Tax havens are used for more than just saving money. When companies take advantage of their lack of transparency for more sinister activities, shareholders can lose out.
Our recent paper Corporate Tax Havens and Shareholder Value, examined data from 17,331 publicly-listed firms from 52 countries to establish the motives for establishing subsidiaries in low, or no, tax countries, and to examine the impact this has on shareholder value, with surprising results.
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