and practitioners better comprehend the many forms and shapes that this socialpandemic takes? From the delivery of essential drugs, the reduction in teacher absenteeism, the containment of illegal logging, the construction of roads, the provision of water andelectricity, the international trade in oil and gas, the conduct of public budgeting and procurement, and the management of public revenues, corruption shows its many faces. 'The Many Faces of Corruption' attempts to bring greater clarity to the often murky manifestations of this virulent and debilitating social disease. It explores the use of prototype road maps to identify corruption vulnerabilities, suggests corresponding 'warning signals,' and proposes operationally useful remedial measures in each of several selected sectors and for a selected sampleof cross cutting public sector functions that are particularlyprone to corruption and that are critical to sector performance.Numerous technical experts have come together in this effort to develop an operationally useful approach to diagnosing and tackling corruption. 'The Many Faces of Corruption' is an invaluable reference for policymakers, practitioners, andresearchers engaged in the business of development.
Author | : Dani Rodrik |
Publisher | : OUP Oxford |
Total Pages | : 442 |
Release | : 2012-05-17 |
Genre | : Political Science |
ISBN | : 0191634255 |
Download The Globalization Paradox Book in PDF, ePub and Kindle
For a century, economists have driven forward the cause of globalization in financial institutions, labour markets, and trade. Yet there have been consistent warning signs that a global economy and free trade might not always be advantageous. Where are the pressure points? What could be done about them? Dani Rodrik examines the back-story from its seventeenth-century origins through the milestones of the gold standard, the Bretton Woods Agreement, and the Washington Consensus, to the present day. Although economic globalization has enabled unprecedented levels of prosperity in advanced countries and has been a boon to hundreds of millions of poor workers in China and elsewhere in Asia, it is a concept that rests on shaky pillars, he contends. Its long-term sustainability is not a given. The heart of Rodrik’s argument is a fundamental 'trilemma': that we cannot simultaneously pursue democracy, national self-determination, and economic globalization. Give too much power to governments, and you have protectionism. Give markets too much freedom, and you have an unstable world economy with little social and political support from those it is supposed to help. Rodrik argues for smart globalization, not maximum globalization.
Author | : WHO Commission on Social Determinants of Health |
Publisher | : World Health Organization |
Total Pages | : 257 |
Release | : 2008 |
Genre | : Medical |
ISBN | : 9241563702 |
Download Closing the Gap in a Generation Book in PDF, ePub and Kindle
Social justice is a matter of life and death. It affects the way people live, their consequent chance of illness, and their risk of premature death. We watch in wonder as life expectancy and good health continue to increase in parts of the world and in alarm as they fail to improve in others.