| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15747 |
| DP15747 Tax Evasion and Market Efficiency: Evidence from the FATCA and Offshore Mutual Funds | |
| Massimo Massa; Si Cheng; Hong Zhang | |
| 发表日期 | 2021-02-01 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Using the Foreign Account Tax Compliance Act (FATCA) as an exogenous shock that reduces the tax advantages of offshore funds sold to U.S. investors, we document that affected funds significantly enhance their performance as a response. This effect is stronger for funds domiciled in tax havens and for skilled funds with low flow volatility. Moreover, in generating additional performance, FATCA-affected funds also increase the price efficiency of their invested stocks. Our analysis has important normative implications in showing that curbing offshore tax evasion could help improve efficiency in both the global asset management industry and the security market |
| 主题 | Financial Economics |
| 关键词 | Tax evasion Fatca Mutual funds Skills Market efficiency |
| URL | https://cepr.org/publications/dp15747 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/544750 |
| 推荐引用方式 GB/T 7714 | Massimo Massa,Si Cheng,Hong Zhang. DP15747 Tax Evasion and Market Efficiency: Evidence from the FATCA and Offshore Mutual Funds. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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