题 目：Do Treasure Islands Create Firm Value?

报告人：Travis Ng 香港中文大学

主持人：叶  兵

时  间：2013年3月15日   星期五   15:00-17:00

地  点：浙大玉泉校区外经贸大楼418室

                      欢迎广大师生参加！

                                                             CRPE秘书处
                                                              2013-3-11

Abstract

Examining an event that substantially raises firms’cost of using tax havens, we estimate that using tax havens contribute positively to shareholders of the biggest U.K. firms. Those firms with more extensive use of tax havens have a larger drop in their share prices. Consistent with agency theories, those firms with stronger corporate governance has a larger drop in their share prices than those with weaker corporate governance. This result suggests that tax havens raise more value for firms with stronger corporate governance.