Taking the Long Way Home: US Tax Evasion and Offshore Investments in US Equity and Debt Markets

被引：73

作者：

Hanlon, Michelle ^{[1
]}

Maydew, Edward L. ^{[2
]}

Thornock, Jacob R. ^{[3
]}

机构：

[1] MIT, Sloan Sch Management, Cambridge, MA 02139 USA

[2] Univ N Carolina, Kenan Flagler Business Sch, Chapel Hill, NC USA

[3] Univ Washington, Foster Sch Business, Seattle, WA 98195 USA

来源：

JOURNAL OF FINANCE | 2015年 / 70卷 / 01期

关键词：

HAVENS; SHELTERS;

D O I：

10.1111/jofi.12120

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We empirically investigate one form of illegal investor-level tax evasion and its effect on foreign portfolio investment. In particular, we examine a form of round-tripping tax evasion in which U.S. individuals hide funds in entities located in offshore tax havens and then invest those funds in U.S. securities markets. Employing Becker's () economic theory of crime, we identify the tax evasion component by examining how foreign portfolio investment varies with changes in the incentives to evade and the risks of detection. To our knowledge, this is the first empirical evidence of investor-level tax evasion affecting cross-border equity and debt investment.

引用

页码：257 / 287

页数：31