Escaping the Taxman
Sammanfattning: This thesis studies market effects during time periods when certain information was released concerning the Pillar two model - a law proposal by the OECD intended to combat global tax evasion and raise global corporate tax rates. Several Difference in differences regressions are performed looking both at the market as a whole, as well as an intellectual property intensive subpart of the market. We conclude that the market in general did not correctly price such new information and that corporate valuations have not been adjusted accordingly. This provides a challenge to the common assumption within economics that markets are characterised by perfect information. These results can also be interpreted as an indication that the market does not believe effective tax rates will increase substantially, which is a negative assessment of the proposed policy.
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