| 1. |
- Hilling, Axel, et al.
(författare)
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The development of a multidimensional meaning of tax: From unfair tax to fair
- 2023
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Ingår i: Discourse & Communication. - : SAGE Publications. - 1750-4813 .- 1750-4821. ; 17:1, s. 57-76
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Tidskriftsartikel (refereegranskat)abstract
- Historically, companies have communicated taxes as a burden, as the benefits provided by governments are not perceived to be in proportion to their payments. With sustainable development becoming central in many policy areas, new discourses including ‘fair’ or ‘sustainable’ tax have become omnipresent in public talk on taxes. This paper analyzes tax discourses in corporate annual reports within this changing context to examine the use of language in the construction of the meaning of tax. By analyzing tax reporting by a state-owned multinational company over two decades, we observe that the communication of taxes increased in both number and types of discourses. Importantly, this highlights the shift in tax discourses from one dominated by codified accounting discourse reinforcing the monolithic representation of tax as an unfair expense, to one where tax is given a multidimensional meaning within a broader discursive context, where tax is a meaningful corporate responsibility to society.
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| 2. |
- Menkveld, Albert J., et al.
(författare)
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Non-Standard Errors
- 2023
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Ingår i: Journal of Finance. - 0022-1082.
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Tidskriftsartikel (refereegranskat)
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| 3. |
- Asgharian, Hossein, et al.
(författare)
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Systemic Risk and Centrality Revisited: The Role of Interactions
- 2022
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Ingår i: European Financial Management. - : Wiley. - 1468-036X .- 1354-7798. ; 28:5, s. 1199-1226
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Tidskriftsartikel (refereegranskat)abstract
- We analyze to what extent the contribution of banks to systemic risk depends on their centrality in financial networks. We find that centrality is an important determinant of systemic risk, but not primarily by its direct effect. Its main influence is to make other risk measures, such as probability of default, more important for highly connected banks. Neglecting the indirect effect of centrality may severely underestimate or overestimate the systemic risk of banks. We also show that, even though size and centrality are related, the inclusion of centrality provides valuable information when assessing the systemic importance of banks.
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| 4. |
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| 5. |
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| 6. |
- Hilling, Axel, et al.
(författare)
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Land-för-landrapportering av skatter – en ur hållbarhetsvinkel missad möjlighet
- 2022
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Ingår i: Balans Fördjupning. ; 2022:1
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Tidskriftsartikel (populärvet., debatt m.m.)abstract
- I den här artikeln redogör Axel Hilling, Niklas Sandell, Amanda Sonnerfeldt och Anders Vilhelmsson för utvecklingen av offentlig land-förlandrapportering av skatter inom EU. Författarna analyserar hur den aktuella regleringen förhåller sig till EU:s nya direktiv för hållbarhetsrapportering, Corporate Sustainability Reporting Directive, CSRD.
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| 7. |
- Hilling, Axel, et al.
(författare)
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Tax avoidance and state ownership : The case of Sweden
- 2021
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Ingår i: Economics Letters. - : Elsevier BV. - 0165-1765. ; 208
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Tidskriftsartikel (refereegranskat)abstract
- We propose a simple theoretical model for how a company with both private and state shareholders decides on its optimal tax policy. The model predicts that even in the absence of state shareholding, a company will not always pick a tax policy that minimizes taxes. Conversely, majority state ownership will generally not result in zero tax avoidance. Using panel regressions on the entire population of state-owned as well as publicly listed Swedish companies from 2000–2019, we find that a one standard deviation increase in state ownership increases corporate tax payments by around 14%.
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| 8. |
- Menkveld, Albert J., et al.
(författare)
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Non-Standard Errors
- 2021
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- In statistics, samples are drawn from a population in a data generating process (DGP). Standard errors measure the uncertainty in sample estimates of population parameters. In science, evidence is generated to test hypotheses in an evidence generating process (EGP). We claim that EGP variation across researchers adds uncertainty: non-standard errors. To study them, we let 164 teams test six hypotheses on the same sample. We find that non-standard errors are sizeable, on par with standard errors. Their size (i) co-varies only weakly with team merits, reproducibility, or peer rating, (ii) declines significantly after peer-feedback, and (iii) is underestimated by participants.
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| 9. |
- Asgharian, Hossein, et al.
(författare)
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Systemic Risk and Centrality Revisited: The Role of Interactions
- 2019
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- We suggest that banks contribute extensively to systemic risk only if they are both "risky" and centrally placed in the financial network. To calculate systemic risk we apply the CoVaR measure of Adrian and Brunnermeier (2016) and measure centrality using detailed US loan syndication data. In agreement with our conjecture our main finding is that centrality is an important determinant of systemic risk but primarily not by its direct effect. Rather, its main influence is to make other firm specific risk measures more important for highly connected banks. A bank's contribution to systemic risk from a fixed level of Value-at-Risk is about four times higher for a bank with two standard deviations above average centrality compared to a bank with average network centrality. Neglecting this indirect moderation effect of centrality severely underestimates the importance of centrality for "risky" banks and overestimates the effect for "safer" banks.
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| 10. |
- Hilling, Axel, et al.
(författare)
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The Pricing of Financial Instruments in Tax Disputes
- 2019
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Ingår i: Derivatives & Financial Instruments. - 1389-1863. ; 21:2
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Forskningsöversikt (övrigt vetenskapligt/konstnärligt)abstract
- The pricing of uncertainties, when establishing the market value of financial instruments, is problematic in tax litigation since the outcome of the litigation is binary. Different values can be equally correct, depending on the choice of models, assumptions regarding model parameters and forecasting techniques. The purpose of this article is to illustrate the challenges for tax administrations and courts in terms of the need and ability to price uncertainties in the market valuation of financial instruments. The authors illustrate the complexities with a case based on a publicly traded instrument, which gives a lower limit of the uncertainty associated with valuation. The authors then problematize the valuation of over-the-counter traded and non-publicly traded instruments, which, due to uncertainty, tends to create leeway for tax arbitrage. This illustration shows the necessity to further understand the manner in which courts reason, the dependency on experts and the use of models.
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